XCSE:NETC ESEF Annual Report
Netcompany Group A/S (XCSE:NETC)
ESEF Annual Report
2026-05-27
For: 2026-03-31
View Original
Added on
September 22, 2026
Netcompany
Q1 2026
Company Announcement
Three months ended 31 March 2026
Strong growth driven by AI, products and platforms
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
Conference call details
In connection with the publication of the results for Q1 2026, Netcompany will host a
conference call on 6 May at 11:00 CEST.
The conference call can be followed live via
https://netcompany.nexahub.io/events/interim-report-for-the-first-3-months-
of-2026
For further dial-in details please visit the company’s website; www.netcompany.com
2
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
446.6
203.4
Summary
Revenue increased by 38.4% and 12.8%
organically (constant 13.1%)
Q
1,744.3
Q
39.8
Adj. EBITDA increased 10.8% and decreased
2.2% organically (constant 2.8%)
Adj. EBITDA margin was 14.1% and 15.3%
organically (constant 15.1%)
-508.5
877
Average workforce increased by 1,695
FTEs (organic 818 FTEs)
Q
Q
2.1x
Debt leverage was 2.1x
Cash conversion ratio (CCR) was
negative 176.2%
Free cash flow of DKK -305m
Organic diluted EPS on level with Q1 2025
1,967.4
300.6
15.3pp
Q
Q
8,968
0.57
CCR (tax normalised) was
negative 159%
Q
Q
Q
Q
Organic
Non-organic
,.
DKK million
.
DKK million
-1.2pp
.%
.
DKK
2.54
Q
Q
,
Full time equivalents
DKK million
-.
-163.6pp4.5pp
-.%
-170.2pp-6.0pp
307.3
17.6%
2.56
8,150
67.9
47.0%
83.3%
1.2x
-.%
Q
Q
Q
Q
Q
Q
3
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
“The first quarter of 2026 marks the beginning of a new and exciting era for Netcompany. Our market-leading products and platforms combined
with embedded AI capabilities have placed us in a unique position in the market resulting in reported growth of more than 38% of which 13% was
organic. At the same time, we increased our earnings by more than 18% compared to the same period last year.
In particular, in the UK – the largest market for IT services in Europe – we saw a strong demand for our offerings resulting in more than 50%
revenue growth compared to the same period last year. The growth in the UK reflects our focused strategy to position ourselves as the sovereign
and future-proof partner for delivering end-to-end, complex solutions in highly regulated sectors at competitive speed.
The recently announced partnership with INEOS, and thereby the establishment of Netcompany INEOS Cycling Team, showcases our PULSE AI
technology by enabling world-class athletes to perform at their best. It strengthens awareness of Netcompany, reinforces our position as the
best-in-class AI partner, and supports our ambition to drive European digitalisation and competitiveness.
Agentic AI is fundamentally changing the way software is delivered. In complex and regulated environments, it only creates value when it is
combined with control, security, and deep domain expertise. At Netcompany, we are already proving that this balance is possible, as the first of
our kind in Europe. With accelerated investments into Feniks AI, we enable sovereign and secure agentic AI delivery across some of Europe’s
most demanding enterprise and government projects. When using Netcompany products and platforms we can optimise IT development time
by up to 45%. This is always done without compromising governance, compliance, or data sovereignty and is an example of how Netcompany
can help organisations embrace AI in a way that is not only faster, but also safer, smarter and better aligned with the realities of mission-critical
delivery.
For these reasons, we see potential for continued growth and improved margins through the application of agentic AI in our products and
platforms, which led us to raise our 2026 margin guidance to ~16%–19% on 26 March. We are confident in meeting our revenue growth target of
15%–20%. I am excited about the opportunities ahead and look forward to delivering on our commitments.
Let’s build European sovereignty for the age of AI!”
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
4
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Performance overview Q1
Netcompany
Banking Services
Q1 2026 Q1 2026 % change non-organic % change
DKK million
(reported) (constant)* Q1 2025 (reported) impact (constant)* Total 2025
Revenue 2,413.9 2,419.2 1,744.3 38.4% 25.6pp 38.7% 7,891.7
Cost of services -1,826.7 -1,832.7 -1,229.2 48.6% 31.0pp 49.1% -5,672.6
Gross profit 587.2 586.5 515.1 14.0% 12.7pp 13.9% 2,219.1
Gross profit margin
24.3% 24.2% 29.5% -5.2pp -2.2pp -5.3pp 28.1%
Sales and marketing costs -15.5 -15.6 -13.3 16.6% 2.8pp 17.1% -60.9
Administrative costs -231.4 -232.5 -194.6 18.9% 12.9pp 19.5% -885.7
Adjusted EBITDA 340.3 338.5 307.3 10.8% 12.9pp 10.2% 1,272.5
Adjusted EBITDA margin
14.1% 14.0% 17.6% -3.5pp -1.2pp -3.6pp 16.1%
Special items 0.0 0.0 -19.3 -100.0% 0.0pp -100.0% -355.3
Other operating income / expense 0.4 0.4 0.0 N/A N/A N/A 0.2
EBITDA 340.7 338.9 287.9 18.3% 13.8pp 17.7% 917.3
EBITDA margin
14.1% 14.0% 16.5% -2.4pp -1.2pp -2.5pp 11.6%
Depreciation -62.0 -62.4 -49.4 25.6% 7.9pp 26.3% -218.2
Amortisation -37.6 -37.6 -29.0 29.7% 28.8pp 29.7% -137.3
Operating profit (EBIT) 241.1 238.9 209.6 15.0% 13.1pp 14.0% 561.8
Operating profit margin
10.0% 9.9% 12.0% -2.0pp -0.9pp -2.1pp 7.1 %
Net financials -36.6 -36.6 -35.4 3.4% 5.2pp 3.4% -169.2
Income / loss from joint venture / associates -5.1 -5.1 -4.1 23.6% -0.0pp 23.6% -17.0
Profit / loss before tax 199.4 197.2 170.1 17.3% 15.1pp 16.0% 375.7
Tax -55.7 -55.7 -48.3 15.2% -1.7pp 15.2% -118.7
Effective tax rate
27.9% 28.2% 28.4% -0.5pp -4.6pp -0.2pp 31.6%
Net profit / loss 143.7 141.5 121.7 18.1% 21.7pp 16.3% 256.9
Additional KPIs
Earnings per share (DKK) 3.15 N/A 2.58 22.1% 22.5pp N/A 5.48
Diluted earnings per share (DKK) 3.11 N/A 2.56 21.5% 22.4pp N/A 5.42
Free cash flow -305.0 N/A 67.9 -549.4% -436.9pp N/A 355.8
Cash conversion rate
-176.2% N/A 47.0% -223.3pp -170.2pp N/A 97.7 %
Cash conversion rate (tax normalised)
-159.0% N/A 83.3% -242.3pp -163.6pp N/A 99.1%
*Constant currencies measured using average exchange rates for Q1 2025
5
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Income taxes in Q1 2026 were DKK 55.7m
compared to DKK 48.3m in the same
quarter last year. The effective tax rate was
27.9% in the quarter, compared to 28.4%
in Q1 2025. Effective tax rate in the quarter
was affected by a one-off correction relat-
ed to prior years in Netcompany SEE & EUI
of DKK 13.6m. Adjusted for tax related to
prior years the effective tax rate was 21.1%
in Q1 2026.
