Slides
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Q2 2025
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Important information This presentation 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 anticipated 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 statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. Netcompany has based these forward-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 materially from those predicted in the forward-looking statements and from the past performance of Netcompany. Although Netcompany believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general or Netcompany in particular, including those described in Netcompany Group A/S’ Annual Report 2024 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 fluctuations, delay or failure of projects related to research and/or development, unexpected contract breaches or terminations, unplanned loss of patents, government-mandated or market-driven price decreases for Netcompany’s products, introduction of competing products, reliance on information technology, Netcompany’s ability to successfully market current and new products, exposure to product liability, litigation and investigations, regulatory developments, 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 forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The Annual Report 2024 of Netcompany Group A/S is available at www.netcompany.com 2
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…will go through the business highlights for Q2 2025. …will go through the financial performance for Q2 2025 and financial guidance for 2025. Thomas Johansen NETCOMPANY CFO Presenters 3 André Rogaczewski NETCOMPANY CEO AND CO -FOUNDER
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4 We are dedicated to responsible digitalisation HIGHLIGHTS Q2 2025 EUROPEAN DIGITALISATION European governments and the European Union’s focus on enhanced digital capabilities based on solutions from European vendors, makes our investments in the future more relevant than ever. Our goal is to empower societies and citizens of Europe to stand independently and strongly, and to lead the way in shaping a better future for all. PRODUCTS AND PLATFORMS Acceleration of our product and platform strategy introduced in the beginning of 2023. Focusing on reusing solutions that have been successfully implemented elsewhere, to benefit both our customers and our business. AI Leveraging AI enables us to deliver more intelligent, automated solutions that reduce operational costs and improve decision-making capabilities for our customers. AI is a fundamental part of our delivery model and with generative and predictive AI offerings, we have the solutions and are ready to deliver.
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Netcompany Banking Services HIGHLIGHTS Q2 2025 Innovative banking services anchored in trust, efficiency, and customer-centricity. • Welcome to all employees of Netcompany Banking Services • Transaction closed on 1 July • Integration is progressing as planned • New module and product roll out expected on a quarterly basis starting from H1 2026 Netcompany
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Agenda Public sector, Denmark Netcompany has been selected as vendor on Lex Dania for the Department of Civil Affairs. The solution handles the entire legislation process spanning from writing the legislative text to publication of the new legislation in Lovtidende and Retsinformation. Lex Dania handles all Danish legislation except the Finance Act and Netcompany will be responsible for operating, maintaining, developing and modernizing the system. Public sector, Denmark Netcompany has secured a strategic agreement with the newly formed Swedish Payments Agency to build the digital foundation for all government social benefit payments to Swedish citizens. The solution will be based on Netcompany's SOLON TAX platform, which already powers tax administrations in Greece and Lithuania. New contracts 6 Private sector, Denmark Netcompany has been selected as vendor for a significant enterprise customer that is currently undertaking significant investments in their technology stack. At this point in time, we are not able to share the name of the customer, but we expect to be able to do so in connection with our Q3 report. HIGHLIGHTS Q2 2025 Public sector, Denmark Netcompany has won the SKI 02.06 tender for the project known as NARID. NARID is a real- time data platform for the Danish Climate Data Agency (Klimadatastyrelsen), and this tender covers the implementation of capabilities for managing energy data from charging stations (ladestandere). The platform is strategically important for Klimadatastyrelsen, and the tender ensures that many additional use cases can be developed on top of it in future projects. Netcompany will be responsible for developing, implementing, maintaining, and operating the solution. Public sector, Denmark Netcompany has been selected to deliver a new, modernized driving license register to the Danish Road Traffic Authority. The current register, built on mainframe technology in 1982, no longer meets today’s requirements. Increasing demands for stronger cybersecurity, reduced vendor dependency, and the ability to adapt to evolving regulations have created the need for modernization. Netcompany won the project based on the AMPLIO platform and will be responsible for the modernization, implementation, maintenance, and ongoing support of the new register.
