Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Netcompany
Q4 2024
Company Announcement
Twelve months ended 31 December 2024
Continued growth and margin improvement in a challenging
market
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
1
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Summary
Revenue increased by 6% (constant 5.7%)
DKK 1,678.2m
Q
DKK 1,582.6m
Q
Conference call details
In connection with the publication of the results for Q4 2024, Netcompany will host a
conference call on 28 January at 11.00 CET.
The conference call can be followed live via
https://netcompany-as.eventcdn.net/events/annual-report-2024
For further dial-in details please visit the company’s website; www.netcompany.com
DKK 6,540.6m
YTD
DKK 6,078.4m
YTD
DKK 275.3m
Q
DKK 244.1m
Q
DKK 1,097.9m
YTD
DKK 901.2m
YTD
Q
15.4%
Q
YTD
YTD
16.4%
Adj. EBITDA increased 12.8% (constant 12.9%)
Adj. EBITDA margin increased by 1pp (constant 1pp)
14.8%
16.8%
DKK 532.4m
Q
DKK 382.6m
Q
DKK 821.1m
YTD
DKK 552.1m
YTD
Q
386.9%
Q
YTD
YTD
407.8%
135.1%
147.1%
8,249 FTEs
Q
7,765 FTEs
Q
8,007 FTEs
YTD
7,684 FTEs
YTD
Average workforce increased by 484 FTEs
Q
1.4x
Q
1.2x
Debt leverage was 1.2x
Cash conversion ratio (tax normalised) was 407.8%
Free cash flow increased by 39.2%
Cash conversion ratio was 147.1% for the full year
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
2
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
“We realised revenue growth of 7.6% (constant 7.4%) and adjusted EBITDA margin of 16.8% (constant 16.9%) in
2024, which was another year of high macro and geopolitically uncertainty.
I am pleased to see the impacts of our significant investment into our operation materialising in continued growth
and an improvement of more than 53% in our earnings compared to last year. This, combined with the significant
work spent on business development in the last quarter of the year comforts me in Netcompany’s ability to deliver
continued growth and margin expansion going forward.
During the year we have welcomed more than 1,700 new employees to our Group and at the end of 2024 we
were more than 8,250 impressive individuals whom, together with our customers, will pave the way forward for
continued success – for all parties.
Despite the continued uncertainty on both macro and geopolitical matters we expect to grow between 5% and
10%, and deliver an adjusted EBITDA margin of between 16% and 19% in 2025. At the same time, we reiterate our
mid-term adjusted EBITDA margin target of 20%, but defer the timing for realising DKK 8.5bn in revenue to 2027.
We remain committed to a total redistribution of cash of at least DKK 2bn to our shareholders by 2026, however,
due to ongoing strategic considerations we are not initiating a new share buyback programme at this particular
point in time.
These are truly exiting times, and I look forward to continue to grow Netcompany successfully with all our
stakeholders in 2025.”
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
3
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Performance overview Q4
Q4 2024 Q4 2024 % change % change
DKK million
(reported) (constant)* Q4 2023 (reported) (constant)*
Revenue 1,678.2 1,673.1 1,582.6 6.0% 5.7%
Cost of services -1,189.7 -1,185.2 -1,125.0 5.8% 5.4%
Gross profit 488.5 487.9 457.7 6.7% 6.6%
Gross profit margin 29.1% 29.2% 28.9% 0.2pp 0.2pp
Sales and marketing costs -16.0 -15.9 -16.1 -0.5% -1.2%
Administrative costs -243.1 -242.3 -244.9 -0.7% -1.1%
Adjusted EBITA 229.4 229.7 196.7 16.6% 16.8%
Adjusted EBITA margin 13.7% 13.7% 12.4% 1.2pp 1.3pp
Other operating income / expense -5.0 -5.0 -0.6 719.1% 718.7%
EBITA 222.4 222.7 195.7
13.7% 13.8%
EBITA margin
13.3% 13.3% 12.4% 0.9pp 0.9pp
Amortisation -28.9 -28.9 -29.7 -2.9% -2.9%
Operating profit (EBIT) 193.6 193.8 165.9
16.6% 16.8%
Operating profit margin
11.5% 11.6% 10.5% 1.0pp 1.1pp
Net financials -40.5 -40.4 -38.2 6.1% 5.9%
Income / loss, joint venture / associates -3.5 -3.5 -0.9 299.6% 299.6%
Profit / loss before tax 149.5 149.9 126.9
17.8% 18.1%
Tax -32.4 -32.4 -61.3 -47.1% -47.2%
Effective tax rate
21.7% 21.6% 48.3% -26.6pp -26.7pp
Net profit / loss 117.1 117.5 65.6
78.6% 79.2%
Additional KPIs
Adjusted EBITDA 275.3 275.6 244.1 12.8% 12.9%
Adjusted EBITDA margin
16.4% 16.5% 15.4% 1.0pp 1.0pp
Free cash flow 532.4 N/A 382.6 39.2% N/A
Cash conversion rate
381.4% N /A 431.1% -49.7pp N/A
*Constant currencies measured using average exchange rates for Q4 2023
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
4
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Q4 2023. The extraordinary tax rate in Q4
2023 was mainly caused by non-deduct-
able interest in Netcompany Denmark and
completion of tax audit in Netcompany-In-
trasoft regarding 2017-2020 resulting in an
additional tax expense.
Net profit amounted to DKK 117.1m in Q4
2024, compared to DKK 65.6m in the same
quarter last year.
Free cash flow increased from DKK 382.6m
in Q4 2023 to DKK 532.4m in Q4 2024,
driven by improved operating profit and the
development in working capital.
244.1m in Q4 2023. The adjusted EBITDA
margin was 16.4% (constant 16.5%), an im-
provement of 1 percentage point compared
to the same quarter last year. The increase
was driven by significant improvement in
Netcompany-Intrasoft and Netherlands.
Amortisation was DKK 28.9m in Q4 2024, in
line with the same period last year. Operat-
ing profit (EBIT) amounted to DKK 193.6m
in Q4 2024 compared to DKK 165.9m in Q4
2023 equal to an increase of 16.6%.
EBIT margin was 11.5%, compared to 10.5%
in the same quarter last year. Net finan-
cials were negative DKK 40.5m in Q4 2024,
compared to DKK 38.2m in Q4 2023. Loss
from joint venture and associates were DKK
3.5m in Q4 2024, compared to DKK 0.9m in
the same quarter last year.
Profit before tax increased 17.8% to DKK
149.5m mainly driven by the increase in
EBIT.
Income taxes in Q4 2024 were DKK 32.4m
compared to DKK 61.3m in the same quar-
ter last year. The effective tax rate was
21.7% in the quarter, compared to 48.3% in
Reported revenue grew 6% (constant 5.7%)
compared to Q4 2023 and amounted to
DKK 1,678.2m in Q4 2024. Revenue from
public and private clients increased by 8%
and 1.9%, respectively, compared to the
same period last year. Growth was driven
by continued recovery in the Danish part of
the Group as well as strong growth in Net-
company-Intrasoft and the Netherlands.
Client facing FTEs grew 5.9% and average
FTEs in Q4 2024 amounted to 7,705.
Gross profit increased 6.7% to DKK 488.5m
in Q4 2024, yielding a margin of 29.1%
compared to 28.9% in the same period last
year. Gross profit was positively impacted
by DKK 17.7m more in licence revenue in Q4
compared to the same quarter last year but
somewhat offset by a decrease in gross
profit in Denmark, UK and Norway.
In Q4 sales and marketing costs were DKK
16m, while administrative costs were DKK
243.1m, both in line with the same quarter
last year.
Adjusted EBITDA increased 12.8% to DKK
275.3m in Q4 2024 compared to DKK
PERFORMANCEOVERVIEWQ4CONTINUED
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
5
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Business Segments Q4
DKK million
Q4 2024
Constant (2023 rate)
Group Denmark Intrasoft UK Norway Netherlands
Revenue from external customers 1,673.1 770.6 622.2 140.3 87.9 52.0
Gross profit 493.3 277.5 154.6 30.9 10.6 19.7
Gross profit margin 29.5% 36.0% 24.8% 22.0% 12.0% 37.9%
Local admin costs -207.5 -111.3 -58.1 -17.7 -13.1 -7.3
Adjusted EBITDA before allocated cost from HQ 285.8 166.2 96.5 13.2 -2.5 12.4
Adjusted EBITDA margin before allocated cost from HQ 17.1% 21.6% 15.5% 9.4% -2.8%
23.8%
Allocated costs from HQ -10.2 -7.2 0.0 -1.5 -1.0 -0.5
Special Items, allocated -2.0 -1.4 0.0 -0.3 -0.2 -0.1
Depreciation -45.8 -23.5 -16.4 -2.4 -2.0 -1.6
Amortisation -28.9 -9.9 -16.0 -1.4 -1.0 -0.5
Other operating income / expense -5.0 0.0 -5.0 0.0 0.0 0.0
EBIT 193.8 124.1 59.1 7.6 -6.7 9.7
Client facing FTEs 7,705 2,891 3,696 554 370 194
DKK million
Q4 2023
Reported
Group Denmark Intrasoft UK Norway Netherlands
Revenue from external customers 1,582.6 732.0 562.4 151.4 91.5 45.4
Gross profit 462.1 284.9 108.9 35.5 19.0 13.7
Gross profit margin 29.2% 38.9% 19.4% 23.4% 20.8% 30.2%
Local admin costs -213.5 -120.9 -53.5 -18.4 -13.1 -7.6
Adjusted EBITDA before allocated cost from HQ 248.6 164.0 55.5 17.1 5.9 6.1
Adjusted EBITDA margin before allocated cost from HQ 15.7% 22.4% 9.9% 11.3% 6.5%
13.5%
Allocated costs from HQ -4.6 -3.2 0.0 -0.7 -0.5 -0.2
Special Items, allocated -0.5 -0.3 0.0 -0.1 -0.0 -0.0
Depreciation -47.4 -23.6 -16.0 -3.8 -2.3 -1.6
Amortisation -29.7 -12.5 -12.5 -2.4 -1.5 -0.8
Other operating income / expense -0.6 0.0 -0.6 0.0 0.0 0.0
EBIT 165.9 124.4 26.4 10.1 1.7 3.4
Client facing FTEs 7,275 2,766 3,340 629 367 173
Revenue, %
.%
.%
.%
Q4 2024
.%
.%
Revenue, %
.%
.%
.%
Q4 2023
.%
.%
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
INTRASOFT
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
INTRASOFT
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
6
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Netcompany Netherlands
Netcompany Netherlands grew revenue
14.7% in Q4 2024 compared to the same
quarter last year. Growth was solely gener-
ated in the public segment.
