NNIT A/S

Table of Contents

The Bigger Picture

Sustainability Statements

Consolidated Financial Statements

Parent Company Financial Statements

Statements

Management Review

NNIT in Brief 4

Words from the Chairman and CEO 5

Highlights 8

Key Figures 9

Q4 2025 Performance Review 10

Outlook 2026 12

Strategy 14

Organizational structure 15

Corporate Governance 20

Sustainability Statements 35

General Disclosures 36

Environment 54

Social 73

Consumers and end users 92

Governance 101

Financial Statements

Income Statement 117

Statement of Comprehensive Income 117

Statement of Cash Flows 119

Balance Sheet 120

Statement of Changes in Equity 122

Notes 123

Income Statement 167

Balance Sheet 168

Statement of Changes in Equity 169

Notes 170

Management’s Statement 182

Independent auditor’s reports 183

Independent auditor's limited assurance

report on Sustainability Statements

188

Related Reports

Remuneration Report 2025

Corporate Governance Report 2025

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 2

The Bigger
Picture
 
  
 
 
NNIT in Brief 4
Words from the Chairman and CEO 5
Highlights 8
Key Figures 9
Q4 2025 Performance Review 10
Outlook 2026 12
Strategy 14
Organizational structure 15
Corporate Governance 20

NNIT in Brief

Life Sciences

Expanding our presence and helping life science companies

digitalize and streamline their value chains.

Region: Europe, US and Asia

Advancing our strong position in Denmark with a particular

focus on driving digital transformation in the public sector.

NNIT is a trusted Danish IT and consulting partner

with a global footprint across Europe, the US, and

Asia. Internationally, we are dedicated to the life

sciences industry, where we support customers in

digitalizing and optimizing key elements of their

value chain – from development and production to

distribution and compliance.

In Denmark, we also serve the public and private

sectors, continuing to strengthen our role as a key

digital partner, particularly within the public sector.

Across all our markets, NNIT operates where quality

of life is impacted by technology, delivering solutions

for industries where reliability, compliance, and

sustainable impact truly matter.

The NNIT Group includes NNIT and our subsidiary

SCALES. Together, we bring together around 1,600 -

ending the year at 1,560 - skilled professionals

committed to transforming complex challenges into

sustainable digital progress.

Public and Private

Region: Denmark

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 4

WORDS FROM THE CHAIRMAN AND CEO

Steadfast

Through a

Challenging

Year

and internal transformation efforts clearly

positions NNIT for renewed growth and

improved profitability in the years ahead.

Enhanced Efficiency and Foundation

for Recovery

Carsten Dilling

Chairman of the Board of Directors

Pär Fors

Chief Executive Officer

In 2025, NNIT navigated a demanding global environment marked by economic

uncertainty and project delays. Despite financial headwinds, we strengthened

operational efficiency, solidified key customer relationships, and advanced our AI-

powered initiatives. Major customer contracts and AI projects underscored our role

as a strategic digital partner. Entering 2026, we remain confident in our strategy,

foundation, and capacity for renewed growth and long-term value creation.

2025 has been a year defined by disciplined

execution amid global uncertainties and a

challenging business climate. While we

achieved important progress in operational

efficiency, innovation, and customer trust, the

year also brought unexpected late headwinds

that affected our overall financial results.

Project postponements – particularly in parts

of our US business and segments of our

European markets – resulted in lower revenue

growth and profitability than originally

anticipated.

Even so, our underlying business

fundamentals remain strong. Throughout the

year, we strengthened operational discipline,

advanced our AI-powered initiatives, and

solidified key customer relationships across

life sciences and the Danish public sector.

Despite the softer financial outcome, the

progress made across our regional segments

Although overall profitability ended below our

earlier expectations, the actions taken to

improve cost efficiency and capacity utilization

delivered measurable impact and will

continue to bear fruit going forward.

Importantly, we have maintained healthy

financial discipline and a clear strategic

direction for long-term value creation.

Our ambition to reach sustainable, higher

profitability remains intact, supported by a

strong 2026 business plan, a growing portfolio

of AI-powered solutions, and the dedication of

our colleagues.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 5

Life Sciences Globally

Across our international regions, we

continued to strengthen our position as

a trusted partner for life sciences

organizations seeking reliable and compliant

digital transformation. While the year

brought solid operational improvements and

strong customer partnerships, unexpected

project delays – particularly in the US –

alongside a generally cautious European

investment climate, led to lower overall

revenue and profitability than originally

anticipated.

In the US, margins improved earlier in the

year supported by the success of our

repeatable Supply Chain solutions, which

help customers enhance visibility and

efficiency across global operations. However,

postponed projects towards year-end

impacted topline development more than

expected. Europe experienced revenue

pressure from postponed projects but

achieved higher profitability through better

utilization and cost control. Meanwhile, Asia

continued its positive trajectory, expanding

customer engagements and improving

operational performance even under

competitive pricing conditions.

Public and Private Sectors

Borger IT combines the benefits of a

standardized solution with the flexibility to

adapt to evolving legislation enabling

efficient, transparent, and citizen centric

service delivery.

Within the private sector, our subsidiary

SCALES continued to reinforce its leadership

in ERP and business transformation projects,

increasingly integrating AI-powered

analytics and process automation to enhance

efficiency and transparency for Danish

enterprises.

This dual focus - advancing life sciences

internationally and driving digital and AI-

enabled innovation across Denmark’s

public and private sectors - continues to

define NNIT’s strength, balance, and strategic

direction.

Recognition and Organizational Strength

In 2025, we were honoured to be recognized

by Everest Group as a Leader in the 2025

Veeva Services PEAK Matrix Assessment - a

distinction highlighting NNIT’s life sciences

expertise, strong regulatory and clinical

capabilities, and ability to deliver complex

digital solutions for global and mid-sized

customers.

Despite the challenging market conditions

our customer satisfaction remained very

strong improving from a score of 4.5 out of 5

Across these regions, we also deepened our

partnerships with medium-sized and smaller

life sciences companies who value our

combination of deep regulatory insight and

AI-powered digital solutions enabling

modernization while safeguarding

compliance. These collaborations reaffirm

NNIT’s strategic relevance and long-term

potential to help life sciences organizations

of every scale adopt intelligent technologies

that enhance quality, efficiency, and

sustainability across their value chains.

In Denmark, we delivered growth supported

by strong demand from both public and

private organizations. Within the

public sector, we secured major long term

contracts with Energinet, Sundheds-

datastyrelsen, Digitaliseringsstyrelsen, and

Styrelsen for It og Læring, strengthening

NNIT’s role in national digital infrastructure

and reaffirming our position as a trusted

strategic partner.

We further invested in Borger IT, NNIT’s

configurable platform for automated case

management, purpose built to help Danish

public authorities modernize services and

focus more time on citizens. Drawing on our

many years of public sector experience,

2025 tested our resilience, yet it also demonstrated NNIT’s strength in

transformation. Despite late-year challenges, we maintained customer trust,

strengthened efficiency, and advanced innovation. With a solid foundation, a

committed team, and a clear strategic direction, we move into 2026 with

confidence – ready to turn resilience into renewed growth and lasting value

for our customers, colleagues, and shareholders.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 6

in 2024 to 4.6 this year. Our employee

attrition rate remained low, reflecting the

strength of our people-centric focus and

enduring company culture built on

engagement, learning, and inclusivity.

Externally, we continued to be recognized as

an attractive workplace, having won the

“Consultancy & Services” category and

ranked 6th overall of 60 leading IT and

finance companies in the annual Danish

benchmark survey, IT Profile Analysis,

underscoring our strong reputation among

IT professionals in Denmark.

Continuing our AI Journey

During the year, we took a major step

forward with the launch of Know It Now (KITN) -

our secure, AI-powered platform designed

to support diverse use cases across life

sciences and beyond. The platform

represents the next stage in our AI strategy

and serves as the foundation for multiple AI

powered solutions across our portfolio,

supporting growth, efficiency, and quality in

both internal operations and customer

engagements. Within the life sciences

industry, our AI solutions are already

accelerating transformation by solving

complex, time consuming tasks that require

precision and compliance:

Automating Quality Management:

AI extracts and validates critical

information from diverse document types

without human intervention, enabling

rapid processing and streamlined

QMS workflows.

Enabling Data Driven Research:

AI automates data extraction, cleaning,

and structuring from multiple sources -

including clinical trials and electronic

health records - to ensure faster, more

accurate insights.

Enhancing Global Collaboration:

AI translates and standardizes text

according to customer specific

terminology and rules, automatically

identifying logical inconsistencies and

summarizing content for validation and

reporting.

These capabilities exemplify how we are

applying intelligent automation to drive

efficiency, quality, and compliance within

life sciences while building a scalable

AI foundation that creates measurable value

across all customer segments.

Looking Ahead with Confidence

While 2025 ended short of our financial

aspirations, we take pride in the resilience

and teamwork demonstrated across the

organization. The steps we have taken this

year strengthening our operating model,

broadening our customer base, and

pioneering AI capabilities – lay the

groundwork for a stronger NNIT.

We move into 2026 with focus,

determination, and confidence that our

strategy is sound and our foundation robust.

With continued commitment from our

colleagues and trust from our customers

and partners, we are well-positioned to

deliver renewed growth and long-term

success.

Carsten Dilling

Chairman of the Board

Pär Fors

Chief Executive Officer

•

Thank You

We extend our heartfelt appreciation to all our

colleagues for their professionalism,

collaboration, and commitment throughout

2025. To our customers and partners, we

thank you for your trust and continued

support.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 7

Highlights

2025 saw NNIT move into strategy execution mode, moving on from two years of major transformation, as a highly focused IT

consultancy specializing in life sciences internationally and in the public and private sectors in Denmark.

Strategy Update

Initiatives and

Execution

In the first half of 2025, we

conducted a strategic review as a

continuation of the New Beginning

strategy launched in 2023.

While the original strategy

delivered as planned, a series of

new initiatives were introduced to

further enhance profitability and

capture emerging growth

opportunities within small and mid-

sized life science segments.

The 2025 strategy update provided a

solid uplift in operational efficiency,

paving the way for strong growth-

focused performance in 2026 and

beyond.

Business Development

Artificial

Intelligence

Reinforced AI focus and

investments by anchoring regional

business units in new global

structure in the beginning of the

year.

The global structure is responsible

for NNIT's overall AI strategy,

partnerships, and models as well

as building and aligning AI solutions

and services offered and tailored to

our markets.

We have invested in our own AI

platform KITN (Know IT Now)

applicable both in internal

optimization scenarios and in our

customer deliveries.

Domain Leadership

Market

Recognition

Positioned among the leaders in

the Everest Group’s Life Sciences

Veeva Services PEAK Matrix

Assessment 2025 reinforced our

domain leadership on this market

leading platform.

This was supplemented through

recognition by Veeva as our Veeva

AI solution is now a validated

solution in the Veeva partner

ecosystem.

In the Danish public sector, we

strive to continually build domain

competencies and platforms that

improves public sector

effectiveness and citizen

experience.

Continued to build our customer

portfolio across all regions.

Within life sciences, new

agreements were secured with

Care Advantage Inc., Simtra

BioPharma Solutions, a large

global pharma company in

the US, and with several small and

mid-sized life sciences companies in

Europe.

In the public sector, we

strengthened our position in

Denmark through important

contracts with Energinet and

several government agencies

supporting critical national digital

infrastructure projects.

Customer Wins

Key

Contracts

Employer of Choice

Our

Colleagues

Our colleagues are the foundation

of our success. Their dedication,

expertise, and focus on quality

have enabled us to consistently

deliver outstanding customer

satisfaction. Employee attrition rate

remains well below industry

averages, underscoring our

position as an employer of choice.

Recognized as an attractive work-

place winning the Consultancy &

Services category and ranking sixth

overall among 60 Danish IT and

finance companies in the annual

IT Profile Analysis benchmark,

reaffirming our strong reputation

among ITprofessionals in Denmark.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 8

Key Figures

Financial key figures for 2021-2023 exclude discontinued operations.

1 Special items comprise costs that cannot be attributed directly to NNIT's ordinary activities and are non-recurring in nature.

2 The Danish Business Authority has required NNIT to change the applied accounting treatment of the earn-out payment, cf. Accounting policy.

3 The principles for allocation of cost by function was changed in 2023, and comparative figures for 2022 have been adjusted accordingly.

DKK million 2025 2024 2023 2022 2021

Financial performance

Total revenue 1,788 1,851 1,728 1,500 1,369

EBITDA before special items 139 161 144 61 114

Depreciation, amortisation and impairment 45 44 28 68 129

Operating profit (EBIT) before special items 94 117 116 (7) (15)

Special items, costs (1) 83 69 69 278 208

Operating profit (EBIT) 11 48 47 (285) (223)

Net financials (22) (33) (30) (9) (12)

Net profit/loss for the year (24) 1 6 (258) (175)

Earn-out Restatement impact (2) - - - (40) (42)

Net profit/loss for the year before

restatement (24) 1 6 (218) (133)

Investment in tangible assets (26) (145) (4) (8) -

Investment in intangible assets incl.

acquisition of subsidiary (30) (51) (18) (78) (40)

Total assets 1,517 1,707 1,977 2,748 2,574

Equity 786 870 827 814 993

Dividends proposed/paid - - - - -

Free cash flow (47) (40) (109) (292) (102)

Interest-bearing debt, net 311 243 77 805 473

DKK million 2025 2024 2023 2022 2021

Earnings per share (DKK) (0.97) 0.03 0.24 (10.39) (7.05)

Diluted earnings per share (DKK) (0.97) 0.03 0.24 (10.39) (7.05)

Employees

Average number of full-time employees,

total 1,652 1,704 1,974 3,169 3,162

Average number of full-time employees,

continuing 1,652 1,704 1,773 1,809

Financial ratios

Revenue growth (3.4)% 7.1% 15.2% 9.6% N/A

Gross profit margin (3) 25.0% 25.9% 25.8% 27.2% 9.3%

EBITDA before special items margin 7.8% 8.7% 8.3% 4.1% 8.3%

Operating profit margin before special

items 5.3% 6.3% 6.7% (0.5)% (1.1)%

Operating profit margin 0.6% 2.6% 2.7% (19.0)% (16.3)%

Effective tax rate (118.2)% 94.3% 64.7% 12.2% 12.2%

Return on equity (2.9)% 0.1% 0.7% (28.6)% (17.3)%

Solvency ratio 51.8% 51.0% 41.8% 29.6% 38.6%

Return on invested capital (ROIC) (0.2)% 3.5% 2.9% (19.2)% (13.6)%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 9

Q4 2025 Performance Review

Q4 2025 business highlights

In the fourth quarter, NNIT experienced a

temporary slowdown in business performance,

primarily impacted by developments in Europe

and US. Revenue amounted to DKK 430.0 million

(DKK 469.6 million in Q4 2024), representing -8.4%

reported growth and -7.0% organic growth.

Underlying revenue was DKK 448 million, growth

corresponding to -5% and organic growth -3%

adjusting for the US revenue rephasing.

Group operating profit excluding. special items

amounted to DKK 17.9 million (DKK 43.3 million in

Q4 2024), equal to an operating margin of 4.2%,

excl. special items (9.2% in Q4 2024). Adjusting for

the revenue rephasing in US, the underlying profit

would have been DKK 36 million and a margin of

8.0%. The slight year-on-year decline was

attributed to lower-than-anticipated revenue

generation, which offset the positive effects of

ongoing operational efficiency improvements and

cost-reduction initiatives. Special items ended at

DKK 29.8 million (DKK 55.7 million in Q4 2024)

mainly driven by board-initiated strategic process

and cost-out project being accelerated with

advisor support, and restructuring cost. While

financial results for the quarter was unsatisfactory,

NNIT continued to make solid strategic progress.

The company advanced its expansion into lower-

tier market segments, strengthened operational

excellence, and executed on structural cost

reductions — laying a solid foundation for

improved profitability in 2026.

Region Europe

During the fourth quarter, Region Europe

generated revenue of DKK 151.7 million (DKK

170.6 million in Q4 2024), representing a decline

of 11.1% in reported terms and an organic growth

of -11.3%. The performance was affected by

ongoing market uncertainty, which led to lower

overall customer activity compared with the same

period last year.

Despite lower activity from larger existing

customers, the region continued to grow its

customer portfolio by onboarding several new

customers within the lower-tier segments. This

expansion supports NNIT’s strategic objective of

broadening its customer base and diversifying

revenue streams.

Regional operating profit was DKK 25.9 million

(DKK 25.3 million in Q4 2024), corresponding to a

regional operating profit margin of 17.1% (14.8%

in Q4 2024). The improvement in profitability was

driven by a sustained focus on operational

excellence and the continued realization of cost

savings achieved through earlier efficiency

initiatives carried out during 2025.

Region US

In the fourth quarter, Region US experienced an

unexpected impact from postponement of several

large projects and a temporary slowdown in new

contract signings, which affected overall revenue

generation. Performance was unsatisfactory as the

underlying business generated revenue was DKK

72 million, equal to a growth of -10% and organic

growth of -2%.

Furthermore, a rephasing of revenue has been

made in the fourth quarter due to revenue

recognition adjustments made related to previous

quarters. Reported revenue amounted to DKK

53.8 million (DKK 79.7 million in Q4 2024),

corresponding to a decline in revenue growth of

32.5% and organic growth of -27.1%.

The shortfall in revenue led to a regional operating

profit decline compared with last year of DKK

22.6m to DKK 4.1 million (DKK 26.7 million in Q4

2024), as the cost-reduction initiatives

implemented earlier in the year could not fully

offset the timing of the revenue decline. The

regional operating margin ended at 7.6% (33.5% in

Q4 2024). Adjusting for the rephasing of revenue,

the underlying regional operating profit was DKK

21.9 million, equal to a margin of 30.6%.

The temporary slowdown is not seen to be

founded in structural changes or expected to have

a lasting impact. NNIT anticipates that the region’s

revenue and profitability will normalize as

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 10

postponed projects resume and new customer

contracts are finalized, thereby supporting a return to

previous performance levels in the coming period.

Region Asia

Region Asia generated revenue of DKK 36.1 million in

Q4 2025 (DKK 44.3 million in Q4 2024), representing

a reported revenue decline of 18.5% and organic

growth of -12.6%. The negative year-on-year

comparison was primarily influenced by a one-off

related to hardware/software resale in the previous

year of approximately DKK 9 million. When adjusted

for this one-off event, underlying performance

showed solid growth, with an estimated organic

growth increase of 9.9%. This positive underlying

momentum was driven by Region Asia’s successful

expansion of its customer base, particularly among

local market customers, while maintaining existing

customers.

Profitability also strengthened during the period, with

regional operating profit reaching DKK 5.1 million

(DKK 1.8 million in Q4 2024), corresponding to a

margin of 14.1% (4.1% in Q4 2024). The material

improvement in regional operating profit year-on-

year reflects ongoing efficiency improvements and

the structural reduction of the regional cost base,

which continues to enhance operational leverage and

support future growth.

(1) Restated, see description of changes in note 2.1.

Region Denmark

In Q4, Region Denmark generated revenue of

DKK 188.4 million (DKK 174.6 million in Q4 2024),

representing a solid increase of 7.9% in both

reported revenue growth and organic growth.

The year-on-year increase was primarily

attributable to the Public segment and SCALES

that had built a solid pipeline during the year with

realization in the last quarter of the year.

During the period, Region Denmark , achieved

significant strategic wins particularly within the

Public sector. NNIT was selected for a national

health data development project led by

the Danish Health Data Authority (Sundheds-

datastyrelsen) and secured a four-year contract

for development, maintenance, and support with

the Danish Agency for IT and Learning (Styrelsen

for IT & Læring). These contracts strengthen

NNIT’s position as a trusted partner for key public

institutions.

Regional operating profit was DKK 29.0 million

(DKK 22.2 million in Q4 2024), corresponding to

an margin of 15.4% (12.7% in Q4 2024). As in

prior quarters, profitability was impacted by a

reallocation of corporate costs of

approximately DKK 5 million. Adjusting for this

allocation, the comparable operating profit for

the prior year would have been DKK 17.3 million,

corresponding to a margin of 9.9%.

The improvement in underlying earnings and

margins reflects leverage on the cost base, and

the materialization of initiatives launched earlier

in the year to enhance operational efficiency and

align capacity with market demand, establishing a

stronger foundation for sustainable performance

going forward.

Region Europe Region USA Region Asia Region Denmark Total

Results for Q4, DKKm Q4 25 Q4 24 (1) Q4 25 Q4 24 Q4 25 Q4 24 Q4 25 Q4 24 (1) Q4 25 Q4 24

Revenue 151.7 170.6 53.8 79.7 36.1 44.3 188.4 174.6 430.0 469.6

Production cost 115.9 130.9 37.2 36.7 27.6 39.9 143.3 144.3 324.0 352.2

Gross profit 35.8 39.7 16.6 43.0 8.5 4.4 45.1 30.3 106.0 117.4

Gross margin 23.6% 23.3% 30.9% 54.0% 23.5% 9.9% 23.9% 17.4% 24.7% 25.0%

Regional operating profit 25.9 25.3 4.1 26.7 5.1 1.8 29.0 22.2 64.1 76.0

Regional operating profit margin 17.1% 14.8% 7.6% 33.5% 14.1% 4.1% 15.4% 12.7% 14.9% 16.2%

Group operating profit

before special items 9.7 12.9 (3.9) 24.5 1.2 (1.1) 11.1 8.0 17.9 43.3

Group operating profit margin

before special items 6.4% 7.6% (7.2)% 30.7% 3.3% (2.5)% 5.9% 4.6% 4.2% 9.2%

Reported currency growth (11.1)% 10.6% (32.5)% (12.4)% (18.5)% 36.4% 7.9% 8.9% (8.4)% 7.1%

Constant currency growth (11.3)% 10.3% (27.1)% (12.2)% (12.6)% 39.9% 7.9% 8.9% (7.0)% 7.1%

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NNIT Annual Report 2025 11

Outlook 2026

In 2026, NNIT will continue to execute its strategic initiatives, accelerating the commercial focus towards the Public and Life Sciences segments, while improving its

operational efficiency and structurally reducing the cost base.

Financial outlook 2026

NNIT sees opportunities to profitably grow

the company within its strategic commercial

focus areas during 2026, although the

geopolitical market unrest is expected to

continue. NNIT will continue to grow its

lower tier-segments, expand existing

customer engagements and commence the

project delivery on already signed larger

contracts, mainly within the Public segment.

However, NNIT anticipates revenue to

continue to be negatively impacted by the

tier 1 customer behavior seen in 2025 with

contract values being lower than normal.

From 2026, NNIT will update its revenue

performance measure from organic growth

to constant currency revenue growth to

reflect the absence of M&A activity. The

constant currency revenue growth is

expected to be 0 to 5% for 2026.

In 2025, NNIT initiated several initiatives to

structurally lower the cost base and obtain

more leverage on existing costs through

operational efficiency. During 2026, NNIT will

continue its efforts to drive margin

expansion supported by the full-year effect

from already initiated cost reducing

activities, uplift in utilization and billability

and other commercial levers such as pricing

efforts. For 2026, the term “group operating

profit margin before special items” will be

updated to “group EBIT excluding special

items”. Group EBIT excluding special items is

expected to be 6 to 9%.

Special items amounted to DKK 83 million in

2025 mainly driven by restructuring costs,

board-initiated strategic projects and earn-

out payments. In 2026, special items will be

significantly below last year’s level and will

consist of restructuring costs as there will be

no earn-out payments.

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NNIT Annual Report 2025 12

During 2026, NNIT expects constant

currency revenue growth to gradually

improve alongside profitability. In the first

quarter of 2026, constant currency growth

is expected to be mid-single digit negative

due to implications from tier 1 customer

behavior, gradual normalization in Region

US and larger Public contracts only

generating revenue from later in the year.

While cost savings are expected to

materialize as planned, the lower revenue

generation will dampen profitability which

will result in a moderate positive group

EBIT excluding special items in the first

quarter.

2025 realized performance

The realized performance for 2025 is in line

with the Outlook for the year as updated

on 22 December, 2025.

Outlook and Performance

Mid-term financial aspirations continue to

be suspended

As announced on 22 December, 2025 cf.

company announcement 09/25, the mid-term

financial aspirations toward 2027 were

suspended as the specific market, client and

business assumptions had changed.

2025 2026

Outlook Updated

outlook

05.05.2025

Updated

outlook

22.12.2025

Realized Outlook

Organic revenue growth 7-10% 0-5% (3.0)% (2.8)%

Constant currency revenue growth 0-5%

Operating margin before special

items

7-9% 7-9% 5.5% 5.3%

Group EBIT excluding special items 6-9%

Special items Below

2024 level

Up to DKK

69 million

DKK 83

million

DKK 83

million

Significantly

below 2025

level

Forward-looking Statements

This Annual Report contains

forward-looking statements. Words

such as ‘believe’, ‘expect’, ‘may’,

‘will’, ‘plan’, ‘strategy’, ‘prospect’,

‘foresee’, ‘estimate’, ‘project’,

‘anticipate’, ‘can’, ‘intend’, ‘outlook’,

‘guidance’, ‘target’ and other words

and terms of similar meaning in

connection with any discussion of

future operating or financial

performance identify forward-

looking statements. Statements

regarding the future are subject to

risks and uncertainties that may

result in considerable deviations

from the outlook set forth.

Furthermore, some of these

expectations are based on

assumptions regarding future

events which may prove incorrect.

Please also refer to the overview

of risk factors in the ‘Risk

Management’ section on pages

24-27.

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NNIT Annual Report 2025 13

Strategy

NNIT remains committed to the successful execution

of the "New Beginning" strategy, launched in 2023 and

running through the end of 2026. During 2025 NNIT

launched several strategic initiatives to both

accelerate growth in selected market segments and

optimise operations to improve profitability.

Our deep industry understanding and close customer

proximity underpin our Go-to-Market (GtM) approach,

enabling us to address identified customer challenges with

pre-built solutions. This ensures customers achieve a faster

return on investment. Our customers generally applaude this

customer-centric approach with a high customer satisfaction

score of 4,5 (on 1-5 scale) in 2025.

The focused strategy targets key markets that require a

combination of NNIT’s advanced IT solutions expertise and

domain knowledge. This is implemented internationally

through a regional approach, leveraging specific market

strongholds in highly regulated industries. During 2025 NNIT

has made investments in dedicated initiatives to gain a

stronger foothold in the small and midsized life sciences

customer segments where our solutions portfolio has a

strong customer value proposition.

NNIT focuses on two core industry segments: Life sciences

globally and the public sector in Denmark. In these areas,

NNIT leverages deep domain expertise, market-leading

technologies, and strong partnerships, driven by top talent.

Additionally, the private sector in Denmark remains a key

market for Region Denmark in selected services areas.

Across our focus industries, we observe several trends

shaping customers' future buying patterns, all with an

industry-specific perspective. These emerging trends revolve

around AI, data enablement, and accelerated digital

transformation. NNIT is making significant investments to

upgrade our consultants' skills in the latest technologies,

enabling them to advise our customers effectively.

Furthermore, we are developing repeatable solutions built on

market-leading technologies in collaboration with our

strategic partners.

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NNIT Annual Report 2025 14

NNIT is organized into four regions, each responsible

for its own P/L performance. This structure fosters

regional autonomy while nurturing close customer

proximity.

Region Denmark focuses on building industry expertise in the

public sector while maintaining and expanding its footprint with

private customers. This is achieved through solutions such as

Custom Application Development, Microsoft solutions - including

SCALES Group - and SAP solutions. In the public sector, Region

Denmark primarily targets central government opportunities,

specifically governmental agencies and organizations with a

private/public foundation.

The three life sciences regions share a largely unified solutions

catalogue aligned with NNIT’s core domains in life sciences,

including R&D, Manufacturing & Supply Chain, Quality &

Compliance, and Data & Digital. NNIT is globally recognized by

customers and external advisors for its deep industry expertise

combined with strong technical capabilities. To support the regional

setup, several global supporting functions are in place to leverage

synergies across regions. These include global functions like HR,

13 employees focusing on the supply chain area in life sciences

from Region Europe to Region US in Q2.

The financial reporting structure for the regions has been

updated effective from the 2025 Q3 interim report, see

description of changes in note 2.1.

Organizational

structure

Finance, Marketing and Commercial Excellence ensuring that

larger, globally spanning customers are managed in a

coordinated and consistent manner. Finally, NNIT’s offshore

delivery capabilities are strengthened by delivery units in the

Philippines, the Czech Republic and Poland. On the

organizational level NNIT moved a smaller business unit of

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NNIT Annual Report 2025 15

LIFE SCIENCES SOLUTIONS

Europe

Throughout 2025, Region Europe was significantly affected by

ongoing macroeconomic and geopolitical uncertainty, which

led to a slowdown in the Life Sciences segment. Despite these

headwinds, the region demonstrated adaptability by

strengthening relationships with long-term customers and

expanding its presence in lower-tier market segments,

successfully onboarding 20 new customers during the year.

Full-year revenue amounted to DKK 629

million (2024: DKK 699 million), corresponding

to an organic growth decline of 10.2%. The

contraction was primarily driven by the

market unrest resulting in customer

hesitation which led to project

postponements, and a lower number of large-

scale transformation projects initiated

compared to prior years. Additionally, project

scopes have generally been shorter in

duration and size affecting the overall revenue

generation.

In the first quarter of 2025, Region Europe

undertook a larger transformation to mitigate

the current market turmoil. The key focus was

the streamlining of organizational structures

following the integration of group companies,

further optimization of operational efficiency,

and a reassessment of the region’s go-to-

market approach to better align with current

market dynamics.

Customer Satisfaction Score

(Out of 5)

4.6

Regional operating profit amounted to DKK 97

million (2024: DKK 100 million), corresponding

to a margin of 15.4% (2024: 14.3%). Despite

the decline in revenue, regional operating

profit was stable compared with last year and

margin increased by 1.1%-p. The profitability

enhancements are due to rightsizing of

capacity, structural reduction of overhead

costs, and ongoing improvements in key

operational metrics such as utilization.

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NNIT Annual Report 2025 16

LIFE SCIENCES SOLUTIONS

During 2025, Region US has seen a scattered business

performance across its business areas. The repeatable

service solutions offering have been growing throughout the

year and the data migration business is steadily recovering.

However, towards the end of the year, US experienced a

temporary and unexpected slowdown.

For the full year, revenue ended at DKK 313

million (2024: DKK 346 million), corresponding

to a revenue growth of -9.6% and organic

growth of -7.5%. The lower revenue

generation is a result of several project

postponements and fewer contract wins than

initially expected in the fourth quarter.

Customer Satisfaction Score

(Out of 5)

4.7

Regional operating profit ended at DKK 71

million (2024: DKK 73 million), delivering a

regional operating profit margin of 22.7%

(2024: 21.2%). The stable development in

regional operating profit and increase in

margin despite revenue contracting reflects

the resilience of the US operating model

where repeatable services come with a

significantly higher margin than other

consultancy services. Furthermore, the US

region has also structurally lowered their cost

base during the year.

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NNIT Annual Report 2025 17

LIFE SCIENCES SOLUTIONS

Asia

In 2025, Region Asia returned to positive growth, driven by

the extension of long-term customer engagements and the

successful expansion of its customer base to include a

greater number of local customers. This progress was

achieved despite geopolitical uncertainties linked to trade

war and a soft macroeconomic environment in China.

Region Asia delivered organic growth of 5.7%,

corresponding to full-year revenue of DKK 153

million (2024: DKK 149 million). From a

business perspective, the region experienced

increased demand, especially within the

business areas, Cloud Solutions and

Manufacturing in China. Growth was further

supported by the Singapore operations, which

continued to grow, largely through the

expansion of existing customer engagements.

Singapore accounted for approximately 30%

of Region Asia’s total revenue.

Customer Satisfaction Score

(Out of 5)

4.7

Regional operating profit was DKK 16 million

(2024: DKK 8 million), corresponding to a

regional operating margin of 10.5% (2024:

5.2%). The improvement in both earnings and

margin reflects a significant uplift in

operational performance, sustained cost

discipline, and the positive impact of the

turnaround plan initiated in 2024. This

performance is particularly encouraging given

the ongoing pricing pressure across China

and Singapore, which continues to challenge

profitability across the region.

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NNIT Annual Report 2025 18

PUBLIC & PRIVATE IN DENMARK

Denmark

Region Denmark continued the positive momentum from

prior year, achieving growth supported by strong

performance in the Public segment and several strategically

important contract wins. The region further reinforced

its market position through SCALES, which maintained its

status as Denmark’s largest provider of Microsoft Dynamics

365 for Finance & Operations (D365FO), securing multiple

new contracts during the year.

Full-year revenue amounted to DKK 693

million (2024: DKK 657 million), corresponding

to reported revenue growth of 5.2% and

organic growth of 5.2%. The year-on-year

increase was underpinned by the solid

foundation established in 2024 within the

Public segment, with several new projects

launched in 2025. In addition, SCALES

delivered robust growth of approximately

16%, representing around 40% of Region

Denmark’s total revenue. The performance

was partly offset by a decline in the Private

segment excluding SCALES, where reduced

activity in the Microsoft business and

passthrough revenue impacted overall results.

Customer Satisfaction Score

(out of 5)

4.4

Regional operating profit amounted to DKK

108 million (2024: DKK 118 million),

corresponding to a regional operating margin

of 15.6% (2024: 18.0%). During the year,

profitability was affected by a reallocation of

corporate overhead costs of approximately

DKK 20 million. Adjusting for this allocation,

the comparable regional operating profit for

2024 would have been DKK 98 million, equal

to a margin of 15.0%.

The improvement in underlying earnings and

margins reflects enhanced utilization, capacity

adjustments and structural cost optimization,

all contributing to a more efficient and

resilient operating platform.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 19

Governance structure

The Board of Directors of NNIT has a continued focus on good

governance practices and complies with all suggested recommendations

except for a separate nomination committee, the role of which is

handled by the Chairman, and the composition of the Audit Committee.

Governance Structure

Annual General Meetings

NNIT's shareholders have the ultimate

authority over the company and exercise

their right to make decisions at general

meetings. At the Annual General Meeting,

shareholders approve the Annual Report

and any amendments proposed to the

company’s Articles of Association.

Shareholders also elect board members and

the independent auditor.

The Board of Directors and Executive

Management operate under a two-tier

Corporate Governance

management structure. The Board of

Directors supervises the work of Executive

Management and is responsible for overall

management and strategic direction, while

Executive Management is in charge of day-

to-day management. Executive Management

has established a Group Management

consisting of the chief executive officer, the

chief financial officer, and senior vice

presidents.

As of 31 December 2025, NNIT’s Board of

Directors consisted of six shareholder-

elected members and three employee-

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 20

elected members. One board member is a

member of the Executive Management of

Novo Holdings A/S, and is regarded as

representing the interests of a controlling

shareholder. The remaining five of the six

shareholder-elected board members are

regarded as independent as defined by the

Danish Corporate Governance

Recommendations. The composition of the

Board of Directors ensures that its members

represent the required professional breadth,

industry knowledge, diversity and

international experience. Board members

elected by the shareholders at the Annual

General Meeting serve for a one-year term

and are eligible for re-election. Board

members elected by employees serve for a

statutory four-year term and have the same

rights, duties and responsibilities as

shareholder-elected board members. Read

about the Diversity & Inclusion policy on

page 76.

In 2025, the Board of Directors held seven

ordinary meetings and one extraordinary

meetings. Read more about the members of

the Board of Directors on pages 28-30.

The Chairman

At the Annual General Meeting, the

Chairman and Deputy Chairman of the

Board of Directors are elected directly. The

Chairman carries out administrative tasks,

such as planning board meetings to ensure

a balance between overall strategy setting

and financial and managerial supervision of

the company.

At the March 2025 Annual General Meeting

the shareholders re-elected the Chairman,

Carsten Dilling (independent) and Deputy

Chairman, Eivind Kolding (independent).

For a detailed view of the Chairman’s tasks

please refer to the Chairmanship Charter on

NNIT’s website.

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NNIT Annual Report 2025 21

The Audit Committee

The Board of Directors has established an

Audit Committee, responsible for assisting

the Board in overseeing the financial and

sustainability reporting process and the

effectiveness of the internal control and risk

management systems. Furthermore, the

Audit Committee is responsible for assisting

the Board of Directors with evaluating the

effectiveness of NNIT's level of quality

management and the maturity level of

internal security management. In 2025, the

Audit Committee conducted four ordinary

meetings; all members of the committee

participated in all meetings.

The Remuneration Committee

The Board of Directors has established a

Remuneration Committee responsible for

assisting the Board with overseeing the

Remuneration Policy for the members of the

Board of Directors and Executive

Management, including guidelines on

incentive pay to Executive Management, the

remuneration of the members of the Board

of Directors, its committees and the

members of Executive Management, as well

as the preparation of the annual

remuneration report. In 2025, the

Remuneration Committee conducted two

meetings.

Annual Evaluation

Every year, the Board of Directors conducts

a self-assessment and review of the

Executive Management's performance and

succession preparedness.

The chairman of the Board has the overall

responsibility for conducting the self-

assessment of the Board of Directors and

review of the Executive Management.

Every third year, the self-assessment and

review is facilitated by external consultants

who interview all members of the Board of

Directors and the Executive Management.

In 2025, the Board of Directors conducted

the annual evaluation as a self-assessment

based on written questionnaire, with same

questions as in 2024.

General conclusions of the evaluation

In general, the evaluation in 2025 shows that

the board meets the expectations, fulfills its

responsibilities, and provides value. The

evaluation is still that the board has many

good qualities and led by the Chair, the tone

on the board is open, honest and promote

constructive debates where board members

feel safe to voice their views and feel heard.

Committees of the Board are working well.

The Board members are professional and

dedicated, and the evaluation shows that

even more insight into the market by board

member should in general be prioritized.

The board evaluates that the strategy has

become more focused as well as it is

appreciated in the evaluation that the board

have been more involved in 2025 in the

strategic work as a sounding board. More

detailed implementation of the strategy

should be in focus.

The board continuously enjoys a positive

working relationship with the CEO and

management, ensuring open and effective

dialogue including on managing of potential

risks and stakeholder relationships. Board

Meetings are structured, and the quality of

board materials has improved over the past

year.

Tax Policy

NNIT’s Tax Policy outlines the Group’s stance

on tax and describes the governing

principles for tax management. The policy is

available from the company’s website

nnit.com.

Data Ethics Policy

At NNIT, we process large amounts of data

on behalf of our customers and within our

own organization. Data and information

The basis for the corporate

governance structure of NNIT

include:

Articles of Association

Remuneration Policy

Rules of Procedure of the Board of

Directors as well as the Executive

Management

Competence Profile of the Board

of Directors

Board Committee Charters

Sustainability and ESG Policy

Diversity and Inclusion Policy

•

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NNIT Annual Report 2025 22

security have always been a fundamental

part of NNIT's business, as it is of great

importance to us that our customers and

employees always feel safe when entrusting

us with their data.

NNIT's Data Ethics Policy embodies three key

principles: Security, Fairness and

Transparency.

Security

In order to safeguard high ethical data

standards, NNIT ensures appropriate

technical and organizational security

measures are implemented to prevent the

accidental or unlawful destruction,

accidental loss, alteration or change and

unauthorized disclosure of or access to data.

Fairness

Fairness is about doing what is right and only

handling personal data in ways that people

would reasonably expect and not using it in

ways that have unjustified adverse effects on

them. In that regard, NNIT considers

whether the use of personal information is

justified and whether processing is

compatible with what can be expected in a

free and democratic society and in

accordance with human rights.