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Agenda Private sector , SEE & EUI Netcompany will implement an advanced AI- driven system to enhance field engineering operations. The solution will leverage large language models, machine learning, image recognition, and historical incident data to provide real-time troubleshooting assistance to field engineers. Public sector , SEE & EUI Netcompany as a part of a consortium, was awarded a framework agreement with the European Union Intellectual Property Office (EUIPO). The scope of the agreement is to provide maintenance support for end users, Digital Workplace, IT Infrastructure and Operations Services. 7 Public sector , SEE & EUI Netcompany was awarded a contract with the Independent Authority Labor Inspectorate in Greece. The contract is an agreement to provide hardware, system and application software including maintenance and support. Private sector, SEE & EUI After entering an agreement with NBG, Netcompany will provide specialised IT services spanning application development, project management, business analysis, and testing. The engagement covers strategic domains including Digital Channels, Core Banking, SAP, Business Process Management, and Data Engineering & AI capabilities. Private sector , SEE & EUI Netcompany will deliver end-to-end application services including design, implementation, support, and maintenance for Vodafone's telecommunications service portfolio. The scope encompasses critical BSS/OSS systems (CRM, OSM & UIM), Digital Channels, SAP, Field Services Applications, Digital Onboarding System, Document Management, Data Retention, and integration with the broader IT ecosystem. New contracts continued HIGHLIGHTS Q2 2025
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Financial highlights 8
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Revenue Q2 2025 UKDenmark Netherlands Group Comments Revenue increased by 3.9% on Group level driven by increased activity in SEE & EUI, UK and Norway compared to the same quarter last year. Revenue in Netcompany Denmark declined 3.9%, driven by the development in both revenue from the public and private sector. Revenue in Netcompany SEE & EUI grew by 12.9%, mainly driven by revenue from the private sector that grew 33.1%, while revenue from the public sector and EU area grew by 6.7% compared to the same quarter last year. Netcompany UK realised revenue growth of 10.4% to 160.2m compared to Q2 2024. Revenue from the public sector grew by 22.7% in the quarter, while the private sector revenue declined as a result of discontinuation of historical low-margin contracts. Revenue in Netcompany Norway grew by 8.1% to DKK 89.6m in Q2 2025, driven by revenue from the public sector that grew 21.9% in the period – positively impacted by the ramp up on the AVINOR project. Revenue in Netcompany Netherlands was DKK 49.5m in Q2 2025, in line with Q2 2024 and was solely generated in the public segment and against a tough comparable as revenue grew 61.2% in the same quarter last year. * Constant currencies (2024 rate) SEE & EUI 790.6 759.8 581.0 655.8 145.1 160.2 82.8 89.6 50.7 49.5 1,650.2 1,714.9 -3.9% +12.9% +10.4% +8.1% -2.4% +3.9% Q2 2024 Q2 2025* Norway Revenue in DKK million 9 FINANCIAL HIGHLIGHTS Q2 2025
