XCSE:NETC ESEF Annual Report
Netcompany Group A/S (XCSE:NETC)
ESEF Annual Report
2026-09-02
For: 2026-06-30
View Original
Added on
September 18, 2026
1
1
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
Netcompany
Q2 2026
Company Announcement
Six months ended 30 June 2026
Continued strong growth - AI adoption accelerating
Conference call details
In connection with the publication of the results for Q2 2026, Netcompany will host a
conference call on 13 August at 11:00 CEST.
The conference call can be followed live via
https://netcompany.nexahub.io/events/interim-report-for-the-first-6-months-
of-2026
For further dial-in details please visit the company’s website; www.netcompany.com
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
2
37
Summary
Q
1,714.9
Q
YTD
3,459.2
220.7
527.9
12.9%
15.3%
8,333
8,242
25.6
93.5
1.3x
2.3x
Free cash flow improved by 61.1%
YTD
Q
Q
YTD
YTD
Q
Q
YTD
YTD
Q
Q
YTD
YTD
Q
Q
YTD
YTD
LTM
LTM
32.6%
41.9%
Q
Q
YTD
YTD
1.17
Q
Q
3.72
YTD
YTD
Revenue increased by 43.3% (constant
43.1%) and 17.3% organically
DKK million
Adj. EBITDA increased 47.1% (constant 47%)
and increased 31.2% organically
DKK million
446.9
2,010.8
,.
893.4
3,978.1
,.
34.9
289.6
.
74.7
590.2
.
Adj. EBITDA margin was 13.2% (constant
13.2%) and 14.4% organically
Organic
Non-organic
14.4pp
-1.2pp
.%
14.8pp
-1.2pp
.%
Organic diluted EPS more than fourfolded
DKK
-0.664.98
-0.09
.
7.51
Full time equivalents
Average workforce increased by 1,561 FTEs
and 815 FTEs organically
7479,148
,
7559,115
,
DKK million
51.5-10.3
.
-245.0-18.8
-.
Cash conversion ratio (CCR) was positive
17.7%
21.8pp-4.1pp
.%
-60.2pp-4.8pp
-.%
CCR tax normalised improved by
4.3 percentage points
Q
Q
24.1pp-5.2pp
.%
14.6%
YTD
-55.2pp-1.7pp
-.%
YTD
59.1%
Debt leverage was 2.3x
.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
3
37
“Q1’s momentum continued in Q2, where we saw accelerated growth as customers – both existing and new – increasingly embraced our AI-
powered product and platform offerings. This strong demand drove revenue growth of more than 43%, with organic growth accounting for more
than 17 percentage points compared to the same period last year.
Growth was broad-based across the Group, with particularly strong performance in the UK, where revenue grew more than 57% in the quarter.
Our brand awareness in the UK – the largest market for IT services in Europe – is accelerating, and we expect this to continue with the launch of
the Netcompany INEOS cycling team. Also, our SEE & EUI segment delivered strong 20% revenue growth, driven by increased EU Commission
investments in digitalisation and AI capabilities – a trend we expect to fuel continued growth opportunities for Netcompany.
Feniks AI, first launched for customers in mid-2025, is continuously benefitting from advancements made internally across the Group and will be
pivotal in our unique approach to dealing with complex legacy modernisation with our customers.
Based on our performance for the first six months and the outlook for the remainder of 2026, we raise our expectations for revenue growth
excluding Netcompany Banking Services to between 6.5% and 10.5%, and maintain our expectations to adjusted EBITDA margin excluding
Netcompany Banking Services of between 17% and 20%. For the Group, we raise revenue growth guidance to between 16% and 20.5%, while
maintaining adjusted EBITDA margin expectations of around 16% to 19%.
AI adoption is accelerating rapidly, models are advancing, and exciting opportunities await those who can deliver European sovereign digital
solutions. I’m immensely proud to lead Netcompany as one of the few European companies positioned to ensure European governments and
enterprises thrive in this future.”
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
4
37
Performance overview Q2
Netcompany
Banking Services
Q2 2026 Q2 2026 % change non-organic % change
DKK million
(reported) (constant)* Q2 2025 (reported) impact (constant)*
Revenue 2,457.6 2,454.4 1,714.9 43.3% 26.1pp 43.1%
Cost of services -1,828.8 -1,826.1 -1,272.0 43.8% 30.5pp 43.6%
Gross profit 628.8 628.4 442.9 42.0% 13.3pp 41.9%
Gross profit margin
25.6% 25.6% 25.8% -0.2pp -2.8pp -0.2pp
Sales and marketing costs -73.3 -73.3 -18.0 307.8% 2.3pp 307.4%
Administrative costs -231.0 -230.7 -204.3 13.1% 11.5pp 12.9%
Adjusted EBITDA 324.5 324.4 220.7 47.1% 15.8pp 47.0%
Adjusted EBITDA margin
13.2% 13.2% 12.9% 0.3pp -1.2pp 0.3pp
Special items -148.8 -148.6 -21.6 587.1% 187.7pp 586.2%
Other operating income / expense 1.2 1.2 -0.1 -1741.9% 0.0pp -1741.9%
EBITDA 177.0 177.0 198.9 -11.0% -2.9pp -11.0%
EBITDA margin
7.2% 7.2% 11.6% -4.4pp -1.9pp -4.4pp
Depreciation -62.2 -62.2 -51.4 21.0% 7.1pp 21.0%
Amortisation -46.3 -46.3 -29.2 58.3% 41.4pp 58.3%
Operating profit (EBIT) 68.5 68.6 118.3 -42.1% -17.1pp -42.0%
Operating profit margin
2.8% 2.8% 6.9% -4.1pp -1.6pp -4.1pp
Net financials -46.4 -46.4 -41.1 13.0% 14.3pp 13.0%
Income / loss from joint venture /
associates
217.2 217.2 -5.3 -4184.6% 0.0pp -4184.6%
Profit / loss before tax 239.3 239.4 71.9
232.7% -36.3pp 232.8%
Tax -42.4 -42.4 -16.2 161.7% 25.4pp 161.7%
Effective tax rate
17.7% 17.7% 22.6% -4.8pp 3.3pp -4.8pp
Net profit / loss 196.9 197.0 55.7 253.4% -54.3pp 253.5%
Additional KPIs
Earnings per share (DKK) 4.38 N/A 1.18 270.3% -56.9pp N/A
Diluted earnings per share (DKK) 4.31 N/A 1.17 269.5% -56.8pp N /A
Free cash flow 41.2 N/A 25.6 61.1% 201.3pp N/A
Cash conversion rate 17.7% N/A 32.6% -14.9pp 21.8pp N/A
Cash conversion rate (tax nor-
malised)
18.9% N/A 14.6% 4.3pp 24.1pp N/A
*Constant currencies measured using average exchange rates for Q2 2025
Organic revenue grew by 17.3% in Q2 2026
(constant currencies 17.1%) compared to Q2
2025, driven by 18.5% growth in revenue
from the public sector and 14.6% growth
in revenue from the private sector. As in
Q1, revenue growth in the quarter was
particularly strong in Netcompany UK and
Netcompany SEE & EUI, supported by new
contract wins built on our AI-enabled, mar-
ket-leading products and platforms.
Reported revenue for the Group grew by
43.3% of which 26.1 percentage points were
non-organic related to Netcompany Bank-
ing Services.
In Q1 2026, we established a dedicated
Product Development unit focused on en-
hancing and developing our offerings and
ensuring all solutions are AI-enabled with
an ‘AI first’ mindset. This unit has accel-
erated the development of FENIKS – our
internal AI solution – rolling it out across
the Group while preparing it for commercial
sale to customers.
Average FTEs amounted to 9,895, of which
Netcompany Banking Services accounted
for 881 FTEs and the new Product Devel-
opment unit accounted for 466 FTEs. On a
“like for like” basis, client facing FTEs grew
organically by 7.4%.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
5
37
ative impact from Netcompany Banking
Services.
Net financials were negative with DKK
46.4m compared to negative DKK 41.1m for
the same period last year.
Income from joint ventures / associates
was DKK 217.2m in Q2 2026 compared
to negative DKK 5.3m in the same period
last year. The improvement was mainly a
result from Netcompany’s acquisition in
May 2026 of the remaining 50% of Smarter
Airports, the joint venture previously owned
equally with Copenhagen Airports. As part
of the acquisition, a fair value adjustment
was made to align the carrying value of
Netcompany’s original 50% holding with
the price paid for the second 50% acquired
from Copenhagen Airports. In addition, a
capital increase was made in Festina Fi-
nance,
which has led to a positive adjust-
ment of DKK 24m in the equity value of the
investment we hold in Festina Finance.
Profit before tax was DKK 239.3m and in-
creased by 232.7% compared to the same
period last year including the dilutive im-
pact of 36.3 percentage points from Net-
company Banking Services.
DA margin of 13.2% compared to 12.9% for
the same period last year. Adjusted EBITDA
margin in Q2 2026 was negatively impacted
by 1.2 percentage points from the inclusion
of Netcompany Banking Services.
Special items amounted DKK 148.8m in the
quarter, which related to a provision for re-
dundancies expected to be realised during
the coming nine to twelve months. The pro-
vision relates to the ongoing right-sizing of
the organisation, adjustments in employee
mix and realisation of efficiencies following
the full adaptation of Agentic AI in all enti-
ties throughout the Group. The net effect
hereof is expected to have full impact from
the second half of 2027 and onwards.
Depreciation and amortisation were DKK
108.5m compared to DKK 80.6m. Of the
34.6% increase 19.5 percentage points
were related to Netcompany Banking
Serivces.
Operating profit was DKK 68.5m compared
to DKK 118.3m in the same period last year.
Adjusted for the increased special items
expensed in the respective quarters oper-
ating profit increased by DKK 77.3m equal
to an increase of 65.3% compared to the
same period last year, including the neg-
Reported gross profit increased 42% to
DKK 628.8m in Q2 2026 including Netcom-
pany Banking Services that accounted for
13.3 percentage points of the increase.
Organic gross profit consequently in-
creased by 28.7% to DKK 569.9m. Organic
gross profit margin was 28.3% compared
to 25.8% in the same period last year and
increased 1.8 percentage points sequential-
ly from Q1 2026. The increased gross profit
margin was driven by improved operational
efficiency throughout the Group and a high-
er proportion of licence revenue compared
to last year.
