Interim report
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 Netcompany Q3 2026 Company Announcement Nine months ended 30 September 2026 Conference call details In connection with the publication of the results for Q3 2026, Netcompany will host a conference call on 29 October at 11:00 CET . The conference call can be followed live via : https://netcompany.nexahub.io/events/interim-report-for-the-first-9-months- of-2026 For further dial-in details please visit the company’s website; www.netcompany.com
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 2 37 228.6pp -100.6pp -44.0 -216.9 878 899 -2.5pp -1.4pp 26.9 54.9 452.8 420.9 -1.2pp 5.4pp -461.9 -44.0 293 -0.8pp 26.9 420.9 46.2 11.34 16.3pp 1,346.2 Summary Revenue increased by 8.1% (constant 7.6%) Q3 26 1,746.9Q3 25 YTD 26 5,206.1YTD 25 332.3Q3 25 129.6YTD 26 860.3YTD 25 19.0ppQ3 25 YTD 26 YTD 25 Adj. EBITDA increased 16.9% (constant 16.3%) 16.5pp -11.5 27.5 81.9 8,604 8,362 Average workforce increased by 171 FTEs LTM 26 1.7xLTM 25 2.4x Debt leverage was 2.4xFree cash flow was negative DKK 170.6m -1.43 Group improved diluted EPS Q3 25 2.30 YTD 26 YTD 25 5,869.2 1,891.0 365.2Q3 26 955.4 Q3 26 19.3pp Q3 26 Q3 25 YTD 26 YTD 25 886 8,754 Q3 26 3.92 -22.7pp 24.5pp Tax normalised CCR at 28.9% excl. NBS Q3 26 Q3 25 YTD 26 YTD 25 DKK million 7,215.4 DKK million 1,085.0 15.0% DKK Q3 26 Q3 25 YTD 26 YTD 25 9,7978,911 Full time equivalents -434.4 DKK million -62.0%-71.1pp9.1pp Adj. EBITDA margin was 17.9% (constant 17.9%) 5,627.0 887.2 15.8% 8,655 37.9 29.9% 28.9pp Group excl. Netcompany Banking Services Netcompany Banking Services (NBS) 2,167.8 2,343.8 420.1 359.3 17.9% 16.6% 9,482 9,653 -170.6 -55.5 205.9% -71.7% Group
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 3 37 “Our growth momentum from the first half of the year continued into Q3, where we grew revenue by more than 8%, bringing accumulated growth for the first nine months of the year to more than 28% – as both public and private customers continue to embrace our AI-powered product and platform offerings. As in previous quarters, we saw growth in all markets, with the UK standing out, growing more than 42%. It becomes increasingly clear that our offerings align well with the largest market for IT services in Europe and we continue to see increased interest in our offerings throughout both public and private organisations in the UK. 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 in turn enables them to implement and work with agentic agents faster and better. In connection with our Q2 reporting, we raised our expectations for revenue growth for the full year. Based on performance in Q3 and continued solid revenue visibility, we raise the floor for our revenue guidance and now expect revenue growth for the Group excluding Netcompany Banking Services to be between 8.5% and 10.5%. For the Group, we also raise the floor for our revenue guidance by 2 percentage points to be between 18% and 20.5% for the full year. We maintain our expectations for adjusted EBITDA margin of around 16% to 19% for the Group and 17% to 20% excluding Netcompany Banking Services. AI adoption is still accelerating, with more and more focus on the actual delivery of solutions based on proven products and platforms delivering sovereign AI for highly regulated businesses. Netcompany is in a leading market position to deliver just that, which makes me proud of our achievements and excited about the future. ” André Rogaczewski NETCOMPANY CEO AND CO-FOUNDER
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 4 37 Performance overview Q3 Q3 2026 Q3 2026 % change % change DKK million (reported) (constant)* Q3 2025 (reported)1 (constant)1,2 Revenue 2,343.8 2,332.7 2,167.8 8.1% 7.6% Cost of services -1,644.9 -1,637.1 -1,577.5 4.3% 3.8% Gross profit 698.9 695.6 590.4 18.4% 17 .8% Gross profit margin 29.8% 29.8% 27.2% 2.6pp 2.6pp Sales and marketing costs -65.5 -65.4 -13.4 388.2% 387.2% Administrative costs -213.3 -212.5 -217.7 -2.0% -2.4% Adjusted EBITDA 420.1 417.7 359.3 16.9% 16.3% Adjusted EBITDA margin 17.9% 17.9% 16.6% 1.4pp 1.3pp Special items -0.0 -0.0 -310.2 -100.0% -100.0% Other operating income / expense 0.1 0.1 0.2 -70.2% -70.3% EBITDA 420.1 417.8 49.3 752.4% 747 .6% EBITDA margin 17.9% 17.9% 2.3% 15.7pp 15.6pp Depreciation -62.7 -62.4 -58.1 7.9% 7.5% Amortisation -47.9 -47.9 -39.6 20.9% 20.9% Operating profit (EBIT) 309.6 307.4 -48.4 -739.3% -734.9% Operating profit margin 13.2% 13.2% -2.2% 15.4pp 15.4pp Net financials -45.4 -45.4 -44.8 1.4% 1.4% Income / loss from joint venture / associates -0.8 -0.8 -3.4 -75.4% -75.4% Profit / loss before tax 263.3 261.1 -96.7 -372.3% -370.1% Tax -86.2 -86.2 28.8 -398.7% -398.7% Effective tax rate 32.7% 33.0% 29.8% 2.9pp 3.2pp Net profit / loss 177.1 175.0 -67.9 -361.0% -357 .9% Additional KPIs Earnings per share (DKK) 3.98 N/A -1.44 -375.8% N/A Diluted earnings per share (DKK) 3.92 N/A -1.43 -375.1% N/A Free cash flow -170.6 N/A -55.5 207.2% N/A Cash conversion rate -79.6% N/A 150.3% -229.9pp N/A Cash conversion rate (tax normalised) -71.7% N/A 205.9% -277.6pp N/A 2 Constant currencies measured using average exchange rates for Q3 2025 1 Where the comparative figure is negative, a negative change % reflects an improvement rather than a decline
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 5 37 Profit before tax was DKK 263.3m com- pared to negative DKK 96.7m in Q3 2025. Income taxes in Q3 2026 were DKK 86.2m compared to positive DKK 28.8m in the same quarter last year. 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. Free cash flow decreased from negative DKK 55.5m in Q3 2025 to negative DKK 170.6m in Q3 2026, mainly driven by work- ing capital changes as a result of increased activity across the 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 of DKK 53.5m in sales and market- ing costs, primarily related to the partner- ship with the Netcompany INEOS cycling team. Depreciation and amortisation were DKK 110.6m in Q3 2026, compared to DKK 97.7m in the same quarter last year. The increase was mainly related to the acquisition of re- maining 50% of Smarter Airports A/S during Q2 2026. Operating profit (EBIT) was DKK 309.6m in Q3 2026 compared to negative DKK 48.4m in Q3 2025, driven by better operational performance and lower special items in Q3 2026 compared to same quarter last year. Net financials were negative DKK 45.4m in Q3 2026, on level with the same quarter last year. PERFORMANCE OVERVIEW Q3CONTINUED Revenue grew by 8.1% in Q3 2026 (constant currencies 7.6%) 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. As in previous quarters this year, revenue growth in the quarter was particularly strong in Netcompany UK, supported by existing and new contracts. Reported revenue for the Group excluding Netcompany Banking Services grew 8.2% in Q3 2026 (constant currencies 7.6%) com- pared to Q3 2025. Client facing FTEs grew 1.4% in Q3 2026 compared to Q3 2025. Average FTEs amounted to 9,653, of which Netcompany Banking Services accounted for 899 FTEs and Product Development accounted for 510 FTEs. Gross profit increased 18.4% in Q3 2026, yielding a gross profit margin of 29.8%, an increase of 2.6 percentage points com- pared to the same period last year. The increase in gross profit margin was driven by improvement in all business segments apart from Netcompany Norway and Net- company UK, that realised minor declines.