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Revenue H1 2025 UKDenmark Netherlands Group Comments Revenue increased by 6.4% on Group level driven by the public sector, including EU, while the private sector revenue was on level with the same period last year. Revenue in Netcompany Denmark declined 0.3%, driven by the decline in revenue from the private sector and resources spent on the SDC transaction. Revenue in Netcompany SEE & EUI grew by 15.6%, mainly driven by strong performance within both the public and private sector, that grew revenue by 14.1% and 20.6%, respectively. Netcompany UK realised revenue growth of 4.6% driven by revenue from the public sector that grew 15.3% in the first half of the year, while private sector revenue declined 18% as a result of discontinuation of historical low-margin contracts. Revenue in Netcompany Norway grew by 14.1% to DKK 193.3m, driven by revenue from the public sector that grew 29.2% in the period. Revenue in Netcompany Netherlands was on level with the same period last year. The development in revenue should be seen against a more than 50% growth in the same period last year. * Constant currencies (2024 rate) SEE & EUI 1,559.8 1,555.7 1,111.5 1,285.2 308.4 322.5 169.5 193.3 99.2 99.8 3,248.4 3,456.6 -0.3% +15.6% +4.6% +14.1% +0.6% +6.4% YTD 2024 YTD 2025* Norway Revenue in DKK million 10 FINANCIAL HIGHLIGHTS Q2 2025
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Adjusted EBITDA margin Q2 2025 23.9% 16.5% 13.7% 15.0% 3.8% 1.9% -1.1% 3.3% 20.0% 14.9% 17.2% 13.8% -7.5pp +1.4pp -1.9pp +4.4pp -5.2pp -3.4pp Q2 2024 Q2 2025* Adjusted EBITDA margin (before allocated cost from HQ) Comments Adjusted EBITDA margin at Group level decreased 3.4 percentage points to 13.8% in Q2 2025 compared to 17.2% in Q2 2024. In Denmark, margin was 16.5% in Q2 2025 compared to 23.9% in Q2 2024. The decline was a result of the investments in our future and fewer working days, which combined had a negative impact on the Danish business of around DKK 50m (5.2 pp) in the quarter. Adjusted EBITDA margin in SEE & EUI increased 1.4 percentage points to 15% in Q2 2025, compared to 13.7% in the same quarter last year because of lower administrative costs, and despite lower licence revenue in the quarter. The margin in UK was 1.9% in Q2 2025 compared to 3.8% in Q2 2024. The negative development in adjusted EBITDA margin of 1.9 percentage points was a result of one working day less in the quarter. In Norway, margin was 3.3% in Q2 2025 compared to negative 1.1% in Q2 2024 driven by the better utilisation as the ramp up on the AVINOR project continued, and despite one working day less. Adjusted EBITDA margin in the Netherlands was 14.9% in the quarter compared to 20% in Q2 2024. UKDenmark Netherlands Group * Constant currencies (2024 rate) SEE & EUI Norway 11 FINANCIAL HIGHLIGHTS Q2 2025
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Adjusted EBITDA margin H1 2025 23.7% 19.5% 12.3% 16.1% 6.9% 6.6% -1.1% 5.6% 19.8% 18.4% 16.8% 16.2% -4.2pp +3.8pp -0.3pp +6.7pp -1.4pp -0.6pp YTD 2024 YTD 2025* Adjusted EBITDA margin (before allocated cost from HQ) Comments Adjusted EBITDA margin at Group level decreased 0.6 percentage points to 16.2% in the first six months of 2025 compared to 16.8% in the same period last year. In Denmark margin was 19.5% in the first six months of 2025 compared to 23.7% in the same period last year. The decline was a result of time spent on investment in our future and resources spent on pipeline cases. For the first six months of 2025 adjusted EBITDA margin, in SEE & EUI, was 16.1% compared to 12.3% in the same period last year. The margin in UK was 6.6% for the first half of 2025 compared to 6.9% in the same period last year. In Norway, margin was 5.6% in in the first six months of 2025 compared to negative 1.1% in same period last year. Adjusted EBITDA margin in the Netherlands was 18.4% in the first half of the year compared to 19.8% in the first six months of 2024 albeit based on an insignificant development in absolute numbers.UKDenmark Netherlands Group * Constant currencies (2024 rate) SEE & EUI Norway 12 FINANCIAL HIGHLIGHTS Q2 2025
