1
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Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
Netcompany
Q2 2025
Company Announcement
Six months ended 30 June 2025
Continued growth and investing in the future
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
2
34
Summary
Conference call details
In connection with the publication of the results for Q2 2025, Netcompany will host a
conference call on 14 August 2025 at 11.00 CEST.
Revenue increased by 3.9% (constant 3.9%)
DKK 1,714.9m
Q
DKK 1,650.2m
Q
DKK 3,459.2m
YTD
DKK 3,248.4m
DKK 220.7m
DKK 269.1m
DKK 527.9m
DKK 516.2m
16.3%
12.9%
Adj. EBITDA decreased 18% (constant 18.3%)
Adj. EBITDA margin of 12.9% (constant 12.8%)
15.9%
15.3%
8,333 FTEs
7,884 FTEs
8,242 FTEs
7,846 FTEs
Average workforce increased by 449 FTEs
DKK 25.6m
DKK 148.2m
DKK 93.5m
DKK 143.3m
1.5x
1.3x
Debt leverage improved
Free cash flow decreased DKK 122.6m
YTD
Q
Q
YTD
YTD
Q
Q
YTD
YTD
Q
Q
YTD
YTD
Q
Q
YTD
YTD
Q
Q
78.7%
14.6%
73.6%
59.1%
Cash conversion ratio (tax normalised) was 14.6%
Q
Q
YTD
YTD
DKK 2.41
DKK 1.17
Diluted earnings per share decreased by DKK 1.24
Q
Q
DKK 4.28
DKK 3.72
YTD
YTD
The conference call can be followed live via
https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-six-months-of-2025
For further dial-in details please visit the company’s website; www.netcompany.com
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
3
34
“In uncertain markets, we continue to grow while at the same time making necessary investments in our
products and platforms and expanding our presence in several verticals.
The increased focus from European governments and large European enterprises to develop digital
capabilities based on solutions from European vendors, combined with the European Union’s effort to
enhance digital sovereignty based on European-developed solutions, underpins the relevance and timing of
our investments.
I am excited that Netcompany will continue being an obvious choice for European governments, enterprises,
and the European Union as the digital foundation for a strong, independent, and prosperous Europe.
I am equally excited to have welcomed our new colleagues from SDC to Netcompany Banking Services as of
1 July. Together, we will develop new and innovative offerings and solutions to existing and new customers.
Based on our financial performance for the first six months of 2025, and taking our pipeline and revenue
visibility into perspective, we maintain our financial guidance of organic revenue growth of 5% to 10%
and organic adjusted EBITDA margin of 16% to 19% for the year. In addition, we initiate a share buyback
programme of DKK 500m running until the end of January 2026.”
André Rogaczewski
NETCOMPANYCEOANDCOFOUNDER
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
4
34
Performance overview Q2
Q2 2025 Q2 2025 % change % change
DKK million
(reported) (constant)* Q2 2024 (reported) (constant)*
Revenue 1,714.9 1,714.8 1,650.2 3.9% 3.9%
Cost of services -1,272.0 -1,272.4 -1,164.5 9.2% 9.3%
Gross profit 442.9 442.4 485.7 -8.8% -8.9%
Gross profit margin
25.8% 25.8% 29.4% -3.6pp -3.6pp
Sales and marketing costs -18.0 -18.0 -12.1 48.9% 48.9%
Administrative costs -204.3 -204.6 -204.5 -0.1% 0.1%
Adjusted EBITDA 220.7 219.8 269.1 -18.0% -18.3%
Adjusted EBITDA margin
12.9% 12.8% 16.3% -3.4pp -3.5pp
Special items -21.6 -21.6 0.0 N/A N/A
Other operating income / expense -0.1 -0.1 -0.0 62.8% 62.8%
EBITDA 198.9 198.1 269.1 -26.1% -26.4%
EBITDA margin
11.6% 11.6% 16.3% -4.7pp -4.8pp
Depreciation -51.4 -51.5 -47.2 8.8% 9.1%
Amortisation -29.2 -29.2 -29.1 0.3% 0.3%
Operating profit (EBIT) 118.3 117.4 192.8 -38.6% -39.1%
Operating profit margin
6.9% 6.8% 11.7% -4.8pp -4.8pp
Net financials -41.1 -41.1 -34.3 19.7% 19.7%
Income / loss from joint venture / associates -5.3 -5.3 -4.3 23.2% 23.2%
Profit / loss before tax 71.9 71.0 154.1
-53.3% -54.0%
Tax -16.2 -16.2 -35.3 -54.0% -54.0%
Effective tax rate
22.6% 22.9% 22.9% -0.3pp -0.0pp
Net profit / loss
55.7 54.7 118.8 -53.1% -53.9%
Additional KPIs
Earnings per share (DKK) 1.18 N/A 2.44 -51.5% N/A
Diluted earnings per share (DKK) 1.17 N/A 2.41 -51.7% N/A
Free cash flow 25.6 N/A 148.2 -82.7% N/A
Cash conversion rate 32.6% N/A 104.7% -72.1pp N/A
Cash conversion rate (tax normalised) 14.6% N/A 78.7% -64.1pp N/A
*Constant currencies measured using average exchange rates for Q2 2024
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
5
34
192.8m in Q2 2024. EBIT margin was 6.9%,
compared to 11.7% in the same quarter last
year, following the same reasons as the de-
velopment in EBITDA margin.
Net financials were negative DKK 41.1m in
Q2 2025, compared to negative DKK 34.3m
in Q2 2024.
Profit before tax was DKK 71.9m compared
to DKK 154.1m in Q2 2024 driven by the de-
crease in EBIT.
Income taxes in Q2 2025 were DKK 16.2m
compared to DKK 35.3m in the same quar-
ter last year. The effective tax rate was
22.6% in the quarter, in line with Q2 2024.
Net profit amounted to DKK 55.7m in Q2
2025, compared to DKK 118.8m in the same
quarter last year.
Free cash flow was DKK 25.6m in Q2 2025
compared to DKK 148.2m in Q2 2024, main-
ly driven by the decrease in operating profit
and the development in working capital
during the quarter.
Client facing FTE’s grew 5.8% and average
FTE’s in Q2 2025 amounted to 8,333.
As a consequence of the activities impact-
ing revenue negatively in Q2, gross profit
declined DKK 42.8m in Q2 2025 to DKK
442.9m, yielding a gross profit margin of
25.8% compared to 29.4% in the same peri-
od last year.
Adjusted EBITDA declined DKK 48.5m in
Q2 2025 to DKK 220.7m, also due to the
activities impacting revenue negatively in
the quarter. This led to an adjusted EBITDA
margin of 12.9% (constant 12.8%) compared
to 16.3% in the same period last year.
Special items amounted to DKK 21.6m in
the quarter, in line with Q1 2025, and was
related to the SDC transaction. The trans-
action was closed on 1 July and the inte-
gration of SDC into Netcompany Banking
Services is progressing according to plan.
Depreciation and amortisation were DKK
80.6m in Q2 2025, in line with the same pe-
riod last year.
Operating profit (EBIT) amounted to DKK
118.3m in Q2 2025 compared to DKK
PERFORMANCEOVERVIEWQ2CONTINUED
Reported revenue grew 3.9% compared to
Q2 2024 driven by 4.4% growth in the pub-
lic sector and 2.8% growth in the private
sector.
Revenue growth was negatively impacted
by resources from the Danish business
segment allocated to a combination of
product and business development as well
as preparation for the integration of SDC
into Netcompany Banking services. The
increased allocation of resources for prod-
uct development was related to additional
functionality within the ERMIS and SOLON
products, as well as embedding new func-
tionality into the platforms AMPLIO, PULSE
and AMI due to increased customer de-
mand. The allocation of 100 FTE’s from the
Danish business segment related to Group
initiatives is expected to normalise during
the second half of 2025.
In addition, three segments experienced
fewer working days compared to the same
period last year and, at the same time, less
revenue was recognised from license sales.
