Sp Group Aktie

Hi, and good afternoon. On behalf of Hans Christian Andersen Capital, I'd like to welcome you all to this presentation of the Q1 2026 report 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 promised to take us through the numbers and recent highlights. So a warm welcome to the 2 of you.

And before I hand over, I'd also like to give a warm welcome to all of those of you who signed up for today's presentation. As usual, you can ask questions during the presentation in the chat room on the lower right corner. And we are also recording this presentation and we'll publish it on different platforms afterwards.

With that, I'll turn off my camera, and we're back for the Q&A. But for now, I'll leave it to you, Lars and Allan, please go ahead.

Thank you very much, Rasmus, and welcome, and thank you for joining SP Group's presentation of the interim report for Q1 2026. My name is Lars Bering, and I'm CEO of SP Group.

And I'm Allan Jeppesen, CFO of SP Group.

And together with Soren Ulstrup, we make up SP Group's Executive Board. And we will start today with a brief introduction of SP Group for you joining us for the first time, followed by a review of Q1 2026, where we have set nice records in several areas. Allan and I will be sharing the presentation today, and we will be supplementing each other along the way.

SP Group develops and produce and sell plastic solutions for a wide range of industries. Our focus is technical components, typically single-use products for the health care sector or plastic components that is integrated into our customers' products and used for many years.

In Q1 2026, 76% of our revenue came from sub-supplier work and 24% came from our own products. We have a global setup with 33 factories and almost 2,800 employees. And finally, we are focused on increasing the share of recycled plastic in our production. We have reached 18% and have a target to reach 25% in the year 2030.

And as you can see on the right side of the screen, our revenue is distributed across several product groups. 35% of the company revenue is generated within the product group health care. Health care is including medical devices, medical packaging as well as agronomic products.

The second largest group -- product group is Cleantech, which covers products as renewable energy, energy reduction and insulation. The third is Foodtech, which has a share of 14% of our revenue. Within this product group, you find livestock housing ventilation systems and different measuring equipment or products to different measuring equipment.

The remaining categories, the remaining products fall in under the category Other, which covers 22% of our revenue. Within this products group, you find furniture, you find special vehicle products and also products for the defense industry. We will return later on regarding the performance of each of these segments.

Yes. And SP Group is organized into a number of independent units, each owning the customer relationship and the technology and the products. The light green ones on the left-hand side is our proprietary products, which are products, niche products that are sold in our own brands. That includes the companies Ergomat, SP Medical, MedicoPack. With -- on the right side, we see the subcontracting companies, where we have SP Molding doing injection molding. We also have SP Tinby doing composites.

With the acquisition of Ide-Pro, we have added new capabilities within EPP, EPS casting, light metal casting and toolmaking. The decentralized structure enables us to be close to the customers, have fast decision-making and agility in the day-to-day operations. And then we are actively working on create synergies across the group, especially on procurement, knowledge sharing and cost sales.

Here you see our global footprint. SP Group is present in 13 countries providing a strong global footprint where the international diversification creates a good foundation for growth and reduces the dependency on individual markets. Of the 13 countries, we are currently having manufacturing operations in 9 with, as Lars mentioned before, 33 factories.

As shown on the world map, Asia is representing 10% of the group revenue, North, South America, 16%; Europe, 47%; and Denmark, 27%.

And then let's look at the highlights for the quarter. It has been a very strong quarter. Q1 was a record-breaking quarter with a revenue growth of 22.9%, of which organic growth accounted for 11.3%. We managed to reach an EBITDA margin of 20.4% and an EBT margin of 13%. Overall, the best quarter in our history.

Well, at the same time, we are confirming our full year '26 guidance. We still expect a revenue growth in the level of 15% to 23%, and EBITDA margin in the level of 19% to 21% and EBT margin of 11% to 13%. Later today, on this presentation, we will address the basis of our guidance, both in relation to the record result in Q1, but also the geopolitical challenges from the current situation in the Middle East.

Yes. And beyond the financial highlights, there are a number of important operational milestones, I think that is worth to highlight. There's been a solid growth in both our own products and in our subcontracting work. And we are well underway with the expansion of the medical production in Poland and the construction is progressing well. At the same time, the collaboration with the new team in Ide-Pro is paying off with a good start.

On the picture on the right-hand side, you see our solar park -- solar park is now operational, is producing green, clean electricity for SP Group. All of this, we will explain more in details on the coming slides.

Sales of our own products increased by 4.1% to DKK 235 million in Q1, which was a new record. There's a strong growth in sale of components for livestock ventilation, while the development in ergonomical products were flat.

On the same time, MedicoPack packaging and the Guidewire sales declined a little bit. For MedicoPack, it was significantly impacted by a customer's decision to phase out a product and leave this market entirely. On the Guidewire sales, it reflected a focus on high-margin products. So we make sure that the capacity is used in the best possible way.

Moving to subcontracting orders. Here, we saw a very strong development in Q1. Revenue from subcontracting increased by 30.5% to DKK 731 million. This was driven both by organic growth and contribution from Ide-Pro. The growth reflects high activity on all customer segments that Allan will tell more about a little later, but particularly strong growth in both Cleantech and Foodtech. We are pleased that many new customers have chosen SP Group to solve plastic tasks will help to grow in the future as well.

Well, the performance across our product groups is shown on this slide. At the top, you can find the share of the revenue on each of the product groups and also with examples of what is included in each of the groups.

Below, you see the development, the revenue development within the 4 groups. It's a comparison of Q1 2025 with Q1 2026. As the figures show, all 4 product groups have delivered positive growth. And it is worth mentioning that this growth actually comes on the top of a record back in Q1 2025.

The health care category is in several respects, project-driven and timing can impact individual quarters. We have seen a strong influx of new customers and projects in this segment, which we expect to materialize in the coming quarters. The pipeline in this area is actually and remains very strong.

The remaining product categories have grown between 33% and 64% in Q1, a growth driven by a strong combination of the acquisition of Ide-Pro back in December '25 and a very solid organic growth across individual product groups.

Yes. And the expansion of a new clean room in Poland is well underway. We are building this inside the house. You can see on the picture here on the right-hand side. We are converting an existing building of 7,000 square meters into a building for medical production with a focus on capacity, efficiency and better space utilization.

A new 1,700 square meter clean room is expected to be ready by end of Q2 2026. And this investment is very important for us to be able to deliver on existing agreements and new agreements that will start to give work here in the coming months.

The integration of Ide-Pro is also on track. Ide-Pro became a part of SP Group just before New Year, and we are very busy introducing our teams to each other and to detailed plan all actions in the integration. Ide-Pro has production facilities in Skive and Glyngore in Denmark and as well as in Bangalore in India. And the company employs around 325 people. Their capabilities span injection molding, light metal casting and molding in EPP and EPS. The focus is on prototypes and low-volume production.

Cross-selling is well underway. We are already seeing concrete examples of existing SP customers requesting Ide-Pro's capabilities and vice versa. And in addition, we are planning an expansion of the factory in India to support future growth. All in all, we are very pleased with the integration and how it's progressing.

Now let's take a closer look on the financial results of Q1 2026. all of which have developed positively during the last 3 months. The 4 metrics you see on the screen illustrates the performance within revenue, within the operating result, EBITDA, EBT and EBIT.

If we look at the revenue, you will see that we have DKK 966 million realized actually in the first 3 months of 2026, which actually is a growth of 22.9%, placing us in the upper end of our full year revenue guidance. We touched briefly on the positive performance across the product segments earlier, growth that was both driven by organic and growth from acquisitions.

We are very pleased to note that organic growth have accounted for approximately half of the total growth in Q1, to be more precise, actually 11.3%. Measured in local currencies, the growth was, in fact, 13.6%. This also confirms that the Ide-Pro is on track and contributes with 11.6% of the growth, which was anticipated and budgeted.

Well, turning to the EBITDA, we again see a positive trend, where we are pleased to report a growth of 18.5% compared to Q1 last year. The EBITDA margin came in at 20.4%, which is within the guided range for the full year and actually [ 0.2% ] points ahead of the full year financial year '25.

Earnings before tax for Q1 increased by 24.2% to DKK 125 million, another record high result.

On this slide, you see development within the operating cash flows, earnings per share. And below those, you see the interest-bearing debt and the development in equity. The strong operating results also reflect -- is also reflected in the cash flow from operating activities, where we generated DKK 159 million in Q1, an improvement of DKK 28 million compared to Q1 last year.

In '25, our interest-bearing debt increased as a natural consequence of the acquisition of Ide-Pro at the end of December '25. In Q1, we, as expected, has reduced our net interest-bearing debt, which at the end of March was DKK 1.388 billion. The leverage measured as net interest-bearing debt to EBITDA was at 2.2x end of March '26.

Yes. SP Group has grown consistently since the financial crisis, both organically and through acquisitions. The compound annual growth rate over the period is 8.9% based on the last 12 months.

We have completed more than 20 major and minor acquisitions in the period and actively participated in the consolidation of the plastics industry. We are convinced that this approach, a combination of organic growth and strategic acquisitions will continue to be a part of our growth strategy.

Over the past 10 years, we have improved our EBITDA margin from 14% in 2016 and now to 20%, an improvement of 6 percentage points. The margin improvement has been achieved through a sustained focus on 3 drivers. First, an increased share of our own products. These products are very important for us because it is niche plastic products that we are able to maintain a larger or higher margins on compared to our subcontracting work. Second, we have increased the production in Eastern Europe, which strengthened our competitiveness. And third, we have increased automization in our production. We expect that all 3 drivers will continue to contribute positively to the margin development going forward.

