XCSE:NETC ESEF Annual Report
Netcompany Group A/S (XCSE:NETC)
ESEF Annual Report
2026-02-17
For: 2025-12-31
View Original
Added on
September 22, 2026
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Netcompany
Q4 2025
Company Announcement
Twelve months ended 31 December 2025
Continued growth, margin improvement and acceleration of synergies
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Conference call details
In connection with the publication of the results for Q4 2025, Netcompany will host a
conference call on 3 February at 11:00 CET.
The conference call can be followed live via
https://netcompany.nexahub.io/events/annual-report-for-the-financial-year-
2025-3-februar-2026
For further dial-in details please visit the company’s website; www.netcompany.com
Continued growth, margin improvement and acceleration of synergies
2
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
847.6
426.7
884
49.7
0.2
16.9pp
Summary
Revenue increased by 34.9% and 9.5%
organically (constant 10%)
Q
1,678.2
Q
YTD
6,540.6
YTD
56.7
275.3
Q
83.7
YTD
1,097.9
YTD
16.4%
Q
YTD
YTD
Adj. EBITDA increased 39.9% and 19.3%
organically (constant 19.6%)
Adj. EBITDA margin was 17% and 17.9%
organically (constant 17.8%)
16.8%
-0.8pp
268.1
532.4
5.7
821.1
381.4%
147.1%
857
8,249
8,007
Average workforce increased by 1,503
FTEs (organic 647 FTEs)
Q
1.2x
Q
1.6x
Debt leverage was 1.6x
Cash conversion ratio (CCR) was 178.5%
Free cash flow of DKK 317.9m
2.5
Organic diluted EPS on level with Q4 2024
Q
9.6
5.3
YTD
YTD
7,044.1
1,838.0
328.5
Q
1,188.8
Q
17.9pp
Q
Q
YTD
YTD
8,896
Q
0.1
407.8%
153.0%
CCR (tax normalised) was 171.4%
Q
Q
YTD
YTD
350.1
Q
Q
YTD
YTD
Organic
Non-organic
,.
DKK million
,.
.
DKK million
,.
-0.9pp
.%
.%
.
DKK
3.1
.
Q
Q
YTD
YTD
,
,
8,045
Full time equivalents
.
DKK million
.%
.%
36.7pp62.4pp
.
22pp149.4pp
.%
19.1pp159.4pp
.%
34.5pp
63.2pp
Continued growth, margin improvement and acceleration of synergies
3
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
“In a volatile market and despite geopolitical uncertainty, we demonstrated our ability to grow and thrive, a
success built upon a clear and deliberate product and platform strategy. In Q4, we realised 10% organic revenue
growth and delivered an organic adjusted EBITDA margin of 17.9%. Including our acquisitional merger with SDC
A/S, we grew revenue by 35.5% in the quarter and delivered an adjusted EBITDA margin of 17%.
Our product and platform focus has been pivotal in large contract wins in Q4, most notably the TSS contract in the
UK.
In addition, we are pleased to see that the integration of SDC into Netcompany Banking Services is progressing
faster than initially anticipated, with the first synergies already starting to materialise during the quarter.
For 2026, we expect the Group excluding Netcompany Banking Services to grow revenue between 5% and 10%
and realise an adjusted EBITDA margin between 16% and 19%. Including Netcompany Banking Services, we expect
to grow revenue between 15% and 20% and to deliver an adjusted EBITDA margin between 15% and 18%.
In line with previous commitments, we will initiate a new share buyback programme of DKK 750m to be completed
by the end of January 2027.
We firmly believe the future belongs to European product and platform companies that leverage components and
AI to deliver solutions in a fast, reliable, and responsible way.”
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
Continued growth, margin improvement and acceleration of synergies
4
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Performance overview Q4
Netcompany
Banking Services
Q4 2025 Q4 2025 % change non-organic % change
DKK million
(reported) (constant)* Q4 2024 (reported) impact (constant)*
Revenue 2,264.7 2,273.3 1,678.2 34.9% 25.4pp 35.5%
Cost of services -1,594.0 -1,600.5 -1,184.4 34.6% 27.4pp 35.1%
Gross profit 670.7 672.8 493.9 35.8% 20.7pp 36.2%
Gross profit margin 29.6% 29.6% 29.4% 0.2pp -1.3pp 0.2pp
Sales and marketing costs -16.3 -16.4 -16.0 1.7% 2.9pp 2.7%
Administrative costs -269.2 -270.4 -202.5 32.9% 22.2pp 33.5%
Adjusted EBITDA 385.2 386.0 275.3 39.9% 20.6pp 40.2%
Adjusted EBITDA margin 17.0% 17.0% 16.4% 0.6pp -0.9pp 0.6pp
Special items -4.2 -4.2 -2.0 111.3% 0.9pp 111.3%
Other operating income / expense 0.1 0.1 -5.0 -101.0% 0.0pp -101.0%
EBITDA 381.1 381.9 268.3
42.0% 21.1pp 42.3%
EBITDA margin
16.8% 16.8% 16.0% 0.8pp -0.8pp 0.8pp
Depreciation -59.4 -59.7 -45.9 29.3% 4.2pp 30.1%
Amortisation -39.4 -39.4 -28.9 36.7% 35.9pp 36.7%
Operating profit (EBIT) 282.3 282.7 193.6
45.9% 22.9pp 46.1%
Operating profit margin
12.5% 12.4% 11.5% 0.9pp -0.5pp 0.9pp
Net financials -47.9 -47.9 -40.5 18.2% 1.8pp 18.2%
Income / loss from joint venture / associates -4.1 -4.1 -3.5 15.1% -0.0pp 15.1%
Profit / loss before tax 230.3 230.8 149.5
54.1% 29.2pp 54.4%
Tax -83.0 -83.0 -32.4 156.3% 129.2pp 156.3%
Effective tax rate
36.0% 36.0% 21.7% 14.4pp 14.0pp 14.3pp
Net profit / loss 147.3 147.7 117.1 25.8% 1.5pp 26.2%
Additional KPIs
Earnings per share (DKK) 3.19 N/A 2.47 29.1% 1.6pp N/A
Diluted earnings per share (DKK) 3.15 N/A 2.45 28.8% 1.6pp N/A
Free cash flow 317.9 N/A 532.4 -40.3% 9.3pp N/A
Cash conversion rate
178.5% N/A 381.4% -202.9pp 19.1pp N/A
Cash conversion rate (tax normalised)
171.4% N/A 407.8% -236.4pp 22.0pp N/A
*Constant currencies measured using average exchange rates for Q4 2024
Continued growth, margin improvement and acceleration of synergies
5
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Operating profit (EBIT) was DKK 282.3m
in Q4 2025 compared to DKK 193.6m in
Q4 2024. Of the 45.9 percentage point
increase in EBIT, 22.9 percentage points
were related to the addition of Netcompany
Banking Services to the Group. The organic
improvement in EBIT was attributed to the
Danish and UK business segments.
Net financials were negative DKK 47.9m in
Q4 2025, compared to negative DKK 40.5m
in Q4 2024.
Profit before tax was DKK 230.3m com-
pared to DKK 149.5m in Q4 2024. Of the
54.1% increase 29.2 percentage points were
related to the addition of NBS to the Group.
Taxes in Q4 2025 were DKK 83m compared
to DKK 32.4m in the same quarter last year.
The effective tax rate was 36% compared
to 21.7% in Q4 2024. The increase in effec-
tive tax rate was a consequence of non-de-
ductible costs in relation to the merger.
Net profit amounted to DKK 147.3m in Q4
2025, compared to DKK 117.1m in Q4 2024.
The increase was a result of the increase
in EBIT.
Free cash flow was DKK 317.9m in Q4 2025
compared to all time high quarterly free
cash flow of DKK 532.4m in Q4 2024. The
free cash flow in Q4 2025 was driven by
improved operating profit.
Reported gross profit margin was impact-
ed negatively by NBS with 1.3 percentage
points and totalled 29.6%.
Organic adjusted EBITDA increased 19.6%
to DKK 329.3m in Q4 2025, yielding an
organic adjusted EBITDA margin of 17.8%
– an increase of 1.4 percentage points com-
pared to the same quarter last year – all in
constant currencies. The increase in ad-
justed EBITDA was driven by significant im-
provements in the Danish and UK business
segments compared to the same quarter
last year.
Reported adjusted EBITDA increased 39.9%
to DKK 385.2m in Q4 2025, yielding an ad-
justed EBITDA margin of 17%. NBS impact-
ed the margin negatively by 0.9 percentage
points in the quarter.
Special items amounted to DKK 4.2m in
the quarter and were related to advisors in
connection to the merger of SDC into NBS.
Depreciation and amortisation were DKK
98.8m in Q4 2025, compared to DKK 74.8m
in the same quarter last year. DKK 12.3m of
the increase was related to the addition of
NBS in the quarter.
In Q4 2025, organic revenue grew 9.5%
(constant currencies 10%) compared to Q4
2024. The organic growth was driven by
20.3% growth in revenue from the private
sector and 4.7% growth in revenue from the
public sector. Revenue growth was driven
by a mix of new wins related to our prod-
ucts and platforms and revenue generated
from existing customers, with contributions
from all segments.
Reported revenue grew 34.9% in the quar-
ter, of which 25.4 percentage points were
non-organic related to Netcompany Bank-
ing Services
1
(NBS).
Average FTE’s amounted to 9,752 of which
NBS accounted for 857 FTEs. Organic cli-
ent facing FTEs grew 7.2% in Q4 2025 and
with the inclusion of 868 client facing FTEs
in NBS, total client facing FTEs increased
18.5%.