Transparency

NNIT values being transparent about its data

processing activities and being clear, open

and honest about how and why it uses

personal data.

In NNIT, the type of data we process is part

of our data ethical considerations, as

security measures must correspond to the

sensitivity of the data being processed.

These considerations are also part of our

customer dialogue when advising about

software development, ensuring that

privacy-by-design and privacy-by-default are

considered from the beginning. NNIT does

not sell any data to any third parties or profit

from it in any way. The Board of Directors

approves the Data Ethics Policy, which is

updated annually. NNIT reports on the work

with Data Ethics and GDPR to the Audit

Committee on a regular basis.

Compliance with Corporate

Governance Recommendations

As a publicly listed company, NNIT is subject

to the Danish recommendations on

corporate governance. In accordance with

section 107b of the Danish Financial

Statements Act, NNIT discloses its Statutory

Corporate Governance Statement for the

financial year 2025 at nnit.com.

NNIT complies with the Recommendations

on Corporate Governance in all material

respects, with two exceptions:

1) Due to the size of NNIT, the Board of

Directors has not found it necessary or

appropriate to establish a nomination

committee. The tasks of the nomination

committee are handled by the

Chairmanship.

2) The Board of Directors has not found it

necessary that a majority of the members of

the audit committee are independent. The

members of the audit committee are elected

from whom of the Board of Directors has

best individual qualifications to perform the

tasks of the audit committee.

For more information, please refer to the

Statutory Corporate Governance Statement

2025.

Risk Management and Control Activities

In order to sustain a robust business, risk

monitoring and control activities are

designed and implemented to obtain the

desired overview and assurance. The control

activities are based on a risk assessment

performed by Group Management and

installed to prevent, detect and take steps to

counter any material risks. A general

description of risks is provided in the ‘Risk

Management’ section on pages 24-27.

As part of its risk management, the company

has also set up a whistleblower function

which, in addition to the usual control

functions, is intended to provide access to

reports on suspected irregularities in the

business.

Financing

Due to the maturity of the current credit

facilities a process, to obtain a new Credit

Facility to full fill the necessary funding for

the Group will be initiated, cf. note 1.6 and

4.4.

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NNIT Annual Report 2025 23

Risk Management

NNIT’s approach to risk monitoring and control is meticulously designed and

implemented to provide a comprehensive overview and ensure robust assurance

measures. The company’s risk management framework has long been a

cornerstone of its business operations. Control activities are systematically based

on a thorough risk assessment conducted by Group Management, with measures

established to prevent, detect, and effectively address any significant risks that

may arise.

In recent years, NNIT has intensified its focus

on cybersecurity to align with evolving

regulatory requirements and an increasingly

complex global threat landscape. The

implementation of the EU NIS2 directive,

which expands obligations related to

network and information security, has

further reinforced NNIT’s dedication to

strengthening its governance structure,

response mechanisms, and preventive

controls.

At the same time, the overall cybersecurity

threat level has risen significantly, driven by

the growing sophistication of cybercriminal

networks and state-sponsored actors.

Attacks have become more targeted,

coordinated, and technically advanced,

underscoring the need for continuous

improvement in NNIT’s detection,

prevention, and response capabilities. This

heightened focus ensures NNIT remains

resilient and capable of safeguarding client

and internal systems against evolving

threats.

As an integral part of its risk management

strategy, NNIT has implemented a

whistleblower function. This confidential

channel supplements traditional control

mechanisms by enabling the reporting of

suspected irregularities within the

organization. This initiative reflects NNIT’s

unwavering commitment to transparency

and accountability in its operations.

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NNIT Annual Report 2025 24

Operating in a highly competitive market,

NNIT faces exposure to substantial internal

and external risks. These include shifting

market dynamics, regulatory changes such as

the introduction of NIS2, and unforeseen

global events that increase the complexity of

risk management. To mitigate the potential

adverse impacts of these risks, NNIT employs

a structured and comprehensive approach to

risk management, ensuring agility and

resilience in its response.

The company’s risk management efforts focus

on identifying, assessing, and addressing key

risks in a timely and effective manner. These

efforts not only safeguard NNIT’s operational

and financial stability but also enhance its

ability to adapt and thrive in a dynamic

business environment. The strengthened

cybersecurity posture, in particular, ensures

that NNIT remains compliant with the latest

EU standards and well-prepared for

increasingly sophisticated digital threats.

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NNIT Annual Report 2025 25

Risk, impact and mitigation

Cybersecurity risk

Legal & compliance risk

Talent management

Risk

NNIT is exposed to cybersecurity-related risks that have the

potential to harm or damage computer systems, networks, or digital

environments.

Legal and compliance risks are increasing due to growing complexity

and intensified regulatory requirements. Examples include new EU

legislation on geo-restrictions, significant changes to GDPR

regulations, and escalating ESG requirements.

NNIT’s ability to maintain and win new business depends on its

capacity to attract, retain, and develop qualified and innovative IT

professionals.

Impact

Failure to repel cybersecurity risks can lead to business disruptions,

contract breach, data loss, regulatory implications & penalties and

reputational damage.

Non-compliance with legal and regulatory requirements can have

severe consequences for NNIT, including financial penalties,

operational disruptions, reputational damage and increased

oversight from authorities.

A shortage of talent may impact NNIT’s ability to take on new

projects and deliver innovative solutions. Failure to engage and

retain talent can lead to higher attrition rates and reduced

employee satisfaction, ultimately affecting overall organizational

performance.

Furthermore, an inability to meet client expectations due to

insufficient talent could harm NNIT’s reputation and competitive

positioning in the market.

Mitigation

NNIT has implemented a multi-layered approach to mitigate

cybersecurity risks. The CISO Function monitors and addresses

prioritized risks by advising on relevant mitigating activities.

A security Steering Committee oversees and prioritize security

initiatives. The committee is responsible for reviewing risks and

ensuring a structured and transparent approach to risk

management. NNIT is ISO 27001 certified and continuously

assesses new risks aligning with NIS2-driven compliance

requirements to ensure NNIT meets the highest regulatory

standards in information security.

This includes increased focus on educating employees about

cybersecurity best practices to reduce human-related vulnerabilities

as well as continued monitoring of NNIT systems, ensuring NNIT

meets the highest regulatory standards.

NNIT is proactively addressing risks and ensuring compliance with

continuous oversight by the Data Protection Officer (DPO) function

and the legal department which provide assessments and

recommendations on necessary compliance-related initiatives.

These efforts aim to minimize compliance risks, safeguard NNIT’s

operations, and uphold its reputation in an increasingly complex

regulatory environment.

NNIT has implemented a robust talent management strategy, which

includes efforts to strengthen NNIT’s position as a preferred

employer by building on the strong people foundation across its

international presence. this strategy offers opportunities to work

with the latest technologies and enhances engagement through

inspirational leadership and consistent investments in employee

training.

In 2024, NNIT launched a graduate program, achieving a record-

high number of applicants and strengthening its talent pipeline.

Regular monitoring of employee engagement and attrition is

ongoing.

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NNIT Annual Report 2025 26

Risk, impact and mitigation

Customer solution repeatability

AI disruption

Risk

NNIT’s strategy of delivering fewer, more specialized services across a

larger number of smaller customer engagements depends on having

repeatable, scalable solutions and an agile delivery model. Changing

customer needs and market expectations increase the risk that service

offerings and processes do not evolve fast enough to remain relevant

and repeatable.

Rapid advancement and adoption of AI across the IT services industry

may automate traditional consulting activities and reduce demand for

T&M engagements. There is a risk that investments or adaptation are

insufficient to remain aligned with global competitor capabilities and

evolving customer requirements, increasing competitive pressure from

AI-enabled service providers.

Impact

Failure to develop and maintain a relevant and repeatable solution

portfolio aligned with customer demands may limit growth

opportunities, reduce scalability, and negatively impact profitability and

operational efficiency.

Result could be a potential decline in billable hours, increased pricing

and margin pressure, and risk of consultant skill obsolescence. Failure

to adapt could significantly and negatively impact revenue growth and

profitability and require a shift towards outcome-based commercial

models.

Mitigation

NNIT is further strengthening its focus on scalable and repeatable

solutions by prioritizing standardized offerings with strong market

demand and attractive margins. Proven solution areas are being

expanded and leveraged across markets, while customer engagement

has been broadened to include a wider customer base to support

scalable growth.

The operating model is being streamlined to ensure it supports growth

ambitions, and the upcoming 2026 strategy will place increased

emphasis on targeted investments and growth initiatives in selected

solution areas. This approach ensures continued relevance, improved

solution repeatability, and sustainable profitability.

NNIT has made targeted investments in AI over the past years to

remain competitive and aligned with customer needs. AI capabilities

are being embedded across regions and core functions to strengthen

delivery and operational efficiency, including automation of

development, testing, and planning activities.

Governance and scalability are ensured through a dedicated AI Center

of Excellence and systematic upskilling of consultants. At the same

time, NNIT is evolving its offerings to reflect AI-driven productivity gains

and support outcome-based engagement models. Continuous

benchmarking and transparent communication of AI value to clients

help protect margins and support sustainable growth.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 27

Carsten Dilling

Chairman

Eivind Kolding

Deputy Chairman

Caroline Serfass

Board Member

Committee

Member of the Remuneration Committee

N/A

Personal and

Educational

Background

Born 1962. Danish citizen.

Bachelor of Science and Bachelor of Commerce, Int. Marketing

from Copenhagen Business School. Member of the Board of

Directors since 2016.

Born 1959. Danish citizen.

Master of Laws from the University of Copenhagen and AMP from

Wharton Business School.Member of the Board of Directors since

2015.

Other

Directorships

Member of the Board of Directors at Thomas B. Thriges Fond and

Chairman of the Board of Directors at two of its subsidiaries;

Terma A/S and Thrige-Titan A/S as well a member of the Board of

Directors at one of its subsidiaries; Thrige Holding A/S. Member of

Maj Invest P/E investment committees. Chief Executive Officer of

CDI Consult ApS.

Chairman of the Board of Directors of Nordic Transport Group

(NTG) A/S*, Danmarks Skibskredit A/S, FRANKLY A/S, Den

Erhvervsdrivende Fond Gl. Strand, DAFA Group A/S and MFT

Energy A/S. Deputy Chairman of the Board of Directors of LEO

Fondet and LEO Holding A/S. Member of the Board of Directors at

Altor Fund Manager AB.

Non-Executive Director at NHS Blood and Transplant.

Independence

Regarded as independent.

Special

Competences

Strong executive background as CEO and Chair of a number of

boards, and extensive experience within the IT industry.

Extensive executive background as CEO and CFO, and strong

competencies within finance, IT, and general management.

Extensive background as a CIO in the international Life Sciences

industry and strong competencies in IT and regulated industries.

NNIT Shares

8,140 shares (no change in 2025)

7,950 shares (no change in 2025)

0 shares (no change in 2025)

Board of Directors

Chairman of the Remuneration Committee

Born 1961. French and British citizen.

MSc in Robotics from the University of Montreal, Canada, Master in

Electrical and Electronics Engineering, École Centralede Paris,

France. Member of the Board of Directors since 2018.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 28

Board of Directors

Christian Kanstrup

Board Member

Nigel Govett

Board Member

Jan Winther

Board Member

Committee

Member of the Audit Committee

Member of the Remuneration Committee

Chairman of the Audit Committee

N/A

Personal and

Educational

Background

Born 1972. Danish citizen.

Master of Science, Economics (cand.polit.) from the University of

Copenhagen. Post Graduate Executive Education from IMD.

Member of the Board of Directors since 2018.

Born 1974. British citizen.

BA (Hons) Historical Studies from University of Sunderland. IMD

Lausanne Global Board Education Programme. Fellow Member of

the Association of Chartered Certified Accountants (ACCA).

Member of the Board of Directors since 2022.

Born in 1965. Danish citizen.

MBA in Innovation & Leadership from Copenhagen Business

School (CBS). Graduate Diploma in Business Administration

(Organization and Management) from CBS. Bachelor of Engineering

in Electronics/IT from the Technical University of Denmark.

Member of the Board of Directors since 2024.

Other

Directorships

Chief Executive Officer of Christian Kanstrup Holding ApS and CKC

ApS. Chairman of the Board of Directors at InnoStrat ApS and Triba

Health ApS. Member of the Board of Directors at Sleep Cycle AB.

Ejendomsselskabet Novo Holdings Komplementar ApS,

Ejendomsselskabet Novo Holdings P/S, Novo Holdings Business &

People Support P/S and Novo Holdings DK Investment Advisor P/S.

Member of the Board of Directors of Novo Holdings US, Inc., F&O

Advisor P/S and Advisor Denmark P/S which are subsidiaries of

Novo Holdings A/S. Non-Executive Member of Tanjun 1 GP Limited.

Chief Executive Officer of GovWin ApS.

Independence

Regarded independent.

Not regarded as independent due to his position as CFO in Novo

Holdings A/S which is a major shareholder of NNIT A/S.

Regarded as independent.

Special

Competences

Extensive background in the international Life Sciences industry as

well as strong competences in finance and investor relations.

Extensive background in corporate finance, business structuring

and M&A activity, and strong competencies within international

debt finance and private equity markets.

Previously partner at Netcompany with focus on the public sector.

Previously responsible for key customers in the public sector at

KMD.

NNIT Shares

3,000 shares (no change in 2025)

0 shares (no change in 2025)

3,902 shares (no change in 2025)

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 29

Board of Directors

Dorte Broch Pedersen

Employee-elected Representative

Frederik Sparre Willumsen

Employee-elected Representative

Kim Høyer

Employee-elected Representative

Committee

N/A

Personal and

Educational

Background

Born 1970. Danish citizen.

Master’s in internationalization and business administration from

University of Southern Denmark.

Employee Elected Board Member since 2023, joined NNIT in 2019.

Director, HR Partner for Region Europe.

Born 1996. Danish citizen.

Master of science in economics and business administration from

Copenhagen Business School.

Employee-elected member of the Board of Directors since 2023,

joined NNIT in 2021.

Senior Business Consultant at NNIT.

Born 1974. Danish citizen.

Export Engineer from the Technical University of Denmark (DTU).

Employee-elected member of the Board of Directors since 2023,

joined NNIT in 2012.

Regional Head of NNIT Life Sciences Nordic European region.

Other

Directorships

Independence

N/A

Special

Competences

N/A

NNIT Shares

0 shares (no change in 2025)

24 shares (no change in 2025)

168 shares (no change in 2025)

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 30

Group Management

Pär Fors

President and CEO, Executive

Management

Carsten Ringius

Executive Vice President and CFO,

Executive Management

Signe Nelsson

Senior Vice President, Head of

Human Resources

Lars B. Petersen

Senior Vice President, Head of

Communications, Marketing and

Commercial Excellence

Born in 1966. Pär Fors joined NNIT in 2021.

Before joining NNIT, Pär was the CEO of CGI in

Scandinavia. From 2017 to 2021, Pär was Chair

of the Board of the association for Swedish IT

and Telecom Industries, and since moving to

Denmark, he has been a member of the Board

of the industry association IT Branchen. He

holds an MSc in Business Administration and

Economics from Linköping University.

Born in 1972. Carsten Ringius joined NNIT in

2022. Before joining NNIT, he was Group CFO at

K.W. Bruun Import – and before that he held a

number of divisional CFO positions at TDC. He

holds an MSc. in Economics & Business

Administration – Finance from Aarhus School of

Business, Denmark/Oregon State University.

Born in 1976. Signe Nelsson became a part of

NNIT in June 2023. Prior to joining NNIT, Signe

held senior HR leadership roles within the

financial and Life Sciences industries.

Previously, she also acted as an Executive

Advisor in the realms of public affairs and

community engagement. Signe holds an MSc in

psychology and business from Roskilde

University and an Executive MBA from Henley

Business School.

Born in 1971. Lars B. Petersen joined NNIT in

2007. In September 2023, to further drive and

anchor commercial excellence in NNIT, he was

promoted to Senior Vice President,

Communications, Marketing and Commercial

Excellence, thereby joining the Group

Management team. Before joining NNIT, he held

a number of sales manager positions in IBM,

and he was a staff sergeant in the Royal Danish

Airforce. He holds a graduate degree in

Marketing Management from Copenhagen

Business College.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 31

Group Management

Jason Xing

Senior Vice President, Head of

Region Asia

Pia Bundgaard Ingels

Senior Vice President, Head of

Region Europe

Jens Maagøe

Senior Vice President, Head of

Region Denmark

Greg Cathcart

Senior Vice President, Head of

Region US

Born in 1973. Jason Xing joined NNIT in 2007 as

the first manager hired locally in China. In 2019,

he was promoted to General Manger of NNIT

China, and starting in 2022, he was made

responsible for NNIT China and Singapore. In

April 2023, he was promoted to Senior Vice

President, Head of Region Asia, thereby joining

the Group Management team. Before joining

NNIT, he worked in OTIS Elevators as Senior

Manager and Motorola as Engineer and

Manager. He holds a bachelor’s degree in

electrical engineering from Tianjin University

and an MBA from the University of Maryland.

Born in 1972, Pia Bundgaard Ingels worked at

NNIT from 2001 to 2007 and rejoined in 2014.

She has progressed through numerous roles in

consultancy, project delivery, and senior

leadership, becoming Senior Vice President in

January 2025. Throughout her NNIT career, Pia

has been instrumental in driving large-scale

digital transformations and strengthening client

relationships. Her achievements include leading

complex IT engagements and expanding the life

sciences IT services in the company. Beyond

NNIT, she has held senior roles as Project

Manager and Head of Projects at Valtech and

T26 Technology. Pia holds an MSc in Economics

from Copenhagen University.

Born in 1967, Jens Maagøe joined NNIT in 2008

and has since held several senior leadership

roles, including Chief Technology Officer and

Vice President of Custom Application

Development. He was promoted to Senior Vice

President in January 2026. Jens has driven

NNIT’s technology and delivery transformation,

strengthening software development, platform,

and cloud strategies. He has been instrumental

in shaping innovative offerings and large-scale

solutions across public and regulated

industries, fostering long-term client

partnerships. He holds a Bachelor of

Engineering from the Technical University of

Denmark and executive education from

Copenhagen Business School.

Born in 1961. Greg Cathcart joined the NNIT

Group in 2020 when NNIT acquired Excellis

Health Solutions. In October 2023, as part of

the initial planning to integrate Excellis in NNIT,

he was made Senior Vice President, Head of

Region USA, thereby joining NNIT’s Group

Management team. In addition to his role as

CEO of Excellis Health Solutions, he has

comprehensive experience from various chief

and sales executive roles within the Life

Sciences industry, including several operational

& supply chain roles at Johnson & Johnson (12+

years) and the role of Life Sciences Leader at

SAP (3+ years). He holds a BSc in Management

from Temple University.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 32

Shareholder Information

NNIT shares were priced at DKK 49.8 per

share on December 31, 2025, for a market

capitalization of DKK 1,245 million. The

share price decreased 46% in 2025.

By comparison, the Nasdaq Copenhagen

A/S OMXC25 index decreased 45%, while

the Nasdaq Copenhagen MidCap index, of

which NNIT is a component, decreased

34% in the same period.

In 2025, the average daily turnover in the

NNIT share was DKK 1.1 million.

Share Capital and Ownership

NNIT’s share capital amounts to DKK

250,000,000 divided into 25,000,000

shares, each with a nominal value of DKK

10. NNIT has a single share class, each

share carrying 10 votes. There are no

restrictions on ownership or voting rights.

NNIT had 15,356 registered shareholders on

December 31, 2025.

51% of the share capital was directly or

indirectly controlled by Novo Holdings A/S.

The following investors reported holding

more than 5% of NNIT’s share capital in

pursuance of section 55 of the Danish

Companies Act:

Novo Holdings A/S, Gentofte, Denmark

33.50% directly and 51.00% through its

holding in Novo Nordisk A/S

Novo Nordisk A/S, Gladsaxe, Denmark

17.50%

Chr. Augustinus Fabrikker Akts.,

Copenhagen, Denmark 5.86%

•

Share information_________________

Stock exchange:

Nasdaq CPH A/S______________________

Index:

Mid Cap______________________________

Share capital (DKK):

250,000,000__________________________

Number of shares:

25,000,000___________________________

Nominal value (DKK):

10_____________________________________

ISIN code:

DK0060580512______________________

Trading symbol:

NNIT__________________________________

Share price at year-end (DKK):

49.8___________________________________

Treasury shares:

96.221 (0.38%)_______________________

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 33

Treasury Shares

As part of its internal incentive programs

NNIT held 96,221 shares as of December 31,

2025 for a total value of DKK 4.8 million. Key

Management has been granted 12,654

shares with a fair value of DKK 0.6 million as

of December 31, 2025.

Dividend Policy and Capital Structure

NNIT aims to deliver a competitive return to

its shareholders through a combination of

share price increase and distribution of

capital. The guiding principle is that excess

capital after funding of NNIT’s growth

opportunities, including investments, should

be returned to the shareholders. NNIT is

currently focused on maintaining a flexible

capital structure and ensuring a leverage

ratio (NIBD/EBITDA) in the 1-3x range

excluding the effect of potential M&A activity.

NNIT aims to continue investing in the

business to drive growth and efficiency,

including pursuing potential M&A

opportunities within the industry. The Board

of Directors thus intends to propose to the

shareholders at the Annual General Meeting

that ordinary dividends of DKK 0 per share

be distributed for the financial year 2025,

equal to a dividend payout ratio of 0% of the

2025 net results.

Communication with Shareholders

NNIT's Executive Management hosts

conference calls following the release of

quarterly financial results and participates in

relevant seminars and meetings to ensure

that investors can meet with NNIT on a

regular basis.

The NNIT stock is currently covered by four

financial analysts, who regularly issue

research reports on NNIT. A full list of the

analysts covering NNIT can be found at

www.nnit.com/investors-media/investors/

together with an overview of all company

announcements, investor news, press

releases, historical financial figures, analyst

estimates, and further information on NNIT.

NNIT’s share register is managed by VP

Securities A/S, Nicolai Eigtveds Gade 8, 1402

Copenhagen K, Denmark, and shareholders

can register their shares by name by

contacting their depository bank.

On December 31, 2025, approximately 95%

of NNIT’s shares were held by investors

based in Denmark, while 3% were held by

foreign investors. The outstanding 2% of

shares were not registered by name.

NNIT aims to give investors the best possible

insight into the company to ensure fair and

efficient pricing of NNIT shares. This is done

by pursuing an open dialogue with investors

and analysts.

NNIT Investor Relations

contact information:

Carsten Ringius

EVP and CFO

Contact: +45 3077 8888

carr@nnit.com

Investor site at nnit.com

Financial Calendar for 2026

March 12 Annual General

Meeting

May 12 Results for the first

three months of

2026

August 27 Results for the first

six months of 2026

November 5 Results for the first

nine months of

2026

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 34

Sustainability

Statements

General Disclosures 36

Environment 54

Social 73

Governance 101

General

Disclosures

List of disclosure requirements

ESRS2 General Disclosures Page

BP-1 General basis for preparation of the sustainability statement 38

BP-2 Disclosures in relation to specific circumstances 39

GOV-1 The role of the administrative, management and supervisory bodies 40-42

GOV-2 Information provided to and sustainability matters addressed by the undertaking’s

administrative, management and supervisory bodies

40-42

GOV-3 Integration of sustainability-related performance in incentive schemes 40-42

GOV-4 Statement on due diligence 43

GOV-5 Risk management and internal controls over sustainability reporting 44

SBM-1 Strategy, business model and value chain 45-47

SBM-2 Interests and views of stakeholders 45-47

IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 48-50

IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement 50

SBM-3 Material impacts, risks and opportunities and their interaction with strategy 51-53

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 36

ESRS2

General Disclosures

Sustainability in NNIT

NNIT’s overall aspiration is to make a mark in

business and society, bringing digital transformation

to life. In other words, while building a successful

business, we also want to contribute towards

creating a sustainable future for the planet and for

people.

As responsible corporate citizens, we have long-since

committed to the UN Global Compact (UNGC), supporting

and communicating on our progress in adhering to the ten

UNGC principles. As part of our commitment to the UNGC,

we also fully support UN’s 17 Sustainable Development Goals

(SDGs). Further, we are committed to the Science Based

Targets initiative (SBTi) working on reducing our CO2

emissions in line with climate science.

Sustainability and people

Sustainability and planet

Under UN’s Sustainable Development Goals (SDGs) we also

have special focus on driving awareness and activities in

support of SDG 9 Industry, Innovation and Infrastructure,

and SDG 12 Responsible Consumption and Production.

As part of our operations, we are committed to SBTi working

on reducing our CO2 emissions in line with climate science. In

2024 we set our near-term targets, consistent with limiting

the global temperature rise to 1.5°C. Further, we disclose our

environmental impact via the Carbon Disclosure Project

(CDP). A key element in our environmental activities is our

Global Facility Policy that, among other things, govern

investments in and management of NNIT office buildings

with a view to optimize and drive reductions in our energy

and water consumption.

As part of our commitment to the UN’s 17 Sustainable

Development Goals (SDGs) we put special focus on SDG 4

Quality Education and SDG 5 Gender Equality in support of

the people agenda put into action through our diversity and

inclusion initiatives, as well as internal education, develop-

ment and training possibilities for all employees.

NNIT is committed to the UN Global Compact,

the Universal Declaration of Human Rights, the

UN Convention against Corruption, the

International Labor Organization’s conventions

and recommendations, including the Rio

Declaration on Environment and Development,

convention no. 155, and the Declaration on

Fundamental Principles and Rights at Work.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 37

ESRS 2 BP-1

General basis for preparation of Sustainability Statements

The Sustainability Statements are prepared

in line with the ESRS issued by the Euro-

pean Financial Reporting Advisory Group

(EFRAG). All the data points included in the

Environment, Social, and Governance

sections of this report have been deemed

material based on our double materiality

assessment (DMA). The accounting policies

have been applied consistently in the finan-

cial year and for comparative figures.

Information in the Sustainability Statements

has the same scope as the financial state-

ments and includes NNIT A/S and all fully

owned subsidiaries, extending to both the

upstream and downstream value chain.

The entities for which we have ESG data,

along with the one entity for which we lack

ESG data, share a very similar business

model and activities. In the year 2026, we

plan to report ESG data based on actual

data for all subsidiaries. Consolidation of all

quantitative ESG data are specified in the

tables in sections E, S, and G. The extent to

which NNIT Group’s policies, actions, targets

and metrics extend to our value chain is

described in the sections relating to the

topical standards.

Information omitted from

Sustainability Statements

No information corresponding to intel-

lectual property, know-how or the results of

innovation has been omitted from the

Sustainability Statements. Nor has NNIT

Group exempted from disclosure of any

impending developments or matters that

are currently in negotiation. No deviation

from medium- or long-term time horizons

defined by ESRS 1 have been identified.

Forward looking statements

The Sustainability Statements includes

forward-looking statements based on

disclosed assumptions about events that

may occur in the future and possible future

actions by the Group. Actual outcomes are

likely to be different since anticipated events

frequently do not occur as expected.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 38

ESRS 2 BP-2

Disclosures in relation to specific circumstances

In the 2025 reporting period, NNIT A/S is

following the same structure for its

sustainability disclosure to comply with the

CSRD, implemented by the ESRS as

implemented in the 2024 reporting period.

The Sustainability Statements are structured

into four overall sections: ‘General

disclosures’, ‘Environment’, ‘Social’, and

‘Governance’.

Changes in the preparation or presenta-

tion of sustainability information

In the 2025 reporting period, NNIT has not

made changes to the preparation or

reporting of sustainability information except

for the following minor changes:

These changes include:

Five group subsidiaries were included in

the sustainability figures using

extrapolation in 2024, in 2025 only one is

included using extrapolation the rest is

now included based on reported figures.

Use of phase-in provisions

Following the amendments to phase-in

provisions during 2025 the phase-in of

additional information has been postponed,

as a result no additional information is being

disclosed in 2025 compared to 2024.

Estimation of data and information

When estimates are used for the purpose of

providing consolidated group-wide

reporting, the underlying assumptions and

methodologies are detailed in the

accounting policies applicable to the data or

information, including any associated

measurement uncertainties. This relates

specifically to metrics in section E1 and S1.

We acknowledge the need for continuous

evolution of our ESG metrics data and

assessments going forward as we strive to

reduce the associated uncertainties. We will

continue to develop our methodology to

ensure we are capturing our exposure to

climate risk as accurately as possible, while

further exploring ways to integrate climate

change considerations into our existing

processes. Assumptions, approximations

and judgements made in the measurement

have been disclosed in relevant sections, if

any. Quantitative metrics and monetary

amounts which are subject to high level of

measurement uncertainty are disclosed as

part of relevant sections in Environmental,

Social and Governance section.

As we are relying on EFRAG’s guidelines, we

define the time horizons accordingly with the

time horizons defined by ESRS 1:

Short term is defined as less than one

year

Medium term as 1-2 years

Long term as 2-5 years out.

Incorporation by reference

Disclosure requirements incorporated by

reference to other sections of the Annual

Report include GOV-1, GOV-2 and GOV-3

related to Corporate Governance on page

40-42, GOV-5 related to Risk Management

on page 24, SBM-1 related to Strategy on

page 45 and E1 ESRS2 IRO-1 relating to Risk

Assessment on page 44. For a full index of all

disclosure requirements, refer to appendix

III on page 108-110.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 39

GOV-1, GOV-2, GOV-3

Sustainability governance

Board of Directors and Group

Management

The work with Sustainability in NNIT is

anchored in the NNIT Board of Directors and

the NNIT Management Group. The

sustainability policy, which applies to NNIT’s

management and employees globally, is

approved by the Board of Directors.

ESG and sustainability priorities are

embedded in the Board of Directors'

decision-making processes. The Board

receives annual updates on our

sustainability progress and a comprehensive

report on the year's achievements, and the

board is responsible for utilizing the result of

the double materiality assessment to guide

the process of setting targets in relation to

material impacts, risks and opportunities

where relevant. Targets set are tracked using

appropriate indicators, both

qualitative and quantitative. Environmental

targets are managed through our ISO14001

EMS certification, which is anchored in our

ISO9001 QMS certification. For more

information on responsibilities and reporting

lines, please refer to the section on

Corporate Governance on page 20-23

(Corporate Governance (MR), ESRS 2 GOV-1).

Our Board of Directors possesses the

competences related to sustainability as

below:

Relevant knowledge and experience in

respect of social, environmental, political,

regulatory and business matters in the

geographic markets in which NNIT’s

business activities are conducted.

Relevant knowledge and experience within

Environmental, Social and

Governance (ESG)

Environmental: Climate change, climate

adaptation, energy, resource use and

circular economy

Social: Own workforce, workers in

the value chain, Diversity,

Governance: Corporate culture

and business conduct.

The Board of Directors undergoes an annual

evaluation, which is further disclosed in the

Corporate Governance section on page 20-

23 (Corporate Governance (MR), ESRS 2

GOV-1), where the performance, success

and competencies of the Board are

evaluated. The composition of

the Board ensures that the needed

competencies are available to effectively

oversee sustainability matters and initiatives.

The group Management team is responsible

for ensuring the implementation of the ESG

strategy and overseeing targets, and the

annual review process of the DMA is

anchored through group management in

our CFO office.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 40

GOV-1, GOV-2, GOV-3

Sustainability governance

Sustainability Committee

There is a sustainability Committee headed by

Senior VP, Commercial excellence &

sustainability and includes our Group CFO.

The Committee comprises of sustainability

ambassadors appointed from each region

where NNIT has office and also includes

stakeholders from facility management, HR,

Finance, Legal. The Committee meets once

every quarter to discuss the ESG strategy,

impacts, risks and opportunities, targets and

action plans for each of the parameters of E, S

and G. The Group CFO who is a member of

the Sustainability Committee reports to the

Audit Committee for matters related to

sustainability. The Sustainability Committee

provides quarterly updates to the Group CFO

ensuring regular monitoring and oversight.

Controls over sustainability reporting

Reported data and descriptions in the

Sustainability Statements are reviewed and

validated by relevant owners of the different

functional areas. In connection with the

review process, KPI figures are controlled and

documentation reviewed. Reviews are carried

out in connection with the annual preparation

of the Sustainability Statements.

Audit Committee

The Audit Committee oversees the Enterprise

Risk Management (ERM) process and the

handling of the overall sustainability related

activities on behalf of the board. The Audit

Committee (AC) consist of at least two

members, elected among the members of the

Board of Directors. The AC is responsible for

the on-going dialogue with the

external auditor and facilitates exchange of

information between the Board of Directors

and NNIT’s external auditor. In addition, the

Audit Committee is also responsible for

oversight of impacts, risks and opportunities

for sustainability reporting as per CSRD and

make suggestions to the Board. The Audit

Committee reports to the Board which

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 41

serves as managing, supervisory and

administrative body for reporting outcomes.

Integration of sustainability-related

performance in incentive schemes

NNIT group has not yet included

sustainability-related performance in the

incentive schemes for the Executive

Management, or other incentive schemes.

Historically sustainability-related metrics have

not been at a sufficiently high maturity level to

link incentives with performance. We will

evaluate this again in 2026.

Diversity in the Board of Directors and

Management

As of December 31, 2025, five out of six

shareholder-elected board members were

male, and one was female (83/17% - not

gender balanced as per the Gender Balance

Act (GBA)), and five of the six shareholder-

elected members are considered

independent (55% of the board).

Three members of the board are employee

elected board members out of which two

were males, and one was female (67/33% -

gender balanced as per the GBA).

In total, the Board of Directors has seven male

and two female (78/22%) members.

The Board of Directors remains committed to

having international members of the Board.

Currently, two shareholder-elected board

members are non-Danish.

For further information on the composition of

the Board of Directors and Group

Management, refer to section on Corporate

Governance on page 20-23 and 28-32

(Corporate Governance (MR), Board of

Directors and Group Management, ESRS 2

GOV-1).

The 2025 target of having at least 30% of the

underrepresented gender on the Board of

Directors as well as in management levels is

fulfilled for the management group.

The executive team consists of 2 male and 0

female (100/0% - gender balanced as per the

GBA). For the All management group the

underrepresented gender is 31.4% (not

gender balanced as per the GBA).

We have set new targets during 2025 for

future years, see page 76, and are committed

to working towards the new 40% target for

the Board of Directors by 2026, and in all

management levels by 2030.

Diversity, Board of Directors and Group Management

2025 2024 Change

Board of Directors

Total number of members 9 9 -

The underrepresented gender in % 22.0% 22.0% 0.0%

Group Management

Total number of members 8 8 -

The underrepresented gender in % 25.0% 25.0% 0.0%

All management level

Total number of members 188 200 (12)

The underrepresented gender in % 31.4% 35.5% (4.1)%

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NNIT Annual Report 2025 42

GOV-4

Statement on due diligence

The table provides a mapping of where in our Sustainability

Statements we provide information about our due diligence

process, including how we apply the main aspects and steps of

our due diligence process.

Core elements of due diligence

Sections in the

sustainability

statements Page

Does the disclosure relate to

people and/or the

environment?

a) Embedding due diligence in governance, strategy and business model ESRS 2 GOV-2 40-42 People and Environment

ESRS 2 GOV-3 40-42 People and Environment

ESRS 2 SBM-3 51 People and Environment

b) Engaging with affected stakeholders in all key steps of the due diligence ESRS 2 GOV-2 40-42 People and Environment

ESRS 2 SBM-2 45-47 People and Environment

ESRS 2 IRO-1 48-50 People and Environment

S1-2 77 People

S4-2 96 People

c) Identifying and assessing adverse impacts ESRS 2 IRO-1 48-50 People and Environment

ESRS 2 SBM-3 51 People and Environment

d) Taking actions to address those adverse impacts E1-3 58 Environment

S1-4 79-80 People

S4-4 98-99 People

G1-3 106-107 People and Environment

e) Tracking the effectiveness of these efforts and communicating E1-4 59 Environment

E1-5 60 Environment

E1-6 61 Environment

S1-5 81-82 People

S1-6 83-84 People

S1-9 86-87 People

S1-14 88 People

S4-5 100 People

G1-4 107 People

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NNIT Annual Report 2025 43

GOV-5

Sustainability risk assessment

As part of the annual risk assessment performed by the NNIT Group Management

in 2025, any identified ESG risks were subsequently assessed by the Board of

Directors. As part of Double materiality assessment, NNIT has identified risks

related to each of the parameters of Environment, Social and Governance. Please

refer to page 48-53 for information on material risks identified.

Risks related to reporting

NNIT’s sustainability reporting is susceptible

to the risk of material misstatement caused by

human error or incomplete data. ESRS aligned

accounting principles have been adopted to

manage this risk, in addition to external

auditing providing limited assurance. Our

annual risk management process is designed

to manage the risks associated with NNIT’s

operations. During that process, we also

monitor risks related to sustainability

reporting. In 2025, the risk management and

reporting included risks related to

sustainability reporting, governance and

compliance reporting.

Successfully Managing E and S Risks

NNIT has comprehensive emergency

response plans in place across all geographies

and works diligently to ensure sustainable

consumption to the extent possible (Please

refer to page 24-27 in Risk Management, ESRS

2 GOV-2).

Our enterprise risk management process

is part of the Company Performance

Management Process and includes the

methods and processes used to collect and

consolidate a complete risk picture of NNIT.

Finance in collaboration with responsible

person from quality and security undertakes a

process of risk re-evaluation and risk

assessment. Risks are evaluated and top 20

risks are presented to NNIT Group

Management along with how they can be

managed and their mitigating actions.

Following, NNIT Group Management report

top 10 risks to the Board along with their risk

mitigation plan. This process also includes

risks related to sustainability and ESG.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 44

SBM-1, SBM-2

Sustainability

strategy, business

model and

stakeholder

engagement

Strategy, business model and value chain

NNIT is a highly specialized IT consultancy

focusing on life sciences internationally and

the public and private sectors in Denmark. We

provide IT and business solutions in Asia,

Denmark, Europe and the US. We focus on

high complexity industries and thrive in

environments where regulatory demands and

complexity are high. Our focus is

internationally exclusively on the life sciences

industry, helping customers digitalize key parts

of their value chain.

From the Danish headquarters, we also focus

on the public and private sectors. We advise

on and develop sustainable digital solutions

that serve end-users, customers and

employees effectively.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 45

The NNIT Group consists of parent company NNIT A/S and

subsidiaries including SCALES, who together employ around

1,600 people.

Strategy

NNIT’s overall aspiration is to make a mark in business and

society, bringing digital transformation to life. We want to build

a successful business while contributing with our expertise and

capabilities towards creating a sustainable future.

NNIT has for many years worked on reducing carbon emissions,

including setting Science-Based targets for reducing our carbon

footprint. Moving forward, NNIT will continue to develop our

sustainability reporting processes for future CSRD reporting.

These initiatives are taken to support the political initiatives,

and customer wishes to reduce environmental impact. As a

highly specialized consulting company, where the ability to

attract the right people to the organization is key to delivering

the strategic targets, NNIT have a strong focus on providing

good working conditions, treating all employees fairly and

respectfully as well as supporting political and societal initiatives

and agendas on diversity and inclusion.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 46

During 2025, we continued our strategical

focus on growing in Life Sciences globally and

in the Danish public sector.

