Slides
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Q3 2026
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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 Q3 2026. …will go through the financial performance for Q3 2026 and the financial guidance for 2026. Thomas Johansen NETCOMPANY CFO Presenters 3 André Rogaczewski NETCOMPANY CEO
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4 Q3 2026 highlights Strong momentum continues, with 8.1% Group revenue growth in the third quarter, driven by contributions from all markets. Continued market - leading growth demonstrates underlying business strength. Sovereign AI Our AI orchestration tool – Feniks AI – continues to gain traction across all our entities with customers valuing the security and sovereignty embedded in the solution, which enables them to implement and work with agentic agents faster and better. New contract wins The third quarter was highlighted by the announcement of a five - year partnership with NHS in the UK. The contract is valued at £215m and demonstrate our robust market momentum in the UK. Leading Europe’s digital future with sovereign AI
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How to insert picture Click on icon and select image Once you have inserted image, right click on it and select option Send to Back How to change picture Click on the frame of slide and select picture Once you have selected image right click on it and select option Change picture Q 3 2026 highlights ◼ Growth momentum continued into Q3 with Group revenue growth of 8.1%, bringing accumulated revenue growth for the first nine months of the year to more than 28% . ◼ Raise the floor for full - year 2026 revenue guidance : ◼ Group revenue growth between 18% and 20.5% ◼ Group revenue growth - excluding Netcompany Banking Services - between 8.5% and 10.5% ◼ Broad based growth across the Group. ◼ Market - leading growth demonstrates underlying business strength and our relevance in an era of AI . ◼ I ncreasing demand for sovereign AI - powered offerings . 5
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How to insert picture Click on icon and select image Once you have inserted image, right click on it and select option Send to Back How to change picture Click on the frame of slide and select picture Once you have selected image right click on it and select option Change picture ◼ Netcompany appointed as digital delivery partner for NHS England's adult screening programmes, beginning September 2026 . ◼ Five - year contract valued at £215 million . ◼ Partnership encompasses all seven national adult screening programmes including breast, cervical, and bowel cancer screening . ◼ Next - generation screening innovation , with n ew national breast screening service and enhanced cervical screening with digital invitations and at - home HPV self - testing kits : personalised, data - driven approach targeting underserved communities . ◼ T h e p rogramme is designed to find disease earlier, reduce time between invitation and result, and increase uptake through more accessible, targeted screening pathways . ◼ See appendix for additional Q3 2026 wins. New contract wins 6
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How to insert picture Click on icon and select image Once you have inserted image, right click on it and select option Send to Back How to change picture Click on the frame of slide and select picture Once you have selected image right click on it and select option Change picture Sovereign AI ◼ AI adoption is still accelerating, with increased focus on the actual delivery of solutions based on proven products and platforms delivering sovereign AI for highly regulated businesses. ◼ As part of the EU’s Tech Sovereignty Package, the Cloud and AI Development Act (CADA) proposes four Union assurance levels to classify cloud and AI service providers for public sector. ◼ Level 1, Data Residency & Basic Self - Assessment ◼ Level 2, Supply Chain Transparency & Control Safeguards ◼ Level 3, EU Corporate Control & Staff Citizenship ◼ L e vel 4, Strict Foreign Immunity & Full Stack Control ◼ Netcompany is in a leading market position to deliver sovereign AI across all four levels . 7
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Financial highlights 8