The same picture applies to the EBT margin, which has been lifted from 8% in 2016 to 11.8% in the most recent 12 months. EBT growth in Q1 2026 was 24.2%, even stronger than our EBITDA growth. And overall seen the margin improvement has been driven over the years by the same 3 factors: increased share of own products, increased production in Eastern Europe and automization.

And our ambition is very, very clear, we aim to be the best at producing plastics with a strong competitiveness and a healthy profitability. This requires a very good mix between the subcontracting orders, where we are continuously trying to improve our processes and then on the other hand, having our own products, where we create innovation and we are able to have higher margins.

Well, this slide provides an overview of the key financial figures, several of which we have already covered on the previous slides. We briefly touched on the cash flow from the operation, which has contributed positively to the change in our liquidity. Actually, we have had a change of plus DKK 27 million, which represents an improvement compared to last year of DKK 61 million.

On equity, you can see that we end March was at DKK 1.865 billion, which is equal to an equity ratio of 45.5%. And that ratio is in line with the most recent quarter we have seen. The remaining key figures on the slide, you are more than welcome to address any questions to those on the Q&A later.

Well, in addition to the strong financial performance and several positive highlights mentioned by Lars, we also held our Annual General Meeting, which took place yesterday. At the AGM, resolution were passed regarding the payment of dividends and a reduction of the share capital. The approved dividend amounts to DKK 4 per share, which is equal to an 8.7% of the net profit in '25. This is in line with the group capital allocation policy, which is between 15% to 25% A resolution was also passed to reduce the company's share capital by a nominal DKK 780,000 through the cancellation of a total of [ 390 shares ], which SP Group already holds in treasury. Following the reduction, the share capital will amount to a nominal of DKK 24.2 million.

Historically, SP Group has conducted active share buyback programs on several occasions, and we have decided to continue this practice. We have initiated a new share buyback program, which will run from May 4 this year to end of December '26. The total buyback program amounts to DKK 40 million.

We cannot ignore the current situation in the Middle East. The conflict is leading to increasing raw material prices and increasing energy prices in general. And we are in very close dialogue with both customers and suppliers to navigate through the situation in the best possible way. The majority of our energy consumption is green electricity, which are -- where prices are fixed.

And on the raw material side, we have been doing a big job trying to push back the increases and where the price increases are documented and will, here, we are passing them on to our customers. However, there's a certain delay on that because no one welcome a price increase and everyone tries to get rid of them initially. There's also a geopolitical uncertainty, and that is the reason why we are maintaining our guidance for 2026.

Well, as Lars mentioned, we are maintaining our '26 guidance, and it is important here to emphasize that we are doing so in light of the current geopolitical uncertainty in spite of it. Q1 was a record strong and came in at the high end of our expectation, but we are taking a cautious approach as the conflict in the Middle East continues to have the potential to impact both demand, commodity prices and supply chains.

We expect a revenue growth in the level of 15% to 23%, driven by new products, new customers, growth within existing customers and also, of course, the contribution from the acquisition Ide-Pro. The EBITDA margin is expected in the range of 19% to 21% and the EBT margin in the range of 11% to 13%. We have had a strong start to '26 and the underlying business remains strong.

Yes. And then let me sum it all up. Q1 was a record-breaking quarter with revenue growth of 22.9% with strong organic growth of 11.3%. We are seeing growth in both our own products and our subcontracting work. The integration with Ide-Pro is in full swing with cross-selling and planning of capacity expansion in India.

We are handling the rising of raw material prices resulting from the conflict in the Middle East. Increases are being passed on to customers on an ongoing base, and we maintain our guidance for 2026.

We have initiated a new share buyback program for DKK 40 million and 390,000 shares will be canceled. The underlying business, as Allan said, is very strong. SP Group is ready for continued growth. Thank you for your attention.

We are ready for questions.

Thank you, Lars and Allan, and I'll be joining here with the camera to do the Q&A session here. I think we'll move a little bit back on your slide to this overview slide. So there's a few questions related to this one.

There is one first here, 22.9% growth, as we can see here on the slide as well and of those 11.3% organic. What gives you the confidence in the order book for the rest of the year? And could the upper end of the 15% to 23% range be in play?

We think, as Allan said a minute ago that there's a lot of uncertainty on how things will develop. We have had a very good Q1. We are having a good order book as we speak. However, prices are increasing. We are seeing some disturbance in supply, but not anything else that it is giving us trouble.

But the picture is also blurry. It's difficult to guess what is going to happen in the second half of the year. And therefore, we are cautious to say that things will keep on being as nice as they are right now.

Good. And a question on the EBITDA margin. It's actually slipped to 20.4% from 21.1% despite the record top line, is that Ide-Pro dilution? Is it raw materials, the U.S. ramp-up or a combination of the 3?

Well, this is a question of product mix when you compare Q1 '25 to Q1 '26. If you make a comparison with the full year of '25 and not only Q1, as mentioned, we have actually had a growth of 0.2% points to 20.4%.

And exactly. And then a big part of it is that Ide-Pro is coming in with a lot of subcontracting work diluting the share of our own products a little bit and our own products has typically delivered higher margins. And therefore, it has changed a little bit.

Good. And also looking at sort of M&A, there's a question here, as we can also see on the slide here that your leverage is already down from 2.5 in '25 to now 2.2 at the end of the quarter. You're only 3, 4 months down the road with Ide-Pro, but is this level making you comfortable doing more M&A? And how is -- could you give a little brief on the M&A pipeline at the moment?

We are always looking for interesting M&A opportunities, and we have a list of candidates that could join the SP family over time. So this is continuously something that we work with. And for sure, we see that 2.2 is an okay area to be in to do more acquisitions.

But on the other hand, we also like the fact that we were able to do the Ide-Pro acquisition and after the acquisition, not being more than 2.5. Having said that, if the right opportunity arises, I'm sure we are going to find a way to make it succeed without jeopardizing anything in the business.

Good. And also looking a bit on this slide, it's -- we can't see it directly. But if you look at the capital expenditures, you can see it from the report, and of course, it's part of the investing activities here. But in Q1 last year, it was DKK 58 million, and it's DKK 48 million in the last quarter here. I was just wondering, you're both ramping up on Atlanta, on Poland. And is this DKK 48 million level a run rate from here? Or do you think we should see CapEx go up in the coming quarters?

Well, we actually believe that we are at a level we're going to see the coming quarters. We have had very little exposure on currency, but we have had a positive impact in Q1 compared to Q1 2025, where we had a small negative impact from currency.

Good. And also looking at the U.S., Atlanta keeps ramping up with the new machines underway. Are you seeing customers actually shift volumes to the U.S. because of tariffs? And could you sort of give us a general update on the tariff situation?

On the tariff situation, then here, we are already in progress trying to get some of them back. But on the production side in Atlanta, we are very busy. Production is running 24/7 on the machines that we have. And we have a good plan for the rest of the year to put in many more machines in the plant, where we already have made agreements. Yes.

Good. And last question here, I'll just switch to this slide on the one the Middle East. You were flagging rising raw material prices and some delivery issue. Have you seen any effect on this in Q1 on your growth that sort of clients and your customers are pulling forward orders because they expect price hikes later on in the year. Have you seen any effect on that?

Overall see no, not in Q1. The flow from orders to raw material is typically some weeks. And with this happening in the Middle East in March, the impact here cannot, if any, have been very, very big.

We have had a very good dialogue in March and also in April with both suppliers and customers in order to secure raw material and keep production high for the coming months. But of course, this could also have an impact later on if the situation does not resolve.

Very good. That will end today's presentation. Thank you very much, Lars and Allan, for joining us here today.

Thank you, and thank you to all of you who has been listening in.

Thank you very much, and have a nice day.

Hi, and good afternoon. On behalf of Hans Christian Andersen Capital, I'd like to welcome you all to this presentation of the annual report 2025 from SP Group that was published this morning. My name is Rasmus Køjborg, and I have the pleasure of welcoming CEO, Lars Bering; and CFO, Allan Jeppesen. They promised to take us through the numbers and the recent highlights. So a warm welcome to you, too.

And before I hand over, I'll also give a warm welcome to all of those of you who signed up for today's presentation. As usual, you can ask questions on your lower right corner. And also the presentation will be recorded and will be published on different platforms afterwards. With that I will leave it to you, Lars and Allan, please go ahead.

Thank you very much, Rasmus, and welcome to SP Group's presentation of our annual report of 2025. With me today, I have our new CFO, Allan Jeppesen, who brings in a solid knowledge into the group. Welcome, Allan.

Thank you. Thank you very much, Lars. My first 2.5 months have been focused on finalizing the annual report of the past year. And I'm very happy to be here today and to present the figures of '25 together with you.

Great. And together with Allan, we're together with Søren Ulstrup, we make out the SP Group executive team. And today, Allan and I will share the presentation where we will help each other along the way.

SP Group is a global manufacturer of plastic solutions. 73% of our revenue comes from sub-supplier work and 27% of our revenue is based on our own products, niche products in plastic that we sell globally. We have a global footprint with 33 factories and almost 2,800 employees.

When we look at the distribution of the group revenue on product groups, you will see that we have 40% of revenue within Healthcare, 27% within Cleantech, 13% within Foodtech and others is 20%. We will return later to the development in each of these groups.

Yes. SP Group is organized in a number of independent companies that works with their technology, with their products and their own customer relation. They are very independent. And we, as a group, work on materializing synergies across the group. In this overview, we have here, we have on our -- the top left-hand part, the companies working with their own products from SP.

From Ergomat with ergonomical solutions; SP Medical with their guide wire products. And on the right side, on the lower part of the figure, we have all the companies working as with subcontracting tasks. The decentralized organization enables us to act very closely together with our customers, making sure that the local management is able to make fast decisions and make sure that we fulfill the customer needs. And we, as a group, as I said before, work hard on establishing synergies across the group.