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FTEs increased to 8,333 Workforce Q2 2025 Comments The number of client facing FTEs for the Group increased by 426 from 7,365 in Q2 2024 to 7,791 in Q2 2025. The attrition rate for the last twelve months was 18.2%, which was an increase of 0.9 percentage point compared to Q2 2024. 13 2,105 2,152 2,097 2,134 2,611 2,904 2,598 2,860 537 527 545 515316 323 318 326 175 173435 468 430 463253 310 254 306 23 84 25 70919 847 912 858 519 543 505 537 166 Q2 2024 Q2 2025 164 YTD 2024 YTD 2025 7,884 8,333 7,848 8,242 Non-client facing Freelancers UK contractors Vietnam Poland Netherlands Norway United Kingdom South/East Europe and EU Institutions Denmark HIGHLIGHTS Q2 2025
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Cash flow Q2 2025 Comments In Q2 2025, free cash flow was DKK 25.6m compared to DKK 148.2m in Q2 2024, which was a decrease of DKK 122.6m. Adjusted for taxes paid on account, the Group generated a free cash flow of DKK 11.5m in Q2 2025 compared to DKK 111.4m in Q2 2024. The decrease in free cash flow was driven by a decrease in operating profit and development in working capital. As a consequence of the decreased cash flow, cash conversion rate decreased from 104.7% in Q2 2024 to 32.6% in Q2 2025. Adjusted for the taxes paid on account cash conversion rate decreased 64.1 percentage points from 78.7% to 14.6%. Days sales outstanding decreased from 73 days in Q2 2024 to 58 days in Q2 2025 following the extraordinary large amount of invoices end of Q2 2024. 14 FINANCIAL HIGHLIGHTS Q2 2025 DKK million Q2 2025 Q2 2024 % change Operating profit (EBIT) 118.3 192.8 -38.6% Depreciation and amortisation 80.6 76.3 5.6% Non-cash 17.9 16.1 11.0% Working capital changes -96.0 -69.0 39.1% Cash flow from operating activities 77.8 177.3 -56.1% Cash flow from investing activities -72.0 -30.3 137.8% Cash flow from financing activities 958.1 -212.9 -549.9% Net increase in cash and cash equivalents 963.8 -66.0 -1561.1% Cash and cash equivalents at the beginning 185.1 301.6 -38.6% Exchange changes on cash in foreign currencies -4.8 1.6 -396.9% Cash and cash equivalents at the end 1144.2 237.2 382.3% Free cash flow 25.6 148.2 -82.7%
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Allocation to shareholders Comments Aspiration announced in connection with the capital markets day in 2023 – to allocate DKK 2bn back to the shareholders by the end of 2026. Share buybacks of DKK 800m equal to 2.6m shares realised so far. Share capital reduced by 2.5m by cancelling 2.5m treasury shares on 7 April 2025. DKK 500m share buyback running from 14 August to 30 January 2026 announced in connection with the Q2 2025 results. Leaving DKK 700m to be bought back during 2026. In Q2 2025, the debt ratio based on adjusted EBITDA was 1.3x compared to 1.5x in Q2 2024. All covenants are complied with. Debt leverage is expected to remain unchanged ultimo 2025. 15 FINANCIAL HIGHLIGHTS Q2 2025 150 1,300 250 150 250 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0 Q1 2025 0 Q2 2025 ≈200 Q3 2025 ≈ 200 Q4 2025 ≈ 100 Q1 2026 Total Share buyback
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Total revenue visibility for Netcompany Group DKK million Revenue visibility 16 FINANCIAL HIGHLIGHTS Q2 2025 1,039.8 2,419.4 681.8 69.8 1,931.9 Revenue Contractual committed 67.9 Non contractual committed 1.1% 1.1% 31.1% 11.0% 39.0% 16.7% Total 3,459.2 2,613.8 137.7 6,210.6 Public Private Comments The organic revenue visibility end of Q2 2025 was DKK 6,210.6m, which was an increase of 6.3% compared to DKK 5,841.2m in Q2 2024. The revenue visibility for 2025 consists of contractual committed revenue and non- contractual committed engagements, which amounted to DKK 2,613.8m and DKK 137.7m, respectively, while realised revenue in the first six months of 2025 amounted to DKK 3,459.2m. Based on pipeline end of Q2 and significant wins in the Danish private sector in the beginning of Q3, revenue visibility as of end July for both private and public sectors in 2025 remains at a satisfactory level indicating continued growth. Effective from 1 July Netcompany resumed 100% ownership of SDC through the merger of SDC into Netcompany Banking Services. For the second half of 2025 contractual committed revenue for Netcompany Banking Services amount to DKK 780m. 16