For more details on business model and

strategy, refer to the Management Review on

pages 5-7 and 14, and more information on

the Carbon Reduction Plan, see page 55 in E1

Climate Change. For information on material

impacts, risks and opportunities and their

relationship to NNIT’s business model and

value chain, refer to SBM-3.

For more details on our value chain, refer to

IRO-1 on page 48-50.

Interests and views of stakeholders

Stakeholder engagement plays a crucial role

in identifying material issues and serves as the

foundation for developing initiatives and

solutions that support more sustainable

operations. This engagement remains a

dynamic process, fostering ongoing dialogue

between NNIT and key stakeholders to

continuously refine strategies based on the

insights gained from these interactions.

Employee engagement and collaboration with

their representatives are central to shaping

our human resources strategy. Feedback from

employees is integrated into the planning and

execution of HR initiatives, while consultations

with workers’ representatives ensure

alignment on employment conditions and

terms. The Board of Directors, informed by

input from across the organization, takes the

lead in setting our strategic direction.

To date, no adjustments to our strategy or

business model have been deemed necessary

because of stakeholder feedback.

There is no formal collection of stakeholder

input for NNIT from stakeholders on

sustainability matters, however information is

derived from NNIT Project teams,

sustainability ambassadors (appointed

employees), managers and management

team as input to NNIT’s sustainability

committee. The committee process

information in regular meetings, and build an

understanding of stakeholder views,

considering how this relates to the business

model and strategy of NNIT.

For more information on stakeholders, refer

to IRO-1 on page 49.

For more information on stakeholders, refer to IRO-1 on page 48.

Stakeholders Engagement Purpose

Value chain

workers

Indirect engagement through internal Vice

Presidents, for geographic areas of

operation, working with supplier and

procurement activities.

To promote ethical labor practices and

sustainability across the supply chain while

staying aligned with guidance from

organizations like the UN Global Compact.

Suppliers of

hardware

equipment, etc.

Indirect engagement through internal Vice

Presidents, for geographic areas of

operation, working with supplier and

procurement activities.

To evaluate suppliers' ESG practices in

alignment with international standards,

ensuring ethical sourcing and sustainability

throughout the supply chain.

Employees Indirect engagement through HR

representatives, including the Vice President

for HR, with a focus on employee

satisfaction and engagement.

To incorporate a broad employee perspective

representing the entire company to assess the

company's sustainability practices.

Customers &

business partners

Indirect engagement through the Vice

President of Communication, Marketing and

Commercial Excellence, who oversees and

administrates the engagement with

customers and business partners on daily

basis.

To align ESG goals with client expectations and

ensure a clear understanding within NNIT.

Society (citizens/

patients)

Indirect engagement through the Vice

President of Communications, Marketing

and Commercial Excellence and the CFO

who oversees the public opinion and engage

themselves in societal trends through

participation in networks.

To align ESG goals and procedures with the

surrounding society’s expectations of NNIT.

Shareholders Indirect engagement through the Board of

Directors, who has the role of representing

the shareholders’ interests.

The shareholders of NNIT hold ultimate

authority over the company and exercise their

decision-making rights during general meetings.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 47

IRO-1

Double materiality

assessment & outcome

Impact, risk and opportunity management

In 2025, NNIT has assessed the need to update the

double materiality assessment (DMA). The assessment

is based on a number of metrics deemed relevant to

determine if the business has changed significantly

compared to the last time the DMA was conducted to

trigger an update of the DMA. No significant changes

were identified. As a result the DMA is unchanged

compared to last year.

Output from the materiality assessment

We have identified our impacts on the environment and society

(impact materiality assessment) as well as the sustainability-

related risks that we are exposed to (financial materiality

assessment). The outcome is aggregated per ESRS topic,

showing that E1, S1, S4, and G1 are our material sustainability

matters. Sustainability matters have been assessed for

materiality not only on a topic level, but also on a sub- and sub-

sub topic level. On a sub- and sub-subtopic level, the following

matters are deemed material:

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 48

Description of the process to

identify and assess material

impacts, risks and

opportunities

The methodology followed for the materiality

assessment, scoping, probability and scoring

involves considering factors that gives rise to

heightened risk of adverse impacts.

Throughout the process, the magnitude,

likelihood properties of each of the risks

were evaluated in terms adverse impacts

due to geographical factors, nature of the

activities, business relationships, etc.

Identifying sustainability matters

As an initial step, NNIT engaged key internal

stakeholders across our organization

through double materiality assessment

workshops. The context of NNIT’s operations

and business model, value chain and

affected stakeholders was assessed to

identify relevant sustainability matters as

outlined in ESRS 1. The process included a

focus on possible high-risk areas for the IT

consulting industry, such as data privacy,

energy consumption and supply chain

responsibility, but no value chain activity or

business relationship gave rise to

heightened risk of adverse impacts.

These internal stakeholders acted as

proxies, providing insights from various

perspectives, such as those of suppliers,

customers, and employees. In addition, data

was collected such as internal documents

and processes, policies, external industry

standards and NNIT annual reports. Through

the initial workshops, sustainability topics

and sub-topics that were not relevant to our

business model were identified and

assessed as non-material.

The overall material topics were then

assessed by evaluating each individual IRO,

taking into account any known

dependencies on external factors that could

potentially impact NNIT’s business model. A

systematic process of mapping IROs to ESRS

subtopics was performed, and cross-

referenced with EFRAG’s implementation

guidance to identify all applicable disclosure

requirements. Finally, the relevance,

applicability and information materiality of

individual datapoints was validated to

ensure a focused and relevant reporting.

Stakeholder engagement

Leaders responsible for relevant functions

with deep knowledge of affected

stakeholders

and users of Sustainability Statements were

designated as stakeholder representatives

to provide insights on the sustainability

matters and identify and score impacts, risks

and opportunities. A key assumption was

that the internal stakeholders, through their

daily interactions, could effectively serve as

proxies, accurately representing the views

and perspectives of external stakeholders.

Senior leaders and proxies for stakeholder

groups were selected based on several

criteria, for example their role in NNIT, their

expertise in the field, their relation to a

certain stakeholder group and their role in

the society. When identifying impacts,

proxies considered both NNIT’s own impact

and impacts resulting from its business

relationships. The analysis also considered

whether any risks and opportunities could

derive from the financial effects of any of the

identified impacts or dependencies.

Although a formal climate-related scenario

analysis was not performed, the evaluation

of physical risks and identification of

transition risks relied on NNIT’s internal

expertise and knowledge. This process was

guided by principles from the GHG Protocol

and SBTi.

Materiality scoring approach and

assessment

The materiality assessment’s scoring

methodology and criteria were undertaken

in accordance with the requirements in ESRS

1 and following the EFRAG IG 1 Materiality

Assessment Implementation Guidance,

focusing on:

Impact materiality: scale, scope,

irremediability, and likelihood of impacts

(based on whether an impact is

positive/negative and actual/potential).

Financial materiality: financial magnitude

of risk/opportunity, likelihood, and the

nature of the financial effect.

Time horizons were considered in the

scoring of impact, risks and opportunities.

The process was informed by NNIT’s internal

risk management system, internal policies

and procedures. Risks and opportunities

with possible financial effects were assessed

based on magnitude and probability of

occurrence, while no monetary threshold

was applied. The method for assessing

financial impact will be further developed for

future DMA's, to align further with our risk

assessment and management system. The

assessment also accounted for

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 49

the distinction between actual and potential

IRO’s, ensuring a distinction between existing

conditions and emerging issues. In cases

involving human rights impact, the severity of

the impact was given precedence over likeli-

hood when determining materiality.

A sustainability matter was deemed material

if at least one impact, risk or opportunity was

above the materiality threshold, indicating

either impact materiality, financial materiality,

or both. Non-material sustainability matters

were those where no IRO was identified and/

or all impacts, risks and opportunities were

scores below the threshold.

Governance and internal controls The double

materiality assessment and its results are

presented to NNIT group

__________________________________________________

IRO-2

Disclosure requirements

Full list of disclosure requirements can be

found in Appendix III on page 108-110.

management and signed off by the Chief

Financial Officer, and the Audit Committee

oversees the process on behalf of the Board

of Directors. The results are compared with

the risk management system to secure that

sustainability matters are reflected in risk

management processes. Sustainability

matters are prioritized based on qualitative

and quantitative data collected by NNIT and

appointed third parties, in addition to other

regulation in scope. The final scope and

likelihood of individual IROs and sustainability

matters also guides strategic prioritization.

The double materiality assessment, process

and method will be reviewed annually. For

more information on sustainability

governance, see page 41.

Value Chain Overview

Value Chain Stages

Upstream refers to the suppliers, raw materials, and other inputs that go into

making a product, while downstream refers to the processes, distribution, and

customers on the other end.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 50

SBM-3

Material impacts, risks and opportunities

and their interaction with strategy and

business model

Material impacts, risks and opportunities

(IRO’s) identified during the double materiality

assessment are described and presented in

the following tables alongside the topic

standards E1 Climate change, S1 Own

workforce, S4 Consumers and end-users and

G1 Business conduct in this Sustainability

Statements. No significant investments are

required to implement the sustainability

aspects of the strategy, and our operating

model is fully aligned with it. As a result

hereof, we are convinced that we will be able

to follow the sustain- ability elements of the

strategy and keep the sustainability elements

of the strategy aligned with stakeholder

expectations. For more information on the

action plans related to material impacts, risks

and opportunities, refer to SBM-3 sections

in the E1, S1, S4 and G1 sections of the

Sustainability Statements.

No entity-specific topics or disclosures have

been identified.

E1 - Climate change

Material impacts, risks and

opportunities and their

interactions with strategy and

business model

Material IRO’s mainly relate to NNIT’s core

business activities and own operations, and

our ability to deliver and perform IT services

and products, impacting or being influenced

by clients, end-users and employees. Given

their close connection to our business model,

most are actively managed within our

operations, including IRO’s related to business

conduct and own workforce. Relating

environmental IRO’s, NNIT has the ability to

influence our value chain by strengthening

procedures and policies in procurement and

waste management. All material impacts, risks

and opportunities are presented on the

following pages alongside time horizon, type

of IRO (negative/ positive impact, risk or

opportunity) and mapping to value chain.

More details on material impacts, risks and

opportunities, including their affect on people

and/or environment can be found in the topic

specific sections of this Sustainability

Statements.

IRO Location in VC Time horizon

Own operation

Upstream

Downstream

Short-term

Medium-term

Long-term

Climate change mitigation

Greenhouse gas emissions from both the value chain and

our own operations have a negative impact. Emissions

across Scope 1, 2, and 3 affect the environment and

communities globally.

Negative

impact

● ● ● ● ●

A competitive advantage arises from Science-Based Targets-

approved near-term CO2e reduction goals for Scope 1 and

2. Further benefits could be realized through the expansion

of ambitious emission reduction targets for Scope 3.

Opportunity

● ● ● ● ●

Failing to meet customer expectations regarding credible

decarbonization plans and emission reduction targets poses

the risk of being excluded from future tender processes.

Risk

● ● ● ●

Energy

Energy consumption in our own operations is primarily

limited to office premises, as NNIT is a consulting company

without data centers, manufacturing, or production

facilities.

Negative

impact

● ●

Energy consumption within the value chain includes the

energy use of associates and partners, along with their

energy mix. However, the impact is considered limited due

to the requirement for partners and associates to use

renewable energy certificates.

Negative

impact

● ● ● ● ●

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NNIT Annual Report 2025 51

S1 - Own Workforce

S1 - Own Workforce (continued)

IRO Location in VC Time horizon

Own operation

Upstream

Downstream

Short-term

Medium-term

Long-term

Working Conditions

The inability to execute strategic growth objectives may arise

from challenges in attracting and retaining highly qualified and

experienced talent due to a talent shortage. Specific

competencies are essential for growth and value delivery.

Recruiting professionals with expertise in IT, artificial

intelligence, data, and transformation - particularly those with

hands-on experience - remains a significant challenge.

Risk

● ●

Good working conditions and employee well-being, including

appropriate working hours, are crucial for NNIT. Employee well-

being directly influences motivation and performance.

Positive

impact

● ● ●

Increased costs associated with difficult recruitment and

retention, especially in markets with higher turnover rates, pose

a threat to NNIT.

Risk

● ●

Good working conditions and employee well-being, including a

strong work-life balance, are crucial for NNIT. Work-life balance

and overall job satisfaction enhance employee performance

and increase future employees' willingness to join NNIT.

Positive

impact

● ● ●

Employee stress and illness can be greatly affected by working

conditions, with stress and mental health issues leading to

significant consequences for employees.

Negative

impact

● ● ● ●

IRO Location in VC Time horizon

Own operation

Upstream

Downstream

Short-term

Medium-term

Long-term

Equal treatment and opportunities for all

Gender equality and equal pay for work of equal value present

both risks and opportunities for NNIT. Recognizing their ethical

and organizational importance, NNIT embraces diversity to

access a broader talent pool, driving innovation and creativity.

Risk

● ●

Training and skills development are central to NNIT's

operations. This is achieved through a combination of job-

specific training and on-the-job learning via collaborative

teamwork. The high volume of training hours in 2023 reflects

NNIT's dedication to empowering employees. A commitment to

providing equal training opportunities at all levels ensures skill

development and career growth for everyone.

Positive

impact

● ● ● ●

Focusing on DEI creates financial opportunities for NNIT,

including talent attraction, retention, and innovation. Gender

equality and equal pay present both risks and opportunities,

with gender imbalances in the field. NNIT embraces diversity to

drive innovation, elevate women in IT, and access broader

talent, while mitigating reputational and legal risks.

Opportunity

● ● ●

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NNIT Annual Report 2025 52

S4 - Consumers and end-users

IRO Location in VC Time horizon

Own operation

Upstream

Downstream

Short-term

Medium-term

Long-term

Social inclusion of consumers and/or end-users (non-discrimination)

NNIT's digital solutions prioritize patient and end-user health,

safety, and inclusion by avoiding discrimination. We provide

specialized IT consulting to the public sector and life sciences

globally, focusing on industries where quality of life is critical.

Our solutions ensure public institutions meet requirements,

enabling access for all citizens regardless of age, illness, or

disability.

Positive

impact

● ●

Social inclusion of consumers and/or end-users (access to products and services)

NNIT’s digital solutions ensure patient and end-user health,

safety, access, and inclusion. Across all geographic locations,

NNIT focuses on the life sciences and healthcare sectors,

delivering solutions that positively impact communities

worldwide.

Positive

impact

● ●

G1 - Governance

IRO Location in VC Time horizon

Own operation

Upstream

Downstream

Short-term

Medium-term

Long-term

Corporate Culture

A poor corporate culture can affect people and the environment

across geographies, depending on where the shortcomings

occur. While such negative impacts are possible, they are

uncommon.

Negative

impact

● ● ● ●

Protection of Whistleblowers

Failing to protect whistleblowers can result in significant fines

and exclusion from tenders due to mishandling the situation in

violation of expectations and global standards for protecting

human rights.

Risk

● ● ● ● ● ●

Corruption and bribery

Incidents of corruption, bribery, or failure to uphold

competition laws can result in significant fines and exclusion

from tenders due to violations or misinterpretations of global

business standards, such as the UN Global Compact.

Risk

● ● ● ● ● ●

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NNIT Annual Report 2025 53

Environment

E1 Climate Change Page

E1-1 Transition plan for climate change mitigation 55

ESRS 2

SBM-3-E1

Material impacts, risks and opportunities and their interaction with strategy and business

model

ESRS 2

IRO-1-E1

Description of the processes to identify and assess material climate-related impacts, risks and

opportunities

E1-2 Policies related to climate change mitigation and adaptation 57

E1-3 Actions and resources in relation to climate change policies 58

E1-4 Targets related to climate change mitigation and adaptation 59

E1-5 Energy consumption and mix 60

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 61

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NNIT Annual Report 2025 54

Climate Change

E1-1

Transition plan for climate change mitigation

Our commitments to carbon reduction – as outlined in the

Carbon Reduction Plan – is considered as part of the annual

business strategy update process, and consequently our

financial planning and operation.

NNIT has established a Carbon Reduction Plan for 2030,

incorporating near-term targets validated by the Science

Based Targets initiative (SBTi) and aligned with the goals of

the Paris Agreement. While the current transition plan is not

yet fully aligned with CSRD requirement, NNIT is committed

to enhancing our approach to ensure compliance and

transparency before 2027.

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NNIT Annual Report 2025 55

ESRS 2 SBM-3

The double materiality assessment

described in IRO-2 identified the following

material impacts, risks and opportunities

related to climate change in the short,

medium and long term:

Negative impact from greenhouse gas

emissions from value chain and own

operations

Negative impact from energy consumption

in value chain and own operations

Opportunity to gain competitive advantage

from Science Based Targets-approved

near-term Co2e-reduction targets

Risk of not living up to costumer

expectations with respect to credible

decarbonization plans and emission

reduction targets

NNIT is actively engaging in reducing

emissions and energy consumption and

seizing the identified opportunity to alleviate

the financial risk.

No physical risks referring to direct impacts

of climate change on NNIT’s operations and

business model have been identified as

material. As a bound to impacts of climate

and weather events on office locations and

potential disruptions to employees’ ability to

travel or work. No NNIT locations are under

material risk due to climate-related weather

events, and NNIT employs a highly flexible

remote work policy, in addition to all IT

infrastructure being cloud driven.

NNIT considers itself resilient to climate-

related impacts, but we acknowledge that we

have fewer insights into potential risks in our

value chain that could have indirect

consequences for NNIT. However, we

consider this risk low to our strategy and

business model and will continue to assess

physical and transition risks and their

anticipated financial effects in future

reporting.

Impact, risk and opportunity

management

ESRS 2 IRO-1

Description of the processes to identify

and assess material climate-related

impacts, risks and opportunities

During NNIT’s process of developing the

double materiality assessment, Carbon

Reduction plan, risk management and

submitting our near-term targets to the

Science-Based-Targets Initiative, we have

analyzed our operations and value chain.

NNIT operates in low risk environments, is

asset-light and, therefore, no physical

climate risks have been assessed to

significantly impact our business. This

includes no actual or potential impacts, risks

or opportunities identified in relation to

NNIT’s locations and activities for pollution,

biodiversity, water and the ecosystem.

The risk overview is included in the Annual

Report on page 24-27 (Risk Management,

ESRS 2 GOV-2), and risks are ongoingly

discussed with the Board of Directors and

the Audit Committee. While climate-related

risks have been considered as part of risk

management, it is not deemed material for

NNIT. In previous years the second-opinion

provider Sustainalytics has rated NNIT as

low-level risk. With an increased focus on

climate-related impacts, risks and

opportunities, environmental risks will

continue to be assessed in risk management

and in double materiality assessments.

Material impacts, risk and opportunities

and their interaction with strategy and

business model

•

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NNIT Annual Report 2025 56

E1-2

Policies related to climate change mitigation and energy

Policies and related to climate change mitigation and adaptation

NNIT makes a mark on business and society; bringing digital

transformation to life. This is NNIT's aspiration and the core of everything

we do, also in terms of sustainability and ESG.

As part of our UN Global Compact

commitment, we focus on Sustainable

Development Goal 12, Responsible

Consumption and Production. This means

we are always looking for ways to further

minimize our impact on the environment.

This is true from a central (global) point of

view as well as more regional and local point

of view – corresponding to our geographical

footprint across Europe, USA, Asia and

Denmark.

Our commitment to best practice

environmental management is

demonstrated by our ISO 14001:2015

certification obtained January 2023. This

certification relates to our Environmental

Management System that has been

implemented into our Quality Management

System and focuses on our behavior,

processes, and policies ensuring that we

continue to act responsibly and

reduce our footprint over time. The

certificates are obtained for our HQ in

Copenhagen, Denmark and our head office

in Tianjin, China.

NNIT certifications can be found on

nnit.com.

NNIT guide and creates awareness around

our environmental efforts first and foremost

via our global policies outlining our

commitment and requirements. NNIT

policies on climate change mitigation and

adaptation, are anchored in our

Sustainability and ESG Policy. This policy

describes how we work with material

impacts, risks and opportunities, and covers

topics of labor rights, labor practices,

working environment, environment

(including CO2 emission reductions,

renewable energy consumption,

environmental protection, carbon footprint

and Science Based Targets) and anti-

corruption. In 2023, our Sustainability and

ESG Policy was revised, and a new Global

Facilities Policy was produced to continually

optimize our energy and water

consumption. The Global Facilities Policy

governs investments in and management of

NNIT office buildings with a view to

continually optimize energy and water

consumption, providing optimal working

conditions for employees. Energy-saving

initiatives are to be implemented wherever

possible, and depend on the building in

question, its location and use.The purpose

of the Sustainability and ESG Policy is to

instruct all NNIT employees to make the

right decision in their roles as part of a

conscious-driven company, and applies to

NNIT’s management and employees on all

NNIT locations globally. The policy

supports NNIT in addressing material

impacts, risks and opportunities. NNIT’s

stakeholders are encouraged to take NNIT’s

work within sustainability and ESG into

consideration when deciding to do business

with NNIT, and all reports on Sustainability

and ESG from NNIT are publicly available on

our website. Vice versa, NNIT asks suppliers

to comply with the same principles as NNIT

does. All sustainability and ESG policies are

approved by the NNIT Board of Directors

and the NNIT Management group.

Sustainability and ESG-related policies can

be found on nnit.com.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 57

E1-3

Actions and resources in relation to climate change policies

In 2023, NNIT divested its infrastructure operations business and data

centers, leading to a significant change and decrease in emissions.

Moving forward as a pure consulting

company, NNIT will continue to focus on

reducing emissions from own operations. As

described in relation to the transition plan

(see E1-1), the Carbon Reduction plan

highlights the following areas and key

actions for decarbonization with target years

2029 and 2030:

Higher accuracy with activity-based

reporting instead of spend-based

reporting

NNIT will focus on making GHG accounting

more accurate to track progress on emission

reduction targets.

Transformation of fossil fueled company

car fleet to purely electric

NNIT is transitioning its global fossil fuelled

company car fleet to fully electric vehicles to

reduce Scope 1 emissions.

As the main direct emission source, the

company car fleet will be reduced and

transitioned to purely electric. This action is

expected successful completion in 2029.

Energy optimization of office sites

NNIT purchases certified green electricity for

its headquarters in Denmark and works to

continuously explore opportunities to

optimize processes to reduce overall energy

consumption at our office sites.

Enforcing stronger demands on our

upstream supply chain

This decarbonization lever is regarding our

scope 3 emissions, committing NNIT to

reduce absolute scope 3 GHG emissions

from purchased goods and services and

upstream transportation and distribution by

47%. This action is founded in the policy

Responsible Sourcing Standards.

Achieved CO2e-emission reductions are not

available, as comparable numbers from prior

reporting are not disclosed due to difference

in CO2e-reporting scope.

•

These key actions are embedded into NNIT

business strategy and are not currently

assessed as dependent on additional

resource allocation.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 58

E1-4

Targets related to climate change mitigation and adaptation

GHG-emission targets

SBTi has approved three near-term targets

based on relevant sector-specific guidance,

in line with the IPCC special report 1.5C

trajectory. NNIT commits to reduce absolute

scope 1 GHG emission 90% by 2029 from a

2023 base year. NNIT also commits to

reduce absolute scope 2 GHG emissions

42% by 2030 from a 2023 base year. NNIT

further commits to reduce absolute scope 3

GHG emissions from purchased goods and

services and upstream transportation and

distribution 47% within the same timeframe.

A location-based approach is used to

account for scope 2 emissions and to track

performance.

We will continue to align our reduction

targets with the inventory boundaries if any

significant changes are made to our

business/inventory.

NNIT has not made climate related targets in

the past, and measurement of progress

towards meeting targets in the past is not

possible.

In 2024, the Science Based Targets Initiative validated the emission

reduction targets submitted by NNIT, with official near-term targets

for scope 1 and 2 in line with a 1.5C trajectory.

Our decarbonization levers are mainly use of

green energy. NNIT purchase green energy

certificates, however, it does not have a

quantitative contribution towards our

achievement of our GHG emission reduction

target, as we still report on the energy usage

and the amount of CO2 this equivalates to.

For scope 1, the largest quantitative

contribution in reducing emissions is

expected from transition of company car

fleet, and for scope 3 our focus in on

enforcing stronger demands on our supply

chain. No combined targets for scope 1, 2

and 3 have been submitted to and validated

by SBTi, and therefore a combined target is

not disclosed.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 59

NNIT is committed to reporting on the

progress against these targets on an annual

basis, through GHG emission reporting. In

addition, NNIT is committed to review our

targets within five years, and if necessary,

recalculate and revalidate for continued

recognition by the SBTi.

E1-5

Energy consumption and mix

Since May 2023, NNIT has operated

exclusively as an IT consulting company. The

current business and value streams are

described on page 50. Our energy

consumption primarily derives from

electricity, heating and cooling, and fuel used

by the company car fleet.

The electricity consumption at NNIT’s

headquarters is covered by Renewable

Energy Certificates (RECs), accounting for

36,6% of NNIT’s total electricity use. In 2026,

NNIT plans to expand the application of

RECs to additional locations, thereby further

increasing the share of renewable electricity

across our operations.

In line with the NNIT Global Facilities Policy,

actions to reduce energy consumption are

implemented wherever possible. Find NNIT's

Global Facilities Policy on nnit.com.

Comparative figures for 2024 have been

restated to ensure a more accurate

representation of energy consumption by

source due to an updated methodology for

classifying purchased renewable energy.

This affects the allocation of energy

consumption between fossil, nuclear, and

renewable energy sources, while the total

energy consumptions remains. For details

on accounting policies for energy, refer to E1

Accounting policies on page 63.

Reduction target is 42% from 2020 to 2030

tCO2e emissions

from NNIT in 2023

(baseline year per

SBTi submission)

tCO2e reduction

delivered by NNIT in

2030 per our carbon

reduction plan

(scope 1 in 2029)

95

Scope 1 106 (90% reduction)

934

Scope 2 2,222 (42% reduction)

5,085

Scope 3 10,760 (47% reduction)

Energy consumption and mix 2025 2024

Total Fossil energy consumption (MWh) 2,137 2,365

Share of non-renewable energy consumption % 77.94% 45.61%

Consumption from nuclear sources (MWh) 48 56

Share of consumption from nuclear sources in total energy consumption % 1.80% 1.10%

Consumption of purchased or acquired electricity, heat, steam, and cooling from

renewable sources (MWh)

605 2,821

Total renewable energy consumption (MWh) 605 2,821

Share of renewable sources in total energy consumption % 22.10% 54.39%

Total energy consumption (MWh) 2,742 5,186

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 60

E1-6

Gross Scopes 1, 2, 3

and Total GHG emissions

GHG-emissions

In 2025, we continued to refine our methods

for monitoring and measuring GHG

emissions, in line with the Greenhouse Gas

Protocol. We have collected Scope 1, Scope 2,

and Scope 3 emission data since 2021. The

methodologies and significant assumptions

applied to calculate and measure NNIT’s GHG

emissions are outlined in the accounting

policies on pages 63–65.

Scope 1 covers direct emissions from NNIT’s

operations, primarily from fuel usage in the

company car fleet. The increase from 2024 is

attributed to two factors: more accurate data

obtained from our car leasing vendor and an

expansion of NNIT’s company cars reported.

In 2025, Scope 1 emissions account for 1.22%

of NNIT’s total GHG emissions.

Scope 2 includes indirect emissions from the

consumption of electricity, heating, and

cooling at NNIT’s office locations. The 2024

emission figures include electricity and district

heating consumption from NNIT’s former

headquarters, which influenced the

extrapolated figures for locations without

direct data availability. The 2025 reporting

reflects more precise picture of the total

energy use across our operations,. Scope 2

accounts for 3.34% of NNIT's total emissions.

NNIT reports on six out of the fifteen Scope 3

categories identified as relevant to our

business operations. An overview of the

development in Scope 3 reporting is provided

in Appendix I on page 66. Scope 3 account for

95.44% % of our total GHG emissions.

Scope 3 emissions decreased significantly in

2025, mainly due to the absence of relocation

activities. The 2024 relocation of NNIT’s

headquarters led to increased emissions from

procurement of furniture, IT equipment, and

waste generation. Additionally, NNIT has

improved data collection and data accuracy.

Details on accounting policies are available on

pages 63–65.

NNIT does not have any GHG removals or

GHG mitigation projects financed through

carbon credits and does not apply internal

carbon pricing schemes in its business.

Greenhouse gas emissions

tCO2eq 2025 2024

Scope 1 GHG emissions

Gross Scope 1 GHG emissions 123.5 15.2

Percentage of Scope 1 GHG emissions from regulated emission trading

schemes (%)

0.0% 0.0%

Scope 2 GHG emissions

Gross location-based Scope 2 GHG emissions 338.7 615.4

Gross market-based Scope 2 GHG emissions 548.7 617.2

Significant scope 3 GHG emissions

Total Gross indirect (Scope 3) GHG emissions 9,675.6 17,067.9

1 Purchased goods and services 8,165.1 14,948.5

2 Capital goods - -

3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 157.8 280.4

4 Upstream transportation and distribution - -

5 Waste generated in operations 42.6 175.9

6 Business travel 688.1 427.3

7 Employee commuting 559.5 735.6

8 Upstream leased assets 62.6 336.1

9 Downstream transportation - -

10 Processing of sold products - -

11 Use of sold products - -

12 End-of-life treatment of sold products - -

13 Downstream leased assets - 164.2

14 Franchises - -

15 Investments - -

Total GHG emissions 10,137.8 17,698.5

Total GHG emissions (location-based) 10,137.8 17,698.5

Total GHG emissions (market-based) 10,347.8 17,700.3

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 61

GHG-emission intensity

Net revenue used to calculate GHG intensity amounts to 1.788 million DKK in 2025, and the

GHG intensity is calculated based on gross scope 1, 2 and 3 emissions divided by reported net

revenue.

GHG-emission intensity per net revenue

Biogenic CO2-emissions

Biogenic emissions of CO2 from the combustion or biodegradation of biomass have been

estimated for scope 1, 2 and 3.

2025 2024

Total GHG emissions (location-based) per net revenue (tCO2eq/DKK) 5.7 9.6

Total GHG emissions (market-based) per net revenue (tCO2eq/DKK) 5.8 9.6

GHG Scopes

tCO2e 2025 2024

Scope 1 5.1 8.7

Scope 2 188.9 409.2

Scope 3 4,023.8 11,523.0

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 62

E1 Accounting policies

E1-5 Energy consumption and mix

The figures for NNIT’s operations are based

on utility activity data and documentation

from suppliers, supplemented by

estimations where necessary. NNIT’s energy

consumption in own operations forms the

input to Scope 1 and 2 and includes energy

consumption from fossil sources, electricity,

heating and cooling across locations. Energy

data is collected from utility invoices,

supplier reports and internal systems.

Where supplier-specific data is unavailable,

consumption is extrapolated and reported in

CEMAsys using relevant emission factors.

CEMAsys’ CO₂e accounting system is used to

calculate NNIT’s total energy consumption

across all locations, expressed in MWh. The

methodology applied to NNIT’s energy

consumption and mix has been revised from

the 2024 reporting year onwards to align

with ESRS requirements, adopting a more

conservative approach to improve data

accuracy and consistency. As a result,

comparative figures for 2024 have been

restated.

The share of renewable energy consumption

reflects the porportion of electricity covered

by Renewable Energy Certificates for NNIT

locations in 2024 and 2025. Energy

consumption from nuclear sources is

estimated by applying the IEA's global energy

mix factor for nuclear sources to NNIT’s total

energy consumption for all countries of

operation, excluding Denmark.

E1-6 Gross Scopes 1, 2, 3 and Total GHG

emissions

NNIT remains committed to continuously

enhancing the accuracy and scale of our

data and reporting in accordance with the

GHG Protocol. We do our best to ensure

that the data we collect is complete and

based on actual data, e.g. invoices, meters,

fuel cards. Where direct data is not available,

we rely on estimations. For 2025, all reported

GHG emission figures have been audited by

external auditors with limited assurance.

The organizational scope included in our

emission reporting is consistent with the

2024 reporting year.

However, as a result of enhanced data

processes in 2025, improvements in data

quality and accuracy are expected to

influence comparability with previous years.

NNIT’s carbon footprint is reported in CO₂-

equivalents and calculated using both

spend-based and activity-based data from

internal and external systems. Calculations

are performed in alignment with the GHG

Protocol and processed through the third-

party platform CEMAsys. NNIT does not have

any reported emissions related to CH₄, N₂O,

HFCs, PFCs, SF₆, or NF₃.

Data for Scope 1, 2 and 3 is available from

January to September of 2025. Extrapolation

to obtain data for the last three months has

been calculated based on data from the first

9 months of 2025. All data is manually

collected and entered into CEMAsys,

systematically categorized across variables

such as scope, country, unit, and currency,

alongside metadata describing the coverage

period of the original data.

CEMAsys then applies emission factors to

each data point to calculate the relevant

CO₂-equivalent emissions.

Gross Scope 1 GHG emissions

Scope 1 emissions represent direct

emissions from sources owned or controlled

by NNIT, and relevant inventory relates to

fuel consumption from company cars. The

Scope 1 reporting includes the total global

company car fleet, which represents a

broader coverage compared to the 2024

reporting. Consequently, the 2025 figures

are not directly comparable with those of

2024 due to the more comprehensive data

set.

Company cars are identified in procurement

and HR systems, and consumption data

have been collected from external sources.

Data from company cars in Denmark serve

as the basis for extrapolation to other NNIT

locations where equivalent data is not yet

available. To calculate emissions for both

direct and extrapolated data, CEMAsys

applied DEFRA 2025 conversion factors.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 63

E1 Accounting policies, continued

Gross location- and market-based Scope

2 GHG emissions

Scope 2 emissions represent NNIT’s indirect

GHG emissions arising from the generation

of purchased electricity and heat consumed

across our operations. Data has been

calculated using both the location-based and

market-based approaches, while NNIT’s SBTi

targets are set according to the location-

based approach.

Direct energy consumption data is collected

from office facilities where accessible. Where

direct data are unavailable, consumption has

been extrapolated using data from NNIT

offices within the same geographical region,

adjusted by the number of full-time

equivalents (FTEs) per site.

In 2025, Scope 2 also covers electricity

consumption from electric vehicle (EV)

charging. Direct data from EV charging in

Denmark serve as the reference for

extrapolating electricity use from EVs related

to NNIT’s other European locations,

assuming comparable usage patterns.

Location-based emissions are calculated by

using average emission factors for the

regional or national energy grid, to reflect

the energy mix of the specific area of

consumption and does not consider

purchases of renewable energy. Location-

based emissions are calculated using

CEMAsys by matching data points (MWh

usage) with 2025 IEA location-based

emissions factors.

Market-based emissions are calculated in a

similar way, with matching data points to

market-based emissions factors in CEMAsys.

Renewable energy purchases are considered

when using the market-based approach, and

IEA 2025 emissions factors are applied in

CEMAsys.

Gross Scope 3 greenhouse gas emissions

Scope 3 includes indirect emissions from

NNIT’s activities across the value chain. As

part of the 2025 reporting cycle, all fifteen

Scope 3 categories have been reassessed to

evaluate their materiality.

Based on this, NNIT reports on six categories

identified as relevant to our operations.

Data comprise a combination of spend-

based and activity-based data inputs

collected across NNIT’s locations. Both direct

and extrapolated data are consolidated and

entered into the CEMAsys platform for the

calculation of CO₂-equivalent emissions.

Accounting practices for the reported

categories are as follows:

3.1 Purchased goods and services

Procurement data reflect direct spend- and

activity based data from all NNIT locations

(excl. subsidiaries), obtained from internal

systems and external suppliers. In regard to

water consumption, extrapolation has been

applied for locations where direct data were

unavailable. Extrapolations are conducted

based on geographical regions and FTE

numbers. All data is entered into CEMAsys

for calculation purposes, applying emission

factors deemed appropriate by the system.

3.3 Fuel-and-energy-related activities

Fuel and energy-related emissions not

accounted for in Scope 1 or 2 relates to

indirect emissions associated with the

production of purchased fuels and

electricity. IEA country factors and DEFRA

factors are used to calculate emissions using

Scope 1 and 2 data in CEMAsys.

3.5 Waste generated in operations

Waste data is collected from NNIT’s

headquarters and offices in Czech Republic,

the Philippines and China, based on

supplier-specific data. As no significant

difference in waste patterns across regions

has been identified, the consolidated data

are used for the extrapolations for locations

where data was unavailable. Emissions for

each waste category are calculated using FTE

numbers per location. Both direct and

extrapolated data are reported in the

CEMAsys platform, where appropriate

emission factors are applied to determine

the waste-related CO₂e emissions.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 64

E1 Accounting policies, continued

3.6 Business travel

This category covers NNIT's emissions

associated with air travel, passenger

transport, hotel accommodation, and meals

incurred during business activities as well as

car allowance. This represents a change

from 2024 which only included emissions

from air travel.

Air travel data for locations in Denmark,

Germany, Ireland, Czech Republic, UK, Italy,

Poland, Spain, China and The Philippines is

based on supplier-specific data from travel

agencies who supply emission calculations.

For NNIT locations in the US and Singapore,

air travel data is derived from invoices and

represents spend-based data.

Data related to hotel accommodation,

passenger transport, meals during business

travel, and car allowance expenses are

obtained through invoices, representing

direct spend-based data for all locations

(excl. subsidiaries). All emissions from

spend-based data are calculated through

CEMAsys.

3.7 Employee commuting

Emissions related to employee commuting

are indirect, generated from the

transportation of employees between home

and work location. NNIT has estimated

employee commuting emissions using a

country-specific average per employee. The

calculation is based on the 2024 template

developed by CEMAsys as no significant

changes are assumed in employees’

commuting behavior. The model

incorporates the following key input:

Emissions related to employ

Types of transportation modes

Daily commuting distance (km for all

locations except the USA, where miles are

used)

Number of working days per year

Percentage distribution of transportation

mode usage

Total number of FTEs

The number of annual working days per

operating country has been updated for

2025, using NNIT’s internal data sources.

Using these inputs, the total annual person-

kilometers (pkm) traveled is calculated. Since

no direct commuting data is available, NNIT

relies on extrapolated figures based on

CEMAsys assumptions and internal research.

3.8 Upstream leased assets

Emissions are related to leased assets from

another entity which is not included in Scope

1 and 2. Data covers leasing fees associated

with NNIT’s company cars, warehouses, and

other electrical or operational equipment.

No extrapolation has been performed, as

direct spend-based data is collected from

both internal and external sources and

calculated with emission factors in CEMAsys.

Biogenic emissions

•

To calculate biogenic emissions, the UK

Government’s emission factors for company

reporting (DEFRA) on biogenic emissions

have been used. Scope 1 and 2 are,

respectively, calculated by applying biogenic

emission factors for diesel usage, electricity,

and district heating. Using reported biogenic

emissions from Scope 1 and Scope 2, Scope

3 biogenic emissions are estimated based

on their proportional share of total biogenic

emissions.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 65

Appendix I

Development in Scope 3 Emissions Reporting 2022-2025

Category Definition 2025 2024 2023 2022 Comments

1. Purchased goods and services Production of products and services purchased or acquired

2. Capital goods Final products that have an extended life and are used to

manufacture a product or provide a service

To a wide extent, NNIT uses personal computers and other digital devices to provide IT consultancy services.

NNIT has not been able to collect data for potential reporting in 2024 but will investigate how data can be

collected for 2025 reporting.