All together these factors impacted reve-
nue negatively by around DKK 75m in Q2
compared to last year.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
6
34
Business Segments Q2
DKK million
Q2 2025
Constant (2024 rate)
Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
Revenue from external customers 1,714.8 759.8 655.8 160.2 89.6 49.5
Gross profit 442.4 243.2 146.5 22.4 14.7 15.5
Gross profit margin 25.8% 32.0% 22.3% 14.0% 16.4% 31.4%
Local marketing and administrative costs -205.4 -118.2 -47.9 -19.4 -11.8 -8.2
Adjusted EBITDA before allocated cost from HQ 237.0 125.0 98.6 3.1 2.9 7.4
Adjusted EBITDA margin before allocated cost from HQ
13.8% 16.5% 15.0% 1.9% 3.3% 14.9%
Allocated costs from HQ -17.2 -11.9 0.0 -2.8 -1.6 -0.8
Special Items, allocated -21.6 -15.0 0.0 -3.6 -2.0 -1.0
Other operating income / expense -0.1 0.0 -0.1 0.0 0.0 0.0
Depreciation -51.5 -25.8 -18.6 -3.5 -2.0 -1.5
Amortisation -29.2 -10.0 -16.5 -1.5 -0.8 -0.4
EBIT 117.4 62.3 63.4 -8.4 -3.5 3.6
Client facing FTEs 7,791 2,929 3,683 622 359 197
DKK million
Q2 2024
Reported
Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
Revenue from external customers 1,650.2 790.6 581.0 145.1 82.8 50.7
Gross profit 485.7 304.7 129.7 22.7 11.3 17.4
Gross profit margin
29.4% 38.5% 22.3% 15.6% 13.6% 34.2%
Local marketing and administrative costs -202.3 -115.5 -50.2 -17.1 -12.2 -7.2
Adjusted EBITDA before allocated cost from HQ 283.4 189.2 79.4 5.6 -0.9 10.2
Adjusted EBITDA margin before allocated cost from HQ
17.2% 23.9% 13.7% 3.8% -1.1%
20.0%
Allocated costs from HQ -14.3 -10.2 0.0 -2.1 -1.3 -0.7
Special Items, allocated -0.0 -0.0 0.0 0.0 0.0 0.0
Other operating income / expense -0.0 0.0 -0.0 0.0 0.0 0.0
Depreciation -47.2 -24.2 -18.1 -1.3 -2.0 -1.6
Amortisation -29.1 -11.6 -14.1 -1.8 -1.1 -0.6
EBIT 192.8 143.3 47.1 0.4 -5.3 7.3
Client facing FTEs 7,365 2,814 3,433 577 356 184
Revenue, %
9.3%
44.3%
38.2%
Q2 2025
2.9%
5.2%
Revenue, %
Q2 2024
NORWAY
DENMARK
UNITEDKINGDOM
SEE&EUI
NETHERLANDS
NORWAY
DENMARK
UNITEDKINGDOM
SEE&EUI
NETHERLANDS
8.8%
47.9%
35.2%
3.1%
5.0%
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
7
34
Netcompany Denmark
As a consequence of allocating 100 FTE’s
from the Danish business segment to
Group related activities such as product
and business development as well as
preparation for a successful integration of
SDC into Netcompany Banking Services,
revenue in Q2 in Denmark was negatively
impacted by DKK 25m. These overalloca-
tions of resources from the Danish busi-
ness segment is of a non-recurring charac-
ter and are expected to normalise during
the second half of 2025.
In addition, there were two fewer working
days in Denmark in Q2 2025 compared to
the same period last year, impacting reve-
nue negatively by another DKK 25m.
This led to a reduction in revenue in the
Danish business segment of DKK 50m and
was the reason for Q2 revenue in Denmark
being DKK 30.8m lower at DKK 759.8 com-
pared to DKK 790.6m in the same period
last year.
Consequently, revenue from the public sec-
tor decreased by 2.1% and revenue from the
private sector decreased by 6.8%.
As a result of the negative impact on rev-
enue gross profit was DKK 61.5m lower at
DKK 243.2m in Q2 2025 compared to the
same period last year.
Adjusted EBITDA was also negatively im-
pacted by the lower revenue and was DKK
64.1m lower at DKK 125m in Q2 2025 com-
pared to the same period last year.
Client facing FTE’s grew by 4.1% in Q2 2025.
Netcompany South East Europe and EU
Institutions
Netcompany SEE & EUI continued the
strong growth from the beginning of the
year and grew revenue by 12.9% in Q2
2025. The growth was driven by revenue
from the private sector that grew 33.1%,
while revenue from the public sector and
EU area grew by 6.7% compared to the
same quarter last year.
Gross profit increased 13% to DKK 146.5m
yielding a gross profit margin of 22.3% in
line with the same quarter last year. Taking
the lower licence revenue into consider-
ation, the underlying gross profit margin
improved compared to the same quarter
last year.
Adjusted EBITDA increased 24.1% to DKK
98.6m in Q2 2025, yielding an EBITDA mar-
gin of 15% compared to 13.7% in the same
quarter last year, because of lower admin-
istrative costs.
Client facing FTEs grew 7.3% in Q2 2025.
Netcompany UK
Netcompany UK realised revenue of DKK
160.2m in Q2 2025, an increase of 10.4%
compared to Q2 2024. Revenue from the
public sector grew by 22.7% in the quar-
ter, while revenue from the private sector
declined by 13.8%. In the public sector, the
ramp up on the DALAS framework contin-
ued its positive trends from Q1, while the
private sector was negatively impacted by
the discontinuation of historical low-margin
contract.
Gross profit was DKK 22.4m in Q2 2025, in
line with Q2 2024. The gross profit margin
was 14% compared to 15.6% in the same
quarter last year due to one working day
less in the quarter.
Adjusted EBITDA margin was 1.9% in Q2
2025 compared to 3.8% in Q1 2025. The
decrease was a result of the development
in gross profit margin.
Client facing FTEs increased by 7.7% in Q2
2025.
Netcompany Norway
Revenue in Netcompany Norway grew 8.1%
to DKK 89.6m in Q2 2025. Growth was driv-
en by revenue from the public sector that
grew by 21.9%, while private sector revenue
declined by 9% compared to the same
quarter last year.
Gross profit margin was 16.4% in Q2 2025,
compared to 13.6% in the same quarter
last year. The improved gross profit margin,
despite one less working day, was a result
of better utilisation as the ramp up on the
AVINOR project continued.
Adjusted EBITDA margin was 3.3% in Q2
2025 compared to negative 1.1% in Q2 2024.
The improvement was a result of better
utilisation.
In Q2 2025, client facing FTEs was on level
with the same quarter last year.
Netcompany Netherlands
Revenue in Netcompany Netherlands was
DKK 49.5m in Q2 2025, in line with Q2
2024. Revenue was solely generated in the
public segment and against a tough com-
parable as revenue grew 61.2% in the same
quarter last year.
Gross profit margin was 31.4% in Q2 2025
compared to 34.2% in the same quarter last
year.
Adjusted EBITDA margin was 14.9% in the
quarter compared to 20% in Q2 2024.
Client facing FTEs increased 6.9% com-
pared to the same quarter last year.
BUSINESSSEGMENTSQ2CONTINUED
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
8
34
YTD 2025 YTD 2025 % change % change
DKK million
(reported) (constant)* YTD 2024 (reported) (constant)* Total 2024
Revenue 3,459.2 3,456.6 3,248.4 6.5% 6.4% 6,540.6
Cost of services -2,501.2 -2,498.2 -2,318.9 7.9% 7.7 % -4,612.1
Gross profit 958.0 958.4 929.4 3.1% 3.1% 1,928.4
Gross profit margin 27.7 % 27.7 % 28.6% -0.9pp -0.9pp 29.5%
Sales and marketing costs -31.3 -31.2 -23.9 30.7% 30.6% -52.8
Administrative costs -398.8 -398.6 -389.3 2.5% 2.4% -777.7
Adjusted EBITDA 527.9 528.6 516.2 2.3% 2.4% 1,097.9
Adjusted EBITDA margin 15.3% 15.3% 15.9% -0.6pp -0.6pp 16.8%
Special items -41.0 -41.0 -0.7 5464.1% 5464.1% -2.7
Other operating income / expense -0.1 -0.1 0.1 -154.5% -154.5% -5.4
EBITDA 486.9 487.5 515.6 -5.6% -5.4% 1,089.8
EBITDA margin 14.1% 14.1% 15.9% -1.8pp -1.8pp 16.7%
Depreciation -100.7 -100.8 -95.0 6.1% 6.1% -188.0
Amortisation -58.2 -58.2 -57.6 1.1% 1.1% -116.3
Operating profit (EBIT) 327.9 328.5 363.1
-9.7%
-9.5% 785.5
Operating profit margin
9.5% 9.5% 11.2% -1.7pp -1.7pp 12.0%
Net financials -76.5 -76.4 -68.3 11.9% 11.8% -145.0
Income / loss from joint venture / associates -9.4 -9.4 -9.2 3.0% 3.0% -16.5
Profit / loss before tax 242.0 242.7 285.6
-15.3% -15.0%
624.0
Tax -64.6 -64.5 -74.2 -13.0% -13.1% -156.5
Effective tax rate
26.7% 26.6% 26.0% 0.7pp 0.6pp 25.1%
Net profit / loss 177.5 178.2 211.3
-16.0% -15.7%
467.5
Additional KPIs
Earnings per share (DKK) 3.77 N/A 4.32 -12.9% N/A 9.67
Diluted earnings per share (DKK) 3.72 N/A 4.28 -13.0% N/A 9.58
Free cash flow 93.5 N/A 143.3 -34.8% N/A 821.1
Cash conversion rate
41.9% N/A 55.9% -14.0pp N/A 147.1%
Cash conversion rate (tax normalised)
59.1% N/A 73.6% -14.5pp N/A 153.0%
*Constant currencies measured using average exchange rates for 2024
Performance overview First 6 months
Reported revenue grew 6.5% (constant
6.4%) in the first six months of 2025 to DKK
3,459.2m. Growth was driven by the public
sector, including EU, that grew 9.1% in the
first six months of 2025, while the private
sector revenue was on level with the same
period last year.
