Interim report
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1 1 Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 Netcompany Q2 2025 Company Announcement Six months ended 30 June 2025 Continued growth and investing in the future
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 2 34 Summary Conference call details In connection with the publication of the results for Q2 2025, Netcompany will host a conference call on 14 August 2025 at 11.00 CEST . Revenue increased by 3.9% (constant 3.9%) DKK 1,714.9mQ2 25 DKK 1,650.2mQ2 24 DKK 3,459.2mYTD 25 DKK 3,248.4m DKK 220.7m DKK 269.1m DKK 527.9m DKK 516.2m 16.3% 12.9% Adj. EBITDA decreased 18% (constant 18.3%) Adj. EBITDA margin of 12.9% (constant 12.8%) 15.9% 15.3% 8,333 FTEs 7,884 FTEs 8,242 FTEs 7,846 FTEs Average workforce increased by 449 FTEs DKK 25.6m DKK 148.2m DKK 93.5m DKK 143.3m 1.5x 1.3x Debt leverage improved Free cash flow decreased DKK 122.6m YTD 24 Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Q2 24 78.7% 14.6% 73.6% 59.1% Cash conversion ratio (tax normalised) was 14.6% Q2 25 Q2 24 YTD 25 YTD 24 DKK 2.41 DKK 1.17 Diluted earnings per share decreased by DKK 1.24 Q2 25 Q2 24 DKK 4.28 DKK 3.72YTD 25 YTD 24 The conference call can be followed live via https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-six-months-of-2025 For further dial-in details please visit the company’s website; www.netcompany.com
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 3 34 “In uncertain markets, we continue to grow while at the same time making necessary investments in our products and platforms and expanding our presence in several verticals. The increased focus from European governments and large European enterprises to develop digital capabilities based on solutions from European vendors, combined with the European Union’s effort to enhance digital sovereignty based on European-developed solutions, underpins the relevance and timing of our investments. I am excited that Netcompany will continue being an obvious choice for European governments, enterprises, and the European Union as the digital foundation for a strong, independent, and prosperous Europe. I am equally excited to have welcomed our new colleagues from SDC to Netcompany Banking Services as of 1 July. Together, we will develop new and innovative offerings and solutions to existing and new customers. Based on our financial performance for the first six months of 2025, and taking our pipeline and revenue visibility into perspective, we maintain our financial guidance of organic revenue growth of 5% to 10% and organic adjusted EBITDA margin of 16% to 19% for the year. In addition, we initiate a share buyback programme of DKK 500m running until the end of January 2026. ” André Rogaczewski NETCOMPANY CEO AND CO-FOUNDER
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 4 34 Performance overview Q2 Q2 2025 Q2 2025 % change % change DKK million (reported) (constant)* Q2 2024 (reported) (constant)* Revenue 1,714.9 1,714.8 1,650.2 3.9% 3.9% Cost of services -1,272.0 -1,272.4 -1,164.5 9.2% 9.3% Gross profit 442.9 442.4 485.7 -8.8% -8.9% Gross profit margin 25.8% 25.8% 29.4% -3.6pp -3.6pp Sales and marketing costs -18.0 -18.0 -12.1 48.9% 48.9% Administrative costs -204.3 -204.6 -204.5 -0.1% 0.1% Adjusted EBITDA 220.7 219.8 269.1 -18.0% -18.3% Adjusted EBITDA margin 12.9% 12.8% 16.3% -3.4pp -3.5pp Special items -21.6 -21.6 0.0 N/A N/A Other operating income / expense -0.1 -0.1 -0.0 62.8% 62.8% EBITDA 198.9 198.1 269.1 -26.1% -26.4% EBITDA margin 11.6% 11.6% 16.3% -4.7pp -4.8pp Depreciation -51.4 -51.5 -47.2 8.8% 9.1% Amortisation -29.2 -29.2 -29.1 0.3% 0.3% Operating profit (EBIT) 118.3 117.4 192.8 -38.6% -39.1% Operating profit margin 6.9% 6.8% 11.7% -4.8pp -4.8pp Net financials -41.1 -41.1 -34.3 19.7% 19.7% Income / loss from joint venture / associates -5.3 -5.3 -4.3 23.2% 23.2% Profit / loss before tax 71.9 71.0 154.1 -53.3% -54.0% Tax -16.2 -16.2 -35.3 -54.0% -54.0% Effective tax rate 22.6% 22.9% 22.9% -0.3pp -0.0pp Net profit / loss 55.7 54.7 118.8 -53.1% -53.9% Additional KPIs Earnings per share (DKK) 1.18 N/A 2.44 -51.5% N/A Diluted earnings per share (DKK) 1.17 N/A 2.41 -51.7% N/A Free cash flow 25.6 N/A 148.2 -82.7% N/A Cash conversion rate 32.6% N/A 104.7% -72.1pp N/A Cash conversion rate (tax normalised) 14.6% N/A 78.7% -64.1pp N/A *Constant currencies measured using average exchange rates for Q2 2024
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 5 34 192.8m in Q2 2024. EBIT margin was 6.9%, compared to 11.7% in the same quarter last year, following the same reasons as the de- velopment in EBITDA margin. Net financials were negative DKK 41.1m in Q2 2025, compared to negative DKK 34.3m in Q2 2024. Profit before tax was DKK 71.9m compared to DKK 154.1m in Q2 2024 driven by the de- crease in EBIT . Income taxes in Q2 2025 were DKK 16.2m compared to DKK 35.3m in the same quar- ter last year. The effective tax rate was 22.6% in the quarter, in line with Q2 2024. Net profit amounted to DKK 55.7m in Q2 2025, compared to DKK 118.8m in the same quarter last year. Free cash flow was DKK 25.6m in Q2 2025 compared to DKK 148.2m in Q2 2024, main- ly driven by the decrease in operating profit and the development in working capital during the quarter. Client facing FTE’s grew 5.8% and average FTE’s in Q2 2025 amounted to 8,333. As a consequence of the activities impact- ing revenue negatively in Q2, gross profit declined DKK 42.8m in Q2 2025 to DKK 442.9m, yielding a gross profit margin of 25.8% compared to 29.4% in the same peri- od last year. Adjusted EBITDA declined DKK 48.5m in Q2 2025 to DKK 220.7m, also due to the activities impacting revenue negatively in the quarter. This led to an adjusted EBITDA margin of 12.9% (constant 12.8%) compared to 16.3% in the same period last year. Special items amounted to DKK 21.6m in the quarter, in line with Q1 2025, and was related to the SDC transaction. The trans- action was closed on 1 July and the inte- gration of SDC into Netcompany Banking Services is progressing according to plan. Depreciation and amortisation were DKK 80.6m in Q2 2025, in line with the same pe- riod last year. Operating profit (EBIT) amounted to DKK 118.3m in Q2 2025 compared to DKK PERFORMANCE OVERVIEW Q2CONTINUED Reported revenue grew 3.9% compared to Q2 2024 driven by 4.4% growth in the pub- lic sector and 2.8% growth in the private sector. Revenue growth was negatively impacted by resources from the Danish business segment allocated to a combination of product and business development as well as preparation for the integration of SDC into Netcompany Banking services. The increased allocation of resources for prod- uct development was related to additional functionality within the ERMIS and SOLON products, as well as embedding new func- tionality into the platforms AMPLIO, PULSE and AMI due to increased customer de- mand. The allocation of 100 FTE’s from the Danish business segment related to Group initiatives is expected to normalise during the second half of 2025. In addition, three segments experienced fewer working days compared to the same period last year and, at the same time, less revenue was recognised from license sales. All together these factors impacted reve- nue negatively by around DKK 75m in Q2 compared to last year.