XCSE:NETC ESEF Annual Report
Netcompany Group A/S (XCSE:NETC)
ESEF Annual Report
2025-11-18
For: 2025-09-30
View Original
Added on
September 22, 2026
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
Netcompany
Q3 2025
Company Announcement
Nine months ended 30 September 2025
Continued growth and margin acceleration
Conference call details
In connection with the publication of the results for Q3 2025, Netcompany will host a
conference call on 30 October at 12.30 CET.
The conference call can be followed live via
https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-nine-
months-of-2025
For further dial-in details please visit the company’s website; www.netcompany.com
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
2
38
-11.5
6.67
16.5pp
420.9
420.9
Summary
Revenue increased by 34.3% and 8.2%
organically (constant 8.5%)
Q
1,613.9
Q
YTD
4,862.3
YTD
27.0
306.3
Q
27.0
YTD
822.5
YTD
19.0%
Q
YTD
YTD
Adj. EBITDA increased 17.3% and 8.5%
organically (constant 8.2%)
Adj. EBITDA margin was 16.6% and 19%
organically (constant 18.9%)
16.9%
-0.7pp
-44.0
145.3
81.9
288.7
89.5%
69.0%
911
8,088
7,927
Average workforce increased by 1,394
FTEs (organic 483 FTEs)
Q
1.5x
Q
1.7x
Debt leverage was 1.7x
Organic cash conversion ratio (CCR) was
negative 7.1%
Organic free cash flow negative DKK 11.5m
2.86
Organic diluted EPS on level with Q3 2024
Q
7.13
-4.37
YTD
YTD
5,206.1
1,746.9
332.3
Q
860.3
Q
19.0pp
Q
Q
YTD
YTD
304
8,571
Q
2.94
59.4%
68.1%
Organic CCR (tax normalised) was
negative 23.8%
Q
Q
YTD
YTD
-44.0
Q *
Q
YTD
YTD
*
Due to negative free cash flow and negative net profit in Q3,
cash conversion metrics are not applicable or meaningful for
the period.
Organic
Non-organic
,.
DKK million
,.
.
DKK million
.
-2.5pp
.%
.%
-.
DKK
-4.37
.
Q *
Q
YTD
YTD
,
,
8,351
Full time equivalents
-.
.
DKK million
.%
.%
21.3pp
-0.8pp
5.4pp24.6pp
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
3
38
“In uncertain and volatile markets, we grew revenue by 34.3% in Q3 – including Netcompany Banking Services.
Our organic revenue growth of 8.5% was supported by our continued focus on – and investment in – our products,
platforms and AI.
We launched Verá – our product in the Defence and Resilience vertical during the quarter as Netcompany´s
response to the increased demand for improved real time responses to hybrid threats in the current geopolitical
environment. We also launched our offerings in the Real Estate vertical and the Life & Pension vertical – both build
on our Amplio platform.
Finally, we have commenced the integration of Netcompany Banking Services into Netcompany Group. The
integration efforts are progressing faster than anticipated and I am thrilled about the opportunities Netcompany
Banking Services give to us within the Financial Services Industry.
European governments, institutions and large enterprises continue to focus on European digital sovereignty
through solutions developed and hosted in Europe by market leading companies. I am immensely proud that
Netcompany is one of those companies and look forward to accelerating our market leading position in the future.
Based on our financial results in the first nine months of the year we raise the bottom and narrow the range of our
financial guidance for revenue growth and now expect organic revenue growth of between 6% and 8% for 2025. At
the same time, we narrow the range for our expectation to our adjusted EBITDA margin and now expect adjusted
EBITDA margin of between 16% and 18% for 2025.”
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
4
38
Performance overview Q3
Netcompany
Banking Services
Q3 2025 Q3 2025 % change
non-organic
% change
DKK million
(reported) (constant)* Q3 2024 (reported) impact
(constant)*
Revenue 2,167.8 2,172.0 1,613.9 34.3% 26.1pp 34.6%
Cost of services -1,577.5 -1,581.6 -1,108.8 42.3% 33.1pp 42.6%
Gross profit 590.4 590.3 505.1 16.9% 10.6pp
16.9%
Gross profit margin 27.2% 27.2% 31.3% -4.1pp -3.5pp -4.1pp
Sales and marketing costs -13.4 -13.5 -12.9 3.7% 13.2pp 4.2%
Administrative costs -217.7 -218.5 -185.9 17.1% 13.3pp 17.6%
Adjusted EBITDA 359.3 358.3 306.3 17.3% 8.8pp
17.0%
Adjusted EBITDA margin 16.6% 16.5% 19.0% -2.4pp -2.5pp -2.5pp
Special items -310.2 -310.2 0.0 N/A N/A N/A
Other operating income / expense 0.2 0.2 -0.4 -143.0% 0.0pp -143.0%
EBITDA 49.3 48.4 305.9
-83.9% -90.8pp -84.2%
EBITDA margin
2.3% 2.2% 19.0% -16.7pp -16.4pp -16.7pp
Depreciation -58.1 -58.4 -47.2 23.2% 10.9pp 23.8%
Amortisation -39.6 -39.6 -29.8 32.9% 34.8pp 32.9%
Operating profit (EBIT) -48.4 -49.6 228.9
-121.2% -128.1pp -121.7%
Operating profit margin
-2.2% -2.3% 14.2% -16.4pp -16.3pp -16.5pp
Net financials -44.8 -44.8 -36.2 23.8% 1.7pp 23.8%
Income / loss from joint venture / associates -3.4 -3.4 -3.8 -8.2% 0.0pp -8.2%
Profit / loss before tax -96.7 -97.9 188.9
-151.2% -155.6pp -151.8%
Tax 28.8 28.8 -49.9 -157.8% -172.7pp -157.7%
Effective tax rate
29.8% 29.4% 26.4% 3.4pp 0.8pp 3.0pp
Net profit / loss -67.9 -69.1 139.1
-148.8% -149.4pp -149.7%
Additional KPIs
Earnings per share (DKK) -1.44 N/A 2.89 -150.0% -153.1pp N/A
Diluted earnings per share (DKK) -1.43 N/A 2.86 -149.9% -152.7pp N/A
Free cash flow -55.5 N/A 145.3 -138.2% -30.3pp N/A
Cash conversion rate
150.3% N/A 89.5% 60.8pp 157.4pp N/A
Cash conversion rate (tax normalised)
205.9% N/A 59.4% 146.4pp 228.6pp N/A
*Constant currencies measured using average exchange rates for Q3 2024
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
5
38
Operating profit (EBIT) was negative DKK
48.4m in Q3 2025 compared to DKK
228.9m in Q3 2024. The decline in EBIT
was a result of the special items recog-
nised in the quarter. Adjusted for special
items EBIT increased 14.4%.
Net financials were negative DKK 44.8m in
Q3 2025, compared to negative DKK 36.2m
in Q3 2024.
Profit before tax was negative DKK 96.7m
compared to positive DKK 188.9m in Q3
2024 because of the special items recog-
nised in the quarter.
As the transaction with Netcompany Bank-
ing Services was structured as a taxable
business combination, deferred tax of DKK
16.9 related work in progress was recog-
nized in the Q3. Further, deferred tax of
DKK 64.9m related to lease termination and
other restructuring costs was recognized
in the period, resulting in total deferred tax
of DKK 81.8m related to the acquisition of
SDC. As a consequence, income taxes in
Q3 2025 were positive DKK 28.8m com-
pared to negative DKK 49.9m in the same
quarter last year.
was impacted negatively by Netcompany
Banking Services by 3.5 percentage points
and totalled 27.2%.
Organic adjusted EBITDA increased 8.5% to
DKK 332.3m in Q3 2025, yielding an organ-
ic adjusted EBITDA margin of 19% - in line
with the same quarter last year.
Reported adjusted EBITDA increased 17.3%
to DKK 359.3m in Q3 2025. Netcompany
Banking Services impacted adjusted EBIT-
DA margin negatively by 2.5 percentage
points.
Special items amounted to DKK 310.2m in
the quarter and were related to redundan-
cies, termination of leases and contracts
for services no longer required, as well as
various costs related to retention and inte-
gration efforts in relation to the merger of
SDC into Netcompany Banking Services.
Depreciation and amortisation were DKK
97.7m in Q3 2025, compared to DKK 77m
in the same quarter last year. DKK 15.5m
of the increase was related to the addition
of Netcompany Banking Services in the
quarter.
PERFORMANCEOVERVIEWQ3
CONTINUED
In Q3 2025, organic revenue grew 8.2%
compared to Q3 2024. The organic growth
was driven by 6.7% growth in revenue
from the public sector and 11.7% growth in
revenue from the private sector. Revenue
growth was driven by all segments, except
Norway.
Reported revenue grew 34.3% in the quar-
ter, of which 26.1 percentage points were
non-organic related to Netcompany Bank-
ing Services
1
.
Average FTE’s amounted to 9,482 of which
Netcompany Banking Services accounted
for 911 FTEs. Organic client facing FTEs
grew 5.8% in Q3 2025 and with the inclu-
sion of 845 client facing FTEs in Netcom-
pany Banking Services, total client facing
FTEs increased 16.9%.
Organic gross profit increased 6.3% in Q3
2025, yielding an organic gross profit mar-
gin of 30.7% – in line with the same period
last year. Reported gross profit increased
16.9% to DKK 590.4m in the quarter.
Non-organic gross profit margin was 12.7%.
Consequently, reported gross profit margin
Net profit amounted to negative DKK 67.9m
in Q3 2025, compared to DKK 139.1m in Q3
2024.
Organic free cash flow decreased from
DKK 145.3m in Q3 2024 to negative DKK
11.5m in Q3 2025 mainly driven by working
capital changes.
In addition, Netcompany Banking Services
impacted free cash flow negatively by DKK
44m resulting in negative free cash flow of
DKK 55.5m for the total Group in Q3 2025.