The allocation of 100 FTE’s from the Danish
business segment into additional product
and business development, as already
described, and for the preparation of the
integration of SDC into Netcompany Bank-
ing Services impacted Group revenue neg-
atively during the first half of 2025 by DKK
45m compared to the same period last
year. These activities are expected to nor-
malise during the second half of 2025.
Gross profit margin was 27.7% in the first
six months of 2025 compared to 28.6% in
the same period last year. The decrease
in margin was a result of the increased in-
vestments in our future.
Adjusted EBITDA increased 2.3% to DKK
527.9m in the first six months of 2025,
yielding an adjusted EBITDA margin of
15.3% compared to 15.9% in the first six
months of 2024.
Client facing FTEs grew 4.9% in the first six
months of 2025 and the average number of
FTEs amounted to 8,242.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
9
34
Business Segments First 6 months
DKK million
YTD 2025
Constant (2024 rate)
Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
Revenue from external customers 3,456.6 1,555.7 1,285.2 322.5 193.3 99.8
Gross profit 958.4 529.5 301.8 57.9 35.6 33.7
Gross profit margin
27.7 % 34.0% 23.5% 18.0% 18.4% 33.7%
Local admin costs -397.7 -226.6 -94.6 -36.5 -24.8 -15.4
Adjusted EBITDA before allocated cost from HQ 560.7 302.9 207.2 21.4 10.8 18.3
Adjusted EBITDA margin before allocated cost from HQ
16.2% 19.5% 16.1% 6.6% 5.6%
18.4%
Allocated costs from HQ -32.1 -22.3 0.0 -5.2 -3.1 -1.5
Special Items, allocated -41.0 -28.5 0.0 -6.8 -3.8 -1.9
Other operating income / expense -0.1 0.0 -0.1 0.0 0.0 0.0
Depreciation -100.8 -50.0 -37.1 -6.6 -4.0 -3.0
Amortisation -58.2 -20.1 -32.7 -2.9 -1.7 -0.9
EBIT 328.5 182.1 137.3 -0.0 -1.8 11.0
Client facing FTEs 7,704 2,870 3,682 596 364 193
DKK million
YTD 2024
Reported
Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany
UK
Netcompany
Norway
Netcompany
Netherlands
Revenue from external customers 3,248.4 1,559.8 1,111.5 308.4 169.5 99.2
Gross profit 929.4 587.8 231.7 53.7 22.8 33.5
Gross profit margin
28.6% 3 7.7 % 20.8% 17.4% 13.4% 33.8%
Local admin costs -384.4 -218.7 -94.8 -32.3 -24.6 -13.9
Adjusted EBITDA before allocated cost from HQ 545.1 369.1 136.8 21.4 -1.9 19.6
Adjusted EBITDA margin before allocated cost from HQ
16.8% 23.7% 12.3% 6.9% -1.1% 19.8%
Allocated costs from HQ -28.8 -20.3 0.0 -4.5 -2.6 -1.5
Special Items, allocated -0.7 -0.5 0.0 -0.1 -0.1 -0.0
Other operating income / expense 0.1 0.0 0.1 0.0 0.0 0.0
Depreciation -95.0 -48.1 -35.6 -3.9 -4.2 -3.2
Amortisation -57.6 -23.0 -27.5 -3.8 -2.2 -1.2
EBIT 363.1 277.2 73.9 9.1 -10.9 13.7
Client facing FTEs 7,341 2,775 3,440 589 356 182
Revenue, %
9.3%
45.0%37.2%
YTD 2025
2.9%
5.6%
Revenue, %
YTD 2024
NORWAY
DENMARK
UNITEDKINGDOM
SEE&EUI
NETHERLANDS
NORWAY
DENMARK
UNITEDKINGDOM
SEE&EUI
NETHERLANDS
9.5%
48.0%
34.2%
3.1%
5.2%
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
10
34
Netcompany Denmark
Revenue in Netcompany Denmark was DKK
1,555.7m in the first six months of 2025, on
level with the same period last year. Rev-
enue was supported by a 2.1% growth in
revenue from the public sector, while the
private sector’s revenue declined by 4.1% in
the first six months of the year. The devel-
opment in the private sector was affected
by prolonged conversion time on significant
cases in the pipeline, which materialised
in early July. In addition, resources spent
on the SDC transaction impacted revenue
negatively too.
Overall, revenue in Netcompany Denmark
was negatively impacted by these activities
with DKK 45m and the increased resources
spent on product and business develop-
ment as previously discussed. These activ-
ities are expected to normalise during the
second half of 2025.
Gross profit margin decreased 3.7 percent-
age points to 34% for the first six months of
2025. The margin was negatively impacted
by the time spent on investment in our fu-
ture and resources spent on pipeline cases.
For the first six months of 2025 adjusted
EBITDA margin was 19.5% compared to
23.7% in the same period last year. The
decline was mainly a result of the develop-
ment in gross profit margin.
Netcompany South East Europe and EU
Institutions
In Netcompany SEE & EUI revenue grew
15.6% to DKK 1,285.2m in the first six
months of 2025. Revenue growth was driv-
en by strong performance within both the
public and private sector, that grew reve-
nue by 14.1% and 20.6%, respectively.
Gross profit margin improved 2.6 percent-
age points to 23.5% in the first six months
of 2025 compared to the same period last
year. Gross profit was positively impacted
by higher licence revenue and better utili-
sation in the first half of 2025.
For the first six months of 2025 adjusted
EBITDA margin was 16.1% compared to
12.3% in the same period in 2024.
Netcompany UK
Revenue in Netcompany UK grew 4.6% to
DKK 322.5m in the first six months of 2025.
The growth was driven by revenue from the
public sector that grew 15.3% in the first
half of the year, while private sector reve-
nue declined 18% as a result of discontinua-
tion of historical low-margin contracts.
Gross profit margin was 18% in the first six
months of 2025 compared to 17.4% in the
same period last year. The improved gross
margin was a result of better utilisation.
Adjusted EBITDA margin was 6.6% for the
first half of 2025 compared to 6.9% in the
same period last year.
Netcompany Norway
In Netcompany Norway, revenue grew 14.1%
to DKK 193.3m in the first half of 2025, driv-
en by revenue from the public sector that
grew 29.2% in the period – positively im-
pacted by the ramp up on the AVINOR pro-
ject. The private sector revenue declined
3.9% in the period.
Gross profit margin improved 5 percentage
points to 18.4% in the first six months of
2025. The margin improvement resulted
from both enhanced utilisation and project
execution.
Adjusted EBITDA margin was 5.6% in the
first half of 2025 compared to negative 1.1%
in the same period last year.
Netcompany Netherlands
Revenue in Netcompany Netherlands for
the first six months of 2025 was on level
with the same period last year. The devel-
opment in revenue should be seen against
a more than 50% growth in the same period
last year.
Gross profit margin was 33.7% in the first
half of 2025 and in line with the same peri-
od last year.
Adjusted EBITDA margin in the first six
months of 2025 was 18.4% compared to
19.8% in the same period the year before,
albeit based on an insignificant develop-
ment in absolute numbers.
