SP Group (One-pager): Share buybacks increased despite project delays in Q2 2025
Read the latest SP Group One-pager following its Q2 2025 interim report, which includes a brief description of SP Group, valuation perspectives relative to a peer group, and several key investment risks and investment reasons.
After a record-breaking Q1, SP Group experienced a slowdown in Q2 2025 as several major customers postponed orders due to geopolitical uncertainty and global market disruptions. Revenue in Q2 declined 10.7% y/y to DKK 681 million, while in H1 2025 overall, revenue was down 1.2% y/y. For H1 2025, EBITDA declined 3.7% to DKK 291 million, corresponding to an EBITDA margin of 19.8%. Own-brand sales represented 26.5% of total revenue.
As a result of postponed projects in Q2, SP Group lowered its full-year 2025 revenue guidance prior to the Q2 2025 results to -3% to +3% (previously 3-10%), while maintaining its margin targets of 19-21% for EBITDA and 11-13% for EBT. Management attributes most of the decline to project delays and remains confident that project executions will continue.
SP Group continues to invest in capacity expansion across its global footprint, including cleanroom facilities in Poland and 24/7 production at its US site in Atlanta. While short-term volatility is expected, the company maintains a strong balance sheet and increased its share buyback program by DKK 40m in connection with the results.
To learn more, you can catch up on the latest presentation of the Q2 2025 results hosted with SP Group CEO Lars Bering and CFO Tilde Kejlhof: https://www.inderes.dk/videos/sp-group-presentation-of-the-quarterly-report-for-q2-2025
Disclaimer: HC Andersen Capital receives payment from SP Group for a DigitalIR/Corporate Visibility subscription agreement. / Philip Coombes 10:07 21.08.2025