1
As of 1 July 2025, Netcompany Banking Services,
formerly SDC, was included in the Group. This result-
ed in a new reporting standard for SDC, moving from
Danish GAAP to IFRS; a detailed explanation and the
impacts can be found on page 12.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
6
38
Business Segments Q3
DKK million
Q3 2025
Constant (2024 rate)
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 2,172.0 795.2 642.8 178.6 80.5 53.9 420.9
Gross profit 590.3 340.2 126.3 41.2 10.8 18.4 53.4
Gross profit margin 27.2% 42.8% 19.6% 23.1% 13.4% 34.2% 12.7%
Local marketing and administrative costs -215.3 -107.8 -48.7 -15.8 -10.5 -6.1 -26.5
Adjusted EBITDA before HQ costs 375.0 232.4 77.6 25.4 0.3 12.3 26.9
Adjusted EBITDA margin before HQ costs 17.3% 29.2% 12.1% 14.3% 0.4% 22.9% 6.4%
Allocated costs from HQ -16.7 -11.6 0.0 -2.9 -1.4 -0.8 0.0
Special Items, allocated -310.2 -4.5 -0.0 -0.5 -0.2 -0.2 -304.7
Other operating income / expense 0.2 0.0 0.2 0.0 0.0 0.0 0.0
Depreciation -58.4 -26.2 -19.5 -4.1 -1.9 -1.5 -5.1
Amortisation -39.6 -10.1 -16.4 -1.5 -0.7 -0.5 -10.4
EBIT -49.6 180.0 41.9 16.4 -4.0 9.3 -293.3
Client facing FTEs 8,862 3,031 3,778 638 370 200 845
DKK million
Q3 2024
Reported
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 1,613.9 759.1 571.5 152.1 82.2 49.0 0.0
Gross profit 505.1 318.1 117.9 31.6 19.8 17.6 0.0
Gross profit margin 31.3% 41.9% 20.6% 20.8% 24.1% 36.0% N/A
Local marketing and administrative costs -185.0 -100.7 -51.4 -16.0 -10.8 -6.1 0.0
Adjusted EBITDA before HQ costs 320.1 217.5 66.5 15.6 9.0 11.5 0.0
Adjusted EBITDA margin before HQ costs 19.8% 28.6% 11.6% 10.3% 11.0% 23.5% N/A
Allocated costs from HQ -13.8 -9.7 0.0 -2.2 -1.2 -0.7 0.0
Special Items, allocated 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other operating income / expense -0.4 0.0 -0.4 0.0 0.0 0.0 0.0
Depreciation -47.2 -23.9 -18.6 -1.0 -2.0 -1.6 0.0
Amortisation -29.8 -11.3 -15.0 -1.9 -1.0 -0.6 0.0
EBIT 228.9 172.6 32.5 10.5 4.7 8.5 0.0
Client facing FTEs 7,579 2,863 3,612 558 358 188 0
Revenue, %
.%
.%
.%
Q3 2025
.%
.%
Revenue, %
.%
.%
.%
Q3 2024
.%
.%
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NBS
NBS
.%
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
7
38
Note that Netcompany Banking Services
is reported in its own segment and there-
fore do not contribute to any of the other
segments in the following overview.
Netcompany Denmark
In Q3 2025, Netcompany Denmark won two
large contracts in the private sector in Den-
mark, which supported revenue growth of
14.3% in the private sector. These contract
wins are a direct consequence of the prod-
uct and platform offerings that have been
advanced during the last couple of years.
Revenue from the public sector was in line
with the same quarter last year, leading to a
total revenue growth of 4.8% in Q3 2025 for
Netcompany Denmark.
Gross profit increased 6.9% in the quar-
ter, yielding a gross profit margin of 42.8%
compared to 41.9% in the same period last
year. The sequential improvement of 10.8
percentage points compared to Q2 2025
was positively impacted by fewer FTEs al-
located to Group-related activities such as
product and business development.
Adjusted EBITDA margin was 29.2% in Q3
2025 compared to 28.6% in the same quar-
ter last year underpinning the margin accel-
eration in Netcompany Denmark.
Client facing FTEs grew by 5.9% in Q3
2025. The relative increase compared to
revenue growth was not dilutive to margin
as more and more resources are sourced
from the Group, leading to reduced operat-
ing cost.
Netcompany SEE & EUI
Netcompany SEE & EUI continued the
growth from the first half of the year and
grew revenue by 12.5% in Q3 2025. Growth
was driven by both revenue from the pub-
lic sector, including the EU and the private
sector, which grew revenue by 12.2%, and
13.5% respectively. Growth in the private
sector was driven by increased engage-
ments with existing customers.
Gross profit increased 7.1% in the quarter,
yielding a gross profit margin of 19.6% com-
pared to 20.6% in the same quarter last
year. Quarterly volatility in the margin was
related to the timing of project completions
and ramp-up/down of projects.
Adjusted EBITDA margin was 12.1% in Q3
2025 compared to 11.6% in the same quar-
ter last year.
Client facing FTEs grew by 4.6% in Q3
2025.
Netcompany UK
The public sector in Netcompany UK con-
tinued its strong growth realised in Q2
2025 and grew revenue 23.8% in Q3 2025,
supported by increased engagements with
both existing and new public sector cus-
tomers. The private sector revenue grew by
3.6% leading to a total revenue growth of
17.4% in Q3 2025.
Gross profit increased 30.5% in Q3 2025,
yielding a gross profit margin of 23.1%
compared to 20.8% in the same quarter
last year, and sequentially improved 9.1 per-
centage points compared to Q2 2025. The
sequential improvement in gross profit mar-
gin was a result of the ongoing conversion
of freelancers to own employees on public
deliveries.
Adjusted EBITDA margin was 14.3% in Q3
2025 compared to 10.3% in the same quar-
ter last year and significantly improved 12.3
percentage points compared to Q2 2025.
Client facing FTEs grew by 14.2% in Q3
2025.
Netcompany Norway
Revenue in Netcompany Norway de-
creased 2% in Q3 2025 compared to the
same quarter last year. The market for IT
consulting services in Norway has been
soft and in general declined over the last 12
months.
Gross profit margin was 13.4% in Q3 2025,
compared to 24.1% in the same quarter last
year. The decline was related to the chal-
lenging Norwegian market.
Adjusted EBITDA margin was 0.4% in Q3
2025 compared to 11% in Q3 2024.
In Q3 2025, client facing FTEs increased by
3.3% compared to the same quarter last
year, as Netcompany Norway had already
secured employment contracts with 2025
graduates during 2024.
BUSINESSSEGMENTSQ3
CONTINUED
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
8
38
Adjusted EBITDA was DKK 26.9m in Q3
2025 compared to pro forma adjusted
EBITDA of DKK 26.2m in Q3 2024. Pro
forma adjusted EBITDA has been adjust-
ed for capitalisations to compare “like for
like”. Adjusted EBITDA margin was 6.4% in
Q3 2025, in line with pro forma adjusted
EBITDA margin of 6.6% in SDC in the same
quarter last year.
The integration of SDC into Netcompany
Banking Services is progressing faster than
anticipated.
Netcompany Netherlands
Revenue in Netcompany Netherland in-
creased 10% in Q3 2025 compared to the
same quarter last year, solely generated
in the public sector. In Q3 2025, two con-
tract wins In Netcompany Netherlands was
announced, one with the Dutch Ministry of
Foreign Affairs and one with the three col-
laborating probation organisations: 3RO.
Gross profit was DKK 18.4m in Q3 2025, in
line with the same quarter last year.
Adjusted EBITDA margin was 22.9% in Q3
2025, also in line with the same quarter last
year.
Client facing FTEs grew by 6.5% in Q3
2025.
Netcompany Banking Services
1
Revenue in Netcompany Banking Servic-
es was DKK 420.9m in Q3 2025. Revenue
increased 5.8% compared to pro forma
revenue in SDC Q3 2024, as a result of in-
creased activity with existing customers.
Gross profit in Netcompany Banking Ser-
vices was DKK 53.4m in Q3 2025, yielding a
gross profit margin of 12.7%.
BUSINESSSEGMENTSQ3
CONTINUED
1
As of 1 July 2025, Netcompany Banking Services,
formerly SDC, was included in the Group. This result-
ed in a new reporting standard for SDC, moving from
Danish GAAP to IFRS; a detailed explanation and the
impacts can be found on page 12.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
9
38
Performance overview 9 months
Netcompany
Banking Services
YTD 2025 YTD 2025 % change non-organic % change
DKK million
(reported) (constant)* YTD 2024 (reported) impact (constant)*
Total 2024
Revenue 5,627.0 5,628.6 4,862.3 15.7% 8.7pp 15.8% 6,540.6
Cost of services -4,078.6 -4,079.8 -3,427.8 19.0% 10.7pp 19.0% -4,612.1
Gross profit 1,548.4 1,548.7 1,434.5 7.9% 3.7pp 8.0% 1,928.4
Gross profit margin 27.5% 27.5% 29.5% -2.0pp -1.2pp -2.0pp 29.5%
Sales and marketing costs -44.7 -44.7 -36.9 21.2% 4.6pp 21.3% -52.8
Administrative costs -616.5 -617.1 -575.1 7.2% 4.3pp 7.3% -777.7
Adjusted EBITDA 887.2 886.9 822.5 7.9% 3.3pp 7. 8 % 1,097.9
Adjusted EBITDA margin 15.8% 15.8% 16.9% -1.1pp -0.8pp -1.2pp 16.8%
Special items -351.2 -351.2 -0.7 N/A N/A N /A -2.7
Other operating income / expense 0.1 0.1 -0.3 -138.1% -1.4pp -138.1% -5.4
EBITDA 536.2 535.9 821.5 -34.7% -33.8pp -34.8% 1,089.8
EBITDA margin 9.5% 9.5% 16.9% -7.4pp -6.1pp -7.4pp 16.7%
Depreciation -158.8 -159.1 -142.1 11.8% 3.6pp 12.0% -188.0
Amortisation -97.9 -97.9 -87.4 11.9% 11.9pp 11.9% -116.3
Operating profit (EBIT) 279.5 278.9 591.9 -52.8% -49.5pp -52.9% 785.5
Operating profit margin 5.0% 5.0% 12.2% -7.2pp -6.0pp -7.2pp 12.0%
Net financials -121.3 -121.2 -104.5 16.0% 0.6pp 16.0% -145.0
Income / loss from joint venture /
associates
-12.9 -12.9 -12.9 -0.3% -0.0pp -0.3% -16.5
Profit / loss before tax 145.3 144.8 474.5 -69.4% -61.9pp -69.5% 624.0
Tax -35.7 -35.7 -124.1 -71.2% -69.4pp -71.3% -156.5
Effective tax rate 24.6% 24.6% 26.2% -1.6pp -3.2pp -1.5pp 25.1%
Net profit / loss 109.6 109.1 350.4 -68.7% -59.3pp -68.9% 467.5
Additional KPIs
Earnings per share (DKK) 2.33 N/A 7.20 -67.7% -61.4pp N/A 9.67
Diluted earnings per share (DKK) 2.30 N/A 7.13 -67.7% -61.2pp N/A 9.58
Free cash flow 37.9 N /A 288.7 -86.9% -15.2pp N/A 821.1
Cash conversion rate 20.4% N/A 69.0% -48.6pp -0.8pp N/A 147.1%
Cash conversion rate (tax nor-
malised)
29.9% N/A 68.1% -38.1pp 5.4pp N/A 153.0%
*Constant currencies measured using average exchange rates for 2024
Organic revenue grew 7.1% in the first nine
months of 2025 compared to the same
period the year before. Organic growth was
driven by the public sector, including
EU, that grew revenue 8.3% in the first nine
months of 2025, and supported by revenue
growth of 4.3% from the private sector.