Organic adjusted EBITDA was DKK 289.6m
in Q2 2026 yielding an organic adjusted
EBITDA margin of 14.4% – an increase of 1.5
percentage points compared to the same
quarter last year, including cost associat-
ed with the Netcompany INEOS cycling
partnership of DKK 50m in marketing costs
in the quarter. The increase in the organic
adjusted EBITDA margin was further sup-
ported by limited growth in administrative
costs that increased by 1.5% compared to
the same period last year.
Reported adjusted EBITDA increased 47.1%
to DKK 324.5m, yielding an adjusted EBIT-
PERFORMANCEOVERVIEWQ2
CONTINUED
Taxes in the quarter was DKK 42.4m yield-
ing an effective tax rate of 17.7% compared
to 22.6% in the same period last year. The
development in effective tax rate was pri-
marily a result of non-taxable fair value
adjustments.
Net profit amounted to DKK 196.9m com-
pared to DKK 55.7m for the same period
last year – an increase of 253.4%. The in-
clusion of Netcompany Banking Services
impacted net profit for the Group negatively
by DKK 30.3m.
Free cash flow improved from Q1 2026 from
negative DKK 305m to positive DKK 41.2m
– as anticipated. Compared to Q2 2025, the
free cash flow improved from DKK 25.6m
to DKK 41.2m in Q2 2026 as a result of im-
proved working capital and better operat-
ing earnings.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
6
37
Business Segments Q2
DKK million
Q2 2026
Constant (2025 rate)
Group Denmark SEE & EUI United
Kingdom
Norway Netherlands Banking
Services
Revenue from external customers 2,454.4 808.6 784.7 253.1 96.3 64.9 446.9
Cost of services -1,797.0 -476.3 -618.0 -193.7 -82.4 -38.9 -387.8
Cost related to product development -29.1 -11.7 -11.3 -3.6 -1.5 -0.9 0.0
Gross profit 628.4 320.6 155.4 55.8 12.4 25.1 59.1
Gross profit margin
25.6% 39.7% 19.8% 22.0% 12.9% 38.6% 13.2%
Local marketing and administrative costs
-281.9 -188.4 -28.3 -21.3 -11.4 -8.5 -24.0
Adjusted EBITDA before HQ costs 346.5 132.2 127.1 34.5 1.0 16.6 35.1
Adjusted EBITDA margin before HQ costs
14.1% 16.4% 16.2% 13.6% 1.0% 25.6% 7.9%
Allocated costs from HQ -22.0 -7.2 -10.9 -2.3 -1.0 -0.6 0.0
Special items, allocated -148.7 -78.0 -21.5 -3.5 -3.6 -1.5 -40.6
Other operating income / expense 1.2 0.0 0.0 0.0 0.0 0.0 1.2
Depreciation and amortisation -108.4 -44.2 -29.3 -9.0 -3.7 -6.5 -15.7
EBIT 68.6 2.8 65.4 19.7 -7.3 8.0 -20.0
Client facing FTEs 8,884 2,815 3,707 819 432 230 881
DKK million
Q2 2025
Reported
Group Denmark SEE & EUI United
Kingdom
Norway Netherlands Banking
Services
Revenue from external customers 1,714.9 759.8 655.9 160.9 88.8 49.5 0.0
Cost of services -1,265.3 -512.1 -506.6 -138.3 -74.3 -34.0 0.0
Cost related to product development -6.7 -2.9 -2.6 -0.6 -0.3 -0.2 0.0
Gross profit 442.9 244.8 146.7 22.0 14.1 15.3 0.0
Gross profit margin
25.8% 32.2% 22.4% 13.6% 15.9% 31.0% N/A
Local marketing and administrative costs
-205.1 -117.9 -47.9 -19.4 -11.7
-8.2 0.0
Adjusted EBITDA before HQ costs 237.8 126.9 98.9 2.5 2.5 7.2 0.0
Adjusted EBITDA margin before HQ costs
13.9% 16.7% 15.1% 1.6% 2.8% 14.5% N/A
Allocated costs from HQ -17.2 -11.9 0.0 -2.8 -1.6 -0.8 0.0
Special items, allocated -21.6 -15.0 0.0 -3.6 -2.0 -1.0 0.0
Other operating income / expense -0.1 0.0 -0.1 0.0 0.0 0.0 0.0
Depreciation and amortisation -80.6 -40.9 -26.4 -6.9 -3.9 -2.5 0.0
EBIT 118.3 59.1 72.3 -10.9 -5.0 2.8 0.0
Client facing FTEs 7,448 2,756 3,466 631 391 205 0
Revenue, % Q2 2026
Revenue, % Q2 2025
NORWAY,5.2%
DENMARK,44.3%
UNITEDKINGDOM,9.4%
SEE&EUI,38.2%
NETHERLANDS,2.9%
NORWAY,3.9%
DENMARK,32.9%
UNITEDKINGDOM,10.3%
NETHERLANDS,2.6%
SEE&EUI,32.0%
BANKINGSERVICES,18.2%
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
7
37
Netcompany Denmark
In Q2 2026, Netcompany Denmark grew
revenue by 6.4% compared to the same
quarter last year. Compared to Q2 2025,
revenue growth in the private sector was
22.2%, while public sector revenue de-
clined 2.7%. Revenue growth was positively
impacted by higher licence revenue com-
pared to Q2 2025.
Gross profit increased 31% in Q2 2026 to
DKK 320.6m compared to DKK 244.8m in
Q2 2025, yielding a gross profit margin of
39.7% compared to 32.2%, including costs
for the continued investment in AI through
our Product Development unit.
Client facing FTEs grew by 2.1% in Q2 2026.
The adjusted EBITDA margin was 16.4%
compared to 16.7% in the same period last
year, which mainly reflected increased local
marketing costs related to the partnership
with the Netcompany INEOS cycling team.
Excluding the net impact from the Netcom-
pany INEOS partnership, adjusted EBITDA
margin would have been 21.1% for Q2 2026.
Netcompany South East Europe and EU
Institutions
Netcompany SEE & EUI grew revenue by
19.6% in Q2 2026 compared to the same
quarter last year. Growth was driven by
revenue from the public sector including
the EU which increased 26.2%, while the
private sector revenue grew by 2.5%.
Gross profit was DKK 155.4m in Q2 2026,
compared to DKK 146.7m in the same quar-
ter last year. Gross profit margin was 19.8%
in Q2 2026 compared to 22.4% in Q2 2025,
primarily due to a higher proportion of
product development costs being allocat-
ed to the segment compared to the same
quarter last year.
Client facing FTEs grew by 7% in Q2 2026.
Adjusted EBITDA margin was 16.2% in Q2
2026 compared to 15.1% in the same quar-
ter last year, as local marketing and admin-
istrative costs decreased due to a different
allocation between Group entities.
Netcompany UK
Netcompany UK continued the strong
growth from Q1 and grew revenue by 57.3%
in Q2 2026 compared to same quarter last
year, driven by both the public and private
sector, which grew revenue by 63.8% and
39.2%, respectively. The growth was a re-
sult of increased engagements with both
existing and new customers adopting our
products and platforms.
Gross profit increased 154.2% in Q2 2026 to
DKK 55.8m, yielding a gross profit margin
of 22%, compared to 13.6% in the same
quarter last year, as utilisation and project
delivery improved.
Client facing FTEs grew by 29.7% in Q2
2026.
Adjusted EBITDA margin was 13.6% in Q2
2026 compared to 1.6% in the same quarter
last year, as a consequence of strong oper-
ational performance and stable administra-
tive costs.
Netcompany Norway
Revenue in Netcompany Norway increased
8.5% in Q2 2026 compared to the same
quarter last year. The public sector revenue
grew by 24.2% compared to same quarter
last year, while revenue from the private
sector declined by 17.7%.
Gross profit margin was 12.9% in Q2 2026,
compared to 15.9% in the same quarter last
year.
Client facing FTEs increased by 10.4% in Q2
2026.
Adjusted EBITDA margin was 1% in Q2 2026
compared to 2.8% in Q2 2025.
BUSINESSSEGMENTSQ2
CONTINUED
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
8
37
Netcompany Banking Services
In Q2 2026 revenue in Netcompany Bank-
ing Services was DKK 446.9m. Revenue
increased 17% compared to Q2 2025 pro
forma
1
revenue in SDC A/S.
Gross profit in Netcompany Banking Ser-
vices was DKK 59.1m in Q2 2026, yielding a
gross profit margin of 13.2%.
Adjusted EBITDA was DKK 35.1m in Q2
2026 compared to pro forma adjusted
EBITDA
2
of DKK 13.5m in Q2 2025. Pro
forma adjusted EBITDA has been adjust-
ed for capitalisations to compare “like for
like”. Adjusted EBITDA margin was 7.9% in
Q2 2026, compared to pro forma adjusted
EBITDA margin of 3.4% in SDC A/S in the
same quarter last year.
The integration of SDC A/S into Netcompa-
ny Banking Services progress as anticipat-
ed and synergies are materialising accord-
ing to plan.
Netcompany Netherlands
Revenue in Netcompany Netherlands in-
creased 31.1% in Q2 2026, compared to the
same quarter last year. Revenue was solely
generated in the public sector.
Gross profit was DKK 25.1m in Q2 2026,
compared to DKK 15.3m in the same quar-
ter last year, as a consequence of strong
operational perfomance on projects that
also grew in size during the quarter.
Client facing FTEs grew by 12.5% in Q2
2026.
Adjusted EBITDA margin was 25.6% in Q2
2026, compared to 14.5% in the same quar-
ter last year.
1
Pro forma figures covers unaudited figures in SDC
A/S in Q2 2025.
2
Pro forma adjusted EBITDA have been adjusted
for capitalisations, hence this was the practice in
SDC A/S prior to the merger between Netcompany
Banking Services and SDC A/S.