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 6 37 Business Segments Q3 DKK million Q3 2026 Constant (2025 rate) Group Denmark SEE & EUI United Kingdom Norway Netherlands Banking Services Revenue from external customers 2,332.7 815.6 673.7 247.3 81.2 62.0 452.8 Cost of services -1,609.0 -408.1 -523.3 -189.3 -71.8 -38.2 -378.4 Cost related to product development -28.1 -12.1 -10.0 -3.7 -1.3 -0.9 0.0 Gross profit 695.6 395.5 140.4 54.2 8.1 22.9 74.4 Gross profit margin 29.8% 48.5% 20.8% 21.9% 10.0% 37.0% 16.4% Local marketing and administrative costs -254.2 -168.6 -30.8 -17.1 -9.8 -7.7 -20.1 Adjusted EBITDA before HQ costs 441.4 226.9 109.6 37.1 -1.7 15.2 54.3 Adjusted EBITDA margin before HQ costs 18.9% 27.8% 16.3% 15.0% -2.1% 24.6% 12.0% Allocated costs from HQ -23.7 -7.7 -11.5 -2.8 -1.1 -0.7 0.0 Special Items, allocated -0.0 0.1 -0.0 -0.0 -0.0 -3.6 3.5 Other operating income / expense 0.1 0.0 0.1 0.0 0.0 0.0 0.0 Depreciation and amortisation -110.3 -48.1 -28.4 -9.4 -3.5 -6.6 -14.2 EBIT 307.4 171.1 69.8 24.9 -6.3 4.3 43.6 Client facing FTEs 8,604 2,642 3,552 842 431 238 899 DKK million Q3 2025 Reported Group Denmark SEE & EUI United Kingdom Norway Netherlands Banking Services Revenue from external customers 2,167.8 795.2 643.1 174.2 80.5 53.9 420.9 Cost of services -1,570.6 -451.0 -512.9 -134.1 -69.7 -35.5 -367.5 Cost related to product development -6.8 -3.1 -2.5 -0.7 -0.3 -0.2 0.0 Gross profit 590.4 341.1 127.7 39.4 10.4 18.2 53.4 Gross profit margin 27.2% 42.9% 19.9% 22.6% 13.0% 33.8% 12.7% Local marketing and administrative costs -214.4 -107.3 -48.7 -15.4 -10.5 -6.1 -26.5 Adjusted EBITDA before HQ costs 376.0 233.8 79.1 24.1 -0.0 12.1 26.9 Adjusted EBITDA margin before HQ costs 17.3% 29.4% 12.3% 13.8% -0.0% 22.5% 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 and amortisation -97.7 -41.5 -27.0 -7.5 -3.6 -2.6 -15.5 EBIT -48.4 176.2 52.3 13.1 -5.3 8.5 -293.3 Client facing FTEs 8,486 2,830 3,521 654 396 207 878 Revenue, % Q3 2026 Revenue, % Q3 2025 NORWAY, 3.5% DENMARK, 35.0% UNITED KINGDOM, 10.6% NETHERLANDS, 2.7% SEE & EUI, 28.9% BANKING SERVICES, 19.4% NORWAY, 3.7% DENMARK, 36.7% UNITED KINGDOM, 8.0% NETHERLANDS, 2.5% SEE & EUI, 29.7% BANKING SERVICES, 19.4%
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 7 37 Netcompany Denmark In Q3 2026, Netcompany Denmark grew rev- enue by 2.6% compared to the same quarter last year. Revenue was impacted by the al- location of around 150 client facing FTEs to the Netcompany Banking Services segment, impacting revenue growth negatively by ap- proximately 4 percentage points. In addition, lower revenue in Germany and Sweden im- pacted growth negatively by approximately 3 percentage points in the quarter. Gross profit increased 15.9% in Q3 2026 to DKK 395.5m from DKK 341.1m in Q3 2025, with gross profit margin improving 5.6 per- centage points to 48.5% from 42.9%. The margin improvement was primarily attribut- able to higher-margin product and platform sales, including licence revenue, combined with accelerated project deliveries. Client facing FTEs declined by 6.6% in Q3 2026 following the allocation to Netcompany Banking Services. As expected, adjusted EBITDA margin im- proved significantly from Q2 2026 by 11.5 percentage points to 27.8% in Q3 2026. Com- pared to Q3 2025, adjusted EBITDA margin decreased 1.6 percentage points, which mainly reflected increased marketing costs related to the partnership with the Netcom- pany INEOS cycling team. Netcompany SEE & EUI Netcompany SEE & EUI grew revenue by 4.8% in Q3 2026 compared to the same quarter last year. Growth was driven by increased revenue from both public sector including EU and the private sector, which grew 3.8% and 8%, respectively. Gross profit was DKK 140.4m in Q3 2026, compared to DKK 127.7m in the same quar- ter last year. Gross profit margin was 20.8% in Q3 2026 compared to 19.9% in Q3 2025, despite a higher proportion of costs related to product development allocated to the segment. Client facing FTEs increased by 0.9% in Q3 2026. Adjusted EBITDA margin was 16.3% in Q3 2026 compared to 12.3% in the same quar- ter last year, as local marketing and admin- istrative costs decreased due to a different allocation between Group entities. Netcompany UK Netcompany UK continued the strong growth from the first half of the year and grew revenue by 42% in Q3 2026 compared to same quarter last year, driven by both the public and private sector, which grew revenue by 50.8% and 19.5%, respectively. Growth was a result of increased engage- ments with both existing and new custom- ers. The quarter was highlighted by the announcement of a five-year NHS partner- ship valued at £215m, demonstrating robust market momentum in the UK. Gross profit increased 37.5% in Q3 2026 to DKK 54.2m, yielding a gross profit margin of 21.9%, compared to 22.6% in the same quarter last year. Client facing FTEs grew by 28.8% in Q3 2026. Adjusted EBITDA margin was 15% in Q3 2026 compared to 13.8% in the same quar- ter last year, as a consequence of strong operational performance and stable admin- istrative costs. Netcompany Norway In Q3 2026, revenue in Netcompany Nor- way was on level with the same quarter last year. The public sector revenue grew by 23.5% compared to same quarter last year, while revenue from the private sector de- clined by 36.3%. The decline in the private sector was a result of completion of a large multi-year project. Gross profit margin was 10% in Q3 2026, compared to 13% in the same quarter last year. Client facing FTEs grew by 8.8% in Q3 2026. Adjusted EBITDA margin was negative 2.1% in Q3 2026 compared to breakeven in Q3 2026. BUSINESS SEGMENTS Q3CONTINUED
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 8 37 Netcompany Banking Services Revenue in Netcompany Banking Services increased 7.6% in Q3 2026, compared to the same quarter last year. During the quarter, around 150 client-fac- ing FTEs were reallocated from the Danish business segment, of which roughly half work on new developments and enhance- ments to the existing core banking plat- form. A new business critical compliance platform will be developed, and once com- pleted, generate licence revenues over a 10-year period. Also, our current core bank- ing platform will be enhanced with specific features, enabling Netcompany Banking Services to prove market leadership in Nor- way. Gross profit increased 39.4% in Q3 2026 to DKK 74.4m, yielding a gross profit margin of 16.4%, compared to 12.7% in the same quar- ter last year. Client facing FTEs grew by 2.3% in Q3 2026, as right-sizing some what offset the allocation of around 150 client-facing FTEs from the Danish business segment. Netcompany Netherlands Revenue in Netcompany Netherlands in- creased 15% in Q3 2026, compared to the same quarter last year. Revenue was solely generated in the public sector. Gross profit increased 25.8% in Q3 2026 to DKK 22.9m, yielding a gross profit margin of 37%, compared to 33.8% in the same quar- ter last year, as a consequence of strong operational performance. Client facing FTEs grew by 15.3% in Q3 2026. Adjusted EBITDA margin was 24.6% in Q3 2026, compared to 22.5% in the same quarter last year. BUSINESS SEGMENTS Q3CONTINUED Adjusted EBITDA was DKK 54.3m in Q3 2026 compared to adjusted EBITDA of DKK 26.9m in Q3 2025. This led to an adjusted EBITDA margin of 12% - an improvement of 5.6 per- centage points compared to the same quar- ter last year as cost synergies were realised. The integration of SDC A/S into Netcompany Banking Services progress as anticipated and synergies are materialising according to plan.