Gross profit margin was 37.9% in Q4 2024
compared to 30.2% in the same quarter
last year. Sequentially, gross profit margin
increased by 1.8 percentage points, under-
lying the strong improvement delivered by
the Dutch segment throughout the year.
Adjusted EBITDA margin was 23.8% in the
quarter compared to 13.5% in Q4 2023.
Client facing FTEs increased 12.1% com-
pared to the same quarter last year.
Adjusted EBITDA margin was 9.4% in Q4
2024 compared to 11.3% in Q4 2023. During
the quarter, approximately DKK 10m was
spend on severance payments related to
rightsizing of the pyramid structure in Net-
company UK.
Client facing FTEs decreased by 11.9% in
Q4 2024.
Netcompany Norway
Revenue in Netcompany Norway was DKK
87.9m in Q4 2024 compared to DKK 91.5m
in the same quarter last year. In the public
segment revenue was slightly better than
the same quarter last year, but not enough
to cover for the decrease in the private
segment.
Gross profit margin was 12% in Q4 2024,
compared to 20.8% in the same quarter
last year, due to increased time spend on
business development during the quarter.
Adjusted EBITDA margin was negative 2.8%
in Q4 2024 compared to 6.5% in Q4 2023,
driven by the decrease in gross profit.
Client facing FTEs were in line with Q4
2024.
Gross profit margin increased 5.5 percent-
age points to 24.8% compared to 19.4% in
Q4 2023. Adjusting for the additional DKK
31.5m in licence revenue in Q4 2024 com-
pared to the same period last year, gross
profit margin in Netcompany-Intrasoft still
improved 1.4 percentage points driven by
better utilisation and project execution.
Adjusted EBITDA increased 74% to DKK
96.5m in Q4 2024, yielding an EBITDA mar-
gin of 15.5% compared to 9.9% in the same
quarter last year. Adjusting for additional
licence revenue in the quarter, adjusted
EBITDA margin increased 1.1 percentage
points.
Client facing FTEs grew 10.6% in Q4 2024.
Netcompany UK
Netcompany UK realised revenue of DKK
140.3m in Q4 2024, compared to DKK
151.4m in Q4 2023. The decline in revenue
was a caused by the negative develop-
ments in both the public and private seg-
ment.
Gross profit margin was 22%, compared to
23.4% in the same quarter last year.
Netcompany Denmark
Revenue growth in the Danish business unit
was 5.3%. The growth was driven by an in-
crease of 9.2% in the public segment, while
the private segment was on level with the
same quarter last year.
Gross profit decreased 2.6% to DKK
277.5m in Q4 2024 against DKK 284.9m
in Q4 2023. The decrease was a result of
increased time spend on business develop-
ment and tender activities leading to wins
such as Munich Airport and Forca. This led
to a gross profit margin of 36% compared
to 38.9% in the same quarter last year.
Adjusted EBITDA margin was 21.6% in Q4
2024 compared to 22.4% in Q4 2023. The
decline was due to the negative develop-
ment in gross profit margin.
Client facing FTEs increased 4.5% com-
pared to Q4 2023.
Netcompany-Intrasoft
Revenue in Netcompany-Intrasoft grew by
10.6%. The growth was driven by continued
growth in the public and EU area that grew
9.6% and the private segment that grew
14% compared to the same quarter last
year.
BUSINESSSEGMENTSQ4CONTINUED
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
7
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Performance overview 12 months
YTD 2024 YTD 2024 % change % change
DKK million
(reported) (constant)* YTD 2023 (reported) (constant)*
Revenue 6,540.6 6,527.0 6,078.4 7.6 % 7.4 %
Cost of services -4,634.4 -4,617.0 -4,375.5 5.9% 5.5%
Gross profit 1,906.2 1,910.0 1,703.0
11.9% 12.2%
Gross profit margin 29.1% 29.3% 28.0% 1.1pp 1.2pp
Sales and marketing costs -52.9 -52.6 -54.7 -3.4% -3.8%
Administrative costs -943.4 -940.6 -935.5 0.8% 0.5%
Adjusted EBITA 909.9 916.7 712.7
27.7 % 28.6%
Adjusted EBITA margin 13.9% 14.0% 11.7% 2.2pp 2.3pp
Special items -2.7 -2.7 -0.5 N/A N/A
Other operating income / expense -5.4 -5.3 -0.0 N/A N/A
EBITA 901.8 908.6 712.2
26.6% 27.6 %
EBITA margin
13.8% 13.9% 11.7% 2.1pp 2.2pp
Amortisation -116.3 -116.2 -134.2 -13.4% -13.4%
Operating profit (EBIT) 785.5 792.4 578.0
35.9%
37.1%
Operating profit margin
12.0% 12.1% 9.5% 2.5pp 2.6pp
Net financials -145.0 -144.9 -138.0 5.1% 5.0%
Income / loss, joint venture / associates -16.5 -16.5 -7.7 113.8% 113.8%
Profit / loss before tax 624.0 631.0 432.3
44.4% 46.0%
Tax -156.5 -156.3 -128.2 22.0% 21.9%
Effective tax rate
25.1% 24.8% 29.7% -4.6pp -4.9pp
Net profit / loss 467.5 474.8 304.0
53.8% 56.2%
Additional KPIs
Adjusted EBITDA 1,097.9 1,104.4 901.2 21.8% 22.6%
Adjusted EBITDA margin
16.8% 16.9% 14.8% 2.0pp 2.1pp
Free cash flow 821.1 N/A 552.1 48.7% N /A
Cash conversion rate
147.1% N/A 135.1% 12.0pp N/A
*Constant currencies measured using average exchange rates for 2023
In 2024, Netcompany Group grew revenue by
7.6% (constant 7.4%) to DKK 6,540.6m. Growth
was driven by the ongoing recovery in the Dan-
ish part of the Group and supported by growth
in Netcompany-Intrasoft, Norway, and the Neth-
erlands.
Licence revenue accounted for 1% of Group rev-
enue in 2024, in line with 2023. Revenue in the
public segment, including the EU, grew by 9.4%
in 2024, driven by strong growth in Netcom-
pany-Intrasoft, Denmark, the Netherlands, and
Norway. Private segment revenue grew by 3.8%
in 2024, mainly driven by growth in Denmark,
supported by our Go-To-Market strategy and
continued pipeline conversion.
In 2024, we attracted more than 1,700 new em-
ployees to the Group, and client facing FTEs
grew by 4.1%.
Gross profit margin was 29.1%, an increase of 1.1
percentage points compared to 2023. The im-
provement in gross profit margin was a result of
recovery in the Danish part of the Group and im-
proved performances by Netcompany-Intrasoft,
the Netherlands, and Norway.
Adjusted EBITDA increased 21.8% to DKK
1,097.9m in 2024 compared to DKK 901.2m in
2023. The adjusted EBITDA margin was 16.8%
(constant 16.9%), an improvement of 2 percent-
age points compared to 2023.