BUSINESSSEGMENTSQ2
CONTINUED
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
9
37
Netcompany
Banking Services
YTD 2026 YTD 2026 % change non-organic % change
DKK million
(reported) (constant)* YTD 2025 (reported) impact (constant)* Total 2025
Revenue 4,871.6 4,873.7 3,459.2 40.8% 25.8pp 40.9% 7,891.7
Cost of services -3,655.5 -3,658.8 -2,501.2 46.2% 30.8pp 46.3% -5,672.6
Gross profit 1,216.0 1,214.9 958.0 26.9% 13.0pp 26.8% 2,219.1
Gross profit margin 25.0% 24.9% 27.7 % -2.7pp -2.5pp -2.8pp 28.1%
Sales and marketing costs -88.8 -88.8 -31.3 184.0% 2.5pp 184.1% -60.9
Administrative costs -462.3 -463.2 -398.8 15.9% 12.2pp 16.1% -885.7
Adjusted EBITDA 664.9 662.9 527.9 25.9% 14.1pp 25.6% 1,272.5
Adjusted EBITDA margin 13.6% 13.6% 15.3% -1.6pp -1.2pp -1.7pp 16.1%
Special items -148.8 -148.6 -41.0 263.0% 99.2pp 262.6% -355.3
Other operating income / expense 1.6 1.6 -0.1 -2290.9% -22.9pp -2290.0% 0.2
EBITDA 517.7 515.9 486.9 6.3% 7.0pp 6.0% 917.3
EBITDA margin 10.6% 10.6% 14.1% -3.4pp -1.5pp -3.5pp 11.6%
Depreciation -124.2 -124.5 -100.7 23.3% 7.5pp 23.6% -218.2
Amortisation -83.9 -83.9 -58.2 44.1% 35.1pp 44.0% -137.3
Operating profit (EBIT) 309.6 307.5 327.9
-5.6% 2.2pp
-6.2% 561.8
Operating profit margin
6.4% 6.3% 9.5% -3.1pp -1.2pp -3.2pp 7.1 %
Net financials -83.0 -83.0 -76.5 8.5% 10.1pp 8.5% -169.2
Income / loss from joint venture / associates 212.1 212.1 -9.4 -2346.4% 0.0pp -2346.4% -17.0
Profit / loss before tax 438.8 436.6 242.0
81.3% -0.2pp 80.4%
375.7
Tax -98.1 -98.1 -64.6 52.0% 5.1pp 52.0% -118.7
Effective tax rate
22.4% 22.5% 26.7% -4.3pp 0.8pp -4.2pp 31.6%
Net profit / loss 340.6 338.5 177.5
91.9% -2.1pp 90.8%
256.9
Additional KPIs
Earnings per share (DKK) 7.52 N/A 3.77 99.8% -2.5pp N/A 5.48
Diluted earnings per share (DKK) 7.42 N/A 3.72 99.1% -2.4pp N/A 5.42
Free cash flow -263.8 N/A 93.5 -382.2% -262.1pp N/A 355.8
Cash conversion rate
-65.0% N/A 41.9% -106.9pp -60.2pp N/A 97.7 %
Cash conversion rate (tax normalised)
-56.9% N/A 59.1% -116.0pp -55.2pp N/A 99.1%
*Constant currencies measured using average exchange rates for 2025
Performance overview First 6 months
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
10
37
In the first six months of 2026 organic
revenue grew by 15% (constant currencies
15.1%) compared to the first six months of
2025 driven by 14.2% growth in revenue
from the public sector and 17% growth in
revenue in the private sector.
Group reported revenue grew by 40.8% of
which 25.8 percentage points were non-or-
ganic related to Netcompany Banking Ser-
vices.
Average FTEs amounted to 9,870 of which
Netcompany Banking Services accounted
for 879 FTEs and the Product Development
unit accounted for 462 FTEs. On a “like for
like” basis client facing FTEs grew organi-
cally by 8.1%.
Reported gross profit increased 26.9% to
DKK 1,216m in the first six months of 2026.
Organic gross profit margin was 27.4% in re-
ported currencies for the first half of 2026,
compared to 27.7% in the same period last
year. The decrease in gross profit margin
was a result of lower licence revenue in the
period. Adjusted for this, gross profit mar-
gin was unchanged from last year.
Organic adjusted EBITDA was DKK 590.2m
in the first half of 2026, yielding an organic
adjusted EBITDA margin of 14.8% – both in
reported and constant currencies – com-
pared to 15.3% in the same period last year.
The decrease in organic adjusted EBITDA
was driven by the lower licence revenue
and increased investments in Agentic AI, as
well as increased marketing costs related
to the partnership with Netcompany INEOS
cycling team. Excluding the net impact of
the Netcompany INEOS partnership, or-
ganic adjusted EBITDA margin would have
been 15.8% in the first half of 2026.
Reported adjusted EBITDA increased
25.9% to DKK 664.9m in the first half of
2026, yielding an adjusted EBITDA margin
of 13.6%. Netcompany Banking Services
impacted the margin negatively by 1.2 per-
centage points in the period.
Special items amounted DKK 148.8m in the
period, which related to a provision for re-
dundancies expected to be realised during
the coming nine to twelve months. The pro-
vision relates to the ongoing right-sizing of
the organisation, adjustments in employee
PERFORMANCEOVERVIEWFIRST6MONTHS
CONTINUED
mix and realisation of efficiencies following
the full adaptation of Agentic AI in all enti-
ties throughout the Group. The net effect
hereof is expected to have full impact from
the second half of 2027 and onwards.
For the first six months of 2026, the Group
generated negative free cash flow of DKK
263.8m compared to positive free cash
flow of DKK 93.5m in the same period of
2025. The decline was mainly driven by the
development in working capital in Q1 2026,
investment in GRU’s for AI purposes and
slightly offset by the improved cash genera-
tion in Q2 2026.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
11
37
Business Segments First 6 months
DKK million
YTD 2026
Constant (2025 rate)
Group Denmark SEE & EUI United
Kingdom
Norway Netherlands Banking
Services
Revenue from external customers 4,873.7 1,616.9 1,531.8 505.2 200.3 126.1 893.4
Cost of services -3,605.7 -1,010.2 -1,197.4 -381.5 -169.8 -77.3 -769.5
Cost related to product development -53.1 -21.6 -20.5 -6.6 -2.8 -1.7 0.0
Gross profit 1,214.9 585.2 313.9 117.1 27.7 47.0 123.9
Gross profit margin
24.9% 36.2% 20.5% 23.2% 13.8% 37.3% 13.9%
Local marketing and administrative costs
-506.3 -312.2 -64.7 -41.2 -22.5
-16.3 -49.4
Adjusted EBITDA before HQ costs 708.6 273.0 249.2 76.0 5.2 30.8 74.5
Adjusted EBITDA margin before HQ costs
14.5% 16.9% 16.3% 15.0% 2.6% 24.4% 8.3%
Allocated costs from HQ -45.6 -15.2 -22.2 -4.8 -2.2 -1.2 0.0
Special items, allocated -148.7 -78.0 -21.5 -3.5 -3.6 -1.5 -40.6
Other operating income / expense 1.6 0.0 0.4 0.0 0.0 0.0 1.2
Depreciation and amortisation -208.4 -84.4 -58.8 -17.8 -7.5 -11.9 -28.0
EBIT 307.5 95.4 147.1 49.8 -8.0 16.2 7.0
Client facing FTEs 8,862 2,800 3,734 798 428 224 879
DKK million
YTD 2025
Reported
Group Denmark SEE & EUI United
Kingdom
Norway Netherlands Banking
Services
Revenue from external customers 3,459.2 1,555.7 1,285.7 327.3 190.6 99.9 0.0
Cost of services -2,485.0 -1,018.6 -976.0 -268.3 -155.8 -66.2 0.0
Cost related to product development -16.1 -7.3 -5.9 -1.5 -0.9 -0.5 0.0
Gross profit 958.0 529.8 303.8 57.5 33.8 33.2 0.0
Gross profit margin
27.7 % 34.1% 23.6% 17.6% 17.7% 33.2% N/A
Local marketing and administrative costs
-398.0 -226.7 -94.6 -37.0 -24.5 -15.4 0.0
Adjusted EBITDA before HQ costs 560.0 303.1 209.2 20.5 9.3 17.8 0.0
Adjusted EBITDA margin before HQ costs
16.2% 19.5% 16.3% 6.3% 4.9% 17.8% N/A
Allocated costs from HQ -32.1 -22.3 0.0 -5.2 -3.1 -1.5 0.0
Special items, allocated -41.0 -28.5 0.0 -6.8 -3.8 -1.9 0.0
Other operating income / expense -0.1 0.0 - 0.1 0.0 0.0 0.0 0.0
Depreciation and amortisation -159.0 -80.4 -52.2 -13.4 -7.9 -5.1 0.0
EBIT 327.9 171.9 156.9 -4.8 -5.4 9.3 0.0
Client facing FTEs 7,382 2,703 3,473 612 393 201 0
Revenue, % YTD 2026
Revenue, % YTD 2025
NORWAY,5.5%
DENMARK,45.0%
UNITEDKINGDOM,9.5%
SEE&EUI,37.2%
NETHERLANDS,2.9%
NORWAY,4.1%
DENMARK,33.2%
UNITEDKINGDOM,10.4%
NETHERLANDS,2.6%
SEE&EUI,31.4%
BANKINGSERVICES,18.3%
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
12
37
Netcompany Norway
Revenue in Netcompany Norway increased
5.1% in the first six months of 2026 com-
pared to the same period last year. The
public sector revenue grew by 19.7% in the
period, while revenue from the private sec-
tor declined by 18.1% in the period.
Gross profit margin was 13.8% in the first
six months of 2026, compared to 17.7% in
the same period last year.
Client facing FTEs grew by 9% in the first
sic months of 2026.
Adjusted EBITDA margin was 2.6% in the
first half of 2026 compared to 4.9% in the
same period last year.
Netcompany UK
Netcompany UK grew revenue by 54.3% in
the first six months of 2026, driven by both
the public and private sector, which grew
revenue by 58.9% and 40.7%, respectively.
The growth was a result of our accelerating
awareness in the UK – the largest IT servic-
es market in Europe.
Gross profit more than doubled in the first
six months of 2026 to DKK 117.1m, yielding
a gross profit margin of 23.2% compared to
17.6% in the same period last year, as utili-
sation and project delivery improved.
Client facing FTEs grew by 30.4% in the
first six months of 2026.
Adjusted EBITDA margin was 15% in the
first six months of 2026 compared to 6.3%
in the same period last year, as a conse-
quence of strong operational performance
and stable administrative costs.
Netcompany South East Europe and EU
Institutions
Netcompany SEE & EUI grew revenue by
19.1% in the first six months of 2026 com-
pared to the same period last year. Growth
was driven by the public sector including
the EU and the private sector which in-
creased revenye by 20.4% and 15.1%, re-
spectively.