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 9 37 Performance overview 9 months Netcompany Banking Services YTD 2026 YTD 2026 % change non-organic % change DKK million (reported) (constant)* YTD 2025 (reported)1 impact (constant)1,2 Total 2025 Revenue 7,215.4 7,206.4 5,627.0 28.2% 15.9pp 28.1% 7,891.7 Cost of services -5,300.5 -5,295.9 -4,078.6 30.0% 18.9pp 29.8% -5,672.6 Gross profit 1,915.0 1,910.5 1,548.4 23.7% 8.0pp 23.4% 2,219.1 Gross profit margin 26.5% 26.5% 27.5% -1.0pp -1.8pp -1.0pp 28.1% Sales and marketing costs -154.4 -154.2 -44.7 245.2% 1.8pp 244.9% -61.0 Administrative costs -675.6 -675.7 -616.5 9.6% 7.9pp 9.6% -885.7 Adjusted EBITDA 1,085.0 1,080.6 887.2 22.3% 8.4pp 21.8% 1,272.5 Adjusted EBITDA margin 15.0% 15.0% 15.8% -0.7pp -0.9pp -0.8pp 16.1% Special items -148.8 -148.6 -351.2 -57.6% 11.6pp -57.7% -355.3 Other operating income / expense 1.7 1.7 0.1 1288.3% 12.9pp 1287.6% 0.2 EBITDA 937.8 933.7 536.2 74.9% 6.3pp 74.1% 917.3 EBITDA margin 13.0% 13.0% 9.5% 3.5pp -1.3pp 3.4pp 11.6% Depreciation -186.9 -187.0 -158.8 17.7% 4.7pp 17.7% -218.2 Amortisation -131.8 -131.8 -97.9 34.7% 20.9pp 34.7% -137.3 Operating profit (EBIT) 619.2 614.9 279.5 121.5% 2.6pp 120.0% 561.8 Operating profit margin 8.6% 8.5% 5.0% 3.6pp -1.1pp 3.6pp 7.1% Net financials -128.4 -128.4 -121.3 5.9% 6.4pp 5.9% -169.2 Income / loss from joint venture / associates 211.3 211.3 -12.9 -1739.2% 0.0pp -1739.2% -17.0 Profit / loss before tax 702.0 697.8 145.3 383.1% -0.4pp 380.2% 375.7 Tax -184.3 -184.3 -35.7 416.2% 9.2pp 416.2% -118.7 Effective tax rate 26.3% 26.4% 24.6% 1.7pp 0.5pp 1.8pp 31.6% Net profit / loss 517.7 513.5 109.6 372.4% -3.5pp 368.5% 256.9 Additional KPIs Earnings per share (DKK) 11.51 N/A 2.33 394.2% -4.0pp N/A 5.48 Diluted earnings per share (DKK) 11.34 N/A 2.30 392.6% -3.9pp N/A 5.42 Free cash flow -434.4 N/A 37.9 -1245.3% -1217.7pp N/A 355.8 Cash conversion rate -70.0% N/A 20.4% -90.4pp -74.5pp N/A 97.7% Cash conversion rate (tax normalised) -62.0% N/A 29.9% -92.0pp -71.1pp N/A 99.1% 2Constant currencies measured using average exchange rates for 2025 1 Where the comparative figure is negative, a negative change % reflects an improvement rather than a decline
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 10 37 In the first nine months of 2026 the Group excluding Netcompany Banking Services grew revenue by 12.7% (constant currencies 12.6%) compared to the first nine months of 2025, driven by 12% growth in revenue from the public sector and 14.5% growth in reve- nue in the private sector. Total Group reported revenue grew by 28.2% during the first nine months impact- ed by the inclusion of Netcompany Banking Services. Average FTEs amounted to 9,797 of which Netcompany Banking Services accounted for 886 FTEs and the Product Development unit accounted for 478 FTEs. Client facing FTEs grew by 13.2% compared to the same period last year. Reported gross profit increased 23.7% to DKK 1,915m in the first nine months of 2026. For the Group excluding Netcompany Banking Services gross profit margin was 29.2% in reported currencies for the first nine months of 2026, compared to 28.7% in the same period last year. For the Group excluding Netcompany Banking Services adjusted EBITDA was DKK 955.4m in the first nine months of 2026, yielding an adjusted EBITDA margin of 16.3% (constant currencies 16.2%) in line with adjusted EBITDA margin of 16.5% in the same period last year. The margin was close to unchanged despite increased costs to Agentic AI and the partnership with the Netcompany INEOS cycling team. Reported adjusted 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 Bank- ing Services impacted the margin negative- ly by 1.2 percentage points in the period. Special items amounted DKK 148.8m in the period, which related to provisions for ongoing right-sizing of the organisation, ad- justments in employee mix and realisation of efficiencies following the full adaptation of Agentic AI in all entities throughout the Group. The net effect hereof is expected to have full impact from the second half of 2027 and onwards. For the first nine months of 2026, the Group generated negative free cash flow of DKK 434.4m compared to positive free cash flow of DKK 37.9m in the same period of 2025. The decline was mainly driven by the development in working capital in 2026 im- pacted by more than 28% revenue growth and lower levels of customer prepayments, particularly in Netcompany Banking Ser- vices. PERFORMANCE OVERVIEW FIRST 9 MONTHSCONTINUED
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 11 37 Business Segments 9 months DKK million YTD 2026 Constant (2025 rate) Group Denmark SEE & EUI United Kingdom Norway Netherlands Banking Services Revenue from external customers 7,206.4 2,432.6 2,205.5 752.5 281.5 188.1 1,346.2 Cost of services -5,214.7 -1,418.3 -1,720.6 -570.8 -241.6 -115.5 -1,147.9 Cost related to product development -81.2 -33.7 -30.5 -10.3 -4.1 -2.6 0.0 Gross profit 1,910.5 980.7 454.3 171.4 35.8 70.0 198.4 Gross profit margin 26.5% 40.3% 20.6% 22.8% 12.7% 37.2% 14.7% Local marketing and administrative costs -760.4 -480.8 -95.5 -58.3 -32.3 -24.0 -69.6 Adjusted EBITDA before HQ costs 1,150.0 499.8 358.8 113.0 3.5 46.0 128.8 Adjusted EBITDA margin before HQ costs 16.0% 20.5% 16.3% 15.0% 1.3% 24.5% 9.6% Allocated costs from HQ -69.3 -22.9 -33.7 -7.6 -3.3 -2.0 0.0 Special Items, allocated -148.7 -78.0 -21.5 -3.5 -3.6 -5.1 -37.1 Other operating income / expense 1.7 0.0 0.5 0.0 0.0 0.0 1.2 Depreciation and amortisation -318.8 -132.5 -87.2 -27.2 -11.0 -18.5 -42.3 EBIT 614.9 266.5 216.9 74.7 -14.3 20.5 50.6 Client facing FTEs 8,776 2,747 3,673 813 429 229 886 DKK million YTD 2025 Reported Group Denmark SEE & EUI United Kingdom Norway Netherlands Banking Services Revenue from external customers 5,627.0 2,350.9 1,928.8 501.5 271.0 153.8 420.9 Cost of services -4,055.7 -1,469.6 -1,488.9 -402.4 -225.6 -101.7 -367.5 Cost related to product development -22.9 -10.4 -8.4 -2.2 -1.2 -0.7 0.0 Gross profit 1,548.4 870.9 431.5 96.9 44.3 51.4 53.4 Gross profit margin 27.5% 37.0% 22.4% 19.3% 16.3% 33.4% 12.7% Local marketing and administrative costs -612.4 -334.0 -143.2 -52.3 -34.9 -21.5 -26.5 Adjusted EBITDA before HQ costs 936.0 536.9 288.3 44.6 9.3 29.9 26.9 Adjusted EBITDA margin before HQ costs 16.6% 22.8% 14.9% 8.9% 3.4% 19.4% 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 and amortisation -256.7 -121.9 -79.2 -20.9 -11.5 -7.7 -15.5 EBIT 279.5 348.1 209.2 8.3 -10.7 17.8 -293.3 Client facing FTEs 7,750 2,746 3,489 626 394 203 293* Revenue, % YTD 2026 Revenue, % YTD 2025 NORWAY, 3.9% DENMARK, 33.8% UNITED KINGDOM, 10.4% NETHERLANDS, 2.6% SEE & EUI, 30.6% BANKING SERVICES, 18.7% NORWAY, 4.8% DENMARK, 41.8% UNITED KINGDOM, 8.9% SEE & EUI, 34.3% NETHERLANDS, 2.7% BANKING SERVICES, 7.5% * As SDC A/S was merged into Netcompany Banking Services as of 1 July 2025, FTEs in first half of 2025 was zero and 878 in Q3 2025.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 12 37 Netcompany Denmark In the first nine months of 2026, Netcom- pany Denmark grew revenue by 3.5% compared to the same period last year. Revenue growth was driven by the private sector, which grew revenue by 16.8%, while the public sector revenue declined 4.6% compared to the same period last year. Gross profit increased 12.6% in the first nine months of 2026 to DKK 980.7m, yielding a gross profit margin of 40.3% compared to 37% in the same period last year, and despite increased costs to our Product De- velopment unit. Client facing FTEs was in line with the first nine months of 2025. Adjusted EBITDA margin was 20.5% com- pared to 22.8% in the same period last year. The decrease was a result of increased marketing costs related to the partnership with the Netcompany INEOS cycling team. Netcompany SEE & EUI Netcompany SEE & EUI grew revenue by 14.3% in the first nine months of 2026 com- pared to the same period last year. Growth was driven by the public sector including the EU and the private sector, which in- creased revenue by 14.8% and 12.8%, re- spectively. Gross profit was DKK 454.3m in the first nine months of 2026, compared to DKK 431.5m in the same period last year. Gross profit margin 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. Client facing FTEs grew by 5.3% in the first nine months of 2026. Adjusted EBITDA margin was 16.3% in