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
8
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Business Segments 12 months
DKK million
YTD 2024
Constant (2023 rate)
Group Denmark Intrasoft UK Norway Netherlands
Revenue from external customers 6,527.0 3,089.5 2,303.0 589.7 344.7 200.1
Gross profit 1,932.2 1,188.5 503.7 113.8 55.1 71.0
Gross profit margin 29.6% 38.5% 21.9% 19.3% 16.0% 35.5%
Local admin costs -774.9 -429.6 -204.1 -64.9 -49.0 -27.3
Adjusted EBITDA before allocated cost from HQ 1,157.3 758.9 299.6 48.9 6.1 43.8
Adjusted EBITDA margin before allocated cost from HQ 17.7% 24.6% 13.0% 8.3% 1.8%
21.9%
Allocated costs from HQ -52.9 -37.2 0.0 -8.2 -4.8 -2.7
Special Items, allocated -2.7 -1.9 0.0 -0.4 -0.3 -0.1
Depreciation -187.8 -95.4 -70.6 -7.2 -8.3 -6.3
Amortisation -116.2 -44.2 -58.3 -7.1 -4.2 -2.4
Other operating income / expense -5.3 0.0 -5.3 0.0 0.0 0.0
EBIT 792.4 580.3 165.4 26.0 -11.4 32.2
Client facing FTEs 7,492 2,826 3,547 572 360 186
DKK million
YTD 2023
Reported
Group Denmark Intrasoft UK Norway Netherlands
Revenue from external customers 6,078.4 2,872.0 2,085.8 646.1 325.6 148.8
Gross profit 1,721.2 1,067.6 416.0 161.7 44.2 31.8
Gross profit margin 28.3% 37.2% 19.9% 25.0% 13.6% 21.3%
Local admin costs -777.0 -432.0 -186.2 -76.2 -54.7 -27.9
Adjusted EBITDA before allocated cost from HQ 944.2 635.6 229.7 85.4 -10.5 3.9
Adjusted EBITDA margin before allocated cost from HQ 15.5% 22.1% 11.0% 13.2% -3.2%
2.6%
Allocated costs from HQ -43.0 -30.1 0.0 -7.2 -3.7 -2.0
Special Items, allocated -0.5 -0.3 0.0 -0.1 -0.0 -0.0
Depreciation -188.5 -105.6 -56.4 -12.5 -8.0 -6.1
Amortisation -134.2 -64.5 -44.9 -13.8 -7.2 -3.9
Other operating income / expense -0.0 0.0 -0.0 0.0 0.0 0.0
EBIT 578.0 435.1 128.5 51.9 -29.4 -8.1
Client facing FTEs 7,195 2,837 3,228 613 355 162
Revenue, %
.%
.%
.%
YTD 2024
.%
.%
Revenue, %
.%
.%
.%
YTD 2023
.%
.%
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
INTRASOFT
NORWAY
DENMARK
UNITEDKINGDOM
NETHERLANDS
INTRASOFT
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
9
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Netcompany Denmark
Revenue growth in the Danish business unit
was 7.6% and amounted to DKK 3,089.5m
in 2024 compared to DKK 2,872m in 2023.
Revenue grew by 9.8% and 4.1% in the pub-
lic and private segments, respectively. The
public segment was positively impacted by
new tender wins, and the private segment
by the increased focus on large strategic
projects.
The Danish business unit realised a gross
profit margin of 38.5% in 2024 compared to
37.2% in 2023.
Adjusted EBITDA increased 19.4% to DKK
758.9m in 2024, yielding a margin of 24.6%
compared to 22.1% in 2023. The improve-
ment in the margin was a result of higher
utilisation and administrative costs on level
with 2023.
Client facing FTEs were in line with 2023 as
we continued the ongoing rightsizing of the
pyramid.
Netcompany-Intrasoft
In Netcompany-Intrasoft, revenue grew by
10.4% to DKK 2,303m in 2024 compared to
DKK 2,085.8m in 2023. The revenue growth
in Netcompany-Intrasoft was driven by the
public segment, including the EU, which
combined grew 13.1%, while the private seg-
ment grew 2.7% in 2024. In the greek public
segment, the Recovery and Resilience Fa-
cilities (RRFs) continued to accelerate the
number of new projects.
Gross profit margin was 21.9% in 2024
compared to 19.9% in 2023. Since licence
revenue constituted the same percentage
of revenue as in 2023, the improvement
in gross profit margin was solely driven by
better utilisation and project execution.
Adjusted EBITDA margin was 13% in 2024
compared to 11% in 2023. This improvement
was due to the positive development in
gross profit margin.
Client facing FTEs increased by 9.9% in
2024, in line with revenue growth.
Netcompany UK
Revenue in Netcompany UK declined by
8.7% in 2024 to DKK 589.7m compared to
DKK 646.1m in 2023. The decline in revenue
was caused by the developments in the
public segment, where the UK general elec-
tion in July, led to delays. Growth in 2025
will be supported by expected increased
public spending as funding for new digitali-
BUSINESSSEGMENTS12MONTHSCONTINUED
sation initiatives are released and approved
strategic projects initiated and accelerated.
Gross profit margin in Netcompany UK was
19.3% in 2024 compared to 25% in 2023.
The decline in gross profit margin was a re-
sult of the project delay and time spend on
business development.
Adjusted EBITDA margin was 8.3% in 2024
compared to 13.2% in 2023. The decrease
in margin was an effect of the decline in
gross profit and cost spend on severance
payments related to rightsizing of the pyra-
mid structure in Netcompany UK.
Client facing FTEs declined 6.6% in 2024.
During 2024 Netcompany UK rightsized
the pyramid structure to align client facing
FTEs with demand.
Netcompany Norway
In Netcompany Norway, revenue amounted
to DKK 344.7m and grew by 5.9% in 2024
compared to 2023. Revenue grew 11.5% in
the public segment and in the private seg-
ment revenue were in line with 2023. Pub-
lic segment revenue gradually increased
throughout the year as revenue from the
ongoing ramp up on the Avinor project
started to materialise.
Gross profit margin increased 2.4 percent-
age points to 16% in 2024, driven by im-
proved project execution and utilisation.
Adjusted EBITDA margin was 1.8% com-
pared to negative 3.2% in 2023. Improved
utilisation and lower administrative costs
led to the increase.
Client facing FTEs were in line with 2023.
Netcompany Netherlands
Revenue in Netcompany Netherlands grew
by 34.4% in 2024 to DKK 200.1m compared
to DKK 148.8m in 2023, driven solely by the
public segment. In the Netherlands, reve-
nue was positively impacted by increased
product and platform sales.
Gross profit margin was 35.5% in 2024
compared to 21.3% in 2023. The significant
increase was a result of better project ex-
ecution and the increased level of product
and platform sales.
Adjusted EBITDA margin increased 19.3
percentage points to 21.9% in 2024. The
improvement was driven by better project
execution.
Client facing FTEs grew by 15.2% in 2024.
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
10
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
At Netcompany, we present revenue visi-
bility for the next 12 months based on two
parameters: the total value of committed
engagements, which includes fixed price
engagements and service agreements, and
ongoing time and material engagements
with a high likelihood of conversion or pro-
longation.
Revenue visibility encompasses both con-
tractual and non-contractual committed
engagements. Contractual committed
engagements refer to the total value of
engagements where a clear, mutual agree-
ment on delivery and payment has been
established with the customer, approved by
both parties, and where payment is expect-
ed. Non-contractual committed engage-
ments are highly expected engagements
without formal contracts.
The revenue visibility reflects the expected
revenue streams from these engagements
over the next 12 months, thereby excluding
services already delivered as of the bal-
ance sheet date and any committed reve-
nue expected beyond the 12-month period.
Revenue visibility for 2025 is DKK 4,895.6m
which is unchanged compared to 2024.
This implies a revenue visibility of 69.6%
segment decreased of 4.1% and amounts to
DKK 1,380.4m, of which contractual com-
mitted revenue amounts to DKK 1,236.7m
and non-contractual committed engage-
ments amount to DKK 143.7m.
In 2025, DKK 2,052m is expected to be
released from the Netcompany-Intrasoft
order backlog, mainly within EU institutions,
while additional DKK 4,951.3m is expected
to be released in the period from 2026 to
2032, also mainly within EU institutions.
Revenue visibility
of the guided revenue mid-point for 2025,
compared to 74.4% at the same time last
year. However, revenue visibility at the be-
ginning of 2024 was impacted by a higher
proportion of long-term revenue signed
than normally. During the last five years,
revenue visibility at the beginning of a year
has fluctuated between 63.4% and 74.4% of
the guided revenue mid-point.
The revenue visibility consists of contractu-
al committed revenue and non-contractual
committed engagements, which amounts
to DKK 4,606.4m and DKK 289.2m, respec-
tively.
Revenue visibility for 2025 in the public
segment increased of 1.4% and amounts to
DKK 3,515.2m, of which contractual com-
mitted revenue amounts to DKK 3,369.8m
and non-contractual committed engage-
ments amount to DKK 145.5m.
Revenue visibility for 2025 in the private
DKK million
.
,.
.
.
.%
.%
.%
.%
,.
,.
Contractual
committed
Netcompany
Core
Contractual
committed
Netcompany
Intrasoft
Total
Public segment Private segment Total segment
Non con-
tractual
committed
,.
.%
.%
.
Contractual
committed
Netcompany
Core
Contractual
committed
Netcompany
Intrasoft
Total
Non con-
tractual
committed
Contractual
committed
Netcompany
Core
Contractual
committed
Netcompany
Intrasoft
Total
Non con-
tractual
committed
,.
.
.%
.%
,.
.%
,.
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
11
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Workforce
Netcompany employed an average of 8,249
FTEs in Q4 2024, which was an increase
of 484 FTEs or 6.2% compared to Q4 2023
(7,765). On a sequential basis FTEs in Q4
2024 increased 2% compared to Q3 2024.
The number of client facing equivalents for
the Group increased by 429 from 7,275 in
Q4 2023 to 7,705 in Q4 2024 while the level
of non-client facing equivalents was 6.6% in
Q4 compared to 6.3% in Q4 2023.
Sequentially, the number of client facing
equivalents increased by 126 FTEs from Q3
to Q4 2024.
The attrition rate for the last twelve months
was 18.1%, which was an increase of 2.8
percentage points compared to 15.3% in
2023. The increase in the attrition rate was
due to our ongoing focus on maintaining an
efficient pyramid structure and was driven
by a higher proportion of involuntary churn
compared to 2023.
