SP Group 0
Interim report Ǫ1 2026SP Group A/S Snavevej 6-10
5471 Søndersø Denmark
CVR no. 15 70 13 15
Innovative solutions in plastics
Interim report - Ǫ1 2026 SP Group 2
Presentation of interim report for Ǫ1 2026
In continuation of the release of this interim report, SP Group will host a webcast on 30 April 2026 at 1:00 p.m. (in Danish) and at 3:00 p.m. (in English).
SP Group will be represented by CEO Lars Bering and CFO Allan Malmos Jeppesen, who will present the interim report and answer any questions.
Click here to register for the Danish presentation at 1:00
p.m. (CEST)
Click here to register for the English presentation at 3:00
p.m. (CEST)
Further information:
Lars Bering, CEO Tel.: +45 70 23 23 7G
www.sp-group.dk
Contents Interim report Ǫ1 2026
Management's review
3 Highlights
Outlook
Financial highlights and key ratios
Management's review G Financial review
Statement by Management
Statement by Management
Ǫuarterly performance
Income statement
Statement of comprehensive income
Balance sheet
Cash flow statement
Statement of changes in equity
Notes to the financial statements
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Interim report - Ǫ1 2026
HighlightsSP Group delivered a record result in Ǫ1 2026 with revenue of DKK G66 million, a year-on-year increase of 22.G%. EBITDA increased by 18.5% to DKK 1G7 million, and profit before tax (EBT) increased by 24.2% to DKK 125 million. Geopolitical uncertainty remains high, raw materials prices are rising, and we are experiencing a few supply challenges. At the same time, we experienced a solid inflow of new customers and projects, particularly in the Healthcare segment. We maintain our 2026 guidance of revenue growth of 15-23%, EBITDA growth of 1G-21% and EBT growth of 11-13%.
The Board of Directors of SP Group A/S today considered and approved the interim report for the Ǫ1 2026 reporting period, which includes the following highlights (all changes stated relative to the same period last year):
The FY 2026 guidance is maintained. FY revenue is still expected to grow by 15-23%, corresponding to revenue of DKK 3.4-3.6 billion. We expect an EBITDA margin of 1G-21% and an EBT margin of 11-13%.
Revenue for Ǫ1 2026 increased by 22.G% to DKK G66 million.
Profit before depreciation and amortisation (EBITDA) increased by 18.5% to DKK 1G7 million in Ǫ1 2026, for an EBITDA margin of 20.4%.
Profit before tax (EBT) increased by 24.2% to DKK 125 million in Ǫ1 2026, for an EBT margin of 13.0%.
Sales of own products increased by 4.1% to DKK 235 million in Ǫ1 2026, to account for 24.4% of revenue for the period.
All product groups, including Cleantech, Foodtech, Healthcare and other products, reported higher sales in Ǫ1 2026.
SP Group
3
G66
720
707
723
786
Revenue
DKKm
+22.G%
Ǫ1 2022 Ǫ1 2023 Ǫ1 2024 Ǫ1 2025 Ǫ1 2026
1G7
166
EBITDA
DKKm
+18.5%
130
128
148
Ǫ1 2022 Ǫ1 2023 Ǫ1 2024 Ǫ1 2025 Ǫ1 2026
125
EBT
DKKm
+24.2%
83
101
68
85
Ǫ1 2022 Ǫ1 2023 Ǫ1 2024 Ǫ1 2025 Ǫ1 2026
210
205
226
235
Revenue,
own products
DKKm
164
+4.1%
Ǫ1 2022
Ǫ1 2023 Ǫ1 2024 Ǫ1 2025 Ǫ1 2026
Interim report - Ǫ1 2026 SP Group 4
Cash flows from operating activities were a net inflow of DKK 15G million in Ǫ1 2026, up from DKK 131 million in the year-earlier period.
Net interest-bearing debt (NIBD) was DKK 1,388 million at 31 March 2026, compared
with DKK 764 million at 31 March 2025. At 31 December 2025, NIBD amounted to DKK 1,460 million, corresponding to 2.2x LTM EBITDA. NIBD fell by DKK 72 million in Ǫ1 2026. The acquisition of Idé-Pro BE Holding ApS in December 2025 resulted in a net increase in debt of DKK 653 million at 31 December 2025.
SP Meditec is well underway in expanding its production area in Poland in the form of a new large cleanroom facility.