the first nine months of 2026, compared to 14.9% in the same period last year. The increase was a result of lower local market- ing and administrative costs. Netcompany UK 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%, respec- tively. The growth was a result of a contin- ued increase in demand for our offerings in the UK – the largest IT services market in Europe. Gross profit 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 utili- sation and project delivery improved. Client facing FTEs grew by 29.9% in the first nine months of 2026. Adjusted EBITDA margin was 15% in the first nine months of 2026 compared to 8.9% in the same period last year, as a consequence of strong operational perfor- mance and stable administrative costs. Netcompany Norway Revenue in Netcompany Norway increased 3.9% in the first nine months of 2026 com- pared to the same period last year. The public sector revenue grew by 20.8% in the period, while revenue from the private sec- tor declined by 23.4% in the period. Gross profit margin was 12.7% in the first nine months of 2026, compared to 16.3% in the same period last year. Client facing FTEs grew by 8.9% in the first nine months of 2026. Adjusted EBITDA margin was 1.3% in the first nine months of 2026 compared to 3.4% in the same period last year. BUSINESS SEGMENTS 9 MONTHSCONTINUED
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 13 37 Netcompany Banking Services In the first nine months of 2026 revenue in Netcompany Banking Services was DKK 1,346.2m. Revenue increased 9.8% com- pared to pro forma1 revenue in SDC A/S in the first six months of 2025 and reported Q3 2025. Gross profit in Netcompany Banking Servic- es was DKK 198.4m in the first nine months of 2026, yielding a gross profit margin of 14.7%. Adjusted EBITDA was DKK 128.8m in the first nine months of 2026 compared to pro forma adjusted EBITDA of DKK 53.4m in the same period last year. Adjusted EBITDA margin was 9.6% in the first nine months of 2026, compared to pro forma adjusted EBITDA margin of 4.4% in the same period last year. The integration of SDC A/S into Netcompa- ny Banking Services progress as anticipat- ed and synergies are materialising accord- ing to plan. Netcompany Netherlands Revenue in Netcompany Netherlands in- creased 22.3% in the first nine months of 2026, compared to the same period last year. Revenue was solely generated in the public sector. Gross profit was DKK 70m in the first nine months of 2026, compared to DKK 51.4m in the same period last year. Client facing FTEs grew by 12.5% in the first nine months of 2026. Adjusted EBITDA margin was 24.5% in the first nine months of 2026, compared to 19.4% in the same period last year. BUSINESS SEGMENTS 9 MONTHSCONTINUED 1 Pro forma figures covers unaudited figures in SDC A/S.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 14 37 3.7% Revenue visibility Revenue visibility1 reflects the expected revenue streams for the full year, meaning that revenue visibility is comprised of actu- als for the first nine months of the year and expected revenue for the last three months of the year. By end of Q3 2026, revenue visibility was DKK 9,166.7m, of which contractually com- mitted revenue amounts to DKK 1,860.2m and non-contractually committed engage- ments 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. For the public sector, revenue visibility relates solely to the Group excluding Net- company Banking Services and amounts to DKK 5,201.2m, an increase of 10.6% compared to last year, of which contractual committed revenue amounts to DKK 1,110m and non-contractual committed engage- ments amounts to DKK 40.8m. 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, of which con- tractual committed revenue amounts to DKK 338.6m and non-contractual commit- ted engagements amount to DKK 50.3m. 40.8 DKK million Revenue visibility for the fiscal year 2026 9,166.7 1,110.0 Contractual committed excl. Netcompany Banking Services TotalNon-contractual committed PRIVATE PUBLIC 91.1 1,448.6 338.6 411.6 Contractual committed Netcompany Banking Services PRIVATE NETCOMPANY BANKING SERVICES 50.3 Revenue incl. Net- company Banking Services 7,215.4 34.5% 44.2% 12.1% 4.5% 0.4% 1 Revenue visibility for the full year is measured based on two parameters: - the total value of committed engagements, which includes fixed price engagements and service agreements, and - ongoing time and material engagements with a high likelihood of conversion or 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. 0.5% 3,165.0 4,050.4 411.6
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 15 37 percentage points compared to the same period last year. As we implement Agentic AI throughout the Group, efficiency gains will occur in all functions and roles. While observing these efficiencies it continues to be important to attract and hire new talent, which means that strict focus on the shape of the em- ployee pyramid is still required. Workforce In Q3 2026, Netcompany employed an av- erage 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 re- lated to both client facing FTEs and FTEs in the Product Development unit1 partly offset by reduced FTEs in the administrative and support functions. The client facing FTEs (including freelanc- ers and contractors) for the Group in- creased by 118 FTEs from 8,486 in Q3 2025 to 8,604 in Q3 2026. The number of FTEs in the Product De- velopment unit increased by 134 FTEs compared to the same quarter last year, as investments in adopting Agentic AI into our products and platforms accelerated. 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. On a sequential basis the attri- tion rate increased 0.5 percentage points compared to Q2 2026. Furthermore, the 3 months rolling attrition rates increased 2 8,6556,815 935 340 565 Q3 2026 YTD 2026 YTD 2025 Q3 2025 9,4827,529 942 510 9,6537,662 539 957 376 620 Avg. FTEs increased to 9,653 in Q3 2026 954 478 9,7977,822 543 0 4,500 6,0005,500 6,500 7,0005,000 7,500 8,000 8,500 9,000 9,500 10,000 CLIENT FACING PRODUCT DEVELOPMENT1 CLIENT FACING FREELANCERS AND CONTRACTORS ADMIN AND SUPPORT FUNCTIONS 1As of 1 January 2026, Product Development was anchored in its own unit, separated from the client facing FTEs in the separate segments (Netcompany Denmark and SEE & EUI).
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 16 37 Free cash flow and cash conversion rate1 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 in free cash flow was mainly driven by development in working capital and to some extent also impacted by continued investments in our products and platforms and increased tax payments. Normalised for taxes paid on account1, the Group realised negative free cash flow of DKK 153.8m in Q3 2026, compared to neg- ative DKK 76.1m. Adjusting for releases from restructuring provisions related to Netcompany Bank- ing Services in Q3 2025 and right-sizing throughout the Group following adaption of Agentic AI, development in working capital were mainly driven by decreased advance payments from customers, lower trade payables and other payables, and to some extent also impacted by increased trade receivables. Compared to Q3 2025, trade receivables increased and advance payments from customers decreased, both driven by projects reaching milestones and being invoiced. Trade receivables were addi- tionally impacted as some of the invoiced projects were related to the Recovery and Resilience Facility (RRF), and are significant in their nature. The development in other payables com- pared to last year were mainly related to the recognition of a contingent considera- tion to Smarter Airports in Q2 and are not included in the working capital. However, the development in outstandings with con- sortium partners impacted working capital changes