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Revenue Q3 2026 UK Denmark Netherlands Group Comments R evenue for the Group excluding Netcompany Banking Services grew 7.6% to 1,879.9 in Q3 2026 compared to same period last year. Total Group revenue increased 7.6% and amounted to DKK 2,332.7m. Netcompany Denmark grew revenue by 2.6% compared to the same quarter last yea r. Revenue growth was impacted by the allocation of around 150 client facing FTEs to the NBS segment, impacting growth negatively by approximately 4 percentage points, and lower revenue in Germany and Sweden, impacting growth negatively by approximately 3 percentage points in the quarter. Revenue in Netcompany SEE & EUI grew 4.8 % compared to the same period last year. Netcompany UK continued the strong growth from the first half of the year resulting in revenue growth of 42 % compared to Q3 2025, driven by both the public and private sector, which grew revenue by 50.8 % and 19.5 %, respectively. Revenue in Netcompany Norway was on level with the sam e quarter last year. Revenue in Netcompany Netherlands grew 15 % compared to Q3 2025 solely driven by revenue from the public sector. Revenue in Netcompany Banking Services increased 7.6% compared to Q3 2025. * Constant currencies (2025 rate) SEE & EUI 795.2 815.6 643.1 673.7 174.2 247.3 80.5 81.2 53.9 62.0 1,746.9 1,879.9 420.9 452.8 2,167.8 2,332.7 +2.6% +4.8% +42.0% +0.9% +15.0% +7.6% +7.6% +7.6% Q3 2025 Q3 2026* Norway Revenue in DKK million 9 FINANCIAL HIGHLIGHTS Q3 2026 Banking Services Group excl. NBS
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Revenue YTD 2026 UK Denmark Netherlands Group Comments In the first nine months of 2026 the Group excluding Netcompany Banking Services grew revenue by 12.6% compared to the first nine months of 2025. Group revenue grew by 28.1% i mpacted by the inclusion of Netcompany Banking Services. Denmark grew revenue by 3.5% compared to first nine months of 2025, driven by revenue from the private sector, which grew 16.8%, while revenue from the public sector declined 4.6% . SEE & EUI grew revenue by 14.3% in the first nine months of 2026 compared to the same period last year, driven by both t he p ublic sector including EU and the private sector which grew revenue by 14.8 % and 12.8%, respectively. Netcompany UK grew revenue by 50% in the first nine months of 2026, driven by both the public and private sector, which grew revenue by 56.1% and 32.8 %, respectively. Revenue in Netcompany Norway increased by 3.9 % driven by an increase of 20.8 % revenue from the public sector, while private sector revenue declined by 23.4%. Revenue in Netcompany Netherlands increased 22.3% solely generated in the public sector. Revenue in Netcompany Banking Services increased 9.8 % compared to pro forma revenue in SDC H1 2025 and reported Q3 2025. * Constant currencies (2025 rate) SEE & EUI 2,350.9 2,432.6 1,928.8 2,205.5 501.5 752.5 271.0 281.5 153.8 188.1 5,206.1 5,860.1 1,346.2 5,627.0 7,206.4 1,225.6 +3.5% +14.3% +50.0% +3.9% +22.3% +12.6% +9.8% +28.1% YTD 2025 Pro forma for the first half 2025 YTD 2026* Norway Revenue in DKK million 10 FINANCIAL HIGHLIGHTS Q3 2026 Banking Services Group excl. NBS
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Adjusted EBITDA margin Q3 2026 29.4% 27.8% 12.3% 16.3% 13.8% 15.0% - 2.1% 22.5% 24.6% 20.0% 20.6% 6.4% 12.0% 17.3% 18.9% 0.0% - 1.6pp +4.0pp +1.2pp - 2.1pp +2.1pp 0.6pp +5.6pp +1.6pp Q3 2025 Q3 2026* Adjusted EBITDA margin (before allocated cost from HQ) Comments A djusted EBITDA margin before allocated HQ costs excluding NBS was 20.6% – an increase of 0.6 percentage points compared to Q3 2025, despite additional costs associated with the Netcompany INEOS cycling partnership. Adjusted EBITDA margin before HQ costs for the Group increased to 18.9% from 17.3% in Q3 2025. As expected, adjusted EBITDA margin in Netcompany Denmark improved significantly from Q2 2026 by 11.5 percentage points to 27.8%. Compared to Q3 2025, margin decreased 1.6 percentage points, mainly due to increased marketing costs related to Netcompany INEOS. Adjusted EBITDA margin in Netcompany SEE & EUI was 16.3% in Q3 2026 compared to 12.3% in Q3 2025 as local marketing and administrative costs decreased. The margin in Netcompany UK increased 1.2 percentage points to 15% in Q3 2026, driven by strong operational performance and stable administrative costs. Margin in Netcompany Norway decreased 2.1 percentage points, while margin in Netcompany Netherlands increased 2.1 percentage points. In Netcompany Banking Services margin was 12 % in Q3 2026, equal to an improvement of 5.6 percentage points compared to Q3 2025 as cost synergies were realised . 11 FINANCIAL HIGHLIGHTS Q3 2026 UK Denmark Netherlands Group * Constant currencies (2025 rate) SEE & EUI Norway Banking Services Group excl. NBS
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Adjusted EBITDA margin YTD 2026 22.8% 20.5% 14.9% 16.3% 8.9% 15.0% 3.4% 1.3% 19.4% 24.5% 17.5% 17.4% 9.6% 16.6% 16.0% 4.4% - 2.3pp +1.3pp +6.1pp - 2.2pp +5.0pp 0.0pp +5.2pp - 0.7pp YTD 2025 Pro forma YTD 2026* Adjusted EBITDA margin (before allocated cost from HQ) Comments A djusted EBITDA margin before allocated HQ costs excluding NBS was 17.4% in line with the same period last year despite lower licence revenue, increased costs to Agentic AI and the partnership with Netcompany INEOS. Adjusted EBITDA margin before allocated HQ costs for the Group decreased to 16% from 16.6% in Q3 2025. The margin in Netcompany Denmark decreased 2.3 percentage points to 20.5 % in the first nine months of 2026 due to the increased local marketing costs related to Netcompany INEOS. Adjusted EBITDA margin in Netcompany SEE & EUI increased 1.3 percentage points compared to same period last year due to lower marketing and administrative costs. Netcompany UK margin was 15% in the first nine months of 2026 compared to 8.9 % in the same period in 2025, driven by strong performance and stable administrative costs. In Netcompany Norway, margin decreased 2.2 percentage points, while margin increased 5 percentage points in the Netherlands. The margin in Netcompany Banking Services was 9.6 % in the first nine months of 2026 compared to pro forma adjusted EBITDA margin of 4.4% in same period last year. 12 FINANCIAL HIGHLIGHTS Q3 2026 UK Denmark Netherlands Group * Constant currencies (2025 rate) SEE & EUI Norway Banking Services Group excl. NBS