The integration of Idé-Pro into SP Group is progressing as planned, and cross-selling has already been established, with new projects from existing SP Group customers for Idé-Pro.
The Stourup solar park is operational, generating green energy for SP Group.
While the conflict in the Middle East did not impact our Ǫ1 2026 performance, we are experiencing rising prices and a few supply challenges. Our guidance is based on the assumption that the situation will normalise within a short period of time.
202G got off to a robust start with a solid first quarter in which SP Group recorded strong growth in both top-line and bottom-line performance, delivering its best-ever quarterly result.
Geopolitical uncertainty persists, and visibility remains limited. We are experiencing rising raw materials prices and a few supply challenges, but we are prepared and maintain a constructive dialogue with customers and suppliers about the situation. We are monitoring developments closely.
The integration of Idé-Pro is progressing according to plan, and we continue to see a great potential in the acquisition, which has won SP Group a strong company and talented colleagues. Idé-Pro has already received several new orders from SP Group's existing customers.
Activity levels are generally very high, and we are pleased that SP Group's companies are increasingly selected for new plastics projects, supporting growth and progress in the coming period.
Lars Bering, CEO
Interim report - Ǫ1 2026
OutlookOutlook for 2026 The guidance is unchanged relative to the guidance announced in the company announcement of 31 March 2026 | |
Revenue performance | 15-23% |
EBITDA margin | 1G-21% |
EBT margin | 11-13% |
Geopolitical uncertainty remains high, raw materials prices are on an upward trend, and we are experiencing a few supply challenges. At the same time, we experienced a solid inflow of new customers and projects that will generate revenue in the coming period, particularly in the Healthcare area. We maintain our 2026 guidance of revenue growth of 15-23%, EBITDA growth of 1G-21% and EBT growth of 11-13%.
We are generally experiencing a high level of activity, and our factories are operating at high capacity, handling new customer projects while focusing on optimisation and efficiency improvements.
Geopolitical uncertainty persists, with new political agendas continually emerging from multiple sides. Most recently, the war in the Middle East has further heightened uncertainty. If the crisis in the Middle East subsides and market conditions normalise within a short time horizon, we expect growth in both revenue and earnings in 2026.
The FY 2026 guidance is maintained. We still expect revenue to grow by 15-23% in 2026, corresponding to revenue of DKK 3.4-3.6 billion, of which Idé-Pro will account for about 15%. We expect an EBITDA margin of 1G-21% and an EBT margin of 11-13%.
5
SP Group
Interim report - Ǫ1 2026 SP Group 6
Financial highlights and key ratiosDKKm, except ratios | Ǫ1 2026 (unaud.) | Ǫ1 2025 (unaud.) | FY 2025 (aud.) | Ǫ1 2026 (unaud.) | Ǫ1 2025 (unaud.) | FY 2025 (aud.) | ||
Income statement | Key figures and financial ratios | |||||||
Revenue | G66.4 | 786.3 | 2,G48.1 | EBITDA margin (%) | 20.4 | 21.1 | 20.2 | |
Profit before depreciation and amortisation (EBITDA) | 1G7.0 | 166.3 | 5G5.2 | EBIT margin (%) | 14.4 | 14.G | 13.5 | |
Depreciation, amortisation and impairment losses | -57.5 | -4G.2 | -1G7.7 | EBT margin (%) | 13.0 | 12.8 | 11.7 | |
Profit before net financials (EBIT) | 13G.5 | 117.1 | 3G7.6 | Return on invested capital, including goodwill (%) | 13.3 | |||
Net financials | -14.0 | -16.1 | -52.5 | Return on invested capital, excluding goodwill (%) | 16.0 | |||
Profit before tax (EBT) | 125.5 | 101.0 | 345.0 | Return on equity (ROE), excluding non-controlling interests (%) | 15.2 | |||
Profit for the period | GG.2 | 7G.3 | 267.1 | Equity ratio, excluding non-controlling interests (%) | 45.4 | 54.7 | 45.1 | |
Earnings per share (EPS) | 8.40 | 6.53 | 22.21 | Equity ratio, including non-controlling interests (%) | 45.5 | 54.G | 45.3 | |
Earnings per share, diluted (EPS diluted) | 8.36 | 6.51 | 22.13 | Financial gearing | 0.7 | 0.4 | 0.8 | |
Cash flow per share (DKK) | 13.5 | 10.8 | 32.G | |||||