through other payables. Tax payments within the quarter increased to DKK 57.5m compared to DKK 24.5m in Q3 2025 and were mainly due to improved results in Netcompany SEE & EUI as well as Netcompany UK. The increase in capitalisations was pri- marily related to two products developed by Netcompany Banking Services for the Financial Services Industry. As a consequence of the negative cash flow, conversion rate was negative 79.6% in Q3 2026 and adjusted for taxes paid on account, the rate was negative 71.7%. In the first nine months of 2026, total Group free cash flow was negative DKK 434.4m compared to DKK 37.9m in the same period last year. Normalised for taxes paid on account1, the Group realised a negative free cash flow of DKK 385m in the first nine month of 2026, compared to positive DKK 55.7m in the same period last year. The development was impacted by negative free cash flow of DKK 461.9m in Netcompa- ny Banking Services, primarily as a result of lower levels of customer prepayments. Tax normalised cash conversion rate for the total Group decreased from 29.9% in first nine months of 2025 to negative 62% in first nine months of 2026 as a result of the negative free cash flow within the period. Trade receivables End of Q3 2026, trade receivables amount- ed to DKK 1,562.7m compared to DKK 1,265.3m end of Q3 2025, corresponding to Capital and other financial positions DKK million Not overdue 0-30 days 30-60 days 60-90 days >90 days Provi- sion Total Trade receivables, 30 Septem- ber 2026 817.1 297.3 299.4 47.1 105.1 -3.3 1,562.7 Trade receivables, 30 Septem- ber 2025 850.6 210.4 70.5 29.7 105.0 -0.9 1,265.3 an increase of 23.5% compared to revenue growth of 8.1% in the quarter. The development in trade receivables compared to revenue was impacted by outstandings of close to DKK 300m from customers related to RRF funded projects, which will be collected in Q4 2026. As a result, days sales outstanding in- creased from 53 days in Q3 2025 to 61 days in Q3 2026. Adjusting from the trade receiv- ables related to RRF funded projects, days sales outstanding would have improved compared to last year. 1 Taxes paid within the Group are, due to local tax regula- tions, paid on account in Q1 and in Q4. To adjust for this timing mismatch between expensed and paid corporate income taxes the free cash flow should be viewed in a tax normalised manner to better reflect the underlying development in free cash flow based on operations rather than impact from local tax legislation in Denmark.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 17 37 CASH FLOW AND OTHER SIGNIFICANT FINANCIAL POSITIONSCONTINUED Funding and liquidity The Group bank loan was refinanced in Q2 2026 with better terms and improved margins compared to previous agreement. The maturity for the Group bank loan runs to 2029 and can be prolonged twice by one year. The combined committed facilities consti- tute DKK 4,000m and an additional facility of DKK 2,000m, available only for new acquisitions. On 30 September 2026, DKK 1,580m of the committed lines were utilised on ordi- nary borrowings, and DKK 1,000m of the additional facility was drawn to settle the transaction with SDC A/S 1 July 2025, and DKK 31.5m on guarantees, leaving a total of DKK 3,388.5m available in unutilised fund- ing of which DKK 2,388.5m can be utilised for normal operations if needed with no additional costs or covenants. Including net cash balance as of 30 Sep- tember 2026 of negative DKK 952.1m, avail- able Group funding was DKK 1,436.4m. Risk management Please refer to the overview of risk factors provided by the Group in the Annual Report for 2025. Capital structure In Q3 2026, the debt ratio based on adjust- ed EBITDA was 2.4x compared to 1.7x in Q3 2025. 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. by lower levels of prepayments from cus- tomers realised in Q3 2026 compared to same period in 2025. 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. This develop- ment was in line with LTM revenue growth of approximately 30%. Work in progress On 30 September 2026, Netcompa- ny’s 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. Combined work in progress increased by 51.3% from DKK 974.3m end of Q3 2025 to DKK 1,473.8m end of Q3 2026, compared to revenue growth of 29.8% in the prevail- ing last twelve months (LTM). The increase in combined work in progress was driven TRADE RECEIVABLES 35.6% 8.1% 29.8% 1,265.3 2,167.8 Work in progress overview 1,000 0 500 1,500 Sept. 30 2026 Q3 2026 Q3 2026 LTM 7,305.3 WORK IN PROGRESS REVENUE Sept. 30 2025 Q3 2025 Q3 2025 LTM 3,000 2,000 974.3 DKK million 1,562.7 1,473.8 9,480.1 2,343.8 7,000 8,000
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 18 37 Guidance 2026 Based on revenue growth of 12.6%, exclud- ing 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 be- tween 8.5% and 10.5% (previously between 6.5% and 10.5%). Guidance for adjusted EBITDA margin excluding Netcompany Banking Services of between 17% and 20% is maintained. For the Group, Netcompany is raising reve- nue growth guidance to between 18% and 20.5% (previously between 16% and 20.5%), while maintaining adjusted EBITDA margin expectations of between approximately 16% and 19% - all in constant currencies. Long-term targets Adjusted EBITDA margin - to be reached by 2029. >20% Organic annual revenue growth 5%-10% Updated Updated Updated Original Actual target target target target performance Financial metrics in constant currencies Q3 2026 Q2 2026 26 March 2026 2026 2025 Group revenue growth 18%-20.5% 16%-20.5% 15%-20% 15%-20% 20.8% Group excl. NBS revenue growth 8.5%-10.5% 6.5%-10.5% 5%-10% 5%-10% 7.9% Adjusted EBITDA margin ~ 16%-19% ~ 16%-19% ~ 16%-19% 15%-18% 16.1% Group excl. NBS adjusted EBITDA margin 17%-20% 17%-20% 17%-20% 16%-19% 16.9%
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 19 37 Capital At the Annual General Meeting in March 2026 a decision was passed to reduce the share capital by DKK 1.5m by cancelling 1.5m treasury shares. The registration of the share capital reduction was made by the Danish Business Authority on 7 April 2026. At 30 September 2026, Netcompany’s share capital was DKK 46m divided into 46m shares. End of Q3 2026, Netcompany held 1,792,466 treasury shares equivalent to 3.9% 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, 695,197 restricted stock units (RSUs) and 147,086 matching shares in relation to the share-based incentive schemes were issued at 30 September 2026 of which 143,279 RSUs and 9,600 matching shares were granted to Executive Management and 551,918 RSUs and 137,486 matching shares were granted to Other Key Management Personnel and Other Employ- ees. The fair value of the shares at grant was DKK 250.4m. The cost related hereto is expensed over the vesting period. A total amount of DKK 20.9m was recog- nised as personnel costs in the income statement in Q3 2026 and DKK 63.4m for the first nine month of 2026. 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 2027 Share data Stock exchange Nasdaq Copenhagen A/S Index OMXC Large Cap Sector Technology ISIN code DK0060952919 Short code NETC Share capital DKK 46.000.000 Nominal size DKK 1 Number of shares No. 46.000.000 Restriction in voting rights No 21 January 2027 Deadline for the shareholders to submit proposals for the agenda of the Annual General Meeting 2026 4 February 2027 Annual Report for the financial year 2026 4 March 2027 Annual General Meeting 2026 29 April 2027 Interim report for the first 3 months of 2027 12 August 2027 Interim report for the first 6 months of 2027 28 October 2027 Interim report for the first 9 months of 2027
