Netcompany
Q1 2025
Company Announcement
Three months ended 31 March 2025
Growth and margin improvement in a continued challenging
market
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
2
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Summary
Revenue increased by 9.1% (constant 9%)
DKK 1,744.3m
Q1 25
DKK 1,598.1m
Q1 24
Conference call details
In connection with the publication of the results for Q1 2025, Netcompany will host a conference
call on 1 May at 11.00 CEST.
The conference call can be followed live via
https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-three-months-of-2025
For further dial-in details please visit the company’s website; www.netcompany.com
DKK 307.3m
DKK 247.1m
Q1 25
15.5%
Q1 24
17.6%
Adj. EBITDA increased by 24.4% (constant 25%)
Adj. EBITDA margin increased by 2.2pp (constant 2.3pp)
DKK 67.9m
Q1 25
DKK -4.9m
Q1 24
Q1 25
-4.3%
Q1 24
47.0%
8,150 FTEs
Q1 25
7,808 FTEs
Q1 24
Average workforce increased by 342 FTEs
Q1 25
1.6x
Q1 24
1.2x
Debt leverage improved
Cash conversion ratio improved 51.3pp
Free cash flow increased by DKK 72.8m
Q1 25
Q1 24
Q1 25
67.2%
Q1 24
83.3%
Cash conversion ratio (tax normalised) improved 16.1pp
DKK 2.56
Q1 25
DKK 1.87
Q1 24
Diluted earnings per share increased by 36.9%
3
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
“The Group continued the growth momentum from last year and grew revenue by 9.1% in Q1 2025. At the same
time we increased our margin by more than two percentage points to 17.6%. Our growth is built on the contin-
ued focus on our products and platforms – a proven foundation for our future growth within Netcompany.
During Q1, we announced the merger with SDC into a newly formed entity – Netcompany Banking Services. The
transaction is still on schedule to be completed around mid-year.
At the end of Q1 2025, we employed more than 8,150 talented people, and mainly grew in the international part
of the Group.
Irrespective of the increased geopolitical turmoil and the high level of uncertainty we reiterate our full year fi-
nancial expectations of revenue growth of 5% to 10% and an adjusted EBITDA margin of between 16% and 19%.
We believe that Europe is in a unique position to strengthen itself in these uncertain times and we take pride in
being a mission critical provider of world leading digitalisation services and solutions supporting governments
and enterprises throughout Europe.”
4
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Performance overview Q1
Q1 2025 Q1 2025 % change % change
DKK million
(reported) (constant)* Q1 2024 (reported) (constant)* Total 2024
Revenue 1,744.3 1,741.9 1,598.1 9.1% 9.0% 6,540.6
Cost of services -1,229.2 -1,225.9 -1,154.4 6.5% 6.2% -4,612.1
Gross profit
515.1 516.0 443.7
16.1% 16.3%
1,928.4
Gross profit margin
29.5% 29.6% 27. 8 % 1.8pp 1.9pp 29.5%
Sales and marketing costs -13.3 -13.3 -11.9 12.1% 12.0% -52.8
Administrative costs -194.6 -194.0 -184.8 5.3% 5.0% -777.7
Adjusted EBITDA
307.3 308.8 247.1
24.4% 25.0%
1,097.9
Adjusted EBITDA margin
17.6% 17.7% 15.5% 2.2pp 2.3pp 16.8%
Special items -19.3 -19.3 -0.7 2524.3% 2524.3% -2.7
Other operating income / expense 0.0 0.0 0.2 -100.0% -100.0% -5.4
EBITDA 287.9 289.4 246.5 16.8% 17.4% 1,089.8
EBITDA margin
16.5% 16.6% 15.4% 1.1pp 1.2pp 16.7%
Depreciation -49.4 -49.3 -47.8 3.4% 3.2% -188.0
Amortisation -29.0 -29.0 -28.5 1.8% 1.8% -116.3
Operating profit (EBIT) 209.6 211.2 170.3 23.1% 24.0% 785.5
Operating profit margin
12.0% 12.1% 10.7% 1.4pp 1.5pp 12.0%
Net financials -35.4 -35.3 -34.0 4.1% 3.9% -145.0
Income / loss, joint venture / associates -4.1 -4.1 -4.9 -15.1% -15.1% -16.5
Profit / loss before tax 170.1 171.7 131.4 29.4% 30.6% 624.0
Tax -48.3 -48.2 -38.9 24.1% 23.9% -156.5
Effective tax rate
28.4% 28.1% 29.6% -1.2pp -1.5pp 25.1%
Net profit / loss 121.7 123.5 92.5 31.6% 33.5% 467.5
Additional KPIs
Earnings per share (DKK) 2.58 N/A 1.89 36.8% N/A 9.67
Diluted earnings per share (DKK) 2.56 N/A 1.87 36.9% N/A 9.58
Free cash flow 67.9 N /A -4.9 -1478.2% N/A 821.1
Cash conversion rate
47.0% N/A -4.3% 51.3pp N/A 147.1%
*Constant currencies measured using average exchange rates for Q1 2024
5
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Profit before tax increased 29.4% to DKK
170.1m driven by the increase in EBIT.
Income taxes in Q1 2025 were DKK 48.3m
compared to DKK 38.9m in the same
quarter last year. The effective tax rate was
28.4% in the quarter, compared to 29.6% in
Q1 2024.
Net profit amounted to DKK 121.7m in Q1
2025, compared to DKK 92.5m in the same
quarter last year equal to an increase of
31.6%.
Free cash flow increased from negative
DKK 4.9m in Q1 2024 to DKK 67.9m in Q1
2025, mainly driven by improved operating
profit.
Adjusted EBITDA increased 24.4% to DKK
307.3m in Q1 2025 compared to DKK 247.1m
in Q1 2024. The adjusted EBITDA margin
was 17.6% (constant 17.7%), an improvement
of 2.2 percentage points compared to the
same quarter last year.