Net profit amounted to DKK 143.7m in Q1
2026, compared to DKK 121.7m in Q1 2025.
Free cash flow was negative DKK 305m
in Q1 2026 compared to DKK 67.9m in Q1
2025. The negative free cash flow in Q1
2026 was driven by the development in
trade receivables and work in progress. The
increased trade receivables were impact-
ed by the timing of more than DKK 200m
in payments, which were due at the end
March but received on 2 April. Regarding
work in progress, some larger projects
under the Recovery and Resilience Facility
are building up over the year and expected
to be invoiced and collected in the second
half of the year.
percentage points compared to the same
quarter last year – all in constant curren-
cies. The decrease in adjusted EBITDA was
driven by the investments in agentic AI.
Reported adjusted EBITDA increased 10.8%
to DKK 340.3m in Q1 2026, yielding an ad-
justed EBITDA margin of 14.1%. NBS impact-
ed the margin negatively by 1.2 percentage
points in the quarter.
Depreciation and amortisation were DKK
99.7m in Q1 2026, compared to DKK 78.4m
in the same quarter last year. DKK 12.2m of
the increase was related to the addition of
NBS.
Operating profit (EBIT) was DKK 241.1m in
Q1 2026 compared to DKK 209.6m in Q1
2025. Of the 15% increase in EBIT, 13.1 per-
centage points were related to the addition
of NBS to the Group.
Net financials were negative DKK 36.6m in
Q1 2026, in line with the same quarter last
year.
Profit before tax was DKK 199.4m and
increased 17.3% compared to DKK 170.1m in
Q1 2025 – 15.1 percentage points were relat-
ed to the addition of NBS to the Group.
of 1 January 2026. During the first quarter
an additional 52 FTEs were transferred to
Product Development to accelerate the
adoption of agentic AI in all our models
and to build local AI models that are fully
vendor independent. At the end of Q1 the
total amount of resources working within
Product Development totalled 459 FTEs
compared to 302 FTEs in the first quarter
last year – an increase of 51.8%. Most of the
increase in FTEs are reallocated resources
from the Danish business segment.
Organic client facing FTEs grew 8.9% in Q1
2026 and with the inclusion of 877 client
facing FTEs in NBS, total client facing FTEs
increased 20.8%.
Reported gross profit increased 14% to DKK
587.2m in the quarter.
Organic gross profit margin was 26.5% in Q1
2026, compared to 29.5% in Q1 2025. The
decrease in gross profit margin was a result
of lower licence revenue in the quarter and
the transfer of 150 client facing FTEs to the
Product Development unit.
Organic adjusted EBITDA was DKK 298.7m
in Q1 2026, yielding an organic adjusted
EBITDA margin of 15.1% – a decrease of 2.4
In Q1 2026, organic revenue grew 12.8%
(constant currencies 13.1%) compared to Q1
2025. Organic growth was driven by 10.1%
growth in revenue from the public sector
and 19.5% growth in revenue from the pri-
vate sector. Revenue growth was driven by
a combination of new wins related to our
products and platforms and revenue gener-
ated from existing customers. All segments
contributed to the revenue growth, most
significant Netcompany UK and Netcompa-
ny SEE & EUI.
Reported revenue grew 38.4% in the
quarter, of which 25.6 percentage points
were non-organic related to Netcompany
Banking Services (NBS).
Average FTEs amounted to 9,845 of which
NBS accounted for 877 FTEs and the Prod-
uct Development unit accounted for 459
FTEs.
To enhance and streamline our product and
platform offerings and to further embed AI
capabilities into these, all efforts around
product and platform development as well
as AI initiatives, previously anchored within
the business segments in Denmark and
South East Europe, was moved into one
central unit – Product Development – as
PERFORMANCEOVERVIEWQ1
CONTINUED
6
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Business Segments Q1
DKK million
Q1 2026
Constant (2025 rate)
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 2,419.2 808.4 747.1 252.0 104.0 61.2 446.6
Cost of services -1,808.7 -533.9 -579.4 -187.8 -87.4 -38.4 -381.8
Cost related to product development -24.0 -9.9 - 9.1 -2.9 -1.3 -0.8 0.0
Gross profit 586.5 264.6 158.5 61.3 15.3 22.0 64.8
Gross profit margin
24.2% 32.7% 21.2% 24.3% 14.7% 35.9% 14.5%
Local marketing and administrative costs -224.4 -123.8 -36.4 -19.9 -11.0 -7.8 -25.4
Adjusted EBITDA before HQ costs 362.1 140.8 122.1 41.5 4.2 14.2 39.4
Adjusted EBITDA margin before HQ costs
15.0% 17.4% 16.3% 16.5% 4.1% 23.2%
8.8%
Allocated costs from HQ -23.6 -8.0 -11.3 -2.5 -1.2 -0.6 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 and amortisation -100.0 -40.1 -29.5 -8.9 -3.8 -5.4 -12.3
EBIT 238.9 92.6 81.7 30.1 -0.7 8.2 27.1
Client facing FTEs 8,841 2,785 3,760 778 424 217 877
DKK million
Q1 2025
Reported
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 1,744.3 796.0 629.8 166.4 101.8 50.3 0.0
Cost of services -1,219.7 -506.6 -469.4 -130.0 -81.5 -32.2 0.0
Cost related to product development -9.5 -4.4 -3.3 -0.9 -0.6 -0.3 0.0
Gross profit 515.1 285.0 157.0 35.5 19.7 17.8 0.0
Gross profit margin
29.5% 35.8% 24.9% 21.4% 19.3% 35.4% N/A
Local marketing and administrative costs -192.9 -108.8 -46.7 -17.5 -12.8 -7.2 0.0
Adjusted EBITDA before HQ costs 322.2 176.3 110.4 18.0 6.9 10.6 0.0
Adjusted EBITDA margin before HQ costs
18.5% 22.1% 17.5% 10.8% 6.8% 21.1%
N/A
Allocated costs from HQ -14.9 -10.4 0.0 -2.3 -1.5 -0.7 0.0
Special Items, allocated -19.3 -13.5 0.0 -3.1 -1.8 -0.9 0.0
Other operating income / expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation and amortisation -78.4 -39.6 -25.8 -6.5 -4.0 -2.5 0.0
EBIT 209.6 112.8 84.6 6.1 -0.4 6.5 0.0
Client facing FTEs 7,316 2,651 3,480 594 394 198 0
Revenue, %
9.5%
45.6%36.1%
Q1 2026
2.9%
5.8%
Revenue, %
Q1 2025
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NBS
.%
.%
.%
.%
.%
.%
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
7
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Netcompany Denmark
In Q1 2026 Netcompany Denmark grew rev-
enue by 1.6% compared to the same quar-
ter last year. Revenue growth was driven
by the private sector, which grew revenue
by 16% compared to Q1 last year, while the
public sector revenue declined 6.9% com-
pared to the same quarter last year. Growth
in the public sector is expected to catch up
during the remaining part of the year.