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 20 37 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 2026 to 30 September 2026. The Q3 2026 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 2025. 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 2026 and of the results of the Group’s operations and cash flows for the period 1 January 2026 to 30 September 2026. 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, 29 OCTOBER 2026 Statement of the Board of Directors and Executive Management Executive Management André Rogaczewski CEO Bo Rygaard Chair of the Board Åsa Riisberg Claus Jørgensen COO Juha Christensen Vice Chair of the Board Bart Walterus Thomas Johansen CFO Board of Directors Susan Helen Cooklin Alexandros Manos CCO Ina Wietheger
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 21 37 Consolidated interim financial statements
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 22 37 Income statement and Statement of comprehensive income DKK million Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Income statement Revenue 1,2 2,343.8 2,167.8 7,215.4 5,627.0 7,891.7 Cost of services 3 -1,644.9 -1,577.5 -5,300.5 -4,078.6 -5,672.6 Gross profit 698.9 590.4 1,915.0 1,548.4 2,219.1 Sales and marketing costs -65.5 -13.4 -154.4 -44.7 -61.0 Administrative costs 4 -213.3 -217.7 -675.6 -616.5 -885.7 Adjusted EBITDA 420.1 359.3 1,085.0 887.2 1,272.5 Special items -0.0 -310.2 -148.8 -351.2 -355.3 Other operating income / expense 0.1 0.2 1.7 0.1 0.2 EBITDA 420.1 49.3 937.8 536.2 917.3 Depreciation -62.7 -58.1 -186.9 -158.8 -218.2 Amortisation -47.9 -39.6 -131.8 -97.9 -137.3 Operating profit (EBIT) 309.6 -48.4 619.2 279.5 561.8 Financial income 5 8.2 3.5 38.9 14.8 19.6 Financial expenses 5 -53.7 -48.3 -167.3 -136.1 -188.8 Income / loss from joint venture / associates -0.8 -3.4 211.3 -12.9 -17.0 Profit / loss before tax 263.3 -96.7 702.0 145.3 375.7 Tax on the profit / loss for the period -86.2 28.8 -184.3 -35.7 -118.7 Net profit / loss for the period 177.1 -67.9 517.7 109.6 256.9 Earnings per share Earnings per share (DKK) 6 3.98 -1.44 11.51 2.33 5.48 Diluted Earnings per share (DKK) 6 3.92 -1.43 11.34 2.30 5.42
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 23 37 Statement of comprehensive income Net profit / loss for the period 177.1 -67.9 517.7 109.6 256.9 Other comprehensive income items that may be reclassified subsequently to profit or loss: Exchange rate adjustments on translating foreign subsidiaries 1.8 -2.8 5.6 -9.8 -8.8 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 -0.4 Other comprehensive income, net of tax 1.8 -2.8 5.6 -9.8 -9.2 Total comprehensive income / loss 178.9 -70.7 523.3 99.8 247.7 DKK million Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME CONTINUED
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 24 37 Statement of financial position 30 September 30 September 31 December DKK million Note 2026 2025 2025 Assets Goodwill 4,093.2 3,858.4 3,858.4 Other intangible assets 1,159.4 813.9 807.9 Tangible assets 1,085.7 911.2 1,028.0 Investment in joint venture 0.0 89.5 83.9 Investment in associates 167.2 125.5 147.0 Other securities and invest- ments 1.0 1.0 1.0 Other receivables 91.8 84.2 86.9 Deferred tax assets 61.1 130.2 87.4 Total non-current assets 6,659.4 6,013.8 6,100.4 Inventories 0.0 0.5 0.0 Trade receivables 1,562.7 1,265.3 1,373.1 Receivables from joint venture 0.0 5.3 14.7 Receivables from associates 8.2 5.8 3.5 Contract work in progress 8 2,244.9 2,101.4 1,737.2 Other receivables 40.3 77.7 117.0 Prepayments 273.1 138.0 247.8 Tax receivables 88.2 19.1 22.3 Total receivables 4,217.5 3,613.0 3,515.7 Cash 0.0 265.6 287.5 Total current assets 4,217.5 3,878.7 3,803.2 Total assets 10,877.0 9,892.5 9,903.6 30 September 30 September 31 December DKK million Note 2026 2025 2025 Equity and liabilities Share capital 46.0 47.5 47.5 Treasury shares -598.8 -275.6 -499.9 Retained earnings 4,026.7 3,778.2 3,942.1 Other reserves -1.3 -0.9 -1.3 Total equity 3,472.5 3,549.2 3,488.4 Borrowings 2,570.5 2,575.0 1,575.7 Lease liabilities 820.8 719.4 769.1 Pension obligations 28.9 26.9 25.9 Provisions 9 58.0 0.0 165.7 Deferred tax liability 88.2 60.2 53.5 Total non-current liabilities 3,566.5 3,381.5 2,589.8 Borrowings 37.4 37.4 1,037.8 Overdraft facility 952.1 0.0 0.0 Lease liabilities 229.7 216.4 257.1 Pension obligations 1.7 1.7 1.7 Pre-billed invoices 8 771.2 1,127.0 1,061.3 Trade payables 446.7 476.7 557.1 Other payables 1,165.8 764.4 747.5 Provisions 9 157.7 321.8 125.1 Income tax payable 75.8 16.4 37.9 Total current liabilities 3,838.0 2,961.8 3,825.5 Total liabilities 7,404.5 6,343.3 6,415.3 Total equity and liabilities 10,877.0 9,892.5 9,903.6
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 25 37 Cash flow statement DKK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Operating profit (EBIT) 309.6 -48.4 619.2 279.5 561.8 Depreciation and amortisation 110.6 170.8 318.7 329.8 428.6 Non-cash items 20.9 17.7 63.3 51.4 68.1 Working capital changes -426.7 -74.1 -946.2 -254.9 -189.0 Total 14.4 66.0 55.0 405.8 869.6 Income taxes paid -57.5 -24.5 -140.7 -119.2 -148.1 Financial income received 2.3 2.0 22.1 7.6 10.0 Financial expenses paid -40.2 -39.6 -132.2 -108.8 -148.5 Cash flow from operating activities -81.0 3.9 -196.0 185.4 582.9 Net cash outflow on acquisition of subsidiaries 0.0 -1,000.0 0.0 -1,000.0 -1,000.0 Cash and cash equivalents acquired 0.0 314.0 6.0 314.0 314.0 Other investments 0.0 65.6 -50.0 25.5 5.8 Capitalisation of intangible assets -55.4 -30.3 -151.4 -88.6 -121.9 Acquisition of fixed assets -34.2 -29.1 -87.1 -58.9 -105.3 Disposals of fixed assets 0.7 0.0 2.2 0.0 0.4 Other receivables (deposits) -2.6 -4.5 -6.0 -4.9 -8.0 Cash flow from investment activities -91.5 -684.3 -286.3 -812.9 -914.9 Payment of treasury shares -153.1 -150.0 -602.6 -223.9 -449.2 Proceeds from borrowings 0.0 0.0 0.0 1,000.0 1,000.0 Repayment of borrowings 0.0 0.0 0.0 -0.2 -0.2 Repayment of lease liabilities -53.9 -47.2 -160.9 -129.1 -177.8 Cash flow from financing activities -207.0 -197.2 -763.4 646.8 372.9 Net increase in cash and cash equivalents -379.6 -877.6 -1,245.6 19.3 40.9 Cash and cash equivalents at the beginning of the period -575.0 1,144.2 287.5 250.9 250.9 Effect of exchange rate changes on the balance cash held in foreign currencies 2.4 -0.9 6.0 -4.6 -4.4 Cash and cash equivalents at the end of the period -952.1 265.6 -952.1 265.6 287.5 Depreciation and amortisation recog- nised in the Cash flow Statement do not match the depreciation and amortisation in the Income Statement for 2025 as DKK 73.1m is presented as Special items in the Income statement.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 26 37 Statement of changes in Equity Foreign currency Share Treasury Share-based translation Other Retained DKK million capital shares remunera- subsidiaries reserves earnings Total equity Equity at 1 July 2026 46.0 -447.9 109.6 5.1 -1.3 3,714.2 3,425.8 Profit for the period 0.0 0.0 0.0 0.0 0.0 177.1 177.1 Other comprehensive income 0.0 0.0 0.0 1.8 0.0 0.0 1.8 Total comprehensive income 0.0 0.0 0.0 1.8 0.0 177.1 178.9 Treasury shares for the period 0.0 -153.1 0.0 0.0 0.0 0.0 -153.1 Share-based remuneration for the period 0.0 2.1 19.1 0.0 0.0 -0.3 20.9 Total transactions with owners 0.0 -151.0 19.1 0.0 0.0 -0.3 -132.2 Equity at 30 September 2026 46.0 -598.8 128.7 6.9 -1.3 3,891.0 3,472.5 Equity at 1 January 2026 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4 Profit for the period 0.0 0.0 0.0 0.0 0.0 517.7 517.7 Other comprehensive income 0.0 0.0 0.0 5.6 0.0 0.0 5.6 Total comprehensive income 0.0 0.0 0.0 5.6 0.0 517.7 523.3 Treasury shares for the period -1.5 -174.2 0.0 0.0 0.0 -426.8 -602.5 Share-based remuneration for the period 0.0 75.3 6.2 0.0 0.0 -18.1 63.4 Total transactions with owners -1.5 -98.9 6.2 0.0 0.0 -445.0 -539.1 Equity at 30 September 2026 46.0 -598.8 128.7 6.9 -1.3 3,891.0 3,472.5 Equity at 1 July 