Special items amounted to DKK 19.3m in
the quarter and was related to the SDC
transaction. The transaction has been
approved by the competition authorities
in Denmark, Faroe Island and Norway. The
transaction is expected to close mid-year
and the analysis work is progressing ac-
cording to plan.
Depreciation and amortisation were DKK
78.4m in Q1 2025, in line with the same
period last year.
Operating profit (EBIT) amounted to DKK
209.6m in Q1 2025 compared to DKK
170.3m in Q1 2024 equal to an increase of
23.1%. EBIT margin was 12%, compared to
10.7% in the same quarter last year.
Net financials were negative DKK 35.4m in
Q1 2025, compared to negative DKK 34m in
Q1 2024.
Reported revenue grew 9.1% (constant 9%)
compared to Q1 2024 and amounted to
DKK 1,744.3m in Q1 2025. Revenue from
public sector increased by 13.5%, and the
private sector delivered revenue in line with
the same quarter last year. Growth was
driven by increased activity in all business
segments compared to the same quarter
last year.
Client facing FTEs grew 4.1% and average
FTEs in Q1 2025 amounted to 8,150 FTEs.
Gross profit increased 16.1% to DKK 515.1m
in Q1 2025, yielding a margin of 29.5%
compared to 27.8% in the same period last
year. Gross profit was positively impact-
ed by higher licence revenue in Q1 2025,
primarily related to Netcompany SEE & EUI
(Netcompany South East Europe and EU In-
stitutions - formerly Netcompany-Intrasoft),
as the SOLON TAX project in Greece was
recognised in the quarter.
In Q1 2025, sales and marketing costs were
DKK 13.3m, in line with the same quarter
last year, while administrative costs were
DKK 194.6m compared to DKK 184.8m in Q1
2024.
PERFORMANCEOVERVIEWQ1
CONTINUED
6
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Business Segments Q1
DKK million
Q1 2025
Constant (2024 rate)
Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
Revenue from external customers 1,741.9 796.0 629.4 162.4 103.8 50.3
Gross profit
516.0 286.2 155.3 35.5 20.9 18.1
Gross profit margin
29.6% 36.0% 24.7% 21.8% 20.1% 36.0%
Local marketing and administrative costs -192.3 -108.4 -46.6 -17.1 -13.0 -7.2
Adjusted EBITDA before allocated cost from HQ
323.7 177.9 108.7 18.4 7.9 11.0
Adjusted EBITDA margin before allocated cost from HQ
18.6% 22.3% 17.3% 11.3% 7.6 % 21.8%
Allocated costs from HQ -14.9 -10.4 0.0 -2.3 -1.5 -0.7
Special Items, allocated -19.3 -13.5 0.0 -3.1 -1.8 -0.9
Other operating income / expense 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation -49.3 -24.2 -18.4 -3.1 -2.0 -1.5
Amortisation -29.0 -10.0 -16.3 -1.4 -0.9 -0.4
EBIT 211.2 119.7 74.0 8.4 1.7 7.4
Client facing FTEs 7,618 2,810 3,680 570 369 189
DKK million
Q1 2024
Reported
Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
Revenue from external customers 1,598.1 769.2 530.6 163.2 86.7 48.5
Gross profit 443.7 283.1 102.0 31.0 11.5 16.2
Gross profit margin
27.8 % 36.8% 19.2% 19.0% 13.3% 33.3%
Local marketing and administrative costs -182.1 -103.2 -44.6 -15.2 -12.4 -6.7
Adjusted EBITDA before allocated cost from HQ 261.6 179.9 57.4 15.8 -1.0 9.5
Adjusted EBITDA margin before allocated cost from HQ
16.4% 23.4% 10.8% 9.7% -1.1% 19.5%
Allocated costs from HQ -14.5 -10.1 0.0 -2.4 -1.3 -0.8
Special Items, allocated -0.7 -0.5 0.0 -0.1 -0.1 -0.0
Other operating income / expense 0.2 0.0 0.2 0.0 0.0 0.0
Depreciation -47.8 -23.9 -17.5 -2.6 -2.1 -1.6
Amortisation -28.5 -11.4 -13.3 -2.0 -1.1 -0.6
EBIT 170.3 134.0 26.8 8.7 -5.6 6.4
Client facing FTEs 7,318 2,736 3,446 600 356 180
Revenue, %
9.3%
45.7%
36.1%
Q1 2025
2.9%
6.0%
Revenue, %
10.2%
48.1%
33.2%
Q1 2024
3.0%
5.4%
NORWAY
DENMARK
UNITEDKINGDOM
SEE&EUI
NETHERLANDS
NORWAY
DENMARK
UNITEDKINGDOM
SEE&EUI
NETHERLANDS
7
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Netcompany Denmark
Revenue growth in the Danish business
segment was 3.5%. The growth was driven
by an increase of 6.5% in revenue from the
public sector, while private sector revenue
was on level with the same quarter last
year.
Gross profit was DKK 286.2m in Q1 2025
against DKK 283.1m in Q1 2024 yielding a
gross profit margin of 36% compared to
36.8% in the same quarter last year. The
development in gross profit margin was a
result of continued time spent on business
development, product development of ex-
isting products, and resources spent on the
ongoing SDC transaction.
Adjusted EBITDA margin was 22.3% in Q1
2025 compared to 23.4% in Q1 2024. The
decline was mainly a result of the develop-
ment in gross profit margin.
Client facing FTEs grew by 2.7% in Q1 2025.
Netcompany South East Europe and EU
Institutions
Revenue in Netcompany SEE & EUI grew by
18.6%. The growth was driven by a com-
bination of license revenue and continued
growth in the public and EU area that grew
revenue by 22.2% in Q1 2025. At the same
time private sector revenue grew 6.6%
compared to the same quarter last year.