Gross profit was DKK 313.9m in the first
half of 2026, compared to DKK 303.8m in
the same period last year. Gross profit mar-
gin was 20.5% in the first half of 2026 com-
pared to 23.6% in the first half of 2025. The
decrease in gross profit margin was a result
of lower licence revenue in the period.
Client facing FTEs grew by 7.5% in the first
six months of 2026.
Adjusted EBITDA margin was 16.3% in the
first half of 2026, in line with the same peri-
od last year.
BUSINESSSEGMENTSFIRST6MONTHS
CONTINUED
Netcompany Denmark
In the first six months of 2026, Netcompany
Denmark grew revenue by 3.9% compared
to the same period last year. Revenue
growth was driven by the private sector,
which grew revenue by 19.1%, while the
public sector revenue declined 4.8% com-
pared to the same period last year.
Gross profit increased 10.5% in the first six
months of 2026 to DKK 585.2m, yielding a
gross profit margin of 36.2% compared to
34.1% in the same period last year, including
costs for the continued investment in AI
through our Product Development unit.
Client facing FTEs grew by 3.6% in the first
six months of 2026.
The adjusted EBITDA margin was 16.9%
compared to 19.5% in the same period last
year. The decrease was a result of the in-
crease in local marketing costs related to
the partnership with the Netcompany INE-
OS cycling team. Excluding the net impact
of the Netcompany INEOS partnership,
adjusted EBITDA margin would have been
19.2%.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
13
37
Netcompany Banking Services
In the first six months of 2026 revenue in
Netcompany Banking Services was DKK
893.4m. Revenue increased 11% compared
to pro forma
1
revenue in SDC A/S in the first
six months of 2025.
Gross profit in Netcompany Banking Servic-
es was DKK 123.9m in the first half of 2026,
yielding a gross profit margin of 13.9%.
Adjusted EBITDA was DKK 74.5m in the first
six months of 2026 compared to pro for-
ma adjusted EBITDA
2
of DKK 26.5m in the
same period last year. Pro forma adjusted
EBITDA has been adjusted for capitalisa-
tions to compare “like for like”. Adjusted
EBITDA margin was 8.3% in the first half
of 2026, compared to pro forma adjusted
EBITDA margin of 3.3% in SDC in the same
period last year.
The integration of SDC A/S into Netcompa-
ny Banking Services progress as anticipat-
ed and synergies are materialising accord-
ing to plan.
Netcompany Netherlands
Revenue in Netcompany Netherlands in-
creased 26.3% in the first six month of
2026, compared to the same period last
year. Revenue was solely generated in the
public sector.
Gross profit was DKK 47m in the first half of
2026, compared to DKK 33.2m in the same
period last year.
Client facing FTEs grew by 11.1% in the first
six months of 2026.
Adjusted EBITDA margin was 24.4% in the
first half of 2026, compared to 17.8% in the
same period last year.
BUSINESSSEGMENTSFIRST6MONTHS
CONTINUED
1
Pro forma figures covers unaudited figures in SDC
A/S in Q2 2025.
2
Pro forma adjusted EBITDA have been adjusted
for capitalisations, hence this was the practice in
SDC A/S prior to the merger between Netcompany
Banking Services and SDC A/S.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
14
37
Revenue visibility
Revenue visibility
1
reflects the expected
revenue streams for the full year, meaning
that revenue visibility for the first half of the
year is comprised of six months actuals
and six months expected revenue for the
remaining six months of the year.
By end of Q2 2026, revenue visibility was
DKK 8,535.6m, of which contractually com-
mitted revenue amounts to DKK 3,492.7m
and non-contractually committed engage-
ments amounts to DKK 171.3m.
Excluding Netcompany Banking Services,
revenue visibility for the Group improved
by 10.4% from DKK 6,210.6m in Q2 2025 to
DKK 6,857.8m in Q2 2026.
For the public sector, revenue visibility
relates solely to the Group excluding Net-
company Banking Services and amounts
to DKK 4,925.7m, an increase of 11.5%
compared to last year, of which contrac-
tual committed revenue amounts to DKK
2,085.2m and non-contractual committed
engagements amounts to DKK 78.2m.
Revenue visibility excluding Netcompany
Banking Services for the private sector,
amounts to DKK 1,932.1m, an increase of
7.9% compared to last year, of which con-
tractual committed revenue amounts to
DKK 623.1m and non-contractual commit-
ted engagements amount to DKK 93.1m.
.
DKK million
Revenue visibility for the fiscal year 2026
.%
,.
,.
Contractual
committed excl.
Netcompany
Banking Services
Total
Non contractual
committed
PRIVATE
PUBLIC
.
,.
.
.
.
Contractual
committed
Netcompany
Banking Services
PRIVATENETCOMPANYBANKINGSERVICES
.
Revenue
incl. Net-
company
Banking
Services
,.
,.
,.
.%
1
Revenue visibility for the full year is measured
based on two parameters:
- the total value of committed engagements, which
includes fixed price engagements and service
agreements, and
- ongoing time and material engagements with a
high likelihood of conversion or prolongation.
Revenue visibility encompasses both contractual and
non-contractual committed engagements. Contrac-
tual committed engagements refer to the total value
of engagements where a clear, mutual agreement
on delivery and payment has been established with
the customer, approved by both parties, and where
payment is expected. Non-contractual committed
engagements are highly expected engagements
without formal contracts.
.%
.%
.%
.%
.%
.%
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
15
37
8,242
6,459
923
537
Workforce
Netcompany employed an average of 9,895
FTEs in Q2 2026, which was an increase
of 1,561 FTEs or 18.7% compared to Q2 2025
(8,333 FTEs) of which around half was
non-organic, related to the inclusion of Net-
company Banking Services.
The number of client facing FTEs (including
freelancers and contractors) for the Group
increased by 1,436 FTEs from 7,448 in Q2
2025 to 8,884 in Q2 2026, mainly driven by
the inclusion of 747 FTEs from Netcompany
Banking Services.
As of 1 January 2026, Product Development
was anchored in its own unit, separated
from the client facing FTEs in the separate
segments (Netcompany Denmark
and SEE & EUI). In Q2 2026, the number
of FTEs in the Product Development unit
increased by 124 FTEs compared to the
same quarter last year, as investments in
adopting Agentic AI into our products and
platforms accelerated.
Admin and support functions accounted for
5.5% in Q2 2026 compared to 6.5% in Q2
2025.
The attrition rate for the last twelve months
was 16.3%, which was a decrease of 1.9
percentage points compared to 18.2% in Q2
2025.
Q
YTD
YTD
Q
8,333
6,522
,,
544
927
543
Avg. FTEs increased to 9,895 in Q2 2026
,,
545
0
4,500
6,0005,500 6,500
7,000
5,000
7,500
8,000 8,500 9,000
9,500
10,000
CLIENTFACING
PRODUCTDEVELOPMENT
CLIENTFACINGFREELANCERSANDCONTRACTORS
ADMINANDSUPPORTFUNCTIONS
On a sequential basis the attrition rate de-
creased 2.3 percentage points compared
to Q1 2026. Furthermore, the 3 months roll-
ing attrition rates decreased 0.4 percent-
age points compared to the same period
last year.
As we implement Agentic AI throughout
the Group, efficiency gains will occur in all
functions and roles, leading to less demand
for resourses, to fulfil the same tasks as
before implementing Agentic AI.
While observing these efficiencies it contin-
ues to be important to attract and hire new
talent, which means that strict focus on the
shape of the employee pyramid is required.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
16
37
As a total, trade receivables and work in
progress increased by 40.7% from DKK
2,055.6m at the end of Q2 2025 to DKK
2,891.5m at the end of Q2 2026, on level
with revenue growth.
The relative development between reve-
nue growth and the increase in net work
Work in progress
At 30 June 2026, work in progress amount-
ed to DKK 1,352m, represented by contract
work in progress of DKK 2,295.4m and
prepayments received from customers of
DKK 943.4m.
Combined work in progress increased by
40.7% from DKK 960.8m at the end of Q2
2025 to DKK 1,352m at the end of Q2 2026,
slightly below the revenue growth of 43.3%
in Q2 2026 compared to the same period
last year.
1
Taxes paid within the Group are, due to local tax regula-
tions, paid on account in Q1 and in Q4. To adjust for this
timing mismatch between expensed and paid corporate
income taxes the free cash flow should be viewed in a
tax normalised manner to better reflect the underlying
development in free cash flow based on operations rather
than impact from local tax legislation in Denmark.
Free cash flow and cash conversion rate
1
The Group generated free cash flow of DKK
41.2m in Q2 2026 compared to DKK 25.6m
in Q2 2025, an increase of 61.1%. Adjusted
for taxes paid on account, the Group gener-
ated free cash flow of DKK 44m in Q2 2026
compared to DKK 11.5m in Q2 2025.
Free cash flow in Q2 2026 was supported
by the development in net working capital.
Cash conversion rate was 17.7% in Q2 2026
compared to 32.6% in Q2 2025, however,
adjusted for the taxes paid on account,
cash conversion rate was 18.9% in Q2 2026
compared to 14.6% in Q2 2025.
For the first six months of 2026, the Group
generated negative free cash flow of DKK
263.8m compared to positive free cash
flow of DKK 93.5m in the same period of
2025. Adjusted for taxes paid on account,
free cash flow was negative DKK 231.2m in
the first half of 2026 compared to positive
DKK 131.7m in the first half of 2025. The de-
cline was mainly driven by the development
in working capital in Q1 2026, investment in
GPU’s for AI purposes and slightly offset by
the improved cash generation in Q2 2026.
The development in working capital was
mainly caused by increased trade receiv-
ables and work in progress within the first
half of 2026.
Trade receivables
At 30 June 2026, trade receivables were
DKK 1,539.4m compared to DKK 1,094.8m
at the end of Q2 2025, corresponding to
an increase of 40.6%, slightly below the
revenue growth of 43.3% in Q2 2026 com-
pared to the same period last year, both
impacted by the inclusion of Netcompany
Banking Services. Compared to end of Q1
2026, trade receivables increased 2%, while
revenue increased 1.8%, sequentially.
The amount of overdue trade receivables
continued to improve, decreasing from
37.6% of trade receivables at the end of Q2
2025 to 29.7% at the end of Q2 2026.