BUSINESSSEGMENTSFIRST6MONTHSCONTINUED
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
11
34
Revenue visibility
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 revenue visibility end
of Q2 2025 is comprised of actuals for the
first half of 2025 and expected revenue for
the second half of 2025
The organic revenue visibility end of Q2
2025 was DKK 6,210.6m, which was an in-
crease of 6.3% compared to DKK 5,841.2m
in Q2 2024.
The revenue visibility for 2025 consists
of contractual committed revenue and
non-contractual committed engagements,
which amounted to DKK 2,613.8m and DKK
137.7m, respectively, while realised revenue
in the first six months of 2025 amounted to
DKK 3,459.2m.
Revenue visibility in the public sector in-
creased 9% and amounts to DKK 4,419.3m,
of which contractual committed revenue
amounted to DKK 1,931.9m and non-con-
tractual committed engagements amount-
ed to DKK 67.9m, while realised revenue in
the first six months of 2025 amounted to
DKK 2,419.4m.
Revenue visibility in the private sector was
on par with last year and amounts to DKK
1,791.4m, of which contractual committed
revenue amounted to DKK 681.8m and
non-contractual committed engagements
amounted to DKK 69.8m, while realised
revenue in the first six months of 2025
amounted to DKK 1,039.8m.
Based on pipeline end of Q2 and significant
wins in the Danish private sector in the be-
ginning of Q3, revenue visibility as of end
July for both private and public sectors in
2025 remains at a satisfactory level indicat-
ing continued growth.
Effective from 1 July Netcompany resumed
100% ownership of SDC through the merger
of SDC into Netcompany Banking Services.
For the second half of 2025 contractual
committed revenue for Netcompany Bank-
ing Services amount to DKK 780m.
DKK million
Total revenue visibility for the financial
year 2025
.
.%
.%
.%
,.
,.
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Revenue
Contractual
committed
Total
Non con-
tractual
committed
.%
,.
.
.
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PRIVATE
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.
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Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
12
34
Workforce
Netcompany employed an average of 8,333
FTEs in Q2 2025, which was an increase
of 449 FTEs or 5.7% compared to Q2 2024
(7,884 FTEs). On a sequential basis FTEs
in Q2 2025 increased 2.3% compared to Q1
2025.
The number of client facing equivalents for
the Group increased by 426 from 7,365 in
Q2 2024 to 7,791 in Q2 2025, while the level
of non-client facing FTEs was 6.5% in Q2
2025 compared to 6.6% in Q2 2024.
Freelancers decreased 7.9% from 919 in
Q2 2024 to 847 in Q2 2025 driven by the
decrease in freelancers in Netcompany
SEE & EUI.
The attrition rate for the last twelve months
was 18.2%, which was an increase of 0.9
percentage points compared to 17.2% in Q2
2024. On a sequential basis the churn rate
was on level with Q1 2025. However, the 3
months rolling churn rates have decreased
in all entities besides UK and Greece com-
pared to the same period last year.
Avg. FTEs increased to 8,333 during Q2 2025
,
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NONCLIENTFACING
FREELANCERS
UNITEDKINGDOM
POLAND
DENMARK
UKCONTRACTORS
VIETNAM
NETHERLANDS
NORWAY
SOUTHEASTEUROPE
&EUINSTITUTIONS
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
13
34
1
Taxes paid within the Group are, due to local tax regula-
tions, paid on account in Q1 and in Q4. To adjust for this
timing mismatch between expensed and paid corporate
income taxes the free cash flow should be viewed in a
tax normalised manner to better reflect the underlying
development in free cash flow based on operations rather
than impact from local tax legislation in Denmark.
Free cash flow and cash conversion rate
The Group generated a free cash flow of
DKK 25.6m in Q2 2025 compared to DKK
148.2m in Q2 2024. The development was
driven by the decrease in EBITDA and de-
velopment in working capital.
EBITDA for the quarter decreased by DKK
70.2m to DKK 198.9m compared to DKK
269.1m in Q2 2024m, while working capital
changes in Q2 2025 impacted free cash
flow negatively by DKK 96m compared to
negative DKK 69m in Q2 2024.
The development in working capital chang-
es in Q2 2025 was mainly driven by an in-
crease of DKK 213.6m in work in progress,
which was somewhat offset by the devel-
opment in prebilled invoices, trade paya-
bles and other debt.
Normalised for taxes paid on account
1
, the
free cash flow for Q2 2025 was DKK 11.5m
compared to DKK 111.4m in Q2 2024.
Consequently, cash conversion rate de-
creased from 104.7% in Q2 2024 to 32.6%
in Q2 2025. Adjusted for taxes paid on
account, cash conversion rate decreased
from 78.7% to 14.6%.
For the first six months of 2025, Netcom-
pany generated a free cash flow of DKK
93.5m compared to DKK 143.3m for the
same period last year, mainly driven by
the decline in EBITDA and development in
working capital. As a consequence, cash
tax normalised conversion ratio decreased
from 73.6% to 59.1% in the first six months
of 2025.
Trade receivables
End of Q2 2025, trade receivables amount-
ed DKK 1,094.8m and decreased by 17.3%
compared to DKK 1,324.1m end of Q2
2024. The decrease in trade receivables
was caused by a large amount of work in
progress being invoiced end of Q2 2024
due to timing of milestones. Compared to
balance end of Q1 2025, trade receivables
was on level and increased by 1.2%.
Compared to the same period last year,
days sales outstanding decreased by 15
days from 73 days in Q2 2024 to 58 days
in Q2 2025, following the extraordinary
large amount of invoices end of Q2 2024.
Sequentially, days sales outstanding was
on level with days sales outstanding in Q1
2025 at 57.
The overdue part of trade receivables in-
creased relatively from 34% by the end of
Q2 2024 to 37.6% by the end of Q2 2025.
However, the overdue amount of trade re-
ceivables decreased in absolute terms by
9.8% from DKK 457.4m end of Q2 2024 to
DKK 412.5m end of Q2 2025, whereas the
overdue by more than 90 days decreased
by 10.6% from DKK 68m to DKK 60.8m end
of Q2 2025.
Trade receivables paid in the following
month amounted to DKK 567.8m in July,
of which DKK 234.2m was overdue end of
June, equal to a repayment of 51.9% of the
total balance compared to 53.1% last year.
Capital and other financial positions
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion
Total
Trade receivables, 30 June
2025
683.3 270.5 61.9 19.4 60.8 -1.0 1,094.8
Paid in the following month 333.6 201.3 21.5 9.1 2.3 0.0 567.8
% paid subsequently
48.8% 74.4% 34.8% 46.8% 3.8% 0.0% 51.9%
Trade receivables, 30 June
2024
887.7 292.8 68.6 28.0 68.0 -21.1 1,324.1
Paid in the following month 388.4 219.9 68.6 16.4 10.3 0.0 703.7
% paid subsequently
43.8% 75.1% 99.9% 58.4% 15.2% 0.0% 53.1%
DKK million
Not
overdue
0-30
days
30-60
days
60-90
days
>90
days
Provi-
sion Total
Work in progress
At 30 June 2025, Netcompany’s work in
progress amounted to DKK 960.8m, rep-
resented by contract work in progress of
DKK 1,914m and prepayments received
from customers of DKK 953.1m.
Combined work in progress increased
by 13.4% from DKK 847.2m in Q2 2024 to
DKK 960.8m in Q1 2025, while revenue
increased 3.9% from Q2 2024 to Q2 2025.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
14
34
CASHFLOWANDOTHERSIGNIFICANT
FINANCIALPOSITIONS
CONTINUED
Funding and liquidity
The Group bank loan have been 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.
On 30 June 2025, DKK 1,580m of the
committed lines were utilised on ordinary
borrowings, and DKK 1,000m of the addi-
tional facility was drawn to settle the trans-
action with SDC A/S 1 July 2025, leaving a
total of DKK 2,227.6m available in unutilised
funding of which DKK 1,227.6m can be uti-
lised for normal operations if needed with
no additional costs or covenants.
In addition, Netcompany SEE & EUI had
utilised DKK 803.1m on local guarantees,
having no impact on the Group facilities
except for leverage.
Including net cash balance as of 30 June
2025 of DKK 1,144.2m, available Group
funding was DKK 2,371.8m. However, DKK
1,000m was transferred to SDC 1 July,
leaving DKK 1,371.8m in available Group
funding.