Gross profit margin increased 5.5 percent-
age points to 24.7% compared to 19.2% in
Q1 2024. Gross profit was positively im-
pacted by the license related to the SOLON
TAX project in Greece.
Adjusted EBITDA increased 89.3% to DKK
108.7m in Q1 2025, yielding an EBITDA mar-
gin of 17.3% compared to 10.8% in the same
quarter last year.
Client facing FTEs grew 6.8% in Q1 2025.
Netcompany UK
Netcompany UK realised revenue of DKK
162.4m in Q1 2025, in line with Q1 2024.
Revenue from the public sector grew by
9% in the quarter, while revenue from the
private sector declined by 22.2%. In the
public sector, the DALAS framework slowly
started to show positive trends, while the
decline in the private sector revenue was
related to the discontinuation of historical
low-margin contracts.
As a consequence of the discontinuation of
low-margin contracts and improved utilisa-
tion, margins increased in Netcompany UK.
Gross profit margin increased to 21.8%,
compared to 19% in the same quarter
last year, while adjusted EBITDA margin
improved by 1.6 percentage points to 11.3%
in Q1 2025.
Client facing FTEs decreased by 5% in Q1
2025, however, FTEs increased 2.9% from
Q4 2024.
Netcompany Norway
Revenue in Netcompany Norway grew
19.7% to DKK 103.8m in Q1 2025. Growth
was driven by the public sector that grew
revenue by 36.5%, while private sector rev-
enue was in line with the same quarter last
year. The revenue from the public sector
was positively impacted by the continued
ramp up on the Avinor project.
Gross profit margin was 20.1% in Q1 2025,
compared to 13.3% in the same quarter last
year. The improved gross profit margin was
a result of better utilisation as the ramp up
on the larger project started to materialise.
Adjusted EBITDA margin was 7.6% in Q1
2025 compared to negative 1.1% in Q1 2024.
The improvement was a result of better
utilisation.
Client facing FTEs grew by 3.4% in Q1 2025.
Netcompany Netherlands
Netcompany Netherlands grew revenue by
3.7% in Q1 2025 compared to a tough com-
parable in the same quarter last year that
grew revenue by 41%. Growth was driven
by revenue from the private sector, which
showed significant improvement; however,
from a low level, as the private sector has
not been a priority in the Dutch business
until now.
Gross profit margin was 36% in Q1 2025
compared to 33.3% in the same quarter
last year.
Adjusted EBITDA margin was 21.8% in the
quarter compared to 19.5% in Q1 2024.
Client facing FTEs increased 5.2% com-
pared to the same quarter last year.
BUSINESSSEGMENTSQ1
CONTINUED
8
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
At Netcompany, we measure 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 presented revenue visibility reflects the
expected revenue streams for a financial
year, meaning that for Q1 revenue visibility
is comprised of Q1 actuals and 9 months
expectated revenue as per 1 April 2025.
Revenue visibility end of Q1 2025 was DKK
5,628.9m, which was an increase of 3.8%
compared to DKK 5,420.7m in Q1 2024.
Revenue visibility
Generally, revenue visibility was higher than
normal at the end of 2023 and at Q1 2024
as a number of contracts, particularly in
the private sector, were signed for a longer
than normal period at that time. Compared
to revenue visibility end of 2024, revenue
visibility end of Q1 2025 has increased by
15% sequentially compared to 9.1% revenue
growth in Q1 2025.
The revenue visibility for 2025 consists
of contractual committed revenue and
non-contractual committed engagements,
which amounted to DKK 3,401.5m and
DKK 483.2m, respectively, while realised
revenue in the first three months of 2025
amounted to DKK 1,744.3m.
Revenue visibility in the public sector
increased 4.3% and amounts to DKK
3,945.4m, of which contractual committed
revenue amounted to DKK 2,540.6m and
non-contractual committed engagements
amounted to DKK 169.5m, while realised
revenue in the first three months of 2025
amounted to DKK 1,235.3m.
Revenue visibility in the private sector
increased 2.7% and amounts to DKK
1,683.5m, of which contractual committed
revenue amounted to DKK 860.8m and
non-contractual committed engagements
amounted to DKK 313.7m, while realised
revenue in the first three months of 2025
amounted to DKK 509m.
Pipeline in both the private and the public
sectors for 2025 remains at a satisfactory
level indicating continued growth.
DKK million
Total revenue visibility for the financial
year 2025
.
.%
.%
.%
,.
.
.%
,.
Revenue
Contractual
committed
Total
Non con-
tractual
committed
.%
,.
.
.
.%
.%
PRIVATE
PUBLIC
.
,.
,.
9
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Netcompany employed an average of 8,150
FTEs in Q1 2025, which was an increase
of 342 FTEs or 4.4% compared to Q1 2024
(7,808 FTEs). On a sequential basis FTEs in
Q1 2025 decreased 1.2% compared to Q4
2024 driven by a decrease in freelancers
and the divestment of our operations in the
Middle East and Africa during Q4 2024.
The number of client facing equivalents
for the Group increased by 300 from 7,318
in Q1 2024 to 7,618 in Q1 2025, while the
level of non-client facing FTEs was 6.5%
in Q1 2025 compared to 6.3% in Q1 2024.
Sequentially, the number of client facing
equivalents increased by 365 FTEs from Q4
2024 to Q1 2025, and the level of non-client
facing FTEs decreased from 6.6% in Q4
2024.
Freelancers decreased 4% from 904 in
Q1 2024 to 868 in Q1 2025 driven by the
decrease in the amount of freelancers in
Netcompany SEE & EUI.
The attrition rate for the last twelve months
was 18%, which was an increase of 1.7
percentage points compared to 16.3% in Q1
2024. On a sequential basis the churn rate
was on par with Q4 2024. However the 3
months rolling churn rates have decreased
in all entities besides UK compared to the
same period last year.