Organic gross profit increased 15.1% in
Q4 2025, yielding an organic gross profit
margin of 30.9% – an improvement of 1.5
percentage points compared to the same
period last year. Reported gross profit in-
creased 35.8% to DKK 670.7m in the quar-
ter.
PERFORMANCEOVERVIEWQ4CONTINUED
1
As of 1 July 2025, Netcompany completed the
acquisition of SDC A/S through a taxable merger,
whereby former SDC was merged into a newly
formed company - Netcompany Banking Services
A/S, fully owned by Netcompany.
Continued growth, margin improvement and acceleration of synergies
6
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Business Segments Q4
DKK million
Q4 2025
Constant (2024 rate)
Group Denmark SEE & EUI UK Norway Netherlands
Banking
Services
Revenue from external customers 2,273.3 848.9 665.2 187.1 93.6 51.8 426.7
Gross profit 672.8 348.6 146.2 46.0 12.5 17.6 102.0
Gross profit margin 29.6% 41.1% 22.0% 24.6% 13.3% 34.0% 23.9%
Local marketing and administrative costs -269.7 -126.5 -58.0 -19.8 -12.2 -7.9 -45.3
Adjusted EBITDA before HQ costs 403.2 222.1 88.2 26.2 0.3 9.7 56.7
Adjusted EBITDA margin before HQ costs
17.7% 26.2% 13.3% 14.0% 0.3%
18.8% 13.3%
Allocated costs from HQ -17.1 -11.7 0.0 -2.9 -1.6 -0.9 0.0
Special Items, allocated -4.2 -2.9 0.0 -0.7 -0.4 -0.2 -0.0
Other operating income / expense 0.1 0.0 0.1 0.0 0.0 0.0 0.0
Depreciation -59.7 -26.5 -20.2 -4.3 -1.9 -4.9 -1.9
Amortisation -39.4 -9.9 -16.4 -1.5 -0.8 -0.4 -10.4
EBIT 282.7 171.1 51.6 16.7 -4.4 3.3 44.4
Client facing FTEs 9,126 2,964 3,963 699 423 210 868
DKK million
Q4 2024
Reported
Group Denmark SEE & EUI UK Norway Netherlands
Banking
Services
Revenue from external customers 1,678.2 770.6 622.3 146.1 87.2 52.0 0.0
Gross profit 493.9 276.9 154.6 32.3 10.4 19.7 0.0
Gross profit margin 29.4% 35.9% 24.8% 22.1% 11.9% 37. 8 % N/A
Local marketing and administrative costs -208.3 -111.6 -58.1 -18.4 -13.0 -7.3 0.0
Adjusted EBITDA before HQ costs 285.6 165.3 96.5 14.0 -2.6 12.3 0.0
Adjusted EBITDA margin before HQ costs
17.0% 21.5% 15.5% 9.6% -2.9%
23.7% N /A
Allocated costs from HQ -10.2 -7.2 0.0 -1.5 -1.0 -0.5 0.0
Special Items, allocated -2.0 -1.4 0.0 -0.3 -0.2 -0.1 0.0
Other operating income / expense -5.0 0.0 -5.0 0.0 0.0 0.0 0.0
Depreciation -45.9 -23.5 -16.4 -2.5 -2.0 -1.6 0.0
Amortisation -28.9 -9.9 -16.0 -1.4 -1.0 -0.5 0.0
EBIT 193.6 123.3 59.1 8.3 -6.7 9.6 0.0
Client facing FTEs 7,705 2,891 3,696 554 370 194 0
Revenue, %
Q4 2025
Revenue, %
Q4 2024
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
.%
.%
.%
.%
.%
NBS
.%
.%
.%
.%
.%
.%
Continued growth, margin improvement and acceleration of synergies
7
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Netcompany Norway
Revenue in Netcompany Norway increased
7.4% in Q4 2025 compared to the same
quarter last year. The revenue growth in
Norway was driven by an increase in reve-
nue from the public sector, which grew by
18.4% in the quarter, while the private sec-
tor declined revenue by 9% in the quarter.
Gross profit margin was 13.3% in Q4 2025,
compared to 11.9% in the same quarter last
year.
In Q4 2025, client facing FTEs increased by
14.3% compared to the same quarter last
year.
Adjusted EBITDA margin was breakeven in
Q4 2025 compared to negative 2.9% in Q4
2024.
Netcompany UK
In Netcompany UK the public sector con-
tinued its strong growth realised in the past
two quarters and grew revenue by 29%
in Q4 2025. In addtion, the private sec-
tor grew revenue by 25.7% in the quarter,
leading to a total revenue growth of 28.1%
in Q4 2025. The growth was supported by
increased engagements with both existing
and new customers.
Gross profit increased 42.2% in Q4 2025
to DKK 46m, yielding a gross profit margin
of 24.6% compared to 22.1% in the same
quarter last year, driven by better project
execution. The improvement in gross profit
margin compared to Q3 2025, reflects the
timing of conversion of freelancers to own
employees on public deliveries.
Client facing FTEs grew by 26.2% in Q4
2025, as an impact of the increased en-
gagements with public sector customers.
Adjusted EBITDA margin was 14% in Q4
2025 compared to 9.6% in the same quar-
ter last year.
Netcompany SEE & EUI
Netcompany SEE & EUI grew revenue by
6.9% in Q4 2025, with limited licence reve-
nue realised in the quarter compared to Q4
last year. The growth was driven by both
the public sector including the EU and the
private sector, which grew revenue by 4.9%
and 12.7% respectively.
Gross profit decreased 5.5% in the quarter,
yielding a gross profit margin of 22% com-
pared to 24.8% in the same quarter last
year. The lower margin was a result of low-
er licence income recognised.
Client facing FTEs grew by 7.2% in Q4 2025.
Adjusted EBITDA margin was 13.3% in Q4
2025 compared to 15.5% in the same quar-
ter last year, as a consequence of the de-
crease in gross profit margin.
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
Continuing its strong Q3 performance, Net-
company Denmark’s private sector revenue
grew by 27.9% in Q4 2025, with contribu-
tions from multiple verticals, most notably
the Financial Services Industry. Revenue
from the public sector was in line with the
same quarter last year, leading to a total
revenue growth of 10.2% in Q4 2025.
Gross profit increased 25.9% in the quar-
ter, yielding a gross profit margin of 41.1%
compared to 35.9% in the same quarter
last year. The development was a result of
improved utilisation and continued focus on
project execution.
Client facing FTEs grew by 2.5% in Q4
2025, as the Danish segment continued the
focus on sourcing talents across the Group.
Consequently, the adjusted EBITDA margin
improved to 26.2% in Q4 2025 from 21.5% in
the same period last year.
BUSINESSSEGMENTSQ4CONTINUED
Continued growth, margin improvement and acceleration of synergies
8
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Netcompany Banking Services
Revenue in Netcompany Banking Services
was DKK 426.7m in Q4 2025. Revenue de-
creased 3.9% compared to pro forma rev-
enue
1
in SDC Q4 2024, which on the other
hand was positively impacted by one-off
revenue from customer deconversions and
exit fees.
Gross profit in Netcompany Banking Ser-
vices was DKK 102m in Q4 2025, yielding a
gross profit margin of 23.9%. Sequentially,
gross profit margin increased 11.2 percent-
age points compared to Q3 2025.
Adjusted EBITDA was DKK 56.7m in Q4
2025 compared to pro forma adjusted
EBITDA of DKK 28.4m in Q4 2024. Pro for-
ma adjusted EBITDA has been adjusted for
capitalisations
2
to compare “like for like”.
Adjusted EBITDA margin was 13.3% in Q4
2025, compared to pro forma adjusted
EBITDA margin of 6.4% in SDC in the same
quarter last year. Margin improved mainly
as the integration of SDC into Netcompany
Banking Services is progressing faster than
anticipated and synergies are materialising.
Netcompany Netherlands
Revenue in Netcompany Netherlands in Q4
2025 was DKK 51.8m, in line with the same
quarter last year. Revenue was solely gen-
erated in the public sector.
Gross profit was DKK 17.6m in Q4 2025,
compared to DKK 19.7m in the same quar-
ter last year.
Client facing FTEs grew by 8.2% in Q4
2025, implying slightly lower utilisation
compared to the same quarter in 2024, im-
pacting gross profit margin negatively.
Adjusted EBITDA margin was 18.8% in Q4
2025, compared to 23.7% in the same quar-
ter last year, though it should be noted that
the absolute figures are modest.
BUSINESSSEGMENTSQ4CONTINUED
1
Pro forma figures covers unaudited figures in SDC
A/S in Q4 2024.
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.
