Interim report
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SP Group 0 Interim report First half of 2026 Innovative solutions in plastics SP Group A/S Snavevej 6-10 5471 Søndersø Denmark CVR no. 15 70 13 15
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Interim report – first half of 2026 SP Group 2 Follow us Presentation of interim report for the first half of 2026 In continuation of the release of this interim report, SP Group will host a webcast on 21 August 2026 at 12:00 noon (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 12:00 noon (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 79 www.sp-group.dk Contents Management’s review 3 Highlights 5 Outlook 6 Financial highlights and key ratios 7 Management’s review 9 Financial review Statement by Management 10 Statement by Management Performance 11 Income statement 11 Statement of comprehensive income 12 Balance sheet 12 Cash flow statement 13 Statement of changes in equity 14 Notes to the financial statements Interim report – first half of 2026 2025
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Interim report – first half of 2026 SP Group 3 Revenue DKKm +32.9% EBITDA DKKm +36.2% EBT DKKm +50.3% Revenue, own products DKKm +21.6% Highlights The Board of Directors of SP Group A/S today considered and approved the interim report for the six months ended 30 June 2026, which in- cludes the following highlights (all changes stated relative to the same period last year): • The outlook for 2026 was raised on 19 August in connection with the acquisition of OGM Moulding Ltd. Revenue growth is now ex- pected to be 24-30%, corresponding to reve- nue of DKK 3.6-3.8 billion, with acquisitions accounting for 16-17% of the growth. The EBITDA margin is still expected to be 19-21% and the EBT margin 11-13%. • Revenue for Q2 2026 increased by 44.6% to DKK 984 million. Revenue for H1 2026 in- creased by 32.9% to DKK 1,950 million. • Profit before depreciation and amortisation (EBITDA) increased by 59.9% to DKK 200 mil- lion in Q2 2026, for an EBITDA margin of 20.3%. EBITDA for H1 2026 increased by 36.2% to DKK 397 million for an EBITDA mar- gin of 20.3%. • Profit before tax (EBT) increased by 91.9% to DKK 122 million in Q2 2026, for an EBT mar- gin of 12.4%. EBT for H1 2026 increased by 50.3% to DKK 248 million for an EBT margin of 12.7%. SP Group achieved record results in the first half of 2026 – both in terms of revenue and earnings. Revenue increased by 44.6% to DKK 984 million in the Q2 2026 reporting period. EBITDA increased by 59.9% to DKK 200 mil- lion, and profit before tax (EBT) increased by 91.9% to DKK 122 million. In connection with the acquisition of OGM Moulding Ltd. on 19 August 2026, the outlook for 2026 has been raised to revenue growth of 24-30% (previously 22-28%), while the earnings margins are maintained. 250 230 302 291 397 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 1,401 1,370 1,485 1,467 1,950 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 153 108 176 165 248 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 391 317 226 388 472 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026
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Interim report – first half of 2026 SP Group 4 Despite geopolitical unrest, SP Group generated higher-than-ex- pected revenue and earnings in the second quarter of 2026, and we are proud to present the strongest half-year results in the Company’s history. The acquisition of OGM Moulding Ltd. on 19 August 2026 gives us a foothold in the UK market and at the same time strengthens our customer portfolio – offering good opportunities for closer collab- oration and cross-selling. We also welcome some 190 new col- leagues. Activity levels remain high, and it is encouraging to see that many companies continue to entrust SP Group with new projects, providing a solid foundation for continued growth in the remainder of the year. Lars Bering, CEO • All product groups, including Cleantech, Foodtech, Healthcare and other products, re- ported higher sales in H1 2026. • Sales of own products increased by 21.6% to DKK 472 million in H1 2026, to account for 24.2% of revenue for the period. • Cash flows from operating activities were a net inflow of DKK 291 million in H1 2026, up from DKK 229 million in the year-earlier pe- riod. • Net interest-bearing debt (NIBD) was DKK 1,341 million at 30 June 2026, compared with DKK 757 million at 30 June 2025. At 31 De- cember 2025, NIBD amounted to DKK 1,460 million, corresponding to 1.9x LTM EBITDA. NIBD fell by DKK 119 million in H1 2026. • SP Meditec has expanded its production area in Poland by a new large cleanroom facility that is ready for production. • 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. • While the conflict in the Middle East did not materially impact our H1 2026 performance, we are still experiencing rising prices and a few supply challenges. We expect this to con- tinue in the second half of 2026.