Workforce
Avg. FTEs increased to 8,150 in Q1 2025
Q1 2025
2,000
0
1,500
4,000
NONCLIENTFACING
FREELANCERS
UNITEDKINGDOM
POLAND
DENMARK
UKCONTRACTORS
VIETNAM
NETHERLANDS
NORWAY
NETCOMPANY
SEE&EUI
4,500
6,0005,500 6,500
7,000
5,000
7,500
2,816 868
8,150
2,117 328 457
171
503 532
56
301
8,000
3,500
Q1 2024
2,585 904
7,808
2,088 321 426
163
553 490
28
250
10
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion
Total
Trade receivables, 31 March
2025
720.5 200.1 38.7 68.0 55.5 -0.5 1,082.3
Trade receivables, 31 March
2024
726.0 316.1 43.5 29.4 60.0 -21.0 1,154.0
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion
Total
Free cash flow and cash conversion rate
1
The Group generated a free cash flow of
DKK 67.9m in Q1 2025 compared to nega-
tive DKK 4.9m in Q1 2024.
Adjusted for taxes paid on account, the
Group generated a free cash flow of DKK
120.3m in Q1 2025 compared to DKK 77.1m
in Q1 2024, which was an increase of
55.9%. The increase in free cash flow was
driven by improved operating profit.
As a result of the improved cash flow,
cash conversion rate also improved from
negative 4.3% in Q1 2024 to 47% in Q1 2025.
Adjusted for the taxes paid on account
cash conversion rate increased by 16.1 per-
centage points from 67.2% to 83.3%.
Trade receivables
At 31 March 2025, trade receivables were
DKK 1,082.3m compared to DKK 1,154m end
of Q1 2024, corresponding to a decrease of
6.2% compared to revenue growth of 9.1%
caused by higher than normal level of trade
receivables in Q1 2024. The trade recevi-
ables in Q1 2024 was impacted by Q1 2024
ending on a Easter holiday, delaying some
payments to the beginning of April.
As a consequence, days sales outstanding
decreased from 66 days in Q1 2024 to 57
days in Q1 2025.
The overdue part of the trade receivables
decreased from 38.2% in Q1 2024 to 33.5%
in Q1 2024, caused by the delays in pay-
ments in Q1 2024 due to the Easter holiday.
Work in progress
At 31 March 2025, Netcompany’s work in
progress amounted to DKK 799.1m, repre-
sented by contract work in progress of DKK
1,700.4m and prepayments received from
customers of DKK 901.3m.
Combined work in progress decreased by
12.2% from DKK 909.9m in Q1 2024 to DKK
799.1m in Q1 2025, impacted by a signif-
icant increase in prebilled invoices in Q1
2025, which was also the case end of Q4
2024.
As a total, trade receivables and work in
progress decreased by 8.8% from DKK
2,063.9m end of Q1 2024 to DKK 1,881.4m
end of Q1 2025. The development was
caused by the significant increase in pre-
billed invoices end of 2024.
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.
11
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
In the quarter revenue increased 9.1% from
DKK 1,598.1m in Q1 2024 to DKK 1,744.3m
in Q1 2025, whereas revenue for the last
twelve months increased by 9%.
Investments
On 10 February 2025, Netcompany Group
established Netcompany Banking Services
A/S and agreed with a majority of the
shareholders of SDC A/S to merge Netcom-
pany Banking Services A/S and SDC A/S
into a combined company fully owned by
Netcompany Group. The transaction values
SDC at DKK 1bn and will include a cash
payment of DKK 1bn from Netcompany
Banking Services A/S to SDC’s sharehold-
ers.
Closing of the transaction is expected to
take place around mid-2025, subject to
regulatory and other customary conditions.
Additionally, Netcompany increased its
investment in Festina Finance by 2% to 22%
in Q1 2025. The investment values Festina
Finance at an enterprise value of DKK 1bn.
Funding and liquidity
Originally, the maturity of the Group bank
loan would expire in 2025. In April 2023 and
April 2024, the loan was prolonged twice by
one year and now runs to 2027.
The combined committed facilities consti-
tute DKK 2,800m and an additional facility
of DKK 2,000m, available only for new
acquisitions. DKK 1,000m of the additional
facility will be drawn to settle the transac-
tion with SDC A/S.
On 31 March 2025, 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 opera-
tions if needed with no additional costs or
covenants.
In addition, Netcompany SEE & EUI had
utilised DKK 770.4m on local guarantees,
having no impact on the Group facilities
except for leverage.
Including net cash balance as of 31 March
2025 of DKK 185.1m available Group funding
was DKK 1,405.1m.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Report
for 2024.
Capital structure
Compared to Q1 2024, debt ratio improved
to 1.2x compared to 1.6x in the same period
last year, which is fully compliant with cur-
rent covenants.
Taking the transaction with SDC into ac-
count, Netcompany expects leverage at the
end of 2025 to be around 1.5x.
Events after the balance sheet date
At the Annual General Meeting in March
2025 a decision was passed to reduce the
share capital by DKK 2.5m by cancelling
2.5m treasury shares. On 7 April 2025, reg-
istration of the share capital reduction was
made by the Danish Business Authority.
To this date, no further events have oc-
curred after the balance sheet date, which
would influence the evaluation of this
report.
CAPITALANDOTHERFINANCIALPOSITIONS
CONTINUED
-8.8%
+9.1%
+9.0%
1,082.3
1,744.3
Work in progress overview
1,000
0
500
1,500
Mar. 31
2025
Q1 2025
Q1 2025
LTM
6,686.7
WIP
REVENUE
1,154.0
Mar. 31
2024
1,598.1
Q1 2024
Q1 2024
LTM
6,136.4
6,000
2,000
TRADERECEIVABLES
799.1
909.9
DKK million
12
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Upon completion of the SDC transaction
Netcompany expects to reinitiate its share
buyback programme. The expectation to
buy back own shares to a total value of DKK
2bn in the period from 2024 to 2026 remains
unchanged effectively meaning that a total
of DKK 1.2bn worth of shares are expected
to be purchased in the period from closing
of the SDC transaction till the end of 2026.