Continued growth, margin improvement and acceleration of synergies
9
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Performance overview 12 months
Netcompany
Banking Services
YTD 2025 YTD 2025 % change non-organic
% change
DKK million
(reported) (constant)* YTD 2024 (reported) impact
(constant)*
Revenue 7,891.7 7,901.9 6,540.6 20.7% 13.0pp 20.8%
Cost of services -5,672.6 -5,680.3 -4,612.1 23.0% 15.0pp 23.2%
Gross profit 2,219.1 2,221.6 1,928.4
15.1% 8.1pp 15.2%
Gross profit margin 28.1% 28.1% 29.5% -1.4pp -1.2pp -1.4pp
Sales and marketing costs -60.9 -61.1 -52.8 15.3% 4.1pp 15.7%
Administrative costs -885.7 -887.5 -777.7 13.9% 9.0pp 14.1%
Adjusted EBITDA 1,272.5 1,273.0 1,097.9
15.9% 7.6pp 15.9%
Adjusted EBITDA margin 16.1% 16.1% 16.8% -0.7pp -0.8pp -0.7pp
Special items -355.3 -355.3 -2.7 N/A N/A N/A
Other operating income / expense 0.2 0.2 -5.4 -103.2% -1.0pp -103.2%
EBITDA 917.3 917.8 1,089.8
-15.8% -20.3pp -15.8%
EBITDA margin
11.6% 11.6% 16.7% -5.0pp -4.5pp -5.0pp
Depreciation -218.2 -218.9 -188.0 16.0% 3.8pp 16.4%
Amortisation -137.3 -137.3 -116.3 18.1% 17.8pp 18.1%
Operating profit (EBIT) 561.8 561.6 785.5
-28.5% -31.7pp -28.5%
Operating profit margin
7.1 % 7.1 % 12.0% -4.9pp -4.4pp -4.9pp
Net financials -169.2 -169.1 -145.0 16.7% 0.9pp 16.6%
Income / loss from joint venture / associates -17.0 -17.0 -16.5 3.0% -0.0pp 3.0%
Profit / loss before tax 375.7 375.6 624.0
-39.8% -40.1pp -39.8%
Tax -118.7 -118.7 -156.5 -24.1% -28.3pp -24.1%
Effective tax rate
31.6% 31.6% 25.1% 6.5pp 5.6pp 6.5pp
Net profit / loss 256.9 256.9 467.5
-45.0% -44.1pp -45.1%
Additional KPIs
Earnings per share (DKK)
5.48 N/A 9.67 -43.3% -45.3pp N/A
Diluted earnings per share (DKK) 5.42 N/A 9.58 -43.4% -45.2pp N/A
Free cash flow 355.8 N/A 821.1 -56.7% 0.7pp N/A
Cash conversion rate
97.7 % N /A 147.1% -49.4pp 34.5pp N/A
Cash conversion rate (tax normalised)
99.1% N/A 153.0% -53.9pp 36.7pp N/A
*Constant currencies measured using average exchange rates for 2024
Continued growth, margin improvement and acceleration of synergies
10
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Organic adjusted EBITDA increased 8.3% to
DKK 1,188.8m in 2025, yielding an organic
adjusted EBITDA margin of 16.9% in con-
stant currencies – in line with 2024.
Reported adjusted EBITDA increased 15.9%
to DKK 1,272.5m in 2025. NBS impacted
adjusted EBITDA positively by 7.6 percent-
age points, while adjusted EBITDA margin
was negatively impacted by 0.8 percentage
points.
Special items amounted to DKK 355.3m in
2025 and were related to redundancies,
termination of leases and contracts for ser-
vices no longer required, as well as various
costs related to retention and integration
efforts in relation to the merger of SDC
into NBS and advisory costs related to the
transaction.
Depreciation and amortisation were DKK
355.5m in 2025, compared to DKK 304.3m
in 2024. Of these, DKK 27.8 m was related
to the addition of NBS during the year.
Operating profit (EBIT) was DKK 561.8m in
2025 compared to DKK 785.5m in 2024.
The decline in EBIT was a result of the spe-
cial items recognised in 2025. Adjusted for
special items EBIT increased 16.8%.
Net financials were negative DKK 169.2m in
2025, compared to negative DKK 145m in
2024.
Profit before tax was DKK 375.7m com-
pared to DKK 624m in 2024, negatively
impacted by special items. Tax on profit for
the year was DKK 118.7m, yielding an effec-
tive tax rate of 31.6% compared to 25.1% in
2024. The increase in effective tax rate was
a consequence of non-deductible costs in
relation to the merger.
Net profit for the year was DKK 256.9 com-
pared to DKK 467.5m in 2024, negatively
impacted by special items and the increase
in effective tax rate.
By the end of 2025 we had more than
9,500 highly talented employees in the
Group. The attrition rate for 2025 excluding
NBS was 18.1% — on par with 2024.
Organic gross profit increased by 7% in
2025, yielding an organic gross profit mar-
gin of 29.3%, consistent with 2024. The
Group’s margin remained stable despite
increased time spent on product and busi-
ness development during the first half of
2025, as well as time allocated to preparing
for the integration of SDC into NBS.
Reported gross profit – including the im-
pact from Netcompany Banking Services
- increased 15.1% to DKK 2,219.1m in 2025.
Reported gross profit margin was 28.1% in
2025, negatively impacted by NBS by 1.2
percentage points compared to 2024.
Sales and marketing costs increased by
15.3% to DKK 60.9m in 2025. The increase
in costs was related to increased focus on
expansion of our products and platforms
to new markets. Administrative costs for
2025 were DKK 885.7m, compared to DKK
777.7m in 2024. The increase in administra-
tive costs was mainly related to the inclu-
sion of NBS to the Group.
In 2025, organic revenue grew 7.7% (con-
stant 7.9%) compared to 2024. The organic
growth was driven by 7.4% growth in reve-
nue from the public sector and 8.4% growth
in revenue from the private sector. Revenue
growth was realised in all segments. In a
market with limited growth opportunities,
our products and platforms ensured that
Netcompany stood out as a reliable and
value adding strategic partner, which ma-
terialised into new projects during the year,
with significant wins in both the public and
private sector.
Reported revenue grew 20.7% in 2025, of
which 13 percentage points were non-or-
ganic related to Netcompany Banking Ser-
vices
1
(NBS). Licence revenue accounted
for 1% of the Group’s organic revenue in
2025, in line with 2024.
In 2025, average FTEs amounted to 8,929
impacted by the inclusion of NBS that
accounted for approximately 900 FTEs.
Excluding NBS, client facing FTEs of 7,913
increased by 5.6% compared to 2024. In
addition, 877 client facing FTEs from NBS
were included in the Group as of 1 July
2025.
PERFORMANCEOVERVIEW12MONTHSCONTINUED
1
As of 1 July 2025, Netcompany completed the
acquisition of SDC A/S through a taxable merger,
whereby former SDC was merged into a newly
formed company - Netcompany Banking Services
A/S, fully owned by Netcompany.
Continued growth, margin improvement and acceleration of synergies
11
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Business Segments 12 months
DKK million
YTD 2025
Constant (2024 rate)
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 7,901.9 3,199.9 2,593.2 688.2 367.5 205.5 847.6
Gross profit 2,221.6 1,218.2 574.3 145.1 58.8 69.7 155.5
Gross profit margin 28.1% 38.1% 22.1% 21.1% 16.0% 33.9% 18.3%
Local admin costs -882.7 -460.8 -201.3 -72.1 -47.4 -29.4 -71.8
Adjusted EBITDA before HQ costs 1,338.9 757.4 373.0 73.0 11.4 40.4 83.7
Adjusted EBITDA margin before HQ costs 16.9% 23.7% 14.4% 10.6% 3.1%
19.6% 9.9%
Allocated costs from HQ -65.9 -45.6 0.0 -11.0 -6.1 -3.2 0.0
Special Items, allocated -355.3 -35.8 -0.0 -8.0 -4.5 -2.3 -304.8
Other operating income / expense 0.2 0.0 0.2 0.0 0.0 0.0 0.0
Depreciation -218.9 -102.7 -76.8 -15.0 -7.9 -9.5 -7.1
Amortisation -137.3 -40.0 -65.5 -5.9 -3.3 -1.8 -20.7
EBIT 561.6 533.2 230.9 33.1 -10.3 23.6 -248.9
Client facing FTEs 8,349 2,850 3,813 644 401 205 436 (H2: 873
1
)
DKK million
YTD 2024
Reported
Group Denmark SEE & EUI UK Norway Netherlands Banking
Services
Revenue from external customers 6,540.6 3,089.5 2,305.4 606.6 338.9 200.3 0.0
Gross profit 1,928.4 1,182.8 504.2 117.6 53.0 70.8 0.0
Gross profit margin 29.5% 38.3% 21.9% 19.4% 15.6% 35.4% N/A
Local admin costs -777.7 -430.9 -204.3 -66.7 -48.4 -27.4 0.0
Adjusted EBITDA before HQ costs 1,150.8 751.9 299.9 51.0 4.6 43.5 0.0
Adjusted EBITDA margin before HQ costs 17.6% 24.3% 13.0% 8.4% 1.4%
21.7% N/A
Allocated costs from HQ -52.9 -37.2 0.0 -8.2 -4.8 -2.7 0.0
Special Items, allocated -2.7 -1.9 0.0 -0.4 -0.3 -0.1 0.0
Other operating income / expense -5.4 0.0 -5.4 0.0 0.0 0.0 0.0
Depreciation -188.0 -95.5 -70.6 -7.4 -8.2 -6.3 0.0
Amortisation -116.3 -44.2 -58.4 -7.1 -4.2 -2.4 0.0
EBIT 785.5 573.1 165.5 27.9 -12.9 31.9 0.0
Client facing FTEs 7,492 2,826 3,547 572 360 186 0
Revenue, %
YTD 2025
Revenue, %
YTD 2024
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
SEE&EUI
NBS
.%
.%
.%
.%
.%
.%
.%
.%
.%
.%
.%
1
As SDC A/S was merged into Netcompany Banking Services as of 1 July 2025, reported figures for the year represent zero FTEs in first half of 2025. Average client facing FTEs for Netcompany
Services in the second half of 2025 accounted 873.
Continued growth, margin improvement and acceleration of synergies
12
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
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 in-
creased 3.6% to DKK 3,199.9m in 2025.
Revenue was mainly driven by growth in
the private sector, which increased revenue
by 8.2%, whereas revenue grew by 0.8% in
the public sector.
The first six months of 2025 were affected
by resources spent on product and busi-
ness development as well as preparation
work for the integration of SDC into Net-
company Banking Services. However as
expected, the level of these activities de-
creased during the second half of 2025.
