Slides
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SP Group Interim report Q3 2025 Innovative solutions in plastics Lars Bering, CEO Tilde Kejlhof, CFO 19 Nov. 2025
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SP Group Forward-looking statements This presentation contains forward-looking statements reflecting SP Group’s current perception of future trends and financial performance. Statements relating to 2025 and the following years are inherently subject to uncertainty, and SP Group’s actual results may thus differ from expectations and targets. Factors that may cause actual results to differ from expectations include, but are not limited to, changes in raw materials and energy prices, changes in foreign exchange rates, epidemics and pandemics, changes in macroeconomic and political assumptions, changes in the demand and production patterns of key customer groups and other external factors. This presentation does not constitute an invitation to buy or sell shares in SP Group A/S. Q3 2025 – 19 Nov. 2025 2
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SP Group At a glance 3 SP Group’s sales in 9M 2025 broken down by product group:Global manufacturer of plastics solutions footprint factories Global 30 employees plastics technologies 2,416 9 customer-specific solutions own products 73% 27% Healthcare 40% Foodtech 13% Other 19% Cleantech 28% Q3 2025 – 19 Nov. 2025
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SP Group Highlights /1 • Expectations for FY 2025 maintained with full- year revenue and earnings to in line with the 2024 figures • Sales reduced by 3.3% in 9M • Growing order book for0 Q4 • Growth in subsupplier projects, but slowdown in sales of own products • Many new projects in Healthcare and Cleantech will contribute to growth going forward • Several new defence industry projects • Focus on streamlining and optimisation contributes to improved earnings Q3 2025 – 19 Nov. 2025 4
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SP Group Highlights /2 • Medical device production facilities in Poland expanded with 1,700 sqm of controlled environment facility at existing factory • Share buy-back programme totalling DKK 80 million to reduce share capital • New CFO to strengthen the organisation • Allan Jeppesen is new CFO from January 5, 2026 • Tilde Kejlhof continues in a new role as Senior Vice President Q3 2025 – 19 Nov. 2025 5
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SP Group 9M 2025 Revenue DKKm 1,839 2,008 1,953 2,195 2,122 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Sales of own products DKKm EBITDA DKKm EBIT DKKm 6 -3.3% -6.7% -16.1%-8.9% Q3 2025 – 19 Nov. 2025 6 203 221 172 296 270 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 317 354 324 447 417 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 478 542 455 671 563 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025
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SP Group -822 -1,035 -1,031 -821 -723 2021 2022 2023 2024 Q3 2025 192 203 139 254 229 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 9M 2025 Profit before tax (EBT) decreased by 9.8% DKKm Earnings per share, diluted, decreased by 8.8% DKK Net interest-bearing debt (NIBD) decreased by DKK 98 million DKKm Equity increased by DKK 35 million DKKm 1,084 1,266 1,464 1,697 1,732 2021 2022 2023 2024 Q3 2025 12.0 10.2 14.0 16.3 14.8 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 7Q3 2025 – 19 Nov. 2025 7
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SP Group Investments in Healthcare Q3 2025 – 19 Nov. 2025 8 Factory in Atlanta, USA: • Activity level higher than expected • Strong growth opportunities for Healthcare production • DKK 100 million investments in 2026 and 2027 • Expected break-even on EBT in 2026 (with a negative impact of DKK 20–22 million in 2025) Expansion of production in Poland: • Focus on capacity, efficiency and space utilisation • Conversion of 7,000 sqm building for medico production • New 1,700 sqm cleanroom facilities ready in Q1 2026 • 30-40 new colleagues in Q4 2025
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SP Group Sales of own products reduced Q3 2025 – 19 Nov. 2025 9 478 542 455 671 563 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Sales of own products DKKm Own products include medical packaging, guide wires, farm ventilation, maritime products and ergonomic solutions -16.1%
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SP Group Sales in 9M 2025 by customer group Q3 2025 – 19 Nov. 2025 10 Healthcare 40% • Medical equipment • Medical packaging • Ergonomics and safety Cleantech 28% • Renewable energy • Energy reduction • Insulation products Foodtech 13% • Farm ventilation • Measuring equipment Other 19% • Furniture • Specialist vehicles • Maritime products • Defence industry Revenue in DKKm -4.9% -8.6% +4.7% +3.4% 885 841 648 592 265 277 398 412 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025
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SP Group Financial ratios Q3 2025 – 19 Nov. 2025 11 DKKm Q3 2025 Q3 2024 Change in % Acc. Q3 2025 Acc. Q3 2024 Change in % Revenue 655 710 -7.7% 2.122 2.195 -3.3% EBITDA 126 145 -13.1% 417 447 -6.7% EBIT 77 93 -17.3% 270 296 -8.9% EBT 65 78 -17.1% 229 254 -9.8% EPS, diluted (DKK) 14.8 16.3 -8.8% Equity 1.732 1.613 7.4% Cash flows from: - operating activities 99 145 328 402 - investing activities -40 -30 -124 -126 - financing activities -32 -109 -201 -245 Change in cash and cash equivalents 27 6 2 31 NIBD 723 826 NIBD/EBITDA 1.3 1.5 Solvency ratio, % 54.5 52.5
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SP Group Revenue performance Q3 2025 – 19 Nov. 2025 12 DKKm • Revenue reduced by 3.3% (relative to 9M 2024) • Growth in Foodtech and other • Reduction in Healthcare and Cleantech • Reduction in own products • Growth in subsupplier projects Revenue for 2025 is stated on a rolling 12-month basis 1,320 1,519 1,884 1,965 2,013 2,178 2,481 2,656 2,606 2,922 2,849 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 R12M
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SP Group EBITDA and EBITDA margin performance Q3 2025 – 19 Nov. 2025 13 • EBITDA reduced by 6.7% (relative to 9M 2024) • Caused by lower revenue and changed product mix • Reduction in own products 163 203 275 286 308 356 423 478 441 589 559 0 5 10 15 20 25 0 100 200 300 400 500 600 700 800 DKKm 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 R12M EBITDA-margin in % EBITDA EBITDA and EBITDA margin for 2025 are stated on a rolling 12-month basis %
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SP Group EBT and EBT margin performance Q3 2025 – 19 Nov. 2025 14 • EBT reduced by 9.8% (relative to 9M 2024) • Caused by lower revenue and changed product mix • Reduction in own products DKKm % 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 R12M EBT-margin in % EBT EBT and EBT margin for 2025 are stated on a rolling 12-month basis 81 123 176 200 175 194 258 269 201 345 320 0 1 2 3 4 5 6 7 8 9 10 11 12 0 100 200 300 400 500
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SP Group Outlook for 2025 Q3 2025 – 19 Nov. 2025 15 Original guidance in the 2024 Annual Report Updated guidance as of 10 July 2025 Revenue performance 3-10% -3 to +3% EBITDA margin 19-21% 19-21% EBT margin 11-13% 11-13% Updated expectations for revenue and earnings in 2025 are maintained
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SP Group Summary • Expectations for FY 2025 maintained • Lack of growth in Q3: • Postponed projects with own products • Slowdown in sales to Healthcare and Cleantech • Growth in Foodtech and other • Growth in subsupplier projects • New US factory off to a good start • Growing order book and strong outlook for Q4 • New CFO from 5 January 2026 Q3 2025 – 19 Nov. 2025 16
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SP Group Further information: Lars Bering CEO SP Group A/S Snavevej 6-10 5471 Søndersø Tel.: +45 7023 2379 / +45 4033 8850 Email: lb@sp-group.dk