Slides
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Q4 and full year 2025
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Important information This presentation contains forward - looking statements including, but not limited to, the statements and expectations contained in the outlook section. Forward - looking statements are statements (other than statements of historical fact) relating to future events and Netcompany’s anticipated or planned financial and operational performance. The words ‘may’, ‘will’, ‘will continue’, ‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘believe’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’ or variations of these words, including negatives thereof, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward - looking statements. Netcompany has based these forward - looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward - looking statements and from the past performance of Netcompany. Although Netcompany believes that the estimates and projections reflected in the forward - looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general or Netcompany in particular, including those described in Netcompany Group A/S’ Annual Report 2025 and other information made available by Netcompany. Factors that may affect future results include, but are not limited to, global and economic conditions, including currency exchange rate and interest rate fluctuations, delay or failure of projects related to research and/or development, unexpected contract breaches or terminations, unplanned loss of patents, government - mandated or market - driven price decreases for Netcompany’s products, introduction of competing products, reliance on information technology, Netcompany’s ability to successfully market current and new products, exposure to product liability, litigation and investigations, regulatory developments, actual or perceived failure to adhere to ethical marketing practices, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and failure to maintain a culture of compliance. As a result, forward - looking statements should not be relied on as a prediction of actual results. Netcompany undertakes no obligation to update or revise any forward - looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The Annual Report 2025 of Netcompany Group A/S is available at www.netcompany.com 2
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…will go through the business highlights for Q4 2025. …will go through the financial performance for Q4 2025 and full year, a s well as the financial guidance for 2026. Thomas Johansen NETCOMPANY CFO Presenters 3 André Rogaczewski NETCOMPANY CEO
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4 We are dedicated to responsible digitalisation HIGHLIGHTS Q4 2025 EUROPEAN SOVEREIGNTY The increased focus from European governments, large enterprises, and the European Union on enhancing digital capabilities based on solutions from European vendors is not a passing trend; it is a fundamental realignment. By providing solutions developed in Europe, for Europe, we help ensure that control over critical data and digital infrastructure remains within the continent. eNPS Employee engagement survey measures engagement using Employee Net Promoter score (eNPS). Throughout 2025, our projects and our overall way of working have directly translated into a more engaged and satisfied workforce. This is evidenced by an increase in our eNPS, which climbed from +22 to +32. This strong result demonstrates the success of our initiatives and the positive culture we are building together. PRODUCTS AND PLATFORMS T he future does not belong to traditional IT consultancy companies that build bespoke solutions from scratch for every engagement. That model is becoming increasingly inefficient and slow. The future belongs to European product and platform companies that leverage components, pre - built products, and AI to deliver solutions in a fast, reliable, and responsible way.
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Netcompany Banking Services HIGHLIGHTS Q4 2025 Innovative banking services anchored in trust, efficiency, and customer - centricity. • As of 1 January, former employees of SDC Ballerup moved into our HQ at Strandgade . • The first new modules have been launched for NBS customers. • During Q4, we saw significant improvement in margins. • The integration is progressing faster than initially anticipated . • Synergy targets remain unchanged. Netcompany 5
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Agenda Private sector, NBS OBOS - banken has selected Netcompany Banking Services as the vendor for the delivery and maintenance of their new core banking system. The agreement highlights Netcompany Banking Services` approach of open architecture, flexible integrations, and a high degree of automation, and includes the development of a new, modern credit solution for the Norwegian market to strengthen the bank`s competitiveness. Public sector, UK Netcompany has been selected by HMRC to implement and operate the next phase of the Trader Support Service (TSS). With a strong heritage in digital trade and customs systems, the new TSS digital solution will be built on Netcompany’s market - proven ERMIS customs product, powering the Trader Support Service Portal used by traders. Additionally, Netcompany’s AMPLIO platform will be integrated with ERMIS to provide casework management capabilities, enabling their customer support agents to manage more complex trader enquiries. New contracts 6 HIGHLIGHTS Q4 2025 Private sector, Denmark Netcompany, Festina Finance and Forca have agreed on expanding the Pension Solution of the Future with OpenAdvisor , that will enable pension advisors to deliver better and more well - rounded advice for all members. The implementation of OpenAdvisor is part of the complete pension solution delivered to Forca and Forca’s customers. Public sector, Denmark Netcompany has been chosen by the Danish Court Administration to lead the comprehensive modernisation of the core components and administration portal of the national Digital Land Registry System ( Tinglysningssystem ). This critical project will eliminate dependencies on outdated technology, ensure compliance with national security standards, and create a more robust, secure, and maintainable platform for future development. Private sector , SEE & EUI Netcompany was a awarded a project for implementation of Omilia OCP, a unified Conversational AI platform providing Natural, human like interactions , Voice & chat automation across IVR, phone , messaging , web & mobile, Enhanced customer engagement for COSMOTE’s Contact Center. Private sector , SEE & EUI Netcompany has been chosen for the evolution of Profits Core Banking System to support Piraeus Bank Branch operations, including Upgrade to latest Profits version, Additional Core Banking modules, New payment services (SWIFT), Regulatory reporting enhancements.