Gross profit margin was 38.1% in 2025, in
line with 2024. Although resources were
used for tasks related to product and busi-
ness development, the Danish segment’s
performance was maintained by a strong
second half.
Client facing FTEs grew less than 1% in
2025 and was related to FTEs hired in enti-
ties outside of Denmark working on Danish
projects.
In 2025 adjusted EBITDA margin was 23.7%
compared to 24.3% in 2024.
Netcompany SEE & EUI
In Netcompany SEE & EUI revenue grew
12.5% to DKK 2,593.2m in 2025. Revenue
growth was driven by strong performance
within both the public sector including the
EU and the private sector, which grew reve-
nue by 11.2% and 16.6%, respectively.
Gross profit margin was 22.1% in 2025,
in line with 2024. Despite lower licence
revenue the gross profit margin was held
steady, supported by improvements in pro-
ject execution.
Client facing FTEs grew by 7.5% in 2025.
In 2025 adjusted EBITDA margin was 14.4%
compared to 13% in 2024. The improve-
ment in adjusted EBITDA margin was a re-
sult of lower admin costs.
BUSINESSSEGMENTS12MONTHSCONTINUED
Netcompany UK
Netcompany UK grew revenue 13.5% to
DKK 688.2m in 2025. The growth was
driven by the public sector which grew rev-
enue 20.8% during the year, while private
sector revenue declined 2.9%, as a result
of discontinuation/completion of historical
low-margin contracts. During the year Net-
company’s public sector presence in the
UK has increased, as a combination of new
contract wins and increased engagements
with existing customers.
Gross profit margin was 21.1% in 2025
compared to 19.4% in 2024. The improved
margin was a result of better utilisation and
discontinuation of historical low-margin
contracts.
Client facing FTEs grew by 12.6% in 2025.
Adjusted EBITDA margin was 10.6% in 2025
compared to 8.4% in 2024.
Netcompany Norway
In Netcompany Norway, revenue grew 8.5%
in 2025, driven by growth in revenue from
the public sector that increased revenue
18.3% during 2025. Growth in revenue from
the public sector was positively impacted
by engagements with existing customers.
Revenue from the private sector declined
by 4.9% in 2025.
Gross profit margin was 16% in 2025, in line
with the same period last year.
Client facing FTEs grew by 11.4% in 2025.
Adjusted EBITDA margin was 3.1% in 2025
compared to 1.4% in 2024.
Continued growth, margin improvement and acceleration of synergies
13
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
livered an adjusted EBITDA margin of 9.9%
compared to proforma adjusted EBITDA
margin of 6.5% in the same period last year.
The improvement in margin was a result
of the integration of SDC into NBS and the
materialisation of synergies.
As a result of the integration of SDC into
NBS, restructuring and integration costs
of DKK 304.8m, including the impairment
of right of use assets by DKK 73.1m, was
recognised as special items in 2025. End
of year a restructuring provision of DKK
212.6m remains, covering costs to be in-
curred towards 2028. This includes costs
related to redundancies, leases termina-
tions, termination of contracts for services
no longer required, as well as various costs
related to retention and integration efforts.
As a consequence of the merger, NBS was
required to exit the ownership of JN Data
as per the stipulated shareholders agree-
ment.
Netcompany Banking Services
As the merger between SDC and Netcom-
pany Banking Services (NBS) was closed
as of 1 July 2025, pro forma results
1
have
been applied for the first six months of
2025 to determine 2025 full year results for
comparable purpose.
Pro forma revenue for 2025 was DKK
1,652.3m, compared to reported revenue
of DKK 1,705.8m in 2024 for SDC A/S. Rev-
enue and earnings in 2024 were positively
impacted by exit fees. Revenue of DKK
847.6m was recognised in the second half
of 2025 after SDC was merged into NBS.
Pro forma adjusted EBITDA was DKK 110.1m
in 2025, of which DKK 83.7m was generat-
ed in the second half of 2025, compared to
pro forma adjusted EBITDA of DKK 109.2m
in 2024 for SDC. To compare “like for like”,
pro forma adjusted EBITDA was adjusted
for capitalisations
2
in 2024 and first half of
2025.
Pro forma adjusted EBITDA margin was
6.7% in 2025, compared to pro forma ad-
justed EBITDA margin of 6.4% in 2024 in
SDC. In the second half of 2025, NBS de-
Netcompany Netherlands
Revenue in Netcompany Netherlands in-
creased by 2.6% in 2025 compared to
2024, following growth of almost 35% in
2024.
Gross profit margin was 33.9% in 2025 and
in line with 2024.
Client facing FTEs grew by 9.9% in 2025.
Adjusted EBITDA margin in 2025 was 19.6%
compared to 21.7% in 2024, mainly as a
consequence of the slightly lower gross
profit margin.
BUSINESSSEGMENTS12MONTHSCONTINUED
1
Pro forma figures covers unaudited figures in SDC
A/S in the first six months of 2025 and reported
figures in NBS.
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.
Continued growth, margin improvement and acceleration of synergies
14
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Revenue visibility
Revenue visibility for 2026 amounts to DKK
6,669.6m, of which contractual committed
revenue amounts to DKK 6,341.4m and
non-contractual committed engagements
amount to DKK 328.2m.
Revenue visibility for the Group excluding
Netcompany Banking Services (NBS)
improved by 8.1% from DKK 4,895.6m for
2025 to DKK 5,290.9m for 2026.
As of 1 July 2025, Netcompany assumed
100% ownership of SDC by merging it into
NBS. We therefore distinguish between rev-
enue visibility for the Group and revenue vis-
ibility for the Group excluding NBS. All reve-
nue visibility for NBS relates to the private
sector.
Revenue visibility in the public sector there-
fore relates solely to the Group excluding
NBS and amounts to DKK 3,848.9m for
2026, an increase of 9.5% compared to last
year, of which contractual committed reve-
nue amounts to DKK 3,692m and non-con-
tractual committed engagements amount to
DKK 156.9m.
Revenue visibility for the Group excluding
NBS in the private sector amounts to DKK
1,442.1m for 2026, an increase of 4.5% com-
pared to last year, of which contractual
committed revenue amounts to DKK
1,270.7m and non-contractual committed
engagements amount to DKK 171.4m.
DKK million
Revenue visibility for the financial 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 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.
.%
.%
,.
,.
Contractual
committed
Netcompany
Banking Services
.%
PRIVATENBS
.
Continued growth, margin improvement and acceleration of synergies
15
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
NBS is in the initial phase of a significant
and structural reorganisation which natural-
ly will lead to relatively higher churn in NBS
than previously experienced as redundan-
cies are realised.
NBS stand alone attrition
rate was 27.5% for the last 6 months of
2025.
Workforce
Netcompany employed an average of 9,752
FTEs in Q4 2025, equal to an increase of
1,503 FTEs or 18.2% compared to Q4 2024
(8,249 FTEs). On a sequential basis FTEs in
Q4 2025 increased 2.9% compared to Q3
2025.
Excluding Netcompany Banking Services
(NBS), the number of client facing FTEs for
the Group increased by 554 from 7,705 in
Q4 2024 to 8,259 in Q4 2025, while the lev-
el of non-client facing FTEs decreased from
6.6% in Q4 2024 to 6.3% in Q4 2025.
Freelancers in the organic part of the Group
decreased 5.5% from 995 in Q4 2024 to
876 in Q4 2025 driven by the decrease
in freelancers in Netcompany SEE & EUI.
The increase in UK contractors was due to
ramp up on public deliveries, sequentially
the increase was limited compared to Q3
2025.
The attrition rate for the last twelve months
was 18.1% for the organic part of the Group,
which was on par with the same period last
year. On a sequential basis the churn rate
was in line with Q3 2025. Furthermore, the
3 months rolling churn rates decreased 0.2
percentage points compared to Q4 2024.
Avg. FTEs increased to 9,752 during Q4 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 FTEs average for second half of 2025 for
Netcompany Banking Services.
, ,
,
,
,
,
,
,
Continued growth, margin improvement and acceleration of synergies
16
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Free cash flow and cash conversion rate
1
The Group generated free cash flow of
DKK 317.9m in Q4 2025, compared to DKK
532.4m in Q4 2024, which was all time
high. Adjusted for taxes paid on account,
the Group generated free cash flow of
DKK 305.2m in Q4 2025 compared to DKK
569.3m in Q4 2024.
The development in free cash flow was
caused by the working capital changes and
thereby more than offset the increase in
EBIT during the same period. The changes
in working capital were mainly driven by a
significant increase in pre-billed invoices
in Q4 2024, which end of Q4 2025 was on
level with end of Q3 2025.
Despite the development in free cash flow
cash and a decline in cash conversion
rate, cash conversion rate for Q4 2025 was
realised at 178.5%. Adjusted for the taxes
paid on account, cash conversion rate was
171.4% in Q4 2025 compared to 407.8% in
Q4 2024.
For the full year, Netcompany generated a
free cash flow of DKK 355.8m correspond-
ing to a decrease of 56.7% compared to
DKK 821.1m in 2024, mainly driven by a
more normal development in working cap-
ital, and to some extent impacted by the
special items expensed during the year.
The negative development in net work in
progress during the year was due to signif-
icant increase in pre-billed invoices at the
end of 2024 impacting 2025 negatively, as
well as timing of milestone payments on
significant projects mainly within public
contracts throughout the Group.
Full year cash conversion rate normal-
ised to 97.7% compared to 147.1% in 2024,
reflecting a natural adjustment after two
years where balances, particular in work in
progress, that had previously been built up
were released as cash towards the end of
the year.
