Interim report
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 Netcompany Q3 2025 Company Announcement Nine months ended 30 September 2025 Continued growth and margin acceleration Conference call details In connection with the publication of the results for Q3 2025, Netcompany will host a conference call on 30 October at 12.30 CET . The conference call can be followed live via https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-nine- months-of-2025 For further dial-in details please visit the company’s website; www.netcompany.com
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 2 38 -11.5 6.67 16.5pp 420.9 420.9 Summary Revenue increased by 34.3% and 8.2% organically (constant 8.5%) Q3 25 1,613.9Q3 24 YTD 25 4,862.3 YTD 24 27.0 306.3Q3 24 27.0YTD 25 822.5YTD 24 19.0%Q3 24 YTD 25 YTD 24 Adj. EBITDA increased 17.3% and 8.5% organically (constant 8.2%) Adj. EBITDA margin was 16.6% and 19% organically (constant 18.9%) 16.9% -0.7pp -44.0 145.3 81.9 288.7 89.5% 69.0% 911 8,088 7,927 Average workforce increased by 1,394 FTEs (organic 483 FTEs) Q3 25 1.5xQ3 24 1.7x Debt leverage was 1.7x Organic cash conversion ratio (CCR) was negative 7.1% Organic free cash flow negative DKK 11.5m 2.86 Organic diluted EPS on level with Q3 2024 Q3 24 7.13 -4.37YTD 25 YTD 24 5,206.1 1,746.9 332.3Q3 25 860.3 Q3 25 19.0pp Q3 25 Q3 24 YTD 25 YTD 24 304 8,571 Q3 25 2.94 59.4% 68.1% Organic CCR (tax normalised) was negative 23.8% Q3 25 Q3 24 YTD 25 YTD 24 -44.0 Q3 25 * Q3 24 YTD 25 YTD 24 * Due to negative free cash flow and negative net profit in Q3, cash conversion metrics are not applicable or meaningful for the period. Organic Non-organic 2,167.8 DKK million 5,627.0 359.3 DKK million 887.2 -2.5pp 16.6% 15.8% -1.43 DKK -4.37 2.30 Q3 25 * Q3 24 YTD 25 YTD 24 9,482 8,6558,351 Full time equivalents -55.5 37.9 DKK million 20.4% 29.9% 21.3pp-0.8pp 5.4pp24.6pp
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 3 38 “In uncertain and volatile markets, we grew revenue by 34.3% in Q3 – including Netcompany Banking Services. Our organic revenue growth of 8.5% was supported by our continued focus on – and investment in – our products, platforms and AI. We launched Verá – our product in the Defence and Resilience vertical during the quarter as Netcompany´s response to the increased demand for improved real time responses to hybrid threats in the current geopolitical environment. We also launched our offerings in the Real Estate vertical and the Life & Pension vertical – both build on our Amplio platform. Finally, we have commenced the integration of Netcompany Banking Services into Netcompany Group. The integration efforts are progressing faster than anticipated and I am thrilled about the opportunities Netcompany Banking Services give to us within the Financial Services Industry. European governments, institutions and large enterprises continue to focus on European digital sovereignty through solutions developed and hosted in Europe by market leading companies. I am immensely proud that Netcompany is one of those companies and look forward to accelerating our market leading position in the future. Based on our financial results in the first nine months of the year we raise the bottom and narrow the range of our financial guidance for revenue growth and now expect organic revenue growth of between 6% and 8% for 2025. At the same time, we narrow the range for our expectation to our adjusted EBITDA margin and now expect adjusted EBITDA margin of between 16% and 18% for 2025. ” André Rogaczewski NETCOMPANY CEO AND CO-FOUNDER
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 4 38 Performance overview Q3 Netcompany Banking Services Q3 2025 Q3 2025 % change non-organic % change DKK million (reported) (constant)* Q3 2024 (reported) impact (constant)* Revenue 2,167.8 2,172.0 1,613.9 34.3% 26.1pp 34.6% Cost of services -1,577.5 -1,581.6 -1,108.8 42.3% 33.1pp 42.6% Gross profit 590.4 590.3 505.1 16.9% 10.6pp 16.9% Gross profit margin 27.2% 27.2% 31.3% -4.1pp -3.5pp -4.1pp Sales and marketing costs -13.4 -13.5 -12.9 3.7% 13.2pp 4.2% Administrative costs -217.7 -218.5 -185.9 17.1% 13.3pp 17.6% Adjusted EBITDA 359.3 358.3 306.3 17 .3% 8.8pp 17 .0% Adjusted EBITDA margin 16.6% 16.5% 19.0% -2.4pp -2.5pp -2.5pp Special items -310.2 -310.2 0.0 N/A N/A N/A Other operating income / expense 0.2 0.2 -0.4 -143.0% 0.0pp -143.0% EBITDA 49.3 48.4 305.9 -83.9% -90.8pp -84.2% EBITDA margin 2.3% 2.2% 19.0% -16.7pp -16.4pp -16.7pp Depreciation -58.1 -58.4 -47.2 23.2% 10.9pp 23.8% Amortisation -39.6 -39.6 -29.8 32.9% 34.8pp 32.9% Operating profit (EBIT) -48.4 -49.6 228.9 -121.2% -128.1pp -121.7% Operating profit margin -2.2% -2.3% 14.2% -16.4pp -16.3pp -16.5pp Net financials -44.8 -44.8 -36.2 23.8% 1.7pp 23.8% Income / loss from joint venture / associates -3.4 -3.4 -3.8 -8.2% 0.0pp -8.2% Profit / loss before tax -96.7 -97.9 188.9 -151.2% -155.6pp -151.8% Tax 28.8 28.8 -49.9 -157.8% -172.7pp -157.7% Effective tax rate 29.8% 29.4% 26.4% 3.4pp 0.8pp 3.0pp Net profit / loss -67.9 -69.1 139.1 -148.8% -149.4pp -149.7% Additional KPIs Earnings per share (DKK) -1.44 N/A 2.89 -150.0% -153.1pp N/A Diluted earnings per share (DKK) -1.43 N/A 2.86 -149.9% -152.7pp N/A Free cash flow -55.5 N/A 145.3 -138.2% -30.3pp N/A Cash conversion rate 150.3% N/A 89.5% 60.8pp 157.4pp N/A Cash conversion rate (tax normalised) 205.9% N/A 59.4% 146.4pp 228.6pp N/A *Constant currencies measured using average exchange rates for Q3 2024
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 5 38 Operating profit (EBIT) was negative DKK 48.4m in Q3 2025 compared to DKK 228.9m in Q3 2024. The decline in EBIT was a result of the special items recog- nised in the quarter. Adjusted for special items EBIT increased 14.4%. Net financials were negative DKK 44.8m in Q3 2025, compared to negative DKK 36.2m in Q3 2024. Profit before tax was negative DKK 96.7m compared to positive DKK 188.9m in Q3 2024 because of the special items recog- nised in the quarter. As the transaction with Netcompany Bank- ing Services was structured as a taxable business combination, deferred tax of DKK 16.9 related work in progress was recog- nized in the Q3. Further, deferred tax of DKK 64.9m related to lease termination and other restructuring costs was recognized in the period, resulting in total deferred tax of DKK 81.8m related to the acquisition of SDC. As a consequence, income taxes in Q3 2025 were positive DKK 28.8m com- pared to negative DKK 49.9m in the same quarter last year. was impacted negatively by Netcompany Banking Services by 3.5 percentage points and totalled 27.2%. Organic adjusted EBITDA increased 8.5% to DKK 332.3m in Q3 2025, yielding an organ- ic adjusted EBITDA margin of 19% - in line with the same quarter last year. Reported adjusted EBITDA increased 17.3% to DKK 359.3m in Q3 2025. Netcompany Banking Services impacted adjusted EBIT- DA margin negatively by 2.5 percentage points. Special items amounted to DKK 310.2m in the quarter and were related to redundan- cies, termination of leases and contracts for services no longer required, as well as various costs related to retention and inte- gration efforts in relation to the merger of SDC into Netcompany Banking Services. Depreciation and amortisation were DKK 97.7m in Q3 2025, compared to DKK 77m in the same quarter last year. DKK 15.5m of the increase was related to the addition of Netcompany Banking Services in the quarter. PERFORMANCE OVERVIEW Q3CONTINUED In Q3 2025, organic revenue grew 8.2% compared to Q3 2024. The organic growth was driven by 6.7% growth in revenue from the public sector and 11.7% growth in revenue from the private sector. Revenue growth was driven by all segments, except Norway. Reported revenue grew 34.3% in the quar- ter, of which 26.1 percentage points were non-organic related to Netcompany Bank- ing Services1. Average FTE’s amounted to 9,482 of which Netcompany Banking Services accounted for 911 FTEs. Organic client facing FTEs grew 5.8% in Q3 2025 and with the inclu- sion of 845 client facing FTEs in Netcom- pany Banking Services, total client facing FTEs increased 16.9%. Organic gross profit increased 6.3% in Q3 2025, yielding an organic gross profit mar- gin of 30.7% – in line with the same period last year. Reported gross profit increased 16.9% to DKK 590.4m in the quarter. Non-organic gross profit margin was 12.7%. Consequently, reported gross profit margin Net profit amounted to negative DKK 67.9m in Q3 2025, compared to DKK 139.1m in Q3 2024. Organic free cash flow decreased from DKK 145.3m in Q3 2024 to negative DKK 11.5m in Q3 2025 mainly driven by working capital changes. In addition, Netcompany Banking Services impacted free cash flow negatively by DKK 44m resulting in negative free cash flow of DKK 55.5m for the total Group in Q3 2025. 1 As of 1 July 2025, Netcompany Banking Services, formerly SDC, was included in the Group. This result- ed in a new reporting standard for SDC, moving from Danish GAAP to IFRS; a detailed explanation and the impacts can be found on page 12.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 6 38 Business Segments Q3 DKK million Q3 2025 Constant (2024 rate) Group Denmark SEE & EUI UK Norway Netherlands Banking Services Revenue from external customers 2,172.0 795.2 642.8 178.6 80.5 53.9 420.9 Gross profit 590.3 340.2 126.3 41.2 10.8 18.4 53.4 Gross profit margin 27.2% 42.8% 19.6% 23.1% 13.4% 34.2% 12.7% Local marketing and administrative costs -215.3 -107.8 -48.7 -15.8 -10.5 -6.1 -26.5 Adjusted EBITDA before HQ costs 375.0 232.4 77.6 25.4 0.3 12.3 26.9 Adjusted EBITDA margin before HQ costs 17.3% 29.2% 12.1% 14.3% 0.4% 22.9% 6.4% Allocated costs from HQ -16.7 -11.6 0.0 -2.9 -1.4 -0.8 0.0 Special Items, allocated -310.2 -4.5 -0.0 -0.5 -0.2 -0.2 -304.7 Other operating income / expense 0.2 0.0 0.2 0.0 0.0 0.0 0.0 Depreciation -58.4 -26.2 -19.5 -4.1 -1.9 -1.5 -5.1 Amortisation -39.6 -10.1 -16.4 -1.5 -0.7 -0.5 -10.4 EBIT -49.6 180.0 41.9 16.4 -4.0 9.3 -293.3 Client facing FTEs 8,862 3,031 3,778 638 370 200 845 DKK million Q3 2024 Reported Group Denmark SEE & EUI UK Norway Netherlands Banking Services Revenue from external customers 1,613.9 759.1 571.5 152.1 82.2 49.0 0.0 Gross profit 505.1 318.1 117.9 31.6 19.8 17.6 0.0 Gross profit margin 31.3% 41.9% 20.6% 20.8% 24.1% 36.0% N/A Local marketing and administrative costs -185.0 -100.7 -51.4 -16.0 -10.8 -6.1 0.0 Adjusted EBITDA before HQ costs 320.1 217.5 66.5 15.6 9.0 11.5 0.0 Adjusted EBITDA margin before HQ costs 19.8% 28.6% 11.6% 10.3% 11.0% 23.5% N/A Allocated costs from HQ -13.8 -9.7 0.0 -2.2 -1.2 -0.7 0.0 Special Items, allocated 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other operating income / expense -0.4 0.0 -0.4 0.0 0.0 0.0 0.0 Depreciation -47.2 -23.9 -18.6 -1.0 -2.0 -1.6 0.0 Amortisation -29.8 -11.3 -15.0 -1.9 -1.0 -0.6 0.0 EBIT 228.9 172.6 32.5 10.5 4.7 8.5 0.0 Client facing FTEs 7,579 2,863 3,612 558 358 188 0 Revenue, % 19.4% 3.7% 8.2% Q3 2025 36.6% 29.6% Revenue, % 9.4% 47.0% 35.4% Q3 2024 3.0% 5.1% NORWAY DENMARK UNITED KINGDOM NETHERLANDS SEE & EUI NORWAY DENMARK UNITED KINGDOM NETHERLANDS SEE & EUI NBS NBS 2.5%