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Agenda 7 Private sector , SEE & EUI Netcompany has been selected for the development of a fully modern, digital, secure consumer portal to transform citizen engagement with HEDNO. It covers 14 customer service use - cases and 150+ variations, MyAccount statuses & Notifications, Chatbot & Assisted support, Appointment Booking & Video Call with Agents, Integrations with 15+ external systems (government APIs, LLMs, and more). Private sector, SEE & EUI Netcompany secured a 3 year extension covering evolution, maintenance, and operational support across the full Cosmote Payments ecosystem. This includes Core Banking System, Payzy Wallet backend, Customer Onboarding, AML & Fraud Systems, Card issuing and acquiring services, Data Analytics Services, Hosting and Infrastructure support. Private sector , SEE & EUI NBG has awarded Netcompany services in several strategic areas, including the creation and support of NBG’s AI Framework, evolution of the Small Business Loans and Card Issuing, creation of the Customer 360o within MyNBG . Implementation of new Digital Banking functionalities, and SAP evolution services. New contracts continued HIGHLIGHTS Q4 2025 Public sector, Denmark Netcompany was selected as vendor under STIL’s TUK framework agreement, covering development and maintenance of a portfolio of critical education and grant administration systems. The contract includes responsibility for systems supporting institutional grant payments and the development of Denmark’s new national exam platform, as well as many other solutions supporting the public education sector in Denmark. Public sector, Norway Netcompany has secured a contract with Ikomm and Nesodden municipality to deliver a next - generation, AI - powered case management solution. Built on our Easley AI platform, the system will integrate with existing municipal systems to automate processes and enhance decision - making. This strategic win pioneers a scalable model for the future of digital public services, positioning our platform for broader adoption across the public sector.
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Financial highlights 8
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Revenue Q4 2025 UK Denmark Netherlands Group Comments Organic revenue increased by 10% and amounted to DKK 1,846.6m compared to DKK 1,678.2m in Q4 2024. Growth was broad - based across the Group. Total Group revenue increased 35.5%. Revenue in Netcompany Denmark increased 10.2% compared to Q4 2024, driven by revenue growth of 27.9% in the private sector. Revenue in Netcompany SEE & EUI grew 6.9% compared to the same period last year, driven by the private sector that grew 12.7%. Netcompany UK realised revenue growth of 28.1% compared to Q4 2024, as a result of revenue growth of 29% in the public sector and 25.7% growth in private sector. Growth was supported by increased engagements with both existing and customers. Revenue in Netcompany Norway increased by 7.4% driven by an increase of 18.4% in the public sector. Revenue in Netcompany Netherlands was in line with the same quarter last year and was solely generated in the public sector. Revenue in Netcompany Banking Services decreased 3.9% compared to pro forma revenue in SDC Q4 2024. * Constant currencies (2024 rate) SEE & EUI 770.6 848.9 622.3 665.2 146.1 187.1 87.2 93.6 52.0 51.8 1,678.2 1,846.6 444.1 426.7 1,678.2 2,273.3 +10.2% +6.9% +28.1% +7.4% - 0.5% +10.0% +35.5% Pro forma 2024 Q4 2024 Q4 2025* Norway Revenue in DKK million 9 FINANCIAL HIGHLIGHTS Q4 2025 Banking Services Organic