Days sales outstanding was 57 days in Q2
2026, unchanged compared to Q1 2026 and
slightly improved from 58 days in Q2 2025.
Trade receivables paid in the following
month amounted to DKK 951.1m in July 2026
corresponding to 61.8% of the total trade
receivables, compared to DKK 567.8m in
July 2025 corresponding to 51.9% of the
total trade receivables last year.
Capital and other financial positions
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion
Total
Trade receivables, 30 June
2026
1,084.6 243.3 60.9 29.9 123.7 -3.0 1,539.4
Paid in the following month 703.5 202.6 30.1 8.0 6.8 0.0 951.1
% paid subsequently
64.9% 83.3% 49.5% 26.8% 5.5% 0.0% 61.8%
Trade receivables, 30 June
2025
683.3 270.5 61.9 19.4 60.8 -1.0 1,094.8
Paid in the following month 333.6 201.3 21.5 9.1 2.3 0.0 567.8
% paid subsequently
48.8% 74.4% 34.8% 46.8% 3.8% 0.0% 51.9%
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion Total
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
17
37
TRADERECEIVABLES
CASHFLOWANDOTHERSIGNIFICANT
FINANCIALPOSITIONS
CONTINUED
ed from the acquisition date, contributing
goodwill of DKK 234.8m.
During Q2 2026, Festina Finance increased
capital through a private equity fund, re-
ducing Netcompany’s ownership from 24%
to 22.5%. As our result our investment in
Festina was remeasured and DKK 24m was
recognised as income from investments in
associates.
Funding and liquidity
During Q2 2026, Netcompany complet-
ed the scheduled refinancing of its debt
facilities to banks, as the new funding
agreement was signed in May 2026, with
better terms and improved margins than
the previous agreement. The maturity for
the Group bank loan runs to 2029 and can
be prolonged twice by one year.
The current combined committed facilities
constitute DKK 4,000m and an additional
facility of DKK 2,000m – available only for
new acquisitions. At 30 June 2026, DKK
1,580m of committed lines were utilised on
ordinary borrowings, DKK 1,000m were uti-
lised for the acquisitional merger with SDC
and DKK 31.5m on guarantees, leaving DKK
3,388.5m available in unutilised funding, of
which DKK 2,388.5m can be utilised for nor-
mal operations if needed with no additional
costs or covenants. In addition, Netcompa-
ny SEE & EUI had utilised DKK 914.4m on
local guarantees, having no impact on the
Group facilities except for leverage.
Including net cash balance of 30 June 2026
of negative 575m, available Group funding
was DKK 1,813.5m
Risk management
Please refer to the overview of risk factors
provided in the Annual Report 2025.
Capital structure
Debt leverage increased to from 1.3x end of
Q2 2025 to 2.3x end of Q2 2026, which is
fully compliant with current covenants. The
development was mainly caused by the
inclusion of Netcompany Banking Services
and the negative impact on cash flow from
working capital changes in the first half
of 2026. Sequentially, leverage increased
slightly from 2.1x in Q1 to 2.3x in Q2 2026.
Events after the balance sheet date
To this date, no events have occurred after
the balance sheet date, which would in-
fluence the evaluation of this report.
Airports A/S, obtaining full ownership of
Smarter Airports, previously held as a
50/50 joint venture since 2019. The trans-
action valued the 50% stake of Smarter
Airports at DKK 275m, comprising DKK 50m
paid in cash at completion and contingent
consideration of up to DKK 225m, payable
as new licence agreements are signed, to
be fully paid by the end of 2030. As the
previously held 50% interest was remea-
sured to fair value at the acquisition date,
Netcompany recognised a gain of DKK
189.7m in the income statement in Q2 2026.
Smarter Airports has been fully consolidat-
in progress continues to be blurred by the
inclusion of Netcompany Banking Services,
which to a higher extent delivers services
to prepaying clients. However, this was
offset by some larger projects under the
Recovery and Resilience Facility (RRF),
which are building up over the year and are
expected to be invoiced and collected in
the second half of 2026.
Investment
On 1 May 2026, Netcompany completed
the acquisition of the remaining 50% of
Smarter Airports A/S from Copenhagen
40.7%
43.3%
37.8%
1,094.8
1,714.9
Work in progress overview
1,000
0
500
1,500
Jun. 30
2026
Q2 2026
Q2 2026
LTM
6,751.4
WORKINPROGRESS
REVENUE
Jun. 30
2025
Q2 2025
Q2 2025
LTM
3,000
2,000
960.8
DKK million
1,539.4
1,352.0
9,304.1
2,457.6
7,000
8,000
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
18
37
Guidance 2026
Based on revenue growth of 40.9%, of which
15.1 percentage points were organic, for
the first six months of 2026 and taking into
account the current backlog and weighted
pipeline, Netcompany is raising revenue
guidance. For the Group excluding Netcom-
pany Banking Services, revenue growth
is now expected to be between 6.5% and
10.5% (previously between 5% and 10%).
Guidance for adjusted EBITDA margin
excluding Netcompany Banking Services of
between 17% and 20% is maintained.
For the Group, Netcompany is raising reve-
nue growth guidance to between 16% and
20.5% (previously between 15% and 20%),
while maintaining adjusted EBITDA margin
expectations of between approximately 16%
and 19% - all in constant currencies.
Long-term targets
Adjusted EBITDA margin - to be reached by 2029.
>20%
Organic annual revenue growth
5%-10%
Updated Updated Original Actual
target target target performance
Financial metrics in constant currencies
Q2 2026 26 March 2026 2026 2025
Group revenue growth 16%-20.5% 15%-20% 15%-20% 20.8%
Group excl. NBS revenue growth 6.5%-10.5% 5%-10% 5%-10% 7.9%
Adjusted EBITDA margin ~ 16%-19% ~ 16%-19% 15%-18% 16.1%
Group excl. NBS adjusted EBITDA margin 17%-20% 17%-20% 16%-19% 16.9%
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
19
37
Capital
At the Annual General Meeting in March
2026 a decision was passed to reduce the
share capital by DKK 1.5m by cancelling
1.5m treasury shares. The registration of
the share capital reduction was made by
the Danish Business Authority on 7 April
2026.
At 30 June 2026, Netcompany’s share cap-
ital is DKK 46m divided into 46m shares.
End of Q2 2026 Netcompany held 1,316,438
treasury shares equivalent to 2.9% of the
share capital.
Shares will be used to honour the Group’s
commitments under its long-term incen-
tive programmes. Shares exceeding the
commitments under the long-term incen-
tive programmes will be cancelled on an
ongoing basis.
Share-based incentive schemes/restrict-
ed stock units
In total, 702,371 restricted stock unites
(RSUs) and 125,400 matching shares
in relation to the share-based incentive
schemes were issued at 30 June 2026 of
which 143,279 RSUs and 9,600 matching
shares were granted to Executive Manage-
ment and 559,092 RSUs and 115,800
matching shares were granted to Other Key
Management Personnel and Other Employ-
ees.
The fair value of the shares at grant was
DKK 245.6m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 23.4m was recog-
nised as personnel costs in the income
statement in Q2 2026.
Additional information on the holdings of
Netcompany shares and restricted stock
units by members of the Board of Directors
and Executive Management is disclosed in
the Remuneration Report.
