Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Research

SP Group (One-pager): Share buybacks increased despite project delays in Q2 2025

SP Group
Download report (PDF)

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

 

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.

Read more on company page
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.