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Average FTEs increased to 9,653 Workforce Q3 2026 Comments Netcompany employed an average of 9,653 FTEs, which was an increase of 171 FTEs or 1.8% compared to Q3 2025 (9,482 FTEs). The increase in FTEs, was related to both client facing FTEs and FTEs in the Product Development unit partly offset by reduced FTEs in the administrative and support functions. The number of FTEs in the Product Development unit increased by 134 FTEs compared to the same quarter last year, as investments in adopting Agentic AI into our products and platforms accelerated. The client facing FTEs (including freelancers and contractors) for the Group increased by 118 FTEs from 8,486 in Q3 2025 to 8,604 in Q3 2026. Admin and support functions accounted for 5.6% in Q3 2026 compared to 6.5% in Q3 2025. The attrition rate for the last twelve months was 16.8%, which was a decrease of 1.2 percentage points compared to 18% in Q3 2025. 13 7,529 7,662 6,815 7,822 957 942 935 954 376 510 340 478 620 539 565 543 Q3 2025 Q3 2026 YTD 2025 YTD 2026 9,482 9,653 8,655 9,797 FINANCIAL HIGHLIGHTS Q3 2026 Admin & support functions Product Development Client facing freelancers and contractors Client facing
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Cash flow Q3 2026 Comments In Q3 2026, the Group realised negative free cash flow of DKK 170.6m compared to negative DKK 55.5m in Q3 2025. The development was mainly driven by development in working capital. Compared to Q3 2025, trade receivables increased and advance payments from customers decreased, driven by projects reaching milestones and being invoiced. Trade receivables were impacted by outstandings of close to DKK 300m from customers related to RRF funded projects, which will be collected in Q4 2026. Work in progress amounted to DKK 1,473.8m, represented by contract work in progress of DKK 2,244.9m and prepayments received from customers of DKK 771.2m. D ays sales outstanding increased from 53 days in Q3 2025 to 61 days in Q3 2026. Adjusted for RRF funded projects, days sales outstanding would have improved compared to last year. Share buyback of DKK 750m initiated in February running until the end of January 2027. Debt leverage at 2.4x. 14 FINANCIAL HIGHLIGHTS Q3 2026 DKK million Q3 2026 Q3 2025 % change * Operating profit (EBIT) 309.6 - 48.4 - 739.3% Depreciation and amortisation 110.6 170.8 - 35.3% Non - cash 20.9 17.7 18.4% Working capital changes - 426.7 - 74.1 475.9% Paid taxes - 57.5 - 24.5 135.2% Net financials paid / received - 37.9 - 37.6 0.7% Cash flow from operating activities - 81.0 3.9 - 2195.8% Cash flow from investing activities - 91.5 - 684.3 - 86.6% Cash flow from financing activities - 207.0 - 197.2 5.0% Net increase in cash and cash equivalents - 379.6 - 877.6 - 56.8% Cash and cash equivalents at the beginning - 575.0 1,144.2 - 150.3% Exchange changes on cash in foreign currencies 2.4 - 0.9 - 375.1% Cash and cash equivalents at the end - 952.1 265.6 - 458.5% Free cash flow - 170.6 - 55.5 207.2% * Where the comparative figure is negative, a negative change % reflects an improvement rather than a decline
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Revenue visibility for Netcompany Group DKK million Revenue visibility 15 FINANCIAL HIGHLIGHTS Q3 2026 3,165.0 4,050.4 338.6 411.6 1,110.0 40.8 Revenue Contractual committed excl. Netcompany Banking Services Contractual committed Netcompany Banking Services 50.3 Non contractual committed 0.4% 0.5% 4.5% 12.1% 3.7% 44.2% 34.5% Total 7,215.4 1,448.6 411.6 91.1 9,166.7 Public Private Private Netcompany Banking Services Comments By end of Q3 2026, revenue visibility was DKK 9,166.7m, of which contractually committed revenue amounts to DKK 1,860.2m and non - contractually committed engagements amounts to DKK 91.1m. Excluding Netcompany Banking Services, revenue visibility for the Group improved by 10.5% from DKK 6,704.9m in Q3 2025 to DKK 7,408.9m in Q3 2026. As of 1 July 2025, Netcompany assumed 100% ownership of SDC by merging it into Netcompany Banking Services . We therefore distinguish between revenue visibility for the Group and revenue visibility for the Group excluding Netcompany Banking Services . All revenue visibility for Netcompany Banking Services relates to the private sector. For the public sector, revenue visibility relates solely to the Group excluding Netcompany Banking Services and amounts to DKK 5,201.2m, an increase of 10.6% compared to last year. Revenue visibility excluding Netcompany Banking Services for the private sector, amounts to DKK 2,207.7m, an increase of 10.2% compared to last year. 15