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 7 38 Note that Netcompany Banking Services is reported in its own segment and there- fore do not contribute to any of the other segments in the following overview. Netcompany Denmark In Q3 2025, Netcompany Denmark won two large contracts in the private sector in Den- mark, which supported revenue growth of 14.3% in the private sector. These contract wins are a direct consequence of the prod- uct and platform offerings that have been advanced during the last couple of years. Revenue from the public sector was in line with the same quarter last year, leading to a total revenue growth of 4.8% in Q3 2025 for Netcompany Denmark. Gross profit increased 6.9% in the quar- ter, yielding a gross profit margin of 42.8% compared to 41.9% in the same period last year. The sequential improvement of 10.8 percentage points compared to Q2 2025 was positively impacted by fewer FTEs al- located to Group-related activities such as product and business development. Adjusted EBITDA margin was 29.2% in Q3 2025 compared to 28.6% in the same quar- ter last year underpinning the margin accel- eration in Netcompany Denmark. Client facing FTEs grew by 5.9% in Q3 2025. The relative increase compared to revenue growth was not dilutive to margin as more and more resources are sourced from the Group, leading to reduced operat- ing cost. Netcompany SEE & EUI Netcompany SEE & EUI continued the growth from the first half of the year and grew revenue by 12.5% in Q3 2025. Growth was driven by both revenue from the pub- lic sector, including the EU and the private sector, which grew revenue by 12.2%, and 13.5% respectively. Growth in the private sector was driven by increased engage- ments with existing customers. Gross profit increased 7.1% in the quarter, yielding a gross profit margin of 19.6% com- pared to 20.6% in the same quarter last year. Quarterly volatility in the margin was related to the timing of project completions and ramp-up/down of projects. Adjusted EBITDA margin was 12.1% in Q3 2025 compared to 11.6% in the same quar- ter last year. Client facing FTEs grew by 4.6% in Q3 2025. Netcompany UK The public sector in Netcompany UK con- tinued its strong growth realised in Q2 2025 and grew revenue 23.8% in Q3 2025, supported by increased engagements with both existing and new public sector cus- tomers. The private sector revenue grew by 3.6% leading to a total revenue growth of 17.4% in Q3 2025. Gross profit increased 30.5% in Q3 2025, yielding a gross profit margin of 23.1% compared to 20.8% in the same quarter last year, and sequentially improved 9.1 per- centage points compared to Q2 2025. The sequential improvement in gross profit mar- gin was a result of the ongoing conversion of freelancers to own employees on public deliveries. Adjusted EBITDA margin was 14.3% in Q3 2025 compared to 10.3% in the same quar- ter last year and significantly improved 12.3 percentage points compared to Q2 2025. Client facing FTEs grew by 14.2% in Q3 2025. Netcompany Norway Revenue in Netcompany Norway de- creased 2% in Q3 2025 compared to the same quarter last year. The market for IT consulting services in Norway has been soft and in general declined over the last 12 months. Gross profit margin was 13.4% in Q3 2025, compared to 24.1% in the same quarter last year. The decline was related to the chal- lenging Norwegian market. Adjusted EBITDA margin was 0.4% in Q3 2025 compared to 11% in Q3 2024. In Q3 2025, client facing FTEs increased by 3.3% compared to the same quarter last year, as Netcompany Norway had already secured employment contracts with 2025 graduates during 2024. BUSINESS SEGMENTS Q3CONTINUED
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 8 38 Adjusted EBITDA was DKK 26.9m in Q3 2025 compared to pro forma adjusted EBITDA of DKK 26.2m in Q3 2024. Pro forma adjusted EBITDA has been adjust- ed for capitalisations to compare “like for like”. Adjusted EBITDA margin was 6.4% in Q3 2025, in line with pro forma adjusted EBITDA margin of 6.6% in SDC in the same quarter last year. The integration of SDC into Netcompany Banking Services is progressing faster than anticipated. Netcompany Netherlands Revenue in Netcompany Netherland in- creased 10% in Q3 2025 compared to the same quarter last year, solely generated in the public sector. In Q3 2025, two con- tract wins In Netcompany Netherlands was announced, one with the Dutch Ministry of Foreign Affairs and one with the three col- laborating probation organisations: 3RO. Gross profit was DKK 18.4m in Q3 2025, in line with the same quarter last year. Adjusted EBITDA margin was 22.9% in Q3 2025, also in line with the same quarter last year. Client facing FTEs grew by 6.5% in Q3 2025. Netcompany Banking Services1 Revenue in Netcompany Banking Servic- es was DKK 420.9m in Q3 2025. Revenue increased 5.8% compared to pro forma revenue in SDC Q3 2024, as a result of in- creased activity with existing customers. Gross profit in Netcompany Banking Ser- vices was DKK 53.4m in Q3 2025, yielding a gross profit margin of 12.7%. BUSINESS SEGMENTS Q3CONTINUED 1 As of 1 July 2025, Netcompany Banking Services, formerly SDC, was included in the Group. This result- ed in a new reporting standard for SDC, moving from Danish GAAP to IFRS; a detailed explanation and the impacts can be found on page 12.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 9 38 Performance overview 9 months Netcompany Banking Services YTD 2025 YTD 2025 % change non-organic % change DKK million (reported) (constant)* YTD 2024 (reported) impact (constant)* Total 2024 Revenue 5,627.0 5,628.6 4,862.3 15.7% 8.7pp 15.8% 6,540.6 Cost of services -4,078.6 -4,079.8 -3,427.8 19.0% 10.7pp 19.0% -4,612.1 Gross profit 1,548.4 1,548.7 1,434.5 7 .9% 3.7pp 8.0% 1,928.4 Gross profit margin 27.5% 27.5% 29.5% -2.0pp -1.2pp -2.0pp 29.5% Sales and marketing costs -44.7 -44.7 -36.9 21.2% 4.6pp 21.3% -52.8 Administrative costs -616.5 -617.1 -575.1 7.2% 4.3pp 7.3% -777.7 Adjusted EBITDA 887.2 886.9 822.5 7 .9% 3.3pp 7. 8 % 1,097.9 Adjusted EBITDA margin 15.8% 15.8% 16.9% -1.1pp -0.8pp -1.2pp 16.8% Special items -351.2 -351.2 -0.7 N/A N/A N/A -2.7 Other operating income / expense 0.1 0.1 -0.3 -138.1% -1.4pp -138.1% -5.4 EBITDA 536.2 535.9 821.5 -34.7% -33.8pp -34.8% 1,089.8 EBITDA margin 9.5% 9.5% 16.9% -7.4pp -6.1pp -7.4pp 16.7% Depreciation -158.8 -159.1 -142.1 11.8% 3.6pp 12.0% -188.0 Amortisation -97.9 -97.9 -87.4 11.9% 11.9pp 11.9% -116.3 Operating profit (EBIT) 279.5 278.9 591.9 -52.8% -49.5pp -52.9% 785.5 Operating profit margin 5.0% 5.0% 12.2% -7.2pp -6.0pp -7.2pp 12.0% Net financials -121.3 -121.2 -104.5 16.0% 0.6pp 16.0% -145.0 Income / loss from joint venture / associates -12.9 -12.9 -12.9 -0.3% -0.0pp -0.3% -16.5 Profit / loss before tax 145.3 144.8 474.5 -69.4% -61.9pp -69.5% 624.0 Tax -35.7 -35.7 -124.1 -71.2% -69.4pp -71.3% -156.5 Effective tax rate 24.6% 24.6% 26.2% -1.6pp -3.2pp -1.5pp 25.1% Net profit / loss 109.6 109.1 350.4 -68.7% -59.3pp -68.9% 467.5 Additional KPIs Earnings per share (DKK) 2.33 N/A 7.20 -67.7% -61.4pp N/A 9.67 Diluted earnings per share (DKK) 2.30 N/A 7.13 -67.7% -61.2pp N/A 9.58 Free cash flow 37.9 N/A 288.7 -86.9% -15.2pp N/A 821.1 Cash conversion rate 20.4% N/A 69.0% -48.6pp -0.8pp N/A 147.1% Cash conversion rate (tax nor- malised) 29.9% N/A 68.1% -38.1pp 5.4pp N/A 153.0% *Constant currencies measured using average exchange rates for 2024 Organic revenue grew 7.1% in the first nine months of 2025 compared to the same period the year before. Organic growth was driven by the public sector, including EU, that grew revenue 8.3% in the first nine months of 2025, and supported by revenue growth of 4.3% from the private sector. Reported revenue grew 15.7% in the first nine months of 2025, of which 8.7 percent- age points were non-organic related to Net- company Banking Services. Organic gross profit increased 4.2% to DKK 1,495m in the first nine months of 2025, yielding an organic gross profit margin of 28.7% compared to 29.5% in the same period last year. Reported gross profit in- creased 7.9% in the first nine months of 2025, of which 3.7 percentage points was non-organic. Organic adjusted EBITDA margin was 16.5% in the first nine months of 2025 – in line with the same period last year. Reported adjusted EBITDA was DKK 887.2m in the first nine months of 2025, yielding an ad- justed EBITDA margin of 15.8%. Organic client facing FTEs grew 5.2%. Re- ported client facing FTEs grew 9% and av- erage FTEs in the first nine months of 2025 amounted to 8,655 including the addition of 911 FTEs in Q3 2025 from Netcompany Banking Services.