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 6 34 Business Segments Q2 DKK million Q2 2025 Constant (2024 rate) Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands Revenue from external customers 1,714.8 759.8 655.8 160.2 89.6 49.5 Gross profit 442.4 243.2 146.5 22.4 14.7 15.5 Gross profit margin 25.8% 32.0% 22.3% 14.0% 16.4% 31.4% Local marketing and administrative costs -205.4 -118.2 -47.9 -19.4 -11.8 -8.2 Adjusted EBITDA before allocated cost from HQ 237.0 125.0 98.6 3.1 2.9 7.4 Adjusted EBITDA margin before allocated cost from HQ 13.8% 16.5% 15.0% 1.9% 3.3% 14.9% Allocated costs from HQ -17.2 -11.9 0.0 -2.8 -1.6 -0.8 Special Items, allocated -21.6 -15.0 0.0 -3.6 -2.0 -1.0 Other operating income / expense -0.1 0.0 -0.1 0.0 0.0 0.0 Depreciation -51.5 -25.8 -18.6 -3.5 -2.0 -1.5 Amortisation -29.2 -10.0 -16.5 -1.5 -0.8 -0.4 EBIT 117.4 62.3 63.4 -8.4 -3.5 3.6 Client facing FTEs 7,791 2,929 3,683 622 359 197 DKK million Q2 2024 Reported Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands Revenue from external customers 1,650.2 790.6 581.0 145.1 82.8 50.7 Gross profit 485.7 304.7 129.7 22.7 11.3 17.4 Gross profit margin 29.4% 38.5% 22.3% 15.6% 13.6% 34.2% Local marketing and administrative costs -202.3 -115.5 -50.2 -17.1 -12.2 -7.2 Adjusted EBITDA before allocated cost from HQ 283.4 189.2 79.4 5.6 -0.9 10.2 Adjusted EBITDA margin before allocated cost from HQ 17.2% 23.9% 13.7% 3.8% -1.1% 20.0% Allocated costs from HQ -14.3 -10.2 0.0 -2.1 -1.3 -0.7 Special Items, allocated -0.0 -0.0 0.0 0.0 0.0 0.0 Other operating income / expense -0.0 0.0 -0.0 0.0 0.0 0.0 Depreciation -47.2 -24.2 -18.1 -1.3 -2.0 -1.6 Amortisation -29.1 -11.6 -14.1 -1.8 -1.1 -0.6 EBIT 192.8 143.3 47.1 0.4 -5.3 7.3 Client facing FTEs 7,365 2,814 3,433 577 356 184 Revenue, % 9.3% 44.3%38.2% Q2 2025 2.9% 5.2% Revenue, % Q2 2024 NORWAY DENMARK UNITED KINGDOM SEE & EUI NETHERLANDS NORWAY DENMARK UNITED KINGDOM SEE & EUI NETHERLANDS 8.8% 47.9%35.2% 3.1% 5.0%
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 7 34 Netcompany Denmark As a consequence of allocating 100 FTE’s from the Danish business segment to Group related activities such as product and business development as well as preparation for a successful integration of SDC into Netcompany Banking Services, revenue in Q2 in Denmark was negatively impacted by DKK 25m. These overalloca- tions of resources from the Danish busi- ness segment is of a non-recurring charac- ter and are expected to normalise during the second half of 2025. In addition, there were two fewer working days in Denmark in Q2 2025 compared to the same period last year, impacting reve- nue negatively by another DKK 25m. This led to a reduction in revenue in the Danish business segment of DKK 50m and was the reason for Q2 revenue in Denmark being DKK 30.8m lower at DKK 759.8 com- pared to DKK 790.6m in the same period last year. Consequently, revenue from the public sec- tor decreased by 2.1% and revenue from the private sector decreased by 6.8%. As a result of the negative impact on rev- enue gross profit was DKK 61.5m lower at DKK 243.2m in Q2 2025 compared to the same period last year. Adjusted EBITDA was also negatively im- pacted by the lower revenue and was DKK 64.1m lower at DKK 125m in Q2 2025 com- pared to the same period last year. Client facing FTE’s grew by 4.1% in Q2 2025. Netcompany South East Europe and EU Institutions Netcompany SEE & EUI continued the strong growth from the beginning of the year and grew revenue by 12.9% in Q2 2025. The growth was 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. Gross profit increased 13% to DKK 146.5m yielding a gross profit margin of 22.3% in line with the same quarter last year. Taking the lower licence revenue into consider- ation, the underlying gross profit margin improved compared to the same quarter last year. Adjusted EBITDA increased 24.1% to DKK 98.6m in Q2 2025, yielding an EBITDA mar- gin of 15% compared to 13.7% in the same quarter last year, because of lower admin- istrative costs. Client facing FTEs grew 7.3% in Q2 2025. Netcompany UK Netcompany UK realised revenue of DKK 160.2m in Q2 2025, an increase of 10.4% compared to Q2 2024. Revenue from the public sector grew by 22.7% in the quar- ter, while revenue from the private sector declined by 13.8%. In the public sector, the ramp up on the DALAS framework contin- ued its positive trends from Q1, while the private sector was negatively impacted by the discontinuation of historical low-margin contract. Gross profit was DKK 22.4m in Q2 2025, in line with Q2 2024. The gross profit margin was 14% compared to 15.6% in the same quarter last year due to one working day less in the quarter. Adjusted EBITDA margin was 1.9% in Q2 2025 compared to 3.8% in Q1 2025. The decrease was a result of the development in gross profit margin. Client facing FTEs increased by 7.7% in Q2 2025. Netcompany Norway Revenue in Netcompany Norway grew 8.1% to DKK 89.6m in Q2 2025. Growth was driv- en by revenue from the public sector that grew by 21.9%, while private sector revenue declined by 9% compared to the same quarter last year. Gross profit margin was 16.4% in Q2 2025, compared to 13.6% in the same quarter last year. The improved gross profit margin, despite one less working day, was a result of better utilisation as the ramp up on the AVINOR project continued. Adjusted EBITDA margin was 3.3% in Q2 2025 compared to negative 1.1% in Q2 2024. The improvement was a result of better utilisation. In Q2 2025, client facing FTEs was on level with the same quarter last year. Netcompany Netherlands Revenue in Netcompany Netherlands was DKK 49.5m in Q2 2025, in line with Q2 2024. Revenue was solely generated in the public segment and against a tough com- parable as revenue grew 61.2% in the same quarter last year. Gross profit margin was 31.4% in Q2 2025 compared to 34.2% in the same quarter last year. Adjusted EBITDA margin was 14.9% in the quarter compared to 20% in Q2 2024. Client facing FTEs increased 6.9% com- pared to the same quarter last year. BUSINESS SEGMENTS Q2CONTINUED
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 8 34 YTD 2025 YTD 2025 % change % change DKK million (reported) (constant)* YTD 2024 (reported) (constant)* Total 2024 Revenue 3,459.2 3,456.6 3,248.4 6.5% 6.4% 6,540.6 Cost of services -2,501.2 -2,498.2 -2,318.9 7.9% 7.7% -4,612.1 Gross profit 958.0 958.4 929.4 3.1% 3.1% 1,928.4 Gross profit margin 27.7% 27.7% 28.6% -0.9pp -0.9pp 29.5% Sales and marketing costs -31.3 -31.2 -23.9 30.7% 30.6% -52.8 Administrative costs -398.8 -398.6 -389.3 2.5% 2.4% -777.7 Adjusted EBITDA 527.9 528.6 516.2 2.3% 2.4% 1,097.9 Adjusted EBITDA margin 15.3% 15.3% 15.9% -0.6pp -0.6pp 16.8% Special items -41.0 -41.0 -0.7 5464.1% 5464.1% -2.7 Other operating income / expense -0.1 -0.1 0.1 -154.5% -154.5% -5.4 EBITDA 486.9 487.5 515.6 -5.6% -5.4% 1,089.8 EBITDA margin 14.1% 14.1% 15.9% -1.8pp -1.8pp 16.7% Depreciation -100.7 -100.8 -95.0 6.1% 6.1% -188.0 Amortisation -58.2 -58.2 -57.6 1.1% 1.1% -116.3 Operating profit (EBIT) 327.9 328.5 363.1 -9.7% -9.5% 785.5 Operating profit margin 9.5% 9.5% 11.2% -1.7pp -1.7pp 12.0% Net financials -76.5 -76.4 -68.3 11.9% 11.8% -145.0 Income / loss from joint venture / associates -9.4 -9.4 -9.2 3.0% 3.0% -16.5 Profit / loss before tax 242.0 242.7 285.6 -15.3% -15.0% 624.0 Tax -64.6 -64.5 -74.2 -13.0% -13.1% -156.5 Effective tax rate 26.7% 26.6% 26.0% 0.7pp 0.6pp 25.1% Net profit / loss 177.5 178.2 211.3 -16.0% -15.7% 467.5 Additional KPIs Earnings per share (DKK) 3.77 N/A 4.32 -12.9% N/A 9.67 Diluted earnings per share (DKK) 3.72 N/A 4.28 -13.0% N/A 9.58 Free cash flow 93.5 N/A 143.3 -34.8% N/A 821.1 Cash conversion rate 41.9% N/A 55.9% -14.0pp N/A 147.1% Cash conversion rate (tax normalised) 59.1% N/A 73.6% -14.5pp N/A 153.0% *Constant currencies measured using average exchange rates for 2024 Performance overview First 6 months Reported revenue grew 6.5% (constant 6.4%) in the first six months of 2025 to DKK 3,459.2m. Growth was driven by the public sector, including EU, that grew 9.1% in the first six months of 2025, while the private sector revenue was on level with the same period last year. The allocation of 100 FTE’s from the Danish business segment into additional product and business development, as already described, and for the preparation of the integration of SDC into Netcompany Bank- ing Services impacted Group revenue neg- atively during the first half of 2025 by DKK 45m compared to the same period last year. These activities are expected to nor- malise during the second half of 2025. 