SP Group's global footprint is one of our strengths. Today, we have production and sales operations in 13 countries and with a total of 33 factories, as Lars mentioned before. With the acquisition of Idé-Pro late December last year, we also added India to the global footprint. Lars will elaborate on that later in this presentation.

Our presence across the world, across the globe enables us to service customers locally, both the customers that we know from Scandinavia, from Europe, but also the local customers in, for example, U.S. From a revenue perspective, 74% (sic) [ 47% ] of the revenue is generated in Europe, 27% of this is in Denmark. When we look at the other regions, we see 16% in North and South America, and 10% in Asia.

Then let us look at the highlights. 2025 was a very eventful year. We came out with a record in Q4. The fourth quarter was great. We had a revenue increase of almost 14%. Our EBITDA grew 26%. And all in all, it resulted in a record for 2025. The revenue growth was 0.9% for the whole year, and the EBITDA margin was realized in a level of 20.2% with an EBT margin on 11.7%. So historically good year for SP Group, slightly better than the year before.

When we look at the outlook for '26, we look into growth in the range of 15% to 23%, and EBITDA margin of 19% to 21% and an EBT margin in the level of 11% to 13%.

2025 was also a turbulent year. We had very different quarters along the way. We saw postponement of projects in Q2 and Q3 due to uncertainty regarding tariffs that hit especially our own products, but we also saw a good growth in our sub-supplier projects. We -- if we look at the subcontracting work, it grew almost 6%. It is the largest increase in growth we have seen for a number of years, organic growth for the subcontracting work for many years. And that is especially tasks in Healthcare and in Foodtech that has driven this growth, which is also 2 strategic areas for us.

On the other side, our -- the revenue from our own products decreased by 10%. That was especially hitting our -- also our Healthcare part with the postponed projects in Q2 and Q3, but we saw the demand picking up again late Q3, giving us a very good quarter 4. We saw the same picture back in '23, where increasing interest rates also postponed a number of projects for our own products, and that picked up again then in '24.

On the images you have on the left-hand side here, there is a couple of examples of our own products. First, on the picture to the left is products from MedicoPack, where we are producing packaging solutions for the pharmaceutical industry as an own brand. And the other picture shows products from Ergomat. Here, are we -- have we installed ergonomical mats for an automotive plant, ensuring that the employees will have a good working environment.

When looking more closely on the development across the segments, Healthcare, which accounts for 40%, as mentioned before, generated DKK 1.174 billion, a minor decrease of 0.9%. This was primarily driven by what Lars just mentioned, the postponed deliveries, especially within own products, within medical packaging and ergonomic solutions. When looking at Cleantech, as you can see, 27% of the total revenue, they generated DKK 804 million, a decline of 6.5% compared to '24. Here, we have had the same uncertainties in Q2 and Q3, as mentioned.

Overall, the group grew 0.9% and the main part of this was driven by Foodtech who had a growth of 5% -- 5.7% to be exact, in 2025. And the group others had an increase in revenue of 13.7%, totaling a revenue just below DKK 600 million. As mentioned, projects were postponed during 2025 within Healthtech and Cleantech. Uncertainty related to tariffs, geopolitics led to -- that selected customers postponed or actually paused some of the projects. This have had an impact on the revenue in '25. But saying that, it is also very important to say that when looking into Q4, we saw that it was a postponement. We saw a big increase in order intake and revenue increase in general.

When we look at other highlights during '25, we also have to mention the increase within Healthcare production in the U.S. Our Atlanta factory started production back in January '25. It's an investment of high strategic importance, and it brings us closer to the U.S. customers and actually also reduces the exposure that we might have to travel -- trade barriers. We expect to ramp up during 2026 in both the U.S. and also in Poland.

Exactly. And the final highlight of 2025 was the acquisition of Idé-Pro. And this, I will elaborate on, on the next coming slides. The acquisition of Idé-Pro was made at December 17, 2025, at an enterprise value of DKK 700 million, and we expect Idé-Pro to contribute with revenue in the level of DKK 450 million and an EBITDA of the level DKK 100 million. Idé-Pro is one of the most skilled plastic companies in Denmark. They have a very high degree of digitalization, and they have in-house tool manufacturing, which is really unique in our industry. Most suppliers of plastic components are acquiring tools outside. And today, it's the same for SP Group, and that is mainly purchased in China.

Idé-Pro has production in Skive and Glyngøre in Denmark, and in Bangalore in India, where they established a hub 20 years ago, focusing on the technical competencies and administrative tasks. In addition to this, they have built some really high-level skills on making functional prototype and producing low-volume demand for a broad range of customers. All of this gives SP Group a number of new capabilities that we will utilize going forward.

If we see on the synergies, we are really pleased with Idé-Pro because we see a really good opportunity to do more cross-selling. There is a very limited overlap of customers between existing SP Group customers and the Idé-Pro customers. We also see possibilities in expanding the tool production in Idé-Pro. As I said before, we buy mainly tools outside SP Group today. and a very big part of that comes from China. And therefore, we would like to expand the platform Idé-Pro has built in India to become even bigger and make more tools. We expect that the synergies that we can realize in this acquisition is in the level of DKK 20 million to DKK 25 million with a full effect in 2027.

Well, let me walk you through some of the key financial highlights of 2025. As mentioned, we had a revenue of DKK 2.948 billion, an increase of 0.9% compared to '24. The increase is based on an organic growth of 1.8% measured in local currencies. When we look at the EBITDA, we had an actual of '25 of DKK 595 million, an increase of 1.1% compared to the year before. EBT, the earnings before tax increased 0.1% to DKK 345 million, corresponding to an EBT margin of 11.7%. Overall, '25 on these figures were the strongest, as Lars mentioned, in the history of SP on both revenue and earnings.

When we look at the other key figures we have, cash flow from operating activities amounted to DKK 393 million, a decline of DKK 117 million. The main driver in that -- in the decline is the goods on stock, which has increased during Q4, and that is due to the activity level we saw in Q4. As Lars mentioned, we had a record back in Q4 '24, and we see a high activity level still early in '26. The net interest-bearing debt end 2025 was DKK 1.46 billion. increased significantly compared to '24. The main reason or the main driver in this was the acquisition of Idé-Pro. Last but not least, the equity increased by DKK 112 million to a total end of the year of DKK 1.8 billion. This gives us an equity ratio of 44.7%.

Yes. SP Group has grown consistently since the financial crisis, both organically and through acquisitions. In the past 15 years, we have been able to grow 8.6% a year, and we have completed more than 20 acquisitions, larger and smaller and have actually participated in the consolidation of our industry. And we are convinced that this approach will also bring value going forward.

We have, over the past 10 years, increased our EBITDA margins from 12% in 2015 now to 20.2% in 2025, an increase of 8.2 percentage points. We have done this through a consistent focus on 3 main drivers: we have increased the share of our own products. Our own products have a higher margin than our subcontracting work where we are competing more with others; second, we have had a focus on moving production to low-cost countries, which has increased our competitiveness towards the industry; and third, we have increased wherever possible, increased automation wherever possible. And we are sure that these drivers will also support the margin development going forward.

The same has been -- the same picture applies to the EBT margin, which has been lifted from 6% back in 2015 and now to 11.7%. And our ambition is clear. We want to be the best producing plastics. We want to have a very strong competitiveness and also some sound earnings. And this should continue -- we want to continue our focus on a good mix between our own products where we develop new innovative niche plastic products and our work as a subcontractor where we have a constant focus on in making our production processes more efficient.

On this slide, you will see the 5-year key figures and financial ratios. We have addressed several of these previously on the other slides, but I would like to highlight the net interest-bearing debt EBITDA ratio, which is 2.5x end of '25, an increase from 1.4x back in '24. As mentioned before, the increase is mainly driven by the acquisition of Idé-Pro. When you include Idé-Pro and make a pro forma calculation of this key figure, it is instead of 2.5, 2.2x.

Yes. Now it's time to look forward, and we cannot avoid addressing the conflict in the Middle East. There is a potential risk for increasing raw material prices, energy prices. We also see a risk for longer lead times for raw materials. To address this, we have already started a very close dialogue with our customers and with our suppliers, both regarding delivery and prices. However, we also have a robust raw material inventory that can make sure we can deliver what we have orders for. Our expectations for 2026 as a whole is based on the assumption that the conflict in the Middle East will deescalate within a relatively short period of time.

For '26, we expect revenue growth in the level of 15% to 23%, a margin -- EBITDA margin in the level of 19% to 21%, and an EBT margin in level of 11% to 13%. The growth is driven by a combination of new products, new customers and a continued growth within existing customers, but also the addition of Idé-Pro, which will contribute with approximately 15% of the growth in 2026. We are expanding capacity in both Poland and in the use, and we are entering into new customer agreements, particularly within Healthcare. As Lars mentioned, this assumes that the condition in the Middle East will be normalized within a reasonable time.

Yes, and it will not have impact on our ability to supply or the overall demand from our customers. But the core message is clear. SP Group is ready for growth. And when we take that on and look on our strategy towards 2030, it remains unchanged. It relies on 6 pillars.

Our companies should be strong subsidiaries that have a very strong mandate towards their customers, and we will realize synergies across the group in the -- across the whole SP network. We have a big focus on growth industries. We focus on Healthcare, on Cleantech and on Foodtech. And we also want to serve both start-up companies and large global companies. Our broad technology portfolio helps us to find the right solution for our customers. Plastic can be made in many different ways. And it is crucial that we find the most cost-efficient solution for our customer so that they can be trusted -- we can be trusted as their partner.