Avg. FTEs increased to 8,249 during Q4 2024
YTD
Attrition rate
.%
.%
.%
DK NO UK
NL
.%
GR LUBE
.%
.%
.%
.%
LTMDECEMBER2023
LTMDECEMBER2024
3MONTHSROLLING
CHURNDECJAN2025
%
%
%
%
%
%
%
%
%
%
.%
.%
.%
.%
.%
.%
YTD
,
,
,
,
Q
,
,
NONCLIENTFACING
FREELANCERS
UNITEDKINGDOM POLAND
DENMARK
UKCONTRACTORS
VIETNAM
NETHERLANDS
NORWAY
INTRASOFT
,
,, ,
,
,
,
,
,
,
,
Q
,
,
,
,
,
,
,
.%
.%
.%
.%
.%
.%
.%
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
12
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Free cash flow and cash conversion rate
1
The Group generated a free cash flow of
DKK 532.4m in Q4 2024, which was an in-
crease of 39.2% compared to DKK 382.6m
in Q4 2023. Adjusted for taxes paid on
account, the Group generated a free cash
flow of DKK 569.3m in Q4 2024 compared
to DKK 343.4m in Q4 2023.
The strong cash flow was driven by im-
proved operating profit and working capital
changes. Changes in working capital were
mainly driven by a significant increase in
prebilled invoices end of Q4 2024.
As a result of the improved free cash flow
cash conversion rate remained high at
381.4% in Q4 2024. Adjusted for the taxes
paid on account, cash conversion rate in-
creased from 386.9% in Q4 2023 to 407.8%
in Q4 2024.
For the full year, Netcompany generated a
free cash flow of DKK 821.1m corresponding
to a increase of 48.7% compared to 2023
mainly driven by improved performance
and the development in working capital.
For the year, cash conversion ratio im-
proved by 12 percentage points to 147.1%
compared to 135.1% in 2023.
Trade receivables
At 31 December 2024, Group trade
receivables increased 1.6% from DKK
1,261.8m to DKK 1,282.6m compared to 6%
growth in revenue.
Days sales outstanding decreased from 73
days in Q4 2023 to 70 days in Q4 2024 driv-
en by improved collection of outstanding
trade receivables.
As a consequence, the overdue part of
trade receivables excluding expected credit
losses decreased from 35.5% by the end of
Q4 2023 to 23.8% by the end of Q4 2024.
The overdue part of trade receivables over-
due by more than 30 days accounted for
10.8% end of Q4 2024, compared to 11.8%
end of Q4 2023.
Capital and other financial positions
1
Taxes paid within the Group are, due to local tax
regulations, paid on account in Q1 and in Q4. To
adjust for this timing mismatch between expensed
and paid corporate income taxes the free cash flow
should be viewed in a tax normalised manner to bet-
ter reflect the underlying development in free cash
flow based on operations rather than impact from
local tax legislation in Denmark.
DKK million
Not
overdue
0-30
days
30-60
days
60- 90
days
>90
days
Provi-
sion Total
Trade receivables,
31 December 2024
978.1 167.7 68.2 30.9 39.3 -1.6 1,282.6
Trade receivables,
31 December 2023
826.2 302.9 67.8 13.4 70.7 -19.1 1,261.8
DKK million
Not
overdue
0-30
days
30-60
days
60- 90
days
>90
days
Provi-
sion Total
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
13
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
CAPITALANDOTHERFINANCIALPOSITIONSCONTINUED
Work in progress
At 31 December 2024, Netcompany’s work
in progress amounted to DKK 537.3m, rep-
resented by contract work in progress of
DKK 1,366m and prepayments received
from customers of DKK 828.7m.
Combined work in progress decreased by
23.5% from DKK 702.6m in Q4 2023 to DKK
537.3m in Q4 2024. In the same period rev-
enue increased by 6% from DKK 1,582.6m
in Q4 2023 to DKK 1,678.2m in Q4 2024,
while revenue for the last twelve months
increased by 7.6%.
As a percentage of revenue, the combined
work in progress, prebilled invoices, and
trade receivables was 27.8%, compared
to 32.3% in 2023. The development was
caused by a significant increase in prebilled
invoices end of 2024.
Funding and liquidity
Originally, the maturity of the Group bank
loan expired in 2025. In Q3 2023, the
loan was prolonged by one year and now
runs to 2026. The loan can be prolonged
further by one year.
The combined committed facilities consti-
tute DKK 2,800m and an additional facility
of DKK 2,000m, available only for new
acquisitions. At 31 December 2024, DKK
1,580m of the committed lines were utilised
on ordinary borrowings leaving a total of
DKK 3,220m available in unutilised funding
of which DKK 1,220m can be utilised for
normal operations if needed with no addi-
tional costs or covenants.
In addition, Netcompany-Intrasoft had uti-
lised DKK 753.9m on local guarantees, hav-
ing no impact on the Group facilities except
for leverage.
Including net cash balance as of 31 Decem-
ber 2024 of DKK 250.9m available Group
funding was DKK 1,470.9m.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Report
for 2024.
Capital structure
In Q4 2024, debt leverage to 12 months roll-
ing adjusted EBITDA was 1.2x compared to
1.4x in Q4 2023. All covenants are complied
with.
Events after the balance sheet date
To this date, no events have accured after
the balance sheet date, which would influ-
ence the evaluation of this report.
-.%
+.%
+.%
.
,.
Work in progress overview (DK million)
,
,
Dec.
Q
Q
LT M
,.
WIP
REVENUE
Dec.
Q
Q
LT M
,
,
.
,.
,.
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
14
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
In 2024, we delivered growth and earnings
in line with our financial guidance. Despite
a continued challenged macroeconomic
environment, we grew revenue and im-
proved margins across all entities apart
from the UK, building on the initiatives intro-
duced in 2023.
Financial performance against original
guidance
Entering 2024, we made a number of as-
sumptions about revenue growth for the
year, expecting growth of between 7% and
10%. We expected higher activity levels in
the UK supported by our win of a large stra-
tegic framework agreement. Due to a slow-
down in the public sector spending following
the general election in July, that was not re-
alised. In addition, we experienced a delay in
ramping up on the contract won with Avinor
in Norway.
These two significant contracts formed an
important foundation for our growth expec-
tations for 2024.
Impacting revenue growth positively was
the continued strong performance in Net-
company-Intrasoft, where the EU and public
segment in Greece delivered particularly
significant growth – despite exiting 2023
with record-high activity levels. Impacting
revenue growth negatively was the divest-
ment of non-strategic markets in Netcom-
pany-Intrasoft and the performance in our
UK operation.
For 2024, Group revenue grew 7.4%, in line
with our guidance.
Adjusted EBITDA margin for 2024 was 16.9%
– also in line with guidance of 15% to 18%.
The improved margin was a result of better
utilisation in Netcompany Denmark, Net-
company Norway, and Netcompany Nether-
lands. Netcompany-Intrasoft also increased
its margins, leaving only the UK with lower
margins than in 2023.
Guidance 2025
Actual Original
Target performance target
Financial metrics in constant currencies
2025 2024 2024
Group revenue growth
5-10% 7.4% 7-10%
Group Adjusted EBITDA margin
16-19% 16.9% 15-18%
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
15
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Due to advanced strategic considerations,
we are not initiating a new share buyback
programme at this particular point in time.
Should these advanced strategic considera-
tions lead to a transaction it will be financed
utilising existing credit facilities.
In 2025, we expect to introduce long-term
financial aspirations to be reached by 2030
in connection with a Capital Markets Day in
Athens.
Mid-term financial targets – new long-term
financial aspirations
For 2025, we expect to keep growing and
improving margins. However, the current
slowdown in public spending following last
summer’s general election in the UK and the
divestment of non-strategic markets elimi-
nated a significant part of revenue expected
in 2024 and reduce our growth expectations
– particular for the UK market in 2025.
Consequently, we defer the timing for realis-
ing our DKK 8.5bn revenue target to 2027.
Given the strong margin recovery realised in
2024 and the clear trajectory for increased
Group margins, we reiterate our adjusted
EBITDA margin target of at least 20% and
the redistribution of at least DKK 2bn of
cash to shareholders by the end of 2026.
We expect both the Norwegian and Dutch
markets to deliver strong growth based on
increased interest in our products and plat-
forms to support continued digitalisation.
Finally, the divestment of operations in the
non-strategic markets of the Middle East
and Africa will impact Group revenue growth
negatively by 1 percentage point in 2025.
Consequently, we expect Group revenue to
increase between 5% and 10% for 2025.
Our expectation for the adjusted EBITDA
margin in 2025 is based on the fundamental
improvements to margins realised in 2024,
which are not based on one-off effects or
other non-recurring effects. Hence, we ex-
pect the Group to deliver an adjusted EBIT-
DA margin of between 16% and 19% in 2025.
Guidance for 2025
Our financial guidance for the Group for
2025 assumes that macro and geopolitical
uncertainty continues at the same level as
in 2024.
We expect a gradual improvement in UK
public sector spending on digitalisation,
which eventually will have a positive impact
on the Group. However, the timing is still un-
certain and difficult to predict.
The EU and public segment in Greece is
expected to keep growing, but growth is an-
ticipated to be lower than the last couple of
years due to historically high spending levels
in the previous years.
In the Danish operation we expect to see
unchanged market conditions compared to
2024.