Gross profit was DKK 264.6m in Q1 2026
compared to DKK 285m in Q1 2025, yielding
a gross profit margin of 32.7% compared
to 35.8% in the same quarter last year. The
decrease was a result of the transfer of 150
client facing FTEs from the Danish business
segment to the Product Development unit,
supporting the accelerated investment in
agentic AI.
Client facing FTEs grew by 5% in Q1 2026.
Consequently, the adjusted EBITDA margin
declined to 17.4% in Q1 2026 from 22.1% in
the same period last year.
Netcompany South East Europe and EU
Institutions
Netcompany SEE & EUI grew revenue by
18.6% in Q1 2026 compared to the same
quarter last year. Growth was driven by
both the public sector including the EU and
the private sector, which grew revenue by
15% and 32.6% respectively.
Gross profit was DKK 158.5m in Q1 2026, in
line with the same quarter last year, despite
significant licence revenue income rec-
ognised in Q1 2025. Gross profit margin was
21.2% in Q1 2026 compared to 24.9% in Q1
2025. Adjusted for licence revenue realised
in Q1 2025, gross profit margin in Q1 2026
increased compared to same period last
year.
Client facing FTEs grew by 8.1% in Q1 2025.
Adjusted EBITDA margin was 16.3% in
Q1 2026 compared to 17.5% in the same
quarter last year, as a consequence of the
decrease in gross profit margin.
Netcompany UK
Netcompany UK grew revenue by 51.4% in
Q1 2026, driven by both the public and pri-
vate sector, which grew 54.3% and 42.4%
respectively. The growth was a result of
increased engagements with both existing
and new customers adopting our products
and platforms.
Gross profit increased 72.5% in Q1 2026 to
DKK 61.3m, yielding a gross profit margin
of 24.3% compared to 21.4% in the same
quarter last year, as utilisation increased
and project delivery improved.
Client facing FTEs grew by 31.1% in Q1 2026.
Adjusted EBITDA margin was 16.5% in Q1
2026 compared to 10.8% in the same quar-
ter last year.
Netcompany Norway
Revenue in Netcompany Norway increased
2.1% in Q1 2026 compared to the same
quarter last year. The public sector revenue
grew by 15.6% in the quarter, while revenue
from the private sector declined by 18.4% in
the quarter.
Gross profit margin was 14.7% in Q1 2026,
compared to 19.3% in the same quarter
last year. However, Q1 2025 was positively
impacted by licence revenue.
Client facing FTEs increased by 7.6% com-
pared to the same quarter last year.
Adjusted EBITDA margin was 4.1% in Q1
2026 compared to 6.8% in Q1 2025.
BUSINESSSEGMENTSQ1
CONTINUED
8
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Netcompany Netherlands
Revenue in Netcompany Netherlands in-
creased 21.5% in Q1 2026, compared to the
same quarter last year. Revenue was solely
generated in the public sector.
Gross profit was DKK 22m in Q1 2026, com-
pared to DKK 17.8m in the same quarter last
year.
Client facing FTEs grew by 9.7% in Q1 2026.
Adjusted EBITDA margin was 23.2% in Q1
2026, compared to 21.1% in the same quar-
ter last year.
BUSINESSSEGMENTSQ1
CONTINUED
Netcompany Banking Services
In Q1 2026 revenue in Netcompany Bank-
ing Services was DKK 446.6m. Revenue
increased 10.1% compared to pro forma
1
revenue in SDC Q1 2025.
Gross profit in Netcompany Banking Ser-
vices was DKK 64.8m in Q1 2026, yielding a
gross profit margin of 14.5%.
Adjusted EBITDA was DKK 39.4m in Q1
2026 compared to pro forma adjusted
EBITDA
2
of DKK 13m in Q1 2025. Pro forma
adjusted EBITDA has been adjusted for
capitalisations to compare “like for like”.
Adjusted EBITDA margin was 8.8% in Q1
2026, compared to pro forma adjusted
EBITDA margin of 3.2% in SDC in the same
quarter last year.
The integration of SDC into Netcompany
Banking Services progress as anticipated
and synergies are materialising according
to plan.
1
Pro forma figures covers unaudited figures in SDC
A/S in Q1 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 NBS and SDC.
9
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
.
The presented revenue visibility reflects
the expected revenue streams for a fiscal
year, meaning that for Q1 revenue visibility
is comprised of Q1 actuals and 9 months
expected revenue as per 1 April 2026.
Revenue visibility end of Q1 2026 was DKK
7,661.7m, of which contractual committed
revenue amounts to DKK 5,002.9m and
non-contractual committed engagements
amount to DKK 244.9m.