We want to continue focusing also on our own products. We supply a number of niche products in plastic globally today. We want to develop that and making sure that this can also contribute to increased margins and growth in SP Group. We also want to continue with more acquisitions, especially like the ones with Idé-Pro, where we find good companies at a fair price that enable us to become both more skilled and gives us new technology. Finally, sustainability is still in our focus. We want to help customers making more sustainable plastic products that makes a difference. We want to use more recycled materials in our own production, and we want to use more renewable energy.

Our overall financial ambitions towards 2030 is a growth in revenue in the level of 6% to 9%, bringing the revenue up to a total of DKK 4.5 billion. EBT margin is expected in the level of 12% to 14%, bringing the earnings before tax up to a level of around DKK 600 million. As Lars just mentioned, M&A is an important part of the strategy. And we continuously evaluate companies within our own business, companies with -- that have a strategic fit then companies that are able to support our ability to achieve our ambitions. If we're able to do this, if we are able to do larger acquisitions or several before 2013, that would naturally accelerate the achievement of these targets and these ambitions.

Exactly. And then let me summarize. SP Group has demonstrated resilience in 2025. We made an all-time high in Q4. We have had a good growth in our subcontracting work where we have been able to get new tasks and put them into production. We made an acquisition of Idé-Pro gives us both growth, but also a lot of new opportunities for the future. The conflict in the Middle East may have an impact on 2026 performance. The situation is still very unclear on what will go on here in the future. However, SP Group is ready for the growth.

Thank you. And now we are ready for some questions.

Thank you very much, Lars and Allan. Yes, let's jump into some of the questions here. If we start with your guidance slide here. Let me just actuate this one. There's a question in relation to guidance. You cut guidance in July 2025 and still only landed at 0.9% for 2025. That's top line growth. Your 2026 guidance of 15% to 23% growth implies or 0% to 8% organic growth ex-Idé-Pro. What gives you confidence in the much more ambition 2026 range?

We started out 2025 with an ambition to grow from -- with a guidance on 0% to 10% -- sorry, from 3% to 10%. And we saw after the first half year that this was not possible due to all the trouble with the tariffs, and then we reduced it to minus 3% to 3% and ended up a little better than the year before. We have been -- on the same time, we have created a lot of new agreements with customers on new tasks. And one of the very nice things that we also realized last year was that we had a large number of new customers coming into SP Group with new products that we started producing. And actually, the share of the biggest customers was reduced a little bit, but we had a very high number of new customers. And we are sure that these new customers will give us more work during 2026 when we ramp up the production for these projects.

Very good. And also looking at your own products, we saw this decline of around 20%, as we can see in the lower right corner here on this slide, and there was a question here that goes. Own product fell to around 27% of sales from 30% in 2024. When do you expect to reverse that trend? And what does it take?

We expect to see continuously growth over time of our own products. But as we also stated last year, more and more of these own products are sold in big projects. And they can have an impact if they are postponed due to different reasons. We saw the same on -- back in '23, where we should actually have done some of the work in '24 back in '23. The level that we realized in 2025 was the second highest ever, and we believe that we can also do this better again this year.

Good. And also looking at own products, how should we think about your expectations for own products in 2026, given the current geopolitical instability and the historical tendency for customers to temporarily postpone projects in time of high uncertainty. Have you accounted for this in your guidance?

It is difficult to say what is going to happen in 2026, yes, especially based on our knowledge on how turbulent things can be in the past years. We continuously work on selling more and more projects. And we are doing that successfully. So the structural sales in -- of the own products is going well, but it's difficult for us to predict what will happen in the world and how this could happen to impact the -- what day we send an actual invoice on our products.

Good. And if we stay with sort of the current crisis in the Middle East, there was a couple of questions related to this also. Let me just have a look here. Are you seeing increasing in price pressure from your raw material suppliers given the high oil price? And if not, do you expect this to be in the coming months if the oil price remain elevated?

We have seen some few price increases on raw materials. We have seen some increases on transportation costs. Having said that, we are also prepared for this situation much better than last time we saw an increase in oil prices. First step for us is a very strong pushback to the supply side. We want to avoid that we do not get unnecessary increases on raw material and they are fair and based on actual increases on raw material because we do not want to push unnecessary price increases forward to our customers. Having said that, we will, of course, push price increases to our customers. That is a normal part of the way doing business in our subcontracting work. That is also in all our contracts that if price increases, then we can increase price towards our customers.

Good. And in relation to this, there was another question to the elevated energy prices. How long can you absorb it in your current guidance for 2026?

On energy prices?

Yes. How long can you absorb this in your current guidance? I guess it's when do you have to change guidance? How long can this go on with the oil prices, yes.

The main part of our electricity is on PPAs where we purchase directly from solar panels and wind turbines. And actually, we are just on the edge of making sure that our own solar park that we have created together with 2 other companies will go online, and then we will produce most of the power ourselves. When it comes to natural gas, we use a little bit of natural gas in our production. Over the past 5 years, we have been able to reduce it almost by half, taking into account that the group has also grown in the past 5 years. So actually, the share of natural gas that we use in our facilities is very low compared to previous times. Just from '25 -- from '24 to '25, we have decreased the use of natural gas by 10%. And this is also something that we, to a great extent, has covered on the price.

Thank you. And let's do a couple of questions on Idé-Pro here. There was one, how is the integration of Idé-Pro progressing compared to your initial plans? And when do you expect it to be completed?

First of all, the integration of Idé-Pro into SP Group is going very well. We have been welcomed by a very strong and very strong organization with a truly good mindset. On the other side, the excitement of Idé-Pro in the SP Group organization is also very big. Many of our colleagues are seeing opportunities together with this acquisition, making our colleagues very, very busy finding new clever solutions on doing things smarter.

So you say, especially for the cross-selling part, we are a little bit overwhelmed on how good things are actually going here. We have also found some cost synergies already that we are in process of implementing. If you look a bit more ahead and what is on our mind for '26 and '27 is the increase of the tool production, which enable us to become more flexible towards our customers. Idé-Pro has some very unique skills here, and we believe that by increasing the capacity in their tool production, then they are able to supply other businesses in SP Group, and we can get the same benefits in more in SP Group that -- in the same way that it has made Idé-Pro unique in the past.

Good. And the question also goes, have you seen any sort of positive, negative surprises? I think you mentioned a few positives. I don't know if they were expected. But has there been sort of any positive, negative surprises after you handed the key?

The positive side I just covered, and I mean, -- and so far on the negative side, no, absolutely not.

Good. And could you sort of said more specific, when will the integration be completed? Can you put on a month, a quarter, a year or -- yes.

I actually don't believe that we can put on a year when it will be completely finalized. We have stated our ambition, what we want to find synergies in the first 2 years. But with the team that we have in Idé-Pro and the way that we work, I believe that we can actually continue to find good ideas among each other also in the years to come. Idé-Pro has some very exciting ways of handling plastic production. We also have the same. I'm sure that the team at Idé-Pro can also learn from the rest of SP Group when they get to know each other much better. We have seen that before with other acquisitions, and I'm sure we can also do that in this case.

Good. And let's take a couple of questions on the Atlanta facility here. Let me just see here. It goes like this. Are you seeing a pull effect where customers want U.S.-based production to avoid tariffs? And what is your own import exposure into the U.S.?

First of all, we see that our customers are wishing for a more regionalized setup in order to reduce risks, no matter if it is supply issues or its tariff issues or other issues. The focus is that we need to produce where products are needed. And we see -- and our belief is that this trend will also continue going forward. What was your -- sorry, what was the other part, Rasmus?

That was also on what is your own import exposure into the U.S.?

That is rather limited. Most of what we do in the U.S. is produced in U.S. And that is actually the same way what we produce in China is also sold in China. And what we produce in Europe are also sold in Europe. We have a very limited transportation between the different regions of the world with our products.

And as you stated in the annual report, you are doing further investments in the Atlanta side. What is the current utilization in Atlanta? And when is this sort of the facility fully operational?

The fact, the facility is fully operational. All the fixed installations and everything has been done. We are running production 24/7. And the future investments in the Atlanta plant will be for further expansion of the capacity. So when we get new tasks with customers, we will need more machines. And that is basically the investment. So you can say it will typically be in more injection molding machines we need in the U.S. when we get more tasks there.

Good. And do you have long-term customer commitments in place?

We have very long-term customer relations in place, and we are focusing on being a partner that our customers would like to continue with, and that is the normal setup in our business. We do not have customers that says that they would like to buy this and this. We are dependent as a subcontractor on how good that they are in their sales work, and then this will reflect on their demand. Luckily, we have a great team that is able to make new agreements with customers, both new customers, but also existing customers on doing more business, getting a bigger share of wallet with our customers, and we believe we can continue that path.

Good. We're running a bit short of time, but let's take a few last questions focused on your balance sheet and cash flow here on this slide. It says here net working capital compared to sales increased to 29% in 2025. Is that solely due to the strong growth in Q4? And should we expect our net working capital release once your Atlanta factory is fully utilized?

Well, the level of working capital end of '25 is impacted, as mentioned, impacted by the activity level in Q4, which was very high and also the fact that we looked into beginning of '26, starting at a high level. So the working capital is high in '25, but we expect by focus, and we actually have a focus on improving our working capital during the coming years. So we expect it to be on another level when looking forward.

Good. And then last question on capital allocation. What are your overall thoughts on capital allocation for '26 and '27, given the acquisition of Idé-Pro and higher resulting leverage as we can also see on this slide. The question goes, do we have the organizational capacity to do further acquisitions if the opportunity arises?