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Agenda Guidance 2025 Comments Based on realised revenue growth and adjusted EBITDA margin in the first six month of 2025, and taking the current and weighted pipeline into perspective, and the expectation that the second quarter of 2025 will be delivering the lowest adjusted EBITDA margin of the year, we maintain our guidance for 2025. Revenue delivered through Netcompany Banking Services is expected to be between DKK 840m and DKK 870m – all non-organic. A full purchase price allocation, including provision for restructuring costs, will be made and disclosed in connection with the reporting of the Q3 results on 30 October 2025. Further, Netcompany will initiate a share buyback programme of DKK 500m to be executed in the period between 14 August 2025 and 28 January 2026. 17 HIGHLIGHTS Q2 2025 Actual revenue growth in 2024 7.4% Actual adjusted EBITDA margin in 2024 16.9% Expected organic revenue growth in 2025 5%-10% Expected organic adjusted EBITDA margin in 2025 16%-19% 840-870 DKKm Expected non -organic revenue in 2025
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Appendix 18
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Agenda Highlights Q2 2025 19 1,650.2 1,714.9 +3.9% Q2 2024 Q2 2025 485.7 442.9 -8.8% 269.1 220.7 -18.0% 7,884 8,333 +5.7% Revenue Gross profit Adjusted EBITDA Adjusted EBITDA margin Average FTEs 16.3% 12.9% -3.4pp Reported currencies HIGHLIGHTS Q2 2025
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Denmark UK Norway Netherlands SEE & EUI Revenue Revenue decreased by 3.9% to DKK 759.8m. Revenue increased by 10.9% to DKK 160.2m. Revenue increased by 8.1% to DKK 89.6m. Revenue decreased by 2.4% to DKK 49.5m. Revenue increased 12.9% to DKK 655.9m. Adj. EBITDA bef. HQ costs Adjusted EBITDA before allocated cost from HQ was DKK 125m yielding a margin of 16.5%. Adjusted EBITDA before allocated cost from HQ was DKK 3.1m yielding a margin of 1.9%. Adjusted EBITDA before allocated cost from HQ was DKK 2.9m yielding a margin of 3.3%. Adjusted EBITDA before allocated cost from HQ was DKK 7.4m yielding a margin of 14.9%. Adjusted EBITDA before allocated cost from HQ was DKK 98.6m yielding a margin of 15%. Pipeline Pipeline is centralised around our Go-To-Market strategy with focus on product and platform sales. Growth in 2025 will be supported by expected increased public spending as funding for new digitalisation initiatives are released and approved strategic projects initiated and accelerated. Margin is expected to increase during 2025 as utilisation is expected to improve following the staffing on Avinor ramping up throughout the year. Pipeline in the public sector continues to look promising. Pipeline in both the private and the public sector including EU is expected to keep growing, but growth is anticipated to be lower than the last couple of years due to historically high spending levels in the previous years. Other comments As a consequence of allocating 100 FTE’s from the Danish business segment to Group related activities, revenue in Q2 in Denmark was negatively impacted by DKK 25m. Decline in the private sector revenue in H1 was related to the discontinuation of historical low-margin contracts. Revenue was solely generated in the public segment and against a tough comparable as revenue grew 61.2% in the same quarter last year. Constant currencies (2024 rate) 20 APPENDIX Q2 2025