Guidance 2025
Financial guidance as given in the annu-
al report and confirmed in the company
announcement of 10 February 2025 is based
on organic measures and consequently
stand unaffected by the SDC transaction.
Based on revenue growth of 9% (constant)
and adjusted EBITDA margin of 17.7% (con-
stant) realised in the first quarter of 2025,
and taking current backlog and weighted
pipeline into consideration, Netcompany
maintains the financial guidance for the full
year 2025 and expects revenue growth of
5% to 10% (constant) and adjusted EBITDA
margin of between 16% and 19% (constant).
These measures are not including the inte-
gration of SDC into the Netcompany Group.
Impacts from SDC into the Netcompany
Group are expected to be communicated in
connection with the release of the Q3 earn-
ings report, in which financial performance
from SDC is expected to be included.
Expected revenue growth
in 2025
5%-10%
Expected adjusted EBITDA
margin in 2025
16%-19%
Actual adjusted EBITDA
margin in 2024
16.9%
Actual revenue growth
in 2024
7.4%
13
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Capital
At 31 March 2025, Netcompany’s share
capital was DKK 50m divided into 50m
shares.
End of Q1 2025 Netcompany held 2,878,783
treasury shares equivalent to 5.8% of the
share capital.
At the Annual General Meeting in March
2025 a decision was passed to reduce the
share capital by DKK 2.5m by cancelling
2.5m treasury shares. The registration of
the share capital reduction was made by
the Danish Business Authority on 7 April
2025.
Additional shares will be used to honour the
Group’s commitments under its long-term
incentive programmes.
Share-based incentive schemes/restrict-
ed stock units and matching shares
In total, 550,899 restricted stock unites
(RSUs) and 154,200 matching shares
in relation to the share-based incentive
schemes were issued at 31 March 2025 of
which 116,654 RSUs and 24,000 matching
shares were granted to Executive Man-
agement
and 434,245 RSUs and 130,200
matching shares were granted to Other Key
Management Personnel and Other Employ-
ees.
The fair value of the shares at grant was
DKK 189.6m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 14.1m was recog-
nised as personnel costs in the income
statement in Q1 2025. During the quarter,
the RSU programmes granted in 2021
exercised and 63,969 treasury shares
(recognised at DKK 29.1m on equity) were
transferred from reserves to Executive
Management, Other Key Management
Personnel and Other Employees part of the
RSU programme.
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
14 August 2025 Interim report for the first 6 months of 2025
30 October 2025 Interim report for the first 9 months of 2025
31 October 2025 Capital Markets Day 2025, Copenhagen
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
14
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Executive Management
Board of Directors
Statement of the Board of Directors
and Executive Management
Consolidated interim
financial statements
16
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Income statement and Statement
of comprehensive income
DKK million
Note Q1 2025 Q1 2024 Total 2024
Income statement
Revenue
1,2
Cost of services
3
-1,229.2 -1,154.4 -4,612.1
Gross profit
Sales and marketing costs -13.3 -11.9 -52.8
Administrative costs
4
-194.6 -184.8 -777.7
Adjusted EBITDA 307.3 247.1 1,097.9
Special items -19.3 -0.7 -2.7
Other operating income / expense 0.0 0.2 -5.4
EBITDA 287.9 246.5 1,089.8
Depreciation -49.4 -47.8 -188.0
Amortisation -29.0 -28.5 -116.3
Operating profit (EBIT) 209.6 170.3 785.5
Financial income
5
Financial expenses
5
-40.6 -38.7 -175.1
Income / loss, joint venture / associates -4.1 -4.9 -16.5
Profit / loss before tax 170.1 131.4 624.0
Tax on the profit for the period -48.3 -38.9 -156.5
Net profit / loss for the period 121.7 92.5 467.5
Of which
Non-controlling interest 0.0 -0.9 -2.7
Netcompany Group A/S' share
Earnings per share
Earnings per share (DKK)
6
Diluted Earnings per share (DKK)
6
DKK million
Note Q1 2025 Q1 2024 Total 2024
Statement of comprehensive income
Net profit / loss for the period 121.7 92.5 467.5
Other comprehensive income items
that may be reclassified subsequently
to profit or loss:
Exchange rate adjustments on translat-
ing foreign subsidiaries
Other comprehensive income items
that may not be reclassified to profit
or loss:
Actuarial profit / loss on defined benefit
plans
Other comprehensive income, net of
tax
Of which
Non-controlling interest 0.0 0.0 0.1
Netcompany Group A/S' share
Total comprehensive income 122.1 92.3 470.1
Of which
Non-controlling interest 0.0 -0.9 -2.6
Netcompany Group A/S' share
17
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Statement of financial position
31 March 31 March 31 December