Trade receivables
At 31 December 2025, Group trade
receivables was DKK 1,373.1m which was
7.1% above DKK 1,282.6m in 2024 and de-
spite 20.7% growth in revenue.
The development was mainly caused by
the inclusion of Netcompany Banking Ser-
vices, that to a higher extent delivers ser-
vices to prepaying clients.
Days sales outstanding decreased from 72
days end of 2024 to 64 days end of 2025
following the inclusion of Netcompany
Banking Services.
The overdue part of trade receivables ex-
cluding expected credit losses increased
from 23.8% by the end of Q4 2024 to 28.9%
by the end of Q4 2025. The overdue part of
trade receivables overdue by more than 30
days accounted for 11.9% end of Q4 2025,
compared to 10.8% end of Q4 2024.
Trade receivables paid in the following
month amounted to DKK 851.6m in January,
of which DKK 210.7m was overdue end of
December, equal to a repayment of 62% of
the total balance.
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
Provi-
sion Total
Trade receivables,
31 December 2025
978.2 234.2 34.2 20.5 109.0 -3.0 1,373.1
Trade receivables,
31 December 2024
978.1 167.7 68.2 30.9 39.3 -1.6 1,282.6
Continued growth, margin improvement and acceleration of synergies
17
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
CAPITALANDOTHERFINANCIALPOSITIONSCONTINUED
Investments
On 10 February 2025, Netcompany Group
agreed with a majority of the shareholders
of SDC A/S to merge Netcompany 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 Net-
company Banking Services A/S to SDC’s
shareholders.
Funding and liquidity
Current Group loan facility agreement runs
until 2027 and is expected to be refinanced
within 2026.
The combined committed facilities consti-
tute DKK 2,800m and an additional facility
of DKK 2,000m, available only for new
acquisitions. At 31 December 2025, DKK
1,580m of the committed lines were utilised
on ordinary borrowings and DKK 17.1m on
guarantees leaving a total of DKK 2,202.9m
available in unutilised funding of which DKK
1,202.9m can be utilised for normal opera-
tions if needed with no additional costs or
covenants.
In addition, Netcompany SEE & EUI had uti-
lised DKK 867.1m on local guarantees, hav-
ing no impact on the Group facilities except
for leverage.
Including net cash balance as of 31 Decem-
ber 2025 of DKK 287.5m available Group
funding was DKK 1,490.4m.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Report
for 2025.
Capital structure
In Q4 2025, debt leverage to 12 months roll-
ing adjusted EBITDA was 1.6x compared to
1.2x in Q4 2024. All covenants are complied
with.
Events after the balance sheet date
To this date, no events have occured after
the balance sheet date, which would influ-
ence the evaluation of this report.
12.6%
34.9%
20.7%
2,264.7
Work in progress overview
1,000
0
500
1,500
Dec. 31
2025
Q4 2025
Q4 2025
LTM
7,891.7
WIP
REVENUE
1,282.6
Dec. 31
2024
1,678.2
Q4 2024
Q4 2024
LTM
6,540.6
6,000
2,000
TRADERECEIVABLES
DKK million
537.3
675.9
Work in progress
At 31 December 2025, Netcompany’s work
in progress amounted to DKK 675.9m, rep-
resented by contract work in progress of
DKK 1,737.2m and prepayments received
from customers of DKK 1,061.3m.
Combined work in progress increased by
25.8% from DKK 537.3m end of 2024 to
DKK 675.9m end of 2025. In the same pe-
riod revenue increased by 34.9% from DKK
1,678.2m in Q4 2024 to DKK 2,264.7m in
Q4 2025, while revenue for the last twelve
months increased by 20.7%.
As a percentage of revenue, the combined
work in progress, prebilled invoices, and
trade receivables was 26%, compared
to 27.8% in 2024. The development was
blurred by inclusion of six months revenue
from Netcompany Banking Services in
2025.
1,373.1
Continued growth, margin improvement and acceleration of synergies
18
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Guidance 2026
gramme from 2024 to 2026 to DKK 2bn — in
line with previous commitments.
Long-term targets
We commit to the long-term targets as out-
lined below. Based on the gradual realisation
of synergies in NBS we expect to reach
an adjusted EBITDA margin for the Group
above 20% by 2029.
• 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.
Consequently, we expect revenue growth for
the Group, measured in constant curren-
cies, to be between 15% and 20% including
Netcompany Banking Services for the full
year. We expect adjusted EBITDA margin
for the Group — also measured in constant
currencies and including Netcompany
Banking Services (NBS) for the full year to
be between 15% and 18%.
For the Group excluding NBS, we expect
revenue growth of 5% to 10% and adjusted
EBITDA margin of between 16% and 19% —
all in constant currencies.
We will initiate a share buyback programme
to run from the release of the annual report
for 2025 and until the end of January 2027.
The size of the programme is DKK 750m
which will bring total share buyback pro-
Financial performance against original
guidance
In 2025, we achieved 7.9% organic revenue
growth in constant currencies and main-
tained organic adjusted EBITDA margin on
par with last year. Total revenue grew 20.8%
in 2025, as a consequence of the inclusion
of Netcompany Banking Services.
We saw positive momentum across the
business, with all segments supporting
organic revenue growth. Netcompany SEE &
EUI once again delivered strong results, and
the UK public sector gained traction as key
projects began to scale.
Organic adjusted EBITDA margin for 2025
was 16.9%. Despite a significant amount of
resources spent on product and business
development as well as resources spent on
preparing for the integration of SDC — most
significant in the first half of the year — we
delivered margins in line with last year.
During the second half of 2025 we saw an
increase in margins as these efforts started
to normalise.
Guidance for 2026
Our financial guidance for 2026 assumes
that macroeconomic and geopolitical un-
certainties will remain at the levels observed
in 2025. We expect the focus from end
customers on European sovereign identity
to persist into 2026, and view this as sup-
portive to our growth. Likewise, we expect
the increased focus on obtaining actual
production gains and efficiency from AI to
be supportive to our growth too, as AI is em-
bedded into our products and platforms.
Expected revenue growth in 2026
for the Group
15%-20%
Expected adjusted EBITDA margin in
2026 for the Group
15%-18%
Expected adjusted EBITDA margin in
2026 for the Group excluding NBS
16%-19%
Expected revenue growth in 2026
for the Group excluding NBS
5%-10%
Long-term adjusted EBITDA margin
target - to be reached by 2029.
>20%
Long-term organic annual revenue
growth target
5%-10%
Continued growth, margin improvement and acceleration of synergies
19
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
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 31 December 2025, Netcompany’s share
capital was DKK 47.5m divided into 47.5m
shares.
End of Q4 2025, Netcompany holds
1,723,415 treasury shares equivalent to 3.6%
of the share capital.
The shares will be used to honour the
Group’s commitments under its Long-Term
Incentive programmes. Shares exceeding
the commitments under the long-term
incentive programmes will be cancelled on
an ongoing basis and a total of 1.5 million
shares will be proposed to be cancelled at
the upcoming Annual General Meeting in
March 2026.