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Interim report – first half of 2026 SP Group 5 Outlook 0B0 B0B0 B0 BOutlook 2026 The outlook was updated on 19 August 2026, cf. company announcement no. 36/2026. 25 March 2026 10 July 2026 19 August 2026 Revenue performance 15-23% 22-28% 24-30% EBITDA margin 19-21% 19-21% 19-21% EBT margin 11-13% 11-13% 11-13% In connection with the acquisition of OGM Moulding Ltd. on 19 August 2026, the outlook for 2026 has been raised to revenue growth of 24-30%, while the earnings margins are maintained. We are generally experiencing a high level of ac- tivity, and our factories are operating at high ca- pacity, handling new customer projects while focusing on optimisation and efficiency im- provements. Geopolitical uncertainty persists, with new po- litical agendas continually emerging from multi- ple sides. While the war in the Middle East did not materially impact our H1 2026 perfor- mance, we are still experiencing rising prices and a few supply challenges. We expect this to continue in the second half of 2026. The outlook for 2026 was raised on 10 July 2026, cf. company announcement no. 31/2026, to revenue growth of 22-28%, while the expec- tations for the earnings margins were main- tained. The outlook for 2026 was raised again on 19 Au- gust, cf. company announcement no. 36/2026, in connection with the acquisition of OGM Moulding Ltd. Revenue growth is now expected to be 24-30%, corresponding to revenue of DKK 3.6-3.8 billion, with acquisitions accounting for 16-17% of the growth. The EBITDA margin is still expected to be 19-21% and the EBT margin 11-13%.
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Interim report – first half of 2026 SP Group 6 Financial highlights and key ratios DKKm, except ratios Q2 2026 (unaud.) Q2 2025 (unaud.) Acc. Q2 2026 (unaud.) Acc. Q2 2025 (unaud.) FY 2025 (aud.) Q2 2026 (unaud.) Q2 2025 (unaud.) Acc. Q2 2026 (unaud.) Acc. Q2 2025 (unaud.) FY 2025 (aud.) Income statement Key figures and financial ratios Revenue 983.9 680.6 1,950.3 1,466.9 2,948.1 EBITDA margin (%) 20.3 18.3 20.3 19.8 20.2 Profit before depreciation and amortisation (EBITDA) 199.6 124.8 396.5 291.1 595.2 EBIT margin (%) 14.2 11.1 14.3 13.1 13.5 Depreciation, amortisation and impairment losses -59.4 -49.6 -116.9 -98.7 -197.7 EBT margin (%) 12.4 9.4 12.7 11.2 11.7 Profit before net financials (EBIT) 140.2 75.2 279.7 192.3 397.6 Return on invested capital, including goodwill (%) 13.3 Net financials -18.1 -11.6 -32.1 -27.7 -52.5 Return on invested capital, excluding goodwill (%) 16.0 Profit before tax (EBT) 122.1 63.6 247.6 164.7 345.0 Return on equity (ROE), excluding non-controlling inter- ests (%) 15.2 Profit for the period 97.3 49.8 196.5 129.1 267.1 Equity ratio, excluding non-controlling interests (%) 45.8 54.4 45.1 Earnings per share (EPS) 8.20 4.12 16.56 10.66 22.21 Equity ratio, including non-controlling interests (%) 46.0 54.6 45.3 Earnings per share, diluted (EPS diluted) 8.17 4.11 16.49 10.63 22.13 Financial gearing 0.7 0.4 0.8 Cash flow per share (DKK) 24.5 19.0 32.9 Balance sheet Total dividend for the year per share (DKK) 4.00 Non-current assets 2,537.7 1,840.9 2,562.7 Market price (DKK per share), end of period 402 314 347 Total assets 4,135.0 3,117.5 3,994.4 Book value per share, end of period (DKK) 161.5 141.7 152.6 Equity, including non-controlling interests 1,900.3 1,701.2 1,809.1 Price/book value, end of period 2.5 2.2 2.3 Investments in property, plant and equipment, exclud- ing acquisitions 35.6 28.9 83.5 86.7 256.4 Number of shares, end of period 12,100,000 12,490,000 12,490,000 Net working capital (NWC) 867.5 741.3 856.0 Of which treasury shares, end of period 361,847 529,133 680,862 Net interest-bearing debt (NIBD) 1,340.6 756.9 1,460.0 Average number of employees 2,757 2,366 2,378 NIBD/EBITDA (LTM) 1.9 1.3 2.4 Definitions of key figures and financial ratios are listed on page 131 of the 2025 Annual Report. Cash flows Cash flows from: - operating activities 131.6 98.2 290.8 228.7 393.3 - investing activities, including acquisitions -36.4 -26.4 -91.4 -84.3 -826.8 - financing activities -68.2 -61.7 -145.3 -169.1 392.3 Change in cash and cash equivalents 27.0 10.0 54.1 -24.7 -41.1