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 10 38 Business Segments 9 months DKK million YTD 2025 Constant (2024 rate) Group Denmark SEE & EUI UK Norway Netherlands Banking Services Revenue from external customers 5,628.6 2,351.0 1,928.0 501.1 273.9 153.7 420.9 Gross profit 1,548.7 869.7 428.1 99.1 46.4 52.1 53.4 Gross profit margin 27.5% 37.0% 22.2% 19.8% 16.9% 33.9% 12.7% Local admin costs -613.0 -334.4 -143.3 -52.2 -35.2 -21.5 -26.5 Adjusted EBITDA before HQ costs 935.7 535.3 284.8 46.9 11.1 30.6 26.9 Adjusted EBITDA margin before HQ costs 16.6% 22.8% 14.8% 9.4% 4.1% 19.9% 6.4% Allocated costs from HQ -48.8 -33.9 0.0 -8.0 -4.5 -2.4 0.0 Special Items, allocated -351.2 -32.9 -0.0 -7.3 -4.1 -2.1 -304.7 Other operating income / expense 0.1 0.0 0.1 0.0 0.0 0.0 0.0 Depreciation -159.1 -76.2 -56.5 -10.7 -6.0 -4.6 -5.1 Amortisation -97.9 -30.1 -49.2 -4.4 -2.5 -1.3 -10.4 EBIT 278.9 362.1 179.2 16.4 -5.8 20.3 -293.3 Client facing FTEs 8,090 2,923 3,714 610 366 195 845 DKK million YTD 2024 Reported Group Denmark SEE & EUI UK Norway Netherlands Banking Services Revenue from external customers 4,862.3 2,318.8 1,683.1 460.5 251.7 148.2 0.0 Gross profit 1,434.5 905.9 349.6 85.3 42.6 51.1 0.0 Gross profit margin 29.5% 39.1% 20.8% 18.5% 16.9% 34.5% N/A Local admin costs -569.4 -319.4 -146.2 -48.3 -35.4 -20.0 0.0 Adjusted EBITDA before HQ costs 865.2 586.6 203.4 37.0 7.1 31.1 0.0 Adjusted EBITDA margin before HQ costs 17.8% 25.3% 12.1% 8.0% 2.8% 21.0% N/A Allocated costs from HQ -42.6 -30.0 0.0 -6.7 -3.8 -2.2 0.0 Special Items, allocated -0.7 -0.5 0.0 -0.1 -0.1 -0.0 0.0 Other operating income / expense -0.3 0.0 -0.3 0.0 0.0 0.0 0.0 Depreciation -142.1 -72.0 -54.2 -4.9 -6.2 -4.8 0.0 Amortisation -87.4 -34.3 -42.4 -5.7 -3.2 -1.9 0.0 EBIT 591.9 449.8 106.4 19.6 -6.1 22.2 0.0 Client facing FTEs 7,421 2,804 3,497 578 357 184 0 Revenue, % 7.5% 41.8% 34.3% YTD 2025 2.7% 4.9% Revenue, % 9.5% 47.7% 34.6% YTD 2024 3.0% 5.2% NORWAY DENMARK UNITED KINGDOM NETHERLANDS SEE & EUI NORWAY DENMARK UNITED KINGDOM NETHERLANDS SEE & EUI NBS NBS 8.9%
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 11 38 Note that Netcompany Banking Services is reported in its own segment and there- fore do not contribute to any of the other segments in the following overview. Netcompany Denmark Revenue in Netcompany Denmark was DKK 2,351m in the first nine months of 2025, a slightly improvement compared to the same period last year. Revenue was sup- ported by growth both from the public and private sector, which increased revenue 1.2% and 1.8%, respectively in the first nine months of the year. Especially the first six months of 2025 was affected by resources spent on product and business develop- ment, but as expected, the level of these activities decreased during the third quar- ter and is expected to normalise further during Q4 2025. Gross profit margin decreased 2.1 percent- age points to 37% for the first nine months of 2025. The margin was negatively im- pacted by the time spent on investments in our future and resources spent on pipeline cases. For the first nine months of 2025 adjusted EBITDA margin was 22.8% compared to 25.3% in the same period last year. The decline was mainly a result of the develop- ment in gross profit margin. Netcompany SEE & EUI In Netcompany SEE & EUI revenue grew 14.6% to DKK 1,928m in the first nine months of 2025. Revenue growth was driv- en by strong performance within both the public and private sector, that grew reve- nue by 13.5% and 18.2%, respectively. Gross profit margin improved 1.4 percent- age points to 22.2% in the first nine months of 2025 compared to the same period last year. Gross profit was positively impacted by higher licence revenue in the first nine months of 2025. For the first nine months of 2025 adjusted EBITDA margin was 14.8% compared to 12.1% in the same period in 2024. Netcompany UK Netcompany UK grew revenue 8.8% to DKK 501.1m in the first nine months of 2025. The growth was driven by the public sector that grew revenue 18.1% in the first nine months of the year, while private sector revenue declined 10.9% as a result of discontinua- tion of historical low-margin contracts. Gross profit margin was 19.8% in the first nine months of 2025 compared to 18.5% in the same period last year. The improved margin was a result of better utilisation. Adjusted EBITDA margin was 9.4% for the first nine months of 2025 compared to 8% in the same period last year. Netcompany Norway In Netcompany Norway, revenue grew 8.8% in the first nine months of 2025, driven by growth in the public sector that increased revenue 18.2% in the period. The private sector revenue declined 3.6% in the period. Gross profit margin was 16.9% on the first nine months of 2025, on level with the same period last year. Adjusted EBITDA margin was 4.1% in the first nine months of 2025 compared to 2.8% in the same period last year. Netcompany Netherlands Revenue in Netcompany Netherlands for the first nine months of 2025 increased 3.7% compared to the same period last year. The development in revenue should be seen against a more than 40% growth in the same period last year. Gross profit margin was 33.9% in the first nine months of 2025 and in line with the same period last year. Adjusted EBITDA margin in the first nine months of 2025 was 19.9% compared to 21% in the same period the year before, al- beit based on an insignificant development in absolute numbers. Netcompany Banking Services As Netcompany Banking Services was in- cluded as of 1 July 2025, pro forma results are applied for the first six months of 2025. Pro forma revenue for the first nine months of 2025 was DKK 1,225.6m, compared to pro forma revenue of DKK 1,261.7m in the first nine months of 2024 in SDC. Pro forma adjusted EBITDA was DKK 53.4m in the first nine months of 2025 compared to pro forma adjusted EBITDA of DKK 80.8m in the same period last year in SDC. To compare “like for like”, pro forma adjust- ed EBITDA was adjusted for capitalisations. Pro forma adjusted EBITDA margin was 4.4% in the first nine months of 2025, com- pared to pro forma adjusted EBITDA margin of 6.4% in the same period last year in SDC. The decrease in margin was expected, as margin in SDC in 2024 was positively im- pacted by non-recurring items related to out-conversion of customers. BUSINESS SEGMENTS 9 MONTHSCONTINUED 1 As of 1 July 2025, Netcompany Banking Services, formerly SDC, was included in the Group. This result- ed in a new reporting standard for SDC, moving from Danish GAAP to IFRS; a detailed explanation and the impacts can be found on page 12.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 12 38 innovation for Netcompany Banking Ser- vices customers and to eliminate duplicate roles post-merger. In addition, Netcompa- ny Banking Services will leave its current headquarter in Ballerup and work out of the Netcompany Corporate HQ in Strandgade in Copenhagen as of January 2026. The move will ensure fast and swift integration and sharing of knowledge and support the integration of Netcompany Banking Servic- es into Netcompany Group even further. During the next three years, Netcompany expect to gradually realise cost synergies that by 2028 are expected to be DKK 300m to DKK 350m annually, compared to SDC cost base in 2024. Restructuring As a result of the integration, a restruc- turing provision of DKK 205.5m has been booked in Q3 covering costs to be incurred towards 2028. This covers costs related to redundancies, leases terminations, termi- nation of contracts for services no longer required, as well as various costs related to retention and integration efforts. Another DKK 96.5m has been expensed in Q3 as special items, bringing total special items from Netcompany Banking Services to DKK 304m. goodwill and customer relationships values are eligible for tax depreciation under the Danish tax law, the full purchase price of DKK 1bn will be eligible for tax depreciation over a 7-year period. Change in ownership of JN data As a consequence of the merger, SDC was required to exit the ownership of JN Data as per the stipulated shareholders agree- ment. Hence Netcompany Banking Ser- vices received a sum of DKK 65m for the shares in JN Data during Q3 2025. Under regulations for operators providing “critical financial infrastructure, ” JN Data is obliged to continue to deliver unchanged services in quality and price for at least 24 months. If no alternative operating solution is es- tablished at that point in time, JN Data will remain obliged to deliver these services. Integration and synergies A main reason for the shareholders of SDC to enter the transaction with Netcompany was to accelerate innovation and reduce time-to-market for new solutions. To deliver on that promise, Netcompany has initiated a comprehensive transformation project of Netcompany Banking Services, introducing Netcompany methodologies of working, sharing existing platforms to accelerate not exist under the IFRS interpretation even though a significant amount of IP has been developed and established. Hence the value of own developed software is sub- stantially reduced in the Purchase Price Al- location (PPA) and reallocated to customer relationships and goodwill. This also means that Netcompany Bank- ing Services will discontinue the previous method of capitalising and amortising approximately DKK 200m annually. Future capitalisation of development of own soft- ware solutions will be based on specific cases where a standard SaaS solution is developed that will subsequently be li- censed. Purchase Price Allocation Based on the assessment of assets and liabilities of SDC the PPA leads to the as- sets and liabilities for Netcompany Banking Services illustrated in note 8. Tax impact As a consequence of structuring the trans- action as a taxable merger rather than a traditional share purchase of shares, the gain is taxable for the sellers, and the ac- quired net assets will be eligible for tax depreciation for Netcompany. As both Update on the acquisition of SDC Transaction structure As of 1 July 2025 Netcompany completed the acquisition of SDC through a taxable merger whereby former SDC was merged into a new company – Netcompany Bank- ing Services – which was established by Netcompany A/S and capitalised with DKK 1bn in cash and equity. Danish GAAP vs. IFRS The former SDC reported under Danish GAAP , whereas Netcompany Banking Ser- vices will report under IFRS going forward. This results in significant differences in accounting treatment for certain assets and expenses, most notably accounting for leases and own developed software. Under Danish GAAP , leases are accounted as an expense and included in administra- tion costs. Under IFRS, leases are capital- ised as “right of use” assets and amortised over the lease term. Under Danish GAAP , the value of own developed software was capitalised and amortised. Under IFRS, capitalisation re- quires a “future delivery obligation. ” Due to the specific nature of the contract entered into with all the customers of Netcompany Banking Services, such an obligation does