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Revenue YTD 2025 UK Denmark Netherlands Group Comments Organic revenue increased by 7.9% and amounted to DKK 7,054.3m compared to DKK 6,540.6m in 2025, driven by all segments. Total Group revenue increased 20.8%. Revenue in Netcompany Denmark increased 3.6% compared to 2024, and was mainly driven by an increase of 8.2% in the private sector. Revenue in Netcompany SEE & EUI grew 12.5% compared to the same period last year, driven by strong performance in both the public and private sector. Netcompany UK realised revenue growth of 13.5% compared to 2024, driven by revenue growth of 20.8% in the public sector. Revenue in Netcompany Norway grew by 8.5% driven by growth in the public sector that increased 18.3% compared to last year. Revenue in Netcompany Netherlands increased 2.6% compared to 2024. Pro forma revenue in Netcompany Banking Services for 2025 was DKK 1,652.3m, whereof DKK 847.6m was realised in H2 2025, compared to pro forma revenue of DKK 1,705.8m in SDC 2024. * Constant currencies (2024 rate) SEE & EUI 3,089.5 3,199.9 2,305.4 2,593.2 606.6 688.2 338.9 367.5 200.3 205.5 6,540.6 7,054.3 1,705.8 6,540.6 7,901.9 847.6 1,652.3 +3.6% +12.5% +13.5% +8.5% +2.6% +7.9% +20.8% YTD 2024 YTD 2025* Pro forma Norway Revenue in DKK million 10 FINANCIAL HIGHLIGHTS Q4 2025 Banking Services Organic
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Adjusted EBITDA margin Q4 2025 6.4% 0.3% 21.5% 26.2% 15.5% 13.3% 9.6% 14.0% - 2.9% 23.7% 18.8% 17.0% 18.8% 13.3% 17.0% 17.7% +4.7pp - 2.3pp +4.4pp +3.3pp - 5.0pp +1.7pp +6.9pp +0.7pp Pro forma 2024 Q4 2024 Q4 2025* Adjusted EBITDA margin (before allocated cost from HQ) Comments O rganic adjusted EBITDA margin before allocated HQ costs was 18.8% - an increase of 1.7 percentage points compared to Q4 2024. Adjusted EBITDA margin before allocated HQ costs for the Group increased to 17.7% compared to 17% in Q4 2024, despite the inclusion of Netcompany Banking Services which impacted margin negatively by 1 percentage point. Adjusted EBITDA margin in Netcompany Denmark increased 4.7 percentage points to 26.2% in Q4 2025 . The development was a result of improved utilisation and continued focus on project execution. Adjusted EBITDA margin in Netcompany SEE & EUI was 13.3% in Q4 2025. The decrease compared to the same quarter last year, was a result of lower licence revenue. The margin in Netcompany UK was 14% in Q4 2025 compared to 9.6% in Q4 2024, driven by better project execution. Margin in Netcompany Norway was breakeven and in Netcompany Netherlands margin was 18.8% in Q4 2025. I n Netcompany Banking Services margin was 13.3% in Q4 2025, compared to pro forma margin of 6.4% in SDC in Q4 2024. Margin improved mainly as the integration is progressing faster than anticipated and synergies are materialising . 11 FINANCIAL HIGHLIGHTS Q4 2025 UK Denmark Netherlands Group * Constant currencies (2024 rate) SEE & EUI Norway Banking Services Organic
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Adjusted EBITDA margin YTD 2025 24.3% 23.7% 13.0% 14.4% 8.4% 10.6% 3.1% 21.7% 19.6% 17.6% 1.4% 6.4% 6.7% 17.6% 16.9% 17.8% - 0.7pp +1.4pp +2.2pp +1.8pp - 2.1pp +0.2pp - 0.7pp YTD 2024 YTD 2025* Pro forma Adjusted EBITDA margin (before allocated cost from HQ) Comments Organic adjusted EBITDA margin was 17.8% in 2025 compared to 17.6% in 2024. Adjusted EBITDA margin in Netcompany Denmark was 23.7% compared to 24.3% last year. The first six months of 2025 were affected by resources spent on product and business development as well as preparation work for the integration of SDC into Netcompany Banking Services. Adjusted EBITDA margin in SEE & EUI was 14.4% in 2025 compared to 13% in 2024. The increase was supported by improvement in project execution. The margin in UK was 10.6% in 2025 compared to 8.4% last year. The improvement was mainly driven by better utilisation. Adjusted EBITDA margin in Norway was 3.1% in 2025 compared to 1.4% last year. Adjusted EBITDA margin in Netcompany Netherlands in 2025 was 19.6% compared to 21.7% last year, mainly as a consequence of the slightly lower gross profit margin. Pro forma adjusted EBITDA margin in Netcompany Banking Services was 6.7% in the in 2025, compared to pro forma adjusted EBITDA margin of 6.4% in SDC last year. 12 FINANCIAL HIGHLIGHTS Q4 2025 UK Denmark Netherlands Group * Constant currencies (2024 rate) SEE & EUI Norway Banking Services Organic