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Agenda Guidance 2026 Comments Based on revenue growth of 12.6%, excluding Netcompany Banking Services, for the first nine months of 2026 and taking into account the current backlog and weighted pipeline, Netcompany is raising the lower part of revenue guidance. For the Group excluding Netcompany Banking Services, revenue growth is now expected to be between 8.5% and 10.5%. For the Group, revenue growth is now expected to be between 18% and 20.5%. 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 18% - 20.5% Expected revenue growth in 2026 for the Group (updated 28 October 2026) ~16% - 19% Expected adjusted EBITDA margin in 2026 for the Group (updated 26 March 2026) Expected revenue growth in 2026 for the Group excluding Netcompany Banking Services (updated 28 October 2026) 8 .5% - 10.5% Expected adjusted EBITDA margin in 2026 for the Group excluding Netcompany Banking Services (updated 26 March 2026) 17% - 20% FINANCIAL HIGHLIGHTS Q3 2026
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Appendix 17
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Agenda Private sector, SEE & EUI Netcompany ha s been selected to u pgrade the legacy Giro - CBS with the modern Profits/Dx4B platform and setting the foundation for the Greek Post Office to become a national Banking Hub. This is the first phase, enabling it to offer financial services to underserved locations across Greece on behalf of Alpha Bank and Eurobank. 18 Public sector, Denmark Netcompany has been selected to develop, configure, support and maintain a new mission - critical case management system for the Danish Prison Service, replacing a 25 - year - old legacy solution. The system will streamline and standardise case handling for individuals charged with or convicted of a crime, ensuring relevant and up - to - date information is accessible to the right employees across the organisation , while securely integrating with other critical systems within the Danish justice sector . New contracts APPENDIX Q3 2026 Public sector, Denmark Netcompany has been selected to continue operating, maintaining and developing Borger.dk, Denmark’s central portal for public digital services. In the Danish Agency for Digital Government’s 2025 survey, 93% of respondents were satisfied or very satisfied with the portal. Building on this strong foundation and 14 years of experience with Borger.dk, Netcompany will continue to modernise Borger.dk to strengthen security and digital sovereignty while continuing to deliver a reliable service for citizens Public sector, UK Netcompany have been awarded a five - year partnership to support NHS England to operate and transform the digital services that underpin the NHS’s national adult screening programmes , building new services to support the health service’s shift from treatment to prevention
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Agenda Private sector, Denmark Netcompany has entered a strategic partnership with Kamstrup to further develop Kamstrup’s Grid Management Services. The partnership will help electricity grid operators get better insight into the state of the grid and make more efficient use of its existing capacity. Netcompany’s PULSE data and AI platform will underpin the solution. 19 Private sector, SEE & EUI Netcompany will deliver services to transform ERGO's insurance partner network's digital experience. The new platform provides agents and brokers with a unified, personalised digital workspace covering the end - to - end insurance lifecycle - including partner onboarding, quotations and policy issuance, customer and portfolio management, claims and after - sales services, payments and commissions, performance dashboards, training, support, and communications. The solution integrates with ERGO's core insurance and enterprise systems, providing a scalable foundation for future expansion of ERGO's digital distribution ecosystem. New contracts continued APPENDIX Q3 2026 Public sector, Norway Netcompany has been selected to maintain and further develop the Norwegian Agriculture Agency’s entire portfolio of more than 50 digital systems. The systems support the administration of various support and subsidy schemes within agriculture, forestry, reindeer husbandry and wildlife subject to hunting. Netcompany will take over full delivery responsibility by the end of October 2026, including technical and strategic advisory services as well as quality assurance of deliveries from third parties. Public sector, SEE & EUI Netcompany EUI, part of a consortium, was awarded a contract with Directorate - General for Digital Services (DIGIT). The scope of the agreement is to provide IT services for a 4 - year period.