We have a great organization and that helps with the integration of Idé-Pro. And we are sure if the right case will arrive, then we will also have the mental capacity to handle this, yes.

And also the last question here goes, how do you prioritize these things? one, deleveraging; two, M&A; and three, dividends/share buybacks.

We made last year a policy for capital allocation where we have described the priorities that we are working after. For sure, our biggest goal is to create more value for our shareholders through making the group bigger and better.

Very good. We will conclude by that. Thank you very much, Allan and Lars, for your presentation here.

Thank you very much, and thank you to all of you who has been listening in. It was a pleasure.

Thank you.

Hello, everybody. Welcome to this webcast on our acquisition of Idè-Pro. We have decided to share some more information on this acquisition since it is a very large acquisition for us, and it is much bigger than what we have done previously. Feel free to ask questions in the chat below. And you may also write in Danish if you are not comfortable to write in English, and then we will translate. I have good colleagues here to help me and we hope we will be able to answer all your questions. We will do this webcast in English, so we can also have listeners in from outside Denmark.

If there's any issues around the technical stuff, please write in the chat as well, and then we will try to solve it as well. And finally, if there is something in the end we have not been able to answer or we have not gone through all the questions, always feel free to reach out if there's anything else you want to know about this.

We acquired the company Idè-Pro, in Danish Idè-Pro, on December 17, 2 days ago. It was a great day. It was a project that we have been working on for several months. And we were very happy with the result. Idè-Pro is a Danish company built by the Nors family, led by Morten Nors, and Morten will continue as the CEO of Idè-Pro going forward. The company is built -- started out in 1994, and has always been focusing on having a high growth, and especially in the last years, where Morten cooperated with Blue Equity, it has really developed positively.

One of the things I would like to emphasize that we really like is that Idè-Pro has a very large and a strong sales team that are working very close to customers located several places in Europe, one of the things I believe we can learn a lot from in the rest of SP Group. Idè-Pro also has some very strong business concepts, especially around the prototypes, making the process of selling plastic parts very, very efficient.

On the technical side, I will say I've been with the Danish plastic industry for many, many years. And for many in the industry, Idè-Pro is seen as a technical powerhouse within our industry. They are extremely skilled in many different technologies, and they have developed these technologies very, very much since the beginning.

Idè-Pro focuses on 3 main production technologies. The major one is injection molding. The specialty is that they are using soft tooling. They are also using normal tooling, but the specialty soft tooling, where the tools are made in aluminum. It gives the benefit that the tooling are cheaper and they are faster to make.

They have had a huge focus on prototyping because being able to do a tool fast and cheap enables them to help R&D departments to get functional prototypes for real-life testing of their products very fast and also traditional injection molding typically with low-volume production. Another strength that they have is that they are very good at making very large parts in injection molding. Idè-Pro is operating one of the largest injection molding machines in Northern Europe, enabling them to do parts that are normally very, very expensive to do in traditional tooling. But with aluminum tooling, it is much more affordable.

Another area where Idè-Pro is strong is expanded polypropylene or expanded polystyrene, EPP or EPS, different types of technical parts of these foam products, an area that we think is really, really interesting. We do sell a number of these type of products today in SP Group, but we have to buy them outside the group. This we can now do inside the group, and we can expand it much more than before. This is also an area that is an alternative to some of our polyurethane production, while the EPP and EPS materials are fully recyclable.

The last area that we also believe is very, very interesting is metal parts, and that is something we have to learn to say now because we have been all plastic. Idè-Pro has developed some strong competencies for producing die casting of light metal parts in an extremely efficient way. Coming from the injection molding, they are actually treating the whole process as injection molding. So you could say, to a great extent, this is injection molding where you are pushing metal into a mold instead of pushing plastic into a mold.

We think that the die casting of the light metal parts are very interesting because we will now be able to help our customers in SP Group with products that are stronger or have a better heat transfer. And there are cases where the plastic is not sufficient, giving us much better opportunities for the future.

The core of Idè-Pro behind the technologies and why we really believe it's interesting for us is the tool production. In SP Group and for many, many other traditional plastic manufacturers, tooling is something that you buy outside to a big extent, it is bought in Asia. Idè-Pro has developed over the years an in-house tool production that is highly automated, both for prototype tooling, but also for high volume tooling, able to make tools that are extremely large.

On the picture here, you see a very big injection molding tool, actually so big that colleague can sit inside the tool while building it. On another picture here, you can see one of the tooling machines, and it actually operates 24/7. There is a robot that is feeding the milling machines, creating parts for the tools. The tools are produced both in Denmark and in India, and is also based on a digital platform where a big team is doing the design and the development, programming of the machines and verification of the programming, and that is all done by an engineering team sitting in Bangalore in India, that is also providing production support for the teams in Denmark.

Idè-Pro has several locations. The biggest plant is the plant in Skive, around 16,000 square meter with 130 employees. Here, there is a tool production, plastic production, light metal production, and there's also the EPS and EPP foundries, measuring lab and warehouse. Some years ago, Idè-Pro acquired another facility in Glyngore, around 25 kilometers from Skive, where we today have 70 employees focusing on producing very large plastic parts. The Glyngore facility is also the place where Idè-Pro started up compounding of raw materials because they have had a focus on being able to use much more recycled material in the plastic production, especially of the large parts, and therefore, they have established a plastic compounding facility in that factory as well.

The sales teams are placed in Denmark, in Gothenburg, in Sweden and also in Germany and in Austria. And finally, there is a very good team sitting in Bangalore in India, with 5,000 square meters and a good place where we can expand the facilities. In India, there is a smaller tool production, and there's also injection molding machines to test the tools before they are shipped to Denmark.

When it comes to the customers, it is a very wide range of customers within many different sectors. You could say if you compare to what we have in SP Group today, it is spread very evenly around the sectors outside health care. So it is in clean tech, it is in food tech, and it will be a number of customers that will be in our category called Others. The customers are mainly in Europe. And the typical profile for the customers is they need prototypes before serial production or they have serial production in reasonably low quantity.

The transaction itself was based on an enterprise value of DKK 700 million with a lockbox of 30th of June 2025. The transaction is fully paid now and is financed. Signing and closing took place simultaneously last Wednesday. And this will give no change to our 2025 guidance. However, the transaction cost will have an impact on our result this year. We expect that there will be synergies out of this transaction, and one of the things that we are really happy about because -- I'll get back to that a little later. But we expect synergies in the range of DKK 20 million, DKK 25 million annually, which we believe we can -- that level we believe we can realize within the first 2 years.

And we also expect that we will see an increase in our revenue with DKK 450 million to DKK 500 million for the 2026 revenue. And we will have an impact on EBITDA with DKK 105 million to DKK 120 million, including the synergies. We will, as usual, come with our full guidance for next year together with our annual report, which we will publish on March 25 next year.

And one of the questions I already have had is that what is -- will you continue your share buyback? And here, I can say, yes, we will continue our share buyback as planned. We do not see any reason to change this.

Coming back to the synergies, which I think is very important for this case and why we are really, really happy about it. Like in all the other transactions that we have done in SP Group, we have focused a lot on cross-selling and cross-selling has helped us in all the cases. There's been great opportunities. Here, it is also a good case because Idè-Pro is operating 3 technologies that we do not do today in SP Group. And I'm very, very happy to see the reaction already yesterday from SP Group customers to the SP Group teams. We were actually yesterday already sending the first RFQs from SP Group customers into Idè-Pro, asking for prototypes on very interesting projects that we would not have been able to do in the same way. So first day -- already the first day. However, I think the area where we will have the biggest impact fastest will be the in-house tool production.

Idè-Pro is having a very strong tool production and actually are making more tools than we do in SP Group on an annual basis. And therefore, they have the competencies and the know-how and the equipment to make more tools. Of course, in the near future, we would need to invest in the tool production, but we are not starting from scratch.

Over the years, I believe we can move a lot of our tool production in-house, making us more flexible, making us more competitive. Then we will have a new platform in India. And this, we will use both as a place where we can do more administrative work in the future, but also expand our possibilities in India. SP Group has been expanding sales in Asia, especially in India in the recent years. And the possibility now to have our own team already working in India, and it's a team that has been there for many years. Morten started Idè-Pro India in 2004, getting the first employees, and we have a very good local managing director for the India team that I truly believe is able to also build it further and have other SP Group colleagues inside this facility.

So all in all, we see great benefit from the cross-selling across the group, the in-house tool production and a new platform in India. So yes, we are very happy with this.

And now I see there are already some questions here.

And this is Philip from HC Andersen asking to the synergies. Thank you, Philip. You asked on how they are shared.

I believe that we will see the biggest synergies from the in-house tool production and the new platform in India in the beginning. But as long -- when we get started, there will be huge cross-selling opportunities. And I'm actually surprised on how many reactions that we already have seen yesterday where customers are asking for the possibilities to help with different type of projects. It has been both prototypes, but also EPP products, which is interesting.

Cost savings on the mold. We have a question here on the tool production. It is clear that when we move tool production inside, there will be cost savings. The main possibility for tool production or the main opportunities is, first and foremost, we can make them much faster. It will be much more easy to do change. And of course, we will see some of the earnings that are today at suppliers, we can have that as an in-house.

And this, of course, is not something we just built very fast in the first 2 years. I think this will be something that will be going on for coming years because with the amount of tools that we're actually buying, it is not something that we just do in 1 year to take that in-house.

Then we have a good question here on the price of this acquisition. It is true that we have previously been buying companies at a multiple of 5 enterprise value divided with EBITDA. And the acquisition here of Idè-Pro is somewhat more expensive. First and foremost, this is also a bigger company, a very well-run company, and it is to be seen as a very strategic acquisition. We have had Idè-Pro on our target list for many years.