DKK million
Note
2025 2024 2024
Assets
Intangible assets 3,707.0 3,724.3 3,708.7
Tangible assets 888.5 923.6 896.8
Investment in joint venture 75.0 87.2 78.6
Investment in associates 128.6 112.0 109.0
Other securities and investments 1.2 1.1 1.3
Other receivables 72.9 55.8 72.5
Deferred tax assets 47.6 44.2 46.5
Total non-current assets
Trade receivables 1,082.3 1,154.0 1,282.6
Receivables from joint venture 3.5 7.4 6.0
Receivables from associates 6.2 13.9 10.9
Contract work in progress 7 1,700.4 1,488.5 1,366.0
Other receivables 124.7 119.9 111.0
Prepayments 105.1 125.0 113.2
Tax receivables 72.0 59.6 18.3
Total receivables 3,094.2 2,968.2 2,908.0
Cash 185.1 301.6 250.9
Total current assets 3,279.4 3,269.8 3,158.9
Total assets
31 March 31 March 31 December
DKK million
Note
2025
2024 2024
Equity and liabilities
Share capital 50.0 50.0 50.0
Treasury shares -911.4 -265.3 -884.1
Retained earnings 4,548.2 4,039.5 4,450.3
Other reserves
-0.9 1.5 -0.9
Equity attributable to Group
Non-controlling interest 0.0 5.6 0.0
Total equity
Borrowings 1,574.5 1,574.0 1,573.9
Lease liabilities 701.9 748.6 707.0
Pension obligations 24.8 19.8 23.7
Deferred tax liability 57.3 71.7 44.7
Total non-current liabilities
Borrowings 37.3 154.0 37.3
Lease liabilities 150.8 117.2 146.4
Pension obligations 1.7 1.7 1.7
Prebilled invoices 7 901.3 578.6 828.7
Trade payables 329.9 338.7 343.1
Other payables 699.0 747.3 717.1
Provisions 1.2 16.9 2.1
Income tax payable 34.7 18.3 31.4
Total current liabilities
Total liabilities
Total equity and liabilities 8,200.2 8,218.0 8,072.3
18
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Cash flow statement
DKK million
Q1 2025 Q1 2024 Total 2024
Operating profit (EBIT) 209.6 170.3 785.5
Depreciation and amortisation 78.4 76.2 304.3
Non-cash items 15.9 11.5 54.5
Working capital changes -84.8 -84.9 145.0
Total
Income taxes paid -85.9 -121.7 -211.6
Financial income received 2.6 2.1 17.4
Financial expenses paid -32.0 -24.7 -128.0
Cash flow from operating activities
Other investments -20.0 0.0 -13.6
Capitalisation of intangible assets -28.5 -19.6 -91.0
Acquisition of fixed assets -7.4 -14.2 -54.9
Other receivables (deposits) -0.7 -1.3 -18.8
Cash flow from investment activities
-56.6 -35.1 -178.2
Payment of treasury shares -73.9 -104.4 -727.5
Repayment of borrowings -0.2 -6.6 -123.4
Repayment of lease liabilities -40.0 -29.4 -138.1
Cash flow from financing activities -114.1 -140.4 -988.9
Net increase in cash and cash equivalents
-66.9 -146.6 -200.2
Cash and cash equivalents at the beginning
Effect of exchange rate changes on the balance cash held in foreign currencies 1.1 0.2 3.1
Cash and cash equivalents at the end
19
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 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 January 2025 50.0 -884.1 90.1 10.2 -0.9 4,350.1 3,615.4 0.0 3,615.4
Profit for the period 0.0 0.0 0.0 0.0 0.0 121.7 121.7 0.0 121.7
Other comprehensive income 0.0 0.0 0.0 0.4 0.0 0.0 0.4 0.0 0.4
Total comprehensive income 0.0 0.0 0.0 0.4 0.0 121.7 122.1 0.0 122.1
Treasury Shares for the period 0.0 -67.7 0.0 0.0 0.0 0.0 -67.7 0.0 -67.7
Share-based remuneration for the period 0.0 40.4 -14.1 0.0 0.0 -10.2 16.1 0.0 16.1
Total transactions with owners 0.0 -27.3 -14.1 0.0 0.0 -10.2 -51.6 -0.0 -51.6
Equity at 31 March 2025 50.0 -911.4 76.0 10.6 -0.9 4,461.6 3,685.9 0.0 3,685.9
Equity at 1 January 2024
Profit for the period 0.0 0.0 0.0 0.0 0.0 93.4 93.4 -0.9 92.5
Other comprehensive income 0.0 0.0 0.0 -0.2 0.0 0.0 -0.2 0.0 -0.2
Total comprehensive income 0.0 0.0 0.0 -0.2 0.0 93.4 93.3 -0.9 92.3
Treasury Shares for the period 0.0 -103.7 0.0 0.0 0.0 0.0 -103.7 0.0 -103.7
Share-based remuneration for the period 0.0 31.5 -12.7 0.0 0.0 -6.2 12.6 0.0 12.6
Total transactions with owners 0.0 -72.2 -12.7 0.0 0.0 -6.2 -91.1 0.0 -91.1
Equity at 31 March 2024 50.0 -265.3 54.5 5.1 1.5 3,980.0 3,825.7 5.6 3,831.3
Equity at 1 January 2024
Total comprehensive income
Total transactions with owners
Equity at 31 December 2024
20
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Group
Netcompany
Denmark
Netcompany SEE
& EUI
Netcompany UK
Netcompany
Norway
Netcompany
Netherlands
DKK million
Q1 2025 Q1 2024 % change Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024
Revenue 1,744.3 1,598.1 9.1% 796.0 769.2 629.8 530.6 166.4 163.2 101.8 86.7 50.3 48.5
Cost of service -1,229.2 -1,154.4 6.5% -511.0 -486.1 -474.5 -428.6 -130.0 -132.2 -81.5 -75.2 -32.2 -32.4
Gross profit 515.1 443.7 16.1% 285.0 283.1 155.3 102.0 36.5 31.0 20.3 11.5 18.1 16.2
Gross profit margin
29.5% 27.8 % 1.8pp 35.8% 36.8% 24.7% 19.2% 21.9% 19.0% 19.9% 13.3% 35.9% 33.3%
Allocated costs -192.9 -182.1 5.9% -108.8 -103.2 -46.7 -44.6 -17.5 -15.2 -12.8 -12.4 -7.2 -6.7
Adjusted EBITDA before HQ costs 322.2 261.6