GUIDANCE2025CONTINUED
Expected
revenue growth
in 2025
5%-
10%
Expected
adjusted EBITDA
margin in 2025
16%-
19%
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
16
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Capital
Netcompany’s share capital is DKK 50m
divided into 50m shares. End of Q4 2024,
Netcompany holds 2,747,635 treasury
shares equivalent to 5.5% of the share capi-
tal. The shares will be used to honour the
Group’s commitments under its Long-Term
Incentive programmes. Shares exceeding
the commitments under the long-term
incentive programmes will be cancelled on
an ongoing basis.
Share-based incentive schemes/restrict-
ed stock units
In total, 439,338 restricted stock unites
(RSUs) and 154,200 matching shares
in relation to the share-based incentive
schemes were issued at 31 December
2024 of which 101,161 RSUs and 24,000
matching shares were granted to Executive
Management and 493,377 RSUs and
130,200 matching shares were granted
to Other Key Management Personnel and
Other Employees.
The fair value of the shares at grant was
DKK 169.6m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 55.2m was recog-
nised as personnel costs in the income
statement in 2024.
Additional information on the holdings of
Netcompany shares and restricted stock
units by members of the Board of Directors
and Executive Management Board is dis-
closed in the Remuneration Report.
Shareholder information
Financial calendar 2025
20 January 2025
Deadline for shareholders to submit proposals for
the agenda of the Annual General Meeting 2025
28 January 2025 Annual Report for the financial year 2024
4 March 2025 Annual General Meeting 2025
1 May 2025 Interim report for the first 3 months of 2025
14 August 2025 Interim report for the first 6 months of 2025
30 October 2025 Interim report for the first 9 months of 2025
Share data
Stock exchange Nasdaq Copenhagen A/S
Index OMXC Large Cap
Sector Technology
ISIN code DK0060952919
Short code NETC
Share capital DKK 50.000.000
Nominal size DKK 1
Number of shares No. 50.000.000
Restriction in voting
rights No
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
17
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Executive Management
Statement of the Board of Directors
and Executive Management
Board of Directors
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
18
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Consolidated interim
financial statements
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
19
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Income statement and statement
of comprehensive income
DKK million
Note Q4 2024 Q4 2023 YTD 2024 YTD 2023
Income statement
Revenue 1 1,678.2 1,582.6 6,540.6 6,078.4
Cost of services 2 -1,189.7 -1,125.0 -4,634.4 -4,375.5
Gross profit 488.5 457.7 1,906.2 1,703.0
Sales and marketing costs -16.0 -16.1 -52.9 -54.7
Administrative costs 3 -243.1 -244.9 -943.4 -935.5
Special items -2.0 -0.5 -2.7 -0.5
Other operating income / expense -5.0 -0.6 -5.4 -0.0
EBITA 222.4 195.7 901.8 712.2
Amortisation -28.9 -29.7 -116.3 -134.2
Operating profit (EBIT) 193.6 165.9 785.5 578.0
Financial income 7.5 6.3 30.1 25.2
Financial expenses -48.0 -44.5 -175.1 -163.3
Income / loss, joint venture / associates -3.5 -0.9 -16.5 -7.7
Profit / loss before tax 149.5 126.9 624.0 432.3
Tax on the profit for the period -32.4 -61.3 -156.5 -128.2
Net profit / loss for the period 117.1 65.6 467.5 304.0
Of which
Non-controlling interest
-0.7 0.4 -2.7 0.5
Netcompany Group A/S' share
Earnings per share
Earnings per share (DKK) 2.47 1.32 9.67 6.13
Diluted Earnings per share (DKK) 2.45 1.31 9.58 6.09
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
20
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
DKK million
Note Q4 2024 Q4 2023 YTD 2024 YTD 2023
CONTINUED
Statement of comprehensive income
Net profit / loss for the period
Other comprehensive income items that may be reclassified subsequently to
profit or loss:
Exchange rate adjustments on translating foreign subsidiaries 2.8 3.3 5.0 6.7
Other comprehensive income items that may not be reclassified to profit or
loss:
Actuarial profit / loss on defined benefit plans -2.4 1.1 -2.4 1.1
Other comprehensive income, net of tax 0.4 4.3 2.6 7.8
Of which
Non-controlling interest
Netcompany Group A/S' share
Total comprehensive income 117.5 69.9 470.1 311.8
Of which
Non-controlling interest
-0.5 0.1 -2.6 0.4
Netcompany Group A/S' share
INCOMESTATEMENTANDSTATEMENT
OFCOMPREHENSIVEINCOME
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
21
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Statement of financial position
31 December 31 December
DKK million
Note 2024 2023
Assets
Intangible assets 3,708.7 3,733.1
Tangible assets 896.8 946.9
Investment in joint venture 78.6 89.5
Investment in associates 109.0 114.6
Other securities and investments 1.3 1.1
Other receivables 72.5 54.5
Deferred tax assets 46.5 41.8
Total non-current assets 4,913.4 4,981.4
Trade receivables 6 1,282.6 1,261.8
Receivables from joint venture 6.0 8.1
Receivables from associates 10.9 12.7
Contract work in progress 7 1,366.0 1,263.9
Other receivables 111.0 61.9
Prepayments 113.2 122.0
Tax receivables 18.3 0.0
Total receivables 2,908.0 2,730.3
Cash 250.9 448.1
Total current assets 3,158.9 3,178.4
Total assets 8,072.3 8,159.8
31 December 31 December
DKK million
Note
2024 2023
Equity and liabilities
Share capital 50.0 50.0
Treasury shares -884.1 -193.1
Other reserves -0.9 1.5
Retained earnings
Equity attributable to Netcompany Group A/S 3,615.4 3,823.5
Non-controlling interest 0.0 6.5
Total equity 3,615.4 3,830.1
Borrowings 1,573.9 1,586.9
Leasing liabilities 707.0 761.8
Pension obligations 23.7 19.0
Deferred tax liability 44.7 69.0
Total non-current liabilities 2,349.3 2,436.7
Borrowings 37.3 146.9
Leasing liabilities 146.4 114.7
Pension obligations 1.7 1.7
Prebilled invoices 7 828.7 561.3
Trade payables 343.1 340.0
Other payables 8 717.1 670.9
Provisions 2.1 16.7
Income tax payable 31.4 40.9
Total current liabilities 2,107.6 1,893.1
Total liabilities 4,456.9 4,329.8
Total equity and liabilities 8,072.3 8,159.8
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
22
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Cash flow statement
DKK million
Q4 2024 Q4 2023 YTD 2024 YTD 2023
Operating profit (EBIT) 193.6 165.9 785.5 578.0
Depreciation and amortisation 74.8 77.1 304.3 322.7
Non-cash items 13.3 9.8 54.5 44.2
Working capital changes 410.2 245.9 145.0 26.7
Total 691.8 498.8 1,289.3 971.6
Income taxes paid -79.1 -33.3 -211.6 -103.3
Financial income received 3.7 2.3 17.4 7.6
Financial expenses paid -35.3 -36.3 -128.1 -117.3
Cash flow from operating activities 581.1 431.4 966.9 758.6
Other investments -13.5 0.1 -13.6 -105.7
Capitalisation of intangible assets -26.6 -23.2 -91.0 -107.9
Acquisition of fixed assets -22.1 -25.6 -54.9 -98.5
Disposals of fixed assets 0.0 4.9 0.0 4.9
Other receivables (deposits) -25.4 0.0 -18.8 4.5
Cash flow from investment activities -87.6 -43.8 -178.2 -302.8
Payment of treasury shares -227.9 -0.3 -727.5 -32.0
Proceeds from borrowings 0.0 0.0 0.0 127.5
Repayment of borrowings -9.7 -9.5 -123.4 -314.3
Repayment of lease liabilities -38.7 -30.4 -138.1 -124.5
Cash flow from financing activities -276.3 -40.2 -988.9 -343.4
Net increase in cash and cash equivalents 217.2 347.4 -200.2 112.4
Cash and cash equivalents at the beginning 32.6 100.5 448.1 336.0
Effect of exchange rate changes on the balance cash held in foreign currencies
Cash and cash equivalents at the end 250.9 448.1 250.9 448.1
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
23
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Statement of changes in Equity