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Interim report – first half of 2026 SP Group 7 Management’s review SP Group recorded revenue growth across all customer groups in the first half of 2026, driven by organic growth and the addition of Idé-Pro, which was acquired at the end of 2025. Breakdown of H1 2026 growth of 32.9%: Q2 2026 H1 2026 Organic 29.4% 19.7% Acquisitions 15.2% 13.2% Organic growth in local currencies was about 20.9% in H1 2026. Most of the change in H1 2026 revenue was due to higher volume sales compared with H1 2025, which was adversely affected by a weak second quarter. Exchange rate developments reduced revenue by about DKK 17.7 million (mainly USD and RMB depreciating). Sales to the Healthcare industry increased by 17.9% to DKK 688.0 million, to account for 35.3% of consolidated revenue. Sales to the Cleantech industry increased by 40.0% to DKK 559.6 million, to account for 28.7% of consolidated revenue. Sales to the Foodtech industry increased by 61.2% to DKK 275.5 million, to account for 14.1% of consolidated revenue. Sales of other products increased by 36.6% to DKK 427.2 million, to account for 21.9% of consolidated revenue. The table below shows the change in revenue by customer group relative to the correspond- ing period of 2025: Q2 2026 H1 2026 Healthcare 41.1% 17.9% Cleantech 47.3% 40.0% Foodtech 58.7% 61.2% Other 38.8% 36.6% Sales of own products increased by 21.6% to DKK 472.2 million, to account for 24.2% of consolidated revenue. Sales of MedicoPack medical packaging and SP Medical guide wires remained flat during the period, while sales of TPI livestock housing ventilation components, Ergomat ergonomic products and other own products increased. Sales of 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 the individual quarters with respect to both revenue and earnings, as there is typically a higher margin on own products compared with sub-supplier orders. Activity levels at SP Meditec in the US 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 has expanded its capac- ity by a 1,700 m² controlled production envi- ronment 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 47.2%. Sales to Danish customers were also on an upward trend, growing by 38.6% in the period. Interna- tional sales accounted for 71% of revenue (against 74% in the year-earlier period). The average number of employees rose by 379 in the first half of 2026, primarily as a result of the acquisition of Idé-Pro on 17 December 2025. 67.5% of the Group’s employees are employed outside Denmark. SP Group has extended its credit facilities with its primary bankers until spring 2027. The fi- nancial 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. At the Company’s annual general meeting held on 29 April 2026, it was resolved to distribute a dividend of DKK 4.00 per share, a total of DKK 47.1 million, to the shareholders. The dividend was paid out in early May 2026. At the annual general meeting held on 29 April 2026, it was resolved to reduce the Company’s share capital by cancellation of part of the Company’s holding of treasury shares ac- quired in connection with the Company’s share buy-back programme. The share capital was reduced by a nominal amount of DKK 780,000 through the cancellation of 390,000 Number of employees globally End-June 2026 2,849