Share-based incentive schemes/restrict-
ed stock units
In total, 589,461 restricted stock unites
(RSUs) and 154,200 matching shares
in relation to the share-based incentive
schemes were issued on 31 December
2025, of which 113,051 RSUs and 24,000
matching shares were granted to Execu-
tive Management and 476,410 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 201.1m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 68.2m was recog-
nised as staff costs in the income
statement in 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
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
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
Continued growth, margin improvement and acceleration of synergies
20
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Statement of the Board of Directors
and Executive Management
Board of Directors
Executive Management
Continued growth, margin improvement and acceleration of synergies
21
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Consolidated interim
financial statements
Continued growth, margin improvement and acceleration of synergies
22
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Income statement and statement
of comprehensive income
DKK million
Note Q4 2025 Q4 2024 YTD 2025 YTD 2024
Income statement
Revenue 1,2 2,264.7 1,678.2 7,891.7 6,540.6
Cost of services 3 -1,594.0 -1,184.4 -5,672.6 -4,612.1
Gross profit 670.7 493.9 2,219.1 1,928.4
Sales and marketing costs -16.3 -16.0 -60.9 -52.8
Administrative costs 4 -269.2 -202.5 -885.7 -777.7
Adjusted EBITDA 385.2 275.3 1,272.5 1,097.9
Special items 5 -4.2 -2.0 -355.3 -2.7
Other operating income / expense 0.1 -5.0 0.2 -5.4
EBITDA 381.1 268.3 917.3 1,089.8
Depreciation -59.4 -45.9 -218.2 -188.0
Amortisation -39.4 -28.9 -137.3 -116.3
Operating profit (EBIT) 282.3 193.6 561.8 785.5
Financial income 6 4.8 7.5 19.6 30.1
Financial expenses 6 -52.7 -48.0 -188.8 -175.1
Income / loss from joint venture / associates -4.1 -3.5 -17.0 -16.5
Profit / loss before tax 230.3 149.5 375.7 624.0
Tax on the profit / loss for the period -83.0 -32.4 -118.7 -156.5
Net profit / loss for the period 147.3 117.1 256.9 467.5
Of which
Non-controlling interest 0.0 -0.7 0.0 -2.7
Netcompany Group A/S' share
Earnings per share
Earnings per share (DKK) 7 3.19 2.47 5.48 9.67
Diluted Earnings per share (DKK) 7 3.15 2.45 5.42 9.58
Continued growth, margin improvement and acceleration of synergies
23
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
DKK million
Note Q4 2025 Q4 2024 YTD 2025 YTD 2024
CONTINUED
Statement of comprehensive income
Net profit / loss for the period
Other comprehensive income items that may be reclassified subsequently to
profit or loss:
Exchange rate adjustments on translating foreign subsidiaries
Other comprehensive income items that may not be reclassified to profit or
loss:
Actuarial profit / loss on defined benefit plans -0.4 -2.4 -0.4 -2.4
Other comprehensive income, net of tax 0.6 0.4 -9.2 2.6
Of which
Non-controlling interest 0.0 0.2 0.0 0.1
Netcompany Group A/S' share
Total comprehensive income 147.9 117.5 247.7 470.1
Of which
Non-controlling interest 0.0 -0.5 0.0 -2.6
Netcompany Group A/S' share
INCOMESTATEMENTANDSTATEMENT
OFCOMPREHENSIVEINCOME
Continued growth, margin improvement and acceleration of synergies
24
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Statement of financial position
31 December 31 December
DKK million
Note 2025 2024
Assets
Goodwill 3,858.4 3,252.0
Other intangible assets 807.9 456.7
Tangible assets 1,028.0 896.8
Investment in joint venture 83.9 78.6
Investment in associates 147.0 109.0
Other securities and investments 1.0 1.3
Other receivables 86.9 72.5
Deferred tax assets 87.4 46.5
Total non-current assets 6,100.4 4,913.4
Trade receivables 1,373.1 1,282.6
Receivables from joint venture 14.7 6.0
Receivables from associates 3.5 10.9
Contract work in progress 9 1,737.2 1,366.0
Other receivables 117.0 111.0
Prepayments 247.8 113.2
Tax receivables 22.3 18.3
Total receivables 3,515.7 2,908.0
Cash 287.5 250.9
Total current assets 3,803.2 3,158.9
Total assets 9,903.6 8,072.3
31 December 31 December
DKK million
Note 2025 2024
Equity and liabilities
Share capital 47.5 50.0
Treasury shares -499.9 -884.1
Other reserves
-1.3 -0.9
Retained earnings 3,942.1 4,450.3
Equity attributable to Netcompany Group A/S 3,488.4 3,615.4
Non-controlling interest 0.0 0.0
Total equity 3,488.4 3,615.4
Borrowings 1,575.7 1,573.9
Leasing liabilities 769.1 707.0
Pension obligations 25.9 23.7
Provisions 10 165.7 0.0
Deferred tax liability 53.5 44.7
Total non-current liabilities 2,589.8 2,349.3
Borrowings 1,037.8 37.3
Leasing liabilities 257.1 146.4
Pension obligations 1.7 1.7
Pre-billed invoices 9 1,061.3 828.7
Trade payables 557.1 343.1
Other payables 747.5 717.1
Provisions 10 125.1 2.1
Income tax payable 37.9 31.4
Total current liabilities 3,825.5 2,107.6
Total liabilities 6,415.3 4,456.9
Total equity and liabilities 9,903.6 8,072.3
Continued growth, margin improvement and acceleration of synergies
25
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Cash flow statement
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
Operating profit (EBIT) 282.3 193.6 561.8 785.5
Depreciation and amortisation 98.8 74.8 428.6 304.3
Non-cash items 16.7 13.3 68.1 54.5
Working capital changes 65.9 410.2 -189.0 145.0
Total 463.7 691.8 869.6 1,289.3
Income taxes paid -28.9 -79.1 -148.1 -211.6
Financial income received 2.4 3.7 10.0 17.4
Financial expenses paid -39.7 -35.3 -148.5 -128.1
Cash flow from operating activities 397.5 581.1 582.9 966.9
Net cash outflow on acquisition of subsidiaries 0.0 0.0 -1,000.0 0.0
Cash and cash equivalents acquired 0.0 0.0 314.0 0.0
Other investments -19.7 -13.5 5.8 -13.6
Capitalisation of intangible assets -33.3 -26.6 -121.9 -91.0
Acquisition of fixed assets -46.3 -22.1 -105.3 -54.9
Disposals of fixed assets 0.4 0.0 0.4 0.0
Other receivables (deposits) -3.0 -25.4 -8.0 -18.8
Cash flow from investment activities -102.0 -87.6 -914.9 -178.2
Payment of treasury shares -225.3 -227.9 -449.2 -727.5
Proceeds from borrowings 0.0 0.0 1,000.0 0.0
Repayment of borrowings 0.0 -9.7 -0.2 -123.4
Repayment of lease liabilities -48.6 -38.7 -177.8 -138.1
Cash flow from financing activities -273.9 -276.3 372.9 -988.9
Net increase in cash and cash equivalents 21.7 217.2 40.9 -200.2
Cash and cash equivalents at the beginning 265.6 32.6 250.9 448.1
Effect of exchange rate changes on the balance cash
held in foreign currencies
Cash and cash equivalents at the end 287.5 250.9 287.5 250.9
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, margin improvement and acceleration of synergies
26
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 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 October 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2 0.0 3,549.2
Profit for the period 0.0 0.0 0.0 0.0 0.0 147.3 147.3 0.0 147.3
Other comprehensive income 0.0 0.0 0.0 1.0 -0.4 0.0 0.6 0.0 0.6
Total comprehensive income 0.0 0.0 0.0 1.0 -0.4 147.3 147.9 0.0 147.9
Treasury Shares for the period 0.0 -225.3 0.0 0.0 0.0 0.0 -225.3 0.0 -225.3
Share-based remuneration for the period 0.0 1.0 15.8 0.0 0.0 -0.2 16.6 0.0 16.6
Total transactions with owners 0.0 -224.3 15.8 0.0 0.0 -0.2 -208.7 0.0 -208.7
Equity at 31 December 2025 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4 0.0 3,488.4
Equity at 1 January 2025
Profit for the period 0.0 0.0 0.0 0.0 0.0 256.9 256.9 0.0 256.9
Other comprehensive income 0.0 0.0 0.0 -8.8 -0.4 0.0 -9.2 0.0 -9.2
Total comprehensive income 0.0 0.0 0.0 -8.8 -0.4 256.9 247.7 0.0 247.7
Treasury Shares for the period -2.5 335.9 0.0 0.0 0.0 -776.4 -442.9 0.0 -442.9
Share-based remuneration for the period 0.0 48.2 32.4 0.0 0.0 -12.4 68.2 0.0 68.2
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 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4 0.0 3,488.4
Continued growth, margin improvement and acceleration of synergies
27
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
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 October 2024 50.0 -650.0 78.5 7.6 1.5 4,233.5 3,721.1 4.4 3,725.5
Profit for the period 0.0 0.0 0.0 0.0 0.0 117.8 117.8 -0.7 117.1
Other comprehensive income 0.0 0.0 0.0 2.6 -2.4 0.0 0.2 0.2 0.4
Total comprehensive income 0.0 0.0 0.0 2.6 -2.4 117.8 118.0 -0.5 117.5
Treasury Shares for the period 0.0 -235.7 0.0 0.0 0.0 0.0 -235.7 0.0 -235.7
Share-based remuneration for the period 0.0 1.6 11.6 0.0 0.0 -1.2 12.0 0.0 12.0
Total transactions with owners 0.0 -234.1 11.6 0.0 0.0 -1.2 -223.7 -4.0 -227.7
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