Foreign
currency Total equity, Non-
Share Treasury Share-based translation Other Retained Netcompany controlling
DKK million
capital
shares remuneration subsidiaries reserves earnings Group A/S interest Total equity
Equity at 1 October 2024 50.0 -650.0 78.5 7.6 1.5 4,233.5 3,721.1 4.4 3,725.5
Profit for the period 0.0 0.0 0.0 0.0 0.0 117.8 117.8 -0.7 117.1
Other comprehensive income 0.0 0.0 0.0 2.6 -2.4 0.0 0.2 0.2 0.4
Total comprehensive income 0.0 0.0 0.0 2.6 -2.4 117.8 118.0 -0.5 117.5
Treasury Shares for the period 0.0 -235.7 0.0 0.0 0.0 0.0 -235.7 0.0 -235.7
Share-based remuneration for the period 0.0 1.6 11.6 0.0 0.0 -1.2 12.0 0.0 12.0
Movement of non-controlling interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.0 -4.0
Total transactions with owners 0.0 -234.1 11.6 0.0 0.0 -1.2 -223.7 -4.0 -227.7
Equity at 31 December 2024 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4
Equity at 1 January 2024
Profit for the period 0.0 0.0 0.0 0.0 0.0 470.2 470.2 -2.7 467.5
Other comprehensive income 0.0 0.0 0.0 4.9 -2.4 0.0 2.6 0.1 2.6
Total comprehensive income 0.0 0.0 0.0 4.9 -2.4 470.2 472.7 -2.6 470.1
Treasury Shares for the period 0.0 -733.8 0.0 0.0 0.0 0.0 -733.8 0.0 -733.8
Share-based remuneration for the period 0.0 42.8 22.9 0.0 0.0 -12.8 52.8 0.0 52.8
Movement of non-controlling interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.0 -4.0
Total transactions with owners 0.0 -691.0 22.9 0.0 0.0 -12.8 -680.9 -4.0 -684.9
Equity at 31 December 2024 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
24
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Foreign
currency Total equity, Non-
Share Treasury Share-based translation Other Retained Netcompany controlling
DKK million
capital shares remuneration subsidiaries reserves earnings Group A/S interest Total equity
Equity at 1 October 2023 50.0 -195.5 61.2 1.7 0.4 3,828.5 3,746.5 6.4 3,752.9
Profit for the period 0.0 0.0 0.0 0.0 0.0 65.2 65.2 0.4 65.6
Other comprehensive income 0.0 0.0 0.0 3.5 1.1 0.0 4.6 -0.2 4.3
Total comprehensive income 0.0 0.0 0.0 3.5 1.1 65.2 69.8 0.1 69.9
Share-based remuneration for the period 0.0 2.4 5.9 0.0 0.0 -1.0 7.3 0.0 7.3
Total transactions with owners 0.0 2.4 5.9 0.0 0.0 -1.0 7.3 0.0 7.3
Equity at 31 December 2023 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1
STATEMENTOFCHANGESINEQUITYCONTINUED
Equity at 1 January 2023
Adjustment related to previous year* 0.0 0.0 118.4 0.0 0.0 -120.4 -2.1 0.0 -2.1
Adjusted Equity at 1 January 2023 50.0 -313.3 172.6 -1.6 0.4 3,610.5 3,518.6 6.2 3,524.8
Profit for the period 0.0 0.0 0.0 0.0 0.0 303.5 303.5 0.5 304.0
Other comprehensive income 0.0 0.0 0.0 6.9 1.1 0.0 7.9 -0.2 7.8
Total comprehensive income 0.0 0.0 0.0 6.9 1.1 303.5 311.4 0.4 311.8
Treasury Shares for the period 0.0 -12.8 0.0 0.0 0.0 -18.8 -31.5 0.0 -31.5
Share-based remuneration for the period 0.0 133.0 -105.4 0.0 0.0 -2.5 25.0 0.0 25.0
Total transactions with owners 0.0 120.2 -105.4 0.0 0.0 -21.3 -6.5 0.0 -6.5
Equity at 31 December 2023 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
25
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Segment information
Public Q4
Group Denmark Intrasoft UK Norway Netherlands
DKK million
Q4 2024 Q4 2023 % change Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023
Revenue 1,157.1 1,070.9 8.0% 483.2 442.5 464.6 424.0 105.0 107.6 52.2 51.6 52.1 45.2
Cost of service -840.2 -779.1 7.9% -336.4 -282.9 -351.2 -344.8 -81.1 -84.2 -39.2 -35.6 -32.4 -31.5
Gross profit 316.8 291.8
8.6%
146.8 159.6 113.4 79.2 23.9 23.3 13.0 16.0 19.7 13.7
Gross profit margin
27.4 % 27.3% 0.1pp 30.4% 36.1% 24.4% 18.7% 22.8% 21.7% 24.9% 31.1% 3 7.8 % 30.2%
Allocated costs -167.0 -169.9 -1.7% -81.6 -87.4 -53.9 -49.6 -14.3 -15.8 -8.3 -7.9 -8.9 -9.2
Adjusted EBITA before HQ costs 149.8 122.0
22.8%
65.1 72.2 59.6 29.6 9.6 7.6 4.7 8.1 10.8 4.5
Adjusted EBITA margin before allo-
cated cost from HQ
12.9% 11.4% 1.6pp 13.5% 16.3% 12.8% 7.0 % 9.2% 7.0 % 9.0% 15.7% 20.7% 9.9%
Allocated costs from HQ -6.6 -3.0 118.4% -4.5 -2.0 0.0 0.0 -1.0 -0.5 -0.6 -0.2 -0.5 -0.2
EBITA 142.0 118.7
19.7%
59.8 69.9 59.6 29.6 8.4 7.0 4.0 7.8 10.1 4.2
EBITA margin
12.3% 11.1% 1.2pp 12.4% 15.8% 12.8% 7.0 % 8.0% 6.5% 7.7 % 15.2% 19.5% 9.4%
Amortisation -19.6 -20.1 -2.4% -4.5 -6.7 -13.0 -10.0 -1.0 -1 .7 -0.5 -0.8 -0.5 -0.8
Operating profit 122.4 98.6
24.1%
55.3 63.2 46.5 19.6 7.4 5.3 3.5 7.1 9.6 3.4
Operating profit margin
10.6% 9.2% 1.4pp 11.4% 14.3% 10.0% 4.6% 7.0 % 4.9% 6.7% 13.7% 18.5% 7.5%
NOTE1
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
26
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Segment information
Private Q4
Group Denmark Intrasoft UK Norway Netherlands
DKK million
Q4 2024 Q4 2023 % change Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023
Revenue 521.2 511.7 1.9% 287.4 289.5 157.7 138.4 41.1 43.8 34.9 39.9 -0.0 0.2
Cost of service -349.5 -345.9 1.0% -161.6 -168.2 -117.7 -109.0 -32.7 -31.7 -37.5 -36.9 0.0 -0.1
Gross profit 171.7 165.8
3.5%
125.9 121.3 40.0 29.4 8.5 12.1 -2.6 3.0 -0.0 0.0
Gross profit margin
32.9% 32.4% 0.5pp 43.8% 41.9% 25.4% 21.2% 20.6% 27.7 % -7.5% 7.5% 87.0 % 22.3%
Allocated costs -81.9 -86.5 -5.4% -49.2 -53.1 -19.5 -19.5 -6.5 -6.4 -6.6 -7.5 0.0 -0.0
Adjusted EBITA before HQ costs 89.8 79.3
13.2%
76.7 68.2 20.5 9.9 1.9 5.7 -9.3 -4.5 -0.0 0.0
Adjusted EBITA margin before allo-
cated cost from HQ
17.2% 15.5% 1.7pp 26.7% 23.6% 13.0% 7.1 % 4.7% 13.0% -26.5% -11.2% 87.0 % 11.1%
Allocated costs from HQ -3.6 -1.5 136.0% -2.7 -1 .1 0.0 0.0 -0.5 -0.2 -0.5 -0.2 0.0 -0.0
Other operating income / expense -5.0 -0.6 719.1% 0.0 0.0 -5.0 -0.6 0.0 0.0 0.0 0.0 0.0 0.0
EBITA 80.4 77.0
4.5%
73.4 67.0 15.5 9.2 1.4 5.5 -9.8 -4.7 -0.0 0.0
EBITA margin
15.4% 15.0% 0.4pp 25.5% 23.1% 9.8% 6.7% 3.3% 12.5% -28.0% -11.8% 87.0 % 11.0%
Amortisation -9.3 -9.7 -4.1% -5.4 -5.8 -2.9 -2.5 -0.5 -0.7 -0.4 -0.7 0.0 -0.0
Operating profit 71.2 67.3
5.7%
68.0 61.2 12.5 6.8 0.9 4.8 -10.2 -5.4 -0.0 0.0
Operating profit margin
13.7% 13.2% 0.5pp 23.7% 21.1% 8.0% 4.9% 2.2% 10.9% -29.3% -13.6% 87.0 % 9.9%
CONTINUED
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
27
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Segment information
Public 12 months
Group Denmark Intrasoft UK Norway Netherlands
DKK million
YTD 2024 YTD 2023 % change YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023
Revenue 4,496.0 4,108.5 9.4% 1,928.2 1,756.8 1,754.6 1,549.9 418.1 475.8 195.1 178.0 200.0 148.0
Cost of service -3,229.1 -3,014.7 7.1 % -1,252.6 -1,153.6 -1,368.3 -1,245.1 -340.4 -361.9 -138.7 -137.7 -129.1 -116.4
Gross profit 1,266.9 1,093.8
15.8%
675.5 603.2 386.3 304.8 77.7 113.9 56.4 40.3 71.0 31.6
Gross profit margin 28.2% 26.6% 1.6pp 35.0% 34.3% 22.0% 19.7% 18.6% 23.9% 28.9% 22.6% 35.5% 21.4%
Allocated costs -628.0 -629.5 -0.2% -315.7 -322.8 -198.9 -175.9 -50.2 -65.1 -29.6 -31.9 -33.6 -33.9
Adjusted EBITA before HQ costs 638.9 464.3
37.6%
359.9 280.4 187.4 128.9 27.4 48.8 26.8 8.4 37.3 -2.3
Adjusted EBITA margin before allo-
cated cost from HQ
14.2% 11.3% 2.9pp 18.7% 16.0% 10.7% 8.3% 6.6% 10.3% 13.7% 4.7% 18.7% -1.5%
Allocated costs from HQ -33.8 -27.9 21.0% -23.0 -18.7 0.0 0.0 -5.5 -5.3 -2.5 -1.9 -2.7 -2.0
Special items -1.7 -0.3 504.4% -1.2 -0.2 0.0 0.0 -0.3 -0.0 -0.1 -0.0 -0.1 -0.0
EBITA 603.4 436.1
38.4%
335.7 261.5 187.4 128.9 21.6 43.4 24.2 6.5 34.5 -4.2
EBITA margin
13.4% 10.6% 2.8pp 17.4% 14.9% 10.7% 8.3% 5.2% 9.1% 12.4% 3.6% 17.2% -2.9%
Amortisation -7 7.1 -88.5 -12.8% -20.7 -35.8 -47.0 -35.0 -4.8 -10.1 -2.2 -3.7 -2.4 -3.9
Operating profit 526.2 347.6
51.4%
315.0 225.7 140.4 93.9 16.8 33.3 22.0 2.8 32.1 -8.1
Operating profit margin 11.7% 8.5% 3.2pp 16.3% 12.8% 8.0% 6.1% 4.0% 7.0 % 11.3% 1.6% 16.0% -5.5%