Risk management
Please refer to the overview of risk factors
provided by the Group in the Annual Report
for 2024.
Capital structure
In Q2 2025, the debt ratio based on adjust-
ed EBITDA was 1.3x compared to 1.5x in Q2
2024. All covenants are complied with.
Events after the balance sheet date
At 1 July 2025, Netcompany completed the
transaction of DKK 1 billion to SDC’s share-
holders based on the agreement between
Netcompany Group, SDC A/S and a majori-
ty of SDC’s shareholders.
To this date, no further events have oc-
curred after the balance sheet date, which
would influence the evaluation of this
report.
-5.3%
3.9%
7.3%
1,094.8
1,714.9
Work in progress overview
1,000
0
500
1,500
Jun. 30
2025
Q2 2025
Q2 2025
LTM
6,751.4
WIP
REVENUE
1,324.1
Jun. 30
2024
1,650.2
Q2 2024
Q2 2024
LTM
6,292.7
6,000
2,000
TRADERECEIVABLES
960.8
847.2
DKK million
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 Net-
company Banking Services A/S and SDC
A/S into a combined company fully owned
by Netcompany Group. The transaction
was closed 1 July and values SDC at DKK
1bn, which was paid as cash 1 July 2025
from Netcompany Banking Services A/S to
SDC’s shareholders.
Revenue in the prevailing 12 months (LTM)
increased by 7.3%.
As a total, trade receivables and work in
progress decreased by 5.3% from DKK
2,171.2m end of Q2 2024 to DKK 2,055.6m
end of Q2 2025. The development was
caused by the significant increase in preb-
illed invoices, which increased by DKK
339m compared to end of Q2 2024.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
15
34
Finally, Netcompany will host a capital
markets day on 31 October 2025 where new
long-term financial targets will be discussed
along with Netcompany’s strategy, the
integration of SDC into Netcompany Banking
Services and other relevant topics.
made and disclosed in connection with the
reporting of the Q3 results on 30 October
2025. As previously communicated, the ac-
quisition of SDC is expected to be dilutive to
EPS for 2025 and accretive to EPS in 2026
and onwards.
Further, Netcompany will initiate a share
buyback programme of DKK 500m to be
executed in the period between 14 August
2025 and 30 January 2026.
Guidance 2025
Financial guidance for 2025, as given in the
annual report 2024, is based on organic
measures and thereby excludes the impact
from the acquisition of SDC – now Netcom-
pany Banking Services. As the transaction
with SDC was completed as of 1 July 2025,
the impact on the 2025 actual financial per-
formance will be non-organic.
Considering revenue growth of 6.4% (con-
stant) and adjusted EBITDA margin of 15.3%
(constant) realised in the first six month of
2025, and taking the current and weighted
pipeline into perspective, and the expec-
tation that the second quarter of 2025 will
be delivering the lowest adjusted EBITDA
margin of the year, we maintain our guid-
ance for 2025.
Non-organic revenue delivered through
Netcompany Banking Services is expected
to be between DKK 840m and DKK 870m.
A full purchase price allocation, including
provision for restructuring costs, will be
Expected organic revenue
growth in 2025
5%-10%
Expected organic adjusted
EBITDA margin in 2025
16%-19%
Actual adjusted EBITDA
margin in 2024
16.9%
Actual revenue growth
in 2024
7.4%
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
16
34
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
At 30 June 2025, Netcompany’s share cap-
ital is DKK 47.5m divided into 47.5m shares.
End of Q2 2025 Netcompany held 372,258
treasury shares equivalent to 0.8% of the
share capital.
Shares will be used to honour the Group’s
commitments under its long-term incen-
tive programmes. Shares exceeding the
commitments under the long-term incen-
tive programmes will be cancelled on an
ongoing basis.
Share-based incentive schemes/restrict-
ed stock units
In total, 587,396 restricted stock unites
(RSUs) and 154,200 matching shares
in relation to the share-based incentive
schemes were issued at 30 June 2025 of
which
116,654 RSUs and 24,000 matching
shares were granted to Executive Manage-
ment and 470,742 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 200m. The cost related hereto is
expensed over the vesting period.
A total amount of DKK 17.8m was recog-
nised as personnel costs in the income
statement in Q2 2025.
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
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 47.500.000
Nominal size DKK 1
Number of shares No. 47.500.000
Restriction in voting
rights No
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
17
34
Executive Management
Board of Directors
Statement of the Board of Directors
and Executive Management
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
18
34
Consolidated interim
financial statements
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
19
34
Income statement and Statement
of comprehensive income
DKK million
Note Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Income statement
Revenue 1,2 1,714.9 1,650.2 3,459.2 3,248.4 6,540.6
Cost of services 3 -1,272.0 -1,164.5 -2,501.2 -2,318.9 -4,612.1
Gross profit 442.9 485.7 958.0 929.4 1,928.4
Sales and marketing costs -18.0 -12.1 -31.3 -23.9 -52.8
Administrative costs 4 -204.3 -204.5 -398.8 -389.3 -777.7
Adjusted EBITDA 220.7 269.1 527.9 516.2 1,097.9
Special items -21.6 0.0 -41.0 -0.7 -2.7
Other operating income / expense -0.1 -0.0 -0.1 0.1 -5.4
EBITDA 198.9 269.1 486.9 515.6 1,089.8
Depreciation -51.4 -47.2 -100.7 -95.0 -188.0
Amortisation -29.2 -29.1 -58.2 -57.6 -116.3
Operating profit (EBIT) 118.3 192.8 327.9 363.1 785.5
Financial income 5 6.1 11.1 11.3 15.8 30.1
Financial expenses 5 -47.2 -45.4 -87.7 -84.1 -175.1
Income / loss from joint venture / associates -5.3 -4.3 -9.4 -9.2 -16.5
Profit / loss before tax 71.9 154.1 242.0 285.6 624.0
Tax on the profit for the period -16.2 -35.3 -64.6 -74.2 -156.5
Net profit / loss for the period 55.7 118.8 177.5 211.3 467.5
Of which
Non-controlling interest 0.0 -0.7 0.0 -1.6 -2.7
Netcompany Group A/S' share
Earnings per share
Earnings per share (DKK) 6 1.18 2.44 3.77 4.32 9.67
Diluted Earnings per share (DKK) 6 1.17 2.41 3.72 4.28 9.58
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
20
34
Statement of comprehensive income
Net profit / loss for the period 55.7 118.8 177.5 211.3 467.5
Other comprehensive income items that may be reclassified subsequently
to profit or loss:
Exchange rate adjustments on translating foreign subsidiaries -7.4 3.1 -7.0 2.9 5.0
Other comprehensive income items that may not be reclassified to profit or
loss:
Actuarial profit / loss on defined benefit plans 0.0 0.0 0.0 0.0 -2.4
Other comprehensive income, net of tax -7.4 3.1 -7.0 2.9 2.6
Of which
Non-controlling interest 0.0 0.0 0.0 0.1 0.1
Netcompany Group A/S' share
-7.4 3.0 -7.0 2.8 2.6
Total comprehensive income / loss 48.3 121.9 170.5 214.2 470.1
Of which
Non-controlling interest 0.0 -0.6 0.0 -1.6 -2.6
Netcompany Group A/S' share
DKK million