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Interim report – first half of 2026 SP Group 8 shares of nominally DKK 2. The capital reduc- tion was completed and registered with the Danish Business Authority on 4 June 2026. Fol- lowing the capital reduction, the Company’s total registered share capital amounts to a nominal value of DKK 24,200,000 divided into 12,100,000 shares of DKK 2 each. Each share carries one vote, and the total number of voting rights is thus 12,100,000. Following the capital reduction, SP Group’s holding of treasury shares is less than 5% of the share capital. As announced in company announcement no. 17/2026 of 29 April 2026, SP Group has launched a DKK 40 million share buy-back pro- gramme, 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. During 2026 to date, a total of 30,938 SPG shares, corresponding to DKK 9.5 million, have been sold outside Nasdaq in connection with the exercise of warrant programmes. Inauguration of SP Meditec’s new cleanroom facilities Inauguration of SP Meditec’s new cleanroom facilities in Poland
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Interim report – first half of 2026 SP Group 9 Financial review Revenue for the first six months of 2026 amounted to DKK 1,950 million (against DKK 1,467 million for the year-earlier period), a year-on-year increase of 32.9%. Exchange rate developments reduced revenue by 1.2%. Consolidated EBITDA was DKK 397 million in H1 2026 (against DKK 291 million in the year- earlier period). The EBITDA margin was 20.3% (against 19.8%). EBIT amounted to DKK 280 million in H1 2026 (against DKK 192 million in the year-earlier pe- riod). The EBIT margin was 14.3% (against 13.1%). Net financials were an expense of DKK 32.1 million in H1 2026 (against an expense of DKK 27.7 million in the year-earlier period). Profit before tax (EBT) amounted to DKK 248 million for H1 2026 (against DKK 165 million in H1 2025). The EBT margin was 12.7% (against 11.2%). Earnings per share, diluted, were DKK 16.49 in H1 2026 (against DKK 10.63 in H1 2025). Balance sheet Total assets amounted to DKK 4,135 million at 30 June 2026 (against DKK 3,118 million at 30 June 2025 and DKK 3,994 million at 31 December 2025). The equity ratio was 46.0% at 30 June 2026 (against 54.6% at 30 June 2025 and 45.3% at 31 December 2025). Net interest-bearing debt (NIBD) amounted to DKK 1,341 million at 30 June 2026 (against DKK 757 million at 30 June 2025 and DKK 1,460 million at 31 December 2025). The ac- quisition of Idé-Pro in December 2025 resulted in a net increase in debt of DKK 653 million. Net interest-bearing debt (NIBD) was 1.9x LTM EBITDA against 2.4x at 31 December 2025. In the first half of 2026, equity was positively affected by exchange rate adjustments of for- eign subsidiaries (DKK 1.5 million) and nega- tively affected by the value adjustment of fi- nancial 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 -22.7 million. In addition, equity was negatively affected by a premium on the acquisition in Q1 2026 of non- controlling interests in a subsidiary of DKK 9.3 million and the payment of dividend in May 2026 of DKK 47.1 million. Equity amounted to DKK 1,900 million at 30 June 2026 (against DKK 1,701 million at 30 June 2025 and DKK 1,809 million at 31 December 2025). Equity in- creased by DKK 91 million during the H1 2026 period. Cash flows H1 2026 cash flows from operating activities were an inflow of DKK 291 million, a year-on- year increase of DKK 62 million. In H1 2026, the Group’s investments amounted to an out- flow of DKK 91.4 million, repayment of non- current loans amounted to a net outflow of DKK 72.4 million, dividend of DKK 47.1 million was paid to shareholders, and the purchase of treasury shares was an outflow of DKK 38.9 million. The sale of treasury shares in connec- tion with the exercise of warrants was an inflow of DKK 9.5 million, changes in current bank debt were an inflow of DKK 4.5 million, and the change in cash and cash equivalents was an inflow of DKK 54.1 million. Management believes that the Company’s capital resources remain adequate for its oper- ations and that it has sufficient cash resources to meet its current and future liabilities. The Company has good, long-standing and con- structive relationships with its financial part- ners, and this is expected to continue. Other matters and events after the balance sheet date On 19 August 2026, SP Group acquired the company OGM Moulding Ltd., cf. company an- nouncement no. 36/2026. Earnings per share, diluted DKKm +55.1% Equity DKKm +DKK 91 million 9.92 6.92 11.34 10.63 16.49 H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 1,266 1,464 2022 2023 2024 2025 H1 2026 1,697 1,809 1,900