CONTINUED
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
28
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Segment information
Private 12 months
Group Denmark Intrasoft UK Norway Netherlands
DKK million
YTD 2024 YTD 2023 % change YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023 YTD 2024 YTD 2023
Revenue 2,044.5 1,969.9 3.8% 1,161.3 1,115.2 550.8 536.0 188.4 170.4 143.7 147.5 0.2 0.8
Cost of service -1,405.3 -1,360.8 3.3% -671.6 -668.0 -437.7 -425.9 -148.5 -122.6 -147.2 -143.6 -0.4 -0.7
Gross profit 639.3 609.2
4.9%
489.8 447.2 113.1 110.1 39.9 47.8 -3.4 3.9 -0.1 0.1
Gross profit margin 31.3% 30.9% 0.3pp 42.2% 40.1% 20.5% 20.5% 21.2% 28.1% -2.4% 2.6% -59.4% 16.7%
Allocated costs -315.4 -317.7 -0.7% -193.3 -197.6 -71.3 -65.6 -23.8 -23.6 -27.0 -30.8 -0.1 -0.1
Adjusted EBITA before HQ costs 323.8 291.5
11.1%
296.5 249.6 41.8 44.5 16.1 24.2 -30.4 -26.9 -0.2 0.0
Adjusted EBITA margin before allo-
cated cost from HQ
15.8% 14.8% 1.0pp 25.5% 22.4% 7. 6 % 8.3% 8.6% 14.2% -21.2% -18.2% -91.2% 1.3%
Allocated costs from HQ -19.1 -15.1 26.2% -14.1 -11.4 0.0 0.0 -2.6 -1.9 -2.3 -1.8 -0.0 -0.0
Special items -1.0 -0.2 495.1% -0.7 -0.1 0.0 0.0 -0.1 -0.0 -0.1 -0.0 -0.0 -0.0
Other operating income / expense -5.4 -0.0 N/A 0.0 0.0 -5.4 -0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITA 298.4 276.2
8.1%
281.6 238.1 36.5 44.5 13.4 22.3 -32.8 -28.7 -0.2 0.0
EBITA margin 14.6% 14.0% 0.6pp 24.3% 21.4% 6.6% 8.3% 7.1 % 13.1% -22.8% -19.4% -94.1% 0.4%
Amortisation -39.2 -45.8 -14.4% -23.5 -28.7 -11.4 -9.8 -2.3 -3.6 -2.0 -3.5 -0.0 -0.0
Operating profit 259.3 230.4
12.5%
258.1 209.4 25.1 34.7 11.1 18.6 -34.8 -32.2 -0.2 -0.0
Operating profit margin 12.7% 11.7% 1.0pp 22.2% 18.8% 4.6% 6.5% 5.9% 10.9% -24.2% -21.8% -96.4% -1.4%
CONTINUED
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
29
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Segment information
Geographical
Segment information related to geographical areas
Q4 2024
DKK million
Denmark Greece UK Belgium Norway Luxembourg Netherlands Other Total
Revenue from external customers 786.9 233.3 150.7 188.5 87.5 71.4 60.1 100.0 1,678.2
Q4 2023
DKK million
Denmark Greece UK Belgium Norway Luxembourg Netherlands Other Total
Revenue from external customers 732.8 218.4 155.5 211.9 94.1 25.6 61.6 82.7 1,582.6
YTD 2024
DKK million
Denmark Greece UK Belgium Norway Luxembourg Netherlands Other Total
Revenue from external customers 3,143.2 827.9 624.2 800.3 342.0 256.5 230.4 316.1 6,540.6
YTD 2023
DKK million
Denmark Greece UK Belgium Norway Luxembourg Netherlands Other Total
Revenue from external customers 2,903.1 777.3 668.8 706.6 331.4 226.1 179.8 285.4 6,078.4
CONTINUED
Geographical Full year
Segment information related to geographical areas
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
30
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Administrative costs
Cost of services
NOTE2
NOTE3
DKK million
Q4 2024 Q4 2023 YTD 2024 YTD 2023
Cost of services -337.1 -320.9 -1,214.8 -1,163.6
Salaries -847.3 -799.6 -3,397.3 -3,193.6
Depreciation -5.4 -4.4 -22.3 -18.2
Cost of services total -1,189.7 -1,125.0 -4,634.4 -4,375.5
DKK million
Q4 2024 Q4 2023 YTD 2024 YTD 2023
Administrative costs -114.6 -120.6 -406.5 -425.9
Salaries -87.9 -81.4 -371.2 -339.5
Depreciation -40.5 -42.9 -165.7 -170.2
Administrative costs total -243.1 -244.9 -943.4 -935.5
Financial income and expenses
NOTE4
DKK million
Q4 2024 Q4 2023 YTD 2024 YTD 2023
Financial Income
Exchange rate adjustments 4.6 4.8 15.5 21.9
Other financial income 2.9 1.5 14.6 3.4
Financial income total 7.5 6.3 30.1 25.2
Financial expenses
Interest expense, bank loan -24.1 -25.9 -101.7 -88.5
Interest expense, leasing -8.1 -10.0 -31.4 -25.3
Exchange rate adjustments -6.4 -2.9 -16.2 -30.7
Other financial expenses -9.5 -5.7 -26.0 -18.7
Financial expenses total -48.0 -44.5 -175.1 -163.3
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
31
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Earnings per share
NOTE5
DKK million
Q4 2024 Q4 2023 YTD 2024 YTD 2023
Earnings per share - EPS (DKK) 2.47 1.32 9.67 6.13
Diluted earnings per share - EPS-D (DKK) 2.45 1.31 9.58 6.09
Profit 117.8 65.2 470.2 303.5
Average number of shares 50.0 50.0 50.0 50.0
Average number of treasury shares 2.4 0.4 1.4 0.5
Average number of shares in circulation 47.6 49.6 48.6 49.5
Average number of outstanding restricted stock units 0.5 0.3 0.5 0.3
Average number of diluted shares in circulation 48.1 49.8 49.1 49.8
The Group is continuously conducting in-
dividual assessments of bad debt. At 31
December 2024, the Group recognised a
provision for expected credit losses of DKK
1.6m (31 December 2024: DKK 19.1m), and
no credit losses have incurred during Q4
2024.
The credit quality of trade receivables
at 31 December 2024 is considered
satisfactory.
Trade receivables
NOTE6
31 December 31 December
DKK million
2024 2023
Not overdue 978.1 826.2
0-30 days overdue 167.7 302.9
31-60 days overdue 68.2 67.8
61-90 days overdue 30.9 13.4
Over 90 days overdue 39.3 70.7
Total trade receivables excl. expected credit loss 1,284.3 1,280.9
Expected credit loss -1.6 -19.1
Total trade receivables 1,282.6 1,261.8
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
32
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Contract work in progress
NOTE7
31 December 31 December
DKK million
2024 2023
Selling price of work performed on fixed price projects 4,132.2 3,950.7
Invoiced amount on fixed price projects -3,594.9 -3,248.0
Total contract work in progress 537.3 702.6
Net value – stated on a contract-per-contract basis – is presented in the statement of
financial position as follows:
Contract work in progress 1,366.0 1,263.9
Prebilled invoices -828.7 -561.3
Total contract work in progress 537.3 702.6
Other costs payable include accruals for
external fees, administration costs, and
other items. Total other payables have a
remaining term of up to one year.
Other payables
NOTE8
31 December 31 December
DKK million
2024 2023
Wages and salaries, payroll taxes, social security costs, etc. payable 205.4 131.2
Holiday pay obligation 114.7 112.2
VAT and duties 110.0 129.7
Holdback 0.4 10.2
Other costs payable 286.4 287.6
Total other payables 717.1 670.9
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
33
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Income Statement classified by function
DKK million
Q4 2024 Q4 2023 YTD 2024 YTD 2023
Income statement
Revenue 1,678.2 1,582.6 6,540.6 6,078.4
Cost of services, incl. depreciation and amortisation -1,208.6 -1,139.3 -4,704.5 -4,427.2
Gross profit 469.6 443.3 1,836.1 1,651.2
Sales and marketing costs, incl. depreciation and amortisation -16.0 -16.1 -52.9 -54.7
Administrative costs, incl. depreciation and amortisation -255.0 -260.7 -992.3 -1,018.5
Other operating income / expense -5.0 -0.6 -5.4 -0.0
Operating profit (EBIT) 193.6 165.9 785.5 578.0
Financial income 7.5 6.3 30.1 25.2
Financial expenses -48.0 -44.5 -175.1 -163.3
Income / loss from joint venture / associates -3.5 -0.9 -16.5 -7.7
Profit / loss before tax 149.5 126.9 624.0 432.3
Tax on the profit for the period
-32.4 -61.3 -156.5 -128.2
Net profit / loss for the period
117.1 65.6 467.5 304.0
Depreciation and Amortisation have been presented as follows in the in-
come statement:
Cost of services -24.3 -18.7 -92.3 -70.0
Administrative costs -50.5 -58.3 -211.9 -252.7
Depreciation and amortisation -74.8 -77.1 -304.3 -322.7
NOTE9
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
34
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
As part of the contract commitments with
customers, the Group has through its banks
provided performance guarantees of DKK
753.9m (DKK 527.2m).