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 in- vestments in our future. Adjusted EBITDA increased 2.3% to DKK 527.9m in the first six months of 2025, yielding an adjusted EBITDA margin of 15.3% compared to 15.9% in the first six months of 2024. Client facing FTEs grew 4.9% in the first six months of 2025 and the average number of FTEs amounted to 8,242.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 9 34 Business Segments First 6 months DKK million YTD 2025 Constant (2024 rate) Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands Revenue from external customers 3,456.6 1,555.7 1,285.2 322.5 193.3 99.8 Gross profit 958.4 529.5 301.8 57.9 35.6 33.7 Gross profit margin 27.7% 34.0% 23.5% 18.0% 18.4% 33.7% Local admin costs -397.7 -226.6 -94.6 -36.5 -24.8 -15.4 Adjusted EBITDA before allocated cost from HQ 560.7 302.9 207.2 21.4 10.8 18.3 Adjusted EBITDA margin before allocated cost from HQ 16.2% 19.5% 16.1% 6.6% 5.6% 18.4% Allocated costs from HQ -32.1 -22.3 0.0 -5.2 -3.1 -1.5 Special Items, allocated -41.0 -28.5 0.0 -6.8 -3.8 -1.9 Other operating income / expense -0.1 0.0 -0.1 0.0 0.0 0.0 Depreciation -100.8 -50.0 -37.1 -6.6 -4.0 -3.0 Amortisation -58.2 -20.1 -32.7 -2.9 -1.7 -0.9 EBIT 328.5 182.1 137.3 -0.0 -1.8 11.0 Client facing FTEs 7,704 2,870 3,682 596 364 193 DKK million YTD 2024 Reported Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands Revenue from external customers 3,248.4 1,559.8 1,111.5 308.4 169.5 99.2 Gross profit 929.4 587.8 231.7 53.7 22.8 33.5 Gross profit margin 28.6% 37.7% 20.8% 17.4% 13.4% 33.8% Local admin costs -384.4 -218.7 -94.8 -32.3 -24.6 -13.9 Adjusted EBITDA before allocated cost from HQ 545.1 369.1 136.8 21.4 -1.9 19.6 Adjusted EBITDA margin before allocated cost from HQ 16.8% 23.7% 12.3% 6.9% -1.1% 19.8% Allocated costs from HQ -28.8 -20.3 0.0 -4.5 -2.6 -1.5 Special Items, allocated -0.7 -0.5 0.0 -0.1 -0.1 -0.0 Other operating income / expense 0.1 0.0 0.1 0.0 0.0 0.0 Depreciation -95.0 -48.1 -35.6 -3.9 -4.2 -3.2 Amortisation -57.6 -23.0 -27.5 -3.8 -2.2 -1.2 EBIT 363.1 277.2 73.9 9.1 -10.9 13.7 Client facing FTEs 7,341 2,775 3,440 589 356 182 Revenue, % 9.3% 45.0%37.2% YTD 2025 2.9% 5.6% Revenue, % YTD 2024 NORWAY DENMARK UNITED KINGDOM SEE & EUI NETHERLANDS NORWAY DENMARK UNITED KINGDOM SEE & EUI NETHERLANDS 9.5% 48.0%34.2% 3.1% 5.2%
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 10 34 Netcompany Denmark Revenue in Netcompany Denmark was DKK 1,555.7m in the first six months of 2025, on level with the same period last year. Rev- enue was supported by a 2.1% growth in revenue from the public sector, while the private sector’s revenue declined by 4.1% in the first six months of the year. The devel- opment in the private sector was affected by prolonged conversion time on significant cases in the pipeline, which materialised in early July. In addition, resources spent on the SDC transaction impacted revenue negatively too. Overall, revenue in Netcompany Denmark was negatively impacted by these activities with DKK 45m and the increased resources spent on product and business develop- ment as previously discussed. These activ- ities are expected to normalise during the second half of 2025. Gross profit margin decreased 3.7 percent- age points to 34% for the first six months of 2025. The margin was negatively impacted by the time spent on investment in our fu- ture and resources spent on pipeline cases. For the first six months of 2025 adjusted EBITDA margin was 19.5% compared to 23.7% in the same period last year. The decline was mainly a result of the develop- ment in gross profit margin. Netcompany South East Europe and EU Institutions In Netcompany SEE & EUI revenue grew 15.6% to DKK 1,285.2m in the first six months of 2025. Revenue growth was driv- en by strong performance within both the public and private sector, that grew reve- nue by 14.1% and 20.6%, respectively. Gross profit margin improved 2.6 percent- age points to 23.5% in the first six months of 2025 compared to the same period last year. Gross profit was positively impacted by higher licence revenue and better utili- sation in the first half of 2025. For the first six months of 2025 adjusted EBITDA margin was 16.1% compared to 12.3% in the same period in 2024. Netcompany UK Revenue in Netcompany UK grew 4.6% to DKK 322.5m in the first six months of 2025. The growth was driven by revenue from the public sector that grew 15.3% in the first half of the year, while private sector reve- nue declined 18% as a result of discontinua- tion of historical low-margin contracts. Gross profit margin was 18% in the first six months of 2025 compared to 17.4% in the same period last year. The improved gross margin was a result of better utilisation. Adjusted EBITDA margin was 6.6% for the first half of 2025 compared to 6.9% in the same period last year. Netcompany Norway In Netcompany Norway, revenue grew 14.1% to DKK 193.3m in the first half of 2025, driv- en by revenue from the public sector that grew 29.2% in the period – positively im- pacted by the ramp up on the AVINOR pro- ject. The private sector revenue declined 3.9% in the period. 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. Adjusted EBITDA margin was 5.6% in the first half of 2025 compared to negative 1.1% in the same period last year. Netcompany Netherlands Revenue in Netcompany Netherlands for the first six months of 2025 was on level with the same period last year. The devel- opment in revenue should be seen against a more than 50% growth in the same period last year. Gross profit margin was 33.7% in the first half of 2025 and in line with the same peri- od last year. Adjusted EBITDA margin in the first six months of 2025 was 18.4% compared to 19.8% in the same period the year before, albeit based on an insignificant develop- ment in absolute numbers. BUSINESS SEGMENTS FIRST 6 MONTHSCONTINUED
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 11 34 Revenue visibility At Netcompany, we measure revenue visi- bility for the next 12 months based on two parameters: the total value of committed engagements, which includes fixed price engagements and service agreements, and ongoing time and material engagements with a high likelihood of conversion or pro- longation. Revenue visibility encompasses both con- tractual and non-contractual committed engagements. Contractual committed engagements refer to the total value of engagements where a clear, mutual agree- ment on delivery and payment has been established with the customer, approved by both parties, and where payment is expect- ed. Non-contractual committed engage- ments are highly expected engagements without formal contracts. The presented revenue visibility reflects the expected revenue streams for a financial year, meaning that revenue visibility end of Q2 2025 is comprised of actuals for the first half of 2025 and expected revenue for the second half of 2025 The organic revenue visibility end of Q2 2025 was DKK 6,210.6m, which was an in- crease 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. Revenue visibility in the public sector in- creased 9% and amounts to DKK 4,419.3m, of which contractual committed revenue amounted to DKK 1,931.9m and non-con- tractual committed engagements amount- ed to DKK 67.9m, while realised revenue in the first six months of 2025 amounted to DKK 2,419.4m. Revenue visibility in the private sector was on par with last year and amounts to DKK 1,791.4m, of which contractual committed revenue amounted to DKK 681.8m and non-contractual committed engagements amounted to DKK 69.8m, while realised revenue in the first six months of 2025 amounted to DKK 1,039.8m. Based on pipeline end of Q2 and significant wins in the Danish private sector in the be- ginning of Q3, revenue visibility as of end July for both private and public sectors in 2025 remains at a satisfactory level indicat- ing 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 Bank- ing Services amount to DKK 780m. DKK million Total revenue visibility for the financial year 2025 681.8 16.7% 11.0% 4.7% 6,210.6 1,039.8 31.1%1,931.9 Revenue Contractual committed TotalNon con- tractual committed 39.0%2,419.4 69.8 67.9 1.1% 1.1% PRIVATE PUBLIC 137.7 3,459.2 2,613.8