Note Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
INCOMESTATEMENTANDSTATEMENTOFCOMPREHENSIVEINCOME
CONTINUED
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
21
34
Statement of financial position
Equity and liabilities
Share capital 47.5 50.0 50.0
Treasury shares -129.9 -438.9 -884.1
Retained earnings 3,835.4 4,166.7 4,450.3
Other reserves
-0.9 1.5 -0.9
Equity attributable to Group 3,752.1 3,779.2 3,615.4
Non-controlling interest 0.0 5.0 0.0
Total equity 3,752.1 3,784.2 3,615.4
Borrowings 2,574.4 1,572.6 1,573.9
Lease liabilities 646.5 735.9 707.0
Pension obligations 25.8 20.5 23.7
Deferred tax liability 51.9 64.1 44.7
Total non-current liabilities 3,298.7 2,393.0 2,349.3
Borrowings 37.4 154.4 37.3
Lease liabilities 172.5 117.5 146.4
Pension obligations 1.7 1.7 1.7
Prebilled invoices 7 953.1 614.1 828.7
Trade payables 361.6 326.7 343.1
Other payables 717.3 804.7 717.1
Provisions 1.9 2.3 2.1
Income tax payable 40.8 22.5 31.4
Total current liabilities 2,286.4 2,043.9 2,107.6
Total liabilities 5,585.1 4,437.0 4,456.9
Total equity and liabilities 9,337.1 8,221.2 8,072.3
30 June 30 June 31 December
DKK million
Note 2025 2024 2024
Assets
Intangible assets 3,708.5 3,717.0 3,708.7
Tangible assets 859.1 894.3 896.8
Investment in joint venture 93.6 84.1 78.6
Investment in associates 124.6 110.8 109.0
Other securities and investments 1.3 1.1 1.3
Other receivables 72.0 56.9 72.5
Deferred tax assets 47.8 48.2 46.5
Total non-current assets 4,907.0 4,912.4 4,913.4
Trade receivables 1,094.8 1,324.1 1,282.6
Receivables from joint venture 5.6 10.0 6.0
Receivables from associates 0.4 13.6 10.9
Contract work in progress 7 1,914.0 1,461.3 1,366.0
Other receivables 96.0 121.8 111.0
Prepayments 111.2 114.0 113.2
Tax receivables 64.0 26.9 18.3
Total receivables 3,286.0 3,071.5 2,908.0
Cash 1,144.2 237.2 250.9
Total current assets 4,430.1 3,308.8 3,158.9
Total assets 9,337.1 8,221.2 8,072.3
30 June 30 June 31 December
DKK million
Note 2025 2024 2024
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
22
34
Cash Flow statement
DKK million
Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Operating profit (EBIT) 118.3 192.8 327.9 363.1 785.5
Depreciation and amortisation 80.6 76.3 159.0 152.6 304.3
Non-cash items 17.9 16.1 33.8 27.6 54.5
Working capital changes -96.0 -69.0 -180.8 -153.9 145.0
Total 120.8 216.2 339.9 389.3 1,289.2
Income taxes paid -8.8 -9.2 -94.7 -130.9 -211.6
Financial income received 3.0 7.8 5.6 9.9 17.4
Financial expenses paid -37.2 -37.5 -69.2 -62.2 -128.0
Cash flow from operating activities 77.8 177.3 181.6 206.2 966.9
Other investments -20.1 0.0 -40.1 0.0 -13.6
Capitalisation of intangible assets -29.9 -21.1 -58.3 -40.6 -91.0
Acquisition of fixed assets -22.3 -8.0 -29.8 -22.2 -54.9
Other receivables (deposits) 0.2 -1.3 -0.5 -2.6 -18.8
Cash flow from investment activities -72.0 -30.3 -128.6 -65.4 -178.2
Payment of treasury shares 0.0 -183.1 -73.9 -287.5 -727.5
Proceeds from borrowings 1,000.0 0.0 1,000.0 0.0 0.0
Repayment of borrowings 0.0 0.4 -0.2 -6.2 -123.4
Repayment of lease liabilities -41.9 -30.2 -81.9 -59.6 -138.1
Cash flow from financing activities 958.1 -212.9 844.0 -353.4 -988.9
Net increase in cash and cash equivalents 963.8 -66.0 896.9 -212.6 -200.2
Cash and cash equivalents at the beginning 185.1 301.6 250.9 448.1 448.1
Effect of exchange rate changes on the balance cash held in foreign currencies -4.8 1.6 -3.7 1.8 3.1
Cash and cash equivalents at the end 1,144.2 237.2 1,144.2 237.2 250.9
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
23
34
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 April 2025 50.0 -911.4 76.0 10.6 -0.9 4,461.6 3,685.9 0.0 3,685.9
Profit for the period 0.0 0.0 0.0 0.0 0.0 55.7 55.7 0.0 55.7
Other comprehensive income 0.0 0.0 0.0 -7.4 0.0 0.0 -7.4 0.0 -7.4
Total comprehensive income 0.0 0.0 0.0 -7.4 0.0 55.7 48.3 0.0 48.3
Treasury Shares for the period -2.5 778.9 0.0 0.0 0.0 -776.4 0.0 0.0 0.0
Share-based remuneration for the period 0.0 2.6 16.0 0.0 0.0 -0.8 17.8 0.0 17.8
Total transactions with owners -2.5 781.5 16.0 0.0 0.0 -777.1 17.8 0.0 17.8
Equity at 30 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 0.0 3,752.1
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 0.0 177.5 177.5 0.0 177.5
Other comprehensive income 0.0 0.0 0.0 -7.0 0.0 0.0 -7.0 0.0 -7.0
Total comprehensive income 0.0 0.0 0.0 -7.0 0.0 177.5 170.5 0.0 170.5
Treasury Shares for the period -2.5 711.2 0.0 0.0 0.0 -776.4 -67.7 0.0 -67.7
Share-based remuneration for the period 0.0 43.0 1.9 0.0 0.0 -11.0 33.9 0.0 33.9
Total transactions with owners -2.5 754.1 1.9 0.0 0.0 -787.3 -33.8 -0.0 -33.8
Equity at 30 June 2025 47.5 -129.9 92.0 3.2 -0.9 3,740.2 3,752.1 0.0 3,752.1
Equity at 1 April 2024 50.0 -265.3 54.5 5.1 1.5 3,980.0 3,825.7 5.6 3,831.3
Profit for the period 0.0 0.0 0.0 0.0 0.0 119.5 119.5 -0.7 118.8
Other comprehensive income 0.0 0.0 0.0 3.0 0.0 0.0 3.0 0.0 3.1
Total comprehensive income 0.0 0.0 0.0 3.0 0.0 119.5 122.5 -0.6 121.9
Treasury Shares for the period 0.0 -183.1 0.0 0.0 0.0 0.0 -183.1 0.0 -183.1
Share-based remuneration for the period 0.0 9.5 10.0 0.0 0.0 -5.3 14.1 0.0 14.1
Total transactions with owners 0.0 -173.7 10.0 0.0 0.0 -5.3 -169.0 0.0 -169.0
Equity at 30 June 2024 50.0 -438.9 64.4 8.1 1.5 4,094.2 3,779.2 5.0 3,784.2
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
24
34
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
STATEMENTOFCHANGESINEQUITY
CONTINUED
Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1
Profit for the period 0.0 0.0 0.0 0.0 0.0 213.0 213.0 -1.6 211.3
Other comprehensive income 0.0 0.0 0.0 2.8 0.0 0.0 2.8 0.1 2.9
Total comprehensive income 0.0 0.0 0.0 2.8 0.0 213.0 215.8 -1.6 214.2
Treasury Shares for the period 0.0 -286.8 0.0 0.0 0.0 0.0 -286.8 0.0 -286.8
Share-based remuneration for the period 0.0 41.0 -2.7 0.0 0.0 -11.5 26.8 0.0 26.8
Total transactions with owners 0.0 -245.9 -2.7 0.0 0.0 -11.5 -260.1 0.0 -260.1
Equity at 30 June 2024 50.0 -438.9 64.4 8.1 1.5 4,094.2 3,779.2 5.0 3,784.2
Equity at 1 January 2024 50.0 -193.1 67.2 5.2 1.5 3,892.7 3,823.5 6.5 3,830.1
Total comprehensive income 0.0 0.0 0.0 4.9 -2.4 470.2 472.7 -2.6 470.1
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
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
25
34
Segmentation
NOTE1
Group
Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany UK
Netcompany
Norway
Netcompany
Netherlands
DKK million
Q2 2025 Q2 2024 % change Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024
Revenue 1,714.9 1,650.2 3.9% 759.8 790.6 655.9 581.0 160.9 145.1 88.8 82.8 49.5 50.7
Cost of service -1,272.0 -1,164.5 9.2% -516.1 -485.9 -509.3 -451.3 -138.3 -122.4 -74.3 -71.5 -34.0 -33.4
Gross profit 442.9 485.7 -8.8% 243.7 304.7 146.7 129.7 22.6 22.7 14.5 11.3 15.5 17.4
Gross profit margin
25.8% 29.4% -3.6pp 32.1% 38.5% 22.4% 22.3% 14.0% 15.6% 16.3% 13.6% 31.4% 34.2%
Allocated costs -205.1 -202.3 1.4% -117.9 -115.5 -47.9 -50.2 -19.4 -17.1 -11.7 -12.2 -8.2 -7.2