Reported revenue grew 15.7% in the first
nine months of 2025, of which 8.7 percent-
age points were non-organic related to Net-
company Banking Services.
Organic gross profit increased 4.2% to DKK
1,495m in the first nine months of 2025,
yielding an organic gross profit margin
of 28.7% compared to 29.5% in the same
period last year. Reported gross profit in-
creased 7.9% in the first nine months of
2025, of which 3.7 percentage points was
non-organic.
Organic adjusted EBITDA margin was 16.5%
in the first nine months of 2025 – in line
with the same period last year. Reported
adjusted EBITDA was DKK 887.2m in the
first nine months of 2025, yielding an ad-
justed EBITDA margin of 15.8%.
Organic client facing FTEs grew 5.2%. Re-
ported client facing FTEs grew 9% and av-
erage FTEs in the first nine months of 2025
amounted to 8,655 including the addition
of 911 FTEs in Q3 2025 from Netcompany
Banking Services.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
10
38
Business Segments 9 months
DKK million
YTD 2025
Constant (2024 rate)
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 5,628.6 2,351.0 1,928.0 501.1 273.9 153.7 420.9
Gross profit 1,548.7 869.7 428.1 99.1 46.4 52.1 53.4
Gross profit margin 27.5% 3 7. 0 % 22.2% 19.8% 16.9% 33.9% 12.7%
Local admin costs -613.0 -334.4 -143.3 -52.2 -35.2 -21.5 -26.5
Adjusted EBITDA before HQ costs 935.7 535.3 284.8 46.9 11.1 30.6 26.9
Adjusted EBITDA margin before HQ costs
16.6% 22.8% 14.8% 9.4% 4.1% 19.9% 6.4%
Allocated costs from HQ -48.8 -33.9 0.0 -8.0 -4.5 -2.4 0.0
Special Items, allocated -351.2 -32.9 -0.0 -7.3 -4.1 -2.1 -304.7
Other operating income / expense 0.1 0.0 0.1 0.0 0.0 0.0 0.0
Depreciation -159.1 -76.2 -56.5 -10.7 -6.0 -4.6 -5.1
Amortisation -97.9 -30.1 -49.2 -4.4 -2.5 -1.3 -10.4
EBIT 278.9 362.1 179.2 16.4 -5.8 20.3 -293.3
Client facing FTEs 8,090 2,923 3,714 610 366 195 845
DKK million
YTD 2024
Reported
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 4,862.3 2,318.8 1,683.1 460.5 251.7 148.2 0.0
Gross profit 1,434.5 905.9 349.6 85.3 42.6 51.1 0.0
Gross profit margin 29.5% 39.1% 20.8% 18.5% 16.9% 34.5% N/A
Local admin costs -569.4 -319.4 -146.2 -48.3 -35.4 -20.0 0.0
Adjusted EBITDA before HQ costs 865.2 586.6 203.4 37.0 7.1 31.1 0.0
Adjusted EBITDA margin before HQ costs 17.8% 25.3% 12.1% 8.0% 2.8% 21.0% N /A
Allocated costs from HQ -42.6 -30.0 0.0 -6.7 -3.8 -2.2 0.0
Special Items, allocated -0.7 -0.5 0.0 -0.1 -0.1 -0.0 0.0
Other operating income / expense -0.3 0.0 -0.3 0.0 0.0 0.0 0.0
Depreciation -142.1 -72.0 -54.2 -4.9 -6.2 -4.8 0.0
Amortisation -87.4 -34.3 -42.4 -5.7 -3.2 -1.9 0.0
EBIT 591.9 449.8 106.4 19.6 -6.1 22.2 0.0
Client facing FTEs 7,421 2,804 3,497 578 357 184 0
Revenue, %
.%
.%
.%
YTD 2025
.%
.%
Revenue, %
.%
.%
.%
YTD 2024
.%
.%
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NBS
NBS
.%
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
11
38
Note that Netcompany Banking Services
is reported in its own segment and there-
fore do not contribute to any of the other
segments in the following overview.
Netcompany Denmark
Revenue in Netcompany Denmark was DKK
2,351m in the first nine months of 2025,
a slightly improvement compared to the
same period last year. Revenue was sup-
ported by growth both from the public and
private sector, which increased revenue
1.2% and 1.8%, respectively in the first nine
months of the year. Especially the first six
months of 2025 was affected by resources
spent on product and business develop-
ment, but as expected, the level of these
activities decreased during the third quar-
ter and is expected to normalise further
during Q4 2025.
Gross profit margin decreased 2.1 percent-
age points to 37% for the first nine months
of 2025. The margin was negatively im-
pacted by the time spent on investments in
our future and resources spent on pipeline
cases.
For the first nine months of 2025 adjusted
EBITDA margin was 22.8% compared to
25.3% in the same period last year. The
decline was mainly a result of the develop-
ment in gross profit margin.
Netcompany SEE & EUI
In Netcompany SEE & EUI revenue grew
14.6% to DKK 1,928m in the first nine
months of 2025. Revenue growth was driv-
en by strong performance within both the
public and private sector, that grew reve-
nue by 13.5% and 18.2%, respectively.
Gross profit margin improved 1.4 percent-
age points to 22.2% in the first nine months
of 2025 compared to the same period last
year. Gross profit was positively impacted
by higher licence revenue in the first nine
months of 2025.
For the first nine months of 2025 adjusted
EBITDA margin was 14.8% compared to
12.1% in the same period in 2024.
Netcompany UK
Netcompany UK grew revenue 8.8% to DKK
501.1m in the first nine months of 2025. The
growth was driven by the public sector that
grew revenue 18.1% in the first nine months
of the year, while private sector revenue
declined 10.9% as a result of discontinua-
tion of historical low-margin contracts.
Gross profit margin was 19.8% in the first
nine months of 2025 compared to 18.5%
in the same period last year. The improved
margin was a result of better utilisation.
Adjusted EBITDA margin was 9.4% for the
first nine months of 2025 compared to 8%
in the same period last year.
Netcompany Norway
In Netcompany Norway, revenue grew 8.8%
in the first nine months of 2025, driven by
growth in the public sector that increased
revenue 18.2% in the period. The private
sector revenue declined 3.6% in the period.
Gross profit margin was 16.9% on the first
nine months of 2025, on level with the
same period last year.
Adjusted EBITDA margin was 4.1% in the
first nine months of 2025 compared to
2.8% in the same period last year.
Netcompany Netherlands
Revenue in Netcompany Netherlands for
the first nine months of 2025 increased
3.7% compared to the same period last
year. The development in revenue should
be seen against a more than 40% growth in
the same period last year.
Gross profit margin was 33.9% in the first
nine months of 2025 and in line with the
same period last year.
Adjusted EBITDA margin in the first nine
months of 2025 was 19.9% compared to
21% in the same period the year before, al-
beit based on an insignificant development
in absolute numbers.
Netcompany Banking Services
As Netcompany Banking Services was in-
cluded as of 1 July 2025, pro forma results
are applied for the first six months of 2025.
Pro forma revenue for the first nine months
of 2025 was DKK 1,225.6m, compared to
pro forma revenue of DKK 1,261.7m in the
first nine months of 2024 in SDC.
Pro forma adjusted EBITDA was DKK 53.4m
in the first nine months of 2025 compared
to pro forma adjusted EBITDA of DKK
80.8m in the same period last year in SDC.
To compare “like for like”, pro forma adjust-
ed EBITDA was adjusted for capitalisations.
Pro forma adjusted EBITDA margin was
4.4% in the first nine months of 2025, com-
pared to pro forma adjusted EBITDA margin
of 6.4% in the same period last year in SDC.
The decrease in margin was expected, as
margin in SDC in 2024 was positively im-
pacted by non-recurring items related to
out-conversion of customers.
BUSINESSSEGMENTS9MONTHS
CONTINUED
1
As of 1 July 2025, Netcompany Banking Services,
formerly SDC, was included in the Group. This result-
ed in a new reporting standard for SDC, moving from
Danish GAAP to IFRS; a detailed explanation and the
impacts can be found on page 12.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
12
38
innovation for Netcompany Banking Ser-
vices customers and to eliminate duplicate
roles post-merger. In addition, Netcompa-
ny Banking Services will leave its current
headquarter in Ballerup and work out of the
Netcompany Corporate HQ in Strandgade
in Copenhagen as of January 2026. The
move will ensure fast and swift integration
and sharing of knowledge and support the
integration of Netcompany Banking Servic-
es into Netcompany Group even further.
During the next three years, Netcompany
expect to gradually realise cost synergies
that by 2028 are expected to be DKK 300m
to DKK 350m annually, compared to SDC
cost base in 2024.
Restructuring
As a result of the integration, a restruc-
turing provision of DKK 205.5m has been
booked in Q3 covering costs to be incurred
towards 2028. This covers costs related to
redundancies, leases terminations, termi-
nation of contracts for services no longer
required, as well as various costs related
to retention and integration efforts. Another
DKK 96.5m has been expensed in Q3 as
special items, bringing total special items
from Netcompany Banking Services to DKK
304m.
goodwill and customer relationships values
are eligible for tax depreciation under the
Danish tax law, the full purchase price of
DKK 1bn will be eligible for tax depreciation
over a 7-year period.
Change in ownership of JN data
As a consequence of the merger, SDC was
required to exit the ownership of JN Data
as per the stipulated shareholders agree-
ment. Hence Netcompany Banking Ser-
vices received a sum of DKK 65m for the
shares in JN Data during Q3 2025. Under
regulations for operators providing “critical
financial infrastructure,” JN Data is obliged
to continue to deliver unchanged services
in quality and price for at least 24 months.
If no alternative operating solution is es-
tablished at that point in time, JN Data will
remain obliged to deliver these services.