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 Profit for the period 0.0 0.0 0.0 0.0 0.0 -67.9 -67.9 Other comprehensive income 0.0 0.0 0.0 -2.8 0.0 0.0 -2.8 Total comprehensive income 0.0 0.0 0.0 -2.8 0.0 -67.9 -70.7 Treasury shares for the period 0.0 -150.0 0.0 0.0 0.0 0.0 -150.0 Share-based remuneration for the period 0.0 4.3 14.6 0.0 0.0 -1.2 17.7 Total transactions with owners 0.0 -145.7 14.6 0.0 0.0 -1.2 -132.2 Equity at 30 September 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 27 37 Foreign currency Share Treasury Share-based translation Other Retained DKK million capital shares remuneration subsidiaries reserves earnings Total equity STATEMENT OF CHANGES IN EQUITY Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 Total comprehensive income 0.0 0.0 0.0 -8.8 -0.4 256.9 247.7 Total transactions with owners -2.5 384.1 32.4 0.0 0.0 -788.7 -374.7 Equity at 31 December 2025 47.5 -499.9 122.5 1.4 -1.3 3,818.3 3,488.4 Equity at 1 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 Profit for the period 0.0 0.0 0.0 0.0 0.0 109.6 109.6 Other comprehensive income 0.0 0.0 0.0 -9.8 0.0 0.0 -9.8 Total comprehensive income 0.0 0.0 0.0 -9.8 0.0 109.6 99.8 Treasury shares for the period -2.5 561.2 0.0 0.0 0.0 -776.4 -217.6 Share-based remuneration for the period 0.0 47.3 16.6 0.0 0.0 -12.1 51.7 Total transactions with owners -2.5 608.5 16.6 0.0 0.0 -788.5 -166.0 Equity at 30 September 2025 47.5 -275.6 106.6 0.4 -0.9 3,671.2 3,549.2 CONTINUED
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 28 37 Group Denmark SEE & EUI United Kingdom Norway Netherlands Banking Services DKK million Q3 2026 Q3 2025 % change Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Revenue 2,343.8 2,167.8 8.1% 815.6 795.2 674.8 643.1 250.7 174.2 87.8 80.5 62.1 53.9 452.8 420.9 Cost of service -1,644.9 -1,577.5 4.3% -420.0 -454.1 -534.1 -515.4 -195.5 -134.8 -78.4 -70.0 -39.1 -35.7 -377.8 -367.5 Gross profit 698.9 590.4 18.4% 395.7 341.1 140.7 127.7 55.1 39.4 9.5 10.4 23.0 18.2 75.0 53.4 Gross profit margin 29.8% 27.2% 2.6pp 48.5% 42.9% 20.8% 19.9% 22.0% 22.6% 10.8% 13.0% 37.0% 33.8% 16.6% 12.7% Allocated costs -255.1 -214.4 19.0% -168.6 -107.3 -30.8 -48.7 -17.4 -15.4 -10.5 -10.5 -7.7 -6.1 -20.1 -26.5 Adjusted EBITDA before HQ costs 443.8 376.0 18.1% 227.1 233.8 109.8 79.1 37.8 24.1 -1.1 -0.0 15.3 12.1 54.9 26.9 Adjusted EBITDA margin before HQ costs 18.9% 17.3% 1.6pp 27.8% 29.4% 16.3% 12.3% 15.1% 13.8% -1.2% -0.0% 24.6% 22.5% 12.1% 6.4% Allocated costs from HQ -23.7 -16.7 42.2% -7.7 -11.6 -11.5 0.0 -2.8 -2.9 -1.1 -1.4 -0.7 -0.8 0.0 0.0 Adjusted EBITDA 420.1 359.3 16.9% 219.4 222.2 98.4 79.1 35.0 21.2 -2.1 -1.4 14.5 11.3 54.9 26.9 Adjusted EBITDA margin 17.9% 16.6% 1.4pp 26.9% 27.9% 14.6% 12.3% 14.0% 12.2% -2.4% -1.7% 23.4% 20.9% 12.1% 6.4% Special items -0.0 -310.2 -100.0% 0.1 -4.5 -0.0 -0.0 -0.0 -0.5 -0.0 -0.2 -3.6 -0.2 3.5 -304.7 Other operating income / expense 0.1 0.2 -70.2% 0.0 0.0 0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA 420.1 49.3 752.5% 219.5 217.7 98.4 79.3 35.0 20.7 -2.2 -1.6 10.9 11.1 58.5 -277.8 EBITDA margin 17.9% 2.3% 15.7pp 26.9% 27.4% 14.6% 12.3% 14.0% 11.9% -2.4% -2.0% 17.6% 20.6% 12.9% -66.0% Depreciation -62.7 -58.1 7.9% -25.9 -26.1 -20.6 -19.5 -4.7 -4.0 -2.0 -1.9 -5.4 -1.5 -4.0 -5.1 Amortisation -47.9 -39.6 20.9% -22.3 -15.4 -7.8 -7.5 -4.7 -3.6 -1.6 -1.7 -1.2 -1.1 -10.2 -10.4 EBIT 309.6 -48.4 -739.3% 171.3 176.2 70.0 52.3 25.5 13.1 -5.8 -5.3 4.3 8.5 44.2 -293.3 EBIT margin 13.2% -2.2% 15.4pp 21.0% 22.2% 10.4% 8.1% 10.2% 7.5% -6.6% -6.5% 7.0% 15.7% 9.8% -69.7% SegmentationNOTE 1
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 29 37 SegmentationCONTINUED Group Denmark SEE & EUI United Kingdom Norway Netherlands Banking Services DKK million YTD 2026 YTD 2025 % change YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2025 Revenue 7,215.4 5,627.0 28.2% 2,432.6 2,350.9 2,208.9 1,928.8 742.1 501.5 297.1 271.0 188.4 153.8 1,346.2 420.9 Cost of service -5,300.5 -4,078.6 30.0% -1,450.2 -1,480.1 -1,753.4 -1,497.3 -573.5 -404.6 -258.0 -226.8 -118.2 -102.4 -1,147.1 -367.5 Gross profit 1,915.0 1,548.4 23.7% 982.4 870.9 455.5 431.5 168.6 96.9 39.1 44.3 70.2 51.4 199.1 53.4 Gross profit margin 26.5% 27.5% -1.0pp 40.4% 37.0% 20.6% 22.4% 22.7% 19.3% 13.2% 16.3% 37.2% 33.4% 14.8% 12.7% Allocated costs -760.6 -612.4 24.2% -480.2 -334.0 -95.5 -143.2 -57.4 -52.3 -34.1 -34.9 -24.0 -21.5 -69.5 -26.5 Adjusted EBITDA before HQ costs 1,154.3 936.0 23.3% 502.3 536.9 360.0 288.3 111.2 44.6 5.1 9.3 46.2 29.9 129.6 26.9 Adjusted EBITDA margin before HQ costs 16.0% 16.6% -0.6pp 20.6% 22.8% 16.3% 14.9% 15.0% 8.9% 1.7% 3.4% 24.5% 19.4% 9.6% 6.4% Allocated costs from HQ -69.3 -48.8 42.2% -22.9 -33.9 -33.7 0.0 -7.6 -8.0 -3.3 -4.5 -2.0 -2.4 0.0 0.0 Adjusted EBITDA 1,085.0 887.2 22.3% 479.4 503.0 326.4 288.3 103.6 36.6 1.8 4.9 44.2 27.5 129.6 26.9 Adjusted EBITDA margin 15.0% 15.8% -0.7pp 19.7% 21.4% 14.8% 14.9% 14.0% 7.3% 0.6% 1.8% 23.5% 17.9% 9.6% 6.4% Special items -148.8 -351.2 -57.6% -78.0 -32.9 -21.6 -0.0 -3.5 -7.3 -3.6 -4.1 -5.1 -2.1 -37.1 -304.7 Other operating income / expense 1.7 0.1 1288.3% 0.0 0.0 0.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0 1.2 0.0 EBITDA 937.8 536.2 74.9% 401.4 470.0 305.3 288.4 100.1 29.3 -1.8 0.8 39.2 25.5 93.7 -277.8 EBITDA margin 13.0% 9.5% 3.5pp 16.5% 20.0% 13.8% 15.0% 13.5% 5.8% -0.6% 0.3% 20.8% 16.6% 7.0% -66.0% Depreciation -186.9 -158.8 17.7% -77.0 -76.0 -63.6 -56.5 -13.6 -10.7 -6.0 -5.9 -15.1 -4.6 -11.6 -5.1 Amortisation -131.8 -97.9 34.7% -55.3 -45.9 -23.7 -22.7 -13.4 -10.2 -5.3 -5.6 -3.4 -3.1 -30.6 -10.4 EBIT 619.2 279.5 121.5% 269.1 348.1 218.0 209.2 73.0 8.3 -13.1 -10.7 20.7 17.8 51.4 -293.3 EBIT margin 8.6% 5.0% 3.6pp 11.1% 14.8% 9.9% 10.8% 9.8% 1.7% -4.4% -3.9% 11.0% 11.6% 3.8% -69.7%
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 30 37 Revenue splitNOTE 2 DKK million Q3 2026 Q3 2025 % change YTD 2026 YTD 2025 % change Revenue by type Revenue recognised over time 2,313.1 2,167.5 6.7% 7,147.9 5,571.1 28.3% Revenue recognised at a point in time 30.7 0.3 9993.2% 67.5 55.9 20.6% Organic revenue 2,343.8 1,746.9 8.1% 6,322.0 5,206.1 12.4% Non-organic revenue 0.0 420.9 N/A 893.4 420.9 N/A Revenue by type, total 2,343.8 2,167.8 8.1% 7,215.4 5,627.0 28.2% DKK million Q3 2026 Q3 2025 % change YTD 2026 YTD 2025 % change Total 2025 Revenue from public sector Denmark 457.3 477.1 -4.1% 1,394.2 1,461.6 -4.6% 1,942.0 SEE & EUI 510.6 491.3 3.9% 1,684.1 1,464.1 15.0% 1,952.2 UK 191.2 125.1 52.8% 570.3 370.4 54.0% 499.3 Norway 66.9 50.1 33.6% 213.4 167.2 27.7% 229.2 Netherlands 62.1 53.9 15.2% 188.4 153.8 22.5% 205.6 Banking Services 0.0 0.0 0.0% 0.0 0.0 0.0% 0.0 Total revenue from public sector 1,288.2 1,197.6 7.6 % 4,050.4 3,617.1 12.0% 4,828.3 DKK million Q3 2026 Q3 2025 % change YTD 2026 YTD 2025 % change Total 2025 Revenue from private sector Denmark 358.3 318.1 12.6% 1,038.4 889.3 16.8% 1,257.0 SEE & EUI 164.2 151.8 8.2% 524.8 464.7 12.9% 642.6 UK 59.4 49.1 21.1% 171.8 131.2 31.0% 180.4 Norway 20.9 30.4 -31.2% 83.7 103.9 -19.4% 135.8 Netherlands 0.0 0.0 0.0% 0.0 0.0 0.0% 0.0 Banking Services 452.8 420.9 7.6% 1,346.2 420.9 219.9% 847.6 Total revenue from private sector 1,055.6 970.3 8.8% 3,165.0 2,009.9 5 7. 5 % 3,063.4
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 31 37 Administrative costs Cost of servicesNOTE 3 NOTE 4 DKK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Cost of services -597.5 -559.6 -1,818.9 -1,198.0 -1,742.0 Salaries -1,047.4 -1,017.8 -3,481.6 -2,880.7 -3,930.6 Cost of services total -1,644.9 -1,577.5 -5,300.5 -4,078.6 -5,672.6 DKK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Administrative costs -108.4 -97.2 -332.9 -280.2 -421.3 Salaries -104.9 -120.5 -342.7 -336.4 -464.4 Administrative costs total -213.3 -217.7 -675.6 -616.5 -885.7 NOTE 5 DKK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Financial Income Exchange rate adjustments 7.7 2.3 22.7 11.9 15.1 Other financial income 0.5 1.2 16.2 2.9 4.5 Financial income total 8.2 3.5 38.9 14.8 19.6 Financial expenses Interest expense, bank loan -26.2 -23.5 -73.0 -61.6 -85.1 Interest expense, leasing -8.6 -7.9 -25.8 -22.6 -31.8 Exchange rate adjustments -8.9 -8.2 -32.2 -19.7 -26.4 Other financial expenses -10.0 -8.8 -36.3 -32.2 -45.6 Financial expenses total -53.7 -48.3 -167.3 -136.1 -188.8 Financial income and expenses