Adjusted EBITDA before HQ costs 237.8 283.4
-16.1%
125.8 189.2 98.8 79.4 3.1 5.6 2.8 -0.9 7.4 10.2
Adjusted EBITDA margin before allo-
cated cost from HQ
13.9% 17.2% -3.3pp 16.6% 23.9% 15.1% 13.7% 1.9% 3.8% 3.2% -1.1% 14.9% 20.0%
Allocated costs from HQ -17.2 -14.3 20.1% -11.9 -10.2 0.0 0.0 -2.8 -2.1 -1.6 -1.3 -0.8 -0.7
Adjusted EBITDA 220.7 269.1
-18.0%
113.9 179.0 98.8 79.4 0.3 3.5 1.2 -2.2 6.5 9.4
Adjusted EBITDA margin
12.9% 16.3% -3.4pp 15.0% 22.6% 15.1% 13.7% 0.2% 2.4% 1.4% -2.6% 13.2% 18.6%
Special items -21.6 -0.0 N/A -15.0 -0.0 0.0 0.0 -3.6 0.0 -2.0 0.0 -1.0 0.0
Other operating income / expense -0.1 -0.0 62.8% 0.0 0.0 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 198.9 269.1 -26.1% 98.9 179.0 98.7 79.4 -3.4 3.5 -0.8 -2.2 5.5 9.4
EBITDA margin
11.6% 16.3% -4.7pp 13.0% 22.6% 15.0% 13.7% -2.1% 2.4% -0.9% -2.6% 11.1% 18.6%
Depreciation -51.4 -47.2 8.8% -25.7 -24.2 -18.6 -18.1 -3.5 -1.3 -2.0 -2.0 -1.5 -1.6
Amortisation -29.2 -29.1 0.3% -10.0 -11.6 -16.5 -14.1 -1.5 -1.8 -0.8 -1.1 -0.4 -0.6
EBIT 118.3 192.8 -38.6% 63.2 143.3 63.6 47.1 -8.4 0.4 -3.6 -5.3 3.6 7.3
EBIT margin
6.9% 11.7% -4.8pp 8.3% 18.1% 9.7% 8.1% -5.2% 0.3% -4.1% -6.4% 7.2% 14.3%
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
26
34
Group
Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany UK
Netcompany
Norway
Netcompany
Netherlands
DKK million
YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue 3,459.2 3,248.4 6.5% 1,555.7 1,559.8 1,285.7 1,111.5 327.3 308.4 190.6 169.5 99.9 99.2
Cost of service -2,501.2 -2,318.9 7.9% -1,027.1 -972.0 -983.7 -879.9 -268.3 -254.6 -155.8 -146.7 -66.2 -65.7
Gross profit 958.0 929.4
3.1%
528.7 587.8 302.0 231.7 59.0 53.7 34.7 22.8 33.6 33.5
Gross profit margin
27.7 % 28.6% -0.9pp 34.0% 3 7.7 % 23.5% 20.8% 18.0% 17.4% 18.2% 13.4% 33.7% 33.8%
Allocated costs -398.0 -384.4 3.5% -226.7 -218.7 -94.6 -94.8 -37.0 -32.3 -24.5 -24.6 -15.4 -13.9
Adjusted EBITDA before HQ costs 560.0 545.1
2.7%
302.0 369.1 207.4 136.8 22.1 21.4 10.3 -1.9 18.3 19.6
Adjusted EBITDA margin before allo-
cated cost from HQ
16.2% 16.8% -0.6pp 19.4% 23.7% 16.1% 12.3% 6.7% 6.9% 5.4% -1.1% 18.3% 19.8%
Allocated costs from HQ -32.1 -28.8 11.4% -22.3 -20.3 0.0 0.0 -5.2 -4.5 -3.1 -2.6 -1.5 -1.5
Adjusted EBITDA 527.9 516.2
2.3%
279.7 348.8 207.4 136.8 16.9 16.9 7.2 -4.5 16.7 18.1
Adjusted EBITDA margin
15.3% 15.9% -0.6pp 18.0% 22.4% 16.1% 12.3% 5.2% 5.5% 3.8% -2.6% 16.8% 18.3%
Special items -41.0 -0.7 5464.1% -28.5 -0.5 0.0 0.0 -6.8 -0.1 -3.8 -0.1 -1.9 -0.0
Other operating income / expense -0.1 0.1 -154.5% 0.0 0.0 -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0
EBITDA 486.9 515.6
-5.6%
251.2 348.3 207.3 137.0 10.1 16.8 3.4 -4.5 14.8 18.1
EBITDA margin
14.1% 15.9% -1.8pp 16.1% 22.3% 16.1% 12.3% 3.1% 5.4% 1.8% -2.7% 14.8% 18.2%
Depreciation -100.7 -95.0 6.1% -49.9 -48.1 -37.1 -35.6 -6.7 -3.9 -4.0 -4.2 -3.1 -3.2
Amortisation -58.2 -57.6 1.1% -20.1 -23.0 -32.7 -27.5 -2.9 -3.8 -1.7 -2.2 -0.9 -1.2
EBIT 327.9 363.1
-9.7%
181.2 277.2 137.5 73.9 0.5 9.1 -2.3 -10.9 10.9 13.7
EBIT margin
9.5% 11.2% -1.7pp 11.6% 17.8% 10.7% 6.7% 0.2% 2.9% -1.2% -6.4% 10.9% 13.8%
CONTINUED
Segmentation
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
27
34
Revenue split
Private sector Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany UK Netcompany
Norway
Netcompany
Netherlands
DKK million
Q2 2025 Q2 2024 % change Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024
Revenue 536.6 522.1 2.8% 278.8 299.3 182.0 136.7 42.6 49.1 33.3 36.9 0.0 0.1
Cost of service -381.0 -363.9 4.7% -185.5 -175.5 -126.9 -110.1 -35.2 -39.8 -33.5 -38.4 0.0 -0.1
Gross profit 155.5 158.1
-1.6%
93.3 123.8 55.1 26.6 7.4 9.3 -0.2 -1.5 0.0 -0.0
Gross profit margin
29.0% 30.3% -1.3pp 33.4% 41.4% 30.3% 19.4% 17.4% 18.9% -0.6% -4.1% 0.0% -56.2%
NOTE2
Public sector Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany UK Netcompany
Norway
Netcompany
Netherlands
DKK million
Q2 2025 Q2 2024 % change Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024
Revenue 1,178.3 1,128.2 4.4% 480.9 491.3 474.0 444.3 118.4 96.0 55.5 45.9 49.5 50.6
Cost of service -890.9 -800.6 11.3% -330.5 -310.4 -382.4 -341.2 -103.2 -82.6 -40.8 -33.1 -34.0 -33.2
Gross profit 287.4 327.6
-12.3%
150.4 180.9 91.6 103.1 15.2 13.4 14.7 12.8 15.5 17.4
Gross profit margin
24.4% 29.0% -4.6pp 31.3% 36.8% 19.3% 23.2% 12.8% 14.0% 26.4% 27.9% 31.4% 34.4%
% change % change
DKK million
Q2 2025 Q2 2024 Q2 YTD 2025 YTD 2024 YTD
Revenue by type
Public sector revenue 1,178.3 1,128.2 4.4% 2,419.5 2,216.9 9.1%
Private sector revenue 536.6 522.1 2.8% 1,039.6 1,031.5 0.8%
Revenue recognised over time 1,705.2 1,630.8 4.6% 3,403.6 3,226.4 5.5%
Revenue recognised at a point in time 9.7 19.4 -50.3% 55.6 22.0 152.7%
Organic revenue 1,714.9 1,650.2 3.9% 3,459.2 3,248.4 6.5%
Non-organic revenue 0.0 0.0 N/A 0.0 0.0 N/A
Revenue by type, total 1,714.9 1,650.2
3.9%
3,459.2 3,248.4
6.5%
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
28
34
Public sector Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany UK Netcompany
Norway
Netcompany
Netherlands
DKK million
YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue
2,419.5 2,216.9 9.1% 984.5 964.2 972.8 852.1 245.2 209.6 117.1 92.0 99.9 99.0
Cost of service
-1,762.1 -1,597.6 10.3% -661.2 -618.2 -749.0 -668.5 -201.1 -177.0 -84.5 -68.4 -66.2 -65.4
Gross profit
657.5 619.3 6.2% 323.3 345.9 223.8 183.6 44.1 32.6 32.6 23.5 33.6 33.6
Gross profit margin
27.2% 27.9% -0.8pp 32.8% 35.9% 23.0% 21.5% 18.0% 15.6% 27.8 % 25.6% 33.7% 33.9%
CONTINUED
Private sector Group Netcompany
Denmark
Netcompany
SEE & EUI
Netcompany UK Netcompany
Norway
Netcompany
Netherlands
DKK million
YTD 2025 YTD 2024 % change YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024
Revenue 1,039.6 1,031.5 0.8% 571.2 595.6 312.9 259.4 82.1 98.8 73.5 77.5 0.0 0.2
Cost of service -739.1 -721.3 2.5% -365.9 -353.8 -234.7 -211.3 -67.2 -77.6 -71.3 -78.3 0.0 -0.3
Gross profit 300.6 310.2 -3.1% 205.3 241.9 78.2 48.1 14.9 21.1 2.2 -0.8 0.0 -0.1
Gross profit margin
28.9% 30.1% -1.2pp 35.9% 40.6% 25.0% 18.5% 18.2% 21.4% 2.9% -1.0% 0.0% -49.4%
Revenue split
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
29
34
Administrative costs
Cost of services
NOTE3
DKK million
Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Cost of services -343.2 -295.0 -638.3 -574.2 -1,214.8
Salaries -928.8 -869.5 -1,862.8 -1,744.8 -3,397.3
Cost of services total -1,272.0 -1,164.5 -2,501.2 -2,318.9 -4,612.1
DKK million
Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Administrative costs -92.6 -105.7 -183.0 -197.0 -406.5
Salaries -111.7 -98.8 -215.8 -192.3 -371.2
Administrative costs total -204.3 -204.5 -398.8 -389.3 -777.7
Financial income and expenses
NOTE5
DKK million
Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Financial Income
Exchange rate adjustments 5.5 4.4 9.6 7.4 15.5
Other financial income 0.5 6.7 1.6 8.4 14.6
Financial income total 6.1 11.1 11.3 15.8 30.1
Financial expenses
Interest expense, bank loan -18.1 -27.4 -38.1 -53.7 -101.7