Balance sheet | Total dividend for the year per share (DKK) | 4.00 | ||||||
Non-current assets | 2,558.3 | 1,885.0 | 2,562.7 | Market price (DKK per share), end of period | 353 | 28G | 347 | |
Total assets | 4,0G5.G | 3,215.1 | 3,GG4.4 | Book value per share, end of period (DKK) | 158.3 | 146.5 | 152.6 | |
Equity, including non-controlling interests | 1,864.6 | 1,765.7 | 1,80G.1 | Price/book value, end of period | 2.2 | 2.0 | 2.2 | |
Investments in property, plant and equipment, excluding acquisitions | 47.8 | 57.8 | 256.4 | Number of shares, end of period | 12,4G0,000 | 12,4G0,000 | 12,4G0,000 | |
Net working capital (NWC) | 837.4 | 765.5 | 856.0 | Of which treasury shares, end of period | 743,814 | 481,850 | 680,862 | |
Net interest-bearing debt (NIBD) | 1,388.5 | 763.8 | 1,460.0 | Average number of employees | 2,756 | 2,350 | 2,378 | |
NIBD/EBITDA (LTM) | 2.2 | 1.3 | 2.5 | Definitions of key figures and financial ratios are listed on page 131 of the 2025 Annual Report. | ||||
Cash flows | ||||||||
Cash flows from: | ||||||||
- operating activities | 15G.2 | 130.5 | 3G3.3 | |||||
- investing activities, including acquisitions | -55.0 | -57.G | -826.8 | |||||
- financing activities | -77.1 | -107.4 | 3G2.3 | |||||
Changes in cash and cash equivalents | 27.1 | -34.8 | -41.1 | |||||
Interim report - Ǫ1 2026 SP Group 7
Management's reviewSP Group recorded revenue growth across all customer groups in the first quarter of 2026, driven by organic growth and the addition of Idé-Pro, which was acquired at the end of 2025.
Breakdown of Ǫ1 2026 growth of 22.G%:
Ǫ1 2026 | |
Organic | 11.3% |
Acquisitive | 11.6% |
Organic growth in local currencies was approximately 13.6% in Ǫ1 2026.
Most of the change in Ǫ1 2026 revenue was due to higher sales volumes. Exchange rate developments reduced revenue by approximately DKK 18.2 million (mainly USD and RMB depreciating).
Sales to the Healthcare industry increased by 0.6% to DKK 337.0 million, to account for
34.G% of consolidated revenue.
Sales to the Cleantech industry increased by 33.6% to DKK 284.0 million, to account for 2G.4% of consolidated revenue.
Sales to the Foodtech industry increased by
63.G% to DKK 135.4 million, to account for 14.0% of consolidated revenue.
Sales of other products increased by 34.5% to DKK 210.0 million, to account for 21.7% of consolidated revenue.
Sales of own products increased by 4.1%, to account for 24.4% of consolidated revenue.
The table below shows the change in revenue by customer group relative to the corresponding period of 2025:
Ǫ1 2026 | |
Healthcare | 0.6% |
Cleantech | 33.6% |
Foodtech | 63.G% |
Other | 34.5% |
of which own products | 4.1% |
Sales of Ergomat ergonomic products, MedicoPack medical packaging, SP Medical guide wires and other own products remained flat, while sales of TPI's livestock housing ventilation components increased.
Sales of our own products are often linked to large projects, and as our own products gradually represent an increasing share of SP Group's revenue, the timing of these projects may also have an impact on individual quarters in terms of both revenue and earnings, as there is typically a higher margin on own products compared with subsupplier orders.
SP Meditec in the US is developing according to plan, and activity levels are high. Output at the Atlanta factory is being ramped up, and a number of new production machines are scheduled for delivery.
SP Meditec in Poland is expanding capacity by a 1,700 m2 controlled production environment, scheduled to be commissioned in the second quarter of 2026 for new injection moulding projects. SP Meditec's new projects are largely related to medical equipment for medication dosing and incontinence treatment.
International sales increased by 36.8%. Sales to Danish customers were also on an upward trend, growing by 18.0% in the first quarter. International sales accounted for 71% of revenue (against 74% in the year-earlier period).
The average number of employees rose by 378 in the first quarter of 2026, primarily as a result of the acquisition of Idé-Pro on 17 December
Number of employees in SP Group globally
End-March 2026
2,7GG2025. 66% of the Group's employees are employed outside Denmark.