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 32 37 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Earnings per share - EPS (DKK) 3.98 -1.44 11.51 2.33 5.48 Diluted earnings per share - EPS-D (DKK) 3.92 -1.43 11.34 2.30 5.42 Profit (DKK million) 177.1 -67.9 517.7 109.6 256.9 Average number of shares 46.0 47.5 46.5 48.4 48.2 Average number of treasury shares 1.5 0.5 1.5 1.3 1.3 Average number of shares in circulation 44.5 47.0 45.0 47.1 46.8 Average number of outstanding restricted stock units 0.7 0.6 0.7 0.5 0.6 Average number of diluted shares in circulation 45.2 47.6 45.7 47.6 47.4 Earnings per shareNOTE 6 NOTE 7 Business combinations Assets and liabilities recognised in Smarter Airports A/S, DKK million Non-current assets Current liabilities Technology 276.5 Loan to affiliates 16.4 Order backlog 55.0 Prebilled invoices 2.9 Defered tax asset 9.0 Trade payables 7.4 Other debts 10.3 Current assets Trade receivables 4.8 Net assets taken over 315.2 Other receivables 0.8 Goodwill 234.8 Cash and cash equivalents 6.0 Total valuation 550.0
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 33 37 Contract work in progressNOTE 8 30 September 30 September 31 December DKK million 2026 2025 2025 Selling price of work performed 5,716.9 3,744.5 3,960.6 Invoiced amount -4,243.2 -2,770.2 -3,284.7 Total contract work in progress 1,473.8 974.3 675.9 Net value – stated on a contract-per-contract basis – is presented in the statement of financial position as follows: Contract work in progress 2,244.9 2,101.4 1,737.2 Pre-billed invoices -771.2 -1,127.0 -1,061.3 Total contract work in progress 1,473.8 974.3 675.9 recognised at a total value of DKK 550m, comprising identifiable intangible assets of DKK 331.5m (technology of DKK 276.5 million and order backlog of DKK 55m, amortised over 12 and 10 years, respec- tively), other net liabilities of DKK 16.3m, and goodwill of DKK 234.8m, reflecting ex - pected synergies and future growth from commercial scaling of AIRHART . Smarter Airports has been fully consoli- dated from the acquisition date, previously recognised under the equity method, con- tributing revenue of DKK 0m and loss of DKK 0.1m since acquisition. end of 2030. The contingent consideration is recognised at fair value based on ex - pected future licence sales. As a business combination achieved in stages under IFRS 3, the previously held 50% interest, carried at DKK 85.3m under the equity method, has been remeasured to fair value of DKK 275m at the acquisi- tion date, resulting in a gain of DKK 189.7m recognised in the income statement as income from investments in joint venture in Q2 2026. The determination of the purchase price and the purchase price allocation is con- sidered final. Smarter Airports has been On 1 May 2026, Netcompany completed the acquisition of the remaining 50% of Smarter Airports A/S from Copenhagen Airports A/S, obtaining 100% ownership and control, previously held as a 50/50 joint venture since establishment in 2019. The transaction reflects Netcompany’s ambition for full ownership and dedicated commercial scaling of the AIRHART plat - form internationally. The total consideration for the remaining 50% was agreed to DKK 275m, comprising DKK 50m cash paid at completion and contingent consideration of up to DKK 225m, payable as new licence agreements are signed, and will be fully paid by the CONTINUED Business combinations
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 34 37 ProvisionsNOTE 9 30 September 30 September 31 December DKK million 2026 2025 2025 Project provision 19.4 2.2 78.1 Provision for restructuring 196.3 319.6 212.6 Total provisions 215.7 321.8 290.8 Income Statement classified by functionNOTE 10 DKK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 Total 2025 Income statement Revenue 2,343.8 2,167.8 7,215.4 5,627.0 7,891.7 Cost of services, incl. depreciation and amortisation -1,688.9 -1,612.9 -5,420.5 -4,163.2 -5,793.0 Gross profit 654.9 554.9 1,794.9 1,463.8 2,098.7 Sales and marketing costs -65.5 -13.4 -154.4 -44.7 -61.0 Administrative costs, incl. depreciation, amortisation and special items -279.9 -590.1 -1,023.0 -1,139.7 -1,476.1 Other operating income / expense 0.1 0.2 1.7 0.1 0.2 Operating profit (EBIT) 309.6 -48.4 619.2 279.5 561.8 Financial income 8.2 3.5 38.9 14.8 19.6 Financial expenses -53.7 -48.3 -167.3 -136.1 -188.8 Income / loss from joint venture / associates -0.8 -3.4 211.3 -12.9 -17.0 Profit / loss before tax 263.3 -96.7 702.0 145.3 375.7 Tax on the profit for the period -86.2 28.8 -184.3 -35.7 -118.7 Net profit / loss for the period 177.1 -67.9 517.7 109.6 256.9 Depreciation and Amortisation have been presented as follows in the income statement: Cost of services -44.0 -35.4 -120.1 -84.6 -120.4 Administrative costs -66.6 -135.4 -198.6 -245.1 -308.2 Depreciation and amortisation -110.6 -170.8 -318.7 -329.8 -428.6
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 35 37 Related party transactions Collateral provided and contingent liabilities NOTE 11 NOTE 12 Accounting policiesNOTE 13 As a part of the contract commitments with customers, the Group has through its banks provided performance guarantees of DKK 794.7m (DKK 832.9m), of which DKK 763.2m (DKK 832.9m) was commited through local facilities in Netcompany SEE & EUI. There are no collaterals provided for the Group’s bank loan. The Group is in 2026 as well as in 2025 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. Accounting policies applied in this report are consistent with those applied in the consolidated Annual Report for the year ended 31 December 2025 for Netcompany Group A/S. The interim consolidated financial state- ments included in this Q3 2026 financial report have been prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the European Union. Events after the balance sheet date NOTE 14 To this date, no events have occurred after the balance sheet date, which would in- fluence the evaluation of this report. In Q3 2026, Netcompany recognised no revenue from Festina Finance A/S (DKK 0), and revenue from Advanced Transport Telematics S.A of DKK 4.7m (DKK 24.8m). Netcompany recognised revenue from Smarter Airports A/S of DKK DKK 11.6 in Q3 2025. Smarter Airports A/S was acquired 1 May 2026 by the Group, hence no related transactions disclosed. For further details please refer to Q2 2026 report.
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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 36 37 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 EBITDA 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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Netcompany Group A/S Strandgade 3, 1401 Copenhagen Company Registration no. 39 48 89 14 Company Announcement No. 68/2026 29 October 2026 37 37 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 2025 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 2025 of Netcompany Group A/S is available at our website www.netcompany.com About Netcompany Netcompany supports governments, criti- cal industries, and enterprises with secure, reliable, and transparent digital solutions. We design, build, and operate digital infra- structure that underpins essential public services and core business operations in complex and regulated environments.