SP Group (SPG) Q4 2025 earnings summary

Executive summary

• Achieved record results in Q4 2025 with strong growth in revenue and profitability.

• Demonstrated resilience throughout 2025 despite project delays and external uncertainties.

• Expanded value chain and growth potential through the acquisition of Idé-Pro.

Financial highlights

• Revenue increased by 0.9% year-over-year to DKK 2,948 million in 2025.

• EBITDA grew by 1.1% to DKK 595 million, with a margin of 20.2%.

• EBT remained stable at DKK 345 million, with a margin of 11.7%.

• Diluted EPS rose by 2.3% to DKK 22.1.

• Operating cash flow decreased by DKK 117 million to DKK 393 million.

Outlook and guidance

• 2026 revenue expected to grow 15-23%.

• EBITDA margin guidance for 2026 is 19-21%; EBT margin expected at 11-13%.

• Growth to be driven by new products, customers, and the Idé-Pro acquisition.