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 13 38 Revenue visibility The presented revenue visibility reflects the expected revenue streams for a financial year, meaning that revenue visibility end of Q3 2025 is comprised of actuals for the first nine months of 2025 and expected revenue for the last three months of 2025. Organic revenue visibility end of Q3 2025 was DKK 6,704.9m, which was an increase of 6.8% compared to DKK 6,278.7m in Q3 2024. Revenue visibility for 2025 consists of con- tractual committed revenue and non-con- tractual committed engagements, which amounted to DKK 1,428.6m and DKK 70.2m, respectively, while realised revenue in the first nine months of 2025 amounted to DKK 5,206.1m. Revenue visibility in the public sector in- creased 9% compared to last year and amounts to DKK 4,700.9m, of which con- tractual committed revenue amounted to DKK 1,049.3m and non-contractual com- mitted engagements amounted to DKK 34.6m, while realised revenue in the first nine months of 2025 amounted to DKK 3,617.1m. Revenue visibility in the private sector increased 2% compared to last year and amounts to DKK 2,003.9m, of which con- tractual committed revenue amounted to DKK 379.3m and non-contractual commit- ted engagements amounted to DKK 35.6m, while realised revenue in the first nine months of 2025 amounted to DKK 1,589m. Based on pipeline end of Q3, revenue vis- ibility in both public and private sectors for the remaining part of 2025 remains at a satisfactory level indicating continued growth. Effective from 1 July Netcompany assumed 100% ownership of SDC through the merger of SDC into Netcompany Banking Services. For the last three months of 2025 contrac- tual committed revenue for Netcompany Banking Services amount to DKK 390.5m. DKK million Organic revenue visibility for the financial year 2025 23.7% 5.7% 4.7% 6,704.9 1,589.0 15.6%1,049.3 Revenue Contractual committed TotalNon con- tractual committed 53.9%3,617.1 35.6 34.6 0.5% 0.5% PRIVATE PUBLIC 70.2 5,206.1 1,428.6 379.3 1 At Netcompany, we measure revenue visibility for the next 12 months based on two parameters: the to- tal value of committed engagements, which includes fixed price engagements and service agreements, and ongoing time and material engagements with a high likelihood of conversion or prolongation. Revenue visibility encompasses both contractual and non-contractual committed engagements. Contrac- tual committed engagements refer to the total value of engagements where a clear, mutual agreement on delivery and payment has been established with the customer, approved by both parties, and where payment is expected. Non-contractual committed engagements are highly expected engagements without formal contracts.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 14 38 to include data on churn in the Group churn numbers. Detailed FTE development in NBS will instead be provided against expected employee plans supporting the realisation of ongoing synergies. These data points will be provided twice a year in connection with the full year report and the half year report. sequential basis the churn rate was in line with Q2 2025. Furthermore, the 3 months rolling churn rates was in line with Q3 2024. Netcompany Banking Services is in the initial phase of a significant and structural reorganisation. Hence, it makes no sense Workforce Netcompany employed an average of 9,482 FTEs in Q3 2025, equal to an increase of 1,394 FTEs or 17.2% compared to Q3 2024 (8,088 FTEs) of which 6 percentage points were organic and 11.3 percentage points non-organic. On a sequential basis FTEs in Q3 2025 increased 13.8% compared to Q2 2025, also driven by the intake of FTEs from Netcompany Banking Services ac- counting for 11 percentage points meaning that organic FTEs increased 2.8% from Q2 2025 to Q3 2025. The number of client facing FTEs for the Group increased by 1,346 from 7,579 in Q3 2024 to 8,862 in Q3 2025, while the level of non-client facing FTEs increased from 6.3% in Q3 2024 to 6.5% in Q3 2025, caused by the inclusion of Netcompany Banking Services. Freelancers in the organic part of the Group decreased 8.1% from 991 in Q3 2024 to 877 in Q3 2025 driven by the decrease in freelancers in Netcompany SEE & EUI. The increase in UK contractors was due to ramp up on public deliveries. The attrition rate for the last twelve months was 18% for the organic part of the Group, which was an increase of 0.5 percentage points compared to 17.5% in Q3 2024. On a Avg. FTEs increased to 9,482 during Q3 2025 YTD 2024 YTD 2025 2,0000 1,500 3,500 4,000 2,968 877Q3 2025 9,4822,194 332 507 176 547 557 82 330 NON-CLIENT FACING FREELANCERSUNITED KINGDOM POLANDDENMARK UK CONTRACTORS VIETNAM NETHERLANDS NORWAYSEE & EUI 4,500 6,0005,500 6,500 7,000 Q3 2024 5,000 7,500 2,896 865 9,2622,154 328 478 174 526 543 74 314 8,000 2,691 991 8,0882,129 318 451 171 524 509 22 281 2,609 938 7,9272,108 318 437 167 538 506 24 281 BANKING SERVICES 9111 9111,2 1 As of 1 July 2025, Netcompany Banking Services, formerly SDC, was included in the Group. Average FTE figures for Netcompany Banking Services in- cludes freelancers and non-client facing FTEs. 2 Average FTE figures for YTD 2025 in the illustration equals Q3 2025 average FTEs for Netcompany Bank- ing Services. 8,500 9,000
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 15 38 Free cash flow and cash conversion rate1 Organic free cash flow decreased from DKK 145.3m in Q3 2024 to negative DKK 11.5m in Q3 2025. The development in the organic free cash flow was mainly driven by development in working capital, and to some extent also impacted by increased tax payments and increased acquisition of fixed assets. The negative working capital changes in Q3 2025 were mainly driven by increased trade receivables and increased contract work in progress in the organic part of the Group. The development in contract work in progress was due to timing of milestone payments on significant projects mainly within public contracts throughout the Group, while the level of trade receivables end of Q3 2025 was slightly below realised level end of Q3 2024. Tax payments within the quarter increased to DKK 24.5m compared to DKK 1.6m in Q3 2024 and was caused by improved results in Netcompany SEE & EUI. The increase in fixed assets was mainly driven by increased investments in data- centres. Normalised for taxes paid on account1, the organic part of the Group generated a negative free cash flow of DKK 37m in Q3 2025, DKK 133.5m below tax normalised free cash flow in Q3 2024 of DKK 96.4m. Consequently, organic cash conversation rate was negative 7.1% compared to 89.5% in Q3 2024, while cash conversion rate ad- justed for taxes paid on account decreased from 59.4% in Q3 2024 to negative 22.8% in Q3 2025. In Q3 2025, Netcompany Banking Services accounted for negative DKK 44m of the Groups free cash flow which totalled nega- tive DKK 55.5m. For the first nine months, the organic part of the Group generated a free cash flow of DKK 81.9m compared to a tough compara- ble of DKK 288.7m in the first nine months of 2024. The development was partly caused by special items recognised in the organic part of the Group and work- ing capital changes within the period. The changes in working capital were mainly driven by the development in contract work in progress, which was somewhat offset by the development in trade receivables and prebilled invoices, also driven by the timing of milestones on significant projects. As a consequence of the development in the free cash flow, organic cash con- versation rate for the first nine months decreased from 69% in 2024 to 21.3% in 2025, while cash conversion rate adjusted for taxes paid on account decreased from 68.1% in first nine months of 2024 to 24.6% in the same period in 2025. In the first nine months, total Group free cash flow was DKK 37.9m compared to DKK 288.7m in the same period last year. The development was negatively impacted by Netcompany Banking Services free cash flow of negative DKK 44m. Tax normalised cash conversion ratio for the total Group decreased from 68.1% in first nine months of 2024 to 29.9% in first nine months of 2025. Trade receivables End of Q3 2025, trade receivables amount- ed to DKK 1,265.3m compared to DKK Capital and other financial positions 1 Taxes paid within the Group are, due to local tax regulations, paid on account in Q1 and in Q4. To adjust for this timing mismatch between expensed and paid corporate income taxes, the free cash flow should be viewed in a tax normalised manner to bet- ter reflect the underlying development in free cash flow based on operations rather than impact from local tax legislation in Denmark. DKK million Not overdue 0-30 days 30-60 days 60-90 days >90 days Provision Total Trade receivables, 30 September 2025 850.6 210.4 70.5 29.7 105.0 -0.9 1,265.3 Trade receivables, 30 September 2024 816.0 255.4 55.8 54.2 75.4 -24.6 1,232.3 1,232.3m end of Q3 2024, corresponding to an increase of 2.7% compared to reve- nue growth of 34.3% and organic revenue growth of 8.2% in the quarter. The development in trade receivables compared to revenue was impacted by the inclusion of Netcompany Banking Services, that to a higher extent delivers services to clients paying upfront, as well as a differ- ent revenue mix in Netcompany Banking Services with higher percentage of T&M contracts, compared to the original part of Netcompany Group.