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 12 34 Workforce Netcompany employed an average of 8,333 FTEs in Q2 2025, which was an increase of 449 FTEs or 5.7% compared to Q2 2024 (7,884 FTEs). On a sequential basis FTEs in Q2 2025 increased 2.3% compared to Q1 2025. The number of client facing equivalents for the Group increased by 426 from 7,365 in Q2 2024 to 7,791 in Q2 2025, while the level of non-client facing FTEs was 6.5% in Q2 2025 compared to 6.6% in Q2 2024. Freelancers decreased 7.9% from 919 in Q2 2024 to 847 in Q2 2025 driven by the decrease in freelancers in Netcompany SEE & EUI. The attrition rate for the last twelve months was 18.2%, which was an increase of 0.9 percentage points compared to 17.2% in Q2 2024. On a sequential basis the churn rate was on level with Q1 2025. However, the 3 months rolling churn rates have decreased in all entities besides UK and Greece com- pared to the same period last year. Avg. FTEs increased to 8,333 during Q2 2025 2,0000 1,500 3,500 4,000 4,500 6,0005,500 6,500 7,0005,000 7,500 8,000 Q2 2025 2,152 2,904 527 323 175 468 310 84 847 543 8,333 YTD 2025 2,134 2,860 515 326 173 463 306 70 858 537 8,242 YTD 2024 2,598 7,8462,097 505912254430318545 7,884 166 23 Q2 2024 2,105 2,611 537 316 435 919 519253 25164 NON-CLIENT FACING FREELANCERSUNITED KINGDOM POLANDDENMARK UK CONTRACTORS VIETNAM NETHERLANDS NORWAYSOUTH EAST EUROPE & EU INSTITUTIONS
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 13 34 1 Taxes paid within the Group are, due to local tax regula- tions, paid on account in Q1 and in Q4. To adjust for this timing mismatch between expensed and paid corporate income taxes the free cash flow should be viewed in a tax normalised manner to better reflect the underlying development in free cash flow based on operations rather than impact from local tax legislation in Denmark. Free cash flow and cash conversion rate The Group generated a free cash flow of DKK 25.6m in Q2 2025 compared to DKK 148.2m in Q2 2024. The development was driven by the decrease in EBITDA and de- velopment in working capital. EBITDA for the quarter decreased by DKK 70.2m to DKK 198.9m compared to DKK 269.1m in Q2 2024m, while working capital changes in Q2 2025 impacted free cash flow negatively by DKK 96m compared to negative DKK 69m in Q2 2024. The development in working capital chang- es in Q2 2025 was mainly driven by an in- crease of DKK 213.6m in work in progress, which was somewhat offset by the devel- opment in prebilled invoices, trade paya- bles and other debt. Normalised for taxes paid on account1, the free cash flow for Q2 2025 was DKK 11.5m compared to DKK 111.4m in Q2 2024. Consequently, cash conversion rate de- creased from 104.7% in Q2 2024 to 32.6% in Q2 2025. Adjusted for taxes paid on account, cash conversion rate decreased from 78.7% to 14.6%. For the first six months of 2025, Netcom- pany generated a free cash flow of DKK 93.5m compared to DKK 143.3m for the same period last year, mainly driven by the decline in EBITDA and development in working capital. As a consequence, cash tax normalised conversion ratio decreased from 73.6% to 59.1% in the first six months of 2025. Trade receivables End of Q2 2025, trade receivables amount- ed DKK 1,094.8m and decreased by 17.3% compared to DKK 1,324.1m end of Q2 2024. The decrease in trade receivables was caused by a large amount of work in progress being invoiced end of Q2 2024 due to timing of milestones. Compared to balance end of Q1 2025, trade receivables was on level and increased by 1.2%. Compared to the same period last year, days sales outstanding decreased by 15 days from 73 days in Q2 2024 to 58 days in Q2 2025, following the extraordinary large amount of invoices end of Q2 2024. Sequentially, days sales outstanding was on level with days sales outstanding in Q1 2025 at 57. The overdue part of trade receivables in- creased relatively from 34% by the end of Q2 2024 to 37.6% by the end of Q2 2025. However, the overdue amount of trade re- ceivables decreased in absolute terms by 9.8% from DKK 457.4m end of Q2 2024 to DKK 412.5m end of Q2 2025, whereas the overdue by more than 90 days decreased by 10.6% from DKK 68m to DKK 60.8m end of Q2 2025. Trade receivables paid in the following month amounted to DKK 567.8m in July, of which DKK 234.2m was overdue end of June, equal to a repayment of 51.9% of the total balance compared to 53.1% last year. Capital and other financial positions DKK million Not overdue 0-30 days 30-60 days 60-90 days >90 days Provi- sion Total Trade receivables, 30 June 2025 683.3 270.5 61.9 19.4 60.8 -1.0 1,094.8 Paid in the following month 333.6 201.3 21.5 9.1 2.3 0.0 567.8 % paid subsequently 48.8% 74.4% 34.8% 46.8% 3.8% 0.0% 51.9% Trade receivables, 30 June 2024 887.7 292.8 68.6 28.0 68.0 -21.1 1,324.1 Paid in the following month 388.4 219.9 68.6 16.4 10.3 0.0 703.7 % paid subsequently 43.8% 75.1% 99.9% 58.4% 15.2% 0.0% 53.1% DKK million Not overdue 0-30 days 30-60 days 60-90 days >90 days Provi- sion Total Work in progress At 30 June 2025, Netcompany’s work in progress amounted to DKK 960.8m, rep- resented by contract work in progress of DKK 1,914m and prepayments received from customers of DKK 953.1m. Combined work in progress increased by 13.4% from DKK 847.2m in Q2 2024 to DKK 960.8m in Q1 2025, while revenue increased 3.9% from Q2 2024 to Q2 2025.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 14 34 CASH FLOW AND OTHER SIGNIFICANT FINANCIAL POSITIONS CONTINUED Funding and liquidity The Group bank loan have been prolonged twice by one year and now runs to 2027. The combined committed facilities consti- tute DKK 2,800m and an additional facility of DKK 2,000m, available only for new acquisitions. On 30 June 2025, DKK 1,580m of the committed lines were utilised on ordinary borrowings, and DKK 1,000m of the addi- tional facility was drawn to settle the trans- action with SDC A/S 1 July 2025, leaving a total of DKK 2,227.6m available in unutilised funding of which DKK 1,227.6m can be uti- lised for normal operations if needed with no additional costs or covenants. In addition, Netcompany SEE & EUI had utilised DKK 803.1m on local guarantees, having no impact on the Group facilities except for leverage. Including net cash balance as of 30 June 2025 of DKK 1,144.2m, available Group funding was DKK 2,371.8m. However, DKK 1,000m was transferred to SDC 1 July, leaving DKK 1,371.8m in available Group funding. Risk management Please refer to the overview of risk factors provided by the Group in the Annual Report for 2024. Capital structure In Q2 2025, the debt ratio based on adjust- ed EBITDA was 1.3x compared to 1.5x in Q2 2024. All covenants are complied with. Events after the balance sheet date At 1 July 2025, Netcompany completed the transaction of DKK 1 billion to SDC’s share- holders based on the agreement between Netcompany Group, SDC A/S and a majori- ty of SDC’s shareholders. To this date, no further events have oc- curred after the balance sheet date, which would influence the evaluation of this report. -5.3% 3.9% 7.3% 1,094.8 1,714.9 Work in progress overview 1,000 0 500 1,500 Jun. 30 2025 Q2 2025 Q2 2025 LTM 6,751.4 WIP REVENUE 1,324.1 Jun. 30 2024 1,650.2 Q2 2024 Q2 2024 LTM 6,292.7 6,000 2,000 TRADE RECEIVABLES 960.8847.2 DKK million Investments On 10 February 2025, Netcompany Group established Netcompany Banking Services A/S and agreed with a majority of the shareholders of SDC A/S to merge Net- company Banking Services A/S and SDC A/S into a combined company fully owned by Netcompany Group. The transaction was closed 1 July and values SDC at DKK 1bn, which was paid as cash 1 July 2025 from Netcompany Banking Services A/S to SDC’s shareholders. Revenue in the prevailing 12 months (LTM) increased by 7.3%. 