Interest expense, leasing -7.3 -7.9 -14.7 -15.7 -31.4
Exchange rate adjustments -8.4 -4.6 -11.5 -4.1 -16.2
Other financial expenses -13.3 -5.5 -23.4 -10.7 -26.0
Financial expenses total -47.2 -45.4 -87.7 -84.1 -175.1
NOTE4
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
30
34
Earnings per share
NOTE6
DKK million
Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Earnings per share - EPS (DKK) 1.18 2.44 3.77 4.32 9.67
Diluted earnings per share - EPS-D (DKK) 1.17 2.41 3.72 4.28 9.58
Profit 55.7 119.5 177.5 213.0 470.2
Average number of shares 47.7 50.0 48.8 50.0 50.0
Average number of treasury shares 0.6 1.0 1.7 0.8 1.4
Average number of shares in circulation 47.1 49.0 47.1 49.2 48.6
Average number of outstanding restricted stock units 0.6 0.5 0.5 0.5 0.5
Average number of diluted shares in circulation 47.7 49.5 47.6 49.7 49.1
Contract work in progress
NOTE7
30 June 30 June 31 December
DKK million
2025 2024 2024
Selling price of work performed on fixed price projects 3,470.2 4,228.3 4,132.2
Invoiced amount on fixed price projects -2,509.4 -3,381.1 -3,594.9
Total contract work in progress 960.8 847.2 537.3
Net value – stated on a contract-per-contract basis – is presented in the statement of finan-
cial position as follows:
Contract work in progress 1,914.0 1,461.3 1,366.0
Prebilled invoices -953.1 -614.1 -828.7
Total contract work in progress 960.8 847.2 537.3
Based on the current project portfolio
including monitoring of deliveries on
projects, the Group has recognised a
provision of DKK 1.9m (DKK 2.3m), cover-
ing legal claims and project related risks.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
31
34
Finance A/S of DKK 1.1m (DKK 2.7), and rev-
enue from Advanced Transport Telematics
S.A of DKK 5.1m (DKK 4.7m).
Income Statement classified by function
DKK million
Q2 2025 Q2 2024 YTD 2025 YTD 2024 Total 2024
Income statement
Revenue 1,714.9 1,650.2 3,459.2 3,248.4 6,540.6
Cost of services, incl. depreciation and amortisation -1,296.7 -1,187.2 -2,550.4 -2,363.5 -4,704.5
Gross profit 418.2 463.0 908.8 884.9 1,836.1
Sales and marketing costs -18.0 -12.1 -31.3 -23.9 -52.8
Administrative costs, incl. depreciation, amortisation and special items -281.8 -258.2 -549.6 -498.0 -992.3
Other operating income / expense -0.1 -0.0 -0.1 0.1 -5.4
Operating profit (EBIT) 118.3 192.8 327.9 363.1 785.5
Financial income 6.1 11.1 11.3 15.8 30.1
Financial expenses -47.2 -45.4 -87.7 -84.1 -175.1
Income / loss from joint venture / associates -5.3 -4.3 -9.4 -9.2 -16.5
Profit / loss before tax 71.9 154.1 242.0 285.6 624.0
Tax on the profit for the period
-16.2 -35.3 -64.6 -74.2 -156.5
Net profit / loss for the period
55.7 118.8 177.5 211.3 467.5
Depreciation and Amortisation have been presented as follows in the
income statement:
Cost of services -24.7 -22.7 -49.2 -44.6 -92.3
Administrative costs -55.8 -53.7 -109.8 -108.0 -211.9
Depreciation and amortisation -80.6 -76.3 -159.0 -152.6 -304.3
NOTE8
In Q2 2025, Netcompany recognised
revenue from Smarter Airports A/S of DKK
15.7m (DKK 11.8m), revenue from Festina
Related party transactions
NOTE9
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
32
34
As a part of the contract commitments with
customers, the Group has through its banks
provided performance guarantees of DKK
810.7m (DKK 540.6m).
There are no collaterals provided for
the Group’s bank loan.
At 1 July 2025, Netcompany completed
the transaction of DKK 1 billion to SDC’s
shareholders based on the agreement
between Netcompany Group, SDC A/S and
a majority of SDC’s shareholders, whereby
Netcompany Banking Services and SDC
merged into a combined company owned
by Netcompany.
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.
Events after the balance
sheet date
Collateral provided and
contingent liabilities
NOTE10
NOTE11
The interim consolidated financial state-
ments included in this Q2 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 state-
ment offers a clearer view of our operating
performance 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 Q2 2024, DKK 11.2m in first half of
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 Q2 and first half of 2024
Accounting policies
NOTE12
and fiscal year 2024 as well as earnings per
share is not impacted by the change in ac-
counting policies. The effect of the change
consist of DKK 4.5m in Q2 2025 and DKK
8.9m in first half of 2025 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 on-
wards five reportable segments have been
defined as disclosed in note 1. The change
of reportable segments is due to the
continued increasing focus from Executive
Management on the activities and results
on markets.
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 Q2 2024, 2024 and
Q2 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.
After the completion of the transaction,
SDC’ closing balance and thereby also the
initial ac counting for the business combi-
nation is incomplete at the time of report-
ing Q2 2025. To this date, no further events
have occurred after the balance sheet
date, which would influence the evaluation
of this report.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
33
34
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.
Continued growth and investing in the future
Netcompany Group A/S
Strandgade 3, 1401 Copenhagen
Company Registration no. 39 48 89 14
Company Announcement No. 17/2025
14 August 2025
34
34
This report contains forward-looking state-
ments including, but not limited to, the
statements and expectations contained in
the outlook section. Forward-looking state-
ments are statements (other than state-
ments of historical fact) relating to future
events and Netcompany’s anticipated or
planned financial and operational perfor-
mance.
The words ‘may’, ‘will’, ‘will continue’,
‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘be-
lieve’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’ or
variations of these words, including nega-
tives thereof, as well as other statements
regarding matters that are not historical
fact or regarding future events or pros-
pects, constitute forward-looking state-
ments.
Netcompany has based these for-
ward-looking statements on its current
views with respect to future events and
financial performance. These views involve
a number of risks and uncertainties, which
could cause actual results to differ materi-
ally from those predicted in the
forward-looking statements and from
the past performance of Netcompany.
Although Netcompany believes that the
estimates and projections reflected in the
forward-looking statements are reasonable,
they may prove materially incorrect, and
actual results may materially differ, e.g. as
the result of risks related to the industry in
general or Netcompany in particular, includ-
ing those described in Netcompany Group
A/S’ Annual Report 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 re-
sult 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.
Disclaimer