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FTEs increased to 9,752 Workforce Q4 2025 Comments Excluding NBS, the number of client facing FTEs for the Group increased by 554 FTEs from 7,705 FTEs in Q4 2024 to 8,259 FTEs in Q4 2025. The attrition rate for the last twelve months was 18.1% for the organic part of the Group, which was on par with the same period last year. NBS is in the initial phase of a significant and structural reorganisation which naturally will lead to relatively higher churn in NBS than previously experienced as redundancies are realised. NBS stand alone attrition rate was 27.5% for the last 6 months of 2025. 13 2,135 2,258 2,115 1,931 2,774 3,047 2,665 2,934 514 532 325 577 320 539 352 334 461 443 296 551 270 351 27 377 25 330 995 88 952 78 544 908 516 860 562 514 177 Q4 2024 175 857* Q4 2025 169 YTD 2024 174 885 * YTD 2025 8,249 9,752 8,007 8,929 Non - client facing Freelancers UK contractors Vietnam Poland Netherlands Norway United Kingdom Banking Services South/East Europe and EU Institutions Denmark *Average FTE figures for Netcompany Banking Services Q4 2025 in the illustration includes freelancers and non - client facing FTEs. *Average FTE figures for Netcompany Banking Services YTD 2025 in the illustration equals FTEs average for second half of 2025 for Netcompany Banking Services. FINANCIAL HIGHLIGHTS Q4 2025
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Cash flow Q4 2025 Comments The Group generated free cash flow of DKK 317.9m in Q4 2025, a decrease of 40.3% compared to all time high free cash flow of DKK 532.4m in Q4 2024 – driven by significant pre - billed invoices in Q4 2024. Adjusted for taxes paid on account, the Group generated free cash flow of DKK 305.2m in Q4 2025 compared to DKK 569.3m in Q4 2024. Despite the development in free cash flow and a decline in cash conversion rate, cash conversion rate for Q4 2025 was realised at 178.5%. Adjusted for the taxes paid on account, cash conversion rate was 171.4% in Q4 2025 compared to 407.8% in Q4 2024. Days sales outstanding decreased from 72 days end of 2024 to 64 days end of 2025 following the inclusion of Netcompany Banking Services. New share buyback of DKK 750m initiated following the release of the annual report 2025. The share buyback will run until the end of January 2027. Debt leverage at 1.6x. 14 FINANCIAL HIGHLIGHTS Q4 2025 DKK million Q3 2025 FY 2025 FY 2024 Operating profit (EBIT) - 48.4 561.8 785.5 Depreciation and amortisation 170.8 428.6 304.3 Non - cash 17.7 68.1 54.5 Working capital changes - 74.1 - 189.0 145.0 Cash flow from operating activities 3.9 582.9 966.9 Cash flow from investing activities - 684.3 - 914.9 - 178.2 Cash flow from financing activities - 197.2 372.9 - 988.9 Net increase in cash and cash equivalents - 877.6 40.9 - 200.2 Cash and cash equivalents at the beginning 1 , 144.2 250.9 448.1 Exchange changes on cash in foreign currencies - 0.9 - 4.4 3.1 Cash and cash equivalents at the end 265.6 287.5 250.9 Free cash flow - 55.5 355.8 821.1 DKK million Q4 2025 Q4 2024 Operating profit (EBIT) 282.3 193.6 Depreciation and amortisation 98.8 74.8 Non - cash 16.7 13.3 Working capital changes 65.9 410.2 Cash flow from operating activities 397.5 581.1 Cash flow from investing activities - 102.0 - 87.6 Cash flow from financing activities - 273.9 - 276.3 Net increase in cash and cash equivalents 21.7 217.2 Cash and cash equivalents at the beginning 265.6 32.6 Exchange changes on cash in foreign currencies 0.3 1.1 Cash and cash equivalents at the end 287.5 250.9 Free cash flow 317.9 532.4