Revenue visibility for the Group excluding
Netcompany Banking Services (NBS) im-
proved by 10% from DKK 5,628.9m in Q1
2025 to DKK 6,190.3m in Q1 2026.
Revenue visibility
Revenue visibility in the public sector re-
lates solely to the Group excluding NBS
and amounts to DKK 4,473.2m, an increase
of 13.4% compared to last year, of which
contractual committed revenue amounts to
DKK 2,990.2m and non-contractual com-
mitted engagements amount to DKK 116.7m.
Revenue visibility for the Group excluding
NBS in the private sector amounts to DKK
1,717.1m, an increase of 2% compared to last
year, of which contractual committed reve-
nue amounts to DKK 987.9m and non-con-
tractual committed engagements amount
to DKK 128.1m.
DKK million
Revenue visibility for the fiscal year 2026
.%
,.
,.
Contractual
committed excl.
Netcompany
Banking Services
Total
Non contractual
committed
PRIVATE
PUBLIC
.
,.
.
1
At Netcompany, we measure revenue visibility for
the next 12 months 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.
.%
.%
,.
,.
Contractual
committed
Netcompany
Banking Services
.%
PRIVATENBS
.
Revenue
,.
,.
,.
.%
.%
.%
.%
10
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
The attrition rate for the last twelve months
was 16.4%, which was a decrease of 1.6
percentage points compared to 18% in Q1
2025. On a sequential basis the churn rate
decreased 1.7 percentage points compared
to Q4 2025. Furthermore, the 3 months
rolling churn rates decreased 2 percentage
points compared to the same period last
year.
CLIENTFACING
As of 1 January 2026, Product Development
was anchored in its own unit, separated
from the client facing FTEs in the separate
business units (Netcompany Denmark and
SEE & EUI). In Q1 2026, the number of FTEs
in the Product Development unit increased
by 157 FTEs compared to the same quar-
ter last year, as investments in adopting
agentic AI into our products and platforms
accelerated.
Admin and support functions accounted
for 5.5% in Q1 2026 compared to 6.5% in Q1
2025.
Netcompany employed an average of 9,845
FTEs in Q1 2026, which was an increase
of 1,695 FTEs or 20.8% compared to Q1
2025 (8,150 FTEs) of which around half
was non-organic, related to the inclusion of
NBS.
The number of client facing FTEs (including
freelancers and contractors) for the Group
increased by 1,525 FTEs from 7,316 in Q1
2025 to 8,841 in Q1 2026, mainly driven by
the inclusion of 877 FTEs from NBS.
Workforce
Avg. FTEs increased to 9,845 in Q1 2026
Q1 2026
0
4,500
6,0005,500 6,500
7,000
5,000
7,500
8,150
6,395
8,000
Q1 2025
PRODUCTDEVELOPMENT
CLIENTFACINGFREELANCERSANDCONTRACTORS
,,
ADMINANDSUPPORTFUNCTIONS
545
8,500 9,000
9,500
920
532
10,000
11
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion
Total
Trade receivables, 31 March
2026
1,143.5 161.5 77.8 0.8 128.3 -3.0 1,508.9
Paid in the following month 715.3 111.1 21.1 0.4 9.9 0.0 857.8
% paid subsequently
62.6% 68.8% 27.1 % 54.3% 7.7 % 0.0% 56.8%
Trade receivables, 31 March
2025
720.5 200.1 38.7 68.0 55.5 -0.5 1,082.3
Paid in the following month 542.7 164.5 17.7 7.0 2.7 0.0 734.6
% paid subsequently
75.3% 82.2% 45.8% 10.4% 4.8% 0.0% 67.9%
Free cash flow and cash conversion rate
1
The Group generated negative free cash
flow of DKK 305m in Q1 2026 compared to
DKK 67.9m in Q1 2025. Adjusted for taxes
paid on account, the Group generated neg-
ative free cash flow of DKK 275.2m in Q1
2026 compared to DKK 120.3m in Q1 2025.
The decrease was driven by the devel-
opment in working capital and more than
offset the improved earnings in Q1 2026
compared to Q1 2025.
The development in working capital was
mainly caused by increased trade receiv-
ables and work in progress within Q1 2026.
As a result of the negative cash flow, cash
conversion rate was negative 176.2% in Q1
2026 compared to 47% in Q1 2025. Ad-
justed for the taxes paid on account cash
conversion rate was negative 159%.
Trade receivables
At 31 March 2026, trade receivables were
DKK 1,508.9m compared to DKK 1,082.3m
end of Q1 2025, corresponding to an in-
crease of 39.4% in line with revenue growth
of 38.4%, both impacted by the inclusion
of Netcompany Banking Services. Com-
pared to end of Q4 2025, trade receivables
increased 9.9%, while revenue increased
6.6%, sequentially. The higher increase in
trade receivables was due to a timely mat-
ter as payments from some larger custom-
ers in Netcompany Banking Services and in
the rest of the Group were delayed until the
beginning of April. The delayed payments
amounted to more than DKK 200m.
As a result of simultaneous increase in
revenue and trade receivables, days sales
outstanding in Q1 2026 was unchanged at
57 days compared to Q1 2025.
The amount of overdue trade receivables
was on par with the same period last year,
despite the increase in the overall trade
receivables at approximately 40%. Conse-
quently, the overdue part of trade receiv-
ables decreased from 33.5% in Q1 2025 to
24.4% in Q1 2026.
Trade receivables paid in the following
month amounted to DKK 857.8m in April
2026, which was increase of 16.8% com-
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.
39.0%
38.4%
28.0%
1,508.9
2,413.9
Work in progress overview
1,000
0
500
1,500
Mar. 31
2026
Q1 2026
Q1 2026
LTM
8,561.4
WIP
REVENUE
1,082.3
Mar. 31
2025
1,744.3
Q1 2025
Q1 2025
LTM
6,686.7
6,000
2,000
TRADERECEIVABLES
1,105.8
799.1
DKK million
7,000
8,000
12
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
At 1 May 2026, Netcompany entered an
agreement with shareholders of Smarter
Airports A/S to acquire the remaining share
capital in Smarter Airports A/S at an enter-
prise value of DKK 550m. As Netcompany
already owned 50% of Smarter Airports
A/S, the purchase price was DKK 275m,
of which DKK 50m was paid at the date of
signing.