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 16 38 CASH FLOW AND OTHER SIGNIFICANT FINANCIAL POSITIONSCONTINUED Revenue in the prevailing 12 months (LTM) increased by 13.3%. As a total, trade receivables and work in progress amounted DKK 2,239.6m end of Q3 2025 and was on level with DKK 2,258.2m end of Q3 2024. Investments On 10 February 2025, Netcompany Group established Netcompany Banking Servic- es A/S and agreed with a majority of the shareholders of SDC A/S to merge Net- company Banking Services A/S and SDC A/S into a combined company fully owned by Netcompany Group. The transaction was closed on 1 July and valued SDC at DKK 1bn, which was paid in cash on 1 July 2025 by Netcompany Banking Services A/S to SDC’s shareholders. Funding and liquidity The Group bank loan have been prolonged twice by one year and now runs to 2027. The combined committed facilities consti- tute DKK 2,800m and an additional facility of DKK 2,000m, available only for new acquisitions. On 30 September 2025, DKK 1,580m of the committed lines were utilised on ordinary borrowings, and DKK 1,000m of the addi- tional facility was drawn to settle the trans- action with SDC A/S 1 July 2025, leaving a total of DKK 2,202.9m available in unuti- lised funding of which DKK 1,202.9m can be utilised for normal operations if needed with no additional costs or covenants. In addition, Netcompany SEE & EUI had utilised DKK 832.9m on local guarantees, having no impact on the Group facilities except for leverage. Including net cash balance as of 30 Sep- tember 2025 of DKK 265.6m, available Group funding was DKK 1,468.5m. Risk management Please refer to the overview of risk factors provided by the Group in the Annual Report for 2024. Capital structure In Q3 2025, the debt ratio based on adjust- ed EBITDA was 1.7x compared to 1.5x in Q3 2024. All covenants are complied with. Events after the balance sheet date To this date, no events have occurred after the balance sheet date, which would influ- ence the evaluation of this report. -0.8% 34.3% 13.3% 1,265.3 2,167.8 Work in progress overview 1,000 0 500 1,500 Sept. 30 2025 Q3 2025 Q3 2025 LTM 7,305.3 WIP REVENUE 1,232.3 Sept. 30 2024 1,613.9 Q3 2024 Q3 2024 LTM 6,444.9 6,000 2,000 TRADE RECEIVABLES 974.31,025.9 DKK million 974.3m, represented by contract work in progress of DKK 2,101.4m and prepayments received from customers of DKK 1,127m. Combined work in progress decreased by 5% from DKK 1,025.9m end of Q3 2024 to DKK 974.3m end of Q3 2025, compared to revenue growth of 34.3% and organic revenue growth of 8.2%. Once again, the development was impacted by a different revenue mix in Netcompany Banking Ser- vices and the clients paying upfront. As a result, days sales outstanding de- creased from 70 days in Q3 2024 to 53 days in Q3 2025. Furthermore, the amount of overdue trade receivables decreased from DKK 440.8m in Q3 2024 to DKK 415.6m, and the relative split of overdue trade receivables improved by 2.2 percent- age points from 35.1% by the end of Q3 2024 to 32.8% by the end of Q3 2025. Work in progress On 30 September 2025, Netcompa- ny’s work in progress amounted to DKK
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 17 38 The targets are as follows: • Long-term organic revenue growth for the Group through any business cycle of between 5% and 10% annually. • Adjusted EBITDA margin above 20% for the Group to be reached by 2029. • Dynamic cash redistribution using share buyback programmes and dividends of all free cash flow before any acquisi- tions and observing leverage target. • Completion of the DKK 2bn share buy- back programme by 2026, as originally introduced in 2023, to be fully hon- oured. • Leverage ratio below 1x. 35m and DKK 40m for 2025 (six months) as cost synergies impacting 2025 will be limited. The share buyback programme of DKK 500m launched in connection with the Q2 2025 report to be executed until 30 January 2026 remains fully committed. On 31 October, Netcompany will host a Capi- tal Markets Day at the company’s corporate HQ in Strandgade, Copenhagen. Long-term targets for organic revenue growth and organic adjusted EBITDA margin as well as principles for capital allocation will be pre- sented and explained at the Capital Markets Day. Guidance 2025 Financial guidance for 2025, as given in the annual report 2024, is based on organic measures and thereby excludes the impact from the acquisition of SDC – now Netcom- pany Banking Services. As the transaction with SDC was completed as of 1 July 2025, the impact on the 2025 actual financial per- formance will be non-organic. Considering organic revenue growth of 7.1% for the first nine months of 2025 and taking pipeline and revenue visibility into account for the remaining part of 2025, we lift the lower end of the expected revenue growth range from 5% to 6%. At the same time, we narrow the range and reduce the top end of the expected revenue growth range from 10% to 8%. Consequently, we now expect organic revenue growth for 2025 to be be- tween 6% and 8%. At the same time, we narrow the range for our expectation to organic margin and now expect an organic adjusted EBITDA margin between 16% and 18% for 2025. Non-organic revenue in Q3 was DKK 420.9m delivered through Netcompany Banking Services – in line with expectations. We still expect non-organic revenue for 2025 to be within the range of DKK 840m and DKK 870m. For non-organic adjusted EBITDA margin we expect Netcompany Banking Services to deliver a result of between DKK Original expectation for organic revenue growth in 2025 5%-10% Original expectation for organic adjusted EBITDA margin in 2025 16%-19% Updated expectation for organic adjusted EBITDA margin in 2025 16%-18% Updated expectation for organic revenue growth in 2025 6%-8% Adjusted EBITDA margin for the Group - to be reached by 2029 >20% Long-term organic revenue growth target annually 5%-10%
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 18 38 Capital At the Annual General Meeting in March 2025 a decision was passed to reduce the share capital by DKK 2.5m by cancelling 2.5m treasury shares. The registration of the share capital reduction was made by the Danish Business Authority on 7 April 2025. At 30 September 2025, Netcompany’s share capital was DKK 47.5m divided into 47.5m shares. End of Q3 2025, Netcompany held 965,010 treasury shares equivalent to 2% of the share capital. Shares will be used to honour the Group’s commitments under its long-term incentive programmes. Shares exceeding the commitments under the long-term incen- tive programmes will be cancelled on an ongoing basis. Share-based incentive schemes/restrict- ed stock units In total, 598,226 restricted stock units (RSUs) and 154,200 matching shares in relation to the share-based incentive schemes were issued at 30 September 2025 of which 116,654 RSUs and 24,000 matching shares were granted to Execu- tive Management and 481,572 RSUs and 130,200 matching shares were granted to Other Key Management Personnel and Other Employees. The fair value of the shares at grant was DKK 203.5m. The cost related hereto is expensed over the vesting period. A total amount of DKK 17.7m was recog- nised as personnel costs in the income statement in Q3 2025 and DKK 51.7m for the first nine month of 2025. Additional information on the holdings of Netcompany shares and restricted stock units by members of the Board of Directors and Executive Management Board is dis- closed in the Remuneration Report. Shareholder information Financial calendar 2026 21 January 2026 Deadline for the shareholders to submit proposals for the agenda of the Annual General Meeting 2025 3 February 2026 Annual Report for the financial year 2025 5 March 2026 Annual General Meeting 2025 6 May 2026 Interim report for the first 3 months of 2026 13 August 2026 Interim report for the first 6 months of 2026 29 October 2026 Interim report for the first 9 months of 2026 Share data Stock exchange Nasdaq Copenhagen A/S Index OMXC Large Cap Sector Technology ISIN code DK0060952919 Short code NETC Share capital DKK 47.500.000 Nominal size DKK 1 Number of shares No. 47.500.000 Restriction in voting rights No
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 19 38 Today, the Board of Directors and Executive Management considered and approved the interim consolidated financial statements for Netcompany Group A/S (“Netcompany” or “the company” and together with all its subsidiaries “the Group”) for the period 1 January 2025 to 30 September 2025. The Q3 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 position at 30 September 2025 and of the results of the Group’s operations and cash flows for the period 1 January 2025 to 30 September 2025. We further consider that the Management’s Review in the preceding pages include 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, 30 OCTOBER 2025 Statement of the Board of Directors and Executive Management Executive Management André Rogaczewski CEO Bo Rygaard Chairman of the Board Claus Bo Jørgensen COO Juha Christensen Vice Chairman of the Board Bart Walterus Thomas Johansen CFO Board of Directors Åsa Riisberg Susan Helen Cooklin
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 20 38 Consolidated interim financial statements
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 21 38 Income statement and Statement of comprehensive income DKK million Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Income statement Revenue 1,2 2,167.8 1,613.9 5,627.0 4,862.3 6,540.6 Cost of services 3 -1,577.5 -1,108.8 -4,078.6 -3,427.8 -4,612.1 Gross profit 590.4 505.1 1,548.4 1,434.5 1,928.4 Sales and marketing costs -13.4 -12.9 -44.7 -36.9 -52.8 Administrative costs 4 -217.7 -185.9 -616.5 -575.1 -777.7 Adjusted EBITDA 359.3 306.3 887.2 822.5 1,097.9 Special items 5 -310.2 0.0 -351.2 -0.7 -2.7 Other operating income / expense 0.2 -0.4 0.1 -0.3 -5.4 EBITDA 49.3 305.9 536.2 821.5 1,089.8 Depreciation -58.1 -47.2 -158.8 -142.1 -188.0 Amortisation -39.6 -29.8 -97.9 -87.4 -116.3 Operating profit (EBIT) -48.4 228.9 279.5 591.9 785.5 Financial income 6 3.5 6.8 14.8 22.6 30.1 Financial expenses 6 -48.3 -43.0 -136.1 -127.1 -175.1 Income / loss from joint venture / associates -3.4 -3.8 -12.9 -12.9 -16.5 Profit / loss before tax -96.7 188.9 145.3 474.5 624.0 Tax on the profit / loss for the period 28.8 -49.9 -35.7 -124.1 -156.5 Net profit / loss for the period -67.9 139.1 109.6 350.4 467.5 Of which Non-controlling interest 0.0 -0.4 0.0 -2.0 -2.7 Netcompany Group A/S' share -67.9 139.5 109.6 352.4 470.2 Earnings per share Earnings per share (DKK) 7 -1.44 2.89 2.33 7.20 9.67 Diluted Earnings per share (DKK) 7 -1.43 2.86 2.30 7.13 9.58