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Revenue visibility for Netcompany Group DKK million Revenue visibility 15 FINANCIAL HIGHLIGHTS Q4 2025 1,270.7 3,692.0 1,378.7 156.9 Contractual committed excl. NBS Contractual committed NBS 171.4 Non contractual committed 2.4% 2.6% 20.7% 55.4% 19.1% Total 4,962.7 1,378.7 328.2 6,669.6 Public Private Private NBS Comments Revenue visibility for 2026 amounts to DKK 6,669.6m, of which contractual committed revenue amounts to DKK 6,341.4m and non - contractual committed engagements amount to DKK 328.2m. Revenue visibility for the Group excluding Netcompany Banking Services (NBS) improved by 8.1% from DKK 4,895.6m for 2025 to DKK 5,290.9m for 2026. As of 1 July 2025, Netcompany assumed 100% ownership of SDC by merging it into NBS. We therefore distinguish between revenue visibility for the Group and revenue visibility for the Group excluding NBS. All revenue visibility for NBS relates to the private sector. Revenue visibility in the public sector and amounts to DKK 3,848.9m for 2026, an increase of 9.5% compared to last year. Revenue visibility for the Group excluding NBS in the private sector amounts to DKK 1,442.1m for 2026, an increase of 4.5% compared to last year . 15
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Agenda Guidance 2026 Comments We expect revenue growth for the Group, measured in constant currencies, to be between 15% and 20% including Netcompany Banking Services for 2026. We expect adjusted EBITDA margin for the Group — also measured in constant currencies and including Netcompany Banking Services (NBS) for 2026 to be between 15% and 18%. For the Group excluding NBS, we expect revenue growth of 5% to 10% and adjusted EBITDA margin of between 16% and 19% — all in constant currencies. We will initiate a share buyback programme to run from the release of the annual report for 2025 and until the end of January 2027. The size of the programme is DKK 750m which will bring total share buyback programme from 2024 to 2026 to DKK 2bn — in line with previous commitments. Long - term targets: 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. 16 15% - 20% Expected revenue growth in 2026 for the Group 15% - 18% Expected adjusted EBITDA margin in 2026 for the Group Expected revenue growth in 2026 for the Group excluding NBS 5% - 10% Expected adjusted EBITDA margin in 2026 for the Group excluding NBS 16% - 19% FINANCIAL HIGHLIGHTS Q4 2025
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Appendix 17
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Agenda Highlights Q4 2025 18 1,678.2 426.7 1,838.0 2,264.7 +34.9% Q4 2024 Q4 2025 Non - organic Q4 2025 Organic 493.9 568.7 670.7 102.0 +35.8% 275.3 328.5 56.7 385.2 +39.9% 8,249 857 8,895 9,752 +18.2% Revenue Gross profit Adjusted EBITDA Adjusted EBITDA margin Average FTEs - 0.9pp 17.9pp 16.4pp 17.0pp +0.6pp Reported currencies APPENDIX Q4 2025
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Denmark UK Norway Netherlands SEE & EUI Banking Services Revenue Revenue increased by 10.2% to DKK 848.9m. Revenue increased by 28.1% to DKK 187.1m. Revenue decreased by 7.4% to DKK 93.6m. Revenue decreased by 0.5% to DKK 51.8m. Revenue increased 6.9% to DKK 665.2m. Revenue was DKK 426.7m. Adj. EBITDA bef. HQ costs Adjusted EBITDA before allocated cost from HQ was DKK 222.1m yielding a margin of 26.2%. Adjusted EBITDA before allocated cost from HQ was DKK 26.2m yielding a margin of 14%. Adjusted EBITDA before allocated cost from HQ was DKK 0.3m