Q2 2026 SP Group A/S Earnings Call Transcript
Key Points
- Record strong Q2 2026 with revenue growth of 44.6% and organic growth of 29.4%.
- First half 2026 revenue growth of 32.9%, with organic growth of 19.7% and EBITDA margin of 20.3%.
- Successful integration of Idé-Pro, which has interacted quickly with virtually all group companies.
- Acquisition of OGM Moulding expands SP Group AS (OCSE:SPG) into the UK market, adding new capabilities like box build and access to a strong technology region.
- Upgraded full-year 2026 revenue growth outlook to 24%-30% due to strong performance and the OGM acquisition.
- Healthcare segment growth was flat in Q1 2026, with a significant customer phasing out a product, impacting MedicoPack sales.
- EBITDA margin in H1 2026 (20.3%) is lower than the Q4 2025 level (21.5%), partly due to a mix effect from higher sub-supplier task share.
- OGM's EBITDA is expected to decline from GBP4.4 million to GBP3.5-3.7 million in 2027 due to projects moving away, indicating a short-term dip in performance.
- Geopolitical tensions and the Middle East conflict still pose risks, with potential for stockpiling effects and uncertainty in the second half.
- Net debt-to-EBITDA ratio increased slightly to over 0.1 times due to the OGM acquisition financing, adding to leverage.
Hi, and good afternoon. On behalf of Hans Christian Andersen Capital, I would like to welcome you all to this presentation of the report for Q2 and thus also first half 2026 from SP Group that was published yesterday. My name is Rasmus Kojborg, and I have the pleasure of welcoming CEO, Lars Bering; and CFO, Allan Jeppesen. They've promised to take us through the numbers and recent highlights. So a warm welcome to you.
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Thank you.
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