Integration and synergies
A main reason for the shareholders of SDC
to enter the transaction with Netcompany
was to accelerate innovation and reduce
time-to-market for new solutions. To deliver
on that promise, Netcompany has initiated
a comprehensive transformation project of
Netcompany Banking Services, introducing
Netcompany methodologies of working,
sharing existing platforms to accelerate
not exist under the IFRS interpretation even
though a significant amount of IP has been
developed and established. Hence the
value of own developed software is sub-
stantially reduced in the Purchase Price Al-
location (PPA) and reallocated to customer
relationships and goodwill.
This also means that Netcompany Bank-
ing Services will discontinue the previous
method of capitalising and amortising
approximately DKK 200m annually. Future
capitalisation of development of own soft-
ware solutions will be based on specific
cases where a standard SaaS solution is
developed that will subsequently be li-
censed.
Purchase Price Allocation
Based on the assessment of assets and
liabilities of SDC the PPA leads to the as-
sets and liabilities for Netcompany Banking
Services illustrated in note 8.
Tax impact
As a consequence of structuring the trans-
action as a taxable merger rather than a
traditional share purchase of shares, the
gain is taxable for the sellers, and the ac-
quired net assets will be eligible for tax
depreciation for Netcompany. As both
Update on the acquisition of SDC
Transaction structure
As of 1 July 2025 Netcompany completed
the acquisition of SDC through a taxable
merger whereby former SDC was merged
into a new company – Netcompany Bank-
ing Services – which was established by
Netcompany A/S and capitalised with DKK
1bn in cash and equity.
Danish GAAP vs. IFRS
The former SDC reported under Danish
GAAP, whereas Netcompany Banking Ser-
vices will report under IFRS going forward.
This results in significant differences in
accounting treatment for certain assets
and expenses, most notably accounting for
leases and own developed software.
Under Danish GAAP, leases are accounted
as an expense and included in administra-
tion costs. Under IFRS, leases are capital-
ised as “right of use” assets and amortised
over the lease term.
Under Danish GAAP, the value of own
developed software was capitalised and
amortised. Under IFRS, capitalisation re-
quires a “future delivery obligation.” Due to
the specific nature of the contract entered
into with all the customers of Netcompany
Banking Services, such an obligation does
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
13
38
Revenue visibility
The presented revenue visibility reflects the
expected revenue streams for a financial
year, meaning that revenue visibility end
of Q3 2025 is comprised of actuals for the
first nine months of 2025 and expected
revenue for the last three months of 2025.
Organic revenue visibility end of Q3 2025
was DKK 6,704.9m, which was an increase
of 6.8% compared to DKK 6,278.7m in Q3
2024.
Revenue visibility for 2025 consists of con-
tractual committed revenue and non-con-
tractual committed engagements, which
amounted to DKK 1,428.6m and DKK 70.2m,
respectively, while realised revenue in the
first nine months of 2025 amounted to DKK
5,206.1m.
Revenue visibility in the public sector in-
creased 9% compared to last year and
amounts to DKK 4,700.9m, of which con-
tractual committed revenue amounted to
DKK 1,049.3m and non-contractual com-
mitted engagements amounted to DKK
34.6m, while realised revenue in the first
nine months of 2025 amounted to DKK
3,617.1m.
Revenue visibility in the private sector
increased 2% compared to last year and
amounts to DKK 2,003.9m, of which con-
tractual committed revenue amounted to
DKK 379.3m and non-contractual commit-
ted engagements amounted to DKK 35.6m,
while realised revenue in the first nine
months of 2025 amounted to DKK 1,589m.
Based on pipeline end of Q3, revenue vis-
ibility in both public and private sectors
for the remaining part of 2025 remains at
a satisfactory level indicating continued
growth.
Effective from 1 July Netcompany assumed
100% ownership of SDC through the merger
of SDC into Netcompany Banking Services.
For the last three months of 2025 contrac-
tual committed revenue for Netcompany
Banking Services amount to DKK 390.5m.
DKK million
Organic revenue visibility for the financial year 2025
.%
.%
.%
,.
,.
.%
,.
Revenue
Contractual
committed
Total
Non con-
tractual
committed
.%
,.
.
.
.%
.%
PRIVATE
PUBLIC
.
,.
,.
.
1
At Netcompany, we measure revenue visibility for
the next 12 months based on two parameters: the to-
tal 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 growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
14
38
to include data on churn in the Group churn
numbers. Detailed FTE development in NBS
will instead be provided against expected
employee plans supporting the realisation
of ongoing synergies. These data points will
be provided twice a year in connection with
the full year report and the half year report.
sequential basis the churn rate was in line
with Q2 2025. Furthermore, the 3 months
rolling churn rates was in line with Q3 2024.
Netcompany Banking Services is in the
initial phase of a significant and structural
reorganisation. Hence, it makes no sense
Workforce
Netcompany employed an average of 9,482
FTEs in Q3 2025, equal to an increase of
1,394 FTEs or 17.2% compared to Q3 2024
(8,088 FTEs) of which 6 percentage points
were organic and 11.3 percentage points
non-organic. On a sequential basis FTEs
in Q3 2025 increased 13.8% compared to
Q2 2025, also driven by the intake of FTEs
from Netcompany Banking Services ac-
counting for 11 percentage points meaning
that organic FTEs increased 2.8% from Q2
2025 to Q3 2025.
The number of client facing FTEs for the
Group increased by 1,346 from 7,579 in Q3
2024 to 8,862 in Q3 2025, while the level of
non-client facing FTEs increased from 6.3%
in Q3 2024 to 6.5% in Q3 2025, caused
by the inclusion of Netcompany Banking
Services.
Freelancers in the organic part of the Group
decreased 8.1% from 991 in Q3 2024 to
877 in Q3 2025 driven by the decrease
in freelancers in Netcompany SEE & EUI.
The increase in UK contractors was due to
ramp up on public deliveries.
The attrition rate for the last twelve months
was 18% for the organic part of the Group,
which was an increase of 0.5 percentage
points compared to 17.5% in Q3 2024. On a
Avg. FTEs increased to 9,482 during Q3 2025
YTD
YTD
,
, ,
,
,
Q
,
,
NONCLIENTFACING
FREELANCERS
UNITEDKINGDOM
POLAND
DENMARK
UKCONTRACTORS
VIETNAM
NETHERLANDS
NORWAY
SEE&EUI
,
,
, ,
,
Q
,
,
,
,
,
,
,
,
,
,
,
,
BANKINGSERVICES
,
1
As of 1 July 2025, Netcompany Banking Services,
formerly SDC, was included in the Group. Average
FTE figures for Netcompany Banking Services in-
cludes freelancers and non-client facing FTEs.
2
Average FTE figures for YTD 2025 in the illustration
equals Q3 2025 average FTEs for Netcompany Bank-
ing Services.
, ,
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
15
38
Free cash flow and cash conversion rate
1
Organic free cash flow decreased from
DKK 145.3m in Q3 2024 to negative DKK
11.5m in Q3 2025. The development in the
organic free cash flow was mainly driven
by development in working capital, and to
some extent also impacted by increased
tax payments and increased acquisition of
fixed assets.
The negative working capital changes in
Q3 2025 were mainly driven by increased
trade receivables and increased contract
work in progress in the organic part of the
Group. The development in contract work
in progress was due to timing of milestone
payments on significant projects mainly
within public contracts throughout the
Group, while the level of trade receivables
end of Q3 2025 was slightly below realised
level end of Q3 2024.
Tax payments within the quarter increased
to DKK 24.5m compared to DKK 1.6m in Q3
2024 and was caused by improved results
in Netcompany SEE & EUI.
The increase in fixed assets was mainly
driven by increased investments in data-
centres.
Normalised for taxes paid on account
1
,
the organic part of the Group generated a
negative free cash flow of DKK 37m in Q3
2025, DKK 133.5m below tax normalised
free cash flow in Q3 2024 of DKK 96.4m.
Consequently, organic cash conversation
rate was negative 7.1% compared to 89.5%
in Q3 2024, while cash conversion rate ad-
justed for taxes paid on account decreased
from 59.4% in Q3 2024 to negative 22.8% in
Q3 2025.
In Q3 2025, Netcompany Banking Services
accounted for negative DKK 44m of the
Groups free cash flow which totalled nega-
tive DKK 55.5m.
For the first nine months, the organic part
of the Group generated a free cash flow of
DKK 81.9m compared to a tough compara-
ble of DKK 288.7m in the first nine months
of 2024. The development was partly
caused by special items recognised in
the organic part of the Group and work-
ing capital changes within the period. The
changes in working capital were mainly
driven by the development in contract work
in progress, which was somewhat offset by
the development in trade receivables and
prebilled invoices, also driven by the timing
of milestones on significant projects.
As a consequence of the development
in the free cash flow, organic cash con-
versation rate for the first nine months
decreased from 69% in 2024 to 21.3% in
2025, while cash conversion rate adjusted
for taxes paid on account decreased from
68.1% in first nine months of 2024 to 24.6%
in the same period in 2025.
In the first nine months, total Group free
cash flow was DKK 37.9m compared to
DKK 288.7m in the same period last year.
The development was negatively impacted
by Netcompany Banking Services free cash
flow of negative DKK 44m.
Tax normalised cash conversion ratio for
the total Group decreased from 68.1% in
first nine months of 2024 to 29.9% in first
nine months of 2025.
Trade receivables
End of Q3 2025, trade receivables amount-
ed to DKK 1,265.3m compared to DKK
Capital and other financial positions
1
Taxes paid within the Group are, due to local tax
regulations, 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 bet-
ter reflect the underlying development in free cash
flow based on operations rather than impact from
local tax legislation in Denmark.
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provision Total
Trade receivables, 30
September 2025
850.6 210.4 70.5 29.7 105.0 -0.9 1,265.3
Trade receivables, 30
September 2024
816.0 255.4 55.8 54.2 75.4 -24.6 1,232.3
1,232.3m end of Q3 2024, corresponding to
an increase of 2.7% compared to reve-
nue growth of 34.3% and organic revenue
growth of 8.2% in the quarter.
The development in trade receivables
compared to revenue was impacted by the
inclusion of Netcompany Banking Services,
that to a higher extent delivers services to
clients paying upfront, as well as a differ-
ent revenue mix in Netcompany Banking
Services with higher percentage of T&M
contracts, compared to the original part of
Netcompany Group.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
16
38
CASHFLOWANDOTHERSIGNIFICANTFINANCIALPOSITIONSCONTINUED
Revenue in the prevailing 12 months (LTM)
increased by 13.3%.
As a total, trade receivables and work in
progress amounted DKK 2,239.6m end
of Q3 2025 and was on level with DKK
2,258.2m end of Q3 2024.