3. Fuel-and-energy-related activities Production of fuels and energy purchased and consumed

4. Upstream transportation and

distribution

Transportation and distribution of products NNIT does not report directly on its scope 3.4 activities. However, its SBTi-validated CO2e emission reduction

targets do include scope 3.4, as these emissions are accounted for under NNIT’s scope 3.1 category.

5. Waste generated in operations Third-party disposal and treatment of generated waste

6. Business travel Transportation of employees for business-related activities

in vehicles owned or operated by third parties

7. Employee commuting Transportation of employees between their homes and

their worksites

8. Upstream leased assets Operation of leased assets

9. Downstream transportation and

distribution

Transportation and distribution of sold products in vehicles

and facilities not owned or controlled

In its capacity as an IT consultancy, NNIT does not produce or sell any tangible goods to be transported or

distributed.

10. Processing of sold products Processing of sold intermediate products by third parties

(e.g., manufacturers) subsequent to sale

In its capacity as an IT consultancy, NNIT does not produce, process or sell any tangible goods.

11. Use of sold products Use of goods and services sold In its capacity as an IT consultancy, NNIT does not produce or sell any tangible goods. However, we do

recognize that the ultimate use and/or operation of our IT consultancy and development services may result

in emissions. Due to immature and unsatisfactory data, we are unable to report on this category in 2024.

12. End of life treatment of sold

products

Waste disposal and treatment of products sold at the end of

their life

In its capacity as an IT consultancy, NNIT does not produce or sell any tangible goods.

13. Downstream leased assets Emissions from the operation of assets that are owned and

leased to other entities

Following the divestment of NNIT’s IT infrastructure operations in April 2023, all owned and leased data

centers were divested. During 2023 and part of 2024, NNIT sublet part of the leased headquarter building to

other entities. As this subleasing activity ceased entirely during 2024, this category has been excluded from

the 2025 GHG emissions reporting boundary, as it is no longer considered relevant to NNIT’s business

activities.

14. Franchises Operation of franchises NNIT does not operate through any franchises.

15. Investments Emissions associated with investments NNIT is 100% asset light and does not own any building, production facilities or the like. NNIT only invests in

the acquisition of similar companies (IT consultancies). No such investments were made in 2024.

Total 6/15 7/15 7/15 6/15

✓

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 66

EU Taxonomy

The EU Taxonomy is a regulatory framework

introduced by the European Union as a tool

to aid in the transition towards a greener

and more sustainable economy.

This section has been prepared in

accordance with the requirements of Articles

8 of the Taxonomy Regulation (EU) 2020/852

(EU Taxonomy Regulation).

EU Taxonomy eligibility and alignment

We have screened the Climate Delegated

Act, Amendments to Climate Delegated Act,

Complementary Delegated Act and

Environmental delegated Act to conclude the

reporting of eligible activities according to

disclosure requirements. We refer to

Commission Delegated Regulation 2026/73

that amends Disclosure Delegated Act

2021/2178 which provides information on

KPI reporting.

In accordance with the Omnibus II Delegated

Act, NNIT has applied the newly introduced

materiality thresholds to assess the

relevance of its CapEx and OpEx KPIs. Based

on this updated assessment, NNIT identified

Taxonomy eligible CapEx under activity 7.7.

Screening for eligibility and alignment for

activities 7.4 and 6.5 has been omitted for

FY25, as their combined share represents

only 7% of total CapEx, which is below the

10% materiality threshold applicable to this

KPI.

For OpEx, the cumulative proportion of

NNIT’s activities amounted to approximately

0%, which is also below the relevant

materiality threshold.

Accordingly, NNIT is reporting Taxonomy

eligible CapEx only for activity 7.7.

NNIT’s revenue allocated to the taxonomy is

defined as revenue directly related to eligible

activities. NNIT is part of the Information

Technology and communications sector and

the entire revenue of NNIT is pertaining to

provision of IT solutions as an IT solution

provider, our review of the activities has

resulted in no activities are eligible.

We have identified one economic activity

including eligible activities:

7.7. Acquisition and ownership of buildings

NNIT exercises ownership of real estate in

the form of office buildings across the group.

The eligible activiy is towards environmental

objective of ‘Climate Change Mitigation’. This

activity has been further assessed to see if

they meet ‘Substantial Contribution’ and

‘DNSH’ criteria relating to climate-related

hazards, water use, hazardous waste, and

general waste management for being

taxonomy-aligned.

Although we have made progress in fulfilling

the technical screening criteria, certain

requirements have not been fully met.

Consequently, the existing projects do not

meet the criteria for alignment in 2025.

As an IT service provider who can contribute

to a sustainable transformation journey of its

clients, at NNIT, we plan to perform an

annual review of our economic activities and

related financial transactions and add new

eligible activities to the reporting.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 67

EU Taxonomy

Financial year (2025)

KPI (1) Total (2) Proportion

Taxonomy

eligible

activities

(3)

Taxonomy

aligned

activities

(4)

Proportion

Taxonomy

aligned

activities

(5)

Breakdown by environmental objectives of Taxonomy aligned activities Proportion

enabling

activities

(12)

Proportion

transitional

activities

(13)

Not

assessed

activities

considered

non-

material

(14)

Taxonomy

aligned

activities

financial

year

(2024) (15)

Proportion

Taxonomy

aligned

activities

financial

year

(2024) (16)

Climate Change Mitigation (6)

Climate change Adaptation (7)

Water (8)

Circular Economy (9)

Pollution (10)

Biodiversity (11)

DKKm % DKKm % % % % % % % % % % DKKm %

Turnover 1,788 0% - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% - 0%

CapEx 56 31% - 0% 0% 0% 0% 0% 0% 0% 0% 0% 7% - 0%

OpEx 1,732 0% - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% - 0%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 68

Appendix

Reported KPI Turnover

Financial year (2025)

Economic Activities (1) Code (2) Taxonomy

elegible KPI

(Proportion

Taxonomy

eligible

Turnover)

(3)

Taxonomy

aligned

KPI

(monetary

value of

Turnover)

(4)

Taxonomy

aligned KPI

(Proportion

Taxonomy

aligned

Turnover)

(5)

Breakdown by environmental objectives of Taxonomy aligned activities Enabling

activity

(12)

Transitional

activity (13)

Proportion

Taxonomy

aligned in

Taxonomy

eligible

(14)

Climate Change Mitigation (6)

Climate change Adaptation (7)

Water (8)

Circular Economy (9)

Pollution (10)

Biodiversity (11)

% DKKm % % % % % % % (E where

applicable)

(T where

applicable)

Acquisition and ownership of buildings 7.7 CCM 0% - 0% 0% 0% 0% 0% 0% 0% 0%

Sum of alignment per objective 0% 0% 0% 0% 0% 0%

Total KPI (Turnover) 0% - 0% 0% 0% 0% 0% 0% 0% 0%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 69

Appendix

Reported KPI (CapEx)

Financial year (2025)

Economic Activities (1) Code (2) Taxonomy

elegible KPI

(Proportion

Taxonomy

eligible

CapEx) (3)

Taxonomy

aligned

KPI

(monetary

value of

CapEx) (4)

Taxonomy

aligned KPI

(Proportion

Taxonomy

aligned

CapEx) (5)

Breakdown by environmental objectives of Taxonomy aligned activities Enabling

activity

(12)

Transitional

activity (13)

Proportion

Taxonomy

aligned in

Taxonomy

eligible

(14)

Climate Change Mitigation (6)

Climate change Adaptation (7)

Water (8)

Circular Economy (9)

Pollution (10)

Biodiversity (11)

% DKKm % % % % % % % (E where

applicable)

(T where

applicable)

Acquisition and ownership of buildings 7.7 CCM 31% - 0% 0% 0% 0% 0% 0% 0% 0%

Sum of alignment per objective 0% 0% 0% 0% 0% 0%

Total KPI (CapEx) 31% - 0% 0% 0% 0% 0% 0% 0% 0%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 70

Appendix

Reported KPI (OpEx)

Financial year (2025)

Economic Activities (1) Code (2) Taxonomy

elegible KPI

(Proportion

Taxonomy

eligible

OpEx) (3)

Taxonomy

aligned

KPI

(monetary

value of

OpEx) (4)

Taxonomy

aligned KPI

(Proportion

Taxonomy

aligned

OpEx) (5)

Breakdown by environmental objectives of Taxonomy aligned activities Enabling

activity

(12)

Transitional

activity (13)

Proportion

Taxonomy

aligned in

Taxonomy

eligible

(14)

Climate Change Mitigation (6)

Climate change Adaptation (7)

Water (8)

Circular Economy (9)

Pollution (10)

Biodiversity (11)

% DKKm % % % % % % % (E where

applicable)

(T where

applicable)

Acquisition and ownership of buildings 7.7 CCM 0% - 0% 0% 0% 0% 0% 0% 0% 0%

Sum of alignment per objective 0% 0% 0% 0% 0% 0%

Total KPI (OpEx) 0% - 0% 0% 0% 0% 0% 0% 0% 0%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 71

EU Taxonomy Accounting policies

Accounting principles - Revenue eligible

Total Turnover consists of total revenue from the

sale of goods and services, as defined under IFRS.

The Turnover KPI is defined as Taxonomy-eligible

Turnover divided by total Turnover, see Revenue

on page 116.

Accounting principles - Capex eligible

Total CapEx consists of additions to tangible and

intangible assets during the financial year

considered before depreciation, amortisation and

any re-measurements, including those resulting

from revaluations and impairments, for the

relevant financial year and excluding fair value

changes. Goodwill is not included in CapEx as it is

not defined as an intangible asset in accordance

with IAS 38. The CapEx KPI is defined as

Taxonomy- eligible CapEx divided by total CapEx.

For the numerator, NNIT includes additions to

long-term leases in accordance with IFRS 16, which

are being capitalized, pertaining to activity 7.7 of

climate change mitigation.

Accounting principles – OpEx

The denominator for OpEx corresponding to the

requirements set out by the EU Taxonomy

legislation is comprised of the following direct

costs:

Research and development (R&D); building

renovation measures; maintenance and repair,

and other direct costs related to ensuring the day-

to-day operations and servicing of assets of

property, plant, and equipment (including leases),

including services outsourced to a third party that

are principally related to an asset and are

necessary to ensure the continued and effective

functioning of such assets.

Accounting principles - double counting

Double counting has been avoided in the following

way:

CapEx Activities incurring capitalized costs are

taxonomy eligible as we do not have taxonomy- -

aligned CapEx for 2025. Therefore, double

counting in Capex has been avoided.

For the CapEx and OpEx allocations and CapEx

and OpEx denominators, the figures have been

directly extracted from NNIT’s Enterprise resource

planning (ERP) system to ensure that the

registrations are counted only once. This ensures

avoidance of double counting.

None of our activities contribute to multiple

objectives and hence do not require

disaggregation of KPI’s.

Minimum safeguards over EU Taxonomy

reporting

The minimum safeguards are built on four

essential pillars: human rights, taxation, corruption,

and fair competition. These pillars underscore the

EU’s dedication to promoting responsible and

sustainable economic practices.

NNIT, and its subsidiaries, is committed to

conducting business in a responsible and upright

manner and to respect human rights through our

activities, in line with the NNIT Values. We endorse

the principles of the UN Guiding Principles on

Business and Human Rights (UNGPs) and the

OECD Guidelines for

Corruption: NNIT has in place an anti-corruption

policy and adequate internal controls, ethics and

compliance programmes and measures for

preventing and detecting bribery. Please refer to

our business ethics code of conduct policy.

Taxation: We adhere to our established tax risk

management process outlined in our Tax Policy to

ensure compliance with tax laws. See Note 2.6 of

the Financial Statements for further information

on our Income Taxes.

Fair competition: Through regular internal training,

NNIT seeks to continuously promote employees’

understanding and awareness of competition

laws.

Multinational Enterprises. We implement our

commitment to these via our Code of Conduct,

and other internal policies and procedures.

Human rights: The company is committed to

conducting human rights due diligence (HRDD) as

outlined in the UN Guiding Principles (UNGPs) and

OECD Guidelines for Multinational Enterprises

(MNEs).

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 72

Own

Workforce

S1 Own Workforce Page

ESRS 2

SBM-2-S1

Interests and views of stakeholders 47

ESRS 2

SBM-3-S1

Material impacts, risks and opportunities and their interaction with strategy and business

model

S1-1 Policies related to own workforce 75-76

S1-2 Processes for engaging with own workforce and workers’ representatives about impacts 77

S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns 78

S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material

risks and pursuing material opportunities related to own workforce, and effectiveness of those

actions

79-80

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and

managing material risks and opportunities

81-82

S1-6 Characteristics of the undertaking’s employees 83-84

S1-8 Collective bargaining coverage and social dialogue 85

S1-9 Diversity metrics 86-87

S1-10 Adequate wage 88

S1-14 Health and safety metrics 88

S1-16 Remuneration metrics (pay gap and total remuneration) 89

S1-17 Incidents, complaints and severe human rights issues 89

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 73

ESRS 2 SBM-3

Material impacts, risks and opportunities and their interaction with strategy and business model

We are a people-driven organization, and our employees are the foundation of our success.

NNIT operates across multiple geographies,

including Asia, Europe, and the United

States. Employees work in diverse functions

first and foremost with IT solutions, and also

within legal, human resource, finance,

administration. To ensure compliance, NNIT

considers and adheres to national laws

when developing policies, aligning them with

both local legislation and international

standards, while also considering the

different functions of our employees.NNIT is

committed to managing risks related to

working conditions and promoting equal

treatment and opportunities for all

employees. As a company reliant on a highly

qualified workforce, it is essential to be an

attractive workplace to retain talent. Material

risks related to our workforce are integrated

into our Enterprise Risk Management

Process. It is our Head of Global HR who

gives input to the Enterprice Risk

Assessment

and it is our CFO who is responsible for this

(see under Risk Management). By doing so,

we reduce the likelihood of adverse impacts

on our workforce and remain an attractive

workplace. Given the homogeneity of our

worksites, NNIT has not identified specific

groups of workers as being uniquely

impacted. The identified risks are neither

widespread or systematic – they are

generally potential. Risks, impacts, and

opportunities related to our workforce

primarily revolve around two key themes:

Working Conditions

Equal Treatment and Opportunities for All

These themes affect all NNIT employees

globally, underscoring the importance of

maintaining a supportive and equitable work

environment.

Therefore, NNIT’s Business Ethics Code of

Conduct applies to all individuals who work

for or represent NNIT. This includes

directors, officers, managers, employees,

and associates worldwide, as well as all NNIT

business units and subsidiaries.

We strive to be an attractive workplace for

both current employees and future talent.

Employee perspectives play a vital role in

helping us identify areas for improvement.

Through various engagement channels -

such as surveys and feedback sessions - we

gather insights to enhance our workplace

environment for the benefit of all our

employees.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 74

S1-1

Policies related to own workforce

At NNIT, we are dedicated to being an attractive workplace for our current

employees and a desirable choice for potential future talent.

Our policies, described in the following, and

practices are designed to align with

international labor standards. The policies are

implemented, regularly reviewed and updated

by NNIT Management Group and approved by

NNIT Board of Directors ensuring an ongoing

compliance and improvement. The Board of

Directors include three employee-elected

members who provide the employee

perspective when discussing business matters

and updating policies. This helps ensure that

policies do not result in negative consequences

for employees.

By integrating these commitments into our

business operations, NNIT aims to contribute

positively to society and promote sustainable

development. Policies are available for all

employees and those of interest on our website

www.NNIT.com.

Human and Labour rights

Our approach to human rights and employee

care is rooted in a commitment to fostering a

respectful, inclusive, and supportive work

environment as described in our Sustainability

and ESG Policy.

We believe that every individual deserves to be

treated with dignity and fairness, and we strive

to uphold the highest standards of human

rights in all our operations. This extends to our

employees, customers, and the communities in

which they operate. The company actively works

to create a safe and inclusive work environment,

free from harassment and discrimination.

In our Sustainability and ESG Policy, we adhere

to international standards and principles,

including the United Nations Global Compact

and International Labor Organization’s

convention no. 1554, which highlights the

importance of human rights, labor standards,

environmental sustainability, and anti-

corruption efforts. By integrating these

commitments into our business operations,

NNIT aims to contribute positively to society and

promote sustainable development. Also, our

Responsible Sourcing Standard addresses

safety of workers, precarious work, human

trafficking, forced Labor, and child labor in line

with ILO standards.

In terms of labor rights, NNIT is dedicated to

providing fair working conditions, including

reasonable working hours, fair wages non-

forced labor, no child labor, and the right to

collective bargaining. We also emphasize the

importance of health and safety in the

workplace, ensuring that all employees have

access to a safe working environment.

As a global company, we recognize that the risks

of forced and child labor may be higher in

certain regions with a statistically greater

prevalence of these issues. While data indicates

a higher likelihood of child labor in the

Philippines, none of NNIT’s operations are at

elevated risk for forced or child labor. Our

Sustainability and ESG Policy, along with our

Responsible Sourcing Standards, state that all

employment within NNIT and its supply chain

must be voluntary. Additionally, workers must

be at least 15 years old or meet the minimum

age requirement set by national laws in the

country of operation.

The management level participates in trainings

as well as leadership networks where there is a

specific focus on avoiding biases also in the

development and implementation of new

policies. The training or inspirational talks take

place once a quarter and involves external

speakers to elucidate potential blind spots.

Our approach to addressing human rights

impacts is to promptly investigate each case and

engage the relevant parties. The approach

ensures that we identify and implement

appropriate remedial measures.

Health and safety

At NNIT, ensuring a healthy working

environment is crucial. Our Working

Environment Process addresses both physical

and psychological conditions for all employees

in NNIT.

The policy complies with local regulatory

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 75

requirements and aims to minimize work

barriers and organize work to prevent

physical and psychological issues. It includes

inputs like the Workplace Assessment

Questionnaire (APV - in Denmark only), two

annual eVoice surveys, and reports of

working accidents, resulting in action plans

and communications regarding the working

environment.

Key roles include the CEO, who oversees

resources, Working Environment

Representatives, who handle inquiries and

assessments, and managers, who ensure

safe working conditions and educate

employees. Employees must report any

inconveniences or accidents.

Activities involve conducting workplace

assessments, handling accidents promptly,

performing regular inspections, and holding

quarterly Working Environment Council

meetings to manage tasks.

Our Remote Work Guidelines (created in

2021) allow employees to work from home

to an extent found appropriate by each unit.

The work from home policy supports the

employees’ work-life-balance and has

become widespread throughout our entire

organization underlining the employees’

need for flexible working conditions.

Diversity and Inclusion

At NNIT, we believe that a diverse workforce

reflecting both our customers and the

societies we serve is crucial for driving

growth and innovation. Our Diversity &

Inclusion policy serves as a guide for our

actions, ensuring we continuously monitor

our progress. It outlines NNIT’s commitment

to diversity and inclusion across our

organization, aiming to create a work

environment where all employees feel

respected and valued, free from

discrimination, bullying, or harassment.

Diversity at NNIT involves creating a culture

that respects and leverages individual

differences for the benefit of the

organization. This includes a wide range of

differences such as demographic factors,

cultural diversity, and varied educational and

professional backgrounds. We believe that

these diverse perspectives and experiences

are essential for fostering innovation and

growth.

An inclusive work environment is a

prerequisite for promoting diversity at NNIT.

For us, this means cultivating a culture of

belonging. NNIT does not tolerate any form

of discrimination, bullying, or abuse. All

employees are required to report any

witnessed or known instances of

unacceptable behavior by contacting HR or

informing their direct supervisor or senior

management.

Grounds for discrimination can be various

and may be experienced differently from

one person to another. Regardless, we want

to eliminate any discrimination against

(groups of) employees on the ground of age,

religious beliefs, ethnicity, race, skin color,

national and social origin, sexual orientation,

disability, political views, education,

professional competencies, and other

personal attributes. We focus on our

employees’ competencies and contributions

and on how we can grow our business by

virtue of our differences.

Conditions in connection with employment

must always be in accordance with the Act

on Equal Treatment of Men and Women, the

Act on Equality of Women and Men and the

Discrimination Act.

We are committed to tracking and reporting

our progress on diversity in our Annual

Report, historically this has been included in

our annual Sustainability report. By 2026, we

aim for at least 40% representation of both

genders in the Board of Directors and Senior

Management Group. Additionally, our aim by

2030 is that the underrepresented gender

will hold at least 40% of positions at all

management levels, and gender balance

across the workforce will reach 40%

representation for both men and women.

To support and monitor these goals,

employees are asked bi-annually to

(anonymously) assess their experiences

regarding fair treatment, equal

opportunities, and the inclusiveness of the

work environment. This feedback helps us

ensure that opinions and perspectives are

valued and respected. Finally, we offer a

comprehensive training and education

program for our employees. The company

provides a wide range of courses,

certifications and leadership training to

support professional development. This

includes both internal and external training

opportunities, ensuring that employees have

access to the latest knowledge and skills in

their respective fields including sustainability

issues. NNIT emphasizes continuous

learning and encourages employees to

pursue further education to enhance their

expertise and career growth.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 76

S1-2

Processes for engaging with own workforce & workers’ representatives about impacts

We are committed to fostering a culture where everyone feels safe to speak up,

valuing each employee's integrity and moral responsibility.

We are a people company, and our

employees are the source of our success.

Therefore, we are dedicated to fostering a

culture where everyone feels psychologically

safe to voice important matters and to speak

their mind as each employee’s integrity and

moral responsibility are key elements in

NNIT’s commitments as described in the

Business Ethics Code of Conduct.

This includes encouraging the free

expression of views, even to colleagues in

higher hierarchical positions. NNIT has

implemented several processes for engaging

with all our employees in the organization,

including all levels and all geographies.

To support this, we conduct two annual

eVoice surveys globally, which provides

insights into employees' perceptions of NNIT

as a workplace, their daily work experiences,

relationships with people leaders and senior

management, and other factors impacting

their working life. Each employee is

answering the survey anonymously, ensuring

they feel free to speak openly while also

protecting those who may feel marginalized

or too vulnerable to express their thoughts

in other settings. The survey results provide

a valuable starting point for dialogue, action

and targets to enhance our workplace. Each

manager will host a follow-up meeting to

discuss the findings, allowing employees to

propose solutions to the issues raised.

Managers will then communicate the specific

actions they plan to take in response to

these concerns. Like this, the employees will

also know if and how their feedback was

implemented. It is the Senior Vice President

of HR, who is also part of the group

management, who is ultimately responsible

for conduction and analysis of the surveys.

We normally experience a high level of

engagement in the eVoice surveys -also

globally. This year, we had a 83%

participation in the survey, which is

considered as a satisfactory level of

engagement and an increase by 7 ppt

compared to last year.

However, we strive to obtain even higher

engagement in the survey as the level of

participation demonstrates the effectiveness

of the engagement channel. To achieve

higher participation, we both prolong the

answering period and run campaigns

targeted both managers and employees.

Additionally, our senior management on a

quarterly basis host online All-Hands

meetings where all employees are directly

invited through booking are encouraged to

voice their opinions, concerns or just general

questions regarding NNIT. It is possible to

submit questions before the meetings or ask

the senior management directly during the

sessions. After some meetings, employees

are anonymously asked to evaluate the

quality of the meeting to ensure they remain

as relevant as possible. The different

channels provide valuable insights into areas

where we excel and those where

improvement is needed, helping us identify

new opportunities.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 77

S1-3

Processes to remediate negative impacts and channels for own workforce to raise concerns

NNIT strives to be open and honest, conscience driven, and value adding towards both our customers and our employees.

We believe that this approach fosters a

culture of transparency and trust.

Employees are encouraged to voice their

concerns openly, knowing they will be

listened to and taken seriously. We aim for

quick and clear communication about any

changes or issues, ensuring that employees

are well-informed and can trust the

responses they receive.

NNIT's Business Ethics Code of Conduct

outlines the company’s corporate values,

while the anti-harassment policy outlines the

company’s social and collegial values. NNIT

does not tolerate violations of the policies,

as they may have negative consequences for

both the workforce and the company. Non-

compliance with the policies, applicable laws,

or regulations will result in disciplinary

actions, ranging from a warning to, in severe

cases, dismissal without notice or, in

instances of illegal behavior, criminal

prosecution. Additionally, failure by an

associate to report a violation of the

Business Ethics Code of Conduct is

considered a breach of the Code itself,

NNIT’s commitment to providing accessible

reporting channels for its employees. Also, in

accordance with Danish Act No. 1436 of June

24, 2021, on Whistleblowing, the availability

of a whistleblower channel is a legal

requirement. NNIT, as well as our suppliers,

must establish anonymized and secure

whistleblower programs to ensure safe and

reliable reporting systems while protecting

whistleblowers.

Employees have several options for raising

concerns or complaints regarding

harassment, bullying, discrimination,

unlawful behavior, working conditions,

depending on the situation and with whom

they feel comfortable with. Some may

choose to contact their direct leader, senior

leader, or HR. Others might prefer to reach

out to NNIT's Legal Department, which treats

all reports with confidentiality, or to raise

concerns in the biannual eVoice survey.

All complaints will be investigated promptly

and, to the extent possible, be handled with

confidentiality. The prompt reaction

and confidentiality are essential for the

efficiency of the channels and employee

trust in the channels. If the investigation

confirms that conduct contrary to our

business ethics or anti-harassment policy

has occurred, NNIT will take immediate,

appropriate, corrective action, including

discipline, up to and including immediate

termination, while adhering to national laws.

Managers or other company officials who

receive any specific complaint of harassment

and/or discrimination must report it

promptly to NNIT Human Resources. All

complaints will be taken seriously,

documented, investigated promptly and

thoroughly by Human Resources.

Confidentiality will be maintained throughout

the investigative process to the extent

practicable and consistent with NNIT’s need

to undertake a full investigation. The person

reporting will be updated on the raised

inquiry throughout the process.

All relevant parties will be involved to ensure

different perspectives on the incident are

considered while protecting everyone’s

integrity regarding personal data. Some

employee-groups receive special protection,

this includes employee-elected members in

the Board of Directors and health and safety

representatives.

In our biannual eVoice survey, we normally

experience a high level of participation in

our latest survey the response rate reached

83 %, indicating awareness of the channel -

also as a tool to speak one’s mind and to

raise concerns. Due to large structural

changes there was only one survey in 2025.

Once a year, all employees are required to

read, understand, and accept the Business

Ethics Code of Conduct to ensure awareness

and agreement with the policy. This process

also ensures employees are informed of any

updates to the policy. New employees will

similarly review and accept the policy as part

of their onboarding at NNIT.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 78

S1-4

Taking action on material impacts on own workforce, and approaches to managing material risks

and pursuing material opportunities related to own workforce, and effectiveness of those actions

In NNIT, we have a strong culture built on passionate people who create

winning teams with our customers.

Our top priority is to continue being an

attractive workplace for both our current

workforce and potential candidates. We

believe that by fostering an appealing work

environment, we can attract highly skilled

candidates, retain our talents, manage

material risks, and pursue IT solutions to Life

Sciences internationally.

We are committed to continuously

challenging and developing our highly skilled,

ambitious, and motivated employees. To

support this, we emphasize learning, career

planning, job rotation, certifications, advanced

education and leadership development

programs. As it is a continuous work, there is

no specific time horizon for completion of the

actions.

We are focused on improving our career

pathways to enable employees to take charge

of their career advancement, with

support from their leaders. Our aim is to

promote skill development and ensure

equitable access to career growth

opportunities. To do so, each employee will in

collaboration with the nearest leader perform

an individual development plan. Furthermore

“GROW-sessions” with a focus on knowledge

sharing about specific business areas are

facilitated by local departments.

We are dedicated to ensuring equal pay for

equal positions and competencies,

maintaining a constant focus on this principle

during hiring and promotion processes.

We are committed to developing our talents

to the benefit of the employees’ individual

aspirations, and to the benefit of our

business. Furthermore, we are committed to

offering fair and equal terms and

opportunities for all.

We do this by:

Ensuring that our policies do not favor any

group(s) of employees rather than others.

Ensuring that we have a diverse

representation among candidates for our

talent and leadership development

programs and for management

succession.

Assessing new leadership candidates

based on the candidate’s potential as a

leader and not just the candidate’s

experiences.

Reviewing our entire organization bi-

annually, including salaries with the

intention of ensuring fair salaries for all

and closing potential gender pay gaps

across NNIT

In NNIT, we have a special focus on

integrating initiatives into our recruitment

processes that help reduce bias and promote

diversity and inclusion. In this way, we ensure

that we have the best conditions for attrac-

ting and recruiting candidates with the best

competencies for the individual job function.

We do this by:

Ensuring that all candidates are treated

with respect

Ensuring that our recruitment process is

driven by professional assessment criteria

focusing on the candidate’s competencies,

experiences, and potential

Striving for a balanced representation in

recruitment committees regarding gender,

age, and other characteristics

Writing job ads in a language that appeals

to a broad and diverse field of candidates

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 79

Ensuring that spokespersons, images and

material in our external communication,

job ads and PR reflects a diverse work-

place with room for differences

Stating clearly in job ads that all candi-

dates are encouraged to apply for the

given job regardless of their gender, age,

religious beliefs, sexual orientation,

national and social origin, political opinion,

disability, race, skin color, and ethnic

origin.

Spreading awareness of how unconscious

bias can be recognized and reduced, and

how to avoid prejudices

In 2025 39% of all vacant positions were

filled by female candidates and in 2024 this

was 43%.

Our latest eVoice survey highlighted areas

for improvement in our global bonus model.

We are committed to continually reviewing

our policies to drive performance while

better aligning with our employees’

expectations. Building trust in decision-

making processes and ensuring clear

communication of decisions remain top

priorities. Additionally, providing greater

clarity on career development and

opportunities is a key focus area that started

in 2025 and will continue in 2026.

Furthermore, our biannual eVoice survey

provides a space for employees to suggest

ways to improve diversity and inclusion while

also tracking the effectiveness and impact of

current actions.

NNIT employees are our most important

resource. No employees are alike, we all

have different needs and ways in which our

potential and competencies are best

brought into play.

Considering our business, we therefore

strive to offer working conditions that make

it possible for the individual employee to

accommodate their work life with their

privacy and personal needs.

We do this by ensuring that:

All employees are given the opportunity to

ask their leader for more flexibility in their

working conditions. This applies to all

employees, not just parents or caregivers.

Employees in relevant job functions, and

where it is currently estimated by the

direct leader, can access the necessary IT

equipment to be able to fulfill their

position working from home.

All leaders follow our remote work

guidelines and offer clear guidance for

their team.

To ensure that NNIT has accurate time

records, and that employees are paid for all

hours worked in a timely manner, also when

working from home. Exempt and non-

exempt employees are required to

accurately record all hours worked and leave

on an NNIT timesheet.

NNIT is ongoingly monitoring the employees’

experience with their own work-life balance

and the flexible working in the eVoice survey

and through the feedback each leader

receives from their employees. Dedicated

employees oversee the process, including

setup and data management. Additionally, all

managers are expected to discuss the

results within their teams, engaging both HR

and other departments to ensure

meaningful follow-up and action. However,

no specific resources are allocated for

managing material impacts. Instead, the

aforementioned functions will be activated

to address impacts if they occur.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 80

S1-5

Targets related to managing material negative impacts, advancing

positive impacts, and managing material risks and opportunities

We believe that a diverse work force creates better results and contributes to a better work environment.

For us, increasing diversity is not only about

creating a more balanced gender

distribution among our management and

employees. But we find it crucial to focus on

this aspect as the IT industry in which we

operate, historically has had a very

unbalanced gender distribution.

We want to increase diversity among our

workforce and among those who explore

their leadership potential with NNIT. As early

as 2013, the Board of Directors began

increasing its diversity ambitions by setting

targets for Board of Directors composition,

aiming to achieve these changes by 2017. In

2023, these ambitions were extended to

include top management as well. As a

minimum, the gender distribution among

our employees with leadership responsibility

should reflect the distribution across NNIT

(At least 40 per cent of the

underrepresented gender). Also, NNIT

continues to the work to ensure that both

men and women are represented by at least

40 per cent among our Board of Directors

and NNIT Group Management by June 2026.

The targets are outlined to match the

requirements of the Gender Balance Act. In

2024 there was 78/22% (male/female) split

in the Board. This has remained unchanged

in 2025. In the top management, the gender

split in 2024 it was 75/25% (male/female).

This has also remained unchanged in 2025.

For all management levels, the gender split

was 69/31 (male/female) in 2025. This was

64/36 in 2024.

Diversity in NNIT goes beyond gender.

Consequently, at NNIT, we work to ensure

that our management is characterized by

diversity with regards to, for example, age,

education, and professional background.

This applies to members of the Board of

Directors as well as Group Management.

We strive for this by aiming for a broad

representation of characteristics in terms of

gender, age, education, and professional

background among our pool of candidates

for managing positions. Also, we are

addressing the influence of bias – also

unconsciously – and prejudices in our

recruitment processes.

We have already succeeded in attracting

more women to our business as well as to

our graduate programs (Young

Professionals). We now have a gender

balance of 62,9% (2024: 62.5%) men and

37,1% (2024: 37,5 %) women, compared to

66% men and 34 % women in 2023.

We make sure that a diverse group of

employees are nominated to our leadership

program Discover Your Leadership Potential

and other leadership training, and we seek

to promote female as well as male role

models whenever possible. Despite these

great developments, we acknowledge that

we have some distance to cover when it

comes to achieving our 40% target in 2030.

and a more equal gender split for our upper

management levels. NNIT’s diversity policy

for management levels is to employ the best

candidates and, as such, the decisive factor

in external as well as internal recruitment

processes is the candidate’s qualifications.

While progress will initially be slow, we

remain confident that we will achieve a

better gender balance before the end of

2026 by continuing to focus first and

foremost on qualifications. We will adjust our

targets accordingly year by year and

introduce new actions based on running

analysis.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 81

To raise awareness of the importance of

diversity in leadership at Group Management

levels, the issue is addressed at least once a

year during Board and Executive Management

meetings. At these meetings, board members

are involved in setting goals and assessing

their relevance to NNIT. The Board of

Directors includes three employee-elected

members, ensuring discussions are enriched

by workforce perspectives. Additionally, the

board can provide feedback and

communicate focus points to management,

supporting efforts to enhance diversity at

NNIT.

In our Annual Report, we will report on and

follow up on NNIT’s progress toward achieving

our goals related to diversity and gender

balance. The report is sent to the Board for

their comments on tracking performance

against the targets.

Currently, there are no specific targets related

to potential negative impacts on our

employees. Instead, we use the biannual

eVoice survey to identify areas for

improvement in working conditions. If the

survey highlights the need for specific actions,

targets, or new policies, these will be

discussed among relevant managers and the

relevant SVPs. To measure our progress, we

use the subsequent survey as a tool to track

improvements for our workforce.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 82

S1-6

Characteristics of the undertaking’s employees

NNIT is a global company operating in

different regions in Europe, Asia and the

United States. Still, the majority of the

employees are located in Denmark where the

headquarter is based, and where the business

was founded.

Table 50a shows the average headcount in

countries with more than 50 employees and

the gender distribution in these geographies.

Denmark, China and the Philippines are the

three geographies with the highest number of

employees.

The vast majority of NNIT’s employees are

employed on a permanent basis. As a

provider of IT and business solutions in the

Life Sciences industry involves a great

responsibility for developing the smartest

solutions having a positive impact on the

society.

In this regard, having highly skilled employees

on permanent contracts is crucial for ensuring

coherence, as well as the ongoing develop-

ment and skill advancement of employees.

Table 50b and 51 show the contract type by

gender and by region.

At NNIT, high job satisfaction and employee

retention are paramount. To enhance

employee satisfaction, we have implemented

several policies designed to ensure we remain

an attractive workplace for both current and

future employees (see section S1-1).

The relatively high number for employee

turnover is primarily due to structural

adjustments across Europe. Without

structural adjustments, the voluntary turnover

is 12%.

Table 50a: Average headcount in countries with more than 50 employees or >10% of

total headcount

Table 50c: Employee turnover

2025 2024

Country

Average

Female

Average

Male Total

Average

Female

Average

Male Total

Denmark 259 432 691 250 464 714

Ireland 23 105 128 45 101 146

Czech Republic 24 38 62 18 48 66

China 108 128 236 107 114 221

Philippines 85 123 208 87 128 215

Singapore 33 34 67 33 31 64

USA 56 95 151 58 106 164

2025 2024

Leavers Percentage Leavers Percentage

Total turnover 388 22.1% 333 19,7%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 83

Table 51: Contract type by Region

Table 50b: Contract type by gender (headcount)

2025 Female Male Other

Not

Declared Total

Average total 627 1,060 - 1 1,688

Average permanent employees 609 1,033 - 1 1,643

Average fixed term employees 18 27 - - 45

Number of non-guaranteed hours

employees

- - - - -

2024 Female Male Other Not

Declared

Total

Average total 651 1,085 - - 1,736

Average permanent employees 632 1,059 - - 1,692

Average fixed term employees 17 24 - - 44

Number of non-guaranteed hours

employees

- - - - -

2025 headcount CH CN CZ DE DK ES GB IR IT PH PL SG US Total

Number of employees (HC) 30 236 62 41 691 7 23 128 22 208 22 67 151 1,688

Number of permanent employees (HC) 30 231 62 40 658 7 23 126 22 208 21 66 149 1,643

Number of temporary employees (HC) - 5 - 1 33 - - 2 - - 1 1 2 45

2024 headcount CH CN CZ DE DK ES GB IR IT PH PL SG US Total

Number of employees (HC) 28 221 66 46 714 6 26 146 20 215 20 64 165 1,736

Number of permanent employees (HC) 28 219 66 45 673 6 26 146 20 215 20 64 165 1,692

Number of temporary employees (HC) - 2 - 1 41 - - - - - - - - 44

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 84

S1-8

Collective bargaining coverage and social

dialogue

Part of employees on collective agreements

In NNIT, all employees are allowed to join a trade union and

other workers’ organizations to negotiate their working

conditions.

Neither trade unions nor employer organizations negotiate

working conditions on behalf of employees. Each employee

has individual terms of employment, as they are considered

specialists in their respective fields.

Also, in NNIT there is no workers’ representatives in any of

our geographies (0%). However, workers in Denmark are

represented in the Board of Directors by the employee

elected board members. In extension, there are no

agreements with employees for representation by European

Works Council (EWC), Societas Europaea (SE) Works Council,

or Societas Cooperativa Europaea (SCE) Works Council.

However, a relatively low number of employees in NNIT are

covered by collective bargaining agreements and all covered

employees are located in Denmark (1,74% coverage in

Denmark and 0,71% total coverage). The 12 covered

employees belong to the same union (Dansk Metal -

Industriens Funktionæroverneskomst).

Table 60c: Percentage of employees covered by collective

agreements

2025 Collective bargaining

Social

dialogue

Coverage rate Employees

EEA

Employees

– Non-EEA

Workplace

representation

(EEA)

0-19 % Denmark - -

20-39 % - - -

40-59 % - - -

60-79 % - - -

80-100 % - - -

2024 Collective bargaining Social

dialogue

Coverage rate Employees

EEA

Employees

– Non-EEA

Workplace

representation

(EEA)

0-19 % Denmark - -

20-39 % - - -

40-59 % - - -

60-79 % - - -

80-100 % - - -

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 85

S1-9

Diversity metrics

NNIT aims to be a diverse workplace where people with

different attributes feel welcome. However, we know that

women have traditionally been underrepresented in the IT

sector, why we have set out ambitious targets on the gender

distribution across the organization (see section S1-5).