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 22 38 Statement of comprehensive income Net profit / loss for the period -67.9 139.1 109.6 350.4 467.5 Other comprehensive income items that may be reclassified subse- quently to profit or loss: Exchange rate adjustments on translating foreign subsidiaries -2.8 -0.6 -9.8 2.2 5.0 Other comprehensive income items that may not be reclassified to profit or loss: Actuarial profit / loss on defined benefit plans 0.0 0.0 0.0 0.0 -2.4 Other comprehensive income, net of tax -2.8 -0.6 -9.8 2.2 2.6 Of which Non-controlling interest 0.0 -0.2 0.0 -0.1 0.1 Netcompany Group A/S' share -2.8 -0.5 -9.8 2.3 2.6 Total comprehensive income / loss -70.7 138.4 99.8 352.6 470.1 Of which Non-controlling interest 0.0 -0.6 0.0 -2.1 -2.6 Netcompany Group A/S' share -70.7 139.0 99.8 354.8 472.7 DKK million Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME CONTINUED
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 23 38 Statement of financial position 30 September 30 September 31 December DKK million Note 2025 2024 2024 Assets Goodwill 3,858.4 3,252.0 3,252.0 Other intangible assets 813.9 458.9 456.7 Tangible assets 911.2 881.1 896.8 Investment in joint venture 89.5 79.5 78.6 Investment in associates 125.5 111.7 109.0 Other securities and invest- ments 1.0 1.2 1.3 Other receivables 84.2 47.4 72.5 Deferred tax assets 130.2 47.7 46.5 Total non-current assets 6,013.8 4,879.4 4,913.4 Inventories 0.5 0.0 0.0 Trade receivables 1,265.3 1,232.3 1,282.6 Receivables from joint ven- ture 5.3 5.7 6.0 Receivables from associates 5.8 12.0 10.9 Contract work in progress 9 2,101.4 1,590.4 1,366.0 Other receivables 77.7 127.0 111.0 Prepayments 138.0 111.2 113.2 Tax receivables 19.1 17.7 18.3 Total receivables 3,613.0 3,096.3 2,908.0 Cash 265.6 32.6 250.9 Total current assets 3,878.7 3,128.9 3,158.9 Total assets 9,892.5 8,008.3 8,072.3 30 September 30 September 31 December DKK million Note 2025 2024 2024 Equity and liabilities Share capital 47.5 50.0 50.0 Treasury shares -275.6 -650.0 -884.1 Retained earnings 3,778.2 4,319.6 4,450.3 Other reserves -0.9 1.5 -0.9 Equity attributable to Group 3,549.2 3,721.1 3,615.4 Non-controlling interest 0.0 4.4 0.0 Total equity 3,549.2 3,725.5 3,615.4 Borrowings 2,575.0 1,573.2 1,573.9 Lease liabilities 719.4 738.9 707.0 Pension obligations 26.9 21.4 23.7 Deferred tax liability 60.2 63.7 44.7 Total non-current liabilities 3,381.5 2,397.2 2,349.3 Borrowings 37.4 46.9 37.3 Lease liabilities 216.4 105.1 146.4 Pension obligations 1.7 1.7 1.7 Prebilled invoices 9 1,127.0 564.5 828.7 Trade payables 476.7 349.7 343.1 Other payables 764.4 755.2 717.1 Provisions 10 321.8 0.2 2.1 Income tax payable 16.4 62.3 31.4 Total current liabilities 2,961.8 1,885.6 2,107.6 Total liabilities 6,343.3 4,282.8 4,456.9 Total equity and liabilities 9,892.5 8,008.3 8,072.3
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 24 38 Cash flow statement DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Operating profit (EBIT) -48.4 228.9 279.5 591.9 785.5 Depreciation and amortisation 170.8 77.0 329.8 229.6 304.3 Non-cash items 17.7 13.5 51.4 41.2 54.5 Working capital changes -74.1 -111.3 -254.9 -265.2 145.0 Total 66.0 208.1 405.8 597.5 1,289.2 Income taxes paid -24.5 -1.6 -119.2 -132.6 -211.6 Financial income received 2.0 3.7 7.6 13.6 17.4 Financial expenses paid -39.6 -30.6 -108.8 -92.7 -128.0 Cash flow from operating activities 3.9 179.6 185.4 385.8 966.9 Net cash outflow on acquisition of subsidiaries -1,000.4 0.0 -1,000.4 0.0 0.0 Cash and cash equivalents acquired 314.0 0.0 314.0 0.0 0.0 Other investments 66.0 -0.1 25.9 -0.1 -13.6 Capitalisation of intangible assets -30.3 -23.7 -88.6 -64.3 -91.0 Acquisition of fixed assets -29.1 -10.6 -58.9 -32.8 -54.9 Other receivables (deposits) -4.5 9.2 -4.9 6.6 -18.8 Cash flow from investment activities -684.3 -25.2 -812.9 -90.6 -178.2 Payment of treasury shares -150.0 -212.1 -223.9 -499.6 -727.5 Proceeds from borrowings 0.0 0.0 1,000.0 0.0 0.0 Repayment of borrowings 0.0 -107.5 -0.2 -113.7 -123.4 Repayment of lease liabilities -47.2 -39.7 -129.1 -99.3 -138.1 Cash flow from financing activities -197.2 -359.3 646.8 -712.6 -988.9 Net increase in cash and cash equivalents -877.6 -204.8 19.3 -417.4 -200.2 Cash and cash equivalents at the beginning 1,144.2 237.2 250.9 448.1 448.1 Effect of exchange rate changes on the balance cash held in foreign currencies -0.9 0.2 -4.6 1.9 3.1 Cash and cash equivalents at the end 265.6 32.6 265.6 32.6 250.9 Depreciation and amortisation recog- nised in the Cash flow Statement do not match the depreciation and amortisation in the Income Statement as DKK 73.1m is presented as Special Items in the In- come statement.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 25 38 Statement of changes in Equity Foreign currency Total equity, Non- Share Treasury Share-based translation Other Retained Netcompany controlling DKK million capital shares remuneration subsidiaries reserves earnings Group A/S interest Total equity Equity at 1 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 0.0 3,752.1 Profit for the period 0.0 0.0 0.0 0.0 0.0 -67.9 -67.9 0.0 -67.9 Other comprehensive income 0.0 0.0 0.0 -2.8 0.0 0.0 -2.8 0.0 -2.8 Total comprehensive income 0.0 0.0 0.0 -2.8 0.0 -67.9 -70.7 0.0 -70.7 Treasury Shares for the period 0.0 -150.0 0.0 0.0 0.0 0.0 -150.0 0.0 -150.0 Share-based remuneration for the period 0.0 4.3 14.6 0.0 0.0 -1.2 17.7 0.0 17.7 Total transactions with owners 0.0 -145.7 14.6 0.0 0.0 -1.2 -132.2 0.0 -132.2 Equity at 30 September 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2 0.0 3,549.2 Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4 Profit for the period 0.0 0.0 0.0 0.0 0.0 109.6 109.6 0.0 109.6 Other comprehensive income 0.0 0.0 0.0 -9.8 0.0 0.0 -9.8 0.0 -9.8 Total comprehensive income 0.0 0.0 0.0 -9.8 0.0 109.6 99.8 0.0 99.8 Treasury Shares for the period -2.5 561.2 0.0 0.0 0.0 -776.4 -217.6 0.0 -217.6 Share-based remuneration for the period 0.0 47.3 16.6 0.0 0.0 -12.1 51.7 0.0 51.7 Total transactions with owners -2.5 608.5 16.6 0.0 0.0 -788.5 -166.0 -0.0 -166.0 Equity at 30 September 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2 0.0 3,549.2 Equity at 1 June 2024 50.0 -438.9 64.4 8.1 1.5 4,094.2 3,779.2 5.0 3,784.2 Profit for the period 0.0 0.0 0.0 0.0 0.0 139.5 139.5 -0.4 139.1 Other comprehensive income 0.0 0.0 0.0 -0.5 0.0 0.0 -0.5 -0.2 -0.6 Total comprehensive income 0.0 0.0 0.0 -0.5 0.0 139.5 139.0 -0.6 138.4 Treasury Shares for the period 0.0 -211.2 0.0 0.0 0.0 0.0 -211.2 0.0 -211.2 Share-based remuneration for the period 0.0 0.2 14.0 0.0 0.0 -0.1 14.1 0.0 14.1 Total transactions with owners 0.0 -211.0 14.0 0.0 0.0 -0.1 -197.1 0.0 -197.1 Equity at 30 September 2024 50.0 -650.0 78.5 7.6 1.5 4,233.5 3,721.1 4.4 3,725.5
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 26 38 Foreign currency Total equity, Non- Share Treasury Share-based translation Other Retained Netcompany controlling DKK million capital shares remuneration subsidiaries reserves earnings Group A/S interest Total equity STATEMENT OF CHANGES IN EQUITY Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1 Total comprehensive income 0.0 0.0 0.0 4.9 -2.4 470.2 472.7 -2.6 470.1 Total transactions with owners 0.0 -691.0 22.9 0.0 0.0 -12.8 -680.9 -4.0 -684.9 Equity at 31 December 2024 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4 Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1 Profit for the period 0.0 0.0 0.0 0.0 0.0 352.4 352.4 -2.0 350.4 Other comprehensive income 0.0 0.0 0.0 2.3 0.0 0.0 2.3 -0.1 2.2 Total comprehensive income 0.0 0.0 0.0 2.3 0.0 352.4 354.8 -2.1 352.6 Treasury Shares for the period 0.0 -498.1 0.0 0.0 0.0 0.0 -498.1 0.0 -498.1 Share-based remuneration for the period 0.0 41.2 11.3 0.0 0.0 -11.6 40.9 0.0 40.9 Total transactions with owners 0.0 -456.9 11.3 0.0 0.0 -11.6 -457.2 0.0 -457.2 Equity at 30 September 2024 50.0 -650.0 78.5 7.6 1.5 4,233.5 3,721.1 4.4 3,725.5 CONTINUED
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 27 38 Group Denmark SEE & EUI UK Norway Netherlands Banking Services DKK million Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Revenue 2,167.8 1,613.9 34.3% 795.2 759.1 643.1 571.5 174.2 152.1 80.5 82.2 53.9 49.0 420.9 0.0 Cost of service -1,577.5 -1,108.8 42.3% -454.2 -440.9 -516.5 -453.6 -134.1 -120.5 -69.7 -62.4 -35.5 -31.4 -367.5 0.0 Gross profit 590.4 505.1 16.9% 341.1 318.1 126.6 117.9 40.1 31.6 10.8 19.8 18.5 17.6 53.4 0.0 Gross profit margin 27.2% 31.3% -4.1pp 42.9% 41.9% 19.7% 20.6% 23.0% 20.8% 13.4% 24.1% 34.2% 36.0% 12.7% 0.0% Allocated costs -214.4 -185.0 15.9% -107.3 -100.7 -48.7 -51.4 -15.4 -16.0 -10.5 -10.8 -6.1 -6.1 -26.5 -0.0 Adjusted EBITDA before HQ costs 376.0 320.1 17 .4% 233.7 217.5 77.9 66.5 24.8 15.6 0.3 9.0 12.3 11.5 26.9 -0.0 Adjusted EBITDA margin before HQ costs 17.3% 19.8% -2.5pp 29.4% 28.6% 12.1% 11.6% 14.2% 10.3% 0.4% 11.0% 22.9% 23.5% 6.4% 0.0% Allocated costs from HQ -16.7 -13.8 20.7% -11.6 -9.7 0.0 0.0 -2.9 -2.2 -1.4 -1.2 -0.8 -0.7 0.0 -0.0 Adjusted EBITDA 359.3 306.3 17 .3% 222.1 207.8 77.9 66.5 21.9 13.4 -1.1 7.8 11.5 10.8 26.9 -0.0 Adjusted EBITDA margin 16.6% 19.0% -2.4pp 27.9% 27.4% 12.1% 11.6% 12.6% 8.8% -1.4% 9.5% 21.3% 22.0% 6.4% 0.0% Special items -310.2 0.0 N/A -4.5 0.0 -0.0 0.0 -0.5 0.0 -0.2 0.0 -0.2 0.0 -304.7 0.0 Other operating income / expense 0.2 -0.4 -143.0% 0.0 0.0 0.2 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 49.3 305.9 -83.9% 217.6 207.8 78.1 66.1 21.4 13.4 -1.3 7.8 11.3 10.8 -277.8 -0.0 EBITDA margin 2.3% 19.0% -16.7pp 27.4% 27.4% 12.1% 11.6% 12.3% 8.8% -1.7% 9.5% 21.0% 22.0% -66.0% 0.0% Depreciation -58.1 -47.2 23.2% -26.1 -23.9 -19.5 -18.6 -4.0 -1.0 -1.9 -2.0 -1.5 -1.6 -5.1 0.0 Amortisation -39.6 -29.8 32.9% -10.1 -11.3 -16.4 -15.0 -1.5 -1.9 -0.7 -1.0 -0.5 -0.6 -10.4 0.0 EBIT -48.4 228.9 -121.2% 181.5 172.6 42.2 32.5 15.8 10.5 -4.0 4.7 9.3 8.5 -293.3 0.0 EBIT margin -2.2% 14.2% -16.4pp 22.8% 22.7% 6.6% 5.7% 9.1% 6.9% -5.0% 5.8% 17.3% 17.4% -69.7% 0.0% SegmentationNOTE 1