SP Group has extended its credit facilities with its primary bankers until spring 2027. The financial covenants are unchanged:
Net interest-bearing debt (NIBD) may be up to 3.5x LTM EBITDA, but up to 4.0x EBITDA during the initial two quarters following a debt-funded acquisition.
The equity ratio must be at least 25% at all times.
NIBD/EBITDA is expected to be below 2.0 at 31 December 2026.
As announced in company announcement no. 17/2026 of 2G April 2026, SP Group has launched a new DKK 40 million share buy-back programme, which will run until 31 December 2026. The share buy-back programme aims to cover the Company's liabilities in connection with a share-based incentive programme for executives and senior employees of the Group (LTI programme) and to reduce the Company's share capital.
In April 2026, a total of 3,646 SPG shares, corresponding to DKK 1.1 million, were sold outside Nasdaq in connection with the exercise of warrant programmes.
Interim report - Ǫ1 2026 SP Group 8
Financial reviewRevenue for the first quarter of 2026 amounted to DKK G66 million (against DKK 786 million for the year-earlier period), a year-on-year increase of 22.G%. Exchange rate developments reduced revenue by 2.3%.
Consolidated EBITDA was DKK 1G7 million in Ǫ1 2026 (against DKK 166 million in the year-earlier period). The EBITDA margin was 20.4% (against 21.1%).
EBIT for Ǫ1 2026 was DKK 13G million (against DKK 117 million in the year-earlier period). The EBIT margin was 14.4% (against 14.G%).
Net financials were an expense of DKK 14.0 million in Ǫ1 2026 (against an expense of DKK 16.1 million in the year-earlier period).
Profit before tax (EBT) amounted to DKK 125 million for Ǫ1 2026 (against DKK 101 million in Ǫ1 2025). The EBT margin was 13.0% (against 12.8%).
Total assets amounted to DKK 4,0G5 million at 31 March 2026 (against DKK 3,215 million at
31 March 2025 and DKK 3,GG4 million at 31 December 2025). The solvency ratio was 45.5% at 31 March 2026 (against 54.G% at 31
March 2025 and 45.3% at 31 December 2025).
Net interest-bearing debt (NIBD) amounted to DKK 1,388 million at 31 March 2026 (against
DKK 764 million at 31 March 2025 and DKK
1,460 million at 31 December 2025). The acquisition of Idé-Pro resulted in a net increase in debt of DKK 653 million.
Net interest-bearing debt (NIBD) was 2.2x LTM EBITDA against 2.5x at 31 December 2025.
In the first quarter of 2026, equity was negatively affected by exchange rate adjustments of foreign subsidiaries (DKK 1.1 million) and value adjustments of financial instruments acquired to hedge future cash flows, mainly forward contracts (PLN against EUR and DKK) and an interest rate swap with a total value of DKK 11.1 million. In addition, equity was negatively affected by a premium on the acquisition of non-controlling interests in a subsidiary of DKK G.3 million.
Equity amounted to DKK 1,865 million at 31 March 2026 (against DKK 1,766 million at 31 March 2025 and DKK 1,80G million at 31 December 2025).
Equity increased by DKK 56 million during the Ǫ1 2026 period.
Cash flows
Ǫ1 2026 cash flows from operating activities were an inflow of DKK 15G million, a year-on-year increase of DKK 28.7 million.
In Ǫ1 2026, the Group's investments amounted to an outflow of DKK 55 million, repayment of non-current loans amounted to a net outflow of DKK 45.2 million, purchase of treasury shares was an outflow of DKK 23.1 million, adjustment of deposits was an outflow of DKK 0.7 million and changes in current bank debt were an outflow of DKK 8.1 million. The change in cash and cash equivalents was an inflow of DKK 27.1 million.
Management believes that the Company's capital resources remain adequate for its operations and that it has sufficient cash resources to meet its current and future liabilities. The Company has good, longstanding and constructive relationships with its financial partners, and this is expected to continue.
EBT
DKKm
101
83
85
68
+24.2%
Ǫ1 2022 Ǫ1 2023 Ǫ1 2024
Equity
DKKm
+56 million
1,6G7
1.266
1.266
Ǫ1 2025
1,80G
125
Ǫ1 2026
1,865
2022
2023
2024
2025 Ǫ1 2026
Interim report - Ǫ1 2026 SP Group G
Other matters and events occurring during the reporting period
Activity levels are high, and focused efforts are being made to leverage the potential resulting from the acquisition of Idé-Pro. A significant amount of time has been spent introducing the organisations to each other, with a particular focus on the Group's sales teams.