23.2%
176.2 179.9 108.6 57.4 19.0 15.8 7.5 -1.0 10.9 9.5
Adjusted EBITDA margin before allo-
cated cost from HQ
18.5% 16.4% 2.1pp 22.1% 23.4% 17.3% 10.8% 11.4% 9.7% 7.3% -1.1% 21.7% 19.5%
Allocated costs from HQ -14.9 -14.5 2.8% -10.4 -10.1 0.0 0.0 -2.3 -2.4 -1.5 -1.3 -0.7 -0.8
Adjusted EBITDA 307.3 247.1
24.4%
165.8 169.8 108.6 57.4 16.6 13.4 6.0 -2.3 10.2 8.7
Adjusted EBITDA margin
17.6% 15.5% 2.2pp 20.8% 22.1% 17.3% 10.8% 10.0% 8.2% 5.9% -2.6% 20.3% 17.9%
Special items -19.3 -0.7 2524.3% -13.5 -0.5 0.0 0.0 -3.1 -0.1 -1.8 -0.1 -0.9 -0.0
Other operating income / expense 0.0 0.2 -100.0% 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 287.9 246.5 16.8% 152.3 169.3 108.6 57.6 13.5 13.3 4.2 -2.3 9.3 8.7
EBITDA margin
16.5% 15.4% 1.1pp 19.1% 22.0% 17.3% 10.9% 8.1% 8.2% 4.1% -2.7% 18.5% 17.8%
Depreciation -49.4 -47.8 3.4% -24.2 -23.9 -18.5 -17.5 -3.2 -2.6 -2.0 -2.1 -1.5 -1.6
Amortisation -29.0 -28.5 1.8% -10.0 -11.4 -16.3 -13.3 -1.4 -2.0 -0.9 -1.1 -0.4 -0.6
EBIT 209.6 170.3 23.1% 118.1 134.0 73.9 26.8 8.9 8.7 1.3 -5.6 7.4 6.4
EBIT margin
12.0% 10.7% 1.4pp 14.8% 17.4% 11.7% 5.0% 5.3% 5.3% 1.3% -6.4% 14.6% 13.2%
Segmentation
NOTE1
21
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Public sector
Group
Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
DKK million
Q1 2025 Q1 2024 % change Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024
Revenue 1,235.3 1,088.7 13.5% 503.6 472.8 498.9 407.9 126.9 113.6 61.6 46.0 44.4 48.4
Cost of service -867.7 -797.0 8.9% -330.6 -307.8 -366.6 -327.4 -97.9 -94.4 -43.7 -35.3 -28.9 -32.2
Gross profit 367.6 291.7 26.0% 172.9 165.0 132.2 80.5 28.9 19.2 17.9 10.7 15.6 16.2
Gross profit margin
29.8% 26.8% 3.0pp 34.3% 34.9% 26.5% 19.7% 22.8% 16.9% 29.0% 23.3% 35.1% 33.5%
Revenue split
Private sector
Group
Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
DKK million
Q1 2025 Q1 2024 % change Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024
Revenue 509.0 509.4 -0.1% 292.4 296.4 130.9 122.7 39.6 49.6 40.2 40.6 5.9 0.1
Cost of service -361.4 -357.4 1.1% -180.3 -178.3 -107.9 -101.2 -32.0 -37.8 -37.8 -39.9 -3.4 -0.2
Gross profit 147.5 152.0 -3.0% 112.1 118.1 23.1 21.5 7.5 11.8 2.4 0.7 2.5 -0.1
Gross profit margin
29.0% 29.8% -0.9pp 38.3% 39.8% 17.6% 17.5% 19.1% 23.8% 5.9% 1.8% 42.6% -44.4%
NOTE2
DKK million
Q1 2025 Q1 2024 % change Total 2024
Revenue by type
Public sector revenue 1,235.3 1,088.7 13.5% 4,496.0
Private sector revenue 509.0 509.4 -0.1% 2,044.5
Revenue recognised over time 1,698.3 1,595.6 6.4% 6,473.1
Revenue recognised at a point in time 46.0 2.6 1687.0% 67.4
Organic revenue 1,744.3 1,598.1 9.1% 6,540.6
Non-organic revenue 0.0 0.0 N/A 0.0
Revenue by type, total 1,744.3 1,598.1
9.1%
6,540.6
22
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Administrative costs
Cost of services
DKK million
Q1 2025 Q1 2024 Total 2024
Cost of services -295.2 -279.2 -1,214.8
Salaries -934.0 -875.2 -3,397.3
Cost of services total -1,229.2 -1,154.4 -4,612.1
DKK million
Q1 2025 Q1 2024 Total 2024
Administrative costs -90.4 -91.3 -406.5
Salaries -104.2 -93.5 -371.2
Administrative costs total -194.6 -184.8 -777.7
NOTE3
NOTE4
Financial income and expenses
DKK million
Q1 2025 Q1 2024 Total 2024
Financial Income
Exchange rate adjustments 4.1 3.0 15.5
Other financial income 1.1 1.7 14.6
Financial income total
5.2 4.7 30.1
Financial expenses
Interest expense, bank loan -20.0 -26.3 -101.7
Interest expense, leasing -7.4 -7.8 -31.4
Exchange rate adjustments -3.1 0.6 -16.2
Other financial expenses -10.1 -5.2 -26.0
Financial expenses total
-40.6 -38.7 -175.1
NOTE5
23
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Earnings per share
DKK million
Q1 2025 Q1 2024 Total 2024
Earnings per share - EPS (DKK) 2.58 1.89 9.67
Diluted earnings per share - EPS-D (DKK) 2.56 1.87 9.58
Profit 121.7 93.4 470.2
Average number of shares 50.0 50.0 50.0
Average number of treasury shares 2.9 0.5 1.4
Average number of shares in circulation 47.1 49.5 48.6
Average number of outstanding restricted stock units 0.4 0.5 0.5
Average number of diluted shares in circulation 47.6 50.0 49.1
NOTE6
Contract work in progress
NOTE7
31 March 31 March 31 December
DKK million
2025 2024 2024
Selling price of work performed on fixed price projects 3,227.6 5,220.9 4,132.2
Invoiced amount on fixed price projects -2,428.6 -4,311.0 -3,594.9
Total contract work in progress
799.1 909.9 537.3
Net value – stated on a contract-per-contract basis – is
presented in the statement of financial position as fol-
lows:
Contract work in progress 1,700.4 1,488.5 1,366.0
Prebilled invoices -901.3 -578.6 -828.7
Total contract work in progress
799.1 909.9 537.3
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 1.2m (DKK 16.9m), cover-
ing legal claims and project related risks.