yielding a margin of 0.3%. Adjusted EBITDA before allocated cost from HQ was DKK 9.7m yielding a margin of 18.8%. Adjusted EBITDA before allocated cost from HQ was DKK 88.2m yielding a margin of 13.3%. Adjusted EBITDA before allocated cost from HQ was DKK 56.7m yielding a margin of 13.3%. Pipeline Pipeline is centralised around our Go - To - Market strategy with focus on product and platform sales. Increased engagements with both existing and new public and private sector customers . The market for IT consulting services in Norway has been soft and in general declined over the last 12 months. Increased engagements with both existing and new public sector customers . Pipeline in both the private and the public sector including EU is expected to keep growing . Increased activity with existing customers. Other comments Client facing FTEs grew by 2.5% in Q4 2025, as the Danish segment continued the focus on sourcing talent across the Group. The sequential improvement in gross profit margin was a result of the ongoing conversion of freelancers to own employees on public deliveries. Revenue was solely generated in the public segment and against a tough comparable . Quarterly volatility in the margin was related to the timing of income recognised licence. The integration of SDC into Netcompany Banking Services is progressing faster than anticipated. Constant currencies (2024 rate) 19 APPENDIX Q4 2025
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Gross profit margin Q4 2025 41.1% 35.9% 24.8% 22.0% 22.1% 24.6% 11.9% 13.3% 37.8% 34.0% 29.4% 30.9% 23.9% 29.4% 29.6% +5.2pp - 2.8pp +2.5pp +1.4pp - 3.8pp +1.5pp +0.2pp Q4 2024 Q4 2025* Gross profit margin (before depreciation and amortisation) Comments Organic gross profit increased 15.1 % in Q4 2025, yielding an organic gross pro fit margin of 30.9% – an improvement of 1.5 percentage points compared to the same period last year. Non - organic gross profit margin in Netcompany Banking Services was 23.9 %, which impacted Group margin n egatively with 1.3 percentage points and totalled 29.6%. Margin in Netcompany Denmark increased 5.2 percentage points to 41.1% compared to 35.9% in Q4 2024. Margin in SEE & EUI for Q4 2025 was 22% compared to 24.8% in Q4 2024, which was a result of lower licence income recognised. Margin in Netcompany UK improved by 2.5 percentage points to 24.6% and sequentially margin improved from Q3 2025 reflecting timing of conversion of freelancers to own employees on public deliveries. In Norway, margin was 13.3% in Q4 2025 compared to 11.9% in Q4 2024. Margin in the Netherlands was 34% compared to 37.8% in the same quarter last year. Margin in Netcompany Banking Services was 23.9% in Q4 2025 and sequentially margin increased 11.2 percentage points from Q3 2025. 20 * Constant currencies (2024 rate) UK Denmark Netherlands Group SEE & EUI Norway Banking Services Organic APPENDIX Q4 2025
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Gross profit margin YTD 2025 38.1% 38.3% 21.9% 22.1% 19.4% 21.1% 15.6% 16.0% 35.4% 33.9% 29.5% 29.3% 18.3% 17.6% 28.1% - 0.2pp +0.2pp +1.7pp +0.4pp - 1.5pp - 0.2pp +10.5pp YTD 2024 YTD 2025* Gross profit margin (before depreciation and amortisation) Comments Organic gross profit increased 7.1% in 2025, yielding an organic gross profit margin of 29.3% consistent with 2024. Non - organic gross profit margin in Netcompany Banking Services was 18.3%, which n egatively impacted Group margin by 1.2 percentage points. C onsequently, Group margin decreased to 28.1%. Margin in Denmark decreased 0.2 percentage points to 38.1%. The Danish segment’s performance was maintained by a strong second half. Margin in SEE & EUI increased 0.2 percentage points to 22.1%, in 2025 compared to Q4 2024. Margin was held steady supported by improvement in project execution. Margin in the UK improved by 1.7 percentage points to 21.1%, as a result of better utilisation and discontinuation of historical low - margin contracts. In Norway, gross pro fit margin was 16% in 2025, on level with the same period last year. Margin in the Netherlands was 33.9% compared to 35.4% in the same quarter last year. 21 UK Denmark Netherlands Group SEE & EUI Norway Banking Services Organic * Constant currencies (2024 rate) APPENDIX Q4 2025