Other matters and events after the balance sheet date
No additional significant events have occurred after the balance sheet date until the publication of this interim report that have not been disclosed in this interim report.
SP Moulding's factory in Suzhou, China
SP Group 10
Interim report - Ǫ1 2026
Statement by ManagementThe Board of Directors and the Executive Board have today considered and approved the interim report of SP Group A/S for the three months ended 31 March 2026.
The interim report, which has been neither audited nor reviewed by the Company's auditors, was prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the EU, and additional requirements of the Danish Financial Statements Act.
In our opinion, the interim financial statements give a true and fair view of the Group's assets, liabilities and financial position at 31 March 2026 and of the results of the Group's operations and cash flows for the three months ended 31 March 2026.
Furthermore, in our opinion, the Management's Review presents a fair review of the development of the Group's activities and financial affairs, the financial results for the period and the Group's overall financial position as well as a fair description of the principal risks and uncertainties which the Group faces.
Søndersø, 2G April 2026
Executive Board
Lars Bering Søren Ulstrup Allan Malmos Jeppesen
CEO EVP CFO
Board of Directors
Hans Wilhelm Schur Erik Preben Holm
Chairman Deputy Chairman
Hans-Henrik Eriksen Bente Overgaard Marie Bakholdt Lund
Forward-looking
statements
This interim report contains forward-
looking statements reflecting Management's current perception of future trends and financial performance. Statements relating to 2026 and the following years are inherently subject to uncertainty, and SP Group's actual results may thus differ from expectations.
Factors that may cause actual results to differ from expectations include, but are not limited to, changes in SP Group's activities, raw materials prices, foreign exchange rates, pandemics, trade wars, economic conditions and threats to national security. This interim report does not constitute an invitation to buy or sell shares in SP Group A/S.
Interim report - Ǫ1 2026 SP Group 11
Income statement (summary) Statement of comprehensive income
DKKm | Ǫ1 2026 (unaud.) | Ǫ1 2025 (unaud.) | FY 2025 (aud.) | DKKm | Ǫ1 2026 (unaud.) | Ǫ1 2025 (unaud.) | FY 2025 (aud.) | |
Revenue | G66.4 | 786.3 | 2,G48.1 | Profit for the period | GG.2 | 7G.3 | 267.1 | |
Cost of sales | -446.8 | -367.0 | -1,317.1 | |||||
Gross profit | 51G.6 | 41G.3 | 1,631.0 | Items that may be reclassified to the income statement: | ||||
Other operating income, staff costs and other external expenses | -322.7 | -253.0 | -1,035.8 | Exchange rate adjustments relating to foreign companies | -1.1 | -2.7 | -48.5 | |
1G7.0 | Net fair value adjustment of financial instruments entered into to hedge future cash flows | -11.1 | 6.1 | 10.G | ||||
Profit before depreciation, amortisation and impairment losses (EBITDA) | 166.3 | 5G5.2 | Other comprehensive income | -12.2 | ||||
Depreciation, amortisation and impairment losses | -57.5 | -4G.2 | -1G7.7 | 3.4 | -37.6 | |||
Profit before net financials (EBIT) | 13G.5 | 117.1 | 3G7.5 | Comprehensive income | 87.0 | 82.7 | 22G.5 | |
Net financials | -14.0 | -16.1 | -52.5 | |||||
Distribution of comprehensive income for the period: | ||||||||
Profit before tax (EBT) | 125.5 | 101.0 | 345.0 | Parent company shareholders | 86.7 | 81.G | 227.3 | |
Tax on profit for the period | -26.3 | -21.7 | -77.G | Non-controlling interests | 0.3 | 0.8 | 2.2 | |
Profit for the period | GG.2 | 7G.3 | 267.1 | |||||
Distribution of profit for the period: | ||||||||
Parent company shareholders | G8.G | 78.5 | 265.0 | |||||
Non-controlling interests | 0.3 | 0.8 | 2.1 | |||||
Earnings per share (DKK) | 8.40 | 6.53 | 22.21 | |||||
Earnings per share, diluted (DKK) | 8.36 | 6.51 | 22.13 | |||||
Interim report - Ǫ1 2026 SP Group 12
Balance sheet (summary) Cash flow statement (summary)