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 28 38 SegmentationCONTINUED Group Denmark SEE & EUI UK Norway Netherlands Banking Services DKK million YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 Revenue 5,627.0 4,862.3 15.7% 2,350.9 2,318.8 1,928.8 1,683.1 501.5 460.5 271.0 251.7 153.8 148.2 420.9 0.0 Cost of service -4,078.6 -3,427.8 19.0% -1,481.2 -1,412.9 -1,500.3 -1,333.5 -402.4 -375.2 -225.6 -209.1 -101.7 -97.1 -367.5 0.0 Gross profit 1,548.4 1,434.5 7 .9% 869.7 905.9 428.5 349.6 99.2 85.3 45.5 42.6 52.1 51.1 53.4 0.0 Gross profit margin 27.5% 29.5% -2.0pp 37.0% 39.1% 22.2% 20.8% 19.8% 18.5% 16.8% 16.9% 33.9% 34.5% 12.7% 0.0% Allocated costs -612.4 -569.4 7.6% -334.0 -319.4 -143.2 -146.2 -52.3 -48.3 -34.9 -35.4 -21.5 -20.0 -26.5 0.0 Adjusted EBITDA before HQ costs 936.0 865.2 8.2% 535.7 586.6 285.3 203.4 46.8 37.0 10.6 7.1 30.6 31.1 26.9 0.0 Adjusted EBITDA margin before HQ costs 16.6% 17.8% -1.2pp 22.8% 25.3% 14.8% 12.1% 9.3% 8.0% 3.9% 2.8% 19.9% 21.0% 6.4% 0.0% Allocated costs from HQ -48.8 -42.6 14.4% -33.9 -30.0 0.0 0.0 -8.0 -6.7 -4.5 -3.8 -2.4 -2.2 0.0 0.0 Adjusted EBITDA 887.2 822.5 7 .9% 501.8 556.6 285.3 203.4 38.8 30.3 6.1 3.4 28.2 28.9 26.9 0.0 Adjusted EBITDA margin 15.8% 16.9% -1.1pp 21.3% 24.0% 14.8% 12.1% 7.7% 6.6% 2.3% 1.3% 18.4% 19.5% 6.4% 0.0% Special items -351.2 -0.7 N/A -32.9 -0.5 -0.0 0.0 -7.3 -0.1 -4.1 -0.1 -2.1 -0.0 -304.7 -0.0 Other operating income / expense 0.1 -0.3 -138.1% 0.0 0.0 0.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 536.2 821.5 -34.7% 468.9 556.1 285.4 203.1 31.5 30.2 2.0 3.3 26.1 28.9 -277.8 0.0 EBITDA margin 9.5% 16.9% -7.4pp 19.9% 24.0% 14.8% 12.1% 6.3% 6.6% 0.7% 1.3% 17.0% 19.5% -66.0% 0.0% Depreciation -158.8 -142.1 11.8% -76.0 -72.0 -56.5 -54.2 -10.7 -4.9 -5.9 -6.2 -4.6 -4.8 -5.1 0.0 Amortisation -97.9 -87.4 11.9% -30.1 -34.3 -49.2 -42.4 -4.4 -5.7 -2.5 -3.2 -1.3 -1.9 -10.4 0.0 EBIT 279.5 591.9 -52.8% 362.8 449.8 179.7 106.4 16.4 19.6 -6.3 -6.1 20.2 22.2 -293.3 0.0 EBIT margin 5.0% 12.2% -7.2pp 15.4% 19.4% 9.3% 6.3% 3.3% 4.3% -2.3% -2.4% 13.2% 15.0% -69.7% 0.0%
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 29 38 Revenue splitNOTE 2 % change % change DKK million Q3 2025 Q3 2024 Q3 YTD 2025 YTD 2024 YTD Revenue by type Public sector revenue 1,197.6 1,122.1 6.7% 3,617.1 3,339.0 8.3% Private sector revenue 970.3 491.8 97.3% 2,009.9 1,523.3 31.9% Revenue recognised over time 2,167.5 1,608.2 34.8% 5,571.1 4,834.5 15.2% Revenue recognised at a point in time 0.3 5.8 -94.7% 55.9 27.8 101.4% Organic revenue 1,746.9 1,613.9 8.2% 5,206.1 4,862.3 7.1% Non-organic revenue 420.9 0.0 N/A 420.9 0.0 N/A Revenue by type, total 2,167.8 1,613.9 34.3% 5,627.0 4,862.3 15.7% Private sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services DKK million Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Revenue 970.3 491.8 97.3% 318.1 278.3 151.8 133.7 49.1 48.5 30.4 31.3 0.0 0.0 420.9 0.0 Cost of service -714.8 -334.4 113.8% -167.9 -156.2 -110.4 -108.6 -38.2 -38.2 -30.8 -31.3 -0.0 -0.1 -367.5 0.0 Gross profit 255.4 157.4 62.2% 150.1 122.1 41.4 25.1 10.9 10.4 -0.4 -0.0 0.0 -0.0 53.4 0.0 Gross profit margin 26.3% 32.0% -5.7pp 47.2% 43.9% 27.3% 18.8% 22.2% 21.4% -1.4% -0.2% 0.0% -61.3% 12.7% N/A Public sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services DKK million Q3 2025 Q3 2024 % change Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Revenue 1,197.6 1,122.1 6.7% 477.1 480.8 491.3 437.9 125.1 103.6 50.1 50.9 53.9 48.9 0.0 0.0 Cost of service -862.6 -774.4 11.4% -286.2 -284.7 -406.1 -345.0 -95.9 -82.4 -38.9 -31.1 -35.5 -31.3 0.0 0.0 Gross profit 334.9 347.7 -3.7% 190.9 196.1 85.2 92.9 29.2 21.2 11.2 19.8 18.5 17.7 0.0 0.0 Gross profit margin 28.0% 31.0% -3.0pp 40.0% 40.8% 17.3% 21.2% 23.4% 20.5% 22.3% 39.0% 34.2% 36.1% 0.0% N/A
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 30 38 Revenue split CONTINUED Private sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services DKK million YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 Revenue 2,009.9 1,523.3 31.9% 889.3 873.9 464.7 393.1 131.2 147.3 103.9 108.8 0.0 0.2 420.9 0.0 Cost of service -1,453.9 -1,055.7 37.7% -533.8 -510.0 -345.1 -319.9 -105.3 -115.8 -102.1 -109.6 -0.0 -0.4 -367.5 0.0 Gross profit 556.0 467.6 18.9% 355.5 363.9 119.6 73.2 25.8 31.5 1.7 -0.8 0.0 -0.1 53.4 0.0 Gross profit margin 27.7% 30.7% -3.0pp 40.0% 41.6% 25.7% 18.6% 19.7% 21.4% 1.7% -0.8% 0.0% -51.4% 12.7% N/A Public sector Group Denmark SEE & EUI UK Norway Netherlands Banking Services DKK million YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 Revenue 3,617.1 3,339.0 8.3% 1,461.6 1,444.9 1,464.1 1,290.0 370.4 313.2 167.2 142.9 153.8 148.0 0.0 0.0 Cost of service -2,624.7 -2,372.0 10.7% -947.4 -902.9 -1,155.2 -1,013.5 -297.0 -259.4 -123.4 -99.5 -101.7 -96.7 0.0 0.0 Gross profit 992.4 966.9 2.6% 514.3 542.0 309.0 276.4 73.3 53.8 43.7 43.4 52.1 51.3 0.0 0.0 Gross profit margin 27.4% 29.0% -1.5pp 35.2% 37.5% 21.1% 21.4% 19.8% 17.2% 26.2% 30.4% 33.9% 34.6% 0.0% N/A
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 31 38 Administrative costs Cost of servicesNOTE 3 NOTE 4 DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Cost of services -559.6 -303.6 -1,198.0 -877.8 -1,214.8 Salaries -1,017.8 -805.2 -2,880.7 -2,550.0 -3,397.3 Cost of services total -1,577.5 -1,108.8 -4,078.6 -3,427.8 -4,612.1 DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Administrative costs -97.2 -94.9 -280.2 -291.8 -406.5 Salaries -120.5 -91.0 -336.4 -283.3 -371.2 Administrative costs total -217.7 -185.9 -616.5 -575.1 -777.7 Special itemsNOTE 5 DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 External advisory related to M&A -8.7 0.0 -35.0 -0.7 -2.7 Lease termination and related contracts -130.5 0.0 -130.5 0.0 0.0 Other restructuring costs -170.9 0.0 -185.7 0.0 0.0 Total special items -310.2 0.0 -351.2 -0.7 -2.7 Netcompany Banking services accounted for DKK 367.5m of the total cost of servic- es in Q3 2025 and YTD 2025. Netcompany Banking services accounted for DKK 26.5m of the total administrative costs in Q3 2025 and YTD 2025. Special items comprise non-recurring ex - penses distinct from ordinary operating activities, including external advisory costs related to M&A, and restructuring costs covering lease termination and related contract costs, as well as other restructur - ing costs related to redundancies, reten- tion and integration efforts.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 32 38 NOTE 7 Earnings per share DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Earnings per share - EPS (DKK) -1.44 2.89 2.33 7.20 9.67 Diluted earnings per share - EPS-D (DKK) -1.43 2.86 2.30 7.13 9.58 Profit -67.9 139.5 109.6 352.4 470.2 Average number of shares 47.5 50.0 48.4 50.0 50.0 Average number of treasury shares 0.5 1.7 1.3 1.1 1.4 Average number of shares in circulation 47.0 48.3 47.1 48.9 48.6 Average number of outstanding restricted stock units 0.6 0.5 0.5 0.5 0.5 Average number of diluted shares in circulation 47.6 48.8 47.6 49.4 49.1 In Q3 2025 and YTD 2025, Netcompany Banking Services impacted both EPS and EPS-D negatively by DKK 4.42 and DKK 4.37, respectively. Financial income and expensesNOTE 6 DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Financial Income Exchange rate adjustments 2.3 3.5 11.9 10.9 15.5 Other financial income 1.2 3.3 2.9 11.7 14.6 Financial income total 3.5 6.8 14.8 22.6 30.1 Financial expenses Interest expense, bank loan -23.5 -23.9 -61.6 -77.6 -101.7 Interest expense, leasing -7.9 -7.6 -22.6 -23.3 -31.4 Exchange rate adjustments -8.2 -5.7 -19.7 -9.8 -16.2 Other financial expenses -8.8 -5.8 -32.2 -16.5 -26.0 Financial expenses total -48.3 -43.0 -136.1 -127.1 -175.1 Netcompany Banking services accounted for DKK 0.2m of the total financial income and DKK 0.8m of the total financial ex - penses in Q3 2025 and YTD 2025.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 33 38 Assets and liabilities recognised, DKK million Non-current assets Equity Technology 32.9 Share Capital 0.4 Customer relationships 333.7 Equipment 0.5 Non-current liabilities Leasehold improvements 3.0 Leasing, long term 82.6 Right of use asset 94.4 Deposit 8.1 Current liabilities Investments in associates 66.1 Leasing, short term 16.8 Prebilled invoices 372.3 Trade payables 145.3 Current assets Other debts 94.1 Inventories 0.6 Provisions 92.0 Trade receivables 171.5 Company tax 0.3 Work in progress 127.2 Prepayments 29.8 Net assets taken over 393.6 Other receivables 15.7 Goodwill 606.4 Cash 314.0 Total consideration 1,000.0 Business combinationsNOTE 8 At 1 July 2025, Netcompany completed the transaction of DKK 1 billion in cash to SDC’s shareholders based on the agree- ment between Netcompany Group, SDC A/S and a majority of SDC’s shareholders. The determination of the purchase price and the purchase price allocation is con- sidered final. Based on the measurement of identifiable assets and liabilities at their fair values, the difference between the total consid- eration and the fair value of the identified net assets were calculated at DKK 606.4 million, which represents the goodwill from the acquisition of Netcompany Banking Services (NBS, formerly SDC). In addition, the consideration paid for the business combination effectively included amounts in relation to the benefit of ex - pected synergies, revenue growth, future market development and the assembled workforce of NBS. These benefits are not recognised separately from goodwill be- cause they do not meet the recognition criteria for identifiable intangible assets. Goodwill is deductible for tax purposes under Danish law, and both goodwill and customer values will be eligible for tax de- duction over a 7-year period. Assets and liabilities recognised have been adjusted for differences in the accounting policies between the IFRS and the Danish GAAP (previously used by SDC). Notably, leases previously expensed under Danish GAAP have been capitalised as “right of use” assets and amortised over the lease term. The value of own developed soft - ware has been substantially reduced in the Purchase Price Allocation and reallocated to customer relationships and goodwill, reflecting the IFRS requirement for capital- isation only where a future delivery obliga - tion exists. As a consequence of the merger, NBS exit - ed the ownership of JN Data and received DKK 65 million for the shares in Q3 2025. The Group has recognised M&A and re- structuring costs totalling DKK 351.2m in first nine months of 2025 (DKK 310.2m in Q3 2025), which are included in special items.