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Income statement Q4 2025 Comments Revenue for the Group increased by 34.9% in the quarter, of which 9.5 percentage points were organic, and 25.4 percentage points non - organic. Organic gross profit increased 15.1% in Q4 2025, yielding an organic margin of 30.9%. Reported gross pro fit increased 35.8% to DKK 670.7m negatively impacted by NBS. Organic adjusted EBITDA increased 19.6% to DKK 329.3m in Q4 2025, yielding an organic margin of 17.8%. Group margin was 17% negatively impacted by NBS. Special items amounted to DKK 4.2m in the quarter and were related to advisors in connection to the merger of SDC into NBS. Taxes in Q4 2025 were DKK 83m compared to DKK 32.4m in the same quarter last year. The effective tax rate was 36% compared to 21.7% in Q4 2024. The increase in effective tax rate was a consequence of non - deductible costs in relation to the merger. Net profit amounted to DKK 147.3m in Q4 2025, compared to DKK 117.1m in Q4 2024. The increase was a result of the increase in EBIT. 22 APPENDIX Q4 2025 DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 Revenue 2,264.7 1,678.2 7,891.7 6,540.6 Costs of services - 1,594.0 - 1,184.4 - 5,672.6 - 4,612.1 Gross profit 670.7 493.9 2,219.1 1,928.4 Sales and marketing costs - 16.3 - 16.0 - 60.9 - 52.8 Administrative costs - 269.2 - 202.5 - 885.7 - 777.7 Adjusted EBITDA 385.2 275.3 1272.5 1097.9 Special Items - 4.2 - 2.0 - 355.3 - 2.7 Other operating income/expense 0.1 - 5.0 0.2 - 5.4 EBITDA 381.1 268.3 917.3 1,089.8 Depreciation - 59.4 - 45.9 - 218.2 - 188.0 Amortisation - 39.4 - 28.9 - 137.3 - 116.3 Operating profit (EBIT) 282.3 193.6 561.8 785.5 Net financials - 47.9 - 40.5 - 169.2 - 145.0 Income / loss from investment in joint venture - 4.1 - 3.5 - 17.0 - 16.5 Profit before tax 230.3 149.5 375.7 624.0 Tax on profit - 83.0 - 32.4 - 118.7 - 156.5 Net profit 147.3 117.1 256.9 467.5
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Work in progress overview 1,282.6 1,373.1 537.3 675.9 500 1,000 1,500 2,000 7,000 7,500 8,000 0 DKK million Dec. 31 2024 Dec. 31 2025 6,540.6 7,891.7 Q4 2025 LTM Q4 2024 LTM +12.6% +20.7% WIP Trade receivables Revenue LTM Work in progress compared to revenue Comments As a total, trade receivables and work in progress amounted DKK 2,049m end of Q4 2025 which was an increase 12.6% compared to DKK 1,819.9m end of Q4 2024. Revenue in the prevailing 12 months increased by 20.7%. As a percentage of LTM revenue, the combined work in progress, prebilled invoices, and trade receivables was 26%, compared to 27.8% in 2024 blurred by inclusion of six months revenue from Netcompany Banking Services in 2025. The development in trade receivables and work in progress compared to revenue was impacted by Netcompany Banking Services, that to a higher extent delivers services to prepaying clients, as well as a different revenue mix in Netcompany Banking Services with higher percentage of T&M contracts, compared to the original part of Netcompany Group. 23 APPENDIX Q4 2025