DKKm | 31.03. 2026 (unaud.) | 31.03. 2025 (unaud.) | 31.12.2025 (aud.) | DKKm | Ǫ1 2026 (unaud.) | Ǫ1 2025 (unaud.) | FY 2025 (aud.) | |
Intangible assets | 881.6 | 421.3 | 886.8 | Profit before net financials (EBIT) | 13G.5 | 117.1 | 3G7.6 | |
Property, plant and equipment | 1,648.5 | 1,437.G | 1,648.5 | Depreciation, amortisation and impairment losses | 57.5 | 4G.2 | 1G7.7 | |
Financial assets | 16.G | 17.0 | 16.2 | Share-based payment | 0.8 | 1.0 | 3.5 | |
Deferred tax assets | 11.3 | 8.8 | 11.3 | Value adjustments etc. | -G.2 | 0.6 | -4.8 | |
Total non-current assets | 2,558.3 | 1,885.0 | 2,562.7 | Changes in working capital | 7.5 | -20.5 | -8G.5 | |
Net interest expenses paid | -15.6 | -10.5 | -43.G | |||||
Inventories | 760.3 | 635.0 | 737.1 | Tax received/paid | -21.3 | -6.4 | -67.2 | |
Receivables* | 640.G | 57G.5 | 585.3 | Cash flows from operating activities | 15G.2 | 130.5 | 3G3.3 | |
Cash and cash equivalents | 136.4 | 115.6 | 10G.3 | |||||
Total current assets | 1,537.6 | 1,330.1 | 1,431.7 | Purchase of subsidiary and associates | -G.3 | 0 | -653.5 | |
Total assets | 4,0G5.G | 3,215.1 | 3,GG4.4 | Purchase of intangible assets, net | -0.4 | -0.1 | -0.6 | |
Purchase of property, plant and equipment, net | -45.3 | -57.8 | -172.8 | |||||
Equity, including non-controlling interests | 1,864.6 | 1,765.7 | 1,80G.1 | Cash flows from investing activities | -55.0 | -57.G | -826.8 | |
Non-current liabilities | 1,1G5.0 | 706.0 | 1,434.0 | |||||
Current bank debt | 3G8.G | 310.8 | 267.2 | Dividend distributed | 0 | 0 | -48.0 | |
Current liabilities* | 637.4 | 432.6 | 484.1 | Deposits, adjustment | -0.7 | -0.6 | 0.1 | |
Total equity and liabilities | 4,0G5.G | 3,215.1 | 3,GG4.4 | Purchase of treasury shares | -23.1 | -14.8 | -72.4 | |
* See note 5 on page 16, fair value measurement of financial instruments. | Raising of non-current loans | 0 | 0 | 671.3 | ||||
Repayment of non-current loans | -45.2 | -43.2 | -15G.8 | |||||
Change in current bank debt | -8.1 | -48.8 | 1.2 | |||||
Cash flows from financing activities | -77.1 | -107.4 | 3G2.3 | |||||
Changes in cash and cash equivalents | 27.1 | -34.8 | -41.1 | |||||
Cash and cash equivalents at beginning of period | 10G.3 | 150.4 | 150.4 | |||||
Cash and cash equivalents at end of period | 136.4 | 115.6 | 10G.3 |
Interim report - Ǫ1 2026 SP Group 13
Equity
Changes in equity since 1 January 2026:
Equity attributable to the parent company's shareholders | Equity attributable to non-controlling interests | Equity including non-controlling interests | |||||||
DKKm | 2026 (unaud.) | 2025 (unaud.) | 2026 (unaud.) | 2025 (unaud.) | 2026 (unaud.) | 2025 (unaud.) | |||
Equity at 1 January | 1,801.6 | 1,6G1.1 | 7.5 | 5.7 | 1,80G.1 | 1,6G6.8 | |||
Profit for the period | G8.G | 78.5 | 0.3 | 0.8 | GG.2 | 7G.3 | |||
Other comprehensive income: | |||||||||
Exchange rate adjustments, foreign companies | -1.1 | -2.8 | 0 | 0.1 | -1.1 | -2.7 | |||
Value adjustment of derivative financial instruments | -11.1 | 6.1 | 0 | 0 | -11.1 | 6.1 | |||
Total other comprehensive income | -12.2 | 3.4 | 0 | 0.1 | -12.2 | 3.4 | |||
Comprehensive income for the period | 86.8 | 81.G | 0.3 | 0.8 | 87.0 | 82.7 | |||
Share-based payment | 0.8 | 1.0 | 0 | 0 | 0.8 | 1.0 | |||
Sale of warrants | 0 | 0 | 0 | 0 | 0 | 0 | |||
Purchase of treasury shares | -23.1 | -14.8 | 0 | 0 | -23.1 | -14.8 | |||
Dividend distributed | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other adjustments | -6.1 | 0 | -3.2 | 0 | -G.3 | 0 | |||
Transactions with shareholders | -28.4 | -13.8 | -3.2 | 0 | -31.6 | -13.8 | |||
Equity at 31 March | 1,860.0 | 1,75G.3 | 4.6 | 6.5 | 1,864.6 | 1,765.7 | |||
Interim report - Ǫ1 2026 SP Group 14
Notes
Note 1. Accounting policies
The interim report for Ǫ1 2026 is presented in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the EU, and Danish disclosure requirements for listed companies. The accounting policies are consistent with those applied in the consolidated and the parent company financial statements for 2025, in which the accounting policies are set out in their entirety in note 1 to the financial statements.