Personally, I have always had a very good eye to Idè-Pro due to their technological performance and their ability to make money. And of course, having Blue Equity as one of the owners, it is clear that it is not something you get with a big company -- you get with a big discount. But on the other hand, when looking at all the possibilities that we get with Idè-Pro, I actually believe the price is fair.

I also, at the same time, would see that it is hard to imagine that we will pay the same price for, you could say, a traditional sub-supplier not having the competencies, the capabilities that we have in Idè-Pro. So I do think we are in the high range of what we are able to pay for a company here, and I don't have any idea that we could get into this level again.

Then we have a good question here on visibility. Will it be easier or harder for you to forecast?

I would say -- to forecast revenue, I would say this, there will not be any changes here. One of the things that affected us this year is large projects within our own products that has been postponed during the summer, and that has impacted us this year, and this is not related to the production in Idè-Pro. Idè-Pro is a sub-supplier, but still they are doing projects with prototyping, but to a wide range of customers. So you could say, yes, perhaps a little bit better visibility. But I think as usual, in SP Group with the things that we do, all the niches that we're in, we would still unfortunately could see 1 or 2 quarters that are not as we expect, but the overall trend should be positive also going forward.

What we have seen this year with 2 quarters being rather poor, especially our second quarter is something that is really, really annoying. But we have also been confident through the period that we would see the orders coming back. It is not something that was canceled. It was merely just postponed. And we got the order book back in the end of quarter 3 and are busy now in quarter 4.

Yes. Then we have a good question here about the Idè-Pro business and the prototypes. One of the key things with Idè-Pro is that they have been focused on prototypes. SP Group has, to a very large extent, been focused on serial production. We have done a little bit of prototyping in the company, Da Vinci, with our 3D printing, but being able to test your prototypes or just do a test production of products, then you have to make the real product in the real material. No matter if you're building something for defense, if you're building something for clean tech, if you're building something for automotive, being able to test your product in the right material in the right design is a very strong capability. And that is what Idè-Pro has been helping their customers with.

What we are able to now with Idè-Pro and the companies within SP Group is that there is a platform to offer the serial production after the prototyping, giving Idè-Pro the possibility to send the customer after testing phase, for example, into SP Molding so that they can do the serial production afterwards. This is, of course, one of the other aspects of the cross-selling that we will work with going forward that is where we can see we can help Idè-Pro customers into SP Group companies.

Then I think time is almost up, and we have been through most of the questions. Thank you all for listening in this morning. It has been a privilege to tell you a bit more about Idè-Pro. And as I said in the beginning, if any of you sitting back with more questions or want to have more in-depth information and understanding of what we're doing, please feel free to reach out, and we will, of course, come back to you. Thank you.

Hi, and good afternoon. On behalf of Hans Christian Andersen Capital, I'd like to welcome you all to this presentation of the Q3 2025 report from SP Group that was published yesterday. My name is Rasmus Køjborg, and I have the pleasure of welcoming CEO, Lars Bering; and CFO, Tilde Kejlhof. They promised to take us through the quarterly numbers and recent highlights. So a warm welcome to you, too.

And before I hand over, I'd also like to give a warm welcome to all of those of you who signed up for today's presentation. As usual, you can ask questions during the presentation in the chat room on your lower right corner. If you're not comfortable writing in English, you can write in Danish, and I'll help with the translation. So please don't hesitate to ask any questions you have for the management of SP Group.

But with that, I'll leave it to you, Lars and Tilde. Please go ahead.

Thank you very much, Rasmus, and welcome to our Q3 presentation from SP Group. We are a global manufacturer of plastic solutions. 73% of our revenues comes from customer-specific solutions where we work as a sub-supplier and 27% of our revenue comes from our own products. This is own brands that are sold globally as a small niche products.

We have a global footprint with 30 factories, and we are a little more than 2,400 employees working with many different plastic technologies. 40% of our revenue comes from products that are used within health care, 28% is related to Cleantech, 13% is related to FoodTech, and then we have approximately 19% coming from other industries outside the first 3 areas.

If you take the next one, Rasmus. First, we have had a very exciting year. We had a first quarter that was record high. Then we saw a tariff bomb in the start of Q2 that was actually giving us problems, and we saw a lot of orders being postponed and that continued into Q3. The main message from us today is that despite all that, we maintain our guidance for the full year, and we estimate that we will end the year similar to the record year in 2024.

During the first 3 quarters, we saw sales reduced by 3.3%. But we also saw in the end of Q3, a strong growing order book for Q4. We also noticed that we have had nice growth in our sub-supplier business, but -- and the slowdown is related to sales of own products.

We have had success creating many new agreements for future business within Healthcare and within Cleantech. And we can see that this will contribute to the growth going forward. We have also made agreements on several new products within the defense area. And we have continued our streamlining and optimization in the group during the quarter.

If you take the next one, Rasmus. We have started up a big project on expanding our capacity for medical device production in Poland. We are building 1,700 square meters of control environment in an existing factory.

During Q3 -- Q2, in relation together with our announcement of first half year, we also expanded our share buyback with DKK 40 million. So in total now, it is DKK 80 million.

And finally, we also announced yesterday that we have hired a new colleague. Based on dialogue on how to develop SP Group, how to develop the organization, we found that we needed more resources. And together, we decided that the best way for this would be to find a new CFO and have Tilde to take on some more business-related tasks in order to strengthen the organization and keep momentum all the important stuff that we do.

And I must say it have been 6 very exciting years as CFO for the group. I warmly welcome Allan in the new position and looking forward to the setup.

And if -- yes, thank you, Rasmus. As I said before, we have experienced a reduction of 3.3% in sales compared to last year. So we have, in the first 3 quarters sold for DKK 2.122 billion -- 2.6 -- minus DKK 2.6 billion of that was organic and [ 0.7% ] was related to currency.

This resulted in an EBITDA of DKK 417 million, a reduction of 6.7%. [ EBIT was reduced to DKK 270 million, a reduction of 8.9% ]. The major driver in all this was the reduction in sales of our own product, which ended up at DKK 563 million, a 16% reduction from last year.

If you take -- then put the numbers together, then you will also see that the sub-supplier business grew in the same period with 2.3%, which for us is extremely nice and a good sign that our continuous focus on sales and customers really makes a difference.

EBT was reduced by 9.8% to DKK 229 million and earnings per share reduced to DKK 14.8 million. The debt was reduced to DKK 723 million, a reduction on DKK 100 million compared to last year, and the equity is DKK 1.7 billion.

We have had, during the first 3 quarters, a big focus on the investments in health care. Our factory in Atlanta is doing very well in terms of starting up. We lag revenue there, but there's good reasons for that. We still see strong growth opportunities for the health care also in the coming years. So we are actually quite convinced that this has been a good decision for us to start up in the U.S. with establishing our own factory there. Within this year, we reached a level where we have invested DKK 200 million in this facility in U.S. from when we started back in the beginning of 2023 and until now. And we expect that we will invest approximately DKK 100 million more in the coming 2 years.

This is not for the building itself. It is for putting in machines in the remaining part of the building. We also expect that we will have breakeven in 2026 in the factory, and that is actually based on a nice growth in the sales. This year, we expect a negative impact of DKK 20 billion, DKK 22 million due to the whole start-up process.

And as I said before, we continue the expansion for the health care production in Poland. We need more space. We need more capacity. And therefore, we have started a conversion of a 7,000 square meter building, which is actually the building you see on the picture on the right side in this area.

In this area in Poland, we have 5 large factories. And the first one here is the one that we are in the coming years, going to convert completely into medical device production. First step is to establish a 1,700 square meter clean room that will be ready late Q1 next year. We will also -- or we already have started the process of finding 30 to 40 new colleagues in Poland to help handling all the nice orders that were coming in now.

Yes, please take the next one. And as I said before, we have seen a slowdown in sale of own products. We don't see this as a structural thing. We see this as a postponement. There has been different areas where customers have postponed orders in Q2. And we have seen that starting to pick up again during September, giving us confidence in the quarter 4. Still, it was our second best ever for our own products. We had a record last year with DKK 671 million. This year, we are doing DKK 563 million on own products in Q3.

If you take next one, Rasmus. If we see the first 9 months by customer groups, 40% to Healthcare. Healthcare is medical equipment, medical devices, medical packaging, from MedicoPack, ergonomic solutions, safety solutions from Ergomat. Here, we saw a drop in the sale of 4.9% in the first 9 months to DKK 841 million. Cleantech that goes for 28% of the revenue, components for renewable energy, energy reduction, insulation products. Here, we saw a little larger drop in sales. But we're also sure that this is going to pick up again.

On the other hand, FoodTech increased. And we have seen a nice growth there. We see products start up again, moving fast. Projects are being activated, that has been postponed. And if we go to the category other, that is also highly related to a lot of the sub-supplier business where actually, some things are going well. This is other industries outside the first ones, maritime products, specialist vehicles, and also parts for the defense industry. Here, we have seen a growth of 3.4% to DKK 412 million. Tilde?

Thank you. If we only look at the Q3, then the top line was DKK 655 million. It was a decrease of 7.7%. EBITDA was DKK 126 million. EBIT was DKK 77 million, a decrease of 17% and EBIT was DKK 65 million, also a decrease of 17 percentage.

We had cash flow from operating activities on almost DKK 100 million. We spent DKK 40 million on investments and finance activities was DKK 32 million. If we look at the full year, we had a top line of DKK 2.2 billion. It was a decreased from 3.3 percentage. EBITDA was DKK 417 million. EBIT was DKK 270 million. EBT was DKK 229 million.