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Interim report – first half of 2026 SP Group 10 Statement by Management The Board of Directors and the Executive Board have today considered and approved the in- terim report of SP Group A/S for the six months ended 30 June 2026. The interim report, which has been neither au- dited nor reviewed by the Company’s auditors, was prepared in accordance with IAS 34, ‘In- terim 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 30 June 2026 and of the results of the Group’s operations and cash flows for the six months ended 30 June 2026. Furthermore, in our opinion, the Management’s Review presents a fair review of the develop- ment of the Group’s activities and financial af- fairs, the financial results for the period and the Group’s overall financial position as well as a fair description of the principal risks and uncer- tainties which the Group faces. Søndersø, 20 August 2026 Executive Board Lars Bering Søren Ulstrup Allan Malmos Jeppesen CEO EVP CFO Board of Directors Erik Preben Holm Hans-Henrik Eriksen Chairman Deputy Chairman Bente Overgaard Marie Bakholdt Lund Johan Schur Forward-looking state- ments This interim report contains forward- looking statements reflecting Man- agement’s current perception of fu- ture trends and financial perfor- mance. Statements relating to 2026 and the following years are inher- ently subject to uncertainty, and SP Group’s actual results may thus dif- fer 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, for- eign 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.
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Interim report – first half of 2026 SP Group 11 Income statement (summary) Statement of comprehensive income DKKm Q2 2026 (unaud.) Q2 2025 (unaud.) Acc. Q2 2026 (unaud.) Acc. Q2 2025 (unaud.) FY 2025 (aud.) DKKm Q2 2026 (unaud.) Q2 2025 (unaud.) Acc. Q2 2026 (unaud.) Acc. Q2 2025 (unaud.) FY 2025 (aud.) Revenue 983.9 680.6 1,950.3 1,466.9 2,948.1 Profit for the period 97.3 49.8 196.5 129.1 267.1 Cost of sales -447.2 -310.3 -894.0 -677.3 -1,317.1 Gross profit 536.6 370.3 1,056.3 789.6 1,631.0 Items that may be reclassified to the income state- ment: Other operating income, staff costs and other external expenses -337.0 -245.5 -659.7 -498.6 -1,035.8 Exchange rate adjustments relating to foreign compa- nies 2.6 -50.6 1.5 -53.3 -48.5 Net fair value adjustment of financial instruments en- tered into to hedge future cash flows -11.6 -3.0 -22.7 3.2 10.9 Profit before depreciation, amortisation and im- pairment losses (EBITDA) 199.6 124.8 396.5 291.1 595.2 Depreciation, amortisation and impairment losses -59.4 -49.6 -116.9 -98.7 -197.7 Other comprehensive income -9.0 -53.6 -21.2 -50.1 -37.6 Profit before net financials (EBIT) 140.2 75.2 279.7 192.3 397.6 Comprehensive income 88.3 -3.7 175.4 79.0 229.5 Net financials -18.1 -11.6 -32.1 -27.7 -52.5 Distribution of comprehensive income for the pe- riod: Profit before tax (EBT) 122.1 63.6 247.6 164.7 345.0 Parent company shareholders 88.1 -4.0 174.9 77.9 227.3 Tax on profit for the period -24.8 -13.8 -51.0 -35.5 -77.9 Non-controlling interests 0.2 0.3 0.5 1.1 2.2 Profit for the period 97.3 49.8 196.5 129.1 267.1 Distribution of profit for the period: Parent company shareholders 97.1 49.5 196.0 128.0 265.0 Non-controlling interests 0.2 0.4 0.5 1.1 2.1 Earnings per share (DKK) 8.20 4.12 16.56 10.66 22.21 Earnings per share, diluted (DKK) 8.17 4.11 16.49 10.63 22.13