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Comments Revenue from the public sector grew 4.7% in Q4 2025 driven by an increase in SEE & EUI, UK and Norway. Public revenue in SEE & EUI, UK and Norway increased by 5.1%, 22.8%, and 18.7%, respectively. Gross profit margin related to public sector revenue was 27.7%, which was in line with Q4 2024, driven by increased margins in DK and UK but decreased margins in all other entities. Public sector Q4 2025 24 APPENDIX Q4 2025 DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 Income Statement Revenue 1,211.2 1 ,157.1 4,828.3 4,496.0 Costs of services - 875.9 - 834.9 - 3,500.6 - 3,206.9 Gross profit 335.3 322.2 1,327.7 1,289.1 Gross profit margin 27.7% 27.8% 27.5% 28.7%
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Private sector Q4 2025 Comments Private revenue increased 102.1% compared to the same period last year driven by Denmark, SEE & EUI, UK and the inclusion of Netcompany Banking Services. Organic revenue growth from the private sector was 20.3%. Revenue from the private sector in Denmark, SEE & EUI and UK increased by 27.9%, 12.8% and 1 9.6 % . Gross profit margin related to private sector revenue decreased to 31.8% compared to 32.9% Q4 2024 for the Group mainly driven by lower margin in Netcompany Banking Services than the organic part of the Group. 25 APPENDIX Q4 2025 DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 Income Statement Revenue 1053.5 521.2 3,063.4 2,044.5 Costs of services - 718.1 - 349.5 - 2,172.0 - 1,405.2 Gross profit 335.4 171.7 891.4 639.3 Gross profit margin 31.8% 32.9% 29.1% 31.3%
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2026 +1 0 0 0 +1 0 0 0 0 0 0 0 +1 0 0 0 Working days Norway Denmark UK Netherlands Greece Belgium Luxembourg +1 - 1 0 0 +1 0 0 0 +1 +1 +1 0 26 APPENDIX Q4 2025 +1 - 2 0 0 +2 - 2 0 0 - 1 0 0 0 - 1 +3 0 0 - 2 0 0 0 - 1 - 1 +1 0 - 1 - 2 +1 0
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Statement of financial position 27 APPENDIX Q4 2025 DKK million 31 December 31 December 2025 2024 Assets Goodwill 3,858.4 3,252.0 Intangible assets 807.9 456.7 Tangible assets 1028.0 896.8 Investment in joint venture 83.9 78.6 Investments in associates 147.0 109.0 Other securities and investments 1.0 1.3 Other receivables 86.9 72.5 Deferred tax assets 87.4 46.5 Total non - current assets 6,100.4 4,913.4 Trade receivables 1,373.1 1,282.6 Receivables from joint venture 14.7 6.0 Receivables from associates 3.5 10.9 Contract work in progress 1,737.2 1,366.0 Other receivables 117.0 111.0 Prepayments 247.8 113.2 Tax receivables 22.3 18.3 Total receivables 3,515.7 2,908.0 Cash 287.5 250.9 Total current assets 3,803.2 3,158.9 Total assets 9,903.6 8,072.3 DKK million 31 December 31 December 2025 2024 Equity and liabilities Share capital 47.5 50.0 Treasury shares - 499.9 - 884.1 Retained earnings 3,942.1 4,450.3 Other reserves - 1.3 - 0.9 Total equity 3,488.4 3,615.4 Borrowings 1,575.7 1,573.9 Lease liability 769.1 707.0 Pension obligations 25.9 23.7 Provisions 165.7 0.0 Deferred tax liability 53.5 44.7 Total non - current liabilities 2,589.8 2,349.3 Borrowings 1037.8 37.3 Lease liability 257.1 146.4 Pension obligations 1.7 1.7 Prebilled invoices 1061.3 828.7 Trade payables 557.1 343.1 Other payables 747.5 717.1 Provisions 125.1 2.1 Income tax payable 37.9 31.4 Total current liabilities 3,825.5 2,107.6 Total liabilities 6,415.3 4,456.9 Total equity and liabilities 9,903.6 8,072.3
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Free cash flow - 4.9 148.2 145.3 532.4 67.9 25.6 - 55.5 317.9 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 - 40.3% 28 APPENDIX Q4 2025
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- 4.3% 104.7% 89.5% 381.4% 47.0% 32.6% 178.5% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 * - 202.9pp Cash conversion rate 29 APPENDIX Q4 2025 * Due to negative free cash flow and negative net profit in Q3 2025, cash conversion metrics are not applicable or meaningful for the period.
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netcompany.com