STATEMENTOFCHANGESINEQUITYCONTINUED
Equity at 1 January 2024
Profit for the period 0.0 0.0 0.0 0.0 0.0 470.2 470.2 -2.7 467.5
Other comprehensive income 0.0 0.0 0.0 4.9 -2.4 0.0 2.6 0.1 2.6
Total comprehensive income 0.0 0.0 0.0 4.9 -2.4 470.2 472.7 -2.6 470.1
Treasury Shares for the period 0.0 -733.8 0.0 0.0 0.0 0.0 -733.8 0.0 -733.8
Share-based remuneration for the period 0.0 42.8 22.9 0.0 0.0 -12.8 52.8 0.0 52.8
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
Continued growth, margin improvement and acceleration of synergies
28
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Segmentation
NOTE1
Group Denmark
SEE & EUI UK Norway Netherlands Banking Services
DKK million
Q4 2025 Q4 2024 % change Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024
Revenue 2,264.7 1,678.2 34.9% 848.1 770.6 666.1 622.3 178.1 146.1 93.9 87.2 51.8 52.0 426.7 0.0
Cost of service -1,594.0 -1,184.4 34.6% -499.8 -493.8 -519.5 -467.7 -134.5 -113.8 -81.4 -76.8 -34.2 -32.4 -324.7 0.0
Gross profit 670.7 493.9
35.8%
348.3 276.9 146.6 154.6 43.6 32.3 12.5 10.4 17.6 19.7 102.0 0.0
Gross profit margin
29.6% 29.4% 0.2pp 41.1% 35.9% 22.0% 24.8% 24.5% 22.1% 13.3% 11.9% 34.0% 37.8 % 23.9% 0.0%
Allocated costs -268.4 -208.3 28.8% -126.1 -111.6 -58.0 -58.1 -18.9 -18.4 -12.2 -13.0 -7.9 -7.3 -45.3 0.1
Adjusted EBITDA before
HQ costs
402.4 285.6
40.9%
222.2 165.3 88.6 96.5 24.7 14.0 0.3 -2.6 9.7 12.3 56.7 0.1
Adjusted EBITDA margin
before HQ costs
17.8% 17.0% 0.8pp 26.2% 21.5% 13.3% 15.5% 13.9% 9.6% 0.4% -2.9% 18.8% 23.7% 13.3% 0.0%
Allocated costs from HQ -17.1 -10.2 67.6 % -11.7 -7.2 0.0 0.0 -2.9 -1.5 -1.6 -1.0 -0.9 -0.5 0.0 0.0
Adjusted EBITDA 385.2 275.3
39.9%
210.5 158.1 88.6 96.5 21.8 12.5 -1.3 -3.6 8.9 11.8 56.7 0.1
Adjusted EBITDA margin
17.0% 16.4% 0.6pp 24.8% 20.5% 13.3% 15.5% 12.2% 8.5% -1.4% -4.1% 17.1% 22.7% 13.3% 0.0%
Special items -4.2 -2.0 111.3% -2.9 -1.4 0.0 0.0 -0.7 -0.3 -0.4 -0.2 -0.2 - 0.1 -0.0 - 0.1
Other operating income /
expense
0.1 -5.0
-101.0%
0.0 0.0 0.1 -5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 381.1 268.3
42.0%
207.7 156.8 88.7 91.5 21.1 12.2 -1.7 -3.8 8.7 11.7 56.7 -0.0
EBITDA margin
16.8% 16.0% 0.8pp 24.5% 20.3% 13.3% 14.7% 11.9% 8.3% -1.8% -4.3% 16.7% 22.5% 13.3% 0.0%
Depreciation -59.4 -45.9 29.3% -26.3 -23.5 -20.2 -16.4 -4.1 -2.5 -1.9 -2.0 -4.9 -1.6 -1.9 0.0
Amortisation -39.4 -28.9 36.7% -9.9 -9.9 -16.4 -16.0 -1.5 -1.4 -0.8 -1.0 -0.4 -0.5 -10.4 0.0
EBIT 282.3 193.6
45.9%
171.4 123.3 52.1 59.1 15.5 8.3 -4.4 -6.7 3.3 9.6 44.4 0.0
EBIT margin
12.5% 11.5% 0.9pp 20.2% 16.0% 7. 8 % 9.5% 8.7% 5.7% -4.7% -7.7% 6.4% 18.5% 10.4% 0.0%
Continued growth, margin improvement and acceleration of synergies
29
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
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 7,891.7 6,540.6 20.7% 3,199.0 3,089.5 2,594.9 2,305.4 679.7 606.6 364.9 338.9 205.6 200.3 847.6 0.0
Cost of service -5,672.6 -4,612.1 23.0% -1,981.0 -1,906.7 -2,019.8 -1,801.2 -536.9 -488.9 -306.9 -285.9 -135.9 -129.4 -692.1 0.0
Gross profit 2,219.1 1,928.4
15.1%
1,218.0 1,182.8 575.1 504.2 142.8 117.6 58.0 53.0 69.7 70.8 155.5 0.0
Gross profit margin 28.1% 29.5% -1.4pp 38.1% 38.3% 22.2% 21.9% 21.0% 19.4% 15.9% 15.6% 33.9% 35.4% 18.3% 0.0%
Allocated costs -880.8 -777.7 13.3% -460.1 -430.9 -201.2 -204.3 -71.2 -66.7 -47.1 -48.4 -29.4 -27.4 -71.8 0.0
Adjusted EBITDA before
HQ costs
1,338.4 1,150.8
16.3%
758.0 751.9 373.9 299.9 71.6 51.0 10.9 4.6 40.3 43.5 83.7 0.0
Adjusted EBITDA margin
before HQ costs
17.0% 17.6% -0.6pp 23.7% 24.3% 14.4% 13.0% 10.5% 8.4% 3.0% 1.4% 19.6% 21.7% 9.9% 0.0%
Allocated costs from HQ -65.9 -52.9 24.7% -45.6 -37.2 0.0 0.0 -11.0 -8.2 -6.1 -4.8 -3.2 -2.7 0.0 0.0
Adjusted EBITDA 1,272.5 1,097.9
15.9%
712.3 714.7 373.9 299.9 60.6 42.8 4.8 -0.2 37.1 40.7 83.7 0.0
Adjusted EBITDA margin
16.1% 16.8% -0.7pp 22.3% 23.1% 14.4% 13.0% 8.9% 7.1 % 1.3% -0.1% 18.0% 20.3% 9.9% 0.0%
Special items -355.3 -2.7 N/A -35.8 -1.9 -0.0 0.0 -8.0 -0.4 -4.5 -0.3 -2.3 -0.1 -304.8 0.0
Other operating income /
expense
0.2 -5.4 -103.2% 0.0 0.0 0.2 -5.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 917.3 1,089.8
-15.8%
676.5 712.8 374.1 294.5 52.6 42.4 0.4 -0.5 34.8 40.6 -221.1 0.0
EBITDA margin
11.6% 16.7% -5.0pp 21.1% 23.1% 14.4% 12.8% 7.7 % 7.0 % 0.1% -0.1% 16.9% 20.3% -26.1% 0.0%
Depreciation -218.2 -188.0 16.0% -102.3 -95.5 -76.7 -70.6 -14.8 -7.4 -7.8 -8.2 -9.5 -6.3 -7.1 0.0
Amortisation -137.3 -116.3 18.1% -40.0 -44.2 -65.5 -58.4 -5.9 -7.1 -3.3 -4.2 -1.8 -2.4 -20.7 0.0
EBIT 561.8 785.5
-28.5%
534.2 573.1 231.8 165.5 31.9 27.9 -10.7 -12.9 23.5 31.9 -248.9 0.0
EBIT margin
7.1 % 12.0% -4.9pp 16.7% 18.6% 8.9% 7.2% 4.7% 4.6% -2.9% -3.8% 11.4% 15.9% -29.4% 0.0%
Continued growth, margin improvement and acceleration of synergies
30
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Revenue split
NOTE2
Private sector Group Denmark SEE & EUI UK Norway Netherlands
Banking Services
DKK million
Q4 2025 Q4 2024 % change Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024
Revenue 1,053.5 521.2 102.1% 367.8 287.4 178.0 157.7 49.2 41.1 31.9 34.9 0.0 -0.0 426.7 0.0
Cost of service -718.1 -349.5 105.5% -196.8 -161.6 -126.3 -117.7 -36.4 -32.7 -34.0 -37.5 0.0 0.0 -324.7 0.0
Gross profit 335.4 171.7 95.4% 170.9 125.9 51.7 40.0 12.8 8.5 -2.1 -2.6 0.0 -0.0 102.0 0.0
Gross profit margin
31.8% 32.9% -1.1pp 46.5% 43.8% 29.0% 25.4% 26.0% 20.6% -6.6% -7.5% 0.0% 87.0 % 23.9% N/A
Public sector
Group Denmark SEE & EUI UK Norway Netherlands Banking Services
DKK million
Q4 2025 Q4 2024 % change Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024
Revenue 1,211.2 1,157.1 4.7% 480.3 483.2 488.1 464.6 128.9 105.0 62.0 52.2 51.8 52.1 0.0 0.0
Cost of service -875.9 -834.9 4.9% -302.9 -332.2 -393.2 -350.0 -98.1 -81.1 -47.4 -39.2 -34.2 -32.4 0.0 0.0
Gross profit 335.3 322.2 4.1% 177.4 151.0 94.9 114.6 30.8 23.9 14.6 13.0 17.6 19.7 0.0 0.0
Gross profit margin
27.7 % 27.8 % -0.2pp 36.9% 31.3% 19.4% 24.7% 23.9% 22.8% 23.6% 24.9% 34.0% 37.8 % 0.0% N/A
% change % change
DKK million
Q4 2025 Q4 2024 Q4 YTD 2025 YTD 2024 YTD
Revenue by type
Public sector revenue 1,211.2 1,157.1 4.7% 4,828.3 4,496.0 7.4%
Private sector revenue 1,053.5 521.2 102.1% 3,063.4 2,044.5 49.8%
Revenue recognised over time 2,253.4 1,638.6 37.5% 7,824.5 6,473.1 20.9%
Revenue recognised at a point in time 11.3 39.6 -71.5% 67.2 67.4 -0.3%
Organic revenue 1,838.0 1,678.2 9.5% 7,044.1 6,540.6 7.7 %
Non-organic revenue 426.7 0.0 N /A 847.6 0.0 N/A
Revenue by type, total 2,264.7 1,678.2
34.9%
7,891.7 6,540.6
20.7%
Continued growth, margin improvement and acceleration of synergies
31
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Revenue split
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 3,063.4 2,044.5 49.8% 1,257.0 1,161.3 642.6 550.8 180.4 188.4 135.8 143.7 0.0 0.2 847.6 0.0
Cost of service -2,172.0 -1,405.2 54.6% -730.7 -671.6 -471.4 -437.6 -141.7 -148.5 -136.1 -147.2 -0.0 -0.4 -692.1 0.0
Gross profit 891.4 639.3
39.4%
526.4 489.8 171.3 113.2 38.6 39.9 -0.4 -3.4 0.0 -0.1 155.5 0.0
Gross profit margin
29.1% 31.3% -2.2pp 41.9% 42.2% 26.6% 20.5% 21.4% 21.2% -0.3% -2.4% 0.0% -59.4% 18.3% N/A
CONTINUED
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 4,828.3 4,496.0 7.4% 1,942.0 1,928.2 1,952.2 1,754.6 499.3 418.1 229.2 195.1 205.6 200.0 0.0 0.0
Cost of service -3,500.6 -3,206.9 9.2% -1,250.3 -1,235.1 -1,548.4 -1,363.5 -395.1 -340.4 -170.8 -138.7 -135.9 -129.1 0.0 0.0
Gross profit 1,327.7 1,289.1
3.0%
691.6 693.0 403.9 391.0 104.1 77.7 58.4 56.4 69.7 71.0 0.0 0.0
Gross profit margin
27.5% 28.7% -1.2pp 35.6% 35.9% 20.7% 22.3% 20.9% 18.6% 25.5% 28.9% 33.9% 35.5% 0.0% N /A
Continued growth, margin improvement and acceleration of synergies
32
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Administrative costs
Cost of services
NOTE3
NOTE4
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
Cost of services -544.1 -337.1 -1,742.0 -1,214.8
Salaries -1,049.9 -847.3 -3,930.6 -3,397.3
Cost of services total -1,594.0 -1,184.4 -5,672.6 -4,612.1
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
Administrative costs -141.2 -114.6 -421.3 -406.5
Salaries -128.1 -87.9 -464.4 -371.2
Administrative costs total -269.2 -202.5 -885.7 -777.7
Special items
NOTE5
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
External advisory related to M&A -4.2 -2.0 -39.1 -2.7
Lease termination and related contracts 0.0 0.0 -130.5 0.0
Redundancies 0.0 0.0 0.0 0.0
Other restructuring costs 0.0 0.0 -185.7 0.0
Total special items -4.2 -2.0 -355.3 -2.7
Netcompany Banking services accounted
for DKK 326.2m of the total cost of servic-
es in Q4 2025 and DKK 724.5m YTD 2025.