To this date, no further events have oc-
curred after the balance sheet date, which
would influence the evaluation of this
report.
pared to the payments received in the same
period last year.
Work in progress
At 31 March 2026, Netcompany’s work in
progress amounted to DKK 1,105.8m, repre-
sented by contract work in progress of DKK
2,128.3m and prepayments received from
customers of DKK 1,022.5m.
Combined work in progress increased by
38.4% from DKK 799.1m in Q1 2025 to DKK
1,105.8m in Q1 2026 in line with revenue
growth of 38.4%. The increase in work in
progress was mainly related to Recovery
and Resilience Facility (RRF) related proj-
ects in Greece.
As a total, trade receivables and work
in progress increased by 39% from DKK
1,881.4m end of Q1 2025 to DKK 2,614.8m
end of Q1 2026, on level with revenue
growth.
The relative development between rev-
enue growth and increase in net work in
progress was blurred by the inclusion of
Netcompany Banking Services, that to a
higher extent delivers services to prepaying
clients. However, this was offset by some
larger projects under the RRF, which are
building up over the year and expected to
be invoiced and collected in the second
half of the year.
Funding and liquidity
Netcompany is currently completing the
scheduled refinancing of current debt to
banks, as the current Group loan facility
agreement runs until 2027. The new fund-
ing agreement is expected to be signed
mid-May 2026 and have better terms and
improved margins than the current agree-
ment.
The current combined committed facilities
constitute DKK 2,800m and an additional
facility of DKK 2,000m – available only for
new acquisitions.
On 31 March 2026, DKK 1,580m of the
committed lines were utilised on ordinary
borrowings, DKK 26.6m on guarantees,
and DKK 1,000m of additional facility were
utilised for the acquisitional merger with
SDC A/S, leaving a total of DKK 2,193.4m
available in unutilised funding of which DKK
1,193.4m can be utilised for normal opera-
tions if needed with no additional costs or
covenants.
In addition, Netcompany SEE & EUI had
utilised DKK 917.2m on local guarantees,
having no impact on the Group facilities
except for leverage.
Including net cash balance as of 31 March
2026 of negative DKK 316.3m, available
Group funding was DKK 877.1m.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Report
for 2025.
Capital structure
Compared to Q1 2025, debt ratio increased
to 2.1x compared to 1.2x in the same period
last year, which is fully compliant with
current covenants. The development was
caused by the inclusion of Netcompany
Banking Services and the negative impact
on cash flow from the working capital
changes.
Events after the balance sheet date
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. On 8 April 2026, reg-
istration of the share capital reduction was
made by the Danish Business Authority.
CAPITALANDOTHERFINANCIALPOSITIONS
CONTINUED
13
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Guidance 2026
Financial margin guidance for the full-year
2026, was updated on 26 March 2026.
Netcompany now expects an adjusted
EBITDA margin excluding Netcompany
Banking Services (NBS) between 17% and
20% (previously between 16% and 19%). This
implies an adjusted EBITDA margin including
NBS between approximately 16% and 19%
(previously between 15% and 18%).
The announced AI partnership with INEOS
Grenadiers creating Netcompany INEOS
Cycling Team, will not lead to diluted margin
expectations in 2026 or in subsequent
years.
Based on revenue growth of 38.7% (con-
stant) realised in the first quarter of 2026,
and taking current backlog and weighted
pipeline into consideration, Netcompany
maintains the financial guidance for the full
year and expects revenue growth for the
Group, measured in constant currencies,
to be between 15% and 20% including NBS.
For the Group excluding NBS, Netcompany
expects revenue growth of 5% to 10% — all
in constant currencies.
Long-term targets
Adjusted EBITDA margin - to be reached by 2029.
>20%
Organic annual revenue growth
5%-10%
Updated Original Actual
target target performance
Financial metrics in constant currencies
26 March 2026 2026 2025
Group revenue growth 15%-20% 15%-20% 20.8%
Group excl. NBS revenue growth 5%-10% 5%-10% 7.9%
Adjusted EBITDA margin ~ 16%-19% 15%-18% 16.1%
Group excl. NBS adjusted EBITDA margin 17%-20% 16%-19% 16.9%
14
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Capital
At 31 March 2026, Netcompany’s share
capital was DKK 47.5m divided into 47.5m
shares.
End of Q1 2026 Netcompany held 2,247,673
treasury shares equivalent to 4.7% of the
share 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 8 April 2026.
Additional shares will be used to honour the
Group’s commitments under its long-term
incentive programmes.
Share-based incentive schemes/restrict-
ed stock units and matching shares
In total, 681,066 restricted stock unites
(RSUs) and 125,400 matching shares
in relation to the share-based incentive
schemes were issued at 31 March 2026 of
which 143,279 RSUs and 9,600 matching
shares were granted to Executive Man-
agement and 537,787 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 238.3m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 19.2m was recog-
nised as personnel costs in the income
statement in Q1 2026. During the quarter,
the RSU programmes granted in 2022
exercised and 198,332 treasury shares
(recognised at
DKK 51m on equity) were
transferred from reserves to Executive
Management, Other Key Management
Personnel and Other Employees part of the
RSU programme.