Earnings per share diluted was 14.8% compared to 16.3% last year. The cash flow from operating activities was DKK 328 million. We invested DKK 124 million. We used DKK 50 million to share back program, DKK 50 million for dividend to the shareholders and another DKK 100 million for paying off debt. The net bearing debt was DKK 723 million, and the gain was [ 1.3x ]. And the solvency ratio was 55%.

If you look at the revenue, then we had a small decrease of 3.3%. So we are a little the if we look at the 12 months rolling, we are a bit behind. There was growth in FoodTech and other industries. There was a reduction in Healthcare and Cleantech. But we saw a nice little growth on to supplier to sub-supplier projects.

If you look at the EBITDA, then it was reduced by 6.7 percentage. We had lower revenue and the changed product mix and also a reduction in own products. EBT, we had a decrease of 9.8% and this was kind of the same explanation with lower revenue and change product mix. We also had a bit of a decrease or loss in the exchange rates.

Yes. And then we come to the guidance for the full year. As I said before, we maintained the previous announced expectations. We expect a year similar to 2024. We guide that we -- revenue to minus 3% to plus 3% with the earnings of EBITDA into -- at the level 19% to 21% and EBT at 11% to 13%.

And then we take the summary, Rasmus. First, expectations has maintained. We saw a lack of growth in Q3, postponed projects within own products was the main driver. We saw a slowdown in sales to Healthcare and Cleantech, but we saw growth in FoodTech and other. We have seen growth in the sub-supplier projects and our U.S. factory is still progressing as expected. And we see a nice and growing order book giving us confidence in quarter 4.

And finally, as we have announced, we will expand the team and have a new CFO on board from January next year.

Very good. Thank you very much, Lars and Tilde and let's take some of the questions. And -- maybe I should start with one we had earlier today when we did the presentation in Danish also that if you are to reach like 0 growth in your top line or the revenue the DKK 2.9 billion, I think you had DKK 2.1 billion now. So we have to do around DKK 800 million in revenue in the last quarter of the year here. That could look a little bit ambitious at least compared to the Q2 and Q3 revenue?

Yes. It is for sure ambitious Rasmus. But if you see our Q1 figures and add them, then it is similar. We were also at DKK 800 million in Q1. So for sure, we believe this is possible again.

Very good. And let's take a couple of questions also related to your new site here in Atlanta, as we also had on the earlier -- the presentation earlier today. But there's one here that's sort of how is the factory performing in Atlanta? I think you were quite positive when you took the rundown earlier with this slide, but maybe we could repeat a little bit on that, Lars.

Yes, of course. The factory in Atlanta is running 24/5, so around the clock 5 days a week. We have production. But however, this year, it is rather limited, and that is also why we will have a relatively large loss in the U.S. this year. And the fact that is low comes from the whole start-up process. There's a lot of approvals. There's a lot of validation. There's a lot of training. So all this put together gives a good year, a hard year, but also a loss-making year. We see that we will have revenue -- nice revenue next year and expect breakeven on EBT, meaning also profitable on EBITDA next year.

Very good. And there was actually a question related to this. If you have seen sort of any unexpected challenges with the factory in Atlanta? Or has it mainly been the start-up costs?

That has been -- first of all, when you start a big plant like this, buying a piece of land, building a house, there's been a lot of unexpected things in the whole process, but nothing so big that we have not been able to handle it and navigate in it.

Very good. And then there's also a question. When do you expect to be at full capacity on your Atlanta site here?

As I said, we are going to invest additionally approximately DKK 100 million in '26 and '27. And I would expect the factory be fully utilized in '28, '29. It is a factory that is able at that time to have around 80 to 90 injection molding machines running inside and outside clean room.

Very good. And then there was some question related to this slide, as we could see here on the third dot that you had a growing order book for Q4. There was a question here related to if you could elaborate a bit on your order book, the size, composition, percentage growth?

We are -- we have -- the order book for us is many, many different things because we are doing business with many different industries. For some customers, we have frame orders looking a bit ahead in the future. For others, it is more a day-to-day business. We can see on the totals that it has been growing nicely. So what we have for Q4 is a lot up to ourselves to make sure that the orders are being delivered and get invoiced.

One joke we have for the fourth quarter is always if there are some customers who are going to postpone orders around New Year. Sometimes, we have seen customers -- that the last part of the orders that they have actually booked for December, they postponed that to the first week of January. And that in some years, this trend is bigger than in other years. We don't know that before we are in middle of December yet.

Good. And then there's a question. What caused sort of the order delays in Q3? Was that still related to the tariffs as we saw it hit you around the Q2 result?

Yes. It was the same effect that we had there. Personally, I probably believe that it would come back a bit earlier, but -- then in July, we had some vacation and not much happened in August. But in September, things starts to look really nice again. and also the September month for us was actually quite decent, but we had a terrible July and August.

Very good. And then related to this, also, there's a question here. Have any larger projects been launched? Or are we only talking postponements now?

It's only postponement. Short answer.

Yes. And then there's also a question related to one of the -- I think it's the second last dot here, several new defense industry projects, as you have here. There's a question here. Discussion of projects in defense, what is the market opportunity here? And which markets are relevant for you?

First of all, it's a nice growing industry. We have always done a little different parts for this industry, but now we see a good potential for strong growth in this area, even though it's a nice area compared to the medical area for us. But we see a growing possibility to use more plastics for this industry.

And of course, it is also an industry that covered with some very thick NDAs making us -- making it hard for us to talk about what we are actually doing in for this area. But of course, it is plastic parts, and there's many ways to use plastic parts also in the defense industry.

Very good. And then there's a last question related to sort of your gearing, as we have on this slide. Let me just see what the question goes like this. Gearing is at the low end of range. Will you increase share buybacks or dividends if you don't find attractive M&A opportunities?

I think that is a good proposal.

Good. We will probably see when you report Q4, then I guess it will be sometime in March next year. We will see the numbers from there and also with the guidance and whether we'll see more buybacks or dividends. Very good, but that concludes today's presentation here. Thank you very much Lars and Tilde for the presentation.

Thank you, and thank you to all of you who have spent the time listening in.

Yes. Also I thank from my side here, and thanks for the questions. We will conclude by that, sorry. Thank you.

Hi, and good afternoon. On behalf of Hans Christian Andersen Capital, I'd like to welcome you all to this presentation of the Q2 2025 report from SP Group that was published yesterday. My name is Rasmus Køjborg, and I have the pleasure of welcoming CEO, Lars Bering; and CFO, Tilde Kejlhof. They promised to take us through the quarterly numbers here and recent highlights. So a warm welcome to you.

Before I hand over, also a warm welcome to those of you who signed up for today's presentation. As usual, you can ask questions during the presentation in the chat room on your lower right corner. And if you're not comfortable writing in English, you can also do it in Danish, and I'll translate the questions. And of course, we'll be recording this and put it on different platforms afterwards if you want to see it again.

But with that, I'll leave it to you, Lars and Tilde.

Thank you very much, Rasmus, and thank you to all of you who has chosen to tune in and listen to us. SP Group is a global manufacturer of plastic solutions. We are producing 73% of our revenue is produced whereas customer-specific solutions where we act as a sub-supplier and 27% of our revenue comes from our own products, our own brands. We produce on 30 factories in a global setup with just a little above 2, 400 employees, and we operate a number of different plastic technologies. Our strategic focus on the sales goes to the areas, Healthcare, Cleantech and FoodTech, which I will come back to a little later, but we also produce a large number of other plastic components.

Thank you Rasmus. We had, as you might remember, a strong growth in Q1. It was actually the best quarter ever, both on top line and on bottom line. And it was followed by a Q2 where we saw some slowdown. Totally seen in the first half, we had a reduced sale of our own products, but we have sub-supplier products on a slightly upward trend. We have made many new agreements on new projects for both Healthcare and for Cleantech which we expect to contribute to growth in the future. We have also made agreements on new projects for the defence industry. And for us, that part is in the category as we call other, which I'll come back to. We have had a focus on reducing complexity, improving efficiency and that has contributed to improved margins. We have decided to increase the space for our Medical production. We have seen how we utilize our space and our machinery as we need more space for Medical production but that I will come back to also in a little later.

Overall we've seen -- we expect 2025 in line with what we realized last year in terms of revenue and also the margins. However, it's still a very unsecured world but that is how we see it right now.

If we take the whole tariffs and trade war area, then we can see that a new U.S. EU trade deal in the way it is presented right now, that will only have a marginal effect on us. We have more and more production in the U.S. for the U.S. so it will not hurt us very much. The cost that will arise, we expect that we can pass on to our customers over time. But on the same time, we are also in close dialogue with customers who see needs of moving production from one region to another region, and we expect that to go on in the coming months.

During the second quarter, we have also started a share buyback program, and we have now decided to increase it with additional DKK 40 million because we see that there's room for this. In the second quarter, we also paid out DKK 48 million in dividend to our shareholders, all in all, which, of course, have affected our financials in this quarter. Then I said this about the complexity reduction, we are looking into the whole structure of the group. We are merging Dan-Hill-Plast, Neptun Plast, Atlantic Floats into Gibo in order to make the business more simple. We are changing name in the business Coreplast and Ulstrup Plast so all of our injection molding business for industry is named the same. We are looking at this with customer eyes and working on to make it more simple to become a customer in SP Group.

Then we have closed down a small factory in Thailand. It was a small satellite production for communication equipment. But here, the customer does not need the products here anymore. So we will produce it in the future in one of the other factories.

