GPV delivered improved profitability in the second quarter of 2026. Earnings increased despite broadly unchanged sales, supported by structural and operational improvements implemented during the past two years. At the same time, a higher order intake resulted in a strong book-to-bill ratio, while availability constraints and long lead times for certain materials continued to restrain production and sales. Based on the performance and current outlook, GPV raises its full-year revenue expectations and narrows the EBITDA expectations.
GPV, majority owned by Nasdaq Copenhagen-listed Danish industrial conglomerate Schouw & Co., reported Q2 2026 sales of DKK 2,245 million, an increase of 5% compared with Q1 2026. For the first half of 2026, sales amounted to DKK 4,385 million, down 1% on the same period last year.
EBITDA increased by 20% in Q2 to DKK 187 million from DKK 155 million in Q2 2025. For the first half of 2026, EBITDA increased by 16% to DKK 347 million from DKK 298 million in the same period last year, continuing the quarter-by-quarter improvement in GPV’s EBITDA margin seen since the beginning of 2025.
“Overall, we are satisfied with our performance for the first two quarters of the year. It is good to see the structural changes made over the past two years are now reflected in our earnings. The limited availability of certain materials due to high demand from AI and data centres is currently constraining our sales. We have a group supply chain taskforce supporting our sites well on securing materials,” says Bo Lybæk, CEO of GPV.
Working capital amounted to DKK 2,246 million at 30 June 2026, a decrease of 7% compared with DKK 2,422 million at 30 June 2025. GPV generated a good cash flow from operations during the first half of the year.
Strongest book-to-bill ratio since 2021
GPV experienced a high level of order intake throughout the first half of 2026, resulting in a strong book-to-bill ratio of 154. A proportion of the orders are scheduled for production during the remainder of 2026, while the majority of the order intake extends into 2027. The longer order horizon partly reflects GPV’s request for customers to extend their forecasts due to constraints on memory chips, printed circuit boards and other components.
“We haven’t seen a book-to-bill ratio at this level since 2021, reflecting our expectations. Part of the order intake reflects the longer forecasts currently required, but a share is for production during 2026. The more materials we can secure on time, the more we can produce and deliver to our customers,” says Bo Lybæk.
GPV is also experiencing increased activity within the segments data centres, semicon and defence. In relation to defence, GPV expects to complete AS9100 certification at its Danish and Finnish electronics sites during Q4 2026, further strengthening its ability to serve customers with demanding quality, traceability and documentation requirements.
Operational improvements support earnings
The improvement in profitability reflects several structural initiatives implemented during 2024 and 2025, where GPV consolidated a number of smaller production sites, adjusted central group functions and transferred more operational responsibility to the factories. These measures have lowered the cost base and contributed to higher efficiency.
GPV has also achieved considerable productivity improvements within surface-mount technology (SMT) production. Across its manufacturing network, GPV mounts approximately five billion electronic components annually – equivalent to around 150 components every second around the clock.
The next focus area is productivity within through-hole technology (THT) assembly, where GPV is working with further automation and process optimisation.
Materials availability remains the main challenge
The limited availability of certain materials is currently the main factor constraining GPV’s sales growth. Major global investments in AI and data centres are driving high demand for memory chips and related electronic components, resulting in allocation issues, longer lead times and rising prices.
GPV has established a group-level supply chain taskforce to support local sourcing teams in securing difficult-to-obtain components and identifying alternatives. GPV maintains close dialogue with suppliers and customers and provides monthly updates on the most important supply-chain developments. This approach to the challenges at hand gives GPV a clear competitive advantage.
Full-year sales outlook raised
GPV expects the gradual market normalisation to continue, although demand is expected to remain moderate and market conditions will likely remain volatile during the remainder of 2026. The strong order intake points to continued good activity, but the timing of production and deliveries will continue to depend on the availability of materials.
Higher material prices are expected to increase reported sales slightly during the second half of 2026 without a corresponding positive effect on EBITDA. Based on the first-half year performance and current outlook, GPV raises its full-year sales expectations to DKK 8.6–9.1 billion and narrows the EBITDA outlook to DKK 710–750 million, compared with the previous expectations on sales of DKK 8.5–9.0 billion and EBITDA of DKK 690–750 million.
“We enter the second half of the year with a strong order book, improved earnings and a more efficient organisation. We have learned a great deal from previous periods of component shortages and now have even stronger processes and closer dialogues with customers and suppliers. Material availability remains the main uncertainty, but based on what we see today, we expect to deliver a good full-year result,” concludes Bo Lybæk.
For further information, please contact:
Bo Lybæk, CEO, GPV, phone +45 2128 8797