Investments
On 10 February 2025, Netcompany Group
established Netcompany Banking Servic-
es A/S and agreed with a majority of the
shareholders of SDC A/S to merge Net-
company Banking Services A/S and SDC
A/S into a combined company fully owned
by Netcompany Group. The transaction
was closed on 1 July and valued SDC at
DKK 1bn, which was paid in cash on 1 July
2025 by Netcompany Banking Services
A/S to SDC’s shareholders.
Funding and liquidity
The Group bank loan have been prolonged
twice by one year and now runs to 2027.
The combined committed facilities consti-
tute DKK 2,800m and an additional facility
of DKK 2,000m, available only for new
acquisitions.
On 30 September 2025, DKK 1,580m of the
committed lines were utilised on ordinary
borrowings, and DKK 1,000m of the addi-
tional facility was drawn to settle the trans-
action with SDC A/S 1 July 2025, leaving a
total of DKK 2,202.9m available in unuti-
lised funding of which DKK 1,202.9m can
be utilised for normal operations if needed
with no additional costs or covenants.
In addition, Netcompany SEE & EUI had
utilised DKK 832.9m on local guarantees,
having no impact on the Group facilities
except for leverage.
Including net cash balance as of 30 Sep-
tember 2025 of DKK 265.6m, available
Group funding was DKK 1,468.5m.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Report
for 2024.
Capital structure
In Q3 2025, the debt ratio based on adjust-
ed EBITDA was 1.7x compared to 1.5x in Q3
2024. All covenants are complied with.
Events after the balance sheet date
To this date, no events have occurred after
the balance sheet date, which would influ-
ence the evaluation of this report.
-0.8%
34.3%
13.3%
1,265.3
2,167.8
Work in progress overview
1,000
0
500
1,500
Sept. 30
2025
Q3 2025
Q3 2025
LTM
7,305.3
WIP
REVENUE
1,232.3
Sept. 30
2024
1,613.9
Q3 2024
Q3 2024
LTM
6,444.9
6,000
2,000
TRADERECEIVABLES
974.3
1,025.9
DKK million
974.3m, represented by contract work in
progress of DKK 2,101.4m and prepayments
received from customers of DKK 1,127m.
Combined work in progress decreased by
5% from DKK 1,025.9m end of Q3 2024 to
DKK 974.3m end of Q3 2025, compared
to revenue growth of 34.3% and organic
revenue growth of 8.2%. Once again, the
development was impacted by a different
revenue mix in Netcompany Banking Ser-
vices and the clients paying upfront.
As a result, days sales outstanding de-
creased from 70 days in Q3 2024 to 53
days in Q3 2025. Furthermore, the amount
of overdue trade receivables decreased
from DKK 440.8m in Q3 2024 to DKK
415.6m, and the relative split of overdue
trade receivables improved by 2.2 percent-
age points from 35.1% by the end of Q3
2024 to 32.8% by the end of Q3 2025.
Work in progress
On 30 September 2025, Netcompa-
ny’s work in progress amounted to DKK
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
17
38
The targets are as follows:
• Long-term organic revenue growth for
the Group through any business cycle
of between 5% and 10% annually.
• Adjusted EBITDA margin above 20% for
the Group to be reached by 2029.
• Dynamic cash redistribution using share
buyback programmes and dividends of
all free cash flow before any acquisi-
tions and observing leverage target.
• Completion of the DKK 2bn share buy-
back programme by 2026, as originally
introduced in 2023, to be fully hon-
oured.
• Leverage ratio below 1x.
35m and DKK 40m for 2025 (six months)
as cost synergies impacting 2025 will be
limited.
The share buyback programme of DKK
500m launched in connection with the Q2
2025 report to be executed until 30 January
2026 remains fully committed.
On 31 October, Netcompany will host a Capi-
tal Markets Day at the company’s corporate
HQ in Strandgade, Copenhagen. Long-term
targets for organic revenue growth and
organic adjusted EBITDA margin as well as
principles for capital allocation will be pre-
sented and explained at the Capital Markets
Day.
Guidance 2025
Financial guidance for 2025, as given in the
annual report 2024, is based on organic
measures and thereby excludes the impact
from the acquisition of SDC – now Netcom-
pany Banking Services. As the transaction
with SDC was completed as of 1 July 2025,
the impact on the 2025 actual financial per-
formance will be non-organic.
Considering organic revenue growth of 7.1%
for the first nine months of 2025 and taking
pipeline and revenue visibility into account
for the remaining part of 2025, we lift the
lower end of the expected revenue growth
range from 5% to 6%. At the same time, we
narrow the range and reduce the top end
of the expected revenue growth range from
10% to 8%. Consequently, we now expect
organic revenue growth for 2025 to be be-
tween 6% and 8%.
At the same time, we narrow the range for
our expectation to organic margin and now
expect an organic adjusted EBITDA margin
between 16% and 18% for 2025.
Non-organic revenue in Q3 was DKK 420.9m
delivered through Netcompany Banking
Services – in line with expectations. We still
expect non-organic revenue for 2025 to
be within the range of DKK 840m and DKK
870m. For non-organic adjusted EBITDA
margin we expect Netcompany Banking
Services to deliver a result of between DKK
Original expectation for
organic revenue growth in
2025
5%-10%
Original expectation for
organic adjusted EBITDA
margin in 2025
16%-19%
Updated expectation for
organic adjusted EBITDA
margin in 2025
16%-18%
Updated expectation for
organic revenue growth in
2025
6%-8%
Adjusted EBITDA margin for
the Group
- to be reached by 2029
>20%
Long-term organic revenue
growth target annually
5%-10%
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
18
38
Capital
At the Annual General Meeting in March
2025 a decision was passed to reduce the
share capital by DKK 2.5m by cancelling
2.5m treasury shares. The registration of
the share capital reduction was made by
the Danish Business Authority on 7 April
2025.
At 30 September 2025, Netcompany’s
share capital was DKK 47.5m divided into
47.5m shares.
End of Q3 2025, Netcompany held 965,010
treasury shares equivalent to 2% of the
share capital.
Shares will be used to honour the Group’s
commitments under its long-term incentive
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, 598,226 restricted stock units
(RSUs) and 154,200 matching shares
in relation to the share-based incentive
schemes were issued at 30 September
2025 of which 116,654 RSUs and 24,000
matching shares were granted to Execu-
tive Management and 481,572 RSUs and
130,200 matching shares were granted
to Other Key Management Personnel and
Other Employees.
The fair value of the shares at grant was
DKK 203.5m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 17.7m was recog-
nised as personnel costs in the income
statement in Q3 2025 and DKK 51.7m for
the first nine month of 2025.
Additional information on the holdings of
Netcompany shares and restricted stock
units by members of the Board of Directors
and Executive Management Board is dis-
closed in the Remuneration Report.
Shareholder information
Financial calendar 2026
21 January 2026
Deadline for the shareholders to submit proposals for
the agenda of the Annual General Meeting 2025
3 February 2026 Annual Report for the financial year 2025
5 March 2026 Annual General Meeting 2025
6 May 2026 Interim report for the first 3 months of 2026
13 August 2026 Interim report for the first 6 months of 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 47.500.000
Nominal size DKK 1
Number of shares No. 47.500.000
Restriction in voting
rights No
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
19
38
Statement of the Board of Directors
and Executive Management
Executive Management
Board of Directors
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
20
38
Consolidated interim
financial statements
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
21
38
Income statement and Statement
of comprehensive income
DKK million
Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
Income statement
Revenue 1,2 2,167.8 1,613.9 5,627.0 4,862.3 6,540.6
Cost of services 3 -1,577.5 -1,108.8 -4,078.6 -3,427.8 -4,612.1
Gross profit 590.4 505.1 1,548.4 1,434.5 1,928.4
Sales and marketing costs -13.4 -12.9 -44.7 -36.9 -52.8
Administrative costs 4 -217.7 -185.9 -616.5 -575.1 -777.7