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 34 38 Contract work in progress 30 September 30 September 31 December DKK million 2025 2024 2024 Selling price of work performed 3,744.5 4,445.9 4,132.2 Invoiced amount -2,770.2 -3,419.9 -3,594.9 Total contract work in progress 974.3 1,025.9 537.3 Net value – stated on a contract-per-contract basis – is presented in the statement of financial position as follows: Contract work in progress 2,101.4 1,590.4 1,366.0 Prebilled invoices -1,127.0 -564.5 -828.7 Total contract work in progress 974.3 1,025.9 537.3 NOTE 9 Based on the current project portfolio including monitoring of deliveries on projects, the Group has recognised a provision of DKK 2.2m (DKK 0.2m), cover - ing legal claims and project related risks. ProvisionsNOTE 10 30 September 30 September 31 December DKK million 2025 2024 2024 Onerous contracts and warranty obligations 2.2 0.2 2.1 Provision 319.6 0.0 0.0 Total provisions 321.8 0.2 2.1 As a result of the integration, a restruc- turing provision of DKK 227.6m was rec- ognised in Q3. The provision covers costs related to redundancies, termination of contracts for services no longer required, as well as various costs relatd to retention and integration efforts. For provision for restructuring costs, please refer to note 5.
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 35 38 Income Statement classified by function DKK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 Total 2024 Income statement Revenue 2,167.8 1,613.9 5,627.0 4,862.3 6,540.6 Cost of services, incl. depreciation and amortisation -1,612.9 -1,132.4 -4,163.2 -3,495.8 -4,704.5 Gross profit 554.9 481.6 1,463.8 1,366.5 1,836.1 Sales and marketing costs -13.4 -12.9 -44.7 -36.9 -52.8 Administrative costs, incl. depreciation, amortisation and special items -590.1 -239.3 -1,139.7 -737.3 -992.3 Other operating income / expense 0.2 -0.4 0.1 -0.3 -5.4 Operating profit (EBIT) -48.4 228.9 279.5 591.9 785.5 Financial income 3.5 6.8 14.8 22.6 30.1 Financial expenses -48.3 -43.0 -136.1 -127.1 -175.1 Income / loss from joint venture / associates -3.4 -3.8 -12.9 -12.9 -16.5 Profit / loss before tax -96.7 188.9 145.3 474.5 624.0 Tax on the profit for the period 28.8 -49.9 -35.7 -124.1 -156.5 Net profit / loss for the period -67.9 139.1 109.6 350.4 467.5 Depreciation and Amortisation have been presented as follows in the income statement: Cost of services -35.4 -23.5 -84.6 -68.1 -92.3 Administrative costs -62.3 -53.4 -172.0 -161.5 -211.9 Depreciation and amortisation -97.7 -77.0 -256.7 -229.6 -304.3 NOTE 11
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 36 38 As a part of the contract commitments with customers, the Group has through its banks provided performance guarantees of DKK 850m (DKK 570m). There are no collaterals provided for the Group’s bank loan. In Q3 2025, Netcompany recognised revenue from Smarter Airports A/S of DKK 11.6m (DKK 10.4m), revenue from Festina Finance A/S of DKK 0.2m (DKK 2.7), and revenue from Advanced Transport Telemat- ics S.A of DKK 7.4m (DKK 6.7m). The Group is in 2025 as well as in 2024 part of some legal claims. The outcome of these disputes is not considered likely to impact the Group’s financial position significantly, besides what is already recognised in the balance sheet. Related party transactionsCollateral provided and contingent liabilities NOTE 12 NOTE 13 The interim consolidated financial state- ments included in this Q3 2025 financial report have been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the European Union. Besides from the below mentioned changes in accounting policies, accounting policies applied in this report are consistent with those applied in the consolidated Annual Report for the year ended 31 December 2024 for Netcompany Group A/S. Change in presentation of income statement With effect from 1 January 2025 Netcom- pany Group A/S has changed the presenta- tion of the income statement. The income statement now shows EBITDA instead of EBITA. The reason for the change is to pro- vide more relevant information by aligning the income statement with our financial guidance which consists of targets for revenue and adjusted EBITDA margin. The new presentation of the income statement offers a clearer view of our operating per- formance by separating depreciation and amortisation, a non-cash expense, from our operating earnings. The effect of the change has been retrospectively applied to the comparison figures for 2024, improving the “gross profit” line by DKK 5.6m in Q3 2024, DKK 16.9m in first nine months of 2024 and DKK 22.3m in 2024, now part of the depreciation line presented separately. The opening equity as of 1 January 2024, the result for both Q3 and first nine months Accounting policiesNOTE 14 of 2024 and fiscal year 2024 as well as earnings per share is not impacted by the change in accounting policies. The effect of the change consists of DKK 4.8m in Q3 2025 and DKK 13.7m in first nine months of 2025 improving the “gross profit” line. Change in composition of reportable seg- ments With effect from 1 January 2025 Netcompa- ny Group A/S has changed the composition of reportable segments. Prior to 2025 the reportable segments consisted of “Public” and “Private” and from 2025 and onwards five reportable segments have been defined as disclosed in note 1. The change of report- able segments is due to the continued in- creasing focus from Executive Management on the activities and results on markets. The change of reporting segments provides more relevant information about the current business activities from which the Group earn revenue and allocate resources. The effect of the chance has been retrospec- tively applied to the comparison figures for 2024. The opening equity as of 1 January 2024, the result for both Q3 2024, 2024 and Q3 2025 as well as earnings per share is not impacted by the change in composition of reportable segments. The change of reporting segments has not impacted the definition of cash-generating units which remains unchanged from the 2024 annual report. In the first nine months of 2025, Netcom- pany recognised revenue from Smarter Airports A/S of DKK 38.9m (DKK 30.7m), revenue from Festina Finance A/S of DKK 2.7m (DKK 8.3), and revenue from Ad- vanced Transport Telematics S.A of DKK 17.1.4m (DKK 16.2m).
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Continued growth and margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 37 38 Formulas Organic revenue = Revenue not classified as non-organic revenue Non-organic revenue = Revenue from acquired businesses the first 12 months after acquisition Organic 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 margin acceleration. Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 31/2025 30 October 2025 38 38 Disclaimer This report contains forward-looking state- ments including, but not limited to, the statements and expectations contained in the outlook section. Forward-looking state- ments are statements (other than state- ments of historical fact) relating to future events and Netcompany’s anticipated or planned financial and operational perfor- mance. The words ‘may’, ‘will’, ‘will continue’, ‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘be- lieve’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’ or variations of these words, including nega- tives thereof, as well as other statements regarding matters that are not historical fact or regarding future events or pros- pects, constitute forward-looking state- ments. Netcompany has based these for- ward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materi- ally from those predicted in the forward-looking statements and from the past performance of Netcompany. Although Netcompany believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general or Netcompany in particular, includ- ing those described in Netcompany Group A/S’ Annual Report 2024 and other infor- mation made available by Netcompany. Factors that may affect future results in- clude, but are not limited to, global and economic conditions, including currency exchange rate and interest rate fluctua- tions, delay or failure of projects related to research and/or development, unexpected contract breaches or terminations, un- planned loss of patents, government-man- dated or market-driven price decreases for Netcompany’s products, introduction of competing products, reliance on infor- mation technology, Netcompany’s ability to successfully market current and new prod- ucts, exposure to product liability, litigation and investigations, regulatory develop- ments, actual or perceived failure to adhere to ethical marketing practices, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. As a result, forward-looking statements should not be relied on as a prediction of actual results. Netcompany undertakes no obligation to update or revise any for- ward-looking statements, whether as a re- sult of new information, future events or otherwise, except to the extent required by law. The Annual Report 2024 of Netcompany Group A/S is available at our website www.netcompany.com About Netcompany Netcompany delivers business critical IT solutions and consultancy that help our customers to achieve significant business benefits in a digitised world. Netcompany also helps our customers to manage and operate IT solutions both on location and in the cloud.