SP Group (SPG) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 performance, with revenue up nearly 14% and EBITDA up 26% in the quarter, demonstrating resilience despite project postponements and global uncertainties.

• Full-year revenue grew 0.9% to DKK 2,948 million, with EBITDA margin at 20.2% and EBT margin at 11.7%.

• Acquired Idé-Pro in December 2025 for DKK 700 million, expected to contribute DKK 450 million in revenue and DKK 100 million in EBITDA, with synergies of DKK 20-25 million by 2027.

• Expanded U.S. healthcare production with Atlanta factory operational since January 2025 and increased activity in India.

• Subcontracting work grew almost 6%, while revenue from own products declined by 10% due to project postponements.

Financial highlights

• Revenue: DKK 2,948 million (+0.9% year-over-year).

• EBITDA: DKK 595 million (+1.1% year-over-year), margin 20.2%.

• EBT: DKK 345 million (+0.1% year-over-year), EBT margin 11.7%.

• Earnings per share, diluted, rose by 2.3% to DKK 22.1.

• Cash flow from operations: DKK 393 million, down DKK 117 million due to increased inventory.

Outlook and guidance

• 2026 revenue growth expected at 15%-23%, EBITDA margin 19%-21%, EBT margin 11%-13%.

• Growth driven by new products, customers, and Idé-Pro acquisition (approx. 15% of growth).

• Assumes Middle East conflict de-escalates soon; risks from raw material and energy prices acknowledged.

• Long-term ambition: revenue growth 6%-9% annually to DKK 4.5 billion by 2030, EBT margin 12%-14%.