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
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 47.500.00
Nominal size DKK 1
Number of shares No. 47.500.000
Restriction in voting
rights No
15
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Executive Management
Board of Directors
Statement of the Board of Directors
and Executive Management
CCO
Consolidated interim
financial statements
17
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Income statement and Statement
of comprehensive income
DKK million
Note Q1 2026 Q1 2025 Total 2025
Income statement
Revenue
1,2
Cost of services
3
-1,826.7 -1,229.2 -5,672.6
Gross profit
Sales and marketing costs -15.5 -13.3 -60.9
Administrative costs
4
-231.4 -194.6 -885.7
Adjusted EBITDA 340.3 307.3 1,272.5
Special items 0.0 -19.3 -355.3
Other operating income / expense 0.4 0.0 0.2
EBITDA 340.7 287.9 917.3
Depreciation -62.0 -49.4 -218.2
Amortisation -37.6 -29.0 -137.3
Operating profit (EBIT) 241.1 209.6 561.8
Financial income
5
Financial expenses
5
-59.6 -40.6 -188.8
Income / loss from joint venture / asso-
ciates
-5.1 -4.1 -17.0
Profit / loss before tax 199.4 170.1 375.7
Tax on the profit / loss for the period -55.7 -48.3 -118.7
Net profit / loss for the period 143.7 121.7 256.9
Of which
Non-controlling interest 0.0 0.0 0.0
Netcompany Group A/S' share
Earnings per share
Earnings per share (DKK)
6
Diluted Earnings per share (DKK)
6
DKK million
Note Q1 2026 Q1 2025 Total 2025
Statement of comprehensive income
Net profit / loss for the period 143.7 121.7 256.9
Other comprehensive income items
that may be reclassified subsequently
to profit or loss:
Exchange rate adjustments on translat-
ing foreign subsidiaries
Other comprehensive income items
that may not be reclassified to profit
or loss:
Actuarial profit / loss on defined benefit
plans
Other comprehensive income, net of
tax
Of which
Non-controlling interest 0.0 0.0 0.0
Netcompany Group A/S' share
Total comprehensive income 145.9 122.1 247.7
Of which
Non-controlling interest 0.0 0.0 0.0
Netcompany Group A/S' share
18
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Statement of financial position
31 March 31 March 31 December
DKK million
Note
2026 2025 2025
Assets
Goodwill 3,858.4 3,252.0 3,858.4
Other intangible assets 801.2 455.0 807.9
Tangible assets 1,062.5 888.5 1,028.0
Investment in joint venture 80.7 75.0 83.9
Investment in associates 145.1 128.6 147.0
Other securities and investments 1.0 1.2 1.0
Other receivables 87.0 72.9 86.9
Deferred tax assets 88.3 47.6 87.4
Total non-current assets
Trade receivables 1,508.9 1,082.3 1,373.1
Receivables from joint venture 13.5 3.5 14.7
Receivables from associates 8.0 6.2 3.5
Contract work in progress 7 2,128.3 1,700.4 1,737.2
Other receivables 106.4 124.7 117.0
Prepayments 296.5 105.1 247.8
Tax receivables 28.2 72.0 22.3
Total receivables 4,090.0 3,094.2 3,515.7
Cash 0.0 185.1 287.5
Total current assets 4,090.0 3,279.4 3,803.2
Total assets
31 March 31 March 31 December
DKK million
Note
2026
2025 2025
Equity and liabilities
Share capital 47.5 50.0 47.5
Treasury shares -677.8 -911.4 -499.9
Retained earnings 4,035.8 4,548.2 3,942.1
Other reserves
-1.3 -0.9 -1.3
Equity attributable to Group
Non-controlling interest 0.0 0.0 0.0
Total equity
Borrowings 1,576.8 1,574.5 1,575.7
Lease liabilities 867.1 701.9 769.1
Pension obligations 26.7 24.8 25.9
Provisions 135.6 0.0 165.7
Deferred tax liability 59.9 57.3 53.5
Total non-current liabilities
Borrowings 1,037.6 37.3 1,037.8
Overdraft facility 316.3 0.0 0.0
Lease liabilities 175.3 150.8 257.1
Pension obligations 1.7 1.7 1.7
Pre-billed invoices 7 1,022.5 901.3 1,061.3
Trade payables 542.9 329.9 557.1
Other payables 914.7 699.0 747.5
Provisions 8 102.3 1.2 125.1
Income tax payable 30.6 34.7 37.9
Total current liabilities
Total liabilities
Total equity and liabilities 10,214.1 8,200.2 9,903.6
19
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Cash flow statement
DKK million
Q1 2026 Q1 2025 Total 2025
Operating profit (EBIT) 241.1 209.6 561.8
Depreciation and amortisation 99.7 78.4 428.6
Non-cash items 19.3 15.9 68.1
Working capital changes -505.9 -84.8 -189.0
Total
-145.8 219.1 869.5
Income taxes paid -62.8 -85.9 -148.1
Financial income received 17.2 2.6 10.0
Financial expenses paid -46.6 -32.0 -148.5
Cash flow from operating activities
-237.9 103.8 582.9
Net cash outflow on acquisition of subsidiaries 0.0 0.0 -1,000.0
Cash and cash equivalents acquired 0.0 0.0 314.0
Other investments 0.0 -20.0 5.8
Capitalisation of intangible assets -30.6 -28.5 -121.9
Acquisition of fixed assets -36.5 -7.4 -105.3
Disposals of fixed assets 0.0 0.0 0.4
Other receivables (deposits) -0.5 -0.7 -8.0
Cash flow from investment activities
-67.6 -56.6 -914.9
Payment of treasury shares -249.3 -73.9 -449.2
Proceeds from borrowings 0.0 0.0 1,000.0
Repayment of borrowings 0.0 -0.2 -0.2
Repayment of lease liabilities -52.2 -40.0 -177.8
Cash flow from financing activities -301.5 -114.1 372.9
Net increase in cash and cash equivalents
-607.0 -66.9 40.9
Cash and cash equivalents at the beginning
Effect of exchange rate changes on the balance
cash held in foreign currencies
Cash and cash equivalents at the end
-316.3 185.1 287.5
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.