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 Q2 2025. The development was caused by the significant increase in preb- illed invoices, which increased by DKK 339m compared to end of Q2 2024.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 15 34 Finally, Netcompany will host a capital markets day on 31 October 2025 where new long-term financial targets will be discussed along with Netcompany’s strategy, the integration of SDC into Netcompany Banking Services and other relevant topics. made and disclosed in connection with the reporting of the Q3 results on 30 October 2025. As previously communicated, the ac- quisition of SDC is expected to be dilutive to EPS for 2025 and accretive to EPS in 2026 and onwards. Further, Netcompany will initiate a share buyback programme of DKK 500m to be executed in the period between 14 August 2025 and 30 January 2026. Guidance 2025 Financial guidance for 2025, as given in the annual report 2024, is based on organic measures and thereby excludes the impact from the acquisition of SDC – now Netcom- pany Banking Services. As the transaction with SDC was completed as of 1 July 2025, the impact on the 2025 actual financial per- formance will be non-organic. Considering revenue growth of 6.4% (con- stant) and adjusted EBITDA margin of 15.3% (constant) realised in the first six month of 2025, and taking the current and weighted pipeline into perspective, and the expec- tation that the second quarter of 2025 will be delivering the lowest adjusted EBITDA margin of the year, we maintain our guid- ance for 2025. Non-organic revenue delivered through Netcompany Banking Services is expected to be between DKK 840m and DKK 870m. A full purchase price allocation, including provision for restructuring costs, will be Expected organic revenue growth in 2025 5%-10% Expected organic adjusted EBITDA margin in 2025 16%-19% Actual adjusted EBITDA margin in 2024 16.9% Actual revenue growth in 2024 7.4%
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 16 34 Capital At the Annual General Meeting in March 2025 a decision was passed to reduce the share capital by DKK 2.5m by cancelling 2.5m treasury shares. The registration of the share capital reduction was made by the Danish Business Authority on 7 April 2025 At 30 June 2025, Netcompany’s share cap- ital is DKK 47.5m divided into 47.5m shares. End of Q2 2025 Netcompany held 372,258 treasury shares equivalent to 0.8% of the share capital. Shares will be used to honour the Group’s commitments under its long-term incen- tive programmes. Shares exceeding the commitments under the long-term incen- tive programmes will be cancelled on an ongoing basis. Share-based incentive schemes/restrict- ed stock units In total, 587,396 restricted stock unites (RSUs) and 154,200 matching shares in relation to the share-based incentive schemes were issued at 30 June 2025 of which 116,654 RSUs and 24,000 matching shares were granted to Executive Manage- ment and 470,742 RSUs and 130,200 matching shares were granted to Other Key Management Personnel and Other Employ- ees. The fair value of the shares at grant was DKK 200m. The cost related hereto is expensed over the vesting period. A total amount of DKK 17.8m was recog- nised as personnel costs in the income statement in Q2 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 2025 30 October 2025 Interim report for the first 9 months of 2025 31 October 2025 Capital Markets Day 2025, Copenhagen 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
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 17 34 Today, the Board of Directors and Executive Management considered and approved the interim consolidated financial statements for Netcompany Group A/S (“Netcompa- ny” or “the company” and together with all its subsidiaries “the Group”) for the pe- riod 1 January 2025 to 30 June 2025. The Q2 2025 report has not been audited or reviewed by the company’s independent auditors. The interim consolidated financial state- ments have been prepared in accordance with IAS 34 as adopted by the EU and addi- tional Danish regulations for the presenta- tion of interim reports by listed companies. Furthermore, the interim report has been prepared in accordance with the account- ing policies set out in the Group’s Annual Report for 2024. In our opinion, the accounting policies used are appropriate, and the overall presenta- tion of the interim consolidated financial statements gives a true and fair view of the Group’s assets, liabilities and financial po- sition as at 30 June 2025 and of the results of the Group’s operations and cash flows for the period 1 January 2025 to 30 June 2025. We further consider that the Management’s Review in the preceding pages includes a true and fair account of the development and performance of the Group, the results for the period and the financial position, as well as a description of the principal risks and uncertainties that the Group faces in accordance with Danish disclosure require- ments for listed companies. COPENHAGEN, 14 AUGUST 2025 Executive Management André Rogaczewski CEO Bo Rygaard Chairman of the Board Claus Jørgensen COO Juha Christensen Vice Chairman of the Board Bart Walterus Thomas Johansen CFO Board of Directors Statement of the Board of Directors and Executive Management Åsa Riisberg Susan Helen Cooklin
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 18 34 Consolidated interim financial statements
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 19 34 Income statement and Statement of comprehensive income DKK million Note Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Income statement Revenue 1,2 1,714.9 1,650.2 3,459.2 3,248.4 6,540.6 Cost of services 3 -1,272.0 -1,164.5 -2,501.2 -2,318.9 -4,612.1 Gross profit 442.9 485.7 958.0 929.4 1,928.4 Sales and marketing costs -18.0 -12.1 -31.3 -23.9 -52.8 Administrative costs 4 -204.3 -204.5 -398.8 -389.3 -777.7 Adjusted EBITDA 220.7 269.1 527.9 516.2 1,097.9 Special items -21.6 0.0 -41.0 -0.7 -2.7 Other operating income / expense -0.1 -0.0 -0.1 0.1 -5.4 EBITDA 198.9 269.1 486.9 515.6 1,089.8 Depreciation -51.4 -47.2 -100.7 -95.0 -188.0 Amortisation -29.2 -29.1 -58.2 -57.6 -116.3 Operating profit (EBIT) 118.3 192.8 327.9 363.1 785.5 Financial income 5 6.1 11.1 11.3 15.8 30.1 Financial expenses 5 -47.2 -45.4 -87.7 -84.1 -175.1 Income / loss from joint venture / associates -5.3 -4.3 -9.4 -9.2 -16.5 Profit / loss before tax 71.9 154.1 242.0 285.6 624.0 Tax on the profit for the period -16.2 -35.3 -64.6 -74.2 -156.5 Net profit / loss for the period 55.7 118.8 177.5 211.3 467.5 Of which Non-controlling interest 0.0 -0.7 0.0 -1.6 -2.7 Netcompany Group A/S' share 55.7 119.5 177.5 213.0 470.2 Earnings per share Earnings per share (DKK) 6 1.18 2.44 3.77 4.32 9.67 Diluted Earnings per share (DKK) 6 1.17 2.41 3.72 4.28 9.58
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 20 34 Statement of comprehensive income Net profit / loss for the period 55.7 118.8 177.5 211.3 467.5 Other comprehensive income items that may be reclassified subsequently to profit or loss: Exchange rate adjustments on translating foreign subsidiaries -7.4 3.1 -7.0 2.9 5.0 Other comprehensive income items that may not be reclassified to profit or loss: Actuarial profit / loss on defined benefit plans 0.0 0.0 0.0 0.0 -2.4 Other comprehensive income, net of tax -7.4 3.1 -7.0 2.9 2.6 Of which Non-controlling interest 0.0 0.0 0.0 0.1 0.1 Netcompany Group A/S' share -7.4 3.0 -7.0 2.8 2.6 Total comprehensive income / loss 48.3 121.9 170.5 214.2 470.1 Of which Non-controlling interest 0.0 -0.6 0.0 -1.6 -2.6 Netcompany Group A/S' share 48.3 122.5 170.5 215.8 472.7 DKK million Note Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOMECONTINUED
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 21 34 Statement of financial position Equity and liabilities Share capital 47.5 50.0 50.0 Treasury shares -129.9 -438.9 -884.1 Retained earnings 3,835.4 4,166.7 4,450.3 Other reserves -0.9 1.5 -0.9 Equity attributable to Group 3,752.1 3,779.2 3,615.4 Non-controlling interest 0.0 5.0 0.0 Total equity 3,752.1 3,784.2 3,615.4 Borrowings 2,574.4 1,572.6 1,573.9 Lease liabilities 646.5 735.9 707.0 Pension obligations 25.8 20.5 23.7 Deferred tax liability 51.9 64.1 44.7 Total non-current liabilities 3,298.7 2,393.0 2,349.3 Borrowings 37.4 154.4 37.3 Lease liabilities 172.5 117.5 146.4 Pension obligations 1.7 1.7 1.7 Prebilled invoices 7 953.1 614.1 828.7 Trade payables 361.6 326.7 343.1 Other payables 717.3 804.7 717.1 Provisions 1.9 2.3 2.1 Income tax payable 40.8 22.5 31.4 Total current liabilities 2,286.4 2,043.9 2,107.6 Total liabilities 5,585.1 4,437.0 4,456.9 Total equity and liabilities 9,337.1 8,221.2 8,072.3 30 June 30 June 31 December DKK million Note 2025 2024 2024 Assets Intangible assets 3,708.5 3,717.0 3,708.7 Tangible assets 859.1 894.3 896.8 Investment in joint venture 93.6 84.1 78.6 Investment in associates 124.6 110.8 109.0 Other securities and investments 1.3 1.1 1.3 Other receivables 72.0 56.9 72.5 Deferred tax assets 47.8 48.2 46.5 Total non-current assets 4,907.0 4,912.4 4,913.4 Trade receivables 1,094.8 1,324.1 1,282.6 Receivables from joint venture 5.6 10.0 6.0 Receivables from associates 0.4 13.6 10.9 Contract work in progress 7 1,914.0 1,461.3 1,366.0 Other receivables 96.0 121.8 111.0 Prepayments 111.2 114.0 113.2 Tax receivables 64.0 26.9 18.3 Total receivables 3,286.0 3,071.5 2,908.0 Cash 1,144.2 237.2 250.9 Total current assets 4,430.1 3,308.8 3,158.9 Total assets 9,337.1 8,221.2 8,072.3 30 June 30 June 31 December DKK million Note 2025 2024 2024
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 22 34 Cash Flow statement DKK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Operating profit (EBIT) 118.3 192.8 327.9 363.1 785.5 Depreciation and amortisation 80.6 76.3 159.0 152.6 304.3 Non-cash items 17.9 16.1 33.8 27.6 54.5 Working capital changes -96.0 -69.0 -180.8 -153.9 145.0 Total 120.8 216.2 339.9 389.3 1,289.2 Income taxes paid -8.8 -9.2 -94.7 -130.9 -211.6 Financial income received 3.0 7.8 5.6 9.9 17.4 Financial expenses paid -37.2 -37.5 -69.2 -62.2 -128.0 Cash flow from operating activities 77.8 177.3 181.6 206.2 966.9 Other investments -20.1 0.0 -40.1 0.0 -13.6 Capitalisation of intangible assets -29.9 -21.1 -58.3 -40.6 -91.0 Acquisition of fixed assets -22.3 -8.0 -29.8 -22.2 -54.9 Other receivables (deposits) 0.2 -1.3 -0.5 -2.6 -18.8 Cash flow from investment activities -72.0 -30.3 -128.6 -65.4 -178.2 Payment of treasury shares 0.0 -183.1 -73.9 -287.5 -727.5 Proceeds from borrowings 1,000.0 0.0 1,000.0 0.0 0.0 Repayment of borrowings 0.0 0.4 -0.2 -6.2 -123.4 Repayment of lease liabilities -41.9 -30.2 -81.9 -59.6 -138.1 Cash flow from financing activities 958.1 -212.9 844.0 -353.4 -988.9 Net increase in cash and cash equivalents 963.8 -66.0 896.9 -212.6 -200.2 Cash and cash equivalents at the beginning 185.1 301.6 250.9 448.1 448.1 Effect of exchange rate changes on the balance cash held in foreign currencies -4.8 1.6 -3.7 1.8 3.1 Cash and cash equivalents at the end 1,144.2 237.2 1,144.2 237.2 250.9
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 23 34 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 April 2025 50.0 -911.4 76.0 10.6 -0.9 4,461.6 3,685.9 0.0 3,685.9 Profit for the period 0.0 0.0 0.0 0.0 0.0 55.7 55.7 0.0 55.7 Other comprehensive income 0.0 0.0 0.0 -7.4 0.0 0.0 -7.4 0.0 -7.4 Total comprehensive income 0.0 0.0 0.0 -7.4 0.0 55.7 48.3 0.0 48.3 Treasury Shares for the period -2.5 778.9 0.0 0.0 0.0 -776.4 0.0 0.0 0.0 Share-based remuneration for the period 0.0 2.6 16.0 0.0 0.0 -0.8 17.8 0.0 17.8 Total transactions with owners -2.5 781.5 16.0 0.0 0.0 -777.1 17.8 0.0 17.8 Equity at 30 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 0.0 3,752.1 Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4 Profit for the period 0.0 0.0 0.0 0.0 0.0 177.5 177.5 0.0 177.5 Other comprehensive income 0.0 0.0 0.0 -7.0 0.0 0.0 -7.0 0.0 -7.0 Total comprehensive income 0.0 0.0 0.0 -7.0 0.0 177.5 170.5 0.0 170.5 Treasury Shares for the period -2.5 711.2 0.0 0.0 0.0 -776.4 -67.7 0.0 -67.7 Share-based remuneration for the period 0.0 43.0 1.9 0.0 0.0 -11.0 33.9 0.0 33.9 Total transactions with owners -2.5 754.1 1.9 0.0 0.0 -787.3 -33.8 -0.0 -33.8 Equity at 30 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 0.0 3,752.1 Equity at 1 April 2024 50.0 -265.3 54.5 5.1 1.5 3,980.0 3,825.7 5.6 3,831.3 Profit for the period 0.0 0.0 0.0 0.0 0.0 119.5 119.5 -0.7 118.8 Other comprehensive income 0.0 0.0 0.0 3.0 0.0 0.0 3.0 0.0 3.1 Total comprehensive income 0.0 0.0 0.0 3.0 0.0 119.5 122.5 -0.6 121.9 Treasury Shares for the period 0.0 -183.1 0.0 0.0 0.0 0.0 -183.1 0.0 -183.1 Share-based remuneration for the period 0.0 9.5 10.0 0.0 0.0 -5.3 14.1 0.0 14.1 Total transactions with owners 0.0 -173.7 10.0 0.0 0.0 -5.3 -169.0 0.0 -169.0 Equity at 30 June 2024 50.0 -438.9 64.4 8.1 1.5 4,094.2 3,779.2 5.0 3,784.2
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 24 34 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 STATEMENT OF CHANGES IN EQUITYCONTINUED Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1 Profit for the period 0.0 0.0 0.0 0.0 0.0 213.0 213.0 -1.6 211.3 Other comprehensive income 0.0 0.0 0.0 2.8 0.0 0.0 2.8 0.1 2.9 Total comprehensive income 0.0 0.0 0.0 2.8 0.0 213.0 215.8 -1.6 214.2 Treasury Shares for the period 0.0 -286.8 0.0 0.0 0.0 0.0 -286.8 0.0 -286.8 Share-based remuneration for the period 0.0 41.0 -2.7 0.0 0.0 -11.5 26.8 0.0 26.8 Total transactions with owners 0.0 -245.9 -2.7 0.0 0.0 -11.5 -260.1 0.0 -260.1 Equity at 30 June 2024 50.0 -438.9 64.4 8.1 1.5 4,094.2 3,779.2 5.0 3,784.2 Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1 Total comprehensive income 0.0 0.0 0.0 4.9 -2.4 470.2 472.7 -2.6 470.1 Total transactions with owners 0.0 -691.0 22.9 0.0 0.0 -12.8 -680.9 -4.0 -684.9 Equity at 31 December 2024 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 25 34 SegmentationNOTE 1 Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands DKK million Q2 2025 Q2 2024 % change Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Revenue 1,714.9 1,650.2 3.9% 759.8 790.6 655.9 581.0 160.9 145.1 88.8 82.8 49.5 50.7 Cost of service -1,272.0 -1,164.5 9.2% -516.1 -485.9 -509.3 -451.3 -138.3 -122.4 -74.3 -71.5 -34.0 -33.4 Gross profit 442.9 485.7 -8.8% 243.7 304.7 146.7 129.7 22.6 22.7 14.5 11.3 15.5 17.4 Gross profit margin 25.8% 29.4% -3.6pp 32.1% 38.5% 22.4% 22.3% 14.0% 15.6% 16.3% 13.6% 31.4% 34.2% Allocated costs -205.1 -202.3 1.4% -117.9 -115.5 -47.9 -50.2 -19.4 -17.1 -11.7 -12.2 -8.2 -7.2 Adjusted EBITDA before HQ costs 2 37. 8 283.4 -16.1% 125.8 189.2 98.8 79.4 3.1 5.6 2.8 -0.9 7. 4 10.2 Adjusted EBITDA margin before allo- cated cost from HQ 13.9% 17.2% -3.3pp 16.6% 23.9% 15.1% 13.7% 1.9% 3.8% 3.2% -1.1% 14.9% 20.0% Allocated costs from HQ -17.2 -14.3 20.1% -11.9 -10.2 0.0 0.0 -2.8 -2.1 -1.6 -1.3 -0.8 -0.7 Adjusted EBITDA 220.7 269.1 -18.0% 113.9 179.0 98.8 79.4 0.3 3.5 1.2 -2.2 6.5 9.4 Adjusted EBITDA margin 12.9% 16.3% -3.4pp 15.0% 22.6% 15.1% 13.7% 0.2% 2.4% 1.4% -2.6% 13.2% 18.6% Special items -21.6 -0.0 N/A -15.0 -0.0 0.0 0.0 -3.6 0.0 -2.0 0.0 -1.0 0.0 Other operating income / expense -0.1 -0.0 62.8% 0.0 0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 198.9 269.1 -26.1% 98.9 179.0 98.7 79.4 -3.4 3.5 -0.8 -2.2 5.5 9.4 EBITDA margin 11.6% 16.3% -4.7pp 13.0% 22.6% 15.0% 13.7% -2.1% 2.4% -0.9% -2.6% 11.1% 18.6% Depreciation -51.4 -47.2 8.8% -25.7 -24.2 -18.6 -18.1 -3.5 -1.3 -2.0 -2.0 -1.5 -1.6 Amortisation -29.2 -29.1 0.3% -10.0 -11.6 -16.5 -14.1 -1.5 -1.8 -0.8 -1.1 -0.4 -0.6 EBIT 118.3 192.8 -38.6% 63.2 143.3 63.6 47.1 -8.4 0.4 -3.6 -5.3 3.6 7.3 EBIT margin 6.9% 11.7% -4.8pp 8.3% 18.1% 9.7% 8.1% -5.2% 0.3% -4.1% -6.4% 7.2% 14.3%