Shareholder information
Financial calendar 2026
29 October 2026 Interim report for the first 9 months of 2026
Share data
Stock exchange Nasdaq Copenhagen A/S
Index OMXC Large Cap
Sector Technology
ISIN code DK0060952919
Short code NETC
Share capital DKK 46.000.000
Nominal size DKK 1
Number of shares No. 46.000.000
Restriction in voting
rights No
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
20
37
Statement of the Board of Directors
and Executive Management
Executive Management
Board of Directors
Alexandros Manos
CCO
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
21
37
Consolidated interim
financial statements
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
22
37
Income statement and Statement
of comprehensive income
DKK million
Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Income statement
Revenue 1,2 2,457.6 1,714.9 4,871.6 3,459.2 7,891.7
Cost of services 3 -1,828.8 -1,272.0 -3,655.5 -2,501.2 -5,672.6
Gross profit 628.8 442.9 1,216.0 958.0 2,219.1
Sales and marketing costs -73.3 -18.0 -88.8 -31.3 -60.9
Administrative costs 4 -231.0 -204.3 -462.3 -398.8 -885.7
Adjusted EBITDA 324.5 220.7 664.9 527.9 1,272.5
Special items -148.8 -21.6 -148.8 -41.0 -355.3
Other operating income / expense 1.2 -0.1 1.6 -0.1 0.2
EBITDA 177.0 198.9 517.7 486.9 917.3
Depreciation -62.2 -51.4 -124.2 -100.7 -218.2
Amortisation -46.3 -29.2 -83.9 -58.2 -137.3
Operating profit (EBIT) 68.5 118.3 309.6 327.9 561.8
Financial income 5 7.7 6.1 30.7 11.3 19.6
Financial expenses 5 -54.1 -47.2 -113.7 -87.7 -188.8
Income / loss from joint venture / associates 217.2 -5.3 212.1 -9.4 -17.0
Profit / loss before tax 239.3 71.9 438.8 242.0 375.7
Tax on the profit / loss for the period -42.4 -16.2 -98.1 -64.6 -118.7
Net profit / loss for the period 196.9 55.7 340.6 177.5 256.9
Earnings per share
Earnings per share (DKK) 6 4.38 1.18 7.52 3.77 5.48
Diluted Earnings per share (DKK) 6 4.31 1.17 7.42 3.72 5.42
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
23
37
Statement of comprehensive income
Net profit / loss for the period 196.9 55.7 340.6 177.5 256.9
Other comprehensive income items that may be reclassified subsequently
to profit or loss:
Exchange rate adjustments on translating foreign subsidiaries 1.5 -7.4 3.8 -7.0 -8.8
Other comprehensive income items that may not be reclassified to profit or
loss:
Actuarial profit / loss on defined benefit plans 0.0 0.0 0.0 0.0 -0.4
Other comprehensive income, net of tax 1.5 -7.4 3.8 -7.0 -9.2
Total comprehensive income / loss 198.4 48.3 344.4 170.5 247.7
DKK million
Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
INCOMESTATEMENTANDSTATEMENTOFCOMPREHENSIVEINCOME
CONTINUED
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
24
37
Statement of financial position
Equity and liabilities
Share capital 46.0 47.5 47.5
Treasury shares -447.9 -129.9 -499.9
Retained earnings 3,829.0 3,835.4 3,942.1
Other reserves
-1.3 -0.9 -1.3
Total equity 3,425.8 3,752.1 3,488.4
Borrowings 2,570.1 2,574.4 1,575.7
Lease liabilities 795.5 646.5 769.1
Pension obligations 27.7 25.8 25.9
Other payables 8.3 0.0 0.0
Provisions 135.6 0.0 165.7
Deferred tax liability 56.8 51.9 53.5
Total non-current liabilities 3,593.9 3,298.7 2,589.8
Borrowings 37.4 37.4 1,037.8
Overdraft facility 575.0 0.0 0.0
Lease liabilities 223.1 172.5 257.1
Pension obligations 1.7 1.7 1.7
Pre-billed invoices 8 943.4 953.1 1,061.3
Trade payables 643.0 361.6 557.1
Other payables 1,244.5 717.3 747.5
Provisions 9 159.2 1.9 125.1
Income tax payable 36.7 40.8 37.9
Total current liabilities 3,863.9 2,286.4 3,825.5
Total liabilities 7,457.8 5,585.1 6,415.3
Total equity and liabilities 10,883.5 9,337.1 9,903.6
30 June 30 June 31 December
DKK million
Note 2026 2025 2025
Assets
Goodwill 7 4,093.2 3,252.0 3,858.4
Other intangible assets 7 1,151.9 456.5 807.9
Tangible assets 1,037.8 859.1 1,028.0
Investment in joint venture 0.0 93.6 83.9
Investment in associates 168.1 124.6 147.0
Other securities and investments 1.0 1.3 1.0
Other receivables 89.5 72.0 86.9
Deferred tax assets 71.0 47.8 87.4
Total non-current assets 6,612.5 4,907.0 6,100.4
Trade receivables 1,539.4 1,094.8 1,373.1
Receivables from joint venture 0.0 5.6 14.7
Receivables from associates 22.8 0.4 3.5
Contract work in progress 8 2,295.4 1,914.0 1,737.2
Other receivables 61.9 96.0 117.0
Prepayments 316.4 111.2 247.8
Tax receivables 35.1 64.0 22.3
Total receivables 4,271.1 3,286.0 3,515.7
Cash 0.0 1,144.2 287.5
Total current assets 4,271.1 4,430.1 3,803.2
Total assets 10,883.5 9,337.1 9,903.6
30 June 30 June 31 December
DKK million
Note 2026 2025 2025
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
25
37
Cash Flow statement
DKK million
Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Operating profit (EBIT) 68.5 118.3 309.6 327.9 561.8
Depreciation and amortisation 108.5 80.6 281.2 159.0 428.6
Non-cash items 23.1 17.9 42.4 33.8 68.1
Working capital changes -13.7 -96.0 -519.5 -180.8 -189.0
Total 186.4 120.8 40.6 339.9 869.5
Income taxes paid -20.4 -8.8 -83.2 -94.7 -148.1
Financial income received 2.6 3.0 19.8 5.6 10.0
Financial expenses paid -45.5 -37.2 -92.1 -69.2 -148.5
Cash flow from operating activities 123.0 77.8 -114.9 181.6 582.9
Net cash outflow on acquisition of subsidiaries 0.0 0.0 0.0 0.0 -1,000.0
Cash and cash equivalents acquired 6.0 0.0 6.0 0.0 314.0
Other investments -50.0 -20.1 -50.0 -40.1 5.8
Capitalisation of intangible assets -65.4 -29.9 -96.0 -58.3 -121.9
Acquisition of fixed assets -16.3 -22.3 -52.9 -29.8 -105.3
Disposals of fixed assets 1.5 0.0 1.5 0.0 0.4
Other receivables (deposits) -2.9 0.2 -3.4 -0.5 -8.0
Cash flow from investment activities -127.1 -72.0 -194.7 -128.6 -914.9
Payment of treasury shares -200.2 0.0 -449.5 -73.9 -449.2
Proceeds from borrowings 0.0 1,000.0 0.0 1,000.0 1,000.0
Repayment of borrowings 0.0 0.0 0.0 -0.2 -0.2
Repayment of lease liabilities -54.7 -41.9 -106.9 -81.9 -177.8
Cash flow from financing activities -254.9 958.1 -556.4 844.0 372.9
Net increase in cash and cash equivalents -259.0 963.8 -866.0 896.9 40.9
Cash and cash equivalents at the beginning -316.3 185.1 287.5 250.9 250.9
Effect of exchange rate changes on the balance
cash held in foreign currencies
Cash and cash equivalents at the end -575.0 1,144.2 -575.0 1,144.2 287.5
Depreciation and amortisation recognised in
the consolidated statement of cash flow in
Q3 2025 do not match the depreciation and
amortisation in the consolidated statement
of comprehensive income as impairment
loss of DKK 73.1 million is presented as spe-
cial items in the consolidated statement of
comprehensive income.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
26
37
Statement of changes in Equity
Foreign
currency
Share Treasury Share-based translation Other Retained
DKK million
capital shares remuneration subsidiaries reserves earnings Total equity
Equity at 1 April 2026 47.5 -677.8 87.7 3.6 -1.3 3,944.5 3,404.2
Profit for the period 0.0 0.0 0.0 0.0 0.0 196.9 196.9
Other comprehensive income 0.0 0.0 0.0 1.5 0.0 0.0 1.5
Total comprehensive income 0.0 0.0 0.0 1.5 0.0 196.9 198.4
Treasury Shares for the period -1.5 228.2 0.0 0.0 0.0 -426.8 -200.1
Share-based remuneration for the period 0.0 1.8 22.0 0.0 0.0 -0.3 23.4
Total transactions with owners -1.5 230.0 22.0 0.0 0.0 -427.2 -176.8
Equity at 30 June 2026 46.0 -447.9 109.6 5.1 -1.3 3,714.2 3,425.8
Equity at 1 January 2026 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4
Profit for the period 0.0 0.0 0.0 0.0 0.0 340.6 340.6
Other comprehensive income 0.0 0.0 0.0 3.8 0.0 0.0 3.8
Total comprehensive income 0.0 0.0 0.0 3.8 0.0 340.6 344.4
Treasury Shares for the period -1.5 -21.1 0.0 0.0 0.0 -426.8 -449.4
Share-based remuneration for the period 0.0 73.2 -12.8 0.0 0.0 -17.8 42.6
Total transactions with owners -1.5 52.1 -12.8 0.0 0.0 -444.6 -406.9
Equity at 30 June 2026 46.0 -447.9 109.6 5.1 -1.3 3,714.3 3,425.8
Equity at 1 April 2025 50.0 -911.4 76.0 10.6 -0.9 4,461.6 3,685.9
Profit for the period 0.0 0.0 0.0 0.0 0.0 55.7 55.7
Other comprehensive income 0.0 0.0 0.0 -7.4 0.0 0.0 -7.4
Total comprehensive income 0.0 0.0 0.0 -7.4 0.0 55.7 48.3
Treasury Shares for the period -2.5 778.9 0.0 0.0 0.0 -776.4 0.0
Share-based remuneration for the period 0.0 2.6 16.0 0.0 0.0 -0.8 17.8
Total transactions with owners -2.5 781.5 16.0 0.0 0.0 -777.1 17.8
Equity at 30 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
27
37
Foreign
currency
Share Treasury Share-based translation Other Retained
DKK million
capital shares remuneration subsidiaries reserves earnings Total equity
STATEMENTOFCHANGESINEQUITY
CONTINUED
Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4
Profit for the period 0.0 0.0 0.0 0.0 0.0 177.5 177.5
Other comprehensive income 0.0 0.0 0.0 -7.0 0.0 0.0 -7.0
Total comprehensive income 0.0 0.0 0.0 -7.0 0.0 177.5 170.5
Treasury Shares for the period 0.0 711.2 0.0 0.0 0.0 -776.4 -65.2