Table 66 shows the average gender distribution for 2025.

Table 66a shows the gender distribution in top management

in 2025. The top management in NNIT is defined as the CEO,

CFO and SVPs who together form NNIT Group Management.

As mentioned, diversity at NNIT also includes age. Most of our

employees are mid-career professionals with extensive

experience, reflecting our commitment to meeting customers’

demand for highly specialized consultants.

Table 66b and table 66c visualize the age distribution in NNIT.

Table 66: Headcount 2024-2025 by gender

Table 66a: Gender distribution in Group Management

Table 66b: Overall age distribution

Average Headcount

Gender 2025 2024

Male 1,060 1,085

Female 627 651

Other -

Not reported 1 -

Total 1,688 1,736

Count Percentage

Gender 2025 2024 2025 2024

Male 6 7 75.0% 87.0%

Female 2 1 25.0% 13.0%

Count Percentage

Age 2025 2024 2025 2024

<30 294 347 18.2% 20.0%

30-50 975 1,024 60.2% 59.0%

>50 350 365 21.6% 21.0%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 86

Table 66c: Age distribution by country

2025 CH CN CZ DE DK ES GB IR IT PH PL SG US Total

<30 years/extrapolated - 65 6 3 111 - 2 16 3 46 3 23 16 294

30-50 years/extrapolated 22 174 44 30 304 5 12 81 13 147 16 37 90 975

>50 years/extrapolated 9 12 4 5 240 1 8 18 6 4 - 4 39 350

Total/extrapolated 31 251 54 38 655 6 22 115 22 197 19 64 145 1,619

2024 CH CN CZ DE DK ES GB IR IT PH PL SG US Total

<30 years/extrapolated 2 46 11 6 142 - 1 21 4 65 6 28 15 347

30-50 years/extrapolated 18 171 51 31 339 5 16 87 12 145 14 30 102 1,021

>50 years/extrapolated 8 4 4 9 233 1 9 38 4 5 - 6 47 368

Total/extrapolated 28 221 66 46 714 6 26 146 20 215 20 64 164 1,736

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 87

S1-10

Adequate wage

NNIT rely on highly skilled employees in all positions, and no

employees are paid below national minimum requirements in

countries of operation.

S1-14

Health and safety metrics

Ensuring a healthy physical and psychological work

environment for all employees in NNIT is key. In addition to

our health and safety policies (see section S1-1), the entire

workforce is covered by a health and safety management

system (100 % coverage), which is based on legal

requirements.

Table 88b-88c shows the number of work-related

incidents and fatalities for 2024-2025.

No work-related ill health as per ILO’s list of Occupational

Diseases has been identified in 2025.

Count Ratio

Total hours

worked:

2.895.879 (2024:

2.466.626)

2025 2024 2025 2024

Work related

incidents (Own

workforce)

3 1 1.04 0.41

Number of

fatalities as a

result of work-

related injures

(Own workforce)

- - - -

Number of

fatalities as a

result of work-

related injures

(Other workers at

NNIT sites)

- - - -

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 88

S1-16

Remuneration metrics (pay gap and total

remuneration)

At NNIT, we are committed to ensuring equal pay for equal

roles and competencies, emphasizing this principle in hiring

and promotions. However, as shown in Table 97a, a gender

pay gap persists in some locations, which we aim to address.

See Section S1-4 for actions taken to tackle this issue.

The Gender pay gap table is based on all employees in NNIT

during 2024 and 2025.

Table 97a – Gender Pay Gap

Calculation 97b-97c: Annual remuneration ratio

The annual remuneration ratio in NNIT is 18 indicating that

the annual total remuneration ratio of the highest paid

individual is 18 times higher than the median annual total

remuneration for all employees (excluding the highest-paid

individual).

The calculation of the annual remuneration ratio is based on

all employees in NNIT during 2025.

To make a fair comparison between hourly paid employees,

employees receiving overtime pay and employees receiving

bonus, the total salary package has been divided by the

individual total recorded hours in 2025.

Due to quality reasons, employees with a total of less than

250 hours registered have been excluded from the

calculation in the 2025 numbers. Furthermore, employees

who didn’t time register for their entire active period of 2025

were also excluded.

A large part of the exclusion is due to the movement from

several ERP-systems into one mid-2024. Furthermore,

especially internal functions didn’t time register correctly the

entire year. For 2025 all registered hours are extracted from

the global time registration system.

S1-17

Incidents, complaints and severe human

rights issues

In 2025, no complaints or incidents of discrimination or

harassment were reported. Furthermore, no severe human

rights issues occurred. Nor were any complaints filed to

National Contact Points for OECD Multinational Enterprises.

Consequently, no fines, penalties, or compensation for

damages were issued.

Difference

Location 2025 2024

China 33% 22%

Czech Republic 39% 28%

Denmark 19% 15%

Germany 26% 20%

Great Britain 0% 20%

Ireland (17)% (25)%

Italy 18% 7%

Philippines 18% 19%

Poland 19% 16%

Spain 11% (10)%

Switzerland 18% 8%

USA 13% 19%

Total 22% 19%

18/1

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 89

S1 Accounting policies

ESRS DR Paragraph Data point/ metric Accounting principle

All All metrics cover the reporting period 1st of January 2025 – 31st December 2025.

People data and employee data for 2025 are based on data from January-November (2024: January-October) and extrapolated for December.

For 2025 figures for group company Scales (2024: Excellis, Scales, and SL Controls) have only been extrapolated in to the NNIT core data due to data quality

differences, ensuring consistency across calculations. NNIT have used averages when reporting on the KPIs.

Data from group companies have been extrapolated into the total figures, assuming that their organizational structures align with NNIT in each country.

Employee distribution for these companies has been proportionally allocated based on NNIT's country-by-country distribution.

All data used for calculations is based on extracts from the HR system and the BI-system. Data in the BI system is based on a combination of data from the HR

system and the ERP system through integration.

S1-6 50a Total number of employees Numbers are based on a combination of data from NNIT’s BI-system and HR system, and the data is calculated as the average number of employees during the

year rounded to the nearest integer. Gender is based on input from the employee in the hiring process, which is stored in the HR system.

S1-6 50b Permanent, temporary and non-guaranteed

hours employees

Numbers are based on a combination of data from the HR system and BI system and is calculated as the average number of each contract types during the year

rounded to the nearest integer. Gender identification is based on input from the employee in the hiring process, which is stored in the HR system.

S1-6 51 Contract type by region Numbers are based on a combination of data from the HR system and BI system and is calculated as the average number of each contract types during the year

per country and rounded to the nearest integer.

S1-6 50c Total number of employees who left the

undertaking and turnover rate

The calculation is based on the average monthly headcount in NNIT, and it includes voluntary and involuntary leavers. The share of leavers within the year is

calculated by dividing the number of, respectively, voluntary and involuntary leavers by the average total headcount. Student assistants and temporary

employees are excluded, as their higher turnover could distort data trends. Group companies are included in calculation but student assistants and interns have

been extrapolated out of their headcount based on NNIT %.

S1-8 60c Percentage of employees covered by collective

agreements

The calculation is based on all employees who are registered as being covered by a collective agreement divided by the headcount for the year.

S1-9 66 Headcount by gender The data is gathered from a combination of HR and BI data, which sums up data from the HR system. Gender identification is based on input from the employee

in the hiring process, which is stored in the HR system.

S1-9 66a Gender distribution at top management level The data is gathered from the HR system. Gender identification is based on input from the employee in the hiring process, which is stored in the HR system. The

top management in NNIT is defined as the CEO, CFO and SVPs who together form NNIT Management.

All members of management have been part of the management throughout 2025.

S1-9 66b Age distribution The data is gathered from NNIT’s BI-database, which sums up data from the HR system.

Data is based on the total population in the year and the employee’s age at that time.

S1-9 66c Age distribution by country The data is gathered from NNIT’s BI-database, which sums up data from the HR system.

Data is based on the total population in the year and the employee’s age at that time. Table is an expression of october 2025.

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Continued

ESRS DR Paragraph Data point/ metric Accounting principle

S1-10 69-70 Lowest salary at NNIT compared to national

minimum salaries

National authorities determine minimum salary benchmarks for each country, and for the countries that do not have one, the minimum wage established by

collective agreements. National authorities include agencies, national statistics, Eurostat and similar. In the US, there is no national minimum; it varies by

state. Therefore, the highest state minimum was used as the general benchmark. In each country, the lowest paid employee is compared to the country

benchmark. Data on the lowest salary is based on monthly extract from HR system, and is based on the basic wage plus any fixed additional payments. Data

excludes hourly paid, student assistants and trainees under collective agreement. Salaries in Denmark, Poland and Czech Republic have been converted to

Euro due to match EU statistics.

S1-14 88a Health and safety coverage Based on input from HR regions.

The numbers sum to 100% as all contracts in NNIT include a health and safety coverage system by default.

S1-14 88b Number of fatalities in own workforce No fatalities have been registered in the years. In NNIT, there is no automatic system for reporting incidents and/or fatalities. Instead, each incident is

reported directly to the HR department for further handling.

S1-14 88c Number of work-related incidents A work-related incident is defined as an unplanned event that doesn't result in injury but has enough significant risk to merit recording.

The respective number of cases were divided by the number of total hours worked by all the employees and multiplied by 1,000,000.

S1-16 97a Gender pay Gap Gender identification is based on input from the employee in the hiring process, which is stored in the HR system. The Gender pay gap table is based on all

employees in NNIT during the year. The data represents the raw difference pr. country with no consideration of level or seniority. The calculation is average

gross hourly pay level of male employees - average gross hourly pay level of female employees: (Average gross hourly pay level of male employees - average

gross hourly pay level of female employees/ average gross hourly pay level of male employees,)*100.

Gross hourly pay includes base salary, bonus, pension, overtime payment, allowances and insurance. Base salary is the sum of guaranteed, short-term, and

non-variable cash compensation.

S1-16 97b Annual remuneration ratio The calculation of the annual remuneration ratio is based on the average remuneration of the highest paid individual divided by for all employees in NNIT

during the year.

The calculation of the annual remuneration ratio is based on the average remuneration of the highest-paid individual divided by the average remuneration of

all employees (including guaranteed, short-term, and non-variable cash compensation) in NNIT during the year (excluding the highest-paid individual).

S1-16 97c Annual remuneration ratio – Contextual

information

To make a fair comparison between hourly paid employees, employees receiving overtime pay and employees receiving bonus, the total salary package has

been divided by the individual total recorded hours in the year. Employees with less than 250 registered hours are removed due to data quality.

S1-17 103a, 103b,

103c, 103d,

104a, 104b

Number of incidents of discrimination and

number of severe human rights issues

Incidents and human rights issues can be reported through various channels, including the Whistleblower system, HR, the nearest leader, or the National

Contact Points for OECD Multinational Enterprises. Regardless of the reporting channel, the HR department will be notified and involved in addressing

adverse impacts and identifying appropriate actions to mitigate negative effects. To calculate the number of reported complaints, severe human rights issues,

and corresponding fines and penalties, data has been retrieved from HR and Legal.

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Consumers

and end users

S4 Consumers and end-users Page

ESRS 2

SBM-2-S4

Interests and views of stakeholders 47

ESRS 2

SBM-3-S4

Material impacts, risks and opportunities and their interaction with strategy and business

model

93-94

S4-1 Policies related to consumers and end-users 94-95

S4-2 Processes for engaging with consumers and end-users about impacts 96

S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise

concerns

S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing

material risks and pursuing material opportunities related to consumers and end-users, and

effectiveness of those actions

98-99

S4-5 Targets related to managing material negative impacts, advancing positive impacts, and

managing material risks and opportunities

100

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NNIT Annual Report 2025 92

Strategy

ESRS 2 SBM-3

Material impacts, risks and opportunities and their interaction

with strategy and business model

NNIT is a leading provider of IT solutions to Life Sciences internationally,

and to the public and private sector in Denmark.

We work in high complexity industries, and we

thrive in environments where regulatory

demands and complexity are high. We advise

on and build sustainable digital solutions that

work for end-users, customers and

employees.

Given our role as IT solutions provider,

especially to the Life Sciences industry, we are

responsible for the impact that our solutions

and consultancy leave on our customer and

their end-users. This is a responsibility that we

take very seriously. Therefore, when relevant

and agreed upon with the client, we provide

our customers and end-users with service-

related information, such as manuals and

guidelines, to help them achieve optimal yield.

Our impact can be realized for end-users,

patients and citizens as they take advantage

of the IT consultancy, IT development or IT

solutions delivered by NNIT.

As part of our Double Material Assessment,

we identified that there is material

sustainability impact on our customers and

end-users. Since we provide services to the

Life Sciences industry, which produces life-

saving medications, we recognize the critical

role we play in our customers' value chain.

Our policies related to customers and end-

users tie to our corporate aspiration: We bring

digital transformation to life, hence making a

mark of business and society.

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NNIT Annual Report 2025 93

We are highly attentive to this responsibility

and the potential consequences that follow if

we fail to deliver our services.

At NNIT, we use the annual assessment cycle,

to manage material impacts, risks and

opportunities as they relate to consumers and

end-users (in the following referred to as

customers). NNIT has identified the following

themes of relevant impact on all types of

customers and end-users. However, given the

nature of the identified potential impacts, we

have a specific focus on including minorities

and marginalized people in our services:

Non-discrimination (in relation to consumers

and end-users)

Access to product and services

We closely monitor the impact of our delivered

consultancy, development and solutions, and

solicit direct feedback from our customers to

understand and revisit our performance in

order to deliver even better solutions to our

customers and end-users. In this way, NNIT’s

digital solutions continue to ensure the health

and safety while enabling access and inclusion.

Impacts, risks and opportunities management

S4-1

Policies related to consumers and end-users

In NNIT, we are committed to integrity and moral responsibility

in all we do, and these values permeate our policies.

Our DNA emerges from the regulated

pharmaceutical industry and significantly

reflects our approach to business ethics.

When representing NNIT we act with

professionalism, honesty and integrity. Our

conduct shall always be fair and

transparent and be perceived as fair and

transparent by third parties.

NNIT relies on the conceptualizations of

responsibility and sustainability provided by

the United Nations (UN) Global Compact,

UN Declaration of Human Rights, the

Sustainable Development Goals, and the

ESG principles in our development of

policies and business ethics as explained in

our Responsible Sourcing Standard that

applies to all of NNIT’s business relations.

NNIT expects its suppliers to uphold these

fundamental principles and obligations to

ensure responsible and sustainable

conduct toward our customers and end-

users.

Our values are deeply anchored in us as

individuals and as a company. Wherever

you meet us, you can expect that we live

these values:

Open and honest:

We listen to our customers, and we

challenge them.

We communicate quickly and openly

about changes affecting our customers

or our company.

We trust each other, and we question

things that don’t make sense.

We believe in clear and understandable

agreements that benefit our customers

and ourselves.

Conscience driven:

We take responsibility for our customers’

challenges as if they were our own.

We are accessible to our customers and

act promptly when they need our help.

We work with passion to add quality to

everything we do.

We make decisions based on rational

financial judgement.

Value adding:

We utilize our domain expertise to create

business results for our customers and

ourselves.

We are proud of what we do, and we

keep asking ourselves: Does it add value?

We stand together as One NNIT across

cultures and our international locations.

We always strive to optimize

performances.

We get things done.

•

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NNIT Annual Report 2025 94

All employees must at all times comply with

applicable laws, rules and regulations and

NNIT complies with all antibribery, and anti-

corruption laws as may be applicable

wherever we do business. It is the

Management of the Legal department who is

responsible for implementing the policy as

well as updating it.

Our policies are available for customers,

stakeholders and those of interest at NNIT’s

website: www.nnit.com. NNIT Board of

Directors approves the Data Ethics Policy,

which is updated annually. NNIT reports on

the work with Data Ethics and GDPR to the

Audit Committee on a regular basis.

The Executive Management is responsible

for the implementation of the Data Ethics

Policy within NNIT’s daily operations and

activities. This is ensured by establishment of

relevant processes and routines for

implementation of the policy.

Group Management is responsible for

integrating the Data Ethics Policy in the daily

operations and to ensure relevant and

ethical handling of data within the business

areas and units. The NNIT Data

Protection Officer is responsible for

overseeing overall compliance with Data

Ethics Policy, including the Data Privacy

Policy, as well as issuing guidance and

counselling on related matters.

We evaluate our policies once a year to

ensure the accuracy and relevance of

information provided to potential and

existing consumers or end-users.

NNIT Data Ethics

We will take legal and ethics aspect into

account when developing new solutions that

processes data through a formalized

process.

As outlined in our NNIT Data Ethics, we will

ensure diversity when creating user-groups

for solution development of systems to

process data, when we bring solutions to the

market that processes data.

We will take measures to ensure our use of

data are unbiased and without

discrimination and consider the impact of

individuals’ reasonable expectations. When

working with AI, we consider data protection

and data ethical matters at an early stage to

mitigate risks and

eliminate or limit possible damage to

individuals. We will strive to make sure that

any use or development of AI solutions are

fair, reliable, and explainable.

As an IT Service provider, it is essential to

NNIT to respect and protect data privacy. On

behalf of our customers and within the NNIT

group, we process data on a regular basis - a

substantial portion of which is Personal

Data.

Our Data Privacy Policy sets out the

standards and the principles when NNIT

collects, uses, stores and processes Personal

Data. This Data Privacy Policy is based on the

European Union General Data Protection

Regulation 5419/16 (GDPR) and is in

accordance with data protection laws in the

United States. Our Data Privacy Policy is a

minimum standard applicable to all entities

and employees of the NNIT group with the

purpose of protecting our consumers’ and

end users’ privacy.

Personal Data must be processed in

accordance with these standards and

principles as well as in accordance with the

instructions and requirements set out by

NNIT's customers, to ensure the safety of

the data and the integrity of the individual

data subjects concerned by any processing

carried out by NNIT or on behalf of others.

Moreover, NNIT requires its suppliers to

comply with international and local law

regarding the processing and handling of

personal data that pertains to NNIT or NNIT’s

deliveries and/or services.

The data subject will always be informed

about the purpose/reasoning for using their

data, and the data subject has, upon

request, the right to access, delimit, modify

and delete their data.

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NNIT Annual Report 2025 95

S4-2

Processes for engaging with consumers and end-users about impacts

At NNIT, we have a well-established engagement model with our customers.

Through our ongoing engagement with

customers and end-users, we capture a

profound understanding of the customers’

needs, and equally important, whether the

delivered consultancy and solutions led to

the expected positive impact, also from a

sustainability perspective. The engagement

with customers and end-users is a part of

our project management DNA.

Moreover, the Customer Feedback Program

is anchored on Group Management level

and ensures that the engagement model is

functioning. Feedback is dealt with on a very

operational level by the employee closest to

the customer – and on a corporate level

where results are aggregated and analyzed.

The Customer Feedback Program consists of

a customer satisfaction survey, and every

third month the survey is distributed to all

our clients. The survey consists of five

questions assessing the general

level of customer satisfaction. Moreover, in

combination with our ongoing and close

dialogue with our customers on a daily basis,

we have a very good understanding of our

customers experience with us.

Aside from the feedback received through

our survey or directly from the customers,

NNIT undertakes efforts to ongoingly

understand the developments in behavior

and needs of relevant customer segments.

This enables us to adjust current – or

develop new – solutions to our customers.

Regarding data privacy, our customers and

end-users, insofar as they constitute a data

subject and NNIT is the data controller, have

the following rights upon request ensuring

their integrity and the right to their own

data:

Right of Access (confirmation to the data

subject that Personal Data is processed,

access in form of a copy of the data

relating to the Data Subject).

Right of Rectification (the right to change

data)

Right to be Forgotten (the right to have

data deleted)

Right to Restriction of Processing (right to

have certain processing activities

suspended)

Right to Data Portability (right to have data

delivered in a machine-readable format)

Right to Objection (right to have certain

processing activities limited).

Right to Limit Automated Decision-making.

Right to withdraw consent (if the

processing is based on consent as the

legal basis)

The rights may be subject to conditions or

restrictions in certain instances, depending

on such circumstances as the Data

Processing, the purpose, the legal basis and

the retention requirements.

The NNIT Data Protection Officer is

responsible for overseeing overall

compliance with data privacy, including the

Data Privacy Policy, as well as issuing

guidance and counselling on matters of data

privacy.

Finally, to gain insights into more consumers

and end-users perspective, we are engaged

in Danish Chamber of Commerce and the IT

Industry association in Denmark. Through

our engagement in networking

organizations, we gain insights into societal

needs and issues within the sector as well as

inspiration.

•

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NNIT Annual Report 2025 96

S4-3

Processes to remediate negative impacts and channels for consumers and end-users to raise concerns

Our ISO 9001 Quality Management System ensures that our engagement with

customers and end-users is structured and of high quality.

A variety of options are available for our

customers to raise concerns. Informally, via

the daily engagement model, the customer

can raise concerns to their NNIT

counterparts. Each raised concern will be

taken seriously and appropriate actions to

remediate the negative impact will be

identified. Aside from this, the

beforementioned formalized feedback

program allows customers to voice any

concerns they may have.

In addition, we also offer a formalized

customer complaint process per our Quality

Management System (ISO 9001) as well as a

whistleblower option. Both of these

processes are described as part of our

quality management framework. Our ISO

9001 certification proves that our guidelines

and processes for resolving customer

complaints are efficient and robust.

Moreover, our process is subject to

regular audit reviews allowing us to

ongoingly refine the quality of our

management system.

In order to safeguard Personal Data and to

ensure and enforce the access restrictions,

appropriate technical and organizational

security measures must always be taken to

prevent the accidental or unlawful

destruction or accidental loss, alteration,

unauthorized disclosure of or access to data.

Compliance relies on a combination of

technical and organizational security

measures:

Technical access management and

technical security

Procedures and rules

Control and traceability ensuring

enforceability, documentation and the

possibility to investigate possible breaches

Also, NNIT has adopted the following

definition of access and restrictions

extending to all systems and types of data

including Personal Data.

Access to data must be limited to the

personnel resources that need to have the

access to perform their services.

For specific types of data specific

restrictions may apply which prevent or

limit the access to locations outside the

EU/EAA or even to specific countries in the

EU/EAA and such access restrictions must

be reflected in NNIT's service design.

Databreaches and potential data breaches

are raised and tracked electronically and

addressed by internal legal and technical

resources, including external resources if

relevant.

To address potential human rights impacts,

the relevant manager or Senior Vice

President identifies appropriate solutions.

NNIT handles each case individually,

involving the right manager upon identifying

an impact. With support from HR, Legal, or

Procurement, the manager ensures effective

remediation.

•

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S4-4

Taking action on material impacts on consumers and end-users, and approaches to managing material risks

and pursuing material opportunities related to consumers and end-users, and effectiveness of those action

To monitor and improve customer satisfaction and experiences, NNIT continues to apply

a structured Customer Feedback Program.

To ensure customer and end-user

satisfaction, we have implemented various

initiatives that enable customers to provide

valuable feedback, allowing us to learn from

their experiences and make necessary

adjustments.

Our risk assessment – as it relates to our

customers and end users – is imbedded into

our overall corporate risk management

process. Specific input on risks related to

customers and end users may originate

from our work with IROs as part of the

annual materiality assessment.

The international standard on information

security ISO/IEC 27001 is a fundamental part

of NNIT’s work helping us protect valuable

information, including information on our

customers and end-users. The standard sets

out requirements for internal audit controls

to secure compliance with both information

security and data protection requirements.

Further to this, all our employees are

continuously and thoroughly trained in the

NNIT Methodology, which embodies data

protection security through a complete set

of guidelines, tools, and templates for

planning, delivering, managing, and

documenting complex integrated IT

solutions.

To mitigate the risk of data breaches, all

NNIT employees are required to complete

annual online data privacy training, achieving

a minimum score of 70% to pass.

We assess each data breach case

individually to determine how it can be

stopped as quickly as possible and to

identify any relevant mitigating actions.

These actions may be taken by NNIT or

recommended to the data subject.

Necessary internal and external legal and

technical resources are allocated based on

the breach's specifics. We have a full-time

Data Protection Officer (DPO), and in 2025,

we also had a full-time FTE and a student

assisting the DPO in the Data Protection

Office. Additionally, our Legal department

provides support when needed, and in 2025,

we had a full-time Chief Information Security

Officer (CISO).

In addition, the ISO 9001 standard has been

implemented at NNIT to prevent material

negative impacts on consumers and end-

users. This standard helps us meet

customer expectations and demonstrate our

commitment to quality, as exemplified by the

Performance Evaluation Procedure

integrated into it. ISO 9001 requires

organizations to monitor, measure, analyze,

and evaluate the performance and

effectiveness of their quality management

systems. As part of this standard, customers

can submit complaints, which are addressed

promptly as they are identified.

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NNIT Annual Report 2025 98

External audits

Moreover, our actions are subject to audits.

DNV, an independent expert in assurance

and risk management, oversees and audits

our processes on an ongoing basis,

assessing whether our goals and visions

align with our practices. Additionally, our

customers occasionally conduct quality

assurance visits to ensure compliance with

the high standards required in their sectors

and across their value chains.

Customer feedback

Our Customer Feedback Program serves as

a key tool to both remediate negative

impacts experienced among our customers

and end-users, while also serving as a tool to

identify new needs and possibilities. The

program consists of the following activities:

Customer Satisfaction Survey

EvalGO (every three months)

The output from our survey is both feedback

on quality, collaboration, time efficiency and

corrective actions going forward.

The purpose of the Customer Feedback

Program Process is to ensure that our

customers’ experiences are collected,

documented and made available for the

project delivery teams, as well as NNIT

Management, in order for both to make any

needed corrective actions and learn from

the positive feedback to ensure a high level

of customer satisfaction and loyalty.

Our Customer Satisfaction Survey targets

senior management (major contract holders)

and provides a 360-degree evaluation of

NNIT, covering the customers’ full journey

through NNIT. Conducted annually, it

includes individual debriefings with

participating companies.

The EvalGO survey targets project, middle,

and senior management responsible for

NNIT’s projects and SLAs, assessing specific

deliveries. It runs every three months

(ongoing basis), with debriefings provided to

relevant customer contacts after each cycle.

Turning feedback into actions

Our survey triggers automated actions

based on customer responses in the lower

end of the scale (ratings are from 1 to 5, 5

being the best). Project managers then

determine and, when necessary, consult

with customer on corrective actions,

ensuring that the appropriate steps are

taken to avoid further negative impacts

(actions are thus identified ongoingly). We

actively encourage our customers to

complete the surveys and send reminders if

we haven’t received their input within a

specified timeframe.

All our consultancy and solutions are

designed in close collaboration with

customers to address their needs.

Throughout the process, we provide advice

to identify potential blind spots and optimize

solutions while customers communicate

their requirements. This ensures our

practices have a positive impact on

customers and end-users. Additionally, we

guide customers on who should test the

solutions to prevent any negative impact on

potential end-users.

In 2025, no specific actions were taken to

remediate negative impacts or incidents

related to customers, since no cases of non-

compliance with the UN Guiding Principles

on Business and Human Rights, the ILO

Declaration on Fundamental Principles and

Rights at Work, or the OECD Guidelines for

Multinational Enterprises - relating to

consumers and/or end-users - have been

identified in our downstream value chain.

This is further supported by the high

satisfaction levels in our Customer Feedback

Program, with an average score of 4.6 out of

5 across the quarterly EvalGO surveys in

2025.

Nonetheless, at least once a year, we

perform a market outlook, which is an

examination of the trends that may have an

impact on Life Sciences and other relevant

industries, and which new needs that follow

these trends. The examination of the

industrial changes in the NNIT relevant

industries brings us an indication of how we

can support our customers even better in

the future.

•

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NNIT Annual Report 2025 99

S4-5

Targets related to managing material negative impacts, advancing positive

impacts, and managing material risks and opportunities

We use our customers' input and expectations to guide our targets.

Our customers are our top priority, and we

actively seek their feedback to ensure their

satisfaction and loyalty. We are committed to

addressing and acting on their input to

continuously improve our services. It is our

Board of Directors as well as the relevant

Senior Vice Presidents that set the targets

relating to consumers and end-users.

Both our ISO 9001 and ISO/IEC 27001

standards emphasize the importance of

establishing systems and frameworks for

continuous improvement and compliance.

The ISO 9001 standard require us to focus

on defining quality objectives to meet our

customer requirements and systematically

achieving them. Meanwhile, ISO/IEC 27001

requires us to conduct risk assessments and

setting data security objectives aimed at

complying with legal and regulatory

standards while ensuring the confidentiality,

integrity, and availability of data.

More specifically, our goal is to maintain high

customer satisfaction, reflected in our fixed

target – unchanged since 2023 and serving

as the baseline - of a total average score on

4.5 out of 5 in our quarterly satisfaction

survey.

As part of our annual business target setting

process, we set a target for the desired level

of customer satisfaction for the coming year.

Our target of 4.5 for 2025 was set as part of

our overall business target setting going into

that fiscal year. Progress is ongoingly tracked

from individual level to group management

during the year.

In 2025, we achieved an average score of

4.6, successfully meeting our target and

reaffirming our commitment to excellence.

We will continue to have this ambitious goal

for our satisfaction survey in 2026.

Our customer satisfaction survey also

provides an opportunity for customers to

share valuable input and advice on steps to

improve. This feedback helps us identify

actions to better meet their needs and

ensure their satisfaction in the future. If

relevant corresponding policies may be

updated based on the feedback.

Finally, whenever we enter a contract with a

customer, we establish specific targets and

define success criteria to ensure a

successful collaboration.

Regarding data privacy and data breaches,

we will uphold data ethics principles in our

data processing activities by ensuring data

are processed in a fairly manner, with valid

legal basis, in line with the fundamental

personal data principles and best practices.

Further, our aim is to handle any data

breach within the deadlines in relevant

legislation and contracts with customers

(this is a fixed goal and there have been no

changes since 2023).

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Governance

G1 Business conduct Page

ESRS 2

SBM-3-G1

Material impacts, risks and opportunities and their interaction with strategy and business

model

102

ESRS 2

GOV-1-G1

The role of the administrative, management and supervisory bodies 40-42

ESRS 2 IRO-

1-G1

Description of the processes to identify and assess material impacts, risks and opportunities 48-50

G1-1 Business conduct policies and corporate culture 103-105

G1-3 Prevention and detection of corruption and bribery 106-107

G1-4 Incidents of corruption or bribery 107

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Impact, risk and opportunity management

ESRS 2 SBM-3

Material impacts, risks and opportunities and their interaction with strategy and business model

At NNIT, delivering quality IT solutions for our customers also means

making a positive impact on society.

As a global company in the Life Sciences industry, earning

and maintaining the trust of our customers, users, and

stakeholders is paramount.

A strong corporate culture plays a vital role in building this

trust, as its absence could lead to negative consequences for

our organization, our employees, and the consumers and

end-users we serve.

These considerations were integral in identifying material

impacts, risks, and opportunities. Key risks include:

Corporate culture

Protection of whistleblowers

Corruption and bribery

Functions at Risk

In our organization, certain functions pose elevated risks for

corruption and bribery due to their involvement in critical

financial transactions, interactions with external stakeholders,

and sensitivity to regulatory and ethical compliance. Based on

transparency international and their corruption perception

index, the functions which have been identified at risk

include:

Sales enabling functions across regions

Procurement in China and Philippines

•

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NNIT Annual Report 2025 102

G1-1

Business conduct policies and

corporate culture

Our policies constitute a crucial

foundation of our company culture.

NNIT Group Management ensures

adherence to NNIT’s Business Ethics Code of

Conduct, which defines expected ethical

behavior in the workplace, business

practices, and stakeholder interactions. This

policy fosters a culture of integrity, guiding

employees on maintaining high ethical

standards. We have an eVoice survey for all

employees including the management twice

a year which includes questions about

evaluating corporate culture and raising any

concerns about the same, if any. These

surveys are evaluated by group

management and necessary steps are taken

to address the issues raised by employees.

Individual Managers also discuss the results

with their own teams. We also have

communication from our CEO which is called

‘CEO updates’ on our NNIT Sharepoint to

discuss results of the eVoice surveys.

Business Ethics Code of Conduct

The Business Ethics Code of Conduct

addresses ethical conduct in our work

environment, business practices and dealing

with stakeholders, customers, citizens and

others, and explains the standards of

behavior that NNIT expects of its Associates.

It is overseen by our Senior Vice President,

Legal & Contract Management, who have the

overall responsibility for administration of

the policy and is committed to investigate

business conduct incidents promptly,

independently and objectively, while the

Board of Directors is responsible for

developing and approving policies . In

addition, our group CFO is responsible for

compliance with the policy. The policy covers

the entire group and is applicable to all of its

employees including subsidiaries.

All NNIT employees undergo mandatory

regular training in the Business Ethics Code

of Conduct policy as part of onboarding. All

NNIT employees are on an annual basis

obligated to read, understand and approve

the Business Ethics Code of Conduct Policy

on our internal training system, Qpoint. This

means that the training automatically

covers 100% of the functions-at-risk. This

also means that management at all levels

and across all departments is included in the

training and have the expertise in code of

conduct. The Board is responsible for

ensuring that the Business Ethics Code of

Conduct policy is being developed,

promoted and evaluated. NNIT aims to have

a target of 100% completion for the training

in the Business ethics code of conduct policy

and whistleblower policy. Every employee

must undergo the training annually and gets

reminders in the mailbox if they fail to take

the training within the due date mentioned

and failure leads to escalation to their line

managers.

In the risk policy, there is clear guidance on

how employees and stakeholders can report

concerns about unlawful behavior. In

addition to whistleblowing mechanism, the

risks and unlawful activities not covered by

the whistleblower system are directed to

Legal/Finance through a dedicated mailbox.

This mailbox is jointly handled by the Legal

and Finance department and is open to

anyone inside or outside the organization.

(The mailbox adress is published on the

website). Our Business Ethics Code of

Conduct includes a process for investigating

incidents promptly, independently and

objectively.

Anti-Corruption

and Anti-bribery Principles

NNIT adheres to principle 10 in the UN

Global Compact as stated in our

sustainability and ESG Policy and works

against corruption in all forms. We require all

employees to work actively to ensure

continued compliance.

NNIT complies with the UN convention

against corruption and all regulations on

corruption and prohibited business

practices applicable in all countries in which

we operate. Our business ethics code of

conduct policy includes our policy related to

anti-corruption and anti-bribery.

NNIT rejects all forms of bribery, facilitation

payments, corruption, extortion, or

embezzlement. As approvers of NNIT’s

Business Ethics Code of Conduct, NNIT’s

group management is committed to and

overall responsible for ensuring that NNIT’s

business is conducted in accordance with

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 103

this document. They ensure that the due

consideration is given to key stakeholders in

formulation and implementation of the

policies. With the Whistleblower function as

set out in NNIT Whistleblower Policy, the

Board of Directors are ultimately responsible

for oversight over material Business Ethics

issues. The policies are available online and

accessible to the potentially affected

stakeholders as well as for those

stakeholders who want to implement them.

NNIT is a company with strong values and

company culture. NNIT strives to be open

and honest, conscience driven, and value

adding towards our customers and our

employees. As part of our Onboarding, we

introduce our employees to values and

company culture and encourage them to

promote it in their day-to-day dealings as

NNIT employees. We make sure that our

values are deeply anchored in us as

individuals and as a company.

Protection of whistleblowers

NNIT is committed to detect and prevent

illegal activities, financial fraud, business

ethics misconduct, security breaches

or similar. Therefore, all employees,

management and the Board of Directors of

NNIT as well as all other persons doing

business with and/or advising NNIT such as

suppliers, customers, business partners,

lawyers or auditors are encouraged to

report concerns regarding acts or omissions

that could harm NNIT.

NNIT has standard internal communication

channels in place, where concerns can be

reported directly to managers, HR/Legal and

even senior management. However, NNIT

understands and recognizes that in some

situations persons may be reluctant to

report concerns due to a sense of loyalty

towards NNIT or colleagues, or in the worst

case in fear of retaliation.

NNIT has therefore established a

whistleblower-function, enabling employees,

the management and the Board of Directors

of NNIT, business partners and advisors to

NNIT and anyone that is a part of value chain

or any external person to report concerns of

illegal or fraudulent behavior, business

ethics misconduct and security breaches in a

secure and confidential way. The person

reporting the

concerns shall in the following be referred to

as the “Whistleblower”.

The whistleblower system is hosted by an

external independent third party. The

independent party only operates the system

and does not have access to the reports in

any way. All data reported through the

whistleblower system is encrypted and

stored safely.

The system is designed and set up to secure

the Whistleblower from any retaliation and

the Whistleblower’s identity will only be

disclosed to the person(s) investigating the

report. To ensure full anonymity it is

however necessary to file the report from a

private computer that is NOT on NNIT’s

corporate network. The whistleblower

system does not log IP addresses or

Machine IDs and does not use cookies.

If it is decided to investigate the raised

concern any further, the Compliance

Function designates an appropriate

investigator and informs the Chairman of the

Audit Committee that an investigation has

been initiated. Depending on the area

of concern, the investigation will under

normal circumstances be carried out by the

following functions:

Financial fraud will be investigated by the

NNIT Finance under the responsibility of

the CFO.

Severe Business Ethic misconduct will be

investigated by the NNIT Legal under the

responsibility of the CEO or CFO

depending on the area of misconduct.

Severe Security breaches will be

investigated by the NNIT Q&S under the

responsibility of the SVP of People,

Communication & Quality.

Severe Data Protection breaches will be

investigated by NNIT Legal or Q&S.

The Compliance Function will quarterly

provide the Audit Committee with a list of all

reports made, information on the result of

the preliminary screening and status on

reports being investigated.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 104

Committed to Integrity and Moral

Responsibility

At NNIT, we act with professionalism, honesty,

and integrity. Our Business Ethics Code of

Conduct is the foundation of our operations

throughout our entire organization. It

provides guidance and outlines the

responsibilities of employees and

management to protect NNIT from any

malpractice that may undermine our business

integrity and impact our long-term business

success. It also clearly states that we prohibit

any kind of political involvement. We expect all

employees, management, the Board of

Directors and any other person or entity

doing business with NNIT to comply with

applicable laws, regulations, and internal

procedures. This includes our suppliers – as

stated in our Responsible Sourcing Standards

Policy.

NNIT is obliged to be registered at the

Chamber of Commerce in Italy (NNIT Italy

S.r.l). Except Italy we have no obligation in

other countries where we are required to be

registered at Chamber of commerce.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 105

G1-3

Prevention and detection of

corruption and bribery

All NNIT Associates must report

suspected misconduct or legal

noncompliance.

To prevent, detect, and address corruption

and bribery while protecting whistleblowers

and maintaining corporate culture, NNIT has

implemented several measures, detailed

below. In the event of breaches or concerns,

necessary resources will be allocated to

address inquiries. These key actions cover

both internal operations (anti-corruption

and bribery training) and stakeholders

across the value chain (obligations to report

concerns via our whistleblower system). We

ensure that investigators or investigating

committee are separate from chain of

management involved in prevention and

detection of corruption or bribery. The

Board along with Group CFO is responsible

for prevention and detection of corruption

and bribery and the Head of Legal is

involved in investigation of reported

incidents, if any.