20
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
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 January 2026 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4 0.0 3,488.4
Profit for the period 0.0 0.0 0.0 0.0 0.0 143.7 143.7 0.0 143.7
Other comprehensive income 0.0 0.0 0.0 2.2 0.0 0.0 2.2 0.0 2.2
Total comprehensive income 0.0 0.0 0.0 2.2 0.0 143.7 145.9 0.0 145.9
Treasury Shares for the period 0.0 -249.3 0.0 0.0 0.0 0.0 -249.3 0.0 -249.3
Share-based remuneration for the period 0.0 71.4 -34.8 0.0 0.0 -17.5 19.2 0.0 19.2
Total transactions with owners
Equity at 31 March 2026 47.5 -677.8 87.7 3.6 -1.3 3,944.5 3,404.2 0.0 3,404.2
Equity at 1 January 2025
Profit for the period 0.0 0.0 0.0 0.0 0.0 121.7 121.7 0.0 121.7
Other comprehensive income 0.0 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.4
Total comprehensive income 0.0 0.0 0.0 0.4 0.0 121.7 122.1 0.0 122.1
Treasury Shares for the period 0.0 -67.7 0.0 0.0 0.0 0.0 -67.7 0.0 -67.7
Share-based remuneration for the period 0.0 40.4 -14.1 0.0 0.0 -10.2 16.1 0.0 16.1
Total transactions with owners 0.0 -27.3 -14.1 0.0 0.0 -10.2 -51.6 -0.0 -51.6
Equity at 31 March 2025 50.0 -911.4 76.0 10.6 -0.9 4,461.6 3,685.9 0.0 3,685.9
Equity at 1 January 2025
Total comprehensive income
Total transactions with owners
-2.5 384.1 32.4 0.0 0.0 -788.7 -374.7 -0.0 -374.7
Equity at 31 December 2025
21
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Group Denmark
SEE & EUI UK
Norway Netherlands
Banking Services
DKK million
Q1 2026 Q1 2025 % change Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025
Revenue 2,413.9 1,744.3 38.4% 808.4 796.0 748.2 629.8 242.9 166.4 106.6 101.8 61.3 50.3 446.6 0.0
Cost of service -1,826.7 -1,229.2 48.6% -542.3 -510.9 -589.0 -472.7 -184.0 -130.9 -90.7 -82.1 -39.2 -32.5 -381.4 0.0
Gross profit 587.2 515.1 14.0% 266.1 285.0 159.1 157.0 58.9 35.5 15.9 19.7 22.1 17.8
65.2 0.0
Gross profit margin
24.3% 29.5% -5.2pp 32.9% 35.8% 21.3% 24.9% 24.2% 21.4% 14.9% 19.3% 36.0% 35.4% 14.6% 0.0%
Allocated costs -223.3 -192.9 15.7% -123.2 -108.8 -36.4 -46.7 -19.1 -17.5 -11.3 -12.8 -7.8 -7.2 -25.4 0.0
Adjusted EBITDA before HQ costs 364.0 322.2 13.0% 142.8 176.3 122.8 110.4 39.7 18.0 4.6 6.9 14.3 10.6
39.8 0.0
Adjusted EBITDA margin before HQ
costs
15.1% 18.5% -3.4pp 17.7% 22.1% 16.4% 17.5% 16.4% 10.8% 4.3% 6.8% 23.3% 21.1% 8.9% 0.0%
Allocated costs from HQ -23.6 -14.9 58.2% -8.0 -10.4 -11.4 0.0 -2.5 -2.3 -1.2 -1.5 -0.6 -0.7 0.0 0.0
Adjusted EBITDA 340.3 307.3 10.8% 134.8 165.8 111.4 110.4 37.3 15.7 3.5 5.4 13.7 9.9
39.8 0.0
Adjusted EBITDA margin
14.1% 17.6% -3.5pp 16.7% 20.8% 14.9% 17.5% 15.3% 9.4% 3.3% 5.3% 22.3% 19.7% 8.9% 0.0%
Special items 0.0 -19.3 -100.0% 0.0 -13.5 0.0 0.0 0.0 -3.1 0.0 -1.8 0.0 -0.9 -0.0 0.0
Other operating income / expense 0.4 0.0 0.0% 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 340.7 287.9 18.3% 134.8 152.3 111.8 110.4 37.3 12.6 3.5 3.6 13.7 9.1
39.8 0.0
EBITDA margin
14.1% 16.5% -2.4pp 16.7% 19.1% 14.9% 17.5% 15.3% 7.6 % 3.3% 3.5% 22.3% 18.0% 8.9% 0.0%
Depreciation -62.0 -49.4 25.6% -25.7 -24.2 -21.7 -18.5 -4.4 -3.2 -2.0 -2.0 -4.3 -1.5 -4.0 0.0
Amortisation -37.6 -29.0 29.7% -14.2 -15.4 -7.8 -7.3 -4.3 -3.3 -1.9 -2.0 -1 .1 -1.0 -8.3 0.0
EBIT 241.1 209.6 15.0% 94.8 112.8 82.3 84.6 28.6 6.1 -0.4 -0.4 8.3 6.5
27.5 0.0
EBIT margin
10.0% 12.0% -2.0pp 11.7% 14.2% 11.0% 13.4% 11.8% 3.7% -0.3% -0.4% 13.5% 13.0% 6.2% 0.0%
Segmentation
NOTE1
22
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
DKK million
Q1 2026 Q1 2025 % change Total 2025
Revenue from public sector
Denmark
469.1 503.6 -6.9% 1,942.0
SEE & EUI 574.4 498.9 15.1% 1,952.2
UK 188.6 126.9 48.7% 499.3
Norway 73.0 61.6 18.5% 229.2
Netherlands 61.3 50.3 21.7% 205.6
Banking Services 0.0 0.0 0.0% 0.0
Total revenue from public sector 1,366.3 1,241.2 10.1% 4,828.3
Revenue split
DKK million
Q1 2026 Q1 2025 % change Total 2025
Revenue from private sector
Denmark
339.3 292.4 16.0% 1,257.0
SEE & EUI 173.8 130.9 32.8% 642.6
UK 54.3 39.6 37.2% 180.4
Norway 33.6 40.2 -16.4% 135.8
Netherlands 0.0 0.0 0.0% 0.0
Banking Services 446.6 0.0 0.0% 847.6
Total revenue from private sector 1,047.6 503.1 108.2% 3,063.4
NOTE2
DKK million
Q1 2026 Q1 2025 % change Total 2025
Revenue by type
Revenue recognised over time 2,410.0 1,698.3 41.9% 7,824.5
Revenue recognised at a point in time 3.9 46.0 -91.4% 67.2
Organic revenue 1,967.4 1,744.3 12.8% 7,044.1
Non-organic revenue 446.6 0.0 N /A 847.6
Revenue by type, total 2,413.9 1,744.3
38.4%
7,891.7
23
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Administrative costs
Cost of services
DKK million
Q1 2026 Q1 2025 Total 2025
Cost of services -597.4 -295.2 -1,742.0
Salaries -1,229.3 -934.0 -3,930.6
Cost of services total -1,826.7 -1,229.2 -5,672.6
DKK million
Q1 2026 Q1 2025 Total 2025
Administrative costs -109.2 -90.4 -421.3
Salaries -122.2 -104.2 -464.4
Administrative costs total -231.4 -194.6 -885.7
NOTE3
NOTE4
Financial income and expenses
DKK million
Q1 2026 Q1 2025 Total 2025
Financial Income
Exchange rate adjustments 8.0 4.1 15.1
Other financial income 15.0 1 .1 4.5
Financial income total
23.0 5.2 19.6
Financial expenses
Interest expense, bank loan -23.3 -20.0 -85.1
Interest expense, leasing -8.7 -7.4 -31.8
Exchange rate adjustments -16.3 -3.1 -26.4
Other financial expenses -11.3 -10.1 -45.6
Financial expenses total
-59.6 -40.6 -188.8
NOTE5
24
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Earnings per share
DKK million
Q1 2026 Q1 2025 Total 2025
Earnings per share - EPS (DKK) 3.15 2.58 5.48
Diluted earnings per share - EPS-D (DKK) 3.11 2.56 5.42
Profit 143.7 121.7 256.9
Average number of shares 47.5 50.0 48.2
Average number of treasury shares 1.9 2.9 1.3
Average number of shares in circulation 45.6 47.1 46.8
Average number of outstanding restricted stock units 0.7 0.4 0.6
Average number of diluted shares in circulation 46.2 47.6 47.4
NOTE6
Contract work in progress
NOTE7
31 March 31 March 31 December
DKK million
2026 2025 2025
Selling price of work performed 4,634.8 3,227.6 3,960.6
Invoiced amount -3,529.0 -2,428.6 -3,284.7
Total contract work in progress
1,105.8 799.1 675.9
Net value – stated on a contract-per-contract basis – is
presented in the statement of financial position as fol-
lows:
Contract work in progress 2,128.3 1,700.4 1,737.2
Pre-billed invoices -1,022.5 -901.3 -1,061.3
Total contract work in progress
1,105.8 799.1 675.9
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 62.1m (DKK 1.2m), cover-
ing legal claims and project related risks.