24
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Income Statement classified by function
DKK million
Q1 2025 Q1 2024 Total 2024
Income statement
Revenue 1,744.3 1,598.1 6,540.6
Cost of services, incl. depreciation and amortisation -1,253.6 -1,176.3 -4,704.5
Gross profit
490.6 421.8 1,836.1
Sales and marketing costs -13.3 -11.9 -52.8
Administrative costs, incl. depreciation, amortisation and special items -267.8 -239.9 -992.3
Other operating income / expense 0.0 0.2 -5.4
Operating profit (EBIT)
209.6 170.3 785.5
Financial income 5.2 4.7 3 0.1
Financial expenses -40.6 -38.7 -175.1
Income / loss from joint venture / associates -4.1 -4.9 -16.5
Profit / loss before tax
170.1 131.4 624.0
Tax on the profit for the period
-48.3 -38.9 -156.5
Net profit / loss for the period
121.7 92.5 467.5
Depreciation and Amortisation have been presented as follows in the
income statement:
Cost of services -24.5 -21.9 -92.3
Administrative costs -53.9 -54.3 -211.9
Depreciation and amortisation
-78.4 -76.2 -304.3
NOTE8
25
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
As part of its contract commitments with
customers, the Group has through its
banks provided performance guarantees
of DKK 770.4m (DKK 566.3m).
There are no collaterals provided for
the Group’s bank loan.
In Q1 2025, Netcompany recognised
revenue from Smarter Airports A/S of DKK
11.6m (DKK 8.4m), and revenue from Festi-
na Finance A/S of DKK 1.5m (DKK 2.9m).
The Group is in 2025 as well as in 2024 part
of some legal claims. The outcome of these
disputes is not considered likely to impact
the Group’s financial position significantly,
besides what is already recognised in the
balance sheet.
Related party transactions
Collateral provided and
contingent liabilities
NOTE9 NOTE10
The interim consolidated financial state-
ments included in this Q1 2025 financial
report have been prepared in accordance
with IAS 34 “Interim Financial Reporting” as
adopted by the European Union. Besides
from the below mentioned changes in
accounting policies, accounting policies
applied in this report are consistent with
those applied in the consolidated Annual
Report for the year ended 31 December
2024 for Netcompany Group A/S.
Change in presentation of income
statement
With effect from 1 January 2025 Netcom-
pany Group A/S has changed the presenta-
tion of the income statement. The income
statement now shows EBITDA instead of
EBITA. The reason for the change is to pro-
vide more relevant information by aligning
the income statement with our financial
guidance which consist of targets for
revenue and adjusted EBITDA margin. The
new presentation of the income statement
offers a clearer view of our operating per-
formance by separating depreciation and
amortisation, a non-cash expense, from
our operating earnings. The effect of the
change has been retrospectively applied to
the comparison figures for 2024, improving
the “gross profit” line by DKK 5.6m in Q1
2024 and DKK 22.3m in 2024, now part of
the depreciation line presented separately.
The opening equity as of 1 January 2024,
the result for both Q1 2024 and 2024 as
well as earnings per share is not impacted
by the change in accounting policies. The
effect of the change in Q1 2025 consist of
DKK 4.4m improving the “gross profit” line.
Change in composition of reportable
segments
With effect from 1 January 2025 Netcompa-
ny Group A/S has changed the composition
of reportable segments. Prior to 2025 the
reportable segments consisted of “Public”
and “Private” and from 2025 and onwards
five reportable segments have been de-
fined as disclosed in note 1. The change of
reportable segments is due to the con-
tinued increasing focus from Executive
Management on the activities and results
on markets.
Accounting policies
NOTE11
The change of reporting segments provides
more relevant information about the current
business activities from which the Group
earn revenue and allocate resources. The
effect of the chance has been retrospec-
tively applied to the comparison figures for
2024. The opening equity as of 1 January
2024, the result for both Q1 2024, 2024 and
Q1 2025 as well as earnings per share is
not impacted by the change in composition
of reportable segments. The change of
reporting segments has not impacted the
definition of cash-generating units which
remains unchanged from the 2024 annual
report.
26
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 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
Operating
profit
margin
1
=
Operating profit x 100
Revenue
EBITDA
1,2
= EBIT + Depreciation and amortisation
EBITDA
margin
=
EBITDA x 100
Revenue
Days sales
outstand-
ing
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
Adjusted
EBITDA
=
EBITDA + Special items + Other operat-
ing 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
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
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.
27
27
Growth and margin improvement in a continued challenging market
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 13/2025
1 May 2025
Disclaimer
This report contains forward-looking
statements including, but not limited to, the
statements and expectations contained
in the outlook section. Forward-looking
statements are statements (other than
statements of historical fact) relating to
future events and Netcompany’s antici-
pated or planned financial and operational
performance.
The words ‘may’, ‘will’, ‘will continue’,
‘should’, ‘expect’, ‘foresee’, ‘anticipate’,
‘believe’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’
or variations of these words, including
negatives thereof, as well as other state-
ments regarding matters that are not
historical fact or regarding future events
or prospects, constitute forward-looking
statements.
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 ma-
terially 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,
including those described in Netcompany
Group A/S’ Annual Report 2024 and other
information made available by Netcompany.
Factors that may affect future results
include, but are not limited to, global and
economic conditions, including currency
exchange rate and interest rate 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 informa-
tion 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.