Obliged to report

All NNIT Associates have an obligation to

report all suspicions or concerns regarding

possible misconduct or noncompliance with

the Business Ethics Code of Conduct or

applicable laws. It takes courage to raise

concerns about actions that may violate or

be inconsistent with the Business Ethics

Code of Conduct, and NNIT is committed to

ensuring that an individual does not face

retaliation for reporting such concerns in

good faith. “Good faith” means having a

reasonable belief that the information you

provide is truthful. It does not mean you

have to have all the evidence about a

potential violation or case reported.

Incidents can include internal breaches of

EU legislation listed in the Whistleblower

Directive, severe breaches of other parts of

EU law or national law, including financial

fraud, bribery and forgery, or other severe

matters. The whistleblower function also

fulfills the Whistleblower Directive and

national implementation legislation.

In 2025, three reports were filed through the

whistleblower system. Each case was

assessed in accordance with the policy. For

all three cases no violations were identified

within the scope of the policy, and the cases

were closed without further actions.

During the year, no fines for violating anti-

corruption and anti bribery laws were given.

At present, as NNIT we are subject to

overarching legislation for whistleblowing

directive or equal legal requirements.

Confidentiality when reporting

In NNIT, we understand and recognize that

in some situations, people may be reluctant

to report concerns due to a sense of loyalty

towards NNIT or colleagues or fear of

retaliation.

Our whistleblower function enables

employees, the management, the Board of

Directors of NNIT, business partners,

advisors, and people further specified in the

updated Whistleblower Policy to report

incidents in a secure and confidential way

handled by a third party.

A notification from this system is received

when an incident is reported and submitted

through the system. Such notification and

report are reviewed by Head of Legal who

gets information if there is any incident

reported. If any complaints are received,

they are monitored on an ongoing basis.

The Compliance Function will quarterly

provide the Audit Committee with a list of all

reports made, information on the result of

the preliminary screening and status on

reports being investigated.

Mandatory training

The anti-corruption and anti-bribery training

is focusing on the Policy in general terms

and how corruption and bribery is to be

understood in NNIT. Also, the training

addresses bribery, facilitation payments,

gifts, hospitality, entertainment, and conflicts

of interest. The policy also includes

guidance about reporting cases of concern.

It is our Legal Department who oversees and

update the training to ensure its alignment

with national and international legislation, as

well as updating the content and examples

to align with relevant threats. NNIT Group

Management is overall responsible to

ensure that NNIT’s business is conducted as

per the Business Code of Ethics policy. The

training covers all employees which means

that 100% of employees working in high risk

functions are covered by the training.

In order to ensure that all employees are up-

to-date on the Whistleblower function as

well as their rights and obligations in this

regard, all NNIT employees will undergo

regular training in NNIT's Whistleblower

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 106

Program and all NNIT employees will on an

annual basis be obligated to read and

understand the NNIT Whistleblower Policy

and document it.

Our whistleblowing policy is existing and up-

to-date, and it includes safeguards for

reporting irregularities including

whistleblower protection. The policy covers

the entire group and is applicable to all of its

employees including subsidiaries. The Board

is responsible for the implementation of the

policy.

As mentioned, once a year all employees are

mandatorily required to take the anti-

corruption and anti-bribery training, which is

also a part of the onboarding process for the

new employees. The board is also required

to take this training.

We do not have specific targets related to

impacts, risks and opportunities. However,

we track the effectiveness of our policies and

actions in relation to the material matter.

The effectiveness can be measured by the

eVoice employee surveys which covers

employee opinions and by the number and

nature of incidents reported using

whistleblowing system.

G1-4

Incidents of corruption or

bribery

NNIT is monitoring incidents of

corruption and bribery on an ongoing

basis through the whistleblower

channel and reported incidents

through other channels.

There have been no confirmed incidents

reported related to corruption or bribery.

There have been no public legal cases

related to corruption or bribery. We have

not paid any fine for violation of anti-

corruption and anti-bribery laws in the year

2025. The ultimate goal is to have zero cases

of corruption or bribery.

G1-9

ESG

Accounting

Policies

Employees trained in ethics and

compliance:

The mandatory ethics and compliance training for

employees working at NNIT comprises globally

applicable e-learning. All the employees are

required to take the training every year.

Number of convictions for violation of anti-

corruption and anti-bribery laws:

Anti-corruption and anti-bribery instances where

any reported undertaking has been found in

violation by a court of law.

Fines for violation of anti-corruption and

anti-bribery laws:

The fines where any reported undertaking has

been found in violation by a court of law.

Percentage of functions at risk:

Functions at risk of corruption and/anti-bribery as

a percentage of total functions at NNIT. The

functions at risk are covered by training of

Business code of conduct policy of NNIT.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 107

Appendix II: ESRS datapoints that derive from other EU legislation

The table below outlines all data points derived from other EU legislation, as specified in ESRS 2 Appendix B. It indicates where these data points appear in our report and highlights those assessed as Non-material. The non-applicable (N/A) disclosure

requirements are datapoints that are considered material but are deemed non-applicable due to information materiality.

ESRS

Disclosure

requirement Data point SFDR Pillar 3

Benchmark

regulation EU climate law

Material/ Non-

material Page 

ESRS 2 GOV-1 21 d Board's gender diversity ratio ● ● Material 42

ESRS 2 GOV-1 21 e Percentage of independent board members ● Material 42

ESRS 2 GOV-4 30; 32

Disclosure of mapping of information provided in sustainability statement

about due diligence process ● Material 43

ESRS 2 SBM-1 40 d i Undertaking is active in fossil fuel (coal, oil and gas) sector ● ● ● N/A

ESRS 2 SBM-1 40 d ii Undertaking is active in chemicals production ● ● N/A

ESRS 2 SBM-1 40 d ii Revenue from chemicals production ● N/A

ESRS 2 SBM-1 40 d iii Undertaking is active in controversial weapons ● ● N/A

ESRS 2 SBM-1 40 d iii Revenue from controversial weapons ● ● N/A

ESRS 2 SBM-1 40 d iv Undertaking is active in cultivation and production of tobacco ● N/A

ESRS 2 SBM-1 40 d iv Revenue from cultivation and production of tobacco ● N/A

ESRS E1 E1-1 14 Transition plan to reach climate neutrality by 2050 ● Material 55

ESRS E1 E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks ● ● N/A

ESRS E1 E1-4 34 GHG emission reduction targets ● ● ● Material 59

ESRS E1 E1-5 38

Energy consumption from fossil sources disaggregated by sources (only high

climate impact sectors) ● N/A

ESRS E1 E1-5 37 Energy consumption and mix ● Material 60

ESRS E1 E1-5 40-43 Energy intensity associated with activities in high climate impact sectors ● N/A

ESRS E1 E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions ● ● ● Material 61

ESRS E1 E1-6 53-55 Gross GHG emissions intensity ● ● ● Material 62

ESRS E1 E1-7 56 GHG removals and carbon credits ● Non-material

ESRS E1 E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks ● N/A: phase in

ESRS E1 E1-9 66 (a); 66 (c)

Disaggregation of monetary amounts by acute and chronic physical risk;

Location of significant assets at material physical risk ● N/A: phase in

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 108

ESRS

Disclosure

requirement Data point SFDR Pillar 3

Benchmark

regulation EU climate law

Material/ Non-

material Page 

ESRS E1 E1-9 67 (c)

Breakdown of the carrying value of its real estate assets by energy-efficiency

classes ● N/A: phase-in

ESRS E1 E1-9 69 Degree of exposure of the portfolio to climate-related opportunities ● N/A: phase-in

ESRS E2 E2-4 28

Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted

to air, water and soil ● Non-material

ESRS E3 E3-1 9 Water and marine resources ● Non-material

ESRS E3 E3-1 13 Dedicated policy ● Non-material

ESRS E3 E3-1 14 Sustainable oceans and seas ● Non-material

ESRS E3 E3-4 28 (c) Total water recycled and reused ● Non-material

ESRS E3 E3-4 29 Total water consumption in m³ per net revenue on own operations ● Non-material

ESRS E4 ESRS 2- SBM 3 - E4 16 (a) i ● Non-material

ESRS E4 ESRS 2- SBM 3 - E4 16 (b) ● Non-material

ESRS E4 ESRS 2- SBM 3 - E4 16 (c) ● Non-material

ESRS E4 E4-2 24 (b) Sustainable land / agriculture practices or policies ● Non-material

ESRS E4 E4-2 24 (c) Sustainable oceans / seas practices or policies ● Non-material

ESRS E4 E4-2 24 (d) Policies to address deforestation ● Non-material

ESRS E5 E5-5 37 (d) Non-recycled waste ● Non-material

ESRS E5 E5-5 39 Hazardous waste and radioactive waste ● Non-material

ESRS S1 ESRS 2- SBM3 - S1 14 (f) Risk of incidents of forced labour ● Non-material

ESRS S1 ESRS 2- SBM3 - S1 14 (g) Risk of incidents of child labour ● Non-material

ESRS S1 S1-1 20 Human rights policy commitments ● Material 75

ESRS S1 S1-1 21

Due diligence policies on issues addressed by the fundamental International

Labor Organisation Conventions 1 to 8 ● Material 75

ESRS S1 S1-1 22 Processes and measures for preventing trafficking in human beings ● Non-material

ESRS S1 S1-1 23 Workplace accident prevention policy or management system ● Material 75-76

ESRS S1 S1-3 32 (c) Grievance/complaints handling mechanisms ● Material 78

ESRS S1 S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents ● ● Material 88

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 109

ESRS

Disclosure

requirement Data point SFDR Pillar 3

Benchmark

regulation EU climate law

Material/ Non-

material Page 

ESRS S1 S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness ● Material 88

ESRS S1 S1-16 97 (a) Unadjusted gender pay gap ● ● Material 89

ESRS S1 S1-16 97 (b) Excessive CEO pay ratio ● Material 89

ESRS S1 S1-17 103 (a) Incidents of discrimination ● Material 89

ESRS S1 S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD ● ● Material 89

ESRS S4 S4-1 16 Policies related to consumers and end-users ● Material 94-95

ESRS S4 S4-1 17

Non-respect of UNGPs on Business and Human Rights and OECD

guidelines ● ● Material 94-95

ESRS S4 S4-4 35 Human rights issues and incidents ● Material 98-99

ESRS G1 G1-1 10b United Nations Convention against Corruption paragraph 10 (b) ● Material 103-105

ESRS G1 G1-1 10d Protection of whistle- blowers paragraph 10 (d) ● Material 103-105

ESRS G1 G1-4 24a

Fines for violation of anti-corruption and anti-bribery laws paragraph 24

(a) ● ● Material 107

ESRS G1 G1-4 24a Standards of anti- corruption and anti- bribery paragraph 24 (b) ● Material 107

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 110

Appendix III: Disclosure requirements and incorporation by reference

The tables below provide an overview of all ESRS disclosure requirements included in ESRS 2 and the topical standards that are material to NNIT. These standards have informed the preparation of our Sustainability statements. Disclosure requirements from

topical standards E, E3, E4, E5, S2, and S3 have been excluded, as they were deemed immaterial based on our materiality assessment. The tables serve as a guide to locate specific disclosure requirements within the Sustainability Statements. Additionally, they

indicate where information outside the Sustainability Statements - referenced in the management’s review or financial statements within this annual report - can be found. For disclosure requirements where no information is available, no reference is provided.

Disclosure

requirement Section/report Page(s)

ESRS 2 General disclosures General disclosures 36-53

BP-1 General basis for preparation of the sustainability statement BP-1 38

BP-1 Disclosures in relation to specific circumstances BP-1 38

BP-1 Datapoints that derive from other EU legislation BP-1, Appendix III 39, 108-110

GOV-1 The role of the administrative, management and supervisory bodies Corporate Governance (MR), GOV-1, GOV-2, GOV-3 20-23, 40-41

GOV-1 Number of executive members Corporate Governance (MR), GOV-1, GOV-2, GOV-3 20-23, 40-41

GOV-1 Information about representation of employees and other workers Corporate Governance (MR), GOV-1, GOV-2, GOV-3 20-23, 40-41

GOV-1

Information about identity of administrative, management and supervisory bodies or individual(s) within body responsible for oversight of impacts,

risks and opportunities Corporate Governance (MR), GOV-1, GOV-2, GOV-3 20-23, 40-41

GOV-1

The undertaking shall disclose the composition of the administrative, management and supervisory bodies, their roles and responsibilities and

access to expertise and skills with regard to sustainability matters Corporate Governance (MR), GOV-1, GOV-2, GOV-3 20-23, 40-41

GOV-1

Disclosure of how body's or individuals within body responsibilities for impacts, risks and opportunities are reflected in undertaking's terms of

reference, board mandates and other related policies Corporate Governance (MR), GOV-1, GOV-2, GOV-3 20-23, 40-41

GOV-1 Description of how oversight is exercised over management-level position or committee to which management's role is delegated to GOV-1, GOV-2, GOV-3 40-41

GOV-1 Information about reporting lines to administrative, management and supervisory bodies GOV-1, GOV-2, GOV-3 40-41

GOV-1 Disclosure of how dedicated controls and procedures are integrated with other internal functions GOV-1, GOV-2, GOV-3 40-41

GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies Corporate Governance (MR) 20-23

GOV-3 Integration of sustainability-related performance in incentive schemes Corporate Governance (MR) 20-23

GOV-4 Statement on sustainability due diligence GOV-4 43

GOV-5 Risk management and internal controls over sustainability reporting Risk Management (MR), SBM-3 24-27, 51

SBM-1 Strategy, business model and value chain (products, markets, customers) Strategy (MR), E1-1, SBM-3, IRO-1 14, 48, 51, 55

SBM-2 Interests and views of stakeholders IRO-1 48

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SBM-3 51

SBM-3 Significant risk of incidents of forced labour or compulsory labour S1-1 73

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 111

Disclosure

requirement Section/report Page(s)

SBM-3 Countries or geographic areas with operations considered at significant risk of incidents of forced labour or compulsory labour. S1-1 74

SBM-3 Type of operations at significant risk of incidents of child labour S1-1 74

SBM-3 Countries or geographic areas with operations considered at significant risk of incidents of child labour S1-1 74

IRO-1 Description of the process to identify and assess material impacts, risks and opportunities GOV-1 49

IRO-1 Description of extent to which and how process to identify, assess and manage opportunities is integrated into overall management process IRO-1 48

IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Appendix III 111-113

E1-1 Transition plan for climate change mitigation E1-1 55

ESRS 2, SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and business model E1 ESRS , SBM-3 44, 56

ESRS 2, IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities Risk assessment (MR) 24-26, 44, 56

E1-2 Policies related to climate change mitigation and adaptation E1-2 57

E1-3 Actions and resources in relation to climate change policies E1-3 58

E1-4 Targets related to climate change mitigation and adaptation E1-4 59

E1-5 Energy consumption and mix E1-5, E1 Accounting Policies 60, 63-65

E1-6 Gross Scopes 1, 2, 3 and total GHG emissions E1-6, E1 Accounting Policies 61, 63-65

ESRS 2, SBM-2 Interests and views of stakeholders S1-2 77

ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model S1 ESRS 2, SBM-3 74

S1.SBM-2

Explanation of how the undertaking's strategy and business model impact its workforce, including whether they create, worsen, or reduce

significant material impacts, and how the strategy and business model are adjusted to address these impacts. S1 ESRS 2 SBM-3 74

S1-1 Policies related to own workforce S1-1 75-76

S1-2 Processes for engaging with own workers and workers’ representatives about impacts S1-2 77

S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns S1-3, G1-1, G1-3 74, 78, 104, 106

S1-3 Policies regarding protection against retaliation for individuals that use channels to raise concerns or needs are in place S1-3, G1-1, G1-3 78, 104, 106

S1-4

Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to

own workforce, and effectiveness of those actions S1-4 79-80

S1-4 Considerations of external developments when dependencies turning into risks S1-4 79-80

S1-4 Process(es) to manage material risks related to own workforce are integrated into its existing risk management process(es). S1 ESRS 2 SBM-3 74

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S1-5 81-82

S1-6 Characteristics of the undertaking’s employees S1-5, S1-6 81-82, 83

S1-6 The most representative number of headcount in the financial statements Results for the year 138

S1-8 Collective bargaining coverage and social dialogue S1-8 85

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 112

Disclosure

requirement Section/report Page(s)

S1-9 Diversity metrics S1-9 86

S1-10 Adequate wages S1-10 88

S1-14 Health and safety metrics S1-14 88

S1-16 Compensation metrics (pay gap and total compensation) S1-16 89

S1-17

Disclosure of the number of work-related incidents and/or compliants and severe human rights impacts within its own workforce, and any related

material fines, sanctions or compensation for the reporting period. S1-17 89

S1-17 Number of incidents of discrimination , including harassment S1-17 89

S1-17 Number of compliants filed through channels for people in own workforce to raise concerns S1-17 89

S1-17 Number of compliants filed to National Contact Points for OECD Multinational Enterprises S1-17 89

S1-17 Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and compliants filed S1-17 89

S1-17 Number of severe human rights issues and incidents connected to own workforce S1-17 89

S1-17

Number of severe human rights issues and incidents connected to own workforce that are cases of non respect of UN Guiding Principles and OECD

Guidelines for Multinational Enterprises S1-17 89

S1-17 No severe human rights issues and incidents connected to own workforce have occurred S1-17 89

S1-17 Amount of fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce S1-17 89

ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model ESRS 2 SBM-3 93-94

S4-1 Policies related to consumers and end-users S4-1, G1-1 94-95, 103-105

S4-2 Processes for engaging with consumers and end-users about impacts S4-2, G1-3 96, 106

S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns S4-3, G1-1 97, 103-105

S4-4

Taking action on material impacts on consumers and end-users, and approaches to mitigating material risks and pursuing material opportunities

related to consumers and end-users, and effectiveness of those actions S4-4, G1-4 98-99, 107

S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities S4-5 99

ESRS 2, GOV-1 The role of the administrative, supervisory and management bodies G1-1, GOV-1, GOV-2, GOV-3 40-42, 103-105

ESRS 2, IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities ESRS 2 SBM-3, IRO-1 48-53

G1-1 Business conduct policies and corporate culture G1-1 103-105

G1-3 Prevention and detection of corruption and bribery G1-3 106-107

G1-4 Incidents of corruption or bribery G1-4 107

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 113

Financial

Statements

Consolidated Financial Statements 115

Parent Company Financial Statements 166

Statements 181

Consolidated Financial 
Statements
 
  
Income Statement 117
Statement of Comprehensive Income 117
Statement of Cash Flows 119
Balance Sheet 121
The Bigger Picture Sustainability Statements Financial Statements Statements
NNIT Annual Report 2025 115

Revenue and Earnings

Revenue

Revenue declined by 3.4% to DKK 1,788

million (2024: DKK 1,851 million) in 2025

driven by macroeconomic and geopolitical

uncertainty impacting region Europe and a

temporary slowdown towards the end of the

year in Region USA only partly offset by the

positive development in Region Denmark.

Earnings

Gross profit decreased to DKK 447 million

(2024: DKK 479 million) for a slightly lower

gross profit margin of 25.0% (2024: 25.9%) in

2025. The margin development was

impacted by cost reductions reducing cost of

goods sold to DKK 1,341 million (2024: DKK

1,372 million) in 2025 reflecting the lower

revenue and activity level.

NNIT’s sales and marketing costs are

unchanged at DKK 68 million (2024: DKK 68

million), and administrative expenses

decreased by 3% to DKK 285 million (2024:

DKK 294 million) in 2025.

The operating profit before special items of

DKK 94 million (2024: DKK 117 million) in

2025 is DKK 23 million below last year,

driven by the DKK 32 million reduction in

Gross profit offset by DKK 9 million

reduction in administrative expenses.

Special items (costs) amounted to DKK 83

million in 2025 (2024: cost of DKK 69 million)

and related mainly to restructuring costs

and cost related to Board initiated Strategic

process, cf. note 2.5.

The 2025 operating profit was DKK 11

million (2024: DKK 48 million).

Financial items

The net financial expense of the Group

decreased by DKK 11 million to DKK 22

million (2024: expense of DKK 33 million) in

2025 mainly due to a positive development

in the impact of exchange gain/loss of DKK

19 million partly offset by lower interest

income in the financial year as there is no

interest income from interest bearing

receivables in 2025 as the receivables were

collected during 2024.

Income Tax

Income tax was an expense of DKK 13

million in 2025 (2024: DKK 14 million)

corresponding to an effective tax rate of

-118.2% (2024: 94.3%). The tax rate level is

impacted by adjustments related to prior

years and non-deductible costs.

Profit for the year

Loss for the year was DKK 24 million (2024:

Profit of DKK 1 million) in 2025.

Comprehensive income

Total comprehensive income came to a loss

of DKK 81 million (2024: profit of DKK 42

million) in 2025 primarily due to the

development in profit for the year and

exchange rate adjustments related to

subsidiaries.

Parent Company

Revenue declined by 4.4% to DKK 808

million (2024: DKK 845 million) in 2025,

driven by macroeconomic and geopolitical

uncertainty impacting region Europe partly

offset by the positive development in Region

Denmark. The operating loss before Special

Items for the year was DKK 117 million

(2024: loss of DKK 87 million)), the reduction

is primarily due to the lower revenue.

The Operating loss was 162 million in 2025

(2024: loss of 119 million).

Financial income for the Parent company

was DKK 105 million in 2015 (2024: 131

million). The decrease is primarily driven by

lower exchange rate gain on currency, lower

interest on external loan and lower interest

on intercompany receivables partly offset by

higher dividends received from subsidiaries.

Financial expense in the Parent Company

was DKK 63 million in 2025 (2024: DKK 28

million), the increase is primarily driven by

loss from exchange rate gains.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 116

Income Statement

for the year ended December 31

Statement of Comprehensive Income

for the year ended December 31

DKK million Note 2025 2024

Revenue 2.1 1,788 1,851

Cost of goods sold 2.1, 2.3, 2.4 1,341 1,372

Gross profit 447 479

Sales and marketing costs 2.2, 2.4 68 68

Administrative expenses 2.2, 2.4 285 294

Operating profit before special items 94 117

Special items, costs 2.5 83 69

Operating profit 11 48

Financial income 4.1 4 11

Financial expenses 4.1 26 44

Profit/loss before income taxes (11) 15

Income taxes 2.6 13 14

Net profit/loss for the period (24) 1

Earnings per share

Earnings per share (DKK) 4.2 (0.97) 0.03

Diluted earnings per share (DKK) 4.2 (0.97) 0.03

DKK million Note 2025 2024

Net profit for the year (24) 1

Other comprehensive income:

Items that will not subsequently be reclassified to the income

statement:

Remeasurement related to defined benefit pension obligations 3.7 (1) -

Tax on other comprehensive income related to defined benefit

pension obligations

- -

Items that may be reclassified subsequently to the income

statement, when specific conditions are met:

Exchange rate adjustments related to subsidiaries (net) (65) 46

Tax related to exchange rate adjustments related to subsidiaries (net) 9 (5)

Other comprehensive income, net of tax (57) 41

Total comprehensive income (81) 42

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 117

Cash Flows

Cash flow from operating activities

In 2025, the cash flow from operating

activities was an outflow of DKK 18 million

(2024: Outflow of 6 million). The Cash flow

from operating activities was negatively

impacted by the reduction in operating

profit partly driven by lower gross profit and

partly by higher cost for Special Items.

The change in working capital - an outflow of

DKK 36 million for the year - was negatively

impacted by a decrease in working capital

due to decreased liabilities included in

working capital only partly offset by the

reduction in Trade receivables.

Cash flow from investing activities

The cash flow from investing activities was

an outflow of DKK 29 million (2024: Outflow

of DKK 34 million) in 2025. The outflow in

2025 was primarily due to investment in

development of IT-systems. Investments are

at a lower level than 2024, primarily due to

the large part of the investment in the new

ERP system impacting 2024. Payments

received from sublease payments has

reduced following the move to a new

headquarter with no subleases in contrast to

the previous headquarter where a large part

of the office was subleased.

Free cash flow

NNIT generated a free cash outflow of DKK

47 million (2024: Outflow of DKK 40 million)

in 2025.

Cash flow from financing activities

The Group generated a cash outflow from

financing activities of DKK 24 million (2024:

Outflow of DKK 56 million) in 2025. The main

reason for the decline is the move to a new

headquarter in 2024, significantly reducing

the installments on lease liabilities.

Net cash flow

The net cash flow for 2025 was negative by

DKK 71 million (2024: Negative by DKK 96

million).

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 118

Statement of Cash Flows

for the year ended December 31

DKK million Note 2025 2024

Net profit/loss for the year (24) 1

Reversal of non-cash items 5.2 52 73

Interest received 2 11

Interest paid (27) (27)

Income taxes received 2.6 35 27

Income taxes paid 2.6 (20) (61)

Cash flow before changes in working capital 18 24

Changes in working capital 5.3 (36) (30)

Cash flow from operating activities (18) (6)

Capitalization of intangible assets 3.1 (30) (51)

Purchase of tangible assets 3.3 (6) (18)

Sale of tangible assets - 1

Sublease payments received 4.3 7 34

Cash flow investing activities (29) (34)

Deposits received 3.5 - -

Deposits paid 3.5 - (4)

Instalments on lease liabilities 4.3, 4.4 (21) (56)

Drawn on credit facilities 47 100

Repaid on credit facilities (50) (96)

Cash flow from financing activities (24) (56)

Net cash flow (71) (96)

Cash and cash equivalents at the beginning of the period 158 254

Cash and cash equivalents at the end of the period 5.3 87 158

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 119

Balance sheet and equity

Assets

Total assets have declined to DKK 1,517

million (2024: DKK 1,707million) at

December 31, 2025. The decline was

primarily due to a reduction in Trade

Receivable of DKK 76 million and a reduction

in Cash and Cash equivalents of 71 million.

Further, non-current assets decreased by

DKK 42 million, primarily due to currency

adjustment of Goodwill by DKK 23 million

and lower deferred tax asset reduced by

DKK 22 million partly offset by higher

transition cost of DKK 16 million.

Return on invested capital

Return on invested capital (ROIC) reduced to

-0.2% (2024: 3.5%) in 2025 primarily driven

by the lower result for the year.

Equity

Equity amounts to DKK 786 million (2024:

DKK 870 million) at the end of the year for a

solvency ratio of 51.8% (2024: 51.0%). No

dividends have been proposed for 2025.

Financing

The Group’s net interest-bearing debt

increased to DKK 311 million (2024: DKK 243

million) in 2025 primarily due to investments

in tangible and intangible assets.

On December 31, 2025, net cash and cash

equivalents had decreased to DKK 87 million

(2024: DKK 158 million) driven by the

investments in tangible and intangible assets

and the negative cash flow from operating

activities for the year. NNIT further had

undrawn committed credit facilities in the

amount of DKK 82 million (2024: DKK 129

million) at the end of 2025.

The Group’s credit facility is DKK 350 million

(2024: DKK 400 million) and is subject to

financial covenants, cf. note 4.4. The credit

facility expires in 2026, reference is made to

note 1.6 regarding refinancing.

Parent Company

Total assets for the Parent Company is DKK

1,453 million (2024: DKK 1,593 million) The

change is primarily due to a reduction in

receivables from related parties.

Equity is DKK 619 million (2024: 703 million).

The Parent Company is handling the

financing of the group. All external loans are

taken by the parent company, and

subsidiaries are financed by the Parent

Company through loan and cash pool.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 120

Balance Sheet

as of December 31

ASSETS

DKK million Note 2025 2024

Intangible assets 3.1 744 767

Tangible assets 3.3 15 15

Lease assets 4.3 120 127

Transition cost 3.4 29 13

Deferred tax asset 2.6 7 29

Deposits 3.5 12 12

Trade receivables 3.6 - 6

Total non-current assets 927 969

Inventories 4 1

Transition cost 3.4 6 3

Trade receivables 3.6, 5.5 394 470

Work in progress 3.4 43 16

Other receivables 7 39

Prepayments 23 25

Tax receivable 2.6 26 26

Cash and cash equivalents 4.4 87 158

Total current assets 590 738

Total assets 1,517 1,707

EQUITY AND LIABILITIES

DKK million Note 2025 2024

Share capital 4.2 250 250

Treasury shares 4.2 (12) (14)

Retained earnings 541 571

Other reserves 7 63

Total equity 786 870

Leasing liability 4.3 106 113

Prepayments received, transition cost 3.4 14 12

Employee benefit obligation 3.7 5 5

Deferred tax liability 2.6 6 -

Provisions 3.8 9 9

Credit facility 4.4 - 171

Total non-current liabilities 140 310

Prepayments received, transition cost 3.4 5 4

Prepayments received, work in progress 3.4 40 30

Deferred income 3.4 21 27

Leasing liability 4.3 24 17

Employee benefit obligation 3.7 2 19

Provisions 3.8 2 28

Trade payables 108 117

Employee cost payable 62 94

Tax payables 2.6 14 22

Credit facility 4.4 268 100

Other liabilities 45 69

Total current liabilities 591 527

Total equity and liabilities 1,517 1,707

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 121

Statement of Changes in Equity

as of December 31

Other reserves

DKK million Note

capital

Treasury

Retained

earnings

Exchange

rate

adjustments

related to

translating

subsidiaries

Tax on

other

reserves

Total

other

reserves

Proposed

dividends Total

2025

Balance at the beginning of the year 250 (14) 571 73 (10) 63 - 870

Net profit for the year - - (24) - - - - (24)

Other comprehensive income for the year, net of tax - - (1) (65) 9 (56) - (57)

Total comprehensive income for the year - - (25) (65) 9 (56) - (81)

Transactions with owners:

Transfer of treasury shares - 2 (2) - - - - -

Share-based payments 2.2 - - (3) - - - - (3)

Balance at the end of the year 4.2 250 (12) 541 8 (1) 7 - 786

2024

Balance at the beginning of the year 250 (1) 556 27 (5) 22 - 827

Net profit for the year - - 1 - - - - 1

Other comprehensive income for the year, net of tax - - 46 (5) 41 - 41

Total comprehensive income for the year - - 1 46 (5) 41 - 42

Transactions with owners:

Transfer of treasury shares - (13) 13 - - - - -

Share-based payments 2.2 - - 1 - - - - 1

Balance at the end of the year 4.2 250 (14) 571 73 (10) 63 - 870

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 122

Notes to the Consolidated

Financial Statements

1. Basis of preparation

2. Results for the year

3. Operating assets and liabilities

4. Capital structure and financing items

5. Other disclosures

1.1 Summary of material accounting policies 124

1.2 Summary of key accounting estimates and judgements 125

1.3 Changes in accounting policies, estimates and disclosures 126

1.4 General accounting policies 127

1.5 Financial definitions 133

1.6 Refinancing 134

2.1 Segment information 135

2.2 Employee costs 138

2.3 Development costs 141

2.4 Amortization, depreciation and impairment losses 141

2.5 Special items 141

2.6 Income taxes 142

3.1 Intangible assets 144

3.2 Impairment test 146

3.3 Tangible assets 147

3.4 Contract balances 148

3.5 Deposits 149

3.6 Trade receivables 150

3.7 Employee benefit obligations 151

3.8 Provisions 154

4.1 Financial income and expenses 155

4.2 Share capital, distribution to shareholder and earnings per share 155

4.3 Leases 156

4.4 Financial assets and liabilities 158

5.1 Fee to statutory auditors 162

5.2 Reversal of non-cash item 162

5.3 Statement of cash flows – specifications 163

5.4 Contingent liabilities, other contractual obligations and legal proceedings 163

5.5 Related party transactions and ownership 164

5.6 Events after the balance sheet date 165

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 123

1. Basis of preparation

1.1 Summary of material

accounting policies

The consolidated financial statements are

prepared in accordance with IFRS Accounting

Standards as adopted by the EU and further

disclosure requirements in the Danish

financial statements Act (class D).

The consolidated financial statements of NNIT

A/S for the year ended 31 December 2025

were authorized for issue in accordance with

resolution of the Board of directors as of the

5th of February 2026, with the aim to have

shareholders approval on the annual general

meeting scheduled for 12th of March 2026.

Measurement basis

The consolidated financial statements have

been prepared under the historical cost

convention.

The accounting policies set out below have

been applied consistently in the preparation

of the consolidated financial statements for all

the years presented.

Accounting policies

Considering all the accounting policies

applied, Management regards the following

as the most material accounting policies for

the recognition and measurement of reported

amounts:

Recognition of revenue

Revenue is the fair value of the transaction

price or receivable from the sale of our

services and customized IT applications and is

the gross sales price less VAT and any price

reductions in the form of discounts and

rebates.

Revenue can be recognized over time or at a

point in time.

Revenue is recognized over time when an

asset on behalf of a customer is created with

no alternative use and NNIT has an

enforceable right to payment for performance

completed year to date, or the customer

obtains control of a service and thus has the

ability to direct the use and obtain the benefit

from the service.

NNIT has two different types of businesses

'Projects' and 'Service Level agreements' (SLA)

where revenue recognition is treated

differently. Refer to note 1.4 General

accounting policies for further details for SLA.

Projects

The project business is characterized by being

deliveries which in nature are negotiated

contracts based on consumption and typically

comprise advisory, design and development

activities. Revenue will be recognized over

time, as the 'no alternative use' criteria's are

met.

For fixed priced projects the proportion of

revenue to be recognized in a particular

period is calculated according to the

percentage of completion of the project. For

most contracts this is measured by reference

to the costs of performing the contract

incurred up to the relevant balance sheet

date as a percentage of the total estimated

costs of performing the contract. Reference to

cost is assessed to be the most appropriate

method as incurred hours are the value driver

for the projects. The sales value agreed in the

contract is recognized over the contract

period using the percentage of completion

method.

Contracts where the recognized revenue from

the work performed exceeds progress billings

are recognized as 'work in progress' in the

balance sheet under assets.

Contracts for which progress billings exceed

the revenue are recognized as 'prepayments

received, work in progress' under liabilities.

For time-and material contracts, we recognize

revenue as performance takes place based on

actual hours incurred. Unbilled revenue are

included as part of trade receivables in the

balance sheet under assets.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 124

1.1 Summary of material accounting

policies - continued

If it is likely that the total costs in relation to a

long-term contract will exceed the total

revenue on a specific project, the expected

loss is recognized immediately in the income

statement in the current period.

1.2 Summary of key

accounting estimates and

judgements

The preparation of financial statements

under IFRS requires the use of certain key

accounting estimates.

Determination of the carrying amount of

some assets and liabilities requires

Management to make judgements,

estimates and assumptions about future

circumstances.

Estimates and assumptions are based on

historical experience and other factors and

are regarded by Management as reasonable

in the circumstances but are inherently

uncertain and unpredictable and therefore

the actual outcome may differ from these

estimates.

Management considers judgements and

estimates under the following items as

significant to these consolidated financial

statements:

Estimates:

Impairment test, goodwill (note 3.2)

Other intangible assets (note 3.1)

Work in progress (note 3.4)

Defined benefit obligation (note 3.7)

Judgements:

Special items

Impairment test

For the goodwill impairment test, a number

of estimates are made on the development

in revenues, gross profits, operating margins,

future capital expenditures, discount rates

and growth expectations in the terminal

period. These estimates are based on

assessments of the current and future

development in the CGU's and are based on

historical data and assumptions of future

expected market developments, including

expected long-term average market growth

rates. Determining the expectations and

assumptions requires significant

Management judgement. The estimated

value in use can be highly sensitive to the

measurement of the expectations and

assumptions.

Other intangible assets

IT development projects include NNIT's ERP

system which is used in the daily operations

of the group, other internal IT-systems and

developed applications for customer

services.

Initial capitalization of costs is based on

management’s judgement that technological

and economic feasibility is confirmed. In

determining the amount to be capitalized for

applications developed for customer

services Management makes assumptions

regarding the expected future cash

generation of the project.

The determination of the value in use of the

CGU's to which Other intangible assets is

allocated is covered by the same impairment

test that is performed for Goodwill.

Work in progress

The determination of the percentage of

completion of work in progress related to

fixed price projects is based on estimates of

future costs, hours and materials. Each

project is unique in their design.

Management makes judgements on

individual assessments of specific projects

and their associated risk from the on-going

monitoring, to identify any deviations from

estimates.

Adjustments to cost estimates may be made

periodically following Management review,

which may result in a re-assessment of the

percentage of completion as of the date of

review. Such changes result in revisions to

revenue attributable to work performed up

until the date of revision. The effect of such

changes in estimates is recognized as a

change to revenue in the period in which the

revisions are determined.

Defined benefit obligation

The cost of the defined benefit pension

plans and the present value of the pension

obligations are determined using actuarial

valuations. An actuarial valuation involves

making various assumptions that may differ

from actual developments in the future.

These include the determination of the

discount rate, inflation, future remuneration

increases, etc.

Due to the complexities involved in the

valuation and its long-term nature, a defined

benefit obligation is sensitive to changes in

these assumptions.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 125

In determining pension obligations,

Management uses external and

independent actuaries as the basis for the

estimates applied in measuring the defined

benefit obligations.

Special items

Identifying and separating special income

and cost items from other items in the

income statement involves judgement from

Management. These items are carefully

considered in order to ensure correct

presentation.

Climate-related risks

Group Management has considered the

impact of climate related change on the

consolidated financial statements. The

review did not identify any material financial

impacts and the Executive Management has

assessed that the effects of climate change

do not have significant influence on the

estimates or judgements in the consolidated

financial statements.

1.3 Changes in accounting

policies, estimates and

disclosures

NNIT has applied relevant new or amended

IFRS Accounting Standards and

interpretations (IFRIC) as adopted by the EU

and which are effective for the financial year

1 January – 31 December 2025. NNIT has

assessed the new or amended standards

and interpretations. The new or amended

regulations with effective dates in 2025 have

not had an impact on NNIT Group’s

disclosures or on the measurement,

recognition or presentation of any items in

NNITs Annual Report for 2025.

1.3.1 Standards issued but not yet

effective

The new and amended standards and

interpretations that are issued, but not yet

effective, up to the date of issuance of the

Group’s financial statements are disclosed

below. The Group intends to adopt these

new and amended standards and

interpretations, if applicable, when they

become effective. Only changes expected to

have an impact on on the Group’s financial

position, performance, presentation and/or

disclosures is listed.

IFRS 18 Presentation and Disclosure in

Financial Statements

In April 2024, the IASB issued IFRS 18, which

replaces IAS 1 Presentation of Financial

Statements. IFRS 18 introduces new

requirements for presentation within the

statement of profit or loss, including

specified totals and subtotals. Furthermore,

entities are required to classify all income

and expenses within the statement of profit

or loss into one of five categories: operating,

investing, financing, income taxes and

discontinued operations, whereof the first

three are new.

It also requires disclosure of newly defined

management-defined performance

measures, subtotals of income and

expenses, and includes new requirements

for aggregation and disaggregation of

financial information based on the identified

‘roles’ of the primary financial statements

(PFS) and the notes.

In addition, narrow-scope amendments have

been made to IAS 7 Statement of Cash

Flows, which include changing the starting

point for determining cash flows from

operations under the indirect method, from

‘profit or loss’ to ‘operating profit or loss’ and

removing the optionality around

classification of cash flows from dividends

and interest. In addition, there are

consequential amendments to several other

standards.

IFRS 18, and the amendments to the other

standards, is effective for reporting periods

beginning on or after 1 January 2027, but

earlier application is permitted and must be

disclosed. IFRS 18 will apply retrospectively.