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Interim report – first half of 2026 SP Group 12 Balance sheet (summary) Cash flow statement (summary) DKKm 30.06. 2026 (unaud.) 30.06. 2025 (unaud.) 31.12.2025 (aud.) DKKm Q2 2026 (unaud.) Q2 2025 (unaud.) Acc. Q2 2026 (unaud.) Acc. Q2 2025 (unaud.) FY 2025 (aud.) Intangible assets 875.2 414.9 886.8 Profit before net financials (EBIT) 140.2 75.2 279.7 192.3 397.6 Property, plant and equipment 1,634.1 1,400.2 1,648.5 Depreciation, amortisation and impairment losses 59.4 49.6 116.9 98.7 197.7 Financial assets 17.1 16.9 16.2 Share-based payment 0.8 0.9 1.7 1.9 3.5 Deferred tax assets 11.3 8.8 11.3 Value adjustments etc. -5.4 -30.0 -14.6 -29.4 -4.8 Total non-current assets 2,537.7 1,840.9 2,562.7 Changes in working capital -41.7 21.2 -34.2 0.8 -89.5 Net interest expenses paid -16.5 -11.0 -32.1 -21.5 -43.9 Inventories 806.1 645.1 737.1 Tax received/paid -5.2 -7.7 -26.5 -14.1 -67.2 Receivables* 627.8 505.9 585.3 Cash flows from operating activities 131.6 98.2 290.8 228.7 393.3 Cash and cash equivalents 163.4 125.6 109.3 Total current assets 1,597.3 1,276.6 1,431.7 Purchase of subsidiary and associates 0 0 -9.3 0 -653.5 Total assets 4,135.0 3,117.5 3,994.4 Purchase of intangible assets, net -0.7 -0.2 -1.2 -0.3 -0.6 Purchase of property, plant and equipment, net -35.6 -26.2 -80.9 -84.0 -172.8 Equity, including non-controlling interests 1,900.3 1,701.2 1,809.1 Cash flows from investing activities -36.4 -26.4 -91.4 -84.3 -826.8 Non-current liabilities 1,173.6 674.3 1,226.0 Current bank debt 411.5 350.6 407.0 Dividend distributed -47.1 -48.0 -47.1 -48.0 -48.0 Current liabilities* 649.6 391.4 552.3 Deposits, adjustment -0.2 0 -0.9 -0.5 0.1 Total equity and liabilities 4,135.0 3,117.5 3,994.4 Purchase of treasury shares -15.9 -13.7 -38.9 -28.5 -72.4 * See note 5 on page 15 regarding fair value measurement of financial instruments. Sale of treasury shares (warrants) 9.5 0 9.5 0 0 Raising of non-current loans 0 0 0 0 671.3 Repayment of non-current loans -27.2 -39.8 -72.4 -83.0 -159.8 Change in current bank debt 12.6 39.8 4.5 -9.1 1.2 Cash flows from financing activities -68.2 -61.7 -145.3 -169.1 392.3 Change in cash and cash equivalents 27.0 10.0 54.1 -24.7 -41.1 Cash and cash equivalents at beginning of period 136.4 115.6 109.3 150.4 150.4 Cash and cash equivalents at end of period 163.4 125.7 163.4 125.7 109.3
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Interim report – first half of 2026 SP Group 13 Equity Changes in equity since 1 January 2026: Equity attributable to the parent company’s sharehold- ers 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 1,691.2 7.5 5.7 1,809.1 1,696.8 Profit for the period 196.0 128.0 0.5 1.1 196.5 129.1 Other comprehensive in- come: Exchange rate adjustments, foreign companies 1.5 -53.3 0 0 1.5 -53.3 Value adjustment of derivative financial instruments -22.7 3.2 0 0 -22.7 3.2 Total other comprehensive income -21.2 -50.1 0 0 -21.2 -50.1 Comprehensive income for the period 174.9 77.9 0.5 1.1 175.4 79.0 Share-based payment 1.7 1.9 0 0 1.7 1.9 Sale of treasury shares (war- rants) 9.5 0 0 0 9.5 0 Purchase of treasury shares -38.9 -28.5 0 0 -38.9 -28.5 Dividend distributed -47.0 -48.0 -0.1 0 -47.1 -48.0 Other adjustments -6.1 0 -3.2 0 -9.3 0 Transactions with share- holders -80.9 -74.6 -3.3 0 -84.2 -74.6 Equity at 30 June 1,895.6 1,694.4 4.7 6.8 1,900.3 1,701.2
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Interim report – first half of 2026 SP Group 14 Notes DKKm Acc. Q2 2026 (unaud.) Acc. Q2 2025 (unaud.) FY 2025 (aud.) Healthcare 688 583 1,174 Cleantech 560 400 804 Foodtech 275 171 371 Other 427 313 599 Total revenue 1,950 1,467 2,948 Note 1. Accounting policies The interim report for the six months ended 30 June 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 esti- mates 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 in- terim financial statements as in preparing the consolidated and parent company financial state- ments 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 any evidence of impairment of the carrying amount of intangible as- sets, including goodwill, at 30 June 2026. Note 3. Breakdown of revenue by customer groups