The development was based on the inclu-
sion of Netcompany Banking Services.
25
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Income Statement classified by function
DKK million
Q1 2026 Q1 2025 Total 2025
Income statement
Revenue 2,413.9 1,744.3 7,891.7
Cost of services, incl. depreciation and amortisation -1,860.6 -1,253.6 -5,793.0
Gross profit
553.3 490.6 2,098.7
Sales and marketing costs -15.5 -13.3 -60.9
Administrative costs, incl. depreciation, amortisation and
special items
-297.1 -267.8 -1,476.1
Other operating income / expense 0.4 0.0 0.2
Operating profit (EBIT)
241.1 209.6 561.8
Financial income 23.0 5.2 19.6
Financial expenses -59.6 -40.6 -188.8
Income / loss from joint venture / associates -5.1 -4.1 -17.0
Profit / loss before tax
199.4 170.1 375.7
Tax on the profit for the period
-55.7 -48.3 -118.7
Net profit / loss for the period
143.7 121.7 256.9
Depreciation and Amortisation have been presented as
follows in the income statement:
Cost of services -33.9 -24.5 -120.4
Administrative costs -65.7 -53.9 -235.0
Depreciation and amortisation
-99.7 -78.4 -355.5
NOTE9
DKK million
31 March 31 March Total 2025
2026 2025
Project provision 62.1 1.2 78.1
Provision for restructuring 175.7 0.0 212.6
Total provisions
237.8 1.2 290.8
Provisions
NOTE8
26
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
A qualitative and quantitative description
of the factors that make up the goodwill
will be presented in Q2 reporting including
disclosure of the amounts recognised as of
the acquisition date for each major class of
assets acquired, liabilities assumed and tax
implications.
For historical financial information on
Smarter Airports please refer to note 20 in
Netcompany Group Annual Report 2025.
As Netcompany Group A/S is completing
the acquisition of Smarter Airports A/S as
part of a step acquisition, remeasuring the
As part of its contract commitments with
customers, the Group has through its
banks provided performance guarantees
of DKK 943.8m (DKK 770.4m).
There are no collaterals provided for
the Group’s bank loan.
In Q1 2026, Netcompany recognised
revenue from Smarter Airports A/S of DKK
10.6m (DKK 11.6m), and no revenue from
Festina Finance A/S (DKK 1.5m).
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.
Related party
transactions
Collateral provided and
contingent liabilities
NOTE10 NOTE11
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. On 8 April 2026, reg-
istration of the share capital reduction was
made by the Danish Business Authority.
At 1 May 2026, Netcompany entered an
agreement with shareholders of Smarter
Airports A/S to acquire the remaining share
capital in Smarter Airports A/S at an enter-
prise value of DKK 550m. As Netcompany
already owned 50% of Smarter Airports
A/S, the purchase price was DKK 275m,
of which DKK 50m was paid at the date
of signing and the remaining DKK 225m in
holdback was recognised as other pay-
ables. After the completion of the trans-
action, Smarter Airports’ closing balance
and thereby also the initial accounting for
the business combination is incomplete
at the time of reporting due to the relative
short period since closing of the acquisition
and the complexity of assessment of fair
value of acquired assets to be recognised
at closing including those related to the
impact from alignment of Smarter Airports
A/S to group accounting policies.
NOTE13
Accounting
policies
NOTE12
The interim consolidated financial state-
ments included in this Q1 2026 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
2025 for Netcompany Group A/S.
Events after the balance sheet date
fair value of the equity interests held by
Netcompany Group A/S prior to the closing
date i.e., the original 50 % ownership of
Smarter Airport A/S, will be recognised at
fair value on the acquisition date and the
gain will be recognised in P&L in accor-
dance with Accounting Policies and IFRS 3.
The gain will be recognised in the line item
“Income/loss from joint venture.”
To this date, no further events have oc-
curred after the balance sheet date, which
would influence the evaluation of this
report.
27
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
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 costs 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.
28
28
Strong growth driven by AI, products and platforms
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 28/2026
6 May 2026
Disclaimer
This report contains forward-looking
statements including, but not limited to, the
statements and expectations contained
in the outlook section. Forward-looking
statements are statements (other than
statements of historical fact) relating to
future events and Netcompany’s antici-
pated or planned financial and operational
performance.
The words ‘may’, ‘will’, ‘will continue’,
‘should’, ‘expect’, ‘foresee’, ‘anticipate’,
‘believe’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’
or variations of these words, including
negatives thereof, as well as other state-
ments regarding matters that are not
historical fact or regarding future events
or prospects, constitute forward-looking
statements.
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 ma-
terially from those predicted in the for-
ward-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,
including those described in Netcompany
Group A/S’ Annual Report 2025 and other
information made available by Netcompany.
Factors that may affect future results
include, 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 informa-
tion 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
result 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.