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Gross profit margin Q2 2025 32.0% 38.5% 22.3% 22.3% 15.6% 14.0% 13.6% 16.4% 34.2% 31.4% 29.4% 25.8% -6.5pp 0.0pp -1.6pp +2.8pp -2.8pp -3.6pp Q2 2024 Q2 2025* Gross profit margin (before depreciation and amortisation) Comments Gross profit margin decreased by 3.6 percentage points to 25.8%, compared to Q2 2024. This was a consequence of resources allocated to investments in our future and fewer working days. Gross profit margin in Denmark decreased 6.5 percentage points, as a result of the investments in our future and fewer working days, which combined had a negative impact on the Danish business of around DKK 50m in the quarter. Gross profit margin in SEE & EUI for Q2 2025 was on par with Q2 2024. Taking the lower licence revenue into consideration, the underlying gross profit margin improved compared to the same quarter last year. Gross profit margin in the UK decreased by 1.6 percentage points to 14% in Q2 2025, due to one working day less in the quarter. In Norway, gross profit margin was 16.4% in Q2 2025, compared to 13.6% in the same quarter last year. The improved gross profit margin was a result of better utilisation as the ramp up on the AVINOR continued and despite one working less. Gross profit margin in the Netherlands was 31.4% in Q2 2025 compared to 34.2% in the same quarter last year. UKDenmark Netherlands Group * Constant currencies (2024 rate) SEE & EUI Norway 21 FINANCIAL HIGHLIGHTS Q2 2025
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Gross profit margin H1 2025 37.7% 34.0% 20.8% 23.5% 17.4% 18.0% 13.4% 18.4% 33.8% 33.7% 28.6% 27.7% -3.7pp +2.6pp +0.5pp +5.0pp -0.0pp -0.9pp YTD 2024 YTD 2025* Gross profit margin (before depreciation and amortisation) Comments Gross profit margin was 27.7% in the first six months of 2025 compared to 28.6% in the same period last year. The decrease in margin was a result of the increased investments in our future. Gross profit margin in Denmark decreased 3.7 percentage points, as a result of time spent on investment in our future and resources spent on pipeline cases. Gross profit margin in SEE & EUI improved 2.6 percentage points to 23.5% and was positively impacted by higher licence revenue and better utilisation in the first half of 2025. Gross profit margin in the UK increased by 0.5 percentage points to 18% in the first six months of 2025, as a result of better utilisation. In Norway, gross profit margin improved 5 percentage points to 18.4% in the first six months of 2025. The margin improvement resulted from both enhanced utilisation and project execution. Gross profit margin in the Netherlands was 33.7% in Q2 2025 and in line with the same period last year.UKDenmark Netherlands Group * Constant currencies (2024 rate) SEE & EUI Norway 22 FINANCIAL HIGHLIGHTS Q2 2025
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Income statement Q2 2025 Comments Revenue increased by 3.9% to DKK 1,714.9m in reported currencies. The development in revenue was negatively impacted by investments in our future and fewer working days in Denmark, the Netherlands, Norway and UK, due to the timing of Easter. Gross profit decreased 8.8% to DKK 442.9m in Q2 2025, yielding a margin of 25.8%, as a consequence of the investments in our future and fewer working days. Adjusted EBITDA decreased 18% to DKK 220.7m in Q2 2025 compared to DKK 269.1m in Q2 2024. Special items amounted to DKK 21.6m in the quarter, in line with Q1 2025, and was related to the SDC transaction. The transaction was closed on 1 July and the integration of SDC is progressing according to plan. Income taxes in Q2 2025 were DKK 16.2m compared to DKK 35.3m in the same quarter last year. The effective tax rate was 22.6% in the quarter, compared to 22.9% in Q2 2024. Net profit amounted to DKK 