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 26 34 Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands 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 Revenue 3,459.2 3,248.4 6.5% 1,555.7 1,559.8 1,285.7 1,111.5 327.3 308.4 190.6 169.5 99.9 99.2 Cost of service -2,501.2 -2,318.9 7.9% -1,027.1 -972.0 -983.7 -879.9 -268.3 -254.6 -155.8 -146.7 -66.2 -65.7 Gross profit 958.0 929.4 3.1% 528.7 587.8 302.0 231.7 59.0 53.7 34.7 22.8 33.6 33.5 Gross profit margin 27.7% 28.6% -0.9pp 34.0% 37.7% 23.5% 20.8% 18.0% 17.4% 18.2% 13.4% 33.7% 33.8% Allocated costs -398.0 -384.4 3.5% -226.7 -218.7 -94.6 -94.8 -37.0 -32.3 -24.5 -24.6 -15.4 -13.9 Adjusted EBITDA before HQ costs 560.0 545.1 2.7% 302.0 369.1 207.4 136.8 22.1 21.4 10.3 -1.9 18.3 19.6 Adjusted EBITDA margin before allo- cated cost from HQ 16.2% 16.8% -0.6pp 19.4% 23.7% 16.1% 12.3% 6.7% 6.9% 5.4% -1.1% 18.3% 19.8% Allocated costs from HQ -32.1 -28.8 11.4% -22.3 -20.3 0.0 0.0 -5.2 -4.5 -3.1 -2.6 -1.5 -1.5 Adjusted EBITDA 527.9 516.2 2.3% 279.7 348.8 207.4 136.8 16.9 16.9 7.2 -4.5 16.7 18.1 Adjusted EBITDA margin 15.3% 15.9% -0.6pp 18.0% 22.4% 16.1% 12.3% 5.2% 5.5% 3.8% -2.6% 16.8% 18.3% Special items -41.0 -0.7 5464.1% -28.5 -0.5 0.0 0.0 -6.8 -0.1 -3.8 -0.1 -1.9 -0.0 Other operating income / expense -0.1 0.1 -154.5% 0.0 0.0 -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 486.9 515.6 -5.6% 251.2 348.3 207.3 137.0 10.1 16.8 3.4 -4.5 14.8 18.1 EBITDA margin 14.1% 15.9% -1.8pp 16.1% 22.3% 16.1% 12.3% 3.1% 5.4% 1.8% -2.7% 14.8% 18.2% Depreciation -100.7 -95.0 6.1% -49.9 -48.1 -37.1 -35.6 -6.7 -3.9 -4.0 -4.2 -3.1 -3.2 Amortisation -58.2 -57.6 1.1% -20.1 -23.0 -32.7 -27.5 -2.9 -3.8 -1.7 -2.2 -0.9 -1.2 EBIT 327.9 363.1 -9.7% 181.2 277.2 137.5 73.9 0.5 9.1 -2.3 -10.9 10.9 13.7 EBIT margin 9.5% 11.2% -1.7pp 11.6% 17.8% 10.7% 6.7% 0.2% 2.9% -1.2% -6.4% 10.9% 13.8% CONTINUED Segmentation
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 27 34 Revenue split Private sector Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands DKK million Q2 2025 Q2 2024 % change Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Revenue 536.6 522.1 2.8% 278.8 299.3 182.0 136.7 42.6 49.1 33.3 36.9 0.0 0.1 Cost of service -381.0 -363.9 4.7% -185.5 -175.5 -126.9 -110.1 -35.2 -39.8 -33.5 -38.4 0.0 -0.1 Gross profit 155.5 158.1 -1.6% 93.3 123.8 55.1 26.6 7.4 9.3 -0.2 -1.5 0.0 -0.0 Gross profit margin 29.0% 30.3% -1.3pp 33.4% 41.4% 30.3% 19.4% 17.4% 18.9% -0.6% -4.1% 0.0% -56.2% NOTE 2 Public sector Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands DKK million Q2 2025 Q2 2024 % change Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Revenue 1,178.3 1,128.2 4.4% 480.9 491.3 474.0 444.3 118.4 96.0 55.5 45.9 49.5 50.6 Cost of service -890.9 -800.6 11.3% -330.5 -310.4 -382.4 -341.2 -103.2 -82.6 -40.8 -33.1 -34.0 -33.2 Gross profit 287.4 327.6 -12.3% 150.4 180.9 91.6 103.1 15.2 13.4 14.7 12.8 15.5 17.4 Gross profit margin 24.4% 29.0% -4.6pp 31.3% 36.8% 19.3% 23.2% 12.8% 14.0% 26.4% 27.9% 31.4% 34.4% % change % change DKK million Q2 2025 Q2 2024 Q2 YTD 2025 YTD 2024 YTD Revenue by type Public sector revenue 1,178.3 1,128.2 4.4% 2,419.5 2,216.9 9.1% Private sector revenue 536.6 522.1 2.8% 1,039.6 1,031.5 0.8% Revenue recognised over time 1,705.2 1,630.8 4.6% 3,403.6 3,226.4 5.5% Revenue recognised at a point in time 9.7 19.4 -50.3% 55.6 22.0 152.7% Organic revenue 1,714.9 1,650.2 3.9% 3,459.2 3,248.4 6.5% Non-organic revenue 0.0 0.0 N/A 0.0 0.0 N/A Revenue by type, total 1,714.9 1,650.2 3.9% 3,459.2 3,248.4 6.5%
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 28 34 Public sector Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands 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 Revenue 2,419.5 2,216.9 9.1% 984.5 964.2 972.8 852.1 245.2 209.6 117.1 92.0 99.9 99.0 Cost of service -1,762.1 -1,597.6 10.3% -661.2 -618.2 -749.0 -668.5 -201.1 -177.0 -84.5 -68.4 -66.2 -65.4 Gross profit 657.5 619.3 6.2% 323.3 345.9 223.8 183.6 44.1 32.6 32.6 23.5 33.6 33.6 Gross profit margin 27.2% 27.9% -0.8pp 32.8% 35.9% 23.0% 21.5% 18.0% 15.6% 27.8% 25.6% 33.7% 33.9% CONTINUED Private sector Group Netcompany Denmark Netcompany SEE & EUI Netcompany UK Netcompany Norway Netcompany Netherlands 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 Revenue 1,039.6 1,031.5 0.8% 571.2 595.6 312.9 259.4 82.1 98.8 73.5 77.5 0.0 0.2 Cost of service -739.1 -721.3 2.5% -365.9 -353.8 -234.7 -211.3 -67.2 -77.6 -71.3 -78.3 0.0 -0.3 Gross profit 300.6 310.2 -3.1% 205.3 241.9 78.2 48.1 14.9 21.1 2.2 -0.8 0.0 -0.1 Gross profit margin 28.9% 30.1% -1.2pp 35.9% 40.6% 25.0% 18.5% 18.2% 21.4% 2.9% -1.0% 0.0% -49.4% Revenue split
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 29 34 Administrative costs Cost of servicesNOTE 3 DKK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Cost of services -343.2 -295.0 -638.3 -574.2 -1,214.8 Salaries -928.8 -869.5 -1,862.8 -1,744.8 -3,397.3 Cost of services total -1,272.0 -1,164.5 -2,501.2 -2,318.9 -4,612.1 DKK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Administrative costs -92.6 -105.7 -183.0 -197.0 -406.5 Salaries -111.7 -98.8 -215.8 -192.3 -371.2 Administrative costs total -204.3 -204.5 -398.8 -389.3 -777.7 Financial income and expensesNOTE 5 DKK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Financial Income Exchange rate adjustments 5.5 4.4 9.6 7.4 15.5 Other financial income 0.5 6.7 1.6 8.4 14.6 Financial income total 6.1 11.1 11.3 15.8 30.1 Financial expenses Interest expense, bank loan -18.1 -27.4 -38.1 -53.7 -101.7 Interest expense, leasing -7.3 -7.9 -14.7 -15.7 -31.4 Exchange rate adjustments -8.4 -4.6 -11.5 -4.1 -16.2 Other financial expenses -13.3 -5.5 -23.4 -10.7 -26.0 Financial expenses total -47.2 -45.4 -87.7 -84.1 -175.1 NOTE 4
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 30 34 Earnings per shareNOTE 6 DKK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Earnings per share - EPS (DKK) 1.18 2.44 3.77 4.32 9.67 Diluted earnings per share - EPS-D (DKK) 1.17 2.41 3.72 4.28 9.58 Profit 55.7 119.5 177.5 213.0 470.2 Average number of shares 47.7 50.0 48.8 50.0 50.0 Average number of treasury shares 0.6 1.0 1.7 0.8 1.4 Average number of shares in circulation 47.1 49.0 47.1 49.2 48.6 Average number of outstanding restricted stock units 0.6 0.5 0.5 0.5 0.5 Average number of diluted shares in circulation 47.7 49.5 47.6 49.7 49.1 Contract work in progressNOTE 7 30 June 30 June 31 December DKK million 2025 2024 2024 Selling price of work performed on fixed price projects 3,470.2 4,228.3 4,132.2 Invoiced amount on fixed price projects -2,509.4 -3,381.1 -3,594.9 Total contract work in progress 960.8 847.2 537.3 Net value – stated on a contract-per-contract basis – is presented in the statement of finan- cial position as follows: Contract work in progress 1,914.0 1,461.3 1,366.0 Prebilled invoices -953.1 -614.1 -828.7 Total contract work in progress 960.8 847.2 537.3 Based on the current project portfolio including monitoring of deliveries on projects, the Group has recognised a provision of DKK 1.9m (DKK 2.3m), cover - ing legal claims and project related risks.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 31 34 Finance A/S of DKK 1.1m (DKK 2.7), and rev- enue from Advanced Transport Telematics S.A of DKK 5.1m (DKK 4.7m). Income Statement classified by function DKK million Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024 Income statement Revenue 1,714.9 1,650.2 3,459.2 3,248.4 6,540.6 Cost of services, incl. depreciation and amortisation -1,296.7 -1,187.2 -2,550.4 -2,363.5 -4,704.5 Gross profit 418.2 463.0 908.8 884.9 1,836.1 Sales and marketing costs -18.0 -12.1 -31.3 -23.9 -52.8 Administrative costs, incl. depreciation, amortisation and special items -281.8 -258.2 -549.6 -498.0 -992.3 Other operating income / expense -0.1 -0.0 -0.1 0.1 -5.4 Operating profit (EBIT) 118.3 192.8 327.9 363.1 785.5 Financial income 6.1 11.1 11.3 15.8 30.1 Financial expenses -47.2 -45.4 -87.7 -84.1 -175.1 Income / loss from joint venture / associates -5.3 -4.3 -9.4 -9.2 -16.5 Profit / loss before tax 71.9 154.1 242.0 285.6 624.0 Tax on the profit for the period -16.2 -35.3 -64.6 -74.2 -156.5 Net profit / loss for the period 55.7 118.8 177.5 211.3 467.5 Depreciation and Amortisation have been presented as follows in the income statement: Cost of services -24.7 -22.7 -49.2 -44.6 -92.3 Administrative costs -55.8 -53.7 -109.8 -108.0 -211.9 Depreciation and amortisation -80.6 -76.3 -159.0 -152.6 -304.3 NOTE 8 In Q2 2025, Netcompany recognised revenue from Smarter Airports A/S of DKK 15.7m (DKK 11.8m), revenue from Festina Related party transactionsNOTE 9