Adjusted EBITDA 359.3 306.3 887.2 822.5 1,097.9
Special items 5 -310.2 0.0 -351.2 -0.7 -2.7
Other operating income / expense 0.2 -0.4 0.1 -0.3 -5.4
EBITDA 49.3 305.9 536.2 821.5 1,089.8
Depreciation -58.1 -47.2 -158.8 -142.1 -188.0
Amortisation -39.6 -29.8 -97.9 -87.4 -116.3
Operating profit (EBIT) -48.4 228.9 279.5 591.9 785.5
Financial income 6 3.5 6.8 14.8 22.6 30.1
Financial expenses 6 -48.3 -43.0 -136.1 -127.1 -175.1
Income / loss from joint venture / associates -3.4 -3.8 -12.9 -12.9 -16.5
Profit / loss before tax -96.7 188.9 145.3 474.5 624.0
Tax on the profit / loss for the period 28.8 -49.9 -35.7 -124.1 -156.5
Net profit / loss for the period -67.9 139.1 109.6 350.4 467.5
Of which
Non-controlling interest 0.0 -0.4 0.0 -2.0 -2.7
Netcompany Group A/S' share
-67.9 139.5 109.6 352.4 470.2
Earnings per share
Earnings per share (DKK)
7
-1.44 2.89 2.33 7.20 9.67
Diluted Earnings per share (DKK) 7 -1.43 2.86 2.30 7.13 9.58
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
22
38
Statement of comprehensive income
Net profit / loss for the period -67.9 139.1 109.6 350.4 467.5
Other comprehensive income items that may be reclassified subse-
quently to profit or loss:
Exchange rate adjustments on translating foreign subsidiaries -2.8 -0.6 -9.8 2.2 5.0
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 -2.4
Other comprehensive income, net of tax -2.8 -0.6 -9.8 2.2 2.6
Of which
Non-controlling interest 0.0 -0.2 0.0 -0.1 0.1
Netcompany Group A/S' share
-2.8 -0.5 -9.8 2.3 2.6
Total comprehensive income / loss -70.7 138.4 99.8 352.6 470.1
Of which
Non-controlling interest 0.0 -0.6 0.0 -2.1 -2.6
Netcompany Group A/S' share
-70.7 139.0 99.8 354.8 472.7
DKK million
Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
INCOMESTATEMENTANDSTATEMENT
OFCOMPREHENSIVEINCOME
CONTINUED
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
23
38
Statement of financial position
30 September 30 September 31 December
DKK million
Note 2025 2024 2024
Assets
Goodwill 3,858.4 3,252.0 3,252.0
Other intangible assets 813.9 458.9 456.7
Tangible assets 911.2 881.1 896.8
Investment in joint venture 89.5 79.5 78.6
Investment in associates 125.5 111.7 109.0
Other securities and invest-
ments
Other receivables 84.2 47.4 72.5
Deferred tax assets 130.2 47.7 46.5
Total non-current assets 6,013.8 4,879.4 4,913.4
Inventories 0.5 0.0 0.0
Trade receivables 1,265.3 1,232.3 1,282.6
Receivables from joint ven-
ture
Receivables from associates 5.8 12.0 10.9
Contract work in progress 9 2,101.4 1,590.4 1,366.0
Other receivables 77.7 127.0 111.0
Prepayments 138.0 111.2 113.2
Tax receivables 19.1 17.7 18.3
Total receivables 3,613.0 3,096.3 2,908.0
Cash 265.6 32.6 250.9
Total current assets 3,878.7 3,128.9 3,158.9
Total assets 9,892.5 8,008.3 8,072.3
30 September 30 September
31 December
DKK million
Note 2025 2024
2024
Equity and liabilities
Share capital 47.5 50.0 50.0
Treasury shares -275.6 -650.0 -884.1
Retained earnings 3,778.2 4,319.6 4,450.3
Other reserves
-0.9 1.5
-0.9
Equity attributable to Group 3,549.2 3,721.1 3,615.4
Non-controlling interest 0.0 4.4 0.0
Total equity 3,549.2 3,725.5 3,615.4
Borrowings 2,575.0 1,573.2 1,573.9
Lease liabilities 719.4 738.9 707.0
Pension obligations 26.9 21.4 23.7
Deferred tax liability 60.2 63.7 44.7
Total non-current liabilities 3,381.5 2,397.2 2,349.3
Borrowings 37.4 46.9 37.3
Lease liabilities 216.4 105.1 146.4
Pension obligations 1.7 1.7 1.7
Prebilled invoices 9 1,127.0 564.5 828.7
Trade payables 476.7 349.7 343.1
Other payables 764.4 755.2 717.1
Provisions 10 321.8 0.2 2.1
Income tax payable 16.4 62.3 31.4
Total current liabilities 2,961.8 1,885.6 2,107.6
Total liabilities 6,343.3 4,282.8 4,456.9
Total equity and liabilities 9,892.5 8,008.3 8,072.3
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
24
38
Cash flow statement
DKK million
Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
Operating profit (EBIT) -48.4 228.9 279.5 591.9 785.5
Depreciation and amortisation 170.8 77.0 329.8 229.6 304.3
Non-cash items 17.7 13.5 51.4 41.2 54.5
Working capital changes -74.1 -111.3 -254.9 -265.2 145.0
Total 66.0 208.1 405.8 597.5 1,289.2
Income taxes paid -24.5 -1.6 -119.2 -132.6 -211.6
Financial income received 2.0 3.7 7.6 13.6 17.4
Financial expenses paid -39.6 -30.6 -108.8 -92.7 -128.0
Cash flow from operating activities 3.9 179.6 185.4 385.8 966.9
Net cash outflow on acquisition of subsidiaries -1,000.4 0.0 -1,000.4 0.0 0.0
Cash and cash equivalents acquired 314.0 0.0 314.0 0.0 0.0
Other investments 66.0 -0.1 25.9 -0.1 -13.6
Capitalisation of intangible assets -30.3 -23.7 -88.6 -64.3 -91.0
Acquisition of fixed assets -29.1 -10.6 -58.9 -32.8 -54.9
Other receivables (deposits) -4.5 9.2 -4.9 6.6 -18.8
Cash flow from investment activities -684.3 -25.2 -812.9 -90.6 -178.2
Payment of treasury shares -150.0 -212.1 -223.9 -499.6 -727.5
Proceeds from borrowings 0.0 0.0 1,000.0 0.0 0.0
Repayment of borrowings 0.0 -107.5 -0.2 -113.7 -123.4
Repayment of lease liabilities -47.2 -39.7 -129.1 -99.3 -138.1
Cash flow from financing activities -197.2 -359.3 646.8 -712.6 -988.9
Net increase in cash and cash equivalents -877.6 -204.8 19.3 -417.4 -200.2
Cash and cash equivalents at the beginning 1,144.2 237.2 250.9 448.1 448.1
Effect of exchange rate changes on the balance cash
held in foreign currencies
-0.9 0.2 -4.6 1.9 3.1
Cash and cash equivalents at the end 265.6 32.6 265.6 32.6 250.9
Depreciation and amortisation recog-
nised in the Cash flow Statement do not
match the depreciation and amortisation
in the Income Statement as DKK 73.1m
is presented as Special Items in the In-
come statement.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
25
38
Statement of changes in Equity
Foreign
currency Total equity, Non-
Share Treasury Share-based translation Other Retained Netcompany controlling
DKK million
capital shares remuneration subsidiaries reserves earnings Group A/S interest Total equity
Equity at 1 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 0.0 3,752.1
Profit for the period 0.0 0.0 0.0 0.0 0.0 -67.9 -67.9 0.0 -67.9
Other comprehensive income 0.0 0.0 0.0 -2.8 0.0 0.0 -2.8 0.0 -2.8
Total comprehensive income 0.0 0.0 0.0 -2.8 0.0 -67.9 -70.7 0.0 -70.7
Treasury Shares for the period 0.0 -150.0 0.0 0.0 0.0 0.0 -150.0 0.0 -150.0
Share-based remuneration for the period 0.0 4.3 14.6 0.0 0.0 -1.2 17.7 0.0 17.7
Total transactions with owners 0.0 -145.7 14.6 0.0 0.0 -1.2 -132.2 0.0 -132.2
Equity at 30 September 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2 0.0 3,549.2
Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4
Profit for the period 0.0 0.0 0.0 0.0 0.0 109.6 109.6 0.0 109.6
Other comprehensive income 0.0 0.0 0.0 -9.8 0.0 0.0 -9.8 0.0 -9.8
Total comprehensive income 0.0 0.0 0.0 -9.8 0.0 109.6 99.8 0.0 99.8
Treasury Shares for the period -2.5 561.2 0.0 0.0 0.0 -776.4 -217.6 0.0 -217.6
Share-based remuneration for the period 0.0 47.3 16.6 0.0 0.0 -12.1 51.7 0.0 51.7
Total transactions with owners -2.5 608.5 16.6 0.0 0.0 -788.5 -166.0 -0.0 -166.0
Equity at 30 September 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2 0.0 3,549.2
Equity at 1 June 2024 50.0 -438.9 64.4 8.1 1.5 4,094.2 3,779.2 5.0 3,784.2
Profit for the period 0.0 0.0 0.0 0.0 0.0 139.5 139.5 -0.4 139.1
Other comprehensive income 0.0 0.0 0.0 -0.5 0.0 0.0 -0.5 -0.2 -0.6
Total comprehensive income 0.0 0.0 0.0 -0.5 0.0 139.5 139.0 -0.6 138.4
Treasury Shares for the period 0.0 -211.2 0.0 0.0 0.0 0.0 -211.2 0.0 -211.2
Share-based remuneration for the period 0.0 0.2 14.0 0.0 0.0 -0.1 14.1 0.0 14.1
Total transactions with owners 0.0 -211.0 14.0 0.0 0.0 -0.1 -197.1 0.0 -197.1
Equity at 30 September 2024 50.0 -650.0 78.5 7.6 1.5 4,233.5 3,721.1 4.4 3,725.5
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
26
38
Foreign
currency Total equity, Non-
Share Treasury Share-based translation Other Retained Netcompany controlling
DKK million
capital shares remuneration subsidiaries reserves earnings Group A/S interest Total equity
STATEMENTOFCHANGESINEQUITY
Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1
Total comprehensive income 0.0 0.0 0.0 4.9 -2.4 470.2 472.7 -2.6 470.1
Total transactions with owners 0.0 -691.0 22.9 0.0 0.0 -12.8 -680.9 -4.0 -684.9
Equity at 31 December 2024 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4
Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1
Profit for the period 0.0 0.0 0.0 0.0 0.0 352.4 352.4 -2.0 350.4
Other comprehensive income 0.0 0.0 0.0 2.3 0.0 0.0 2.3 -0.1 2.2
Total comprehensive income 0.0 0.0 0.0 2.3 0.0 352.4 354.8 -2.1 352.6
Treasury Shares for the period 0.0 -498.1 0.0 0.0 0.0 0.0 -498.1 0.0 -498.1
Share-based remuneration for the period 0.0 41.2 11.3 0.0 0.0 -11.6 40.9 0.0 40.9
Total transactions with owners 0.0 -456.9 11.3 0.0 0.0 -11.6 -457.2 0.0 -457.2
Equity at 30 September 2024 50.0 -650.0 78.5 7.6 1.5 4,233.5 3,721.1 4.4 3,725.5
CONTINUED
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
27
38
Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024
Revenue 2,167.8 1,613.9 34.3% 795.2 759.1 643.1 571.5 174.2 152.1 80.5 82.2 53.9 49.0 420.9 0.0
Cost of service -1,577.5 -1,108.8 42.3% -454.2 -440.9 -516.5 -453.6 -134.1 -120.5 -69.7 -62.4 -35.5 -31.4 -367.5 0.0
Gross profit 590.4 505.1 16.9% 341.1 318.1 126.6 117.9 40.1 31.6 10.8 19.8 18.5 17.6 53.4 0.0
Gross profit margin 27.2% 31.3% -4.1pp 42.9% 41.9% 19.7% 20.6% 23.0% 20.8% 13.4% 24.1% 34.2% 36.0% 12.7% 0.0%
Allocated costs -214.4 -185.0 15.9% -107.3 -100.7 -48.7 -51.4 -15.4 -16.0 -10.5 -10.8 -6.1 -6.1 -26.5 -0.0
Adjusted EBITDA before
HQ costs
376.0 320.1 17.4% 233.7 217.5 77.9 66.5 24.8 15.6 0.3 9.0 12.3 11.5 26.9 -0.0
Adjusted EBITDA margin
before HQ costs
17.3% 19.8% -2.5pp 29.4% 28.6% 12.1% 11.6% 14.2% 10.3% 0.4% 11.0% 22.9% 23.5% 6.4% 0.0%
Allocated costs from HQ -16.7 -13.8 20.7% -11.6 -9.7 0.0 0.0 -2.9 -2.2 -1.4 -1.2 -0.8 -0.7 0.0 -0.0
Adjusted EBITDA 359.3 306.3 17.3% 222.1 207.8 77.9 66.5 21.9 13.4 -1.1 7.8 11.5 10.8 26.9 -0.0
Adjusted EBITDA margin 16.6% 19.0% -2.4pp 27.9% 27.4% 12.1% 11.6% 12.6% 8.8% -1.4% 9.5% 21.3% 22.0% 6.4% 0.0%
Special items -310.2 0.0 N/A -4.5 0.0 -0.0 0.0 -0.5 0.0 -0.2 0.0 -0.2 0.0 -304.7 0.0
Other operating income
/ expense
0.2 -0.4 -143.0% 0.0 0.0 0.2 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 49.3 305.9 -83.9% 217.6 207.8 78.1 66.1 21.4 13.4 -1.3 7.8 11.3 10.8 -277.8 -0.0
EBITDA margin 2.3% 19.0% -16.7pp 27.4 % 27.4 % 12.1% 11.6% 12.3% 8.8% -1.7% 9.5% 21.0% 22.0% -66.0% 0.0%
Depreciation -58.1 -47.2 23.2% -26.1 -23.9 -19.5 -18.6 -4.0 -1.0 -1.9 -2.0 -1.5 -1.6
-5.1 0.0
Amortisation -39.6 -29.8 32.9% -10.1 -11.3 -16.4 -15.0 -1.5 -1.9 -0.7 -1.0 -0.5 -0.6
-10.4 0.0
EBIT -48.4 228.9 -121.2% 181.5 172.6 42.2 32.5 15.8 10.5 -4.0 4.7 9.3 8.5
-293.3 0.0
EBIT margin
-2.2% 14.2% -16.4pp 22.8% 22.7% 6.6% 5.7% 9.1% 6.9% -5.0% 5.8% 17.3% 17.4% -69.7% 0.0%
Segmentation
NOTE1
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
28
38
Segmentation
CONTINUED
Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue 5,627.0 4,862.3 15.7% 2,350.9 2,318.8 1,928.8 1,683.1 501.5 460.5 271.0 251.7 153.8 148.2 420.9 0.0
Cost of service -4,078.6 -3,427.8 19.0% -1,481.2 -1,412.9 -1,500.3 -1,333.5 -402.4 -375.2 -225.6 -209.1 -101.7 -97.1 -367.5 0.0
Gross profit 1,548.4 1,434.5 7.9% 869.7 905.9 428.5 349.6 99.2 85.3 45.5 42.6 52.1 51.1 53.4 0.0
Gross profit margin
27.5% 29.5% -2.0pp 37.0 % 39.1% 22.2% 20.8% 19.8% 18.5% 16.8% 16.9% 33.9% 34.5% 12.7% 0.0%
Allocated costs -612.4 -569.4 7. 6 % -334.0 -319.4 -143.2 -146.2 -52.3 -48.3 -34.9 -35.4 -21.5 -20.0 -26.5 0.0
Adjusted EBITDA before
HQ costs
936.0 865.2 8.2% 535.7 586.6 285.3 203.4 46.8 37.0 10.6 7.1 30.6 31.1 26.9 0.0
Adjusted EBITDA margin
before HQ costs
16.6% 17.8% -1.2pp 22.8% 25.3% 14.8% 12.1% 9.3% 8.0% 3.9% 2.8% 19.9% 21.0% 6.4% 0.0%
Allocated costs from HQ -48.8 -42.6 14.4% -33.9 -30.0 0.0 0.0 -8.0 -6.7 -4.5 -3.8 -2.4 -2.2 0.0 0.0
Adjusted EBITDA 887.2 822.5 7.9% 501.8 556.6 285.3 203.4 38.8 30.3 6.1 3.4 28.2 28.9 26.9 0.0
Adjusted EBITDA margin
15.8% 16.9% -1.1pp 21.3% 24.0% 14.8% 12.1% 7.7 % 6.6% 2.3% 1.3% 18.4% 19.5% 6.4% 0.0%
Special items -351.2 -0.7
N/A
-32.9 -0.5 -0.0 0.0 -7.3 -0.1 -4.1 -0.1 -2.1 -0.0 -304.7 -0.0
Other operating income
/ expense
0.1 -0.3 -138.1% 0.0 0.0 0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 536.2 821.5 -34.7% 468.9 556.1 285.4 203.1 31.5 30.2 2.0 3.3 26.1 28.9 -277.8 0.0
EBITDA margin
9.5% 16.9% -7.4pp 19.9% 24.0% 14.8% 12.1% 6.3% 6.6% 0.7% 1.3% 17.0% 19.5% -66.0% 0.0%
Depreciation -158.8 -142.1 11.8% -76.0 -72.0 -56.5 -54.2 -10.7 -4.9 -5.9 -6.2 -4.6 -4.8 -5.1 0.0
Amortisation -97.9 -87.4 11.9% -30.1 -34.3 -49.2 -42.4 -4.4 -5.7 -2.5 -3.2 -1.3 -1.9 -10.4 0.0
EBIT 279.5 591.9 -52.8% 362.8 449.8 179.7 106.4 16.4 19.6 -6.3 -6.1 20.2 22.2 -293.3 0.0
EBIT margin
5.0% 12.2% -7.2pp 15.4% 19.4% 9.3% 6.3% 3.3% 4.3% -2.3% -2.4% 13.2% 15.0% -69.7% 0.0%
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
29
38
Revenue split
NOTE2
% change % change
DKK million
Q3 2025 Q3 2024 Q3 YTD 2025 YTD 2024 YTD
Revenue by type
Public sector revenue 1,197.6 1,122.1 6.7% 3,617.1 3,339.0 8.3%
Private sector revenue 970.3 491.8 97.3% 2,009.9 1,523.3 31.9%
Revenue recognised over time 2,167.5 1,608.2 34.8% 5,571.1 4,834.5 15.2%
Revenue recognised at a point in time 0.3 5.8 -94.7% 55.9 27.8 101.4%
Organic revenue 1,746.9 1,613.9 8.2% 5,206.1 4,862.3 7.1 %
Non-organic revenue 420.9 0.0 N/A 420.9 0.0 N/A
Revenue by type, total 2,167.8 1,613.9 34.3% 5,627.0 4,862.3
15.7%
Private sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024
Revenue 970.3 491.8 97.3% 318.1 278.3 151.8 133.7 4 9.1 48.5 30.4 31.3 0.0 0.0 420.9 0.0
Cost of service -714.8 -334.4 113.8% -167.9 -156.2 -110.4 -108.6 -38.2 -38.2 -30.8 -31.3 -0.0 -0.1 -367.5 0.0
Gross profit 255.4 157.4 62.2% 150.1 122.1 41.4 25.1 10.9 10.4 -0.4 -0.0 0.0 -0.0 53.4 0.0
Gross profit margin 26.3% 32.0% -5.7pp 47.2% 43.9% 27.3% 18.8% 22.2% 21.4% -1.4% -0.2% 0.0% -61.3% 12.7% N/A
Public sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024
Revenue 1,197.6 1,122.1 6.7% 47 7.1 480.8 491.3 437.9 125.1 103.6 50.1 50.9 53.9 48.9 0.0 0.0
Cost of service -862.6 -774.4 11.4% -286.2 -284.7 -406.1 -345.0 -95.9 -82.4 -38.9 -31.1 -35.5 -31.3 0.0 0.0
Gross profit 334.9 347.7 -3.7% 190.9 196.1 85.2 92.9 29.2 21.2 11.2 19.8 18.5 17.7 0.0 0.0
Gross profit margin 28.0% 31.0% -3.0pp 40.0% 40.8% 17.3% 21.2% 23.4% 20.5% 22.3% 39.0% 34.2% 36.1% 0.0% N/A
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
30
38
Revenue split
CONTINUED
Private sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue 2,009.9 1,523.3 31.9% 889.3 873.9 464.7 393.1 131.2 147.3 103.9 108.8 0.0 0.2 420.9 0.0
Cost of service -1,453.9 -1,055.7 3 7.7 % -533.8 -510.0 -345.1 -319.9 -105.3 -115.8 -102.1 -109.6 -0.0 -0.4 -367.5 0.0
Gross profit 556.0 467.6 18.9% 355.5 363.9 119.6 73.2 25.8 31.5 1.7 -0.8 0.0 -0.1 53.4 0.0
Gross profit margin 27.7 % 30.7% -3.0pp 40.0% 41.6% 25.7% 18.6% 19.7% 21.4% 1.7% -0.8% 0.0% -51.4% 12.7% N/A
Public sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue 3,617.1 3,339.0 8.3% 1,461.6 1,444.9 1,464.1 1,290.0 370.4 313.2 167.2 142.9 153.8 148.0 0.0 0.0
Cost of service -2,624.7 -2,372.0 10.7% -947.4 -902.9 -1,155.2 -1,013.5 -297.0 -259.4 -123.4 -99.5 -101.7 -96.7 0.0 0.0
Gross profit 992.4 966.9 2.6% 514.3 542.0 309.0 276.4 73.3 53.8 43.7 43.4 52.1 51.3 0.0 0.0
Gross profit margin 2 7. 4 % 29.0% -1.5pp 35.2% 37.5% 21.1% 21.4% 19.8% 17.2% 26.2% 30.4% 33.9% 34.6% 0.0% N/A
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
31
38
Administrative costs
Cost of services
NOTE3
NOTE4
DKK million
Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
Cost of services -559.6 -303.6 -1,198.0 -877.8 -1,214.8
Salaries -1,017.8 -805.2 -2,880.7 -2,550.0 -3,397.3
Cost of services total -1,577.5 -1,108.8 -4,078.6 -3,427.8 -4,612.1
DKK million
Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
Administrative costs -97.2 -94.9 -280.2 -291.8 -406.5
Salaries -120.5 -91.0 -336.4 -283.3 -371.2
Administrative costs total -217.7 -185.9 -616.5 -575.1 -777.7
Special items
NOTE5
DKK million
Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
External advisory related to M&A -8.7 0.0 -35.0 -0.7 -2.7
Lease termination and related contracts -130.5 0.0 -130.5 0.0 0.0
Other restructuring costs -170.9 0.0 -185.7 0.0 0.0
Total special items -310.2 0.0 -351.2 -0.7 -2.7
Netcompany Banking services accounted
for DKK 367.5m of the total cost of servic-
es in Q3 2025 and YTD 2025.
Netcompany Banking services accounted
for DKK 26.5m of the total administrative
costs in Q3 2025 and YTD 2025.