Overall seen on the first half year, we have sold products for DKK 1.467 billion which was a reduction of 1.2% compared to first half last year. EBITDA was reduced to 3.7%, and we realized the level of DKK 291 million. And likewise, EBIT was also reduced to 5% to DKK 192 million. The sales of our own products was reduced by 11.5% to DKK 388 million. All this led to the fact that we realized an EBT of DKK 167 million, which was a reduction of 6.7%, which also meant that earnings per share fell to DKK 10.6, which was a reduction of 6.2%. Despite paying out dividend and spending have started to buy back shares, we have been able to reduce our debt. So the net debt is by end of Q2, DKK 757 million. And on the same time, our equity grew to DKK 4 million to DKK 1.7 billion.

We are doing very well in the Medical area, and we have a demand for increased capacity for the new products that -- or projects that we have made agreements about with our customers. We have started up the Atlanta factory. It runs very well, it is still ramp up. And as we write in the half year message that the factory will affect the result negatively this year. However, we have been ISO-certified of the medical standards, we have started to use our new cleanroom of 1,000 square meters. And we have also made new projects that will give us additional business in '26 for this factory. So we still see this Atlanta factory as the right choice, and we are also very happy with the progress that we are doing there.

Then we have decided to expand our capacity for Medical production in Poland with a huge focus on capacity, efficiency and special utilization all over in the group, especially in the Polish plants. We are able to convert a 7,000 square meter building from traditional industrial production to medical production. And we will start this year constructing both a big cleanroom and a big white room for a different type of Medical production and we will start to produce in these 2 facilities in Q1 '26. So we will move some machines around, and we will also [indiscernible] some new machines to start this in quarter 1 next year.

Our own products has not sold so good in quarter 2. And this has affected the first half year where sales were reduced to DKK 388 million. There are big projects that has been postponed. We have seen a number of places where customers are unsecured due to the trade wars and tariffs -- risk of tariffs. We have seen reduction components for agriculture ventilation, general industry parts that we classify as our own products because various spaces. And we have also seen this lack of sales in Ergomed. But all in all, we see it as a postponement of orders. We do not -- we have not lost any customers or we have not seen any projects go away. We merely see it as a postponement.

If we take all of our customer groups, then we have seen that the Healthcare business has fell 1.4% to DKK 584 million in the first half year. This is Medical equipment, Medical packaging, and Ergonomics and safety products. The Cleantech accounts for 25% of our revenue. This is renewable energy, it's components for energy reduction and insulation products. Here was a reduction of 8.1% to DKK 400 million. FoodTech is 12% of the total revenue in the first half year, and it fell by 5.1% to DKK 171 million. And here, it is mainly the agriculture ventilation products that has impacted this area. Then we have had a nice growth in the category Others. Here it is component as furniture components, components for specialist vehicles, maritime products, defence industry, and this increased by 12.3% to DKK 313 million. If someone are able to remember further back, then you will remember that we actually had a big drop here from '23 to '24. So you could say DKK 313 million is coming back to a bit more normal level. And it is especially components for the satellite industry -- satellite communication industry that has picked up again.

And if you look at the financial ratios, then we started and look only at Q2, then please keep in mind that Q2 last year was a very nice quarter. The top line in Q2 was DKK 680 million, it's a decrease of 10.7%. The EBITDA was DKK 125 million, it's a decrease of 18.8%. EBIT was DKK 75 million. EBT was DKK 65 million disposes a decrease on almost 30%.

If you look at the cash flow, then from operating activities, the cash flow was almost DKK 100 million. We used the DKK 26 million for investments. We paid debt share back program and dividend per share of DKK 61 million. And if you look at the full year in first half year, the decrease in the top line was 1.2%. That was an EBITDA on DKK 291 million. The EBIT was DKK 291 (sic) [ 192 ] million and EBT was DKK 165 million. Earnings per share was DKK 10.6 million it's a decrease of 6.2%. Equity was DKK 1.7 billion that's the first time it was about DKK 1.7 billion. From the cash flow from operation, we had DKK 228 million, we used DKK 84 million for investments and then paid debt shareholders -- dividend to shareholders and share back program of DKK 170 million. The interest-bearing debt was DKK 756 million, and the gearing was 1.3 compared to last year it was 1.8, and the end of '24, it was 1.4. The ratio was 55.

If you look at the top line, there has been growth during the year. However, the last 12 months, there was a small drop. It was a decline in Healthcare, Cleantech and FoodTech. However, all other segments was increasing. EBITDA and the EBITDA market, also here, we have a nice decrease during the years, both in EBITDA and the margin. However, the last 12 months, there was a drop. The drop was due to lower revenue and a changed product mix. And the same story goal for the EBT and the EBT performance, margin performance. It has been a steady increase during the year, but however, if you look at the last 12 months, there has been a decreased due to lower revenue and product mix.

Yes. And then we come to the outlook for the full year. We have had to adjust our outlook for the full year. From the start of the year, we expect growth from 3% to 10%. But based on the results we have seen in quarter 2, we came out with an adjustment on July 10, where we now say we expect revenue in the level of our revenue growth in the level of minus 3% to 3%, basically saying we aim to hit the same numbers as we did last year. We expect also that we can keep our markets, we expect EBITDA margin from 19% to 21%, and we expect an EBT margin in the range of 11% to 13%.

Finally, we have -- if you have seen in our report, we have put in a new logo, which we are also updating our visual [ apps ]. And we will launch a new website on September 1, both with a new site telling about SP Group and what we are able to do, but also a new investor site, which I hope that you will go in and have a look at on September 1 or after that.

So all in all, in summary, we had after a very good Q1, where we set a nice records on earnings on revenue and earnings. We had a lack of growth in Q2, mainly due to postponed orders, due to uncertainty among our customers. Our new U.S. factory has come off from a very good start. It's also very important. It is one of our biggest investments ever in making new factories. We have increased the share buyback program, and despite a lot of uncertainty, we see that new tariffs between EU and U.S. will only hit us marginal.

That was all from our side. Rasmus do you have any questions for us?

Yes. Thank you very much, Lars and Tilde. Yes, we have a few questions here that came up during the presentation. There was one here, with a gearing ratio near the low end of your range, do you expect share buybacks can increase further if results improve as expected here in the second half of '25?

I do not expect that we will change anything this year, but we will, of course, look at again next year.

Good. And could you expand on sort of the downturn we've seen in Q2? What makes you so confident that the sort of -- it's only temporary postponements? And when do you sort of expect this to restart or to see the orders come in again at the pace you've seen earlier? Is that already happening now here in the beginning of Q3 or at least halfway to Q3?

Actually, what we have seen is that experience is customers who are hesitating to push the order button. We have agreements with our customers, but they're telling us we need to wait for this and this. We have seen that in different cases. That is also a lot of things that are going very well. We made a lot of agreements in '24 about new projects, they are also coming in. So we are producing several thousand different plastic parts every day. So it's a big mix of different things. But the main part of what we see here that actually hit us is that some big projects in different areas, agriculture insulation, on the Cleantech part, on Healthcare part, they postponed.

Good. And as we could hear from the presentation, you're still investing quite heavily in cleanrooms at some of your sites, you mentioned U.S. and Poland. What is sort of the expected CapEx for this ramp-up? That's the question here.

We are building a new cleanroom in Poland now. We're building 900 square meter cleanroom and 800 square meter white room for different types of production. And we expect that this cleanroom in an existing building will have a cost of around EUR 3 million, DKK 20 million, DKK 22 million.

Okay. Very good. And then there was -- I think it was mentioned in the Q2 report here that you prolonged your credit facilities with some of the banks but it's only until spring 2026. Is it usual to have this short time span on these kind of arrangements? Yes, we're not far away from spring '26.

We normally only prolonged 1 year for the banks.

Okay. Good. And then there was a question here. If you could also give some color on the M&A pipeline. Is it lack of short-term target? Is that the reason for the increased buybacks?

The reason for the increased buybacks is that we feel we have capacity for it or liquidity for it. And which you might have seen, we have also formalized a policy for capital allocation and dividend payment, and we merely follows that. We do have a pipeline of interest in M&A targets, but nothing has yet materialized. But we are very -- we are quite picky on how it should fit in. We need to see a very good strategic fit at a reasonable price, of course.

We have had a huge focus on organic growth in our medical part, and we will continue to do that. We also see a need for expanding more, creating more space for Medical production going forward because we see good opportunities here. And we like that very much to have this area where we can grow...

Good. And then there was also a question in the presentation earlier on the Danish presentation regarding the defence industry that you're targeting now. Could you put a little bit more flavor on this?

Yes, of course. In the category, although that has always been a slight part of defence products. We see now that it's an area where we can grow more and more. But for now, we will still keep it in the category other. But as the whole industry are facing a big growth, we also see a demand for more plastic parts. And we also have our ideas on where more plastic parts can be used but it's, of course, an area of with great confidentiality. So you should not expect us to put parts for defence industry on our home page. But it is a nice interesting area where plastic can be used in many ways. Many of the products that shall be used must be durable, they must be lightweight. And here our plastic a very good solution despite it's not fully proofed all of it. But there are many, many areas where this can be used, yes.

Very good. And then one last question. It goes here, if the CapEx-driven growth appears sort of inherent to your business model, you need to invest to grow. Can SP Group ever generate ROIC above 20% if you are to sort of invest every time in growing?

I would say so. I mean, we, of course, need to look into also how we use our capacity. We have started to focus on capacity utilization in all of our plants and have a tight focus on making sure that the machines are utilized to a higher degree and see to improve here in order also to improve our levels of what we're doing.

Very good. But with that, we will conclude today's presentation. Thank you very much, Lars and Tilde for the presentation here today.

Thank you, Rasmus, and thank you all for listening in.

Great. Thank you very much. Bye.