55.7m in Q2 2025, compared to DKK 118.8m in the same quarter last year. 23 APPENDIX Q2 2025 DKK million Q1 2025 Q1 2024 % change Revenue 1,744.3 1,598.1 9.1% Costs of services -1,229.2 -1,154.4 6.5% Gross profit 515.1 443.7 16.1% Sales and marketing costs -13.3 -11.9 12.1% Administrative costs -194.6 -184.8 5.3% Adjusted EBITDA 307.3 247.1 24.4% Special Items -19.3 -0.7 N/A Other operating income/expense 0.0 0.2 -100.0% EBITDA 287.9 246.5 16.8% Depreciation -49.4 -47.8 3.4% Amortisation -29.0 -28.5 1.8% Operating profit (EBIT) 209.6 170.3 23.1% Net financials -35.4 -34.0 4.1% Income / loss from investment in joint venture / associates -4.1 -4.9 -15.1% Profit before tax 170.1 131.4 29.4% Tax on profit -48.3 -38.9 24.1% Net profit 121.7 92.5 31.6% DKK million Q2 2025 Q2 2024 % change Revenue 1,714.9 1,650.2 3.9% Costs of services -1,272.0 -1,164.5 9.2% Gross profit 442.9 485.7 -8.8% Sales and marketing costs -18.0 -12.1 48.9% Administrative costs -204.3 -204.5 -0.1% Adjusted EBITDA 220.7 269.1 -18.0% Special Items -21.6 0.0 N/A Other operating income/expense -0.1 0.0 62.8% EBITDA 198.9 269.1 -26.1% Depreciation -51.4 -47.2 8.8% Amortisation -29.2 -29.1 0.3% Operating profit (EBIT) 118.3 192.8 -38.6% Net financials -41.1 -34.3 19.7% Income / loss from investment in joint venture -5.3 -4.3 23.2% Profit before tax 71.9 154.1 -53.3% Tax on profit -16.2 -35.3 -54.0% Net profit 55.7 118.8 -53.1%
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Work in progress overview 1,324.1 1,094.8 847.2 960.8 500 1,000 1,500 2,000 6,500 7,000 0 DKK million June 30 2024 June 30 2025 6,292.7 Q2 2024 LTM Q2 2025 LTM 6,751.4 -5.3% +7.3% WIP Trade receivables Revenue LTM Work in progress compared to revenue Comments As a total, trade receivables and work in progress decreased by 5.3% from DKK 2,171.2m end of Q2 2024 to DKK 2,055.6m end of Q1 2025. The development was caused by the significant increase in prebilled invoices, which increased by DKK 339m compared to end of Q2 2024. Quarterly revenue increased by 3.9% to DKK 1,714.9m compared to Q2 2024. Revenue in the prevailing 12 months increased by 7.3%. As a percentage of LTM revenue, the combined work in progress, prebilled invoices, and trade receivables was 30.4%, compared to 34.5% in Q2 2024. The development was caused by a significant increase in prebilled invoices end of 2024. 24 FINANCIAL HIGHLIGHTS Q2 2025
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Comments Revenue from the public sector grew 4.4% in Q2 2025 driven by an increase in SEE & EUI, UK and Norway. Public revenue in SEE & EUI, UK, Norway and Netherlands increased by 6.7%, 23.3%, and 20.8%, respectively. Gross profit margin related to public sector revenue was 24.4%, which was a decrease of 4.6 percentage points compared to Q2 2024, driven by decreased margins in all entities. Public sector Q2 2025 25 APPENDIX Q2 2025 DKK million Q1 2025 Q1 2024 % change Revenue 1,235.3 1088.7 13.5% Costs of services -867.7 -797.0 8.9% Gross profit 367.6 291.7 26.0% Gross profit margin 29.8% 26.8% 3.0pp DKK million Q2 2025 Q2 2024 % change Income Statement Revenue 1,184.1 1128.2 5.0% Costs of services -894.2 -800.6 11.7% Gross profit 289.9 327.6 -11.5% Gross profit margin 24.5% 29.0% -455.2% DKK million Q2 2025 Q2 2024 change Income Statement Revenue 1,178.3 1,128.2 4.4% Costs of services -890.9 -800.6 11.3% Gross profit 287.4 327.6 -12.3% Gross profit margin 24.4% 29.0% -4.6pp