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Agenda Highlights Q3 2026 20 2,167.8 2,343.8 +8.1% Q3 2025 Q3 2026 590.4 698.9 +18.4% 359.3 420.1 +16.9% 9,482 9,653 +1.8% Revenue Gross profit Adjusted EBITDA Adjusted EBITDA margin Average FTEs 16.6% 17.9% +1.4pp Reported currencies HIGHLIGHTS Q3 2026
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Gross profit margin Q3 2026 42.9% 48.5% 19.9% 20.8% 22.6% 21.9% 13.0% 10.0% 33.8% 37.0% 30.7% 33.0% 12.7% 16.4% 27.2% 29.8% +5.6pp +1.0pp - 0.7pp - 3.0pp +3.2pp +2.3pp 3.7pp +2.6pp Q3 2025 Q3 2026* Gross profit margin Comments G ross profit margin excluding NBS was 33 % in Q3 2026, compared to 30.7 % in Q3 2025 – as a result improvement in all business segments apart from Netcompany Norway and Netcompany UK, that realised minor declines. In NBS, gross pro fit increased 39.4% in Q3 2026, yielding a gross pro fit margin of 16.4%, compared to 12.7% in the same quarter last year. Margin in Netcompany Denmark improved 5.6 percentage points to 48.5% from 42.9%. The margin improvement was primarily attributable to higher - margin product and platform sales, including licence revenue, combined with accelerated project deliveries. Margin in SEE & EUI for Q3 2026 increased 1 percentage point compared to Q3 2025, despite a higher proportion of costs related to product development allocated to the segment. Margin in Netcompany UK declined by 0.7 percentage points. In Norway, margin decreased 3 percentage points to 10% in Q3 2026 compared to Q3 2025. Margin in the Netherlands improved by 3.2 percentage points to 37% compared to 33.8% in Q3 2025, as a consequence of strong operational performance. 21 * Constant currencies (2025 rate) UK Denmark Netherlands Group SEE & EUI Norway Banking Services Group excl. NBS APPENDIX Q3 2026
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Gross profit margin YTD 2026 37.0% 40.3% 22.4% 20.6% 19.3% 22.8% 16.3% 12.7% 33.4% 37.2% 28.7% 29.2% 14.7% 27.5% 26.5% +3.3pp - 1.8pp +3.4pp - 3.6pp +3.8pp +0.5pp - 1.0pp YTD 2025 YTD 2026* Gross profit margin Comments Gross profit margin excluding NBS was 29.2 % in the first nine months of 2026, compared to 28.7 % in the same period last year. Gross profit for the Group decreased 1 percentage point to 26.5%, negatively impacted by the margin in Netcompany Banking Services, which was 14.7% . Gross profit margin in Netcompany Denmark increased to 40.3% compared to 37% in the same period last year, despite increased costs to our Product Development unit. Gross profit margin in Netcompany SEE & EUI was 20.6% in the first nine months of 2026 compared to 22.4% in the same period last year. The decrease in gross profit margin was a result of lower licence revenue in the period. Gross profit for Netcompany UK increased 76.8% in the first nine months of 2026 to DKK 171.4m, yielding a gross profit margin of 22.8% compared to 19.3% in the same period last year, as utilisation and project delivery improved. Gross profit margin in Netcompany Norway was 12.7% in the first nine months of 2026, compared to 16.3% in the same period last year. Gross profit margin in the Netherlands improved 3.8 percentage points in the first nine months of 2026 compared to the same period last year. 22 * Constant currencies (2025 rate) UK Denmark Netherlands Group SEE & EUI Norway Banking Services Group excl. NBS APPENDIX Q3 2026