Special items comprise non-recurring ex-
penses distinct from ordinary operating
activities, including external advisory costs
related to M&A, and restructuring costs
covering lease termination and related
contract costs, as well as other restructur-
ing costs related to redundancies, reten-
tion and integration efforts.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
32
38
NOTE7
Earnings per share
DKK million
Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
Earnings per share - EPS (DKK) -1.44 2.89 2.33 7.20 9.67
Diluted earnings per share - EPS-D (DKK) -1.43 2.86 2.30 7.13 9.58
Profit -67.9 139.5 109.6 352.4 470.2
Average number of shares 47.5 50.0 48.4 50.0 50.0
Average number of treasury shares 0.5 1.7 1.3 1.1 1.4
Average number of shares in circulation 47.0 48.3 4 7.1 48.9 48.6
Average number of outstanding restricted stock units 0.6 0.5 0.5 0.5 0.5
Average number of diluted shares in circulation 47.6 48.8 47.6 49.4 49.1
In Q3 2025 and YTD 2025, Netcompany
Banking Services impacted both EPS and
EPS-D negatively by DKK 4.42 and DKK
4.37, respectively.
Financial income and expenses
NOTE6
DKK million
Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024
Financial Income
Exchange rate adjustments 2.3 3.5 11.9 10.9 15.5
Other financial income 1.2 3.3 2.9 11.7 14.6
Financial income total 3.5 6.8 14.8 22.6 30.1
Financial expenses
Interest expense, bank loan -23.5 -23.9 -61.6 -77.6 -101.7
Interest expense, leasing -7.9 -7.6 -22.6 -23.3 -31.4
Exchange rate adjustments -8.2 -5.7 -19.7 -9.8 -16.2
Other financial expenses -8.8 -5.8 -32.2 -16.5 -26.0
Financial expenses total -48.3 -43.0 -136.1 -127.1 -175.1
Netcompany Banking services accounted
for DKK 0.2m of the total financial income
and DKK 0.8m of the total financial ex-
penses in Q3 2025 and YTD 2025.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
33
38
Assets and liabilities recognised, DKK million
Non-current assets Equity
Technology
32.9
Share Capital 0.4
Customer relationships
333.7
Equipment
0.5
Non-current liabilities
Leasehold improvements
3.0
Leasing, long term 82.6
Right of use asset
94.4
Deposit
8.1
Current liabilities
Investments in associates
66.1
Leasing, short term 16.8
Prebilled invoices 372.3
Trade payables 145.3
Current assets Other debts 94.1
Inventories
0.6
Provisions 92.0
Trade receivables
171.5
Company tax 0.3
Work in progress
127.2
Prepayments
29.8
Net assets taken over 393.6
Other receivables
15.7
Goodwill 606.4
Cash
314.0
Total consideration 1,000.0
Business combinations
NOTE8
At 1 July 2025, Netcompany completed the
transaction of DKK 1 billion in cash to
SDC’s shareholders based on the agree-
ment between Netcompany Group, SDC
A/S and a majority of SDC’s shareholders.
The determination of the purchase price
and the purchase price allocation is con-
sidered final.
Based on the measurement of identifiable
assets and liabilities at their fair values,
the difference between the total consid-
eration and the fair value of the identified
net assets were calculated at DKK 606.4
million, which represents the goodwill from
the acquisition of Netcompany Banking
Services (NBS, formerly SDC).
In addition, the consideration paid for the
business combination effectively included
amounts in relation to the benefit of ex-
pected synergies, revenue growth, future
market development and the assembled
workforce of NBS. These benefits are not
recognised separately from goodwill be-
cause they do not meet the recognition
criteria for identifiable intangible assets.
Goodwill is deductible for tax purposes
under Danish law, and both goodwill and
customer values will be eligible for tax de-
duction over a 7-year period.
Assets and liabilities recognised have been
adjusted for differences in the accounting
policies between the IFRS and the Danish
GAAP (previously used by SDC). Notably,
leases previously expensed under Danish
GAAP have been capitalised as “right of
use” assets and amortised over the lease
term. The value of own developed soft-
ware has been substantially reduced in the
Purchase Price Allocation and reallocated
to customer relationships and goodwill,
reflecting the IFRS requirement for capital-
isation only where a future delivery obliga-
tion exists.
As a consequence of the merger, NBS exit-
ed the ownership of JN Data and received
DKK 65 million for the shares in Q3 2025.
The Group has recognised M&A and re-
structuring costs totalling DKK 351.2m in
first nine months of 2025 (DKK 310.2m in
Q3 2025), which are included in special
items.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
34
38
Contract work in progress
30 September 30 September 31 December
DKK million
2025 2024 2024
Selling price of work performed 3,744.5 4,445.9 4,132.2
Invoiced amount -2,770.2 -3,419.9 -3,594.9
Total contract work in progress 974.3 1,025.9 537.3
Net value – stated on a contract-per-contract basis – is presented in the statement
of financial position as follows:
Contract work in progress 2,101.4 1,590.4 1,366.0
Prebilled invoices -1,127.0 -564.5 -828.7
Total contract work in progress 974.3 1,025.9 537.3
NOTE9
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 2.2m (DKK 0.2m), cover-
ing legal claims and project related risks.
Provisions
NOTE10
30 September 30 September 31 December
DKK million
2025 2024 2024
Onerous contracts and warranty obligations 2.2 0.2 2.1
Provision 319.6 0.0 0.0
Total provisions 321.8 0.2 2.1
As a result of the integration, a restruc-
turing provision of DKK 227.6m was rec-
ognised in Q3. The provision covers costs
related to redundancies, termination of
contracts for services no longer required,
as well as various costs relatd to retention
and integration efforts. For provision for
restructuring costs, please refer to note 5.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
35
38
Income Statement classified by function
DKK million
Q3 2025 Q3 2024 YTD 2025
YTD 2024 Total 2024
Income statement
Revenue 2,167.8 1,613.9 5,627.0 4,862.3 6,540.6
Cost of services, incl. depreciation and amortisation -1,612.9 -1,132.4 -4,163.2 -3,495.8 -4,704.5
Gross profit 554.9 481.6 1,463.8 1,366.5 1,836.1
Sales and marketing costs -13.4 -12.9 -44.7 -36.9 -52.8
Administrative costs, incl. depreciation, amortisation and special items -590.1 -239.3 -1,139.7 -737.3 -992.3
Other operating income / expense 0.2 -0.4 0.1 -0.3 -5.4
Operating profit (EBIT) -48.4 228.9 279.5 591.9 785.5
Financial income 3.5 6.8 14.8 22.6 30.1
Financial expenses -48.3 -43.0 -136.1 -127.1 -175.1
Income / loss from joint venture / associates -3.4 -3.8 -12.9 -12.9 -16.5
Profit / loss before tax -96.7 188.9 145.3 474.5 624.0
Tax on the profit for the period 28.8 -49.9 -35.7 -124.1 -156.5
Net profit / loss for the period -67.9 139.1 109.6 350.4 467.5
Depreciation and Amortisation have been presented as follows in the
income statement:
Cost of services -35.4 -23.5 -84.6 -68.1 -92.3
Administrative costs -62.3 -53.4 -172.0 -161.5 -211.9
Depreciation and amortisation -97.7 -77.0 -256.7 -229.6 -304.3
NOTE11
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
36
38
As a part of the contract commitments with
customers, the Group has through its banks
provided performance guarantees of DKK
850m (DKK 570m).
There are no collaterals provided for
the Group’s bank loan.
In Q3 2025, Netcompany recognised
revenue from Smarter Airports A/S of DKK
11.6m (DKK 10.4m), revenue from Festina
Finance A/S of DKK 0.2m (DKK 2.7), and
revenue from Advanced Transport Telemat-
ics S.A of DKK 7.4m (DKK 6.7m).
The Group is in 2025 as well as in 2024 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.
Related party transactions
Collateral provided and
contingent liabilities
NOTE12
NOTE13
The interim consolidated financial state-
ments included in this Q3 2025 financial
report have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as
adopted by the European Union. Besides
from the below mentioned changes in
accounting policies, accounting policies
applied in this report are consistent with
those applied in the consolidated Annual
Report for the year ended 31 December
2024 for Netcompany Group A/S.
Change in presentation of income
statement
With effect from 1 January 2025 Netcom-
pany Group A/S has changed the presenta-
tion of the income statement. The income
statement now shows EBITDA instead of
EBITA. The reason for the change is to pro-
vide more relevant information by aligning
the income statement with our financial
guidance which consists of targets for
revenue and adjusted EBITDA margin. The
new presentation of the income statement
offers a clearer view of our operating per-
formance by separating depreciation and
amortisation, a non-cash expense, from
our operating earnings. The effect of the
change has been retrospectively applied to
the comparison figures for 2024, improving
the “gross profit” line by DKK 5.6m in Q3
2024, DKK 16.9m in first nine months of
2024 and DKK 22.3m in 2024, now part of
the depreciation line presented separately.
The opening equity as of 1 January 2024,
the result for both Q3 and first nine months
Accounting policies
NOTE14
of 2024 and fiscal year 2024 as well as
earnings per share is not impacted by the
change in accounting policies. The effect
of the change consists of DKK 4.8m in Q3
2025 and DKK 13.7m in first nine months of
2025 improving the “gross profit” line.
Change in composition of reportable seg-
ments
With effect from 1 January 2025 Netcompa-
ny Group A/S has changed the composition
of reportable segments. Prior to 2025 the
reportable segments consisted of “Public”
and “Private” and from 2025 and onwards
five reportable segments have been defined
as disclosed in note 1. The change of report-
able segments is due to the continued in-
creasing focus from Executive Management
on the activities and results on markets.
The change of reporting segments provides
more relevant information about the current
business activities from which the Group
earn revenue and allocate resources. The
effect of the chance has been retrospec-
tively applied to the comparison figures for
2024. The opening equity as of 1 January
2024, the result for both Q3 2024, 2024 and
Q3 2025 as well as earnings per share is
not impacted by the change in composition
of reportable segments. The change of
reporting segments has not impacted the
definition of cash-generating units which
remains unchanged from the 2024 annual
report.
In the first nine months of 2025, Netcom-
pany recognised revenue from Smarter
Airports A/S of DKK 38.9m (DKK 30.7m),
revenue from Festina Finance A/S of DKK
2.7m (DKK 8.3), and revenue from Ad-
vanced Transport Telematics S.A of DKK
17.1.4m (DKK 16.2m).
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
37
38
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
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
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.
Key figures and financial ratios have been compiled in accordance with the following calculation formulas.
Continued growth and margin acceleration.
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 31/2025
30 October 2025
38
38
Disclaimer
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 2024 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 2024 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.