Netcompany Banking services accounted
for DKK 28.9m of the total administrative
costs in Q4 2025 and DKK 49.7m 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, margin improvement and acceleration of synergies
33
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Financial income and expenses
NOTE6
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
Financial Income
Exchange rate adjustments 3.2 4.6 15.1 15.5
Other financial income 1.6 2.9 4.5 14.6
Financial income total 4.8 7.5 19.6 30.1
Financial expenses
Interest expense, bank loan -23.5 -24.1 -85.1 -101.7
Interest expense, leasing -9.2 -8.1 -31.8 -31.4
Exchange rate adjustments -6.7 -6.4 -26.4 -16.2
Other financial expenses -13.4 -9.5 -45.6 -26.0
Financial expenses total -52.7 -48.0 -188.8 -175.1
Earnings per share
NOTE7
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
Earnings per share - EPS (DKK) 3.19 2.47 5.48 9.67
Diluted earnings per share - EPS-D (DKK) 3.15 2.45 5.42 9.58
Profit 147.3 117.8 256.9 470.2
Average number of shares 47.5 50.0 48.2 50.0
Average number of treasury shares 1.4 2.4 1.3 1.4
Average number of shares in circulation 46.1 47.6 46.8 48.6
Average number of outstanding restricted stock units 0.6 0.5 0.6 0.5
Average number of diluted shares in circulation 46.7 48.1 47.4 49.1
In Q4 2025, Netcompany Banking Servic-
es impacted both EPS and EPS-D by DKK
0.04. YTD 2025, Netcompany Banking
Services impacted EPS and EPS-D by DKK
4.38 and DKK 4.33, respectively.
Netcompany Banking services accounted
for nil of the total financial income in Q4
2025 and DKK 0.2m YTD 2025.
Netcompany Banking services accounted
for DKK 0.7m of the total financial expens-
es in Q4 2025 and DKK 1.5m YTD 2025.
Continued growth, margin improvement and acceleration of synergies
34
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Assets and liabilities recognised, DKK million
Non-current assets Non-current liabilities
Technology and software
32.9
Leasing liabilities 82.6
Customer relationships
333.7
Equipment
2.4
Leasehold improvements
1.1
Current liabilities
Right of use asset
99.4
Leasing liabilities 16.8
Deposit
8.1
Pre-billed invoices 372.3
Investment in associates
66.1
Trade payables 145.3
Other debts 94.8
Current assets Provisions 92.0
Inventories
0.6
Trade receivables
171.5
Contract work in progress
127.2
Other receivables
10.7
Net assets taken over 393.6
Prepayments
29.8
Goodwill 606.4
Cash and cash equivalents
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 66.1 million for the shares in 2025.
The Group has recognised M&A and re-
structuring costs totalling DKK 355.3m in
2025 (DKK 4.2m in Q4 2025), which are
included in special items.
Continued growth, margin improvement and acceleration of synergies
35
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Contract work in progress
NOTE9
31 December 31 December
DKK million
2025 2024
Selling price of work performed 3,960.6 4,132.2
Invoiced amount -3,284.7 -3,594.9
Total contract work in progress 675.9 537.3
Net value – stated on a contract-per-contract basis – is presented in the statement of financial position as
follows:
Contract work in progress 1,737.2 1,366.0
Pre-billed invoices -1,061.3 -828.7
Total contract work in progress 675.9 537.3
Provisions
NOTE10
The provision covers costs related to
redundancies, termination of contracts
for services no longer required, as well
as various costs related to retention and
integration efforts. Also, provisions in ef-
fect in SDC prior to the merger was trans-
ferred into Netcompany Banking Services
through the PPA. For further details on
incurred restructuring costs, please refer
to note 5.
In connection with the merger of SDC into
Netcompany Banking Services a provision
of DKK 92m was transferred into Netcom-
pany Banking Services, as part of the PPA.
For further information on the PPA, please
refer to note 8.
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 78.1m (DKK 2.1m) end of
2025, covering legal claims and project
related risks.
31 December 31 December 31 December
DKK million
2025 2024 2024
Project provision 78 .1 2 .1 2 .1
Provision for legal claims 0.0 0.0 0.0
Provision for restructuring 212.6 0.0 0.0
Total provisions 290.8 2.1 2.1
Continued growth, margin improvement and acceleration of synergies
36
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Income Statement classified by function
DKK million
Q4 2025 Q4 2024 YTD 2025 YTD 2024
Income statement
Revenue 2,264.7 1,678.2 7,891.7 6,540.6
Cost of services, incl. depreciation and amortisation -1,629.8 -1,208.6 -5,793.0 -4,704.5
Gross profit 634.9 469.6 2,098.7 1,836.1
Sales and marketing costs, incl. depreciation and amortisation -16.3 -16.0 -60.9 -52.8
Administrative costs, incl. depreciation and amortisation -336.4 -255.0 -1,476.1 -992.3
Other operating income / expense 0.1 -5.0 0.2 -5.4
Operating profit (EBIT) 282.3 193.6 561.8 785.5
Financial income 4.8 7.5 19.6 30.1
Financial expenses -52.7 -48.0 -188.8 -175.1
Income / loss from joint venture / associates -4.1 -3.5 -17.0 -16.5
Profit / loss before tax 230.3 149.5 375.7 624.0
Tax on the profit for the period
-83.0 -32.4 -118.7 -156.5
Net profit / loss for the period
147.3 117.1 256.9 467.5
Depreciation and Amortisation have been presented as follows in the in-
come statement:
Cost of services -35.8 -24.3 -120.4 -92.3
Administrative costs -63.0 -50.5 -235.0 -211.9
Depreciation and amortisation -98.8 -74.8 -355.5 -304.3
NOTE11
Continued growth, margin improvement and acceleration of synergies
37
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
As a part of the contract commitments with
customers, the Group has through its banks
provided performance guarantees of DKK
884.2m (DKK 753.9m).
There are no collaterals provided for
the Group’s bank loan.
In Q4 2025, Netcompany recognised
revenue from joint venture of
13.8m (DKK
12.7m) and revenue from associated com-
panies of DKK 7.2m (DKK 8.3).
In 2025, as well as in 2024, the Group was
party to certain legal claims. The outcome
of these disputes are not considered likely
to impact the Group’s financial position
significantly, besides what is already recog-
nised in the statement of financial position.
Related party transactions
Collateral provided and
contingent liabilities
NOTE12
NOTE13
The interim consolidated financial state-
ments included in this Q4 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
2025 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 5.4m in Q4
2024, DKK 22.3m for the full year of 2024,
now part of the depreciation line presented
separately. The opening equity as of 1 Jan-
uary 2024, the result for both Q4 and for
the full year of 2024 as well as earnings per
Accounting policies
NOTE14
share is not impacted by the change in ac-
counting policies. The effect of the change
consists of DKK 5.2m in Q4 2025 and DKK
18.8m for the full year 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 Q4 2024, 2024 and
Q4 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.
For the full year of 2025, Netcompany
recognised revenue from joint venture of
DKK 52.8m (DKK 43.3m) and revenue from
associated companies of DKK 27m (DKK
32.8m).
Continued growth, margin improvement and acceleration of synergies
38
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
Formulas
1
Key figures defined according to IFRS.
2
Key figures defined according to “Recommendations &
Financial Ratios” issued by the Danish Finance Society.
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
Key figures and financial ratios have been compiled in accordance with the following calculation formulas.
Continued growth, margin improvement and acceleration of synergies
39
39
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 7/2026
3 February 2026
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 in-
volve a number of risks and uncertainties,
which could cause actual results to differ
materially 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, includ-
ing those described in Netcompany Group
A/S’ Annual Report 2025 and other infor-
mation made available by Netcompany.
Factors that may affect future results in-
clude, but are not limited to, global and
economic conditions, including currency
exchange rate and interest rate fluctua-
tions, delay or failure of projects related to
research and/or development, unexpected
contract breaches or terminations, un-
planned loss of patents, government-man-
dated or market-driven price decreases
for Netcompany’s products, introduction
of competing products, reliance on infor-
mation technology, Netcompany’s ability to
successfully market current and new prod-
ucts, exposure to product liability, litigation
and investigations, regulatory develop-
ments, actual or perceived failure to adhere
to ethical marketing practices, unexpected
growth in costs and expenses, failure to
recruit and retain the right employees, and
failure to maintain a culture of compliance.
As a result, forward-looking statements
should not be relied on as a prediction of
actual results. Netcompany undertakes
no obligation to update or revise any for-
ward-looking statements, whether as a
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.