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 32 34 As a part of the contract commitments with customers, the Group has through its banks provided performance guarantees of DKK 810.7m (DKK 540.6m). There are no collaterals provided for the Group’s bank loan. At 1 July 2025, Netcompany completed the transaction of DKK 1 billion to SDC’s shareholders based on the agreement between Netcompany Group, SDC A/S and a majority of SDC’s shareholders, whereby Netcompany Banking Services and SDC merged into a combined company owned by Netcompany. The Group is in 2025 as well as in 2024 part of some legal claims. The outcome of these disputes is not considered likely to impact the Group’s financial position significantly, besides what is already recognised in the balance sheet. Events after the balance sheet date Collateral provided and contingent liabilities NOTE 10 NOTE 11 The interim consolidated financial state- ments included in this Q2 2025 financial report have been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the European Union. Besides from the below mentioned changes in accounting policies, accounting policies applied in this report are consistent with those applied in the consolidated Annual Report for the year ended 31 December 2024 for Netcompany Group A/S. Change in presentation of income statement With effect from 1 January 2025 Netcom- pany Group A/S has changed the presenta- tion of the income statement. The income statement now shows EBITDA instead of EBITA. The reason for the change is to pro-vide more relevant information by aligning the income statement with our financial guidance which consist of targets for revenue and adjusted EBITDA margin. The new presentation of the income state- ment offers a clearer view of our operating performance by separating depreciation and amortisation, a non-cash expense, from our operating earnings. The effect of the change has been retrospectively applied to the comparison figures for 2024, improving the “gross profit” line by DKK 5.6m in Q2 2024, DKK 11.2m in first half of 2024 and DKK 22.3m in 2024, now part of the depreciation line presented separately. The opening equity as of 1 January 2024, the result for both Q2 and first half of 2024 Accounting policiesNOTE 12 and fiscal year 2024 as well as earnings per share is not impacted by the change in ac- counting policies. The effect of the change consist of DKK 4.5m in Q2 2025 and DKK 8.9m in first half of 2025 improving the “gross profit” line. Change in composition of reportable segments 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 on- wards five reportable segments have been defined as disclosed in note 1. The change of reportable segments is due to the continued increasing 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 Q2 2024, 2024 and Q2 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. After the completion of the transaction, SDC’ closing balance and thereby also the initial ac counting for the business combi- nation is incomplete at the time of report- ing Q2 2025. To this date, no further events have occurred after the balance sheet date, which would influence the evaluation of this report.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 33 34 Formulas Organic revenue = Revenue not classified as non-organic revenue Non-organic revenue = Revenue from acquired businesses the first 12 months after acquisition Organic Growth1 = Organic revenue current year x 100 Revenue last year Gross profit margin1,2 = Gross profit x 100 Revenue Operating profit margin1 = Operating profit x 100 Revenue EBITDA1,2 = EBIT + Depreciation and amortisation EBITDA margin = EBITDA x 100 Revenue Days sales outstand- ing1,2 = Trade receivables x days Revenue Return on equity2 = 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 EPS1 = Net profit - Non-controlling interest Average outstanding shares EPS diluted1 = Net profit - Non-controlling interest Average outstanding shares + Diluted shares Free cash flow1,2 = Cash flow from operating activities - Capex Capex1,2 = Capitalised costs and cost spent to buy intangible and tangible assets, excluding impact from business acquisitions. Cash conversion ratio1,2 = Free cash flow x 100 Net profit - Amortisation and deferred tax of amortisation 1 Key figures defined according to IFRS. 2 Key figures defined according to “Recommendations & Financial Ratios” issued by the Danish Finance Society. Key figures and financial ratios have been compiled in accordance with the following calculation formulas.
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Continued growth and investing in the future Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 17/2025 14 August 2025 34 34 This report contains forward-looking state- ments including, but not limited to, the statements and expectations contained in the outlook section. Forward-looking state- ments are statements (other than state- ments of historical fact) relating to future events and Netcompany’s anticipated or planned financial and operational perfor- mance. The words ‘may’, ‘will’, ‘will continue’, ‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘be- lieve’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’ or variations of these words, including nega- tives thereof, as well as other statements regarding matters that are not historical fact or regarding future events or pros- pects, constitute forward-looking state- ments. Netcompany has based these for- ward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materi- ally from those predicted in the forward-looking statements and from the past performance of Netcompany. Although Netcompany believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general or Netcompany in particular, includ- ing those described in Netcompany Group A/S’ Annual Report 2024 and other infor- mation made available by Netcompany. Factors that may affect future results in- clude, but are not limited to, global and economic conditions, including currency exchange rate and interest rate fluctua- tions, delay or failure of projects related to research and/or development, unexpected contract breaches or terminations, un- planned loss of patents, government-man- dated or market-driven price decreases for Netcompany’s products, introduction of competing products, reliance on infor- mation technology, Netcompany’s ability to successfully market current and new prod- ucts, exposure to product liability, litigation and investigations, regulatory develop- ments, actual or perceived failure to adhere to ethical marketing practices, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. As a result, forward-looking statements should not be relied on as a prediction of actual results. Netcompany undertakes no obligation to update or revise any for- ward-looking statements, whether as a re- sult of new information, future events or otherwise, except to the extent required by law. The Annual Report 2024 of Netcompany Group A/S is available at our website www.netcompany.com About Netcompany Netcompany delivers business critical IT solutions and consultancy that help our customers to achieve significant business benefits in a digitised world. Netcompany also helps our customers to manage and operate IT solutions both on location and in the cloud. Disclaimer