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Interim report – first half of 2026 SP Group 15 Notes Note 4. Warrant programme and LTI programme for the Company’s Executive Board and senior managers A total of 30,938 outstanding warrants under the 2023 programme have been exercised during 2026 to date. SP Group currently has incentive programmes consisting of 103,333 warrants (2021 pro- gramme) exercisable from 2024, 109,132 warrants (2022 programme) exercisable from 2025, 77,814 warrants (2023 programme) exercisable from 2026, 107,951 warrants (2024 programme) exercisable from 2027 and 51,236 warrants (2025 programme) exercisable from 2028. 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. At the general meeting, the shareholders adopted a new remuneration policy, 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). The LTI programme replaces the previous warrant programmes, which will be phased out. On 18 May 2026, the Board of Directors resolved to establish a new long-term incentive programme (LTI) for the Company’s Executive Board and 40 senior managers. The purpose of the LTI programme is to link part of the total remuneration to SP Group’s long-term performance and value creation for shareholders and other stakeholders and to retain members of the Executive Board and senior man- agers. The LTI programme for 2026 consists of 17,056 Performance Share Units (PSUs) and 8,528 Re- stricted Share Units (RSUs), of which 5,019 PSUs and 2,509 RSUs have been granted to the Execu- tive Board. Share Units are granted based on a percentage of the annual base salary. The value of each Share Unit has been determined based on an SPG share price of DKK 394.50 (closing price on 13 May 2026). The total value of the 2026 LTI grant amounts to DKK 10.1 million. The grants are subject to a three-year vesting period. RSUs vest on a 1:1 basis without performance conditions, while PSUs vest at between 0% and 200% depending on performance against the tar- gets. For the 2026 programme, the performance target for PSUs is EBT growth. At the end of the pro- gramme in 2029, participants will receive SPG shares free of charge or settle the grants in cash based on the difference in value. The grants are covered by treasury shares. Note 5. Fair value measurement of financial instruments Listed below are relevant disclosure requirements relating to the Group’s forward exchange con- tracts. 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. 30 June 2026 (unaud.) 30 June 2025 (unaud.) 31 December 2025 (aud.) DKKm Fair value Carrying amount Fair value Carrying amount Fair value Carrying amount Financial assets Derivative financial instruments to hedge future cash flows 26.0 26.0 50.6 50.6 56.2 56.2 Financial liabilities Derivative financial instruments to hedge future cash flows 0.5 0.5 3.5 3.5 2.0 2.0 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.
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About SP Group SP Group is a leading supplier of manufactured plastic products for the manufacturing industries with growing sales and production from 33 own factories in Denmark, China, the US, India, Poland, Swe- den, Finland, Latvia and Slovakia. In addition, SP Group has sales and service companies in Sweden, Norway, the Netherlands and Canada. SP Group is listed on NASDAQ Copenhagen A/S and had 2,766 employees at year end 2025 and 4,603 registered shareholders. SP Group A/S Snavevej 6-10 5471 Søndersø Denmark Denmark Tel: +45 70 23 23 79 www.sp-group.com info@sp-group.dk CVR no.: 15 70 13 15 Design by Noted