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Income statement Q3 2026 Comments Revenue grew by 8.1% in Q3 2026 compared to Q3 2025. The growth was driven by 7.6% growth in revenue from the public sector and 8.8% growth in revenue from the private sector. Gross profit increased 18.4% in Q3 2026, yielding a gross profit margin of 29.8%, an increase of 2.6 percentage points compared to the same period last year. Group adjusted EBITDA increased 16.9% to DKK 420.1m in Q3 2026, yielding an adjusted EBITDA margin of 17.9% - an increase of 1.4 percentage points compared to the same quarter last year. For the Group excluding Netcompany Banking Services, adjusted EBITDA margin was 19.3% in the quarter compared to 19% in the same quarter last year, despite an increase in sales and marketing costs, primarily related to the partnership with the Netcompany INEOS cycling team. The effective tax rate was high at 32.7% in the quarter as a result of adjustments to prior year taxes. Net profit amounted to DKK 177.1m in Q3 2026, compared to negative DKK 67.9m in Q3 2025. 23 APPENDIX Q3 2026 DKK million Q3 2026 Q3 2025 % change* Revenue 2,343.8 2,167.8 8.1% Costs of services - 1,644.9 - 1,577.5 4.3% Gross profit 698.9 590.4 18.4% Sales and marketing costs - 65.5 - 13.4 388.2% Administrative costs - 213.3 - 217.7 - 2.0% Adjusted EBITDA 420.1 359.3 16.9% Special Items 0.0 - 310.2 - 100.0% Other operating income/expense 0.1 0.2 - 70.2% EBITDA 420.1 49.3 752.4% Depreciation - 62.7 - 58.1 7.9% Amortisation - 47.9 - 39.6 20.9% Operating profit (EBIT) 309.6 - 48.4 - 739.3% Net financials - 45.4 - 44.8 1.4% Income / loss from investment in joint venture - 0.8 - 3.4 - 75.4% Profit before tax 263.3 - 96.7 - 372.3% Tax on profit - 86.2 28.8 - 398.7% Net profit 177.1 - 67.9 - 361.0% * Where the comparative figure is negative, a negative change % reflects an improvement rather than a decline
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Income statement YTD 2026 Comments Total Group reported revenue grew by 28.2% during the first nine months impacted by the inclusion of Netcompany Banking Services. Excluding Netcompany Banking Services, Group revenue grew by 12.7% in the period. Reported gross pro fit increased 23.7% to DKK 1,915m in the first nine months of 2026. For the Group excluding Netcompany Banking Services gross pro fit margin was 29.2% in for the first nine months of 2026, compared to 28.7% in the same period last year. A djusted EBITDA for the Group increased 22.3% to DKK 1,085m in the first nine months of 2026, yielding an adjusted EBITDA margin of 15%. Netcompany Banking Services impacted the margin negatively by 1.2 percentage points in the period. Net profit increased 372.4% and amounted to DKK 517.7 m in the first nine months of 2026 compared to DKK 109.6m in the same period of 2025, positively impacted by the adjustment s related to Smarter Airports and Festina Finance, recognised as income from joint ventures and associates. 24 APPENDIX Q3 2026 DKK million YTD 2026 YTD 2025 % change* Total 2025 Revenue 7,215.4 5,627.0 28.2% 7,891.7 Costs of services - 5,300.5 - 4,078.6 30.0% - 5,672.6 Gross profi t 1915.0 1548.4 23.7% 2,219.1 Sales and marketing costs - 154.4 - 44.7 245.2% - 61.0 Administrative costs - 675.6 - 616.5 9.6% - 885.7 Adjusted EBITDA 1085.0 887.2 22.3% 1,272.5 Special Items - 148.8 - 351.2 - 57.6% - 355.3 Other operating income/expense 1.7 0.1 1288.3% 0.2 EBITDA 937.8 536.2 74.9% 917.3 Depreciation - 186.9 - 158.8 17.7% - 218.2 Amortisation - 131.8 - 97.9 34.7% - 137.3 Operating profit (EBIT) 619.2 279.5 121.5% 561.8 Net financials - 128.4 - 121.3 5.9% - 169.2 Income / loss from investment in joint venture 211.3 - 12.9 - 1739.2% - 17.0 Profit before tax 702.0 145.3 383.1% 375.7 Tax on profit - 184.3 - 35.7 416.2% - 118.7 Net profit 517.7 109.6 372.4% 256.9 * Where the comparative figure is negative, a negative change % reflects an improvement rather than a decline