Note 2. Accounting estimates and judgments
In preparing the interim financial statements, Management makes accounting judgments and estimates that affect the application of accounting policies and recognised assets, liabilities, income and expenses. Actual results may differ from these judgments.
The most significant estimates made by Management when applying the accounting policies and the most significant judgment uncertainty related thereto are the same when preparing these interim financial statements as in preparing the consolidated and parent company financial statements for 2025. Reference is made to the information provided on estimates and judgments in note 2 to the consolidated and parent company financial statements for 2025.
Impairment testing
Management had not identified evidence of impairment of the carrying amount of intangible assets,
including goodwill, at 31 March 2026.
Note 3. Breakdown of revenue by customer groups
DKKm | Ǫ1 2026 (unaud.) | Ǫ1 2025 (unaud.) | FY 2025 (aud.) |
Healthcare | 337 | 335 | 1,174 |
Cleantech | 284 | 213 | 804 |
Foodtech | 135 | 83 | 371 |
Other | 210 | 156 | 5GG |
Total revenue | G66 | 786 | 2,G48 |
Interim report - Ǫ1 2026 SP Group 15
Notes
Note 4. Warrant programme for the Company's Executive Board and senior managers
A total of 3,646 outstanding warrants under the 2023 programme were exercised in April 2026.
SP Group currently has incentive programmes consisting of 104,583 warrants (2021 programme) exercisable from 2024, 110,382 warrants (2022 programme) exercisable from 2025, 110,626
warrants (2023 programme) exercisable from 2026, 111,111 warrants (2024 programme) exercisable from 2027 and 52,56G warrants (2025 programme) exercisable from 2028.
Note 5. Fair value measurement of financial instruments
Listed below are relevant disclosure requirements relating to the Group's forward exchange contracts.
Derivative financial instruments are measured in accordance with a recognised valuation method
according to which all material data are based on observable market data, i.e. level 2.
If participants resign from the group company in which they are employed, their number of warrants will be reduced on a pro rata basis so as to reflect the part of the term of the programme in which they were associated with the Group. This does not apply if a participant has bought and paid for warrants.
No new warrant programme has been established in 2026. A new remuneration policy has been proposed for approval by the general meeting, under which the Board of Directors is authorised to establish a new long-term incentive programme consisting of RSUs (Restricted Share Units) and PSUs (Performance Share Units).
31 March 2026
DKKm | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | |||
Financial assets Derivative financial instruments to hedge future cash flows | 40.4 | 40.4 | 55.6 | 55.6 | 56.2 | 56.2 | |||
Financial liabilities Derivative financial instruments to hedge future cash flows | 0.7 | 0.7 | 3.5 | 3.5 | 2.0 | 2.0 |
(unaud.)
31 March 2025
(unaud.)
31 December 2025
(aud.)
In order to hedge the currency risk related to future costs in PLN from the Polish entities, derivative financial instruments have been entered into in accordance with the Group's currency policy, as approved by the Board of Directors, to hedge part of the currency risk related to these sales for a period of up to four years. The Group has also entered into an interest rate swap.
SP Group A/S
Snavevej 6-10
5471 Søndersø Denmark
Design by Noted
Tel: +45 70 23 23 7G
https://www.sp-group.com info@sp-group.dk
CVR no.: 15 70 13 15