Share-based remuneration for the period -2.5 43.0 1.9 0.0 0.0 -11.0 31.4
Total transactions with owners -2.5 754.1 1.9 0.0 0.0 -787.3 -33.8
Equity at 30 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1
Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4
Total comprehensive income 0.0 0.0 0.0 -8.8 -0.4 256.9 247.7
Total transactions with owners -2.5 384.1 32.4 0.0 0.0 -788.7 -374.7
Equity at 31 December 2025 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
28
37
Segmentation
NOTE1
Group Denmark SEE & EUI
United
Kingdom
Norway Netherlands
Banking
Services
DKK million
Q2 2026 Q2 2025 % change Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025
Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025
Revenue 2,457.6 1,714.9 43.3% 808.6 759.8 786.0 655.9 248.5 160.9 102.8 88.8 65.0 49.5 446.9 0.0
Cost of service -1,828.8 -1,272.0 43.8% -487.9 -515.0 -630.2 -509.2 -193.9 -139.0 -89.0 -74.6 -39.9 -34.2 -388.0 0.0
Gross profit 628.8 442.9 42.0% 320.7 244.8 155.7 146.7 54.6 22.0 13.8 14.1 25.1 15.3 58.9 0.0
Gross profit margin
25.6% 25.8% -0.2pp 39.7% 32.2% 19.8% 22.4% 22.0% 13.6% 13.4% 15.9% 38.6% 31.0% 13.2% 0.0%
Allocated costs -282.3 -205.1 37.6 % -188.3 -117.9 -28.3 -47.9 -20.9 -19.4 -12.3 -11.7 -8.5 -8.2 -22.8 0.0
Adjusted EBITDA before HQ costs 346.5 2 3 7. 8 45.7% 132.4 126.9 127.5 98.9 33.7 2.5 1.5 2.5 16.6 7.2 36.1 0.0
Adjusted EBITDA margin before HQ
costs
14.1% 13.9% 0.2pp 16.4% 16.7% 16.2% 15.1% 13.5% 1.6% 1.5% 2.8% 25.6% 14.5% 8.1% 0.0%
Allocated costs from HQ -22.0 -17.2 28.2% -7.2 -11.9 -10.9 0.0 -2.3 -2.8 -1.0 -1.6 -0.6 -0.8 0.0 0.0
Adjusted EBITDA 324.5 220.7 47.1% 125.2 115.0 116.6 98.9 31.3 -0.3 0.5 0.9 16.0 6.3 36.1 0.0
Adjusted EBITDA margin
13.2% 12.9% 0.3pp 15.5% 15.1% 14.8% 15.1% 12.6% -0.2% 0.5% 1.0% 24.7% 12.8% 8.1% 0.0%
Special items -148.8 -21.6 587.1% -78.0 -15.0 -21.6 0.0 -3.5 -3.6 -3.6 -2.0 -1.5 -1.0 -40.6 0.0
Other operating income / expense 1.2 -0.1 -1741.9% 0.0 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 177.0 198.9 -11.0% 47.2 100.0 95.1 98.8 27.8 -4.0 -3.1 -1.1 14.6 5.3 -4.6 0.0
EBITDA margin
7.2% 11.6% -4.4pp 5.8% 13.2% 12.1% 15.1% 11.2% -2.5% -3.0% -1.3% 22.4% 10.7% -1.0% 0.0%
Depreciation -62.2 -51.4 21.0% -25.4 -25.7 -21.3 -18.6 -4.5 -3.5 -2.0 -2.0 -5.4 -1.5 -3.6 0.0
Amortisation -46.3 -29.2 58.3% -18.8 -15.1 -8.1 -7.8 -4.3 -3.4 -1.8 -1.9 -1.1 -1.0 -12.1 0.0
EBIT 68.5 118.3 -42.1% 3.0 59.1 65.7 72.3 18.9 -10.9 -6.9 -5.0 8.0 2.8 -20.3 0.0
EBIT margin
2.8% 6.9% -4.1pp 0.4% 7.8 % 8.4% 11.0% 7.6 % -6.8% -6.7% -5.7% 12.4% 5.6% -4.5% 0.0%
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
29
37
Group Denmark SEE & EUI
United
Kingdom
Norway Netherlands
Banking
Services
DKK million
YTD
2026
YTD
2025
% change YTD
2026
YTD
2025
YTD
2026
YTD
2025
YTD
2026
YTD
2025
YTD
2026
YTD
2025
YTD
2026
YTD
2025
YTD
2026
YTD
2025
Revenue 4,871.6 3,459.2 40.8% 1,616.9 1,555.7 1,534.1 1,285.7 491.4 327.3 209.3 190.6 126.3 99.9 893.4 0.0
Cost of service -3,655.5 -2,501.2 46.2% -1,030.2 -1,025.9 -1,219.3 -981.9 -378.0 -269.8 -179.7 -156.8 -79.1 -66.7 -769.3 0.0
Gross profit 1,216.0 958.0 26.9% 586.7 529.8 314.9 303.8 113.5 57.5 29.7 33.8 47.2 33.2 124.1 0.0
Gross profit margin
25.0% 27.7 % -2.7pp 36.3% 34.1% 20.5% 23.6% 23.1% 17.6% 14.2% 17.7% 37.4 % 33.2% 13.9% 0.0%
Allocated costs -505.5 -398.0 27.0% -311.6 -226.7 -64.7 -94.6 -40.1 -37.0 -23.5 -24.5 -16.3 -15.4 -48.2 0.0
Adjusted EBITDA before HQ costs 710.5 560.0 26.9% 275.2 303.1 250.2 209.2 73.4 20.5 6.1 9.3 30.9 17.8 75.9 0.0
Adjusted EBITDA margin before HQ
costs
14.6% 16.2% -1.6pp 17.0% 19.5% 16.3% 16.3% 14.9% 6.3% 2.9% 4.9% 24.5% 17.8% 8.5% 0.0%
Allocated costs from HQ -45.6 -32.1 42.2% -15.2 -22.3 -22.2 0.0 -4.8 -5.2 -2.2 -3.1 -1.2 -1.5 0.0 0.0
Adjusted EBITDA 664.9 527.9 25.9% 260.0 280.8 228.0 209.2 68.6 15.4 4.0 6.3 29.7 16.3 75.9 0.0
Adjusted EBITDA margin
13.6% 15.3% -1.6pp 16.1% 18.0% 14.9% 16.3% 14.0% 4.7% 1.9% 3.3% 23.5% 16.3% 8.5% 0.0%
Special items -148.8 -41.0 263.0% -78.0 -28.5 -21.6 0.0 -3.5 -6.8 -3.6 -3.8 -1.5 -1.9 -40.6 0.0
Other operating income / expense 1.6 -0.1 -2290.9% 0.0 0.0 0.4 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 517.7 486.9 6.3% 181.9 252.3 206.9 209.1 65.1 8.6 0.4 2.5 28.2 14.4 35.2 0.0
EBITDA margin
10.6% 14.1% -3.4pp 11.3% 16.2% 13.5% 16.3% 13.2% 2.6% 0.2% 1.3% 22.3% 14.4% 3.9% 0.0%
Depreciation -124.2 -100.7 23.3% -51.1 -49.9 -42.9 -37.1 -8.9 -6.7 -4.0 -4.0 -9.7 -3.1 -7.6 0.0
Amortisation -83.9 -58.2 44.1% -33.1 -30.5 -15.9 -15.1 -8.6 -6.7 -3.7 -3.9 -2.2 -2.0 -20.4 0.0
EBIT 309.6 327.9 -5.6% 97.8 171.9 148.0 156.9 47.5 -4.8 -7.3 -5.4 16.3 9.3 7.2 0.0
EBIT margin
6.4% 9.5% -3.1pp 6.0% 11.1% 9.6% 12.2% 9.7% -1.5% -3.5% -2.9% 12.9% 9.3% 0.8% 0.0%
CONTINUED
Segmentation
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
30
37
Revenue split
DKK million
Q2 2026 Q2 2025 % change YTD 2026 YTD 2025 % change Total 2025
Revenue by type
Revenue recognised over time 2,424.8 1,705.2 42.2% 4,834.8 3,403.6 42.1% 7,824.5
Revenue recognised at a point in time 32.8 9.7 239.6% 36.8 55.6 -33.9% 67.2
Organic revenue 2,010.8 1,714.9 17.3% 3,978.1 3,459.2 15.0% 7,044.1
Non-organic revenue 446.9 0.0 N/A 893.4 0.0 N /A 847.6
Revenue by type, total 2,457.6 1,714.9
43.3%
4,871.6 3,459.2
40.8%
7,891.7
DKK million
Q2 2026 Q2 2025 % change YTD 2026 YTD 2025 % change Total 2025
Revenue from public sector
Denmark 467.8 480.9 -2.7% 936.9 984.5 -4.8% 1,942.0
SEE & EUI 599.2 474.0 26.4% 1,173.5 972.8 20.6% 1,952.2
UK 190.4 118.4 60.9% 379.0 245.2 54.6% 499.3
Norway 73.5 55.5 32.5% 146.5 117.1 25.1% 229.2
Netherlands 65.0 49.5 31.3% 126.3 99.9 26.5% 205.6
Banking Services 0.0 0.0 N/A 0.0 0.0 N/A 0.0
Total revenue from public sector 1,395.9 1,178.3
18.5%
2,762.2 2,419.5
14.2%
4,828.3
DKK million
Q2 2026 Q2 2025 % change YTD 2026 YTD 2025 % change Total 2025
Revenue from private sector
Denmark 340.7 278.8 22.2% 680.1 571.2 19.1% 1,257.0
SEE & EUI 186.8 182.0 2.7% 360.6 312.9 15.3% 642.6
UK 58.1 42.6 36.6% 112.4 82.1 36.9% 180.4
Norway 29.2 33.3 -12.2% 62.8 73.5 -14.5% 135.8
Netherlands 0.0 0.0 N/A 0.0 0.0 N/A 0.0
Banking Services 446.9 0.0 N/A 893.4 0.0 N/A 847.6
Total revenue from private sector 1,061.7 536.6
97.9%
2,109.3 1,039.6
102.9%
3,063.4
NOTE2
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
31
37
Administrative costs
Cost of services
NOTE3
DKK million
Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Cost of services -624.0 -343.2 -1,221.4 -638.3 -1,742.0
Salaries -1,204.9 -928.8 -2,434.1 -1,862.8 -3,930.6
Cost of services total -1,828.8 -1,272.0 -3,655.5 -2,501.2 -5,672.6
DKK million
Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Administrative costs -115.4 -92.6 -224.5 -183.0 -421.3
Salaries -115.6 -111.7 -237.8 -215.8 -464.4
Administrative costs total -231.0 -204.3 -462.3 -398.8 -885.7
Financial income and expenses
NOTE5
DKK million
Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Financial Income
Exchange rate adjustments 7.0 5.5 15.0 9.6 15.1
Other financial income 0.7 0.5 15.7 1.6 4.5
Financial income total 7.7 6.1 30.7 11.3 19.6
Financial expenses
Interest expense, bank loan -23.5 -18.1 -46.8 -38.1 -85.1
Interest expense, leasing -8.5 -7.3 -17.2 -14.7 -31.8
Exchange rate adjustments -7.0 -8.4 -23.3 -11.5 -26.4
Other financial expenses -15.0 -13.3 -26.3 -23.4 -45.6
Financial expenses total -54.1 -47.2 -113.7 -87.7 -188.8
NOTE4
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
32
37
Earnings per share
NOTE6
DKK million
Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Earnings per share - EPS (DKK) 4.38 1.18 7.52 3.77 5.48
Diluted earnings per share - EPS-D (DKK) 4.31 1.17 7.42 3.72 5.42
Profit 196.9 55.7 340.6 177.5 256.9
Average number of shares 46.0 47.7 46.8 48.8 48.2
Average number of treasury shares 1.0 0.6 1.5 1.7 1.3
Average number of shares in circulation 45.0 47.1 45.3 47.1 46.8
Average number of outstanding restricted stock units 0.7 0.6 0.7 0.5 0.6
Average number of diluted shares in circulation 45.6 47.7 45.9 47.6 47.4
NOTE7
Business combinations
Assets and liabilities recognised in Smarter Airports A/S, DKK million
Non-current assets Current liabilities
Technology
276.5
Loan to affiliates 16.4
Order backlog
55.0
Prebilled invoices 2.9
Defered tax asset
9.0
Trade payables 7.4
Other debts 10.3
Current assets
Trade receivables
4.8
Net assets taken over 315.2
Other receivables
0.8
Goodwill 234.8
Cash and cash equivalents
6.0
Total valuation 550.0
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
33
37
recognised at a total value of DKK 550m,
comprising identifiable intangible assets
of DKK 331.5m (technology of DKK 276.5
million and order backlog of DKK 55m,
amortised over 12 and 10 years, respec-
tively), other net liabilities of DKK 16.3m,
and goodwill of DKK 234.8m, reflecting ex-
pected synergies and future growth from
commercial scaling of AIRHART.