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Work in progress overview 1,265.3 1,562.7 974.3 1,473.8 0 500 2,500 7,500 8,000 8,500 9,000 9,500 3,000 1,000 2,000 1,500 DKK million Stepmber 30 2025 September 30 2026 Q3 2025 LTM Q3 2026 LTM 7,305.3 9,480.1 +35.6% +29.8% WIP Trade receivables Revenue LTM Work in progress compared to revenue Comments As a total, trade receivables and work in progress increased by 35.6% from DKK 2,239.6m end of Q3 2025 to DKK 3,036.5m end of Q3 2026, impacted by close to DKK 300m in outstanding receivables from RRF projects in Q3 2026 and significantly lower prebilled invoices in Q3 2026. The development was in line with LTM revenue growth o f approximately 30%. As a percentage of LTM revenue, the combined work in progress, prebilled invoices, and trade receivables was 32%, compared to 30.7% last year . The increase in w ork in progress was driven by lower levels of prepayments from customers realised in Q3 2026 compared to same period in 2025. 25 APPENDIX Q3 2026
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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 Q3 2026 +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 Q3 2026 DKK million 30 September 30 September 2026 2025 Equity and liabilities Share capital 46.0 47.5 Treasury shares - 598.8 - 275.6 Retained earnings 4,026.7 3,778.2 Other reserves - 1.3 - 0.9 Total equity 3,472.5 3,549.2 Borrowings Lease liability 2,570.5 2,575.0 Pension obligations 820.8 719.4 Other payables 28.9 26.9 Provisions 58.0 0.0 Deferred tax liability 88.2 60.2 Total non - current liabilities 3,566.5 3,381.5 Borrowings 37.4 37.4 Overdraft facility 952.1 0.0 Lease liability 229.7 216.4 Pension obligations 1.7 1.7 Prebilled invoices 771.2 1,127.0 Trade payables 446.7 476.7 Other payables 1,165.8 764.4 Provisions 157.7 321.8 Income tax payable 75.8 16.4 Total current liabilities 3,838.0 2,961.8 Total liabilities 7,404.5 6,343.3 Total equity and liabilities 10,877.0 9,892.5 30 September 30 September DKK million 2026 2025 Assets Goodwill 4,093.2 3,858.4 Intangible assets 1,159.4 813.9 Tangible assets 1,085.7 911.2 Investment in joint venture 0.0 89.5 Investments in associates 167.2 125.5 Other securities and investments 1.0 1.0 Other receivables 91.8 84.2 Deferred tax assets 61.1 130.2 Total non - current assets 6,659.4 6,013.8 Inventories 0.0 0.5 Trade receivables 1,562.7 1,265.3 Receivables from joint venture 0.0 5.3 Receivables from associates 8.2 5.8 Contract work in progress 2,244.9 2,101.4 Other receivables 40.3 77.7 Prepayments 273.1 138.0 Tax receivables 88.2 19.1 Total receivables 4,217.5 3,613.0 Cash 0.0 265.6 Total current assets 4,217.5 3,878.7 Total assets 10,877.0 9,892.5
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Free cash flow 532.4 67.9 25.6 - 55.5 317.9 - 305.0 41.2 - 170.6 Q4 2024 Q1 2024 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +207.2%* 28 APPENDIX Q3 2026 * Where the comparative figure is negative, a positive change % reflects a decline rather than an improvement
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381.4% 47.0% 32.6% 178.5% 17.7% - 79.6% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 - 176.2% * Cash conversion rate 29 APPENDIX Q3 2026 * 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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32 Netcompany
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34 Netcompany presence Netcompany presence Average workforce 20.8 % 9,845 756 United Kingdom 402 Norway 2,986 Denmark 210 Netherlands 360 Belgium 702 Luxembourg 888 Poland 2,923 Greece 428 Vietnam
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netcompany.com