The Group has identified all significant

impacts the amendments will have on the

primary financial statements and notes to

the financial statements. Apart from the

changes in presentation the main change is

that exchange rate gain/loss will be split

between the five categories in the statement

of profit or loss.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 126

1.4 General accounting

policies

Principles of consolidation

The consolidated financial statements

include the financial statements of NNIT A/S

(parent company) and entities over which

the Group has control. The Group controls

an entity when the Group is exposed to, or

has rights to, variable returns from its

involvement with the entity and has the

ability to affect those returns through its

power over the entity. NNIT A/S and its

subsidiaries are collectively referred to as

the Group.

The consolidated financial statements are

based on the financial statements of the

Parent Company and the subsidiaries, and

are prepared by combining items of a similar

nature and eliminating intercompany

transactions, shareholdings, balances and

unrealized intercompany profits and losses.

The consolidated financial statements are

based on financial statements of Group

companies prepared in accordance with the

Group’s accounting policies.

Segment Reporting

Segment performance is evaluated on the

basis of the operating profit consistent with

the consolidated financial statements.

Operating segments are reported in a

manner consistent with the internal

reporting provided to Group Management

and the Board of Directors. The financial

reporting structure has been updated

effective from the 2025 Q3 interim report,

see description of changes in note 2.1.

Continuing and Discontinued operations

Separation of operations into continuing and

discontinued operations is based on an

identification of contracts and revenues,

direct employees and costs as well as

identification of time spend by employees in

one category related to the other. Shared

costs are split based on allocation between

the two categories based on estimates

future split.

An impairment loss is recognized for any

initial or subsequent write-down of the asset

to fair value less costs to sell. A gain is

recognized for any subsequent increases in

fair value previously recognized. A gain or

loss not previously recognized by the date of

the sale of the non-current asset is

recognized at the date of derecognition.

Acquisition of subsidiaries

On acquisition of subsidiaries, the

acquisition method is applied, and

identifiable assets and liabilities are

recognized and generally measured at fair

value at the date control was achieved.

Identifiable intangible assets are recognized

if they can be separated, and the fair value

can be reliably measured. Deferred tax on

revaluations is recognized.

Any positive differences between fair value

of consideration transferred and fair value of

net assets acquired on acquisition of

subsidiaries are recognized as goodwill.

Consideration transferred consists of shares,

contingent consideration as well as cash and

cash equivalents.

Goodwill is not amortized but is tested

annually for impairment.

Transactions costs are recognized as

operating costs as they have incurred.

If the initial accounting for business

combination can be determined only

preliminary by the end of the period in which

the combination is affected, adjustments

made to the provisional fair value of

acquired net assets or cost of the acquisition

within 12 months of the acquisition date are

adjusted to the initial goodwill.

Acquired entities are recognized in the

consolidated financial statements at the date

control was achieved.

Translation of foreign currency

Functional currency and presentation

currency

The financial statement items for each of the

Group’s entities are measured in the

currency used in the economic environment

in which the entity operates (functional

currency).

The consolidated financial statements are

presented in Danish kroner (DKK).

Transactions and balance sheet

Transactions in foreign currencies within the

year are translated into the functional

currency at the exchange rate at the

transaction date. Receivables and liabilities

in foreign currencies that have not been

settled at the balance sheet date are

translated at the exchange rate at the

balance sheet date.

Realized and unrealized exchange rate

adjustments are recognized in the income

statement under “financial income and

expenses”.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 127

1.4 General accounting policies –

continued

Currency translation for foreign operations

in the financial statements of foreign

subsidiaries' balance sheet items are

translated to Danish kroner (DKK) at the

exchange rate at the balance sheet date,

and income statement items are translated

using the average exchange rate.

Exchange differences arising from:

the translation of subsidiaries’ net assets

at the beginning of the financial year at

exchange rates at the balance sheet date

and

the translation of subsidiaries’ income

statements at exchange rates at the

balance sheet date

exchange rate adjustments of loans, which

are seen as part of the net investment in

foreign subsidiaries

are recognized in ‘exchange rate

adjustments’ in other comprehensive

income and presented in a separate reserve

within equity.

Costs

Cost of goods sold

The cost of goods sold comprises costs paid

in order to generate revenue for the year,

including amortization and depreciation,

share-based compensation and salaries.

Sales and marketing costs

Sales and marketing costs comprise costs in

the form of salaries and share-based

compensation for sales and marketing staff,

advertising costs, and amortization and

depreciation.

Administrative expenses

Administrative expenses comprise costs in

the form of share-based compensation and

salaries for administrative staff and

amortization and depreciation.

Special Items

Special items comprise costs or income that

cannot be attributed directly to the Group’s

ordinary activities and are non-recurring of

nature. Such costs and income include the

cost related to significant restructuring of

the cost base and processes as well as

restructuring costs related to resignation of

employees. Further special items include

significant cost related to M&A activities,

earn-out payments related to acquisitions

where earn-out is in part subject to the

selling shareholders' continued employment

during the accrual period, redundancy cost

related to members of Group Management,

impairment of assets and gains and losses

regarding disposal of activities or

subsidiaries.

Special items are shown separately in the

Group to give a true and fair presentation of

the Group’s ordinary operations.

Financial items

Financial income and expenses comprise

interest, realized and unrealized gains and

losses from exchange rate adjustments, fair

value adjustments on forward contracts and

the cumulative value adjustment of these

instruments transferred from the hedging

reserve within equity.

Interest income is recognized on an accrual

basis according to the effective interest rate

method.

Tax

Income tax comprises current tax and

deferred tax for the year, and is recognized

as follows: The amount that can be allocated

to the net profit for the year is recognized in

the income statement, and the amount that

relates to items recognized in other

comprehensive income and/or equity

respectively is recognized in other

comprehensive income and/ or equity.

Deferred tax is measured according to the

balance sheet-based liability method on all

temporary differences between the carrying

amount and tax base of assets and liabilities.

Deferred tax assets are recognized in the

balance sheet under non-current assets.

Deferred tax liabilities are recognized in the

balance sheet under non-current liabilities.

Deferred tax is measured on the basis of the

tax rules and tax rates that according to

current legislation at the balance sheet date

will apply at the time of the expected

realization of the deferred tax asset or

settlement of the deferred tax liability. Any

changes to deferred tax caused by changes

in statutory tax rates are recognized in the

income statement.

For Danish tax purposes, NNIT A/S and

SCALES A/S is assessed jointly with the Novo

Group. Income tax is allocated between the

companies in proportion to their taxable

incomes (full allocation with compensation

concerning tax losses). The jointly assessed

companies are included in the Tax

Prepayment Scheme.

•

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NNIT Annual Report 2025 128

1.4 General accounting policies –

continued

Service Level Agreements (SLA)

The SLA business comprise infrastructure

and application outsourcing services and

requires the performance of certain

performance obligations typically defined as

service levels. As described below under

“Outsourcing contracts”, the revenue under

an outsourcing contract will be recognized

over time.

Outsourcing contracts

Outsourcing contracts consist of two

activities, preparatory project (such as

transition and transformation) and operation

of the IT systems e.g. application, servers

and infrastructure. These identifiable

components are accounted for differently to

reflect the substance of the transaction.

The total contract value of the outsourcing

contracts will be split into the different

performance obligations depending on the

activities to be delivered. NNIT will profit

align between the performance obligations

within the contract (expected cost plus

margin approach).

Transition

Transition is:

Basic transfer of services and

responsibilities

The minimum activities required that

enable the delivery organization to take

over operation of the current or similar

services for the customer.

The transition phase takes place in the

period between contract signing and service

start up (operation).

Activities performed in the transition phase

do not transfer services to the customer as

they are seen as ‘start-up’ costs and

therefore revenue cannot be recognized as

the activities are performed but will be

recognized over the operation period. Cost

regarding the transition projects is

capitalized and depreciated over the

contract period. Please refer to ‘Transition

cost’.

Any prepayments received regarding

transition projects will be recognized as

revenue over the operation period.

Transformation

Transformation is:

A significant change to future state of the

subject.

The full set of activities required for the

delivery organization to provide the future

state operation of services to the

customer.

These activities transfer services to the

customer as performed.

The transformation phase typically starts

after the successful completion of transition

and ends when the environment has

reached the agreed future state. In some

circumstances the transformation phase will

take place in parallel with the transition

phase.

Revenue regarding transformation projects

is recognized over time as an asset is

created with no alternative use and NNIT has

an enforceable right to payment and

revenue recognition in nature is similar to

the project business.

Operation of IT systems

Revenue from the operation of IT systems is

recognized in the period in which the

outsourcing services are provided based on

amounts billable to a customer (for fixed

price components in the contract, revenue is

typically recognized on a straight-line basis

over the course of a year, while for variable

components revenue is recognized based

on usage of units, and price lists according

to the contract).

Intangible assets

Goodwill

Goodwill arising from business combinations

is recognized and measured as the

difference between the total of the fair value

of the consideration transferred compared

to the fair value of identifiable net assets on

the date of acquisition.

Goodwill is not amortized, but the carrying

amount is tested at relevant cash generating

unit level (CGU-level) for impairment once a

year.

Goodwill is written down to its recoverable

amount through the income statement if

lower than the carrying amount.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 129

1.4 General accounting policies –

continued

The recoverable amount is determined as

the present value of the discounted future

net cash flow from the activities goodwill

relates to. In calculating the present value,

discount rates are applied reflecting the

riskfree interest rate with the addition of

risks relating to the individual CGU.

IT development projects

IT development projects are clearly specified

and identifiable projects under development

for internal and external use for which the

technical feasibility of completing the

development project has been

demonstrated and resources are available

within NNIT.

Any development projects that do not meet

the criteria for capitalization in the balance

sheet are recognized as costs.

Development costs meeting the criteria for

capitalization are measured at cost less

accumulated amortization and any

impairment losses. Development costs

include external expenses, salaries,

amortization and depreciation that can be

directly attributed to NNIT development

activities.

Development costs recognized in the

balance sheet are amortized from

completion of the development using the

straight-line method, over the period the

asset is expected to generate economic

benefits.

Straight-line amortization over the expected

useful life of the asset:

IT projects: 5-10 years

Intangible assets that are in use and subject

to amortization are tested for impairment

whenever events or changes in

circumstances indicate that the carrying

amount may not be recoverable. Factors

that could trigger an impairment test include

changes in the economic lifes of similar

assets or the relationship with other

intangible assets or tangible assets.

Intangible assets under construction are

tested for impairment once a year.

If the carrying amount of intangible assets

exceeds the recoverable amount based

upon the above indicators of impairment,

any impairment loss is measured based on

discounted future cash flows.

Tangible assets

Tangible fixed assets are measured at cost

less accumulated depreciation and any

impairment losses.

Cost price includes the purchase price and

costs relating directly to the purchase.

Subsequent costs are either included in the

carrying amount of the asset or recognized

as a separate asset, where there are likely

future economic benefits for the Group and

the value of the asset can be reliably

measured.

The depreciable amount of the assets is

depreciated on a straight-line basis over the

following estimated useful life periods:

Other equipment: 3-10 years

Leasehold improvements: 5-10 years

Asset residual values and useful life's are

assessed and, where required, adjusted on

each balance sheet date.

Tangible assets are tested for impairment if

there are indications of impairment. The

carrying amount of an asset is written down

to its recoverable amount if the carrying

amount exceeds the estimated recoverable

amount. The recoverable amount for the

asset is determined as the higher of fair

value less costs to sell and net present value

of future net cash flows from continued use.

If the recoverable amount of an individual

asset cannot be determined, value in use is

determined for the smallest group of assets

for which it is possible to determine a

recoverable amount. Impairment losses are

recognized in the income statement under

the relevant functional areas.

Depreciation and gains or losses from

disposal of tangible assets are recognized in

the income statement under cost of goods

sold, sale and marketing costs and

administrative expenses respectively.

Cloud-based arrangements

Software within a cloud-based arrangement

is recognized as an intangible asset.

Costs incurred to configure or customise,

and the ongoing fees to obtain access to the

cloud provider's application software, are

recognised as expenses when the services

are received. Also internal costs such as cost

related to selection of cloud provider, data

conversion, training and testing are

expensed.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 130

1.4 General accounting policies –

continued

Configuration and customization activities

undertaken in implementation of cloud

based arrangements may give rise to a

separate asset related to the development

of software code that enhances, modifies or

creates additional capabilities to the groups

application. Costs incurred for these

activities are recognized as intangible assets

if they meet the recognition criteria and

amortized over the usefull life of the

software.

Lease assets

Lease assets are 'right-of-use assets' arising

from a lease agreement. Lease assets are

initially measured at cost consisting of the

amount of the initial measurement of the

lease liability, plus any lease payments made

to the lessor at or before the

commencement date less any lease

incentives received and the initial estimate of

refurbishment costs and any initial directs

costs incurred by NNIT as the lessee.

NNIT has three different types of leases:

Rental of premises

Rental of equipment

Company cars

The lease assets are depreciated on a

straight-line basis over the lease term. The

lease asset can be adjusted due to

modifications to the lease agreement or

reassessment of lease term.

Payments associated with short-term leases

and leases of low-value assets are

recognized on a straight-line basis as an

expense in profit or loss. Short-term leases

are leases with a term of 12 months or less.

Low-value assets comprise equipment with a

value below DKK 100 thousand.

Subleases

NNIT has entered into arrangements to

sublease part of the Group's property lease

agreement, while NNIT retains the primary

obligation under the original lease. NNIT acts

as such as both the lessee and lessor of the

same underlying asset.

If a part of the Group's property is subleased

under terms transferring substantially all

remaining risks and rewards under the head

lease to the lessee in the sublease, the right-

of-use asset is derecognized, and a lease

receivable is recognized at an amount equal

to the net investment in the lease. Gain/loss

on the derecognized right-of-use asset is

recognized in the income statement as

special items.

During the term of the sublease, the

receivable is adjusted based on a pattern

reflecting a constant periodic rate of return

on the net investment in the lease.

Transition cost

Transition cost consists of cost regarding

transition projects, which has been

capitalized until operation begins. The cost

mainly relates to employee cost and will be

amortized over the operation period.

Inventories

Goods for resale are measured at the lower

of cost and net realizable value.

Trade receivables

Trade receivables comprise invoiced and

unbilled revenue. Unbilled revenue

represents services delivered, but not yet

invoiced.

Trade receivables are initially recognized at

fair value and subsequently measured at

amortized cost using the effective interest

method, less allowance for doubtful trade

receivables.

Allowance for doubtful trade receivables is

made using the expected credit loss model,

which uses a lifetime expected loss

allowance for all trade receivables.

The allowance is deducted from the carrying

amount of trade receivables and the amount

of the loss is recognized in the income

statement under cost of goods sold.

Work in progress

The determination of the percentage of

completion of work in progress related to

fixed price projects is based on estimates of

future costs, hours and materials. Each

project is unique in their design.

Management makes judgements on

individual assessments of specific projects

and their associated risk from the on-going

monitoring, to identify any deviations from

estimates.

Adjustments to cost estimates may be made

periodically following management review,

which may result in a re-assessment of the

percentage of completion as of the date of

review. Such changes result in revisions to

revenue attributable to work performed up

until the date of revision. The effect of such

changes in estimates is recognized as a

change to revenue in the period in which the

revisions are determined.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 131

1.4 General accounting policies – cont.

Subleases

Other receivables and prepayments

Current receivables

Current receivables are measured at

amortized cost less potential write-downs

for impairment losses. Write-downs are

based on individual assessments of each

debtor.

Prepayments

Prepayments comprise costs incurred for

the next financial year. These are usually

prepayments for maintenance of hardware

and software licenses.

Assets classified as held for sale

Assets classified as held for sale comprise

assets and liabilities for which it is highly

likely that the value will be recovered

through a sale within 12 months rather than

through continued use. Assets and liabilities

classified as held for sale are measured at

the lower of the carrying amount and fair

value less cost to sell at the classification

date as “held for sale”. Assets held for sale

are not depreciated. Impairment losses

arising on first classification as “held for sale”

and gains and losses from the subsequent

measurement is recognized in the income

statement under the items they concern.

Equity

Treasury shares

Treasury shares are recognized at cost and

deducted from equity. No gain or loss is

recognized in profit or loss on the purchase,

sale, issue or cancellation of the Group’s

own equity instruments. Gains or losses are

recognized directly in retained earnings.

Dividend

Dividend distribution to the shareholders of

NNIT is recognized as a liability when

dividends are declared. Proposed dividends

are disclosed in the statement of changes in

equity.

Lease liabilities

Lease liabilities arise from a lease

agreement. Lease liabilities are initially equal

to the present value of the lease payments

during the lease term that are not yet paid.

At initial recognition NNIT assess each

contract individually to assess the likelihood

of exercising a potential extension option in

the contract. The option to extend the

contract period will be included in the

calculation of the lease liability if it is

reasonably certain that NNIT will exercise the

option.

When calculating the net present value NNIT

has used a discount rate corresponding to

the incremental borrowing rate.

The lease liability is remeasured when

changes occur due to modifications to the

contract (extension, termination etc.) or

indexation.

Employee benefits

Wages, salaries, social security contributions,

paid annual leave and sick leave, bonuses

and non-monetary benefits are recognized

in the financial year in which the NNIT

employee provided the related work service.

Contingent Consideration Agreement

The contingent consideration for Excellis

Health Solutions, SL Controls and

Prime4Services is accrued over the period

from the acquisition date until the payment

is based on expected achieved performance

conditioned on employment (projected unit

credit method). The cost is recognized as

wages and salaries under special items in

the income statement.

Pensions

NNIT operates a number of defined-

contribution pension plans. The costs of

these pension plans are recognized in the

financial year in which the relevant NNIT

employees provided the related service.

In some countries NNIT operates defined-

benefit plans. Such liabilities are measured

at the present value of the expected

payments related to benefits accrued at the

balance sheet date less the fair value of plan

assets by applying the projected unit credit

method. Plan assets, if any, are measured at

fair value and offset against the defined

benefit obligation in the balance sheet.

Service costs and the interest component

are recognized in the income statement.

Actuarial gains and losses are recognized in

other comprehensive income in the period

in which they occur. Settlements are

immediately recognized in the income

statement.

Long-term incentive program

Group Management and the Vice President

Group are part of a long-term share-based

incentive program (LTIP).

Under the program, NNIT allocates shares

based on operating profit and free cash flow.

The participants receive NNIT shares. The

shares are subject to a lock-up period of

three years.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 132

1.4 General accounting policies –

continued

NNIT has the obligation to deliver treasury

shares, and accordingly, the arrangement is

classified as an equity settled arrangement

and will be charged to the income statement

over the three-year vesting period based on

the market price at the grant date.

Due to legal restrictions in some jurisdictions

and contractual agreements a small part of

the LTIP program is settled in cash. For the

part settled in cash the cost will be charged

to the income statement including impact

from changes in the share price. The liability

related to the cash settled part is included in

Other liabilities in the balance sheet.

Provisions

Provisions are recognized when NNIT has a

legal or constructive obligation arising from

past events, it is probable that NNIT will have

to draw on its financial resources to settle

the liability, and the liability can be reliably

estimated.

Provisions in the case of NNIT consist mainly

of refurbishment obligations.

Provision for refurbishment obligation

This refers to refurbishment obligations

regarding NNIT's lease agreements for rental

of premises.

Trade payables

Trade payables are measured at amortized

cost.

Other current liabilities

Other current liabilities comprise accrued

expenses and VAT.

Cash flow statement

The cash flow statement is prepared using

the indirect method. The cash flow

statement shows the cash flows for the year,

divided into operating, investing and

financing activities, and how these cash flows

have affected the cash position for

the year.

Cash flow from operating activities

Cash flows from operating activities are

calculated as the net profit for the year,

adjusted for non-cash operating items.

These include amortization, depreciation

and write-downs, share-based

compensation, change in net working capital

and interest received and paid.

Cash flow from investing activities

Cash flows from investing activities comprise

cash flows from the purchase and sale of

intangible, tangible and financial non-current

assets and the purchase and sale of

securities. Further including aqusition of

subsidaries.

Cash flow from financing activities

Cash flows from financing activities comprise

cash flows from raising and repaying long-

term debt, dividend payments to

shareholders, instalments on lease liabilities

and credit facilities.

Cash and cash equivalents

Cash and cash equivalents include cash.

The cash flow statement cannot be derived

from the annual report alone.

1.5 Financial definitions

Non-IFRS financial measures

In the Annual Report, NNIT discloses certain

financial measures of the Group's financial

performance, financial position and cash

flows that reflect adjustments to the most

directly comparable measures calculated

and presented in accordance with IFRS.

These non-IFRS financial measures may not

be defined and calculated by other

companies in the same manner and may

thus not be comparable with such

measures.

The non-IFRS financial measures presented

in the Annual Report are:

Special items

Operating profit before special items

EBITDA before special items

Interest bearing debt, net

Financial resources at the end of the year

Free cash flow

Organic growth

Special items

Special items comprise costs or income that

cannot be attributed directly to the Group’s

ordinary activities and are non-recurring of

nature. Such costs and income include the

cost related to significant restructuring of

the cost base and processes as well as

restructuring costs related to resignation of

employees. Further special items include

significant cost related to M&A activities,

redundancy cost related to members of

Group Management, impairment of assets,

gains from subleases and gains and losses

regarding disposal of activities or

subsidiaries.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 133

1.5 Financial definitions - continued

(1) Average invested capital is calculated excluding cash and cash equivalents, shares and non-interest bearing debt.

(2) EBITDA = Operating profit + depreciation and amortization.

Special items are shown separately from the

Group’s ordinary operations to facilitate a

better understanding of the Group’s financial

performance.

Operating profit before special items

Operating profit before special items is

defined as operating profit plus special items.

EBITDA before special items

EBITDA before special items is defined as

EBITDA plus special items.

Interest-bearing debt, net

Equals interest bearing debt, including lease

liabilities less cash.

Financial resources at the end of the year

Financial resources at the end of the year are

defined as the sum of cash and cash

equivalents at the end of the year and

undrawn committed credit facilities.

Free cash flow

NNIT defines free cash flow as ‘net cash

generated from operating activities less net

cash used in investing activities’.

Organic growth

Expansion of operations from own (internally

generated) resources, without growth from

acquisition of other companies and without

currency effect.

1.6 Refinancing

NNIT’s existing main Revolving Credit Facility

amounting DKK 300 million, expires 1

November 2026. The DKK 50 million Facility

expires 30 June 2026. Consequently a

process, to obtain a new Credit Facility to full

fill the necessary funding for the Group, will

be initiated.

Management expects to initiate the above-

mentioned process during the first half of

2026. The current lender has expressed, a

non-binding, willingness to engage in

discussions regarding a refinancing of the

current revolving credit facility.

Based on NNIT’s current financial position,

performance, other strategic options, it is

expected that the refinancing can be

completed on satisfactory terms and within

the required timeframe.

Further we refer to note 4.4 Financial Risks.

Operating profit margin = Operating profit x 100

Revenue

Operating profit before special items

margin

= (Operating profit + special items) x 100

Revenue

Gross profit margin = Gross profit x 100

Revenue

Revenue growth = (Revenue current year - revenue prior year) x 100

Revenue prior year

Return on equity = Net profit after tax x 100

Average equity

Dividend per share for the year = Proposed dividend

The number of outstanding shares

Return on invested capital (ROIC) = Net profit ex. financials x 100

Average invested capital (1)

EBITDA margin = EBITDA (2) x 100

Revenue

EBITDA before special items margin = (EBITDA (2) + special items) x 100

Revenue

Solvency ratio = Equity

Total assets

Effective tax rate = Tax

Profit before tax

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 134

2.1 Segment information

NNIT is providing IT and business solutions in Denmark, Europe, the USA and Asia. In Region

Europe, the USA and Asia our focus is exclusively on the Life Sciences industry, helping

customers digitalize key parts of their value chain. In Region Denmark we focus on digitalization

in the public and private sectors.

The business is organized in four Regions:

• Region Denmark (excluding life sciences)

• Region Europe (including life sciences in Denmark)

• Region US

• Region Asia

The four Regions have been identified as operating segments.

The segment disclosures provided reflect the information which Executive Management and

Board of Directors receives monthly in their capacity as ‘chief operating decision maker’ as

defined in IFRS 8. The segment performance are evaluated based on revenue, cost and

operating results for each of the operating segments. No reporting is made on assets.

Allocation of resources is done on an ad-hoc basis in connection with significant investments.

Effective from the interim report for the first nine month of 2025 the financial reporting

structure has been updated to ensure that all Life Sciences customers are fully consolidated

under Region Europe, US, and Asia. As a result, all Life Sciences customers previously reported

under Region Denmark irrespective of the business activity will now be included in Region

Europe’s profit and loss statement. Going forward, Region Denmark will consist solely of the

Public segment and the Private segment, which includes SCALES. Historical figures for Region

Denmark and Region Europe have been restated for 2024.

From a financial perspective, the four regional P&Ls include allocated corporate cost such as

legal, human resources, finance and global delivery centers. A consolidation of the four regional

P&Ls constitute NNIT’s group P&L.

The Novo Nordisk Group generated 14% of the revenue in the year ended December 31, 2025

(2024: 12%), whereof 72% relates to Region Europe (2024: 71%) and 27% relates to Region Asia

(2024: 27%) and 1% relates to region USA (2024: 2%).

For depreciations and amortizations 38% relates to Region Denmark (2024: 40%), 28% relates

to Region Europe (2024: 29%), 22% relates to Region US (2024: 18%) and 12% relates to Region

Asia (2024: 13%).

2. Results for the year

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 135

Region Region Region RegionDKK million Europe US Asia Denmark Total2025Revenue 629 313 153 693 1,788Production cost 486 200 122 533 1,341Gross profit 143 113 31 160 447Gross profit Margin 22.7% 36.1% 20.3% 23.1% 25.0%Regional operating profit 97 71 16 108 292Regional operating profit margin 15.4% 22.7% 10.5% 15.6% 16.3%Group operating profit before special items 25 35 -1 35 94Group operating profit before special items margin 4.0% 11.2% -0.7% 5.1% 5.3%Unallocated items:Special Items (83)Financial items, net (22)Loss before income taxes (11)

2.1 Segment information - continued

Region Region Region RegionDKK million Europe US Asia Denmark Total2024Revenue 699 346 149 657 1,851Production cost 542 207 123 500 1,372Gross profit 157 139 26 157 479Gross margin 22.5% 40.0% 17.2% 23.9% 25.8%Regional operating profit 100 73 8 118 299Regional operating profit margin 14.3% 21.2% 5.2% 18.0% 16.2%Group operating profit before special items 39 39 -6 45 117Group operating profit before special items margin 5.6% 11.3% -4.0% 6.8% 6.3%Unallocated items:Special Items (69)Financial items, net (33)Profit before income taxes 15

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 136

2.1 Segment information - continued

(1) Excluding Deferred tax assets.

Geographical split of revenue:DKK million 2025 2024Denmark (country of domicile) 1,007 953The United States 312 381China 110 107Germany 83 106Ireland 90 98Other 186 206Total Revenue 1,788 1,851

Geographical split of non-current Assets:DKK million 2025 2024The United States 314 342Denmark (country of domicile) 309 289Ireland 91 90Germany 79 79Switzerland 68 69Other 59 71Total non-current assets (1) 920 940

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 137

2.2 Employee costs

Remuneration of Board of Directors and Group Management

The current policy for the remuneration of the Board of Directors and Executive Management

was adopted in 2024 and sets out the general guidelines for the remuneration of the Group’s

management. The guidelines for the remuneration of the Board of Directors and Executive

Management are available on NNIT’s website.

In addition to the disclosures provided in this note, more details on the remuneration of

Executive Management and Board of Directors are provided in the separate Remuneration

report, which is not a part of the audited financial statements. The report is also available on

NNIT’s website: nnit.com in the section "About us/corporate governance".

The members of the Board of Directors' remuneration is a fixed fee, no pension or incentive

based pay is added to the fixed fees.

DKK million 2025 2024Employee costs comprise:Wages and salaries 1,059 1,090Share-based payments 1 2Pensions - defined contribution plans 73 76Pensions - defined benefit obligations (note 3.7) 4 5Other employee costs 96 98Total employee costs 1,233 1,271Capitalized under IT development cost (23) (40)Total employee costs 1,210 1,231Included in the income statement under the following headings:Cost of goods sold 903 928Sales and marketing costs 64 68Administrative expenses 193 188Special items 50 47Total employee costs 1,210 1,231

Average number of full-time employees 1,652 1,704

Board of Directors remunerationDKK million 2025 2024Ordinary board member fee 3.7 3.7Audit Committee 0.3 0.3Remuneration Committee 0.2 0.2Total fee to Board of Directors 4.2 4.2

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 138

2.2 Employee costs – continued

Short-term incentive program (STIP)

Group Management (Executive Management and other members of Group Management) and the majority of employees

participate in a STIP program, which entitles each participant to receive an annual performance-based cash bonus, linked to the

achievement of a number of predefined functional and individual business targets. Performance is measured for each financial

year and the cash-based incentives, if any, are paid after announcement of the annual report for the year.

Long-term incentive program (LTIP)

LTIP is designed to promote the collective performance of Group Management and Vice Presidents to align the interests of

executives and shareholders. The program is based on revenue and earnings, before interest and tax compared to the

targeted levels. Shares are subject to continued employment and are recognized over a three-year vesting period following the

performance year of the program.

NNIT's Board of Directors approves the financial targets for the coming year, ensuring that the short-term targets are aligned

with NNIT's long-term targets and strategy.

The allocation under LTIP for the CEO cannot exceed twelve months base salary, and the allocation for the CFO cannot exceed

nine months base salary. The allocation for the other members of Group Management cannot exceed nine moths base salary.

The shares allocated to the members of Group Management that are fully vested, will be released to the individual participants

subsequent to the approval of the Annual Report 2025 by the Board of Directors.

Based on the share price at the end of 2025, the value of the released shares is as follows:

(1) Will be settled in cash.

Group Management's remuneration and share-based payment2025Other members of Executive Group DKK millionManagementManagement TotalBase salary 7.9 11.5 19.4One off bonus 1.9 0.1 2.0Remuneration in connection with redundancy, resignations and - 5.2 5.2release from duty to workPension 0.4 1.7 2.1Benefits 0.4 1.0 1.4Share-based incentives (1) 0.6 0.5 1.1Group Management total 11.2 20.0 31.2

2024DKK million Executive Other TotalManagementmembers of Group ManagementBase salary 7.6 12.1 19.7Pension 0.4 1.5 1.9Benefits 0.4 0.9 1.3Share-based incentives (1) 0.7 0.2 0.9Group Management total 9.1 14.7 23.8(1) Includes the annually recognized expense on granted share based and launch incentive programmes, which are not released.

Number MarketDKK million of shares valueValues at December 31, 2025 of shares to be released February 5, 2026Pär Fors (1) - -Carsten Ringius - -Executive Management - -Other members of Group Management - -Group Management Total - -

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 139

2.2 Employee costs – continued

Shares are recognized over the three-year vesting period at the market value at the grant date.

Outstanding restricted stock units (in NNIT shares):

(1) In addition to the above 16,425 shares is granted to Pär Fors on December 31 2025, they will be settled in cash.

(2) Shares transferred relates to terminated employees no longer part of Group management.

The Long-term incentive program is settled in shares. Due to local legal requirements or

contractual agreements a part of the program is settled in cash. The part being settled in cash

is included as debt under employee cost payable with DKK 0.8 million (2024 DKK 0.9 million).

Share-based payments are recognized at the following amounts:DKK million 2025 2024Long-term incentive program (LTIP) in NNIT shares - share based 1 2Incentive program charged to income statement 1 2Recognized in the income statement:Cost of goods sold - -Administration 1 2Total 1 2

Number of outstanding restricted stock units (in NNIT shares):Number Remaining of shares Market value to ('000) at value at Accumulated be 31 launch cost expensed Vesting December (DKK recognised (DKK Outstanding shares in NNIT A/Sdate2025million)(DKK million)million)Programme year:2022 - Other employees 2026 15 1 1 -2023 - Executive Management 2027 6 1 1 -2023 - Other members of Group 2027 7 1 1 -Management2023 - Other employees 2027 32 3 2 1Total number of shares outstanding 60 6 5 1

Other Executive members of Management Group Other Shares outstanding '000(1)Managementemployees Total 2025Outstanding at 1 January 8 15 83 106Shares granted during the year - - - -Shares exercised during the year (2) (2) (39) (43)Shares lapsed during the year - - (3) (3)Transferred (2) - (6) 6 -Outstanding at 31 December 6 7 47 602024Outstanding at 1 January 59 28 122 209Shares granted during the year - - - -Shares exercised during the year (1) (2) (22) (25)Shares lapsed during the year (50) (11) (17) (78)Outstanding at 31 December 8 15 83 106

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NNIT Annual Report 2025 140

2.4 Amortization, depreciation and impairment losses

2.3 Development costsDKK million 2025 2024Costs for development of new projects, not eligible for recognition in the balance sheet are charged immediately to the income statement:Costs of goods sold 4 3Special Items 5 21Total development costs 9 24

DKK million 2025 2024Amortization 14 6Depreciation 31 46Total amortization, depreciation, and impairment losses 45 52Amortization, depreciation and impairment losses are recognized in the income statement:Cost of goods sold 14 11Sales and marketing costs - -Administrative expenses 31 33Special items - 8Total amortization, depreciation, and impairment losses 45 52



2.5 Special itemsDKK million 2025 2024Special items relates to:Restructuring cost 59 50Board-initiated strategic process 17 -Employee benefit cost (contingent consideraton agreements) 4 26Gain/loss from subleases - 9Gain/loss regarding acquisition and disposal of operations - (20)Other 3 4Total special items 83 69If special items had been recognized in operating profit before special items, they would have been included in the following line items:Cost of goods sold 4 7Administrative expenses 79 62Total special items 83 69



The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 141

2.6 Income taxesDKK million 2025 2024Current tax (16) (24)Deferred tax 26 39Adjustments recognized for current tax of prior periods 1 (12)Adjustments recognized for deferred tax of prior periods 2 11Income taxes in the income statement 13 14Computation of effective tax rate:Statutory corporate income tax rate in Denmark 22.0% 22.0%Deviation in foreign subsidiaries' tax rates compared to Danish tax rate (net) -12.6% 12.7%Adjustment of current and deferred tax regarding previous years -15.5% -8.7%Other adjustments to taxable income -112.1% 68.3%Effective tax rate -118.2% 94.3%Tax on other comprehensive income for the year 2 5

Tax on other comprehensive income for the year relates to tax on exchange rate adjustments

and deferred tax on share-based payments.

From 1 January 2024 NNIT is subject to Global Minimum Tax (OECD BEPS Pillar 2 rules) due to

Novo Holding A/S' controlling ownership in NNIT A/S. NNIT is thereby within the scope of the

OECD Pillar Two model rules. The rules did not have any impact on NNIT Group for 2024, and

2025. The NNIT Group are jointly and individually liable for any Pillar 2 taxes in the countries

where NNIT operates. Potential top up tax imposed from other Novo Holding group companies

are expected to be minimal and will be compensated by the Novo Holding Group.

Finally, the Group applies the exception to recognizing and disclosing information about

deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the

amendments to IAS 12 issued in May 2023.

DKK million 2025 2024Tax payable/receivableTax payable/receivable at the beginning of the year 14 (55)Income tax paid/(received) during the year (12) (13)Tax paid/(received) related to previous years (3) 47Withholding taxes paid/(received) during the year - -Current tax on profit for the year 16 24Adjustments related to previous years (1) 12Exchange rate adjustment (1) (1)Tax (payable)/receivable at the end of the year 13 14Tax payable/receivables are recognized in the balance sheet as follows:Tax receivables 26 26Tax payables (14) (22)Tax on other comprehensive income 1 10Total tax 13 14



The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 142

Net taxes received in 2025 for amounted to DKK 15 million and were paid/(received) as follows:DKK million CH CN CZ DE DK ES GB IE IT PH PL SG US TotalIncome tax paid during the year - - - 3 (23) - - 1 1 - - - 6 (12)Tax paid related to previous years 6 - - 1 (12) - - - 1 - - - 1 (3)Withholding taxes paid during the year - - - - - - - - - - - - - -Total 6 - - 4 (35) - - 1 2 - - - 7 (15)Effective tax rate 13.2% 25.0% 10.4% 57.0% 22.8% 26.1% 18.1% 20.0% 23.2% 25.0% 14.3% 15.8% 29.7%

Intangible Tangible Current Lease receivables and Share based DKK millionassetsassetsassetsliabilitiesprograms Provisions Total2025Deferred tax assetAt the beginning of the year (33) 6 14 11 - 31 29Adjustments related to previous years (1) - - (8) - 7 (2)Movements within the year (13) 6 (1) - (1) (17) (26)Movements in other comprehensive income - - - - - - -At the end of the year (47) 12 13 3 (1) 21 12024Deferred tax assetAt the beginning of the year (18) 21 10 4 - 61 78Adjustments related to previous years (1) (2) (12) 6 (6) - 3 (11)Movements within the year (13) (3) (2) 13 - (34) (39)Movements in other comprehensive income - - - - - 1 1At the end of the year (33) 6 14 11 - 31 29DKK million 2025 2024Deferred tax assets/liabilities are recognized in the balance sheet as follows:Deferred tax assets 7 29Deferred tax liabilities (6) -Tax on other comprehensive income - -Total tax 1 29

2.6 Income taxes – continued

(1) Adjustments related to previous years is mainly regarding an adjustment of work in progress.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 143

3. Operating assets and liabilities

Other IT IT development intangible development projects under DKK million Goodwillassetsprojectsconstruction 20252025Costs at the beginning of the year 705 18 61 9 793Additions - - - 30 30Disposals - - (3) - (3)Tranfer - - 31 (31) -Exchange rate adjustment (37) - (2) - (39)Cost at the end of the year 668 18 87 8 781Amortization and impairment loss at the beginning of the year - 18 8 - 26Amortization - - 14 - 14Amoritization reversed on disposals - - (3) - (3)Exchange rate adjustment - - - - -Amortization and impairment loss at the end of the year - 18 19 - 37Carrying amount at the end of the year 668 - 68 8 744Amoritization period 2-5 years 3-10 years

3.1 Intangible assets

IT development projects includes NNIT's ERP system which is used as the basis for the Group's day-to-day operations and internal IT-systems

and developed applications for customer services.

IT development projects under construction consists of developed applications for customer services.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 144

IT development Other intangible IT development projects under DKK million Goodwillassetsprojectsconstruction 20242024Costs at the beginning of the year 686 37 6 15 744Additions - - - 51 51Disposals - (20) (3) - (23)Tranfer - - 58 (58) -Exchange rate adjustment 19 1 - 1 21Cost at the end of the year 705 18 61 9 793Amortization and impairment loss at the beginning of the year - 37 3 - 40Amortization - - 6 - 6Amoritization reversed on disposals - (20) (1) - (21)Exchange rate adjustment - 1 - - 1Amortization and impairment loss at the end of the year - 18 8 - 26Carrying amount at the end of the year 705 - 53 9 767Amoritization period 2-5 years 3-10 years

3.1 Intangible assets – continued

IT development projects includes NNIT's ERP system which is used as the basis for the Group's day-to-day operations and internal IT-systems

and developed applications for customer services.