Smarter Airports has been fully consoli-
dated from the acquisition date, previously
recognised under the equity method, con-
tributing revenue of DKK 0m and loss of
DKK 0.1m since acquisition.
end of 2030. The contingent consideration
is recognised at fair value based on ex-
pected future licence sales.
As a business combination achieved in
stages under IFRS 3, the previously held
50% interest, carried at DKK 85.3m under
the equity method, has been remeasured
to fair value of DKK 275m at the acquisi-
tion date, resulting in a gain of DKK 189.7m
recognised in the income statement as
income from investments in joint venture
in Q2 2026.
The determination of the purchase price
and the purchase price allocation is con-
sidered final. Smarter Airports has been
On 1 May 2026, Netcompany completed
the acquisition of the remaining 50% of
Smarter Airports A/S from Copenhagen
Airports A/S, obtaining 100% ownership
and control, previously held as a 50/50
joint venture since establishment in 2019.
The transaction reflects Netcompany’s
ambition for full ownership and dedicated
commercial scaling of the AIRHART plat-
form internationally.
The total consideration for the remaining
50% was agreed to DKK 275m, comprising
DKK 50m cash paid at completion and
contingent consideration of up to DKK
225m, payable as new licence agreements
are signed, and will be fully paid by the
Contract work in progress
30 June 30 June 31 December
DKK million
2026 2025 2025
Selling price of work performed 5,151.2 3,470.2 3,960.6
Invoiced amount -3,799.2 -2,509.4 -3,284.7
Total contract work in progress 1,352.0 960.8 675.9
Net value – stated on a contract-per-contract basis – is presented in the statement of finan-
cial position as follows:
Contract work in progress 2,295.4 1,914.0 1,737.2
Pre-billed invoices -943.4 -953.1 -1,061.3
Total contract work in progress 1,352.0 960.8 675.9
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 41.9m (DKK 1.9m), cover-
ing legal claims and project related risks.
NOTE8
CONTINUED
Business combinations
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
34
37
Income Statement classified by function
DKK million
Q2 2026 Q2 2025 YTD 2026 YTD 2025 Total 2025
Income statement
Revenue 2,457.6 1,714.9 4,871.6 3,459.2 7,891.7
Cost of services, incl. depreciation and amortisation -1,871.0 -1,296.7 -3,731.6 -2,550.4 -5,793.0
Gross profit 586.6 418.2 1,139.9 908.8 2,098.7
Sales and marketing costs -73.3 -18.0 -88.8 -31.3 -60.9
Administrative costs, incl. depreciation, amortisation and special items -446.0 -281.8 -743.1 -549.6 -1,476.1
Other operating income / expense 1.2 -0.1 1.6 -0.1 0.2
Operating profit (EBIT) 68.5 118.3 309.6 327.9 561.8
Financial income 7.7 6.1 30.7 11.3 19.6
Financial expenses -54.1 -47.2 -113.7 -87.7 -188.8
Income / loss from joint venture / associates 217.2 -5.3 212.1 -9.4 -17.0
Profit / loss before tax 239.3 71.9 438.8 242.0 375.7
Tax on the profit for the period
-42.4 -16.2 -98.1 -64.6 -118.7
Net profit / loss for the period
196.9 55.7 340.6 177.5 256.9
Depreciation and Amortisation have been presented as follows in the
income statement:
Cost of services -42.2 -24.7 -76.1 -49.2 -120.4
Administrative costs -66.3 -55.8 -132.0 -109.8 -308.2
Depreciation and amortisation -108.5 -80.6 -208.1 -159.0 -428.6
NOTE10
DKK million
30 June 30 June Total 2025
2026 2025
Project provision 41.9 1.9 78.1
Provision for restructuring 252.8 0.0 212.6
Total provisions 294.7 1.9 290.8
Provisions
NOTE9
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
35
37
Accounting policies applied in this report
are consistent with those applied in the
consolidated Annual Report for the year
ended 31 December 2025 for Netcompany
Group A/S.
As a part of the contract commitments with
customers, the Group has through its banks
provided performance guarantees of DKK
945.8m (DKK 810.7m).
There are no collaterals provided for
the Group’s bank loan.
To this date, no events have occurred after
the balance sheet date, which would in-
fluence the evaluation of this report.
This includes the potential outcome related
to a claim put forward to Netcompany in
July 2026 related to a project that was
completed more than two years ago.
The claim totals a gross value of DKK
360m. The claim is made despite the fact
that the project in question has been de-
livered and formally approved continously
by all relevant parties during the project
period. Furthermore the solution delivered
The Group is in 2026 as well as in 2025 part
of some legal claims. The outcome of these
disputes is not considered likely to impact
the Group’s financial position significantly,
besides what is already recognised in the
balance sheet.
Events after the balance
sheet date
Collateral provided and
contingent liabilities
NOTE11
NOTE14
Accounting policies
NOTE13
The interim consolidated financial state-
ments included in this Q2 2026 financial
report have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as
adopted by the European Union.
In Q2 2026, Netcompany recognised no
revenue from Festina Finance A/S (DKK
1.1), and revenue from Advanced Transport
Telematics S.A of DKK 24.8m (DKK 5.1m).
Related party
transactions
NOTE12
Up until the acquisition of Smarter Airports
A/S 1 May 2026, Netcompany recognised
revenue from Smarter Airports A/S of DKK
6.2m (DKK 15.7m) in Q2.
under the program is fully in production and
running in a normalized set up. Netcompa-
ny firmly dispute the claim and expect to
be fully exonerated during the proceedings
to take place over the coming two years.
Netcompany have consequently made no
accrual against this claim and does not
expect to do so in the future.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
36
37
Formulas
Organic
revenue
=
Revenue not classified as
non-organic revenue
Non-organic
revenue
=
Revenue from acquired businesses
the first 12 months after acquisition
Organic
Growth
1
=
Organic revenue current year x 100
Revenue last year
Gross profit
margin
1,2
=
Gross profit x 100
Revenue
Operating
profit
margin
1
=
Operating profit x 100
Revenue
EBITDA
1,2
= EBIT + Depreciation and amortisation
EBITDA
margin
=
EBITDA x 100
Revenue
Days sales
outstand-
ing
1,2
=
Trade receivables x days
Revenue
Debt
leverage
3
=
Last 12 months adjusted EBITDA
Net debt
Return on
equity
2
=
Net profit for the period x 100
Average equity
Return on
invested
capital
(ROIC)
1,2
=
Net profit x 100
Average invested capital
ROIC
(Adjusted for
Goodwill)
1
=
Net profit x 100
Average invested capital
– Average Goodwill
Solvency
(equity ratio)
1
=
Equity x 100
Total assets
Adjusted
EBITDA
=
EBITDA + Special items + Other operat-
ing income / loss
Adjusted
EBTIDA
margin
=
Adjusted EBITDA x 100
Revenue
EPS
1
=
Net profit - Non-controlling interest
Average outstanding shares
EPS diluted
1
=
Net profit - Non-controlling interest
Average outstanding shares
+ Diluted shares
Free cash
flow
1,2
=
Cash flow from operating activities
- Capex
Capex
1,2
=
Capitalised costs and cost spent to buy
intangible and tangible assets,
excluding impact from business
acquisitions.
Cash
conversion
ratio
1,2
=
Free cash flow x 100
Net profit - Amortisation and deferred
tax of amortisation
1
Key figures defined according to IFRS.
2
Key figures defined according to “Recommendations & Financial
Ratios” issued by the Danish Finance Society.
3
Calculation according to loan agreement.
Key figures and financial ratios have been compiled in accordance with the following calculation formulas.
Continued strong growth - AI adoption accelerating
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 50/2026
13 August 2026
37
37
This report contains forward-looking state-
ments including, but not limited to, the
statements and expectations contained in
the outlook section. Forward-looking state-
ments are statements (other than state-
ments of historical fact) relating to future
events and Netcompany’s anticipated or
planned financial and operational perfor-
mance.
The words ‘may’, ‘will’, ‘will continue’,
‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘be-
lieve’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’ or
variations of these words, including nega-
tives thereof, as well as other statements
regarding matters that are not historical
fact or regarding future events or pros-
pects, constitute forward-looking state-
ments.
Netcompany has based these for-
ward-looking statements on its current
views with respect to future events and
financial performance. These views involve
a number of risks and uncertainties, which
could cause actual results to differ materi-
ally from those predicted in the
forward-looking statements and from
the past performance of Netcompany.
Although Netcompany believes that the
estimates and projections reflected in the
forward-looking statements are reasonable,
they may prove materially incorrect, and
actual results may materially differ, e.g. as
the result of risks related to the industry in
general or Netcompany in particular, includ-
ing those described in Netcompany Group
A/S’ Annual Report 2025 and other infor-
mation made available by Netcompany.
Factors that may affect future results in-
clude, but are not limited to, global and
economic conditions, including currency
exchange rate and interest rate fluctua-
tions, delay or failure of projects related to
research and/or development, unexpected
contract breaches or terminations, un-
planned loss of patents, government-man-
dated or market-driven price decreases
for Netcompany’s products, introduction
of competing products, reliance on infor-
mation technology, Netcompany’s ability to
successfully market current and new prod-
ucts, exposure to product liability, litigation
and investigations, regulatory develop-
ments, actual or perceived failure to adhere
to ethical marketing practices, unexpected
growth in costs and expenses, failure to
recruit and retain the right employees, and
failure to maintain a culture of compliance.
As a result, forward-looking statements
should not be relied on as a prediction of
actual results. Netcompany undertakes
no obligation to update or revise any for-
ward-looking statements, whether as a re-
sult of new information, future events
or otherwise, except to the extent required
by law.
The Annual Report 2025 of Netcompany
Group A/S is available at our website
www.netcompany.com
About Netcompany
Netcompany delivers business critical IT
solutions and consultancy that help our
customers to achieve significant business
benefits in a digitised world. Netcompany
also helps our customers to manage and
operate IT solutions both on location and in
the cloud.
Disclaimer