SP Group: Q2 2026 financial report shows new records in revenue and earnings

SPGAnalyst Comment2026-08-20 11:37

Rasmus KøjborgHead of Research, Stables

Summary

SP Group reported record-high revenue and earnings for Q2 2026, with revenue reaching DKK 983.9 million, a 44.6% increase from Q2 2025, driven by 29.4% organic growth and 15.2% from acquisitions.
EBITDA for Q2 2026 was DKK 199.6 million, up 59.9% from the previous year, with a margin improvement to 20.3% from 18.3% in Q2 2025.
Revenue guidance for 2026 has been revised upwards twice, now projecting a 24-30% increase, partly due to the acquisition of OGM Moulding Ltd., with expected EBITDA margins of 19-21%.
Despite increased net interest-bearing debt due to acquisitions, earnings growth has offset the debt, and the company maintains a share repurchase program and capital reduction initiatives.

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Automatic translation: Originally published in undefined 20/08/2026, 09:37 GMT. Give feedback here.

This morning, SP Group published its financial report for Q2 2026, and thus H1 2026, showing record-high revenue and earnings. At the same time, the revenue guidance for 2026 has been adjusted upwards for the second time this year, this time following the acquisition of OGM Moulding Ltd. in the UK, which was announced yesterday.

SP Group thus achieved revenue of DKK 983.9 million in Q2 2026, delivering revenue growth of 44.6% from DKK 680.6 million in Q2 2025. The growth is divided into 29.4% organic and 15.2% from acquisitions. The organic growth is particularly noteworthy, as it accelerated significantly from 11.4% in Q1 2026.

EBITDA for the quarter reached DKK 199.6 million, representing growth of approximately 59.9% from DKK 124.8 million in Q2 2025. This corresponds to a margin of 20.3% vs. 18.3% in the previous year, and unlike Q1—where the margin fell from 21.1% to 20.4%—there was a clear margin improvement in the second quarter. Further down the income statement, the picture of operational gearing is reinforced: EBT increased by 91.9% to DKK 122.1 million, corresponding to an EBT margin of 12.4% vs. 9.4% in the previous year.

For the entire first half of the year, revenue amounted to DKK 1,950 million (+32.9%, of which 19.7% was organic), EBITDA to DKK 396.5 million (+36.2%) with a margin of 20.3%, and EBT to DKK 247.6 million (+50.3%). Earnings per share increased to DKK 16.56 from DKK 10.66 in the same period last year.

Growth is broad-based, with all product groups increasing in the first half of the year. Foodtech grew fastest by 61.2% to DKK 276 million, Cleantech increased by 40.0% to DKK 560 million, other products rose by 36.6% to DKK 427 million, while Healthcare—still the largest group—increased by 17.9% to DKK 688 million. Sales of proprietary products increased by 21.6% to DKK 472 million, accounting for 24.2% of revenue.

On the balance sheet, it is worth noting that cash flow from operations increased to DKK 291 million vs. DKK 229 million in the same period last year, and that NIBD/EBITDA was reduced to 1.9 from 2.4 at the end of 2025. Net interest-bearing debt nominally grew to DKK 1,341 million from DKK 757 million at the end of June 2025 due to acquisitions, but earnings growth has more than offset the debt. At the same time, the capital reduction of nominally DKK 780,000 has been completed, the share capital now amounts to 12,100,000 shares, and a share repurchase program of DKK 40 million is running until December 31, 2026.

As mentioned, the guidance for 2026 has been adjusted upwards twice—first on July 10 from 15-23% to 22-28%, and again on August 19 to 24-30% in connection with the OGM acquisition. This corresponds to a 2026 revenue of DKK 3,656-3,833 million, of which acquisitions account for 16-17 percentage points of the growth. Margin expectations are maintained at an EBITDA margin of 19-21%, corresponding to EBITDA in the range of DKK 695-805 million, and an EBT margin of 11-13%, corresponding to DKK 402-498 million.

Calculating backward, the guidance implies H2 revenue of DKK 1,705-1,883 million, corresponding to a growth of 15-27% vs. H2 2025, and an EBITDA of DKK 298-408 million vs. DKK 304 million in H2 2025. With a first half that grew by 32.9%, and with OGM's approximately 190 employees only included in the figures from the end of August, the lower end of the range does not seem particularly strained. However, management maintains that there is still geopolitical unrest, price increases, and some delivery challenges, which are expected to continue in the second half of the year.

You can find the full financial report from SP Group here: https://www.sp-group.com/da/investor/finans-information/rapporter-praesentationer

Remember that tomorrow at 12:00 PM, you can hear management's interpretation of the half-year when we have CEO Lars Bering and CFO Allan Jeppesen at a virtual event. Register here: https://www.inderes.dk/videos/sp-group-praesentation-af-regnskabet-for-2-kvartal-2026

Disclaimer: HC Andersen Capital receives payment from SP Group for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 11:35 AM on August 20, 2026.

SP Group is a Danish plastic manufacturer that produces moulded items in plastics and plastic composites and performs surface coatings on metal items. The company is listed on the Nasdaq OMX Copenhagen Stock Exchange. It dates back to 1972 and is headquartered in Denmark. SP Group is a leading supplier of plastic-manufactured products to Danish industries. It services its clients through its factories in Denmark, Sweden, China, the USA, and Eastern Europe and its products are sold and marketed in around 90 countries. The Company offers a number of collective competencies through its different plastics processing plants which create synergy both internally among the plants and externally in partnerships with customers. The largest customer groups in terms of revenue are Healthcare, Cleantech, Food-related and Automotive, which adds up to around 75% of sales. SP Group is part of the OMX Copenhagen Mid Cap Index.