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Private sector Q2 2025 Comments Private revenue increased 2.8% compared to the same period last year driven by SEE & EUI and somewhat offset by decreased revenue from the private sector in Denmark, UK and Norway. Revenue from the private sector in SEE & EUI increased by 33.1%. Gross profit margin related to private sector revenue decreased to 28.8% compared to 30.3% Q2 2024 for the Group, driven by decreased margins in Denmark and UK, while margin in SEE & EUI and Norway increased. 26 APPENDIX Q2 2025 DKK million Q1 2025 Q1 2024 % change Revenue 509.0 509.4 -0.1% Costs of services -361.4 -357.4 1.1% Gross profit 147.5 152.0 -3.0% Gross profit margin 29.0% 29.8% -0.9pp DKK million Q2 2025 Q2 2024 % change Income Statement Revenue 530.8 522.1 1.7% Costs of services -377.8 -363.9 3.8% Gross profit 153.0 158.1 -3.2% Gross profit margin 28.8% 30.3% -146.4% DKK million Q2 2025 Q2 2024 change Income Statement Revenue 536.6 522.1 2.8% Costs of services -381.0 -363.9 4.7% Gross profit 155.5 158.1 -1.6% Gross profit margin 29.0% 30.3% -1.3pp
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 +1 -2 0 0 +2 -2 0 0 -1 0 0 0 -1 +3 0 0 Working days Norway Denmark UK Netherlands Greece Belgium Luxembourg -2 0 0 0 -1 -1 +1 0 -1 -2 +1 0 -3 +3 +1 -1 -4 +3 +1 -1 +2 +1 +1 0 -1 +1 +1 +1 +1 +1 +1 0 +2 +1 0 0 +2 +1 +1 0 27 APPENDIX Q2 2025
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Statement of financial position 28 APPENDIX Q2 2025 DKK million 31 March 31 March 2025 2024 Assets Intangible assets 3,707.0 3,724.3 Tangible assets 888.5 923.6 Investment in joint venture 75.0 87.2 Investments in associates 128.6 112.0 Other securities and investments 1.2 1.1 Other receivables 72.9 55.8 Deferred tax assets 47.6 44.2 Total non -current assets 4,920.9 4,948.1 Trade receivables 1,082.3 1,154.0 Receivables from joint venture 3.5 7.4 Receivables from associates 6.2 13.9 Contract work in progress 1,700.4 1,488.5 Other receivables 124.7 119.9 Prepayments 105.1 125.0 Tax receivables 72.0 59.6 Total receivables 3,094.2 2,968.2 Cash 185.1 301.6 Total current assets 3,279.4 3,269.8 Total assets 8,200.2 8,218.0 DKK million 30 June 30 June 2025 2024 Assets Intangible assets 3,708.5 3,717.0 Tangible assets 859.1 894.3 Investment in joint venture 93.6 84.1 Investments in associates 124.6 110.8 Other securities and investments 1.3 1.1 Other receivables 72.0 56.9 Deferred tax assets 47.8 48.2 Total non -current assets 4,907.0 4,912.4 Trade receivables 1,094.8 1,324.1 Receivables from joint venture 5.6 10.0 Receivables from associates 0.4 13.6 Contract work in progress 1,914.0 1,461.3 Other receivables 96.0 121.8 Prepayments 111.2 114.0 Tax receivables 64.0 26.9 Total receivables 3,286.0 3,071.5 Cash 1,144.2 237.2 Total current assets 4,430.1 3,308.8 Total assets 9,337.1 8,221.2 DKK million 30 June 30 June 2025 2024 Equity and liabilities Share capital 47.5 50.0 Treasury shares -129.9 -438.9 Retained earnings 3,835.4 4,166.7 Other reserves -0.9 1.5 Non-controlling interest 0.0 5.0 Total equity 3,752.1 3,784.2 Borrowings 2,574.4 1,572.6 Lease liability 646.5 735.9 Pension obligations 25.8 20.5 Deferred tax liability 51.9 64.1 Total non -current liabilities 3,298.7 2,393.0 Borrowings 37.4 154.4 Lease liability 172.5 117.5 Pension obligations 1.7 1.7 Prebilled invoices 953.1 614.1 Trade payables 361.6 326.7 Other payables 717.3 804.7 Provisions 1.9 2.3 Income tax payable 40.8 22.5 Total current liabilities 2,286.4 2,043.9 Total liabilities 5,585.1 4,437.0 Total equity and liabilities 9,337.1 8,221.2
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Free cash flow 100.4 382.6 -4.9 148.2 145.3 532.4 67.9 25.6 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -82.7% 29 APPENDIX Q2 2025
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93.0% 431.1% -4.3% 104.7% 89.5% 381.4% 47.0% 32.6% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -72.1pp Cash conversion rate 30 APPENDIX Q2 2025
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31Netcompany
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35 in 2024
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netcompany.com