There are no collaterals provided for the
Group’s bank loan.
In Q4 2024, Netcompany recognised
revenue from Smarter Airports A/S of DKK
12.7m (DKK 10m), and revenue from Festina
Finance A/S of DKK 3.0m (DKK 4.2m).
The Group is in 2024 as well as in 2023 part
of some legal claims. The outcome of these
disputes is not considered likely to impact
the Group’s financial position significantly,
besides what is already recognised in the
balance sheet.
Related party transactions
Collateral provided and
contingent liabilities
NOTE10
NOTE11
The annual consolidated financial state-
ments of the Group are prepared in ac-
cordance with IFRS as adopted by the
European Union. The interim consolidated
financial statements included in this Q4
2024 financial report have been prepared in
accordance with IAS 34 “Interim Financial
Reporting” as adopted by the European
Union. The accounting policies applied are
consistent with those applied in the con-
solidated Annual Report for the year ended
31 December 2024 for Netcompany Group
A/S.
Accounting policies
NOTE12
No events have occurred after the balance
sheet date, which would influence the eval-
uation of this Annual Report.
Events after balance
sheet date
NOTE13
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
35
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
% change % change
DKK million
Q4 2024 Q4 2023 Q4 YTD 2024 YTD 2023 YTD
Income statement
Public revenue 1,157.1 1,070.9 8.0% 4,496.0 4,108.5 9.4%
Private revenue 521.2 511.7 1.9% 2,044.5 1,969.9 3.8%
Development revenue 472.8 469.3 0.7% 1,892.2 2,047.8 -7.6%
Maintenance revenue 1,165.8 1,091.4 6.8% 4,580.9 3,968.2 15.4%
Licence revenue 39.6 22.0 80.4% 67.4 62.4 8.1%
Organic revenue 1,678.2 1,582.6 6.0% 6,540.6 6,078.4 7.6 %
Non-organic revenue 0.0 0.0 N/A 0.0 0.0 N/A
Revenue by growth, total 1,678.2 1,582.6
6.0%
6,540.6 6,078.4
7.6 %
Special items -2.0 -0.5 337.4% -2.7 -0.5 N/A
Adjusted EBITDA 275.3 244.1 12.8% 1,097.9 901.2 21.8%
EBITDA 268.3 243.0 10.4% 1,089.8 900.7 21.0%
Adjusted EBITA 229.4 196.7 16.6% 909.9 712.7 27.7 %
EBITA 222.4 195.7 13.7% 901.8 712.2 26.6%
Operating profit (EBIT) 193.6 165.9 16.6% 785.5 578.0 35.9%
Net financials -40.5 -38.2 6.1% -145.0 -138.0 5.1%
Net profit / loss 117.1 65.6 78.6% 467.5 304.0 53.8%
Financial position
Capex -48.7 -48.8 -0.2% -145.8 -206.5 -29.4%
Total assets 8,072.3 8,159.8 -1.1% 8,072.3 8,159.8 -1.1%
Equity 3,615.4 3,830.1 -5.6% 3,615.4 3,830.1 -5.6%
Net increase in cash and cash equivalents 217.2 347.4 -37.5% -200.2 112.4 -278.1%
Free cash flow 532.4 382.6 39.2% 821.1 552.1 48.7%
Free cash flow (tax normalised) 569.3 343.4 65.8% 854.3 496.4 72.1%
Financial figures and highlights
NOTE14
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
36
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
FINANCIALFIGURESANDHIGHLIGHTSCONTINUED
Earnings per share
Earnings per share (DKK) 2.47 1.32 88.0% 9.67 6.13 57.9%
Diluted earnings per share (DKK) 2.45 1.31 87.1 % 9.58 6.09 57.2%
Workforce
Average number of full-time equivalents 8,249 7,765 6.2% 8,007 7,684 4.2%
Financial ratios
Revenue growth 6.0% 4.2% 1.9pp 7.6% 9.6% -2.0pp
Gross profit margin 29.1% 28.9% 0.2pp 29.1% 28.0% 1.1pp
Adjusted EBITDA margin 16.4% 15.4% 1.0pp 16.8% 14.8% 2.0pp
EBITDA margin 16.0% 15.4% 0.6pp 16.7% 14.8% 1.8pp
Adjusted EBITA margin 13.7% 12.4% 1.2pp 13.9% 11.7% 2.2pp
EBITA margin 13.3% 12.4% 0.9pp 13.8% 11.7% 2.1pp
Operating profit margin 11.5% 10.5% 1.0pp 12.0% 9.5% 2.5pp
Effective tax rate 21.7% 48.3% -26.6pp 25.1% 29.7% -4.6pp
Return on equity 3.1% 1.8% 1.4pp 12.6% 8.3% 4.3pp
Solvency ratio 44.8% 46.9% -2.2pp 44.8% 46.9% -2.2pp
ROIC 2.3% 1.3% 1.0pp 9.3% 5.9% 3.3pp
ROIC (Adjusted for Goodwill) 6.5% 3.6% 2.9pp 26.1% 16.9% 9.2pp
Cash conversion ratio 381.4% 431.1% -49.7pp 147.1% 135.1% 12.0pp
Cash conversion ratio (tax normalised) 407.8% 386.9% 20.9pp 153.0% 121.4% 31.6pp
% change % change
DKK million
Q4 2024 Q4 2023 Q4 YTD 2024 YTD 2023 YTD
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
37
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
Formulas
Organic
revenue
=
Revenue not classified as
non-organic revenue
Non-organic
revenue
=
Revenue from acquired businesses
the first 12 months after acquisition
Organic
Growth
1
=
Organic revenue current year x 100
Revenue last year
Gross profit
margin
1,2
=
Gross profit x 100
Revenue
EBITA
1,2
= Operating profit + Amortisation
EBITA
margin
1,2
=
EBITA x 100
Revenue
Adjusted
EBITA
=
EBITA + Special items + Other
operating income
Adjusted
EBITA
margin
=
Adjusted EBITA x 100
Revenue
Capex
1,2
=
Capitalised costs and cost spent to buy
intangible and tangible assets,
excluding impact from business
acquisitions.
Cash
conversion
ratio
1,2
=
Free cash flow x 100
Net profit - Amortisation and deferred
tax of amortisation
Days sales
outstanding
1,2
=
Trade receivables x days
Revenue
Return on
equity
2
=
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
Operating
profit margin
1
=
Operating profit x 100
Revenue
EBITDA
1,2
= EBIT + Depreciation and amortisation
EBITDA
margin
=
EBITDA x 100
Revenue
Adjusted
EBITDA
=
EBITDA + Special items + Other
operating income
Adjusted
EBTIDA
margin
=
Adjusted EBITDA x 100
Revenue
EPS
1
=
Net profit - Non-controlling interest
Average outstanding shares
EPS diluted
1
=
Net profit - Non-controlling interest
Average outstanding shares
+ Diluted shares
Free cash
flow
1,2
=
Cash flow from operating activities
- Capex
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.
Netcompany realised results in line with full year guidance and best ever quarterly free cash flow in Q4 2024
38
38
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 6/2025
28 January 2025
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 in-
volve a number of risks and uncertainties,
which could cause actual results to differ
materially from those predicted in the for-
ward-looking statements and from the past
performance of Netcompany.
Although Netcompany believes that the
estimates and projections reflected in the
forward-looking statements are reasonable,
they may prove materially incorrect, and
actual results may materially differ, e.g. as
the result of risks related to the industry in
general or Netcompany in particular, includ-
ing those described in Netcompany Group
A/S’ Annual Report 2024 and other infor-
mation made available by Netcompany.
Factors that may affect future results in-
clude, but are not limited to, global and
economic conditions, including currency
exchange rate and interest rate fluctua-
tions, delay or failure of projects related to
research and/or development, unexpected
contract breaches or terminations, un-
planned loss of patents, government-man-
dated or market-driven price decreases
for Netcompany’s products, introduction
of competing products, reliance on infor-
mation technology, Netcompany’s ability to
successfully market current and new prod-
ucts, exposure to product liability, litigation
and investigations, regulatory develop-
ments, actual or perceived failure to adhere
to ethical marketing practices, unexpected
growth in costs and expenses, failure to
recruit and retain the right employees, and
failure to maintain a culture of compliance.
As a result, forward-looking statements
should not be relied on as a prediction of
actual results. Netcompany undertakes
no obligation to update or revise any for-
ward-looking statements, whether as a
result of new information, future events or
otherwise, except to the extent required
by law.
The Annual Report 2024 of Netcompany
Group A/S is available at our website
www.netcompany.com
About Netcompany
Netcompany delivers business critical IT
solutions and consultancy that help our
customers to achieve significant business
benefits in a digitised world. Netcompany
also helps our customers to manage and
operate IT solutions both on location and in
the cloud.