IT development projects under construction consists of both internal IT-systems and developed applications for customer services.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 145

3.2 Impairment test

The carrying amount of goodwill is impairment tested by comparison to the recoverable

amount. The recoverable amount is determined based on value in use. Discounted cash flow

models have been applied to determine the value in use for the cash-generating units, based

on the most recent financial forecasts approved by management. The CGU’s are in all material

aspects subject to the same presumptions hence below is applicable for all CGU’s. When

determining value in use the post-tax discount rate has been used. The pre-tax discount rate is

for information purposes only. Net cash flows for the year 2026-2030 are determined based on

key assumptions and expectations and estimates based on growth in revenue and operating

profit margin expectations based on past experience and in accordance with NNIT business

plans. From 2031 onwards, NNIT expects the growth rate to remain in line with the expected

long-term average growth rate for the industry. The uncertainty associated with these

expectations is reflected in the discount rate used.

Goodwill has been tested for impairment at December 31, 2025. The impairment test did not

result in any impairment of the carrying amount. The key assumptions used are:

The difference between 2025 and 2024 in carrying amount of Goodwill is due to changes in exchange rates.

The expected growth in revenue is based on historical performance, expected development in

the market in which the entity operates and assumptions in terms of development in market

share. The growth rates applied in the explicit forecast period converge from its current level

experienced over the last few years to the long-term growth level in the market where the

entity operates. The growth rates used to extrapolate cash flow projections beyond the explicit

forecast period are not higher than the average expected long-term growth in the markets in

which the entities operate.

The impairment test is based on the financial reporting structure for the four Regions, see

description of changes in note 2.1. The changes has not resulted in reallocation of Goodwill

between the Regions.

Sensitivity analysis

There are no impairment indications based on current assumptions, and key assumptions are

not sensitive to reasonable changes to an extent, that will result in an impairment loss

individually or in combination (eg. a 2% increase in discount rate and a 1.5% reduction in

terminal period growth rate).

Annual Terminal revenue Discount period growth rate pre-Discount growth DKK million Goodwillratetaxraterate2025Region Denmark 113 3-9% 11.00% 9.00% 2.00%Region Europe 271 4-9% 11.10% 9.10% 2.00%Region US 284 2-9% 12.40% 10.07% 2.00%2024Region Denmark 113 4-9% 11.00% 8.97% 2.00%Region Europe 272 8-14% 11.40% 9.25% 2.00%Region US 320 7-14% 12.80% 10.32% 2.00%

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 146

Other Leasehold DKK millionequipmentimprovements 20252025Costs at the beginning of the year 11 15 26Additions 5 1 6Disposals (3) (2) (5)Cost at the end of the year 13 14 27Depreciation and impairment losses at the beginning of the year 6 5 11Depreciation 2 3 5Depreciation reversed on disposals (3) (2) (5)Exchange rate adjustment - 1 1Depreciation and impairment loss at the end of the year 5 7 12Carrying amount at the end of the year 8 7 15Depreciation period 3-10 years 5-10 yearsNNIT's fixed assets register is inspected on a regular basis to identify assets, which are no

3.3 Tangible assets

longer in use. Such assets are scrapped.

Other Leasehold DKK millionequipmentimprovements 20242024Costs at the beginning of the year 5 56 61Additions 5 13 18Disposals - (53) (53)Exchange rate adjustment 1 (1) -Cost at the end of the year 11 15 26Depreciation and impairment losses at the beginning of the year 3 50 53Depreciation 3 5 8Depreciation reversed on disposals - (50) (50)Depreciation and impairment loss at the end of the year 6 5 11Carrying amount at the end of the year 5 10 15Depreciation period 3-10 years 5-10 years

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 147

3.4 Contract balances

Work in progress relates to projects where the recognized revenue from work performed

exceeds progress billings. Prepayments received, work in progress relates to projects where the

progress billing exceeds work performed. Prepayments received transition cost relates to

prepayments received regarding transition projects. The prepayments will be amortized over

the operation period which generally is between 3-6 years. As such the balances of these

accounts vary and depend on the number of new projects at the end of the year.

Besides above balances we have also capitalized cost to fulfill a contract as transition cost.

Transition cost relates to capitalized cost incurred for preparatory projects in relation to

transition or set-up activities required to enable delivery of the service. The cost will be

amortized over the operation period which generally is between 3-6 years.

As such the balance for transition cost vary depending on the number of new outsourcing

contracts requiring a transition project or set-up activities.

Deferred income relates to income for future periods that has been invoiced at the balance

sheet date. The income will be recognized in future periods where the service is delivered

generally within 6-12 month.

1 January DKK million 2025 20242024Trade receivables as specified in note 3.6 394 476 476Contract assets comprise:Work in progress (projects) 43 16 67Transitions projects 35 16 17Contract liabilities comprise:Prepayments received, work in progress (40) (30) (74)Prepayments received, transition cost (19) (16) (20)Deferred income (21) (27) (67)

Revenue recognized Revenue from recognized Opening opening regarding Closing DKK millionbalance Additionsbalanceadditionsbalance2025Prepayments received, work in progress (30) (111) 27 74 (40)Prepayments received, transition cost (16) (7) 4 - (19)Deferred income (25) (69) 25 48 (21)2024Prepayments received, work in progress (74) (46) 65 25 (30)Prepayments received, transition cost (20) - 4 - (16)Deferred income (67) (79) 67 52 (27)

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NNIT Annual Report 2025 148

3.4 Contract balances – continued

Transition cost are recognized in the balance sheet as follows:

Future contract obligations

Below table shows performance obligations resulting from contracts which will be satisfied in

the future:

Management expects that DKK 857 million of the transaction price allocated to the future

contract obligations as of December 31, 2025 will be recognized during 2026. The remaining

part will be recognized as revenue within 2-3 years. The amount disclosed above includes both

fixed and variable consideration.

Transferred Amortized to assets cost from Amortized classified Opening opening cost from Impairment as held for Closing DKK millionbalance Additionsbalanceadditionslosssalebalance2025Transition cost 16 22 (3) - - - 352024Transition cost 17 2 (3) - - - 16

DKK million 2025 2024Transition cost, non-current 29 13Transition cost, current 6 3Total transition cost 35 16

DKK million 2025 2024Aggregated amount of transaction price allocated to contracts thatwill be satisfied in the future as at December 31 1,216 1,266

3.5 DepositsDKK million 2025 2024Cost at the beginning of the year 12 31Additions - 7Disposal - (3)Transferred to Other receivables - (23)Carrying amount at the end of the year 12 12



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NNIT Annual Report 2025 149

3.6 Trade receivables

NNIT applies the IFRS 9 simplified approach to measure expected credit losses, which uses a

lifetime expected loss allowance for all trade receivables. NNIT has assessed historical realized

losses adjusted by a forward-looking estimate related to the probability of a significant change

in the economic environment. Historically NNIT has not realized any losses on trade receivables

due to the economic environment. Losses have been due to claim settlement with customers.

Further NNIT continuously conduct individual assessments of bad debts. If this leads to an

assessment that NNIT will not be able to collect all outstanding payments, an allowance for bad

debt is made. NNIT A/S has based on an individual assessment recognized expected credit loss

of DKK 2 million as of 31 December 2025 (2024: DKK 0 million).

Part of the non-invoiced trade receivables are regarding long-term projects, where the amount

will be invoiced to the customer over the operation period which is more than one year. The

long-term project amount to DKK 0 million as of 31 December 2025 (2024: DKK 25 million).

DKK million 2025 2024Total trade receivables (gross) 396 476Allowances for bad debt in the year 2 -Total trade receivables (net) 394 476Trade receivables is recognized in the balance sheet as follows:Trade receivables, non-current - 6Trade receivables, current 394 470Total trade receivables 394 476

DKK million 2025 2024Aging of non-impaired trade receivables:Non-invoiced trade receivables 46 85Not due at balance sheet date 243 272Overdue between 1 and 30 days 75 72Overdue between 31 and 60 days 10 22Overdue by more than 60 days 20 25Total trade receivables 394 476

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 150

DKK million Pension liability Plan asset Net liability2025At the beginning of the year 47 42 5Current service costs 4 - 4Interest cost 1 1 -Employer contributions 1 5 (4)Benefits paid from plan asset (2) (2) -Remeasurement gains/(losses) recognized in other comprehensive income 1 - 1Plan participant contribution etc. 2 1 1Exchange rate adjustments 1 - 1Other (1) 2 (3)At the end of the year 54 49 52024At the beginning of the year 60 56 4Current service costs 5 - 5Interest cost 1 1 -Employer contributions - 7 (7)Benefits paid from plan asset (23) (23) -Remeasurement gains/(losses) recognized in other comprehensive income - (1) 1Plan participant contribution etc. 2 1 1Exchange rate adjustments - - -Other 2 1 1At the end of the year 47 42 5

3.7 Employee benefit obligations

Defined benefit pension obligations

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 151

3.7 Employee benefit obligations – continued

The defined benefit plan relates to NNIT Switzerland AG and NNIT Digital & Life Sciences

Philippines INC. The defined benefit plans in Switzerland and Philippines does not share the risk

with any other entity in the group or with the parent. The contribution and risk are not shared

with other entities in the group or the parent.

Description of plans:

NNIT Switzerland AG meets its obligations under Switzerland’s mandatory company-sponsored

2nd pillar pension system to provide contribution-based cash balance retirement and risk

benefits to employees via contracts with a fully insured collective foundation and a semi-

autonomous foundation. The company retains overall responsibility for deciding on such

fundamental aspects as the level and structure of plan benefits at each contract renewal and

remains responsible for providing the benefits to members if the collective foundation contract

is cancelled or the collective foundation is unable to meet its obligations.

The minimum level of retirement benefit is expressed by a cash balance formula with age-

related contribution rates (or "retirement credits") on an insured salary defined by law, and a

required interest crediting rate which is set by the government (1.25% in 2024 and in 2025).

NNIT Digital & life Sciences Philippines Inc. meets its obligation under Philippine law to provide

retirement benefit with a retirement fund in accordance with Philippine law. The fund is

administered by an appointed Trustee. The company makes contributions to the retirement

fund and remains responsible for covering unfunded liabilities of the retirement fund if the

retirement fund is unable to meet its obligations.

Regulatory framework:

Companies within the Swiss and Philippine regulatory environment have substantial freedom in

setting their pension plan design (e.g. with regards to the salary covered, level of retirement

benefits, or even overall benefit design) provided the benefits are always at least equal to the

minimum requirements as defined by law.

The minimum level of retirement benefit in Switzerland is expressed by a cash balance formula

with age-related contribution rates (or ""retirement credits"") on an insured salary defined by

law, and a required interest crediting rate which is set by the government (1.25% in 2024 and in

2025).

Philippine law requires a minimum benefit equal to 22.5 days pay for every year of credited

service.

Risk on Swiss defined benefit plan:

The main risks that the Company is exposed to include:

Investment risk: there is a guaranteed return on account balances of at least 0% per annum

on the total account balance as well as the rate set by the government (1.25% in 2024 and in

2025) on the mandatory minimum benefits.

Pensioner longevity and investment risk: the pension fund offers the choice between a

lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates

for converting the lump sum to a pension and there is the risk that the members live longer

than implied by these conversion rates and that the pension assets don’t achieve the

investment return implied by these conversion rates.

Risk on Philippine defined benefit plan:

The main risk that the Company is exposed to is lack of sufficient funding in the retirement fund

for payments to retirees upon retirement. Benefits to retirees are paid as a lump sum.

•

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 152

3.7 Employee benefit obligations – continued

Sensitivity analysis:

The assumptions have no significant changes from previous year.

For the calculation of the discount rate sensitivities the interest crediting rate for member's

account balances was changed simultaneously.

Significant changes to the plans in current year:

No significant changes has been made to the plans in the current year.

Description of Asset-Liability Matching Strategies:

The Swiss Company has entered into a contract with an insurance provider, which in return for

an annual premium guarantees the benefits promised in the plan over the period of the

contract. Any ALM strategies are the responsibility of the foundation.

Description of Funding Arrangements and Policies:

Benefits are funded by the employer and plan participant contributions as set out in the plan

rules.

Pension plan assets:

The composition of the pension plan assets is as follows:

There are 2 defined benefit pension arrangements i Switzerland namely the NNIT Pension Plan

with Swiss Life BVG Collective Foundation and Halfmann Goetsch Partner (HGP) Pension Plan

with Zurich Vita Collective Foundation.

As the Swiss life plan benefits are insured the plan assets are shown in "other" category.

HGP is with a collective foundation and the Philippine plan is in the retirement fund. These

funds are shown on relevant plan asset categories.

Expected contributions for period ending 31 Dec 2026:

Assumptions used for valuation2025 2024Discount rate 1.24% 1.26%Price inflation 1.02% 1.19%Projected future remuneration increases 1.57% 1.81%Interest crediting rate 1.10% 0.95%

Composition of pension plan assets (%)2025 2024Equity - Domestic 3.96% 4.35%Bonds - Domestic 3.05% 3.96%Real Estate/Property 2.03% 2.37%Cash and cash equivalents 0.11% 0.13%Other 90.85% 89.19%Total 100% 100%

Plan DKK million EmployerparticipantsNNIT Switzerland AG 6 1NNIT Digital & Life Sciences Philippines INC 2 -Total 8 1

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 153

Weighted Average Duration of Defined Benefit Obligation:

The weighted average duration of the defined benefit obligation in NNIT Switzerland AG & in

NNIT Digital & Life Sciences Philippines INC is 11.8 years (2024: 12 years).

Maturity Profile of Defined Benefit Obligation:

3.8 Provisions

DKK millionExpected benefit payments during fiscal year ending 31-Dec-26 8Expected benefit payments during fiscal year ending 31-Dec-27 5Expected benefit payments during fiscal year ending 31-Dec-28 5Expected benefit payments during fiscal year ending 31-Dec-29 6Expected benefit payments during fiscal year ending 31-Dec-30 6Expected benefit payments during fiscal year ending 31-Dec-31 through 31-Dec-35 26

DKK million 2025 2024Defined benefit pension obligations 5 5Employee benefit obligations (contingent consideration agreement) 2 19Total employee benefit obligation 7 24Employee benefit obligation is recognized in the balance sheet as follows:Non-current liabilities (1-5 years) 5 5Current liabilitites 2 19Total employee benefit obligation 7 24



DKK million 2025 2024Provision for refurbishment obligation (1)At the beginning of the year 35 27Additions - 8Disposals (26) -At the end of the year 9 35

Other provisions (2)At the beginning of the year 2 15Additions for the year 1 2Utilized (1) (15)At the end of the year 2 2

Provision are recognized in the balance sheet as follows: Non-current liabilities 9 9Current liabilities 2 28Total liability 11 37

(1) Provision for refurbishment obligation, included under non-current liabilities,

relates to the leasehold agreements in the Group with a refurbishment obligation.

(2) Other provisions consist primarily of risks related to projects.



The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 154

4. Capital structure and financing items

4.1 Financial income and expenses

4.2 Share capital, distribution to shareholder and earnings per

The share capital has a nominal value of DKK 250 million divided into 25 million shares with a nominal value of DKK

10 each. No shares carry special rights.

Treasury shares held relates to the long-term incentive program. Retained earnings are accumulated earnings.

Exchange rate adjustments are the difference between average exchange rates in the year and exchange rates at

the balance sheet date when consolidating subsidiaries. Proposed dividends are the dividends proposed by the

Board of Directores for the financial year.

Earnings per share

(1) In the calculation of the diluted loss per share for 2025, 53,417 potential ordinary shares related to share-based payment instruments

have been excluded as they are anti-dilutive.

Earnings per share and diluted earnings per share are calculated in accordance with IAS 33. Basic

earnings per share are calculated by dividing the profit attributable to equity holders of the Company

by the weighted average number of ordinary shares in issue during the year excluding ordinary shares

purchased by the Company and held as treasury shares.

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares

outstanding to assume conversion of all dilutive potential ordinary shares. RSU's are

only included when performance requirements have been met.

DKK million 2025 2024Financial incomeInterest income 2 11Realized/unrealized gain on currency 2 -Total financial income 4 11Financial expensesRealized/unrealized loss on currency - 17Interest expenses lease liability 6 4Interest expenses 16 20Bank charges and other fees 4 3Total financial expenses 26 44



DKK million 2025 2024Net profit for the year (24) 1Number'000Number of shares 25,000 25,000Average number of treasury shares 98 106Average number of shares outstanding 24,902 24,894Dilutive effect of share-based payments (1) - 82Average number of shares outstanding, including dilutive 24,902 24,976effect of share-based paymentsEarnings per share Earnings per share DKK (0.97) 0.03Diluted earnings per share DKK (0.97) 0.03

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NNIT Annual Report 2025 155

4.2 Share capital, distribution to shareholder and earnings per

share – continued

Treasury shares held relates to the long-term incentive program. Retained earnings are accumulated earnings.

Exchange rate adjustments are the difference between average exchange rates in the year and exchange rates at

the balance sheet date when consolidating subsidiaries.

Proposed dividends are the dividends proposed by the Board of Directors for the financial year.

No interim dividend was declared in 2025 and no dividend will be declared at the end of 2025.

4.3 Leases

Treasury sharesNominal Market As % of Number value value share of shares DKK (million)(million)capital(thousand)2025Holding at the beginning of the year 1 10 0.4% 106Disposal - (1) 0.0% (10)Value adjustments - (4)Holding af the end of the year 1 5 962024Holding at the beginning of the year 1 11 0.5% 131Disposal - (3) (0.1)% (25)Value adjustment - 2Holding af the end of the year 1 10 106

Distribution to shareholdersDKK million 2025 2024Net cash distribution to shareholdersOrdinary dividends - -Interim dividends - -Total - -

Lease assetsRental of Rental of Company DKK millionpremisesequipmentcars Total2025Costs at the beginning of the year 296 12 15 323Additions 16 - 4 20Disposals (166) (1) (2) (169)Exchange rate adjustment - - - -Costs at the end of the year 146 11 17 174Depreciation and impairment loss at the beginning of the year 186 1 9 196Depreciation 20 2 4 26Depreciation reversed on disposals (166) - (2) (168)Depreciation and impairment loss at the end of the year 40 3 11 54Carrying amount at the end of the year 106 8 6 1202024Costs at the beginning of the year 246 - 22 268Additions 111 12 4 127Disposals (62) - (11) (73)Exchange rate adjustment 1 - - 1Costs at the end of the year 296 12 15 323Depreciation and impairment loss at the beginning of the year 211 - 12 223Depreciation 34 1 3 38Depreciation reversed on disposals (59) - (6) (65)Depreciation and impairment loss at the end of the year 186 1 9 196Carrying amount at the end of the year 110 11 6 127

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NNIT Annual Report 2025 156

4.3 Leases – continued

Lease liabilities

Lease liabilities expiring within the following periods from the balance sheet date:

In 2025 the Group has paid 27 million (2024: 60 million) regarding lease agreements where of

interest expenses related to lease liabilities amount to DKK 6 million (2024: 4 million) and

repayment of lease liability amount to DKK 21 million (2024: 56 million)

NNIT has entered into short-term and low-value lease agreement for printers, coffee makers,

watercoolers parking space and storage. The total value of these agreements are immaterial.

Subleases

NNIT has entered into arrangements to sublease part of the Group's property lease agreement.

In accordance with IFRS 16, the right-of-use asset covering the subleases is derecognized, and a

lease receivable is recognized.

DKK million 2025 2024Within 1 year 30 22Between 1 and 5 years 76 75After 5 years 49 65Total lease liability, non-discounted 155 162Lease liabilities are recognized in the balance sheet as follows:Non-current liabilities 106 113Current liabilities 24 17Total lease liabilities 130 130Recognized in the profit and loss statementInterest expenses related to lease liabilities 6 4Expense relating to short term leases, not capitalized - -Expense relating to leases of low-value assets, not - -capitalized6 4

DKK million 2025 2024Amounts recognised in the statement of cash flowsInstallment on sublease receivables 7 35Receivables from subleasingReceivables from subleases at 1 January 7 26Additions 2 18Disposals - (2)Payments received (7) (35)Receivables from subleases 2 7



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NNIT Annual Report 2025 157

4.4 Financial assets and liabilities

Depending on the purpose of each asset and liability, NNIT classifies these into the following

categories:

Cash and cash equivalents

Financial assets at amortized cost

Financial liabilities measured at amortized cost

•

Cash and cash Financial assets at DKK millionequivalentsamortized cost Total2025Financial assets by categoryDeposits - 12 12Trade receivables - 394 394Work in progress - 43 43Other receivables - 7 7Prepayments - 23 23Cash and cash equivalents 87 - 87Total financial assets at the end of the year 87 479 5662024Financial assets by categoryDeposits - 12 12Trade receivables - 476 476Work in progress - 16 16Other receivables - 39 39Prepayments - 25 25Cash and cash equivalents 158 - 158Total financial assets at the end of the year 158 568 726

Financial liabilities Financial measured liabilities at measured at amortized undiscounted DKK millioncostpayments2025Financial liabilities by categoryLease liabilities 130 155Credit Facilities 268 268Trade payables 108 108Other non-current and current liabilities 45 45Total financial liabilities at the end of the year 551 5762024Financial liabilities by categoryLease liabilities 130 162Credit Facilities 271 271Trade payables 117 117Other non-current and current liabilities 69 69Total financial liabilities at the end of the year 587 619

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NNIT Annual Report 2025 158

4.4 Financial assets and liabilities – continued

After Financial liabilities fall due as follows:moreWithin 1 Within 1-5 than 5 DKK millionyearyearsyears Total2025Lease liabilities 30 76 49 155Credit Facilities 268 - - 268Trade payables 108 - - 108Other non-current and current liabilities 45 - - 45Total financial liabilities at the end of the year 451 76 49 5762024Lease liabilities 22 75 65 162Credit Facilities 100 171 - 271Trade payables 117 - - 117Other non-current and current liabilities 69 - - 69Total financial liabilities at the end of the year 308 246 65 619Bank loans: Type of Nominal CarryingDKK million Currency Maturity Interest value amount2025Bank loan DKK 2026 Floating 218 218Bank loan DKK 2026 Floating 50 50Total bank loans at the end of the year 268 2682024Bank loan DKK 2026 Floating 171 171Bank loan DKK 2025 Floating 100 100Total bank loans at the end of the year 271 271

Changes in liabilities arising from financing activities:Credit Lease DKK millionFacilitiesliability Total2025Financial liabilities included in finance activitiesFinancing liabilities included in finance activities at the beginning of the year 271 130 401Cash flows:Installments - (21) (21)Ingoing payments during the year 47 - 47Outgoing payments during the year (50) - (50)of the year 268 130 398Non-cash flows:Addition - 23 23Disposals - (2) (2)Exchange rate adjustmentsTotal financial liabilities included in finance activities at the end 2024Financial liabilities included in finance activitiesFinancing liabilities included in finance activities at the beginning of the year 267 64 331Cash flows:Installments - (56) (56)Ingoing payments during the year 100 100Outgoing payments during the year (96) - (96)of the year Non-cash flows:271Addition - 125 125 Disposals130Exchange rate adjustments - (3) (3) Total financial liabilities included in finance activities at the end 401

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NNIT Annual Report 2025 159

4.4 Financial assets and liabilities – continued

Fair value measurement hierarchy

Plan assets recognized for the groups defined benefits pension plans is measured at fair value,

reference is made to note 3.7. The plan assets are categorized in the fair value hierarchy as level 2

(directly or indirectly observable market data). The fair value is measured according to generally

accepted valuation techniques. Market-based parameters are used to measure the fair value.

The remaining categories of financial assets and liabilities are measured at amortized cost.

Financial risks

NNIT’s objective at all times is to limit the Company’s financial risks.

Financing and sufficient liquidity are fundamental to NNIT´s continuing operations and future growth.

Liquidity is managed centrally from the Parent Company. The liquidity risk is countered by consistent

focus on budgeted and realized cash flow.

NNIT is party to a revolving credit facility with a total commitment of DKK 300 million and a short term

loan facility with a total commitment of DKK 50 million maturing on 1 November 2026 and 30 June

2026, respectively (“the Facilities”). The Facilities are subject to a covenant requiring that debt leverage,

defined as net debt divided by 12 months rolling adjusted EBITDA, must not exceed 3.00x (“the

covenant”). The covenant is tested and reported end of each quarter until the maturity of the Facilities.

See note 1.6 regarding refinancing of the credit facility.

During Q1 and Q3 2025, the Group breached the Covenant under the Facility, which gave the lender

the right to demand immediate repayment of outstanding borrowings. At the end of Q1 and Q3 2025,

the principal of the facility amounted to DKK 350 million. The Company has obtained waivers for the

Q1 and Q3 2025 breached covenants, remedying the breaches.

Further in Q4 2025 the covenant was breached. The principal of the facility amounted to DKK 350

DKK million 2025 2024EUR (3) (3)CNY - (1)CZK (4) (4)USD 5 4CHF 5 6PHP (6) (5)

million and the carrying amount of the facility amounted to DKK 268 million and interest payable

amounted DKK 0.4 million as of 31 December 2025.

Based on forecasts for 2026, it is expected that covenants for Q1 2026 will be breached. However,

management plans to initiate some mitigating actions to remedy the potential breach. In January

2026, the Company obtained a waiver for the breach in Q4 2025 and obtained a written confirmation

from lenders that a waiver for Q1 2026 will be issued if necessary. Based on the current forecast NNIT

expects to remain in compliance with the covenant for the remaining quarters in 2026.

Foreign exchange risk and sensitivity analysis

NNIT is exposed to exchange rate risks in the countries where NNIT has its main activities. The

majority part of NNIT’s sales is in DKK and EUR, implying limited foreign exchange risk, due to the

Parent Company’s functional currency being DKK and Denmark’s fixed-rate policy towards EUR. NNIT’s

foreign exchange risk therefore primarily stems from transactions carried out in the currencies of

other countries in which NNIT mainly operates: Primarily the Philippines peso, US Dollar, Czech koruna

and to a lesser extent Chinese yuan and the Swiss franc.

Most of the foreign exchange risk in the Chinese yuan and US dollar and all of the foreign exchange

risk in the Czech koruna and the Philippines peso are due to intercompany transactions. NNIT

estimates that all other variables being constant, a 10% depreciation of the average 2025 exchange

rate of the Danish kroner against the following currencies would have had the indicated impact (in

Danish kroner) on our operating profit (EBIT) for 2025. The following sensitivity analysis addresses

hypothetical situations and is provided for illustrative purposes only:

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NNIT Annual Report 2025 160

4.4 Financial assets and liabilities – continued

Foreign exchange risk and sensitivity analysis - continued

A corresponding appreciation of the Danish kroner against the above currencies would have

had the opposite impact.

As of December 31, 2025 NNIT, A/S’ net balance position (trade receivables minus trade

payables) divided on currency amounted to a short-term outflow primarily in Euro, US dollar

and Czech koruna and a short term inflow in Chinese yuan. A 10% depreciation of the exchange

rate of the Danish kroner against NNIT A/S’ transaction exposures (net balance position) will

have the below illustrated impact (in Danish kroner) on the net profit before tax for the year

ended December 31, 2025.

Credit risk

NNIT’s credit risk principally arises from trade receivables, which amounted to DKK 394 million

as of December 31, 2025 (December 31, 2024: DKK 476 million). The maximum credit risk

corresponds to the carrying amount. For many years, NNIT has not realized any significant

losses on receivables. The classification of trade receivables according to maturity date is set

out in the note 3.6.

Cash management

NNIT is committed to maintain a flexible capital structure. As of December 31, 2025, NNIT had

undrawn committed credit facilities in the amount of DKK 82 million (2024: DKK 129 million).

See note 1.6 regarding refinancing of the credit facility.

The total credit facility is DKK 350 million (December 2024: 400) of which DKK 350 million

matures in 2026. The total draw on the credit facility of DKK 268 million is classified with DKK

268 million as current, reference is made to note 1.6. As of December 31, 2025, NNIT had ‘cash

and cash equivalents’ DKK 95 million outside Denmark and ‘bank facilities’, net of DKK 268

million in Denmark.

The Group uses cash pools for day-to-day liquidity management in most of its entities, as well

as intra-group loans to and from subsidiaries. Asia is less integrated in terms of cash pools, and

liquidity is managed via intra-group loans. For some markets in Asia, intra-group loans are not

possible, and surplus liquidity will be paid out in the form of dividends, which results in a time

lag between when the cash flow is generated and when it becomes available for the parent

company. Cash balances subject to these delays are DKK 62.4 million, with the most significant

cash balances related to China.

Capital management

NNIT monitors capital on the basis of the solvency ratio, which is calculated on the basis of the

total equity as a percentage of the total equity and liabilities. At the end of the year, the

solvency ratio was 51.8% (2024: 51.0%).

Net Trade Trade balance Transaction 10% Millionreceivablespayablespositionexposuresensitivity December 31, 2025CNY 1.6 0.3 1.3 1.3 0.1CZK - 5.0 (5.0) (5.0) (0.5)CHF 0.6 2.9 (2.3) (2.3) (0.2)USD 2.9 0.8 2.1 2.1 0.2EUR 3.7 22.9 (19.2) (19.2) (1.9)December 31, 2024CNY 0.9 (0.2) 1.0 1.0 0.1CZK - 18.0 (18.0) (18.0) (1.8)CHF - 0.9 (0.9) (0.9) (0.1)USD 1.7 9.2 (7.5) (7.5) (0.8)EUR 3.1 13.3 (10.2) (10.2) (1.0)

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NNIT Annual Report 2025 161

5. Other disclosures

5.1 Fee to statutory auditors

Fees for services other than the statutory audit of the financial statements provided by EY

Godkendt Revisionspartnerselskab Denmark amounted to DKK 9.7 million. Other assurance

engagements include IT assurance reports, remuneration report and limited assurance on

sustainability reporting. Tax services comprise allowed tax compliance and transfer pricing.

Fees for other services relates to assignments on Board initiated strategic process.

5.2 Reversal of non-cash item

DKK million 2025 2024Statutory audit 1.9 1.2Other assurance engagements 2.0 1.4Tax advisory services 0.6 0.2Other services 7.7 0.3Total fee to statutory auditors 12.2 3.1

DKK million 2025 2024Income taxes 13 14Amortization, depreciation and impairment losses 45 52Gain/loss on disposed assets (2) -Gain on sublease - 9Gain on divestment - -Increase/(decrease) in provisions and non-current transition cost (1) (3)Provision share-based payments NNIT shares (3) 1Allowance for bad debt 1 (4)Interests 24 16Sublease addition - 18Net foreign exchange differences (5) 17Reversal deferred income - (37)Other adjustments of non-cash items (20) (10)Total 52 73



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NNIT Annual Report 2025 162

5.3 Statement of cash flows – specifications

NNIT has a total credit facility of DKK 350 million with Nordea, consisting of DKK 100 million as

line of credit, revolving credit facility of DKK 200 million and a short-term loan of DKK 50 million.

5.4 Contingent liabilities, other contractual obligations and legal

proceedings

Other contractual obligations expiring within the following periods from balance sheet

date

Other contractual obligations include services and cost in connection with office rental

agreement.

NNIT and its Danish subsidiary SCALES A/S are jointly taxed with the Danish companies in the

Novo Group. The Danish companies are jointly and individually liable for the joint taxation. Any

subsequent adjustments to income taxes and withholding taxes may lead to a larger liability.

The tax for the individual companies is allocated in full on the basis of the expected taxable

income.

The Group will from time to time receive inquiries from local tax authorities and be part of

various legal disputes. Based on present knowledge the outcome is not expected to impact the

Group’s financial position significantly.

DKK million 2025 2024Changes in working capitalIncrease/(decrease) in current receivables less non-current transition costs and tax 44 211receivablesIncrease/(decrease) in current liabilities less provisions and tax payables (80) (241)Change in trade payables related to investments - -Total (36) (30)

Additional cash flow informationCash and equivalents, assets 87 158Drawn on credit facilities, Non-current - (171)Drawn on credit facilities, Current (268) (100)Total committed credit facilities 350 400Financial resources at the end of the year 169 287

Cash flow from operating activities (18) (6)Cash flow from investing activities (29) (34)Free cash flow (47) (40)

DKK million 2025 2024Other contractual obligations expiring within the following periods from balance sheet dateWithin 1 year 10 11Between 1 and 5 years 41 42After 5 years 31 37Total 82 90Other contractual obligations in the income statement for the year - 5

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NNIT Annual Report 2025 163

5.5 Related party transactions and ownership

Ownership

NNIT A/S is controlled by Novo Holdings A/S, of which the Novo Nordisk Foundation is the

ultimate owner. The consolidated financial statements of the ultimate parent company, the

Novo Nordisk Foundation, may be obtained from the Novo Nordisk Foundation, Tuborg

Havnevej 19, DK-2900 Hellerup, Denmark.

Large shareholders (>5%) comprise:

Novo Holdings A/S, Gentofte, Denmark, 33.50%

Novo Nordisk A/S, Gladsaxe, Denmark, 17.50%

Chr. Augustinus Fabrikker Akts., Copenhagen, Denmark, 5.86%

Related party transactions

NNIT has engaged in related party transactions regarding ordinary business with Novo Holdings

A/S, the Novo Nordisk Group, the Novonesis Group and Xellia Pharmaceuticals Group. There

have been no transactions other than the payment of remuneration with the Group

Management of NNIT A/S and the NNIT Board of Directors. For information on remuneration to

the Group Management of NNIT, please refer to note 2.2 'Employee costs'.

DKK million 2025 2024Net salesNovo Nordisk Group 231 212Novo Holdings A/S - -Novo Nordisk Foundation - -Total Novo Nordisk Group 231 212Novonesis Group 11 5Total 242 217Trade receivablesNovo Nordisk Group 24 66Novonesis Group 3 1Novo Holdings A/S - -Total 27 67Work in progressNovo Nordisk Group 1 1Total 1 1Liabilities from related partiesNovo Nordisk Group - -Total - -Prepayments from related partiesNovo Nordisk Group 4 -Total 4 -DividendsNovo Holding A/S - -Novo Nordisk A/S - -Total - -

Transactions with related parties:

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NNIT Annual Report 2025 164

5.5 Related party transactions and ownership – continued

(1) NNIT UK Limited, registration number 09399926, is exempt from the UK requirements relating to the audit of financial statements

under section 479A of the Companies Act 2006.

(2) Excellis Europe Ltd., registration number 09184253, is exempt from the UK requirements relating to the audit of financial statements

under section 479A of the Companies Act 2006.

5.6 Events after the balance sheet date

There have been no events after the balance sheet date which would have a significant impact

on an assessment of NNIT's financial position as of December 31, 2025.

Companies in the NNIT Group:Percentage Year of of shares Countryincorporation/acquisition Share capitalownedNNIT (Tianjin Technology China 2007 CNY 10,804,229 100Co. Ltd.)NNIT Switzerland AG Switzerland 2010 CHF 100,000 100NNIT Germany GmbH Germany 2011 EUR 25,000 100NNIT Inc. USA 2011 USD 3,251,000 100NNIT UK Ltd. (1) UK 2015 GBP 50,000 100SCALES A/S Denmark 2017 DKK 600,000 100NNIT Ireland Ltd Ireland 2021 EUR 200 100NNIT Poland Sp. Z o.o. Poland 2019 PLN 5,000 100NNIT Singapore Singapore 2019 SGD 546,278 100Holdings Pte. Ltd. NNIT Singapore Pte. Ltd. Singapore 2019 SGD 66,700 100Excellis Europe Ltd. (2) UK 2020 GBP 100 100NNIT Italy S.r.l Italy 2022 EUR 40,000 100NNIT España Consultoria Spain 2022 EUR 50,000 100Tecnologica y de la informaction sociedad limitadaNNIT Czech Republic Czech 2023 CZK 450,000 1002022 s.r.o.RepublicNNIT Digital & Life Philippines 2023 PHP 11,200,000 100Sciences Philippines Inc.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 165

Parent Company
Financial Statements
 
Income Statement 167
Balance Sheet 168
Statement of Changes in Equity 169
Notes 170
The Bigger Picture Sustainability Statements Financial Statements Statements
NNIT Annual Report 2025 166

Income Statement

For the year ended December 31

DKK million Note 2025 2024

Revenue 808 845

Production cost 2.1 670 794

Gross profit 138 51

Sales and Marketing cost 2.1 31 38

Administration cost 2.1 224 100

Operating profit before special items (117) (87)

Special items 2.2 45 32

Operating profit (162) (119)

Financial income 4.1 105 131

Financial expenses 4.1 63 28

Profit before income taxes (120) (16)

Income taxes (36) (22)

Net profit for the year 4.2 (84) 6

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NNIT Annual Report 2025 167

Balance Sheet

As of December 31

ASSETS

EQUITY AND LIABILITIES

DKK million Note 2025 2024

Intangible assets 3.1 57 50

Tangible assets 3.2 4 5

Lease assets 4.3 92 103

Transition cost 29 13

Financial assets 3.3 720 715

Financial assets - related parties 3.3 319 369

Trade receivables 3.4 - 6

Total fixed assets 1,221 1,261

Inventories 3 3

Trade receivables 3.4 138 148

Trade receivables - related parties 28 68

Work in progress 1 -

Work in progress - related parties - -

Transition cost 6 3

Other receivables 4 35

Prepayments 14 14

Deferred taxes 3.5 2 21

Tax receivables 15 16

Financial assets - related parties 18 24

Cash and cash equivalents 3 -

Total current assets 232 332

Total assets 1,453 1,593

DKK million Note 2025 2024

Share capital 250 250

Treasury shares (12) (14)

Retained earnings 336 428

Reserve IT-development projects 44 39

Tax 1 -

Total equity 619 703

Lease liabilities 4.3 87 97

Prepayments received, transition cost 14 12

Provisions 3.6 7 7

Loan - related parties 87 71

Credit facilities - 171

Other non-current liabilities - -

Total non-current liabilities 195 358

Prepayments received 7 4

Prepayments received, related parties 4 1

Lease liabilities 4.3 15 10

Employee benefit obligations 2 19

Provisions 3.6 3 28

Trade payables 81 107

Trade payables - related parties 180 95

Loan - related parties 30 52

Employee costs payable 26 38

Tax payables - -

Credit facilities 268 129

Other current liabilities 23 49

Total current liabilities 639 532

Total equity and liabilities 1,453 1,593

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NNIT Annual Report 2025 168

Statement of Changes in Equity

as of December 31

DKK million Share capital Treasury share Retained earnings

Reserve IT

development projects Tax Proposed dividends Total

2025

Balance at the beginning of the year 250 (14) 428 39 - - 703

Proposed allocation of Net profit for the year - - (84) 2 - - (82)

Transfer of treasury shares - 2 (2) - - - -

Share-based payments - - (3) - - - (3)

Deferred tax on share program - - - - 1 - 1

Transfer - - (3) 3 - - -

Balance at the end of the year 250 (12) 336 44 1 - 619

2024

Balance at the beginning of the year 250 (1) 438 9 - - 696

Proposed allocation of Net profit for the year - - (24) 30 - - 6

Transfer of treasury shares - (13) 13 - - - -

Share-based payments - - - - - - -

Deferred tax on share program - - 1 - - - 1

Balance at the end of the year 250 (14) 428 39 - - 703

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 169

Notes to the Parent Company

Financial Statements

1. Basis of Preparation

2. Results for the year

3. Operating assets and liabilities

4. Capital structure and financing items

5. Other disclosures

1.1 Accounting policies 171

1.2 Refinancing 171

2.1 Employee costs 172

2.2 Special items 172

3.1 Intangible assets 173

3.2 Tangible assets 174

3.3 Financial assets 175

3.4 Trade receivables 176

3.5 Deferred taxes 176

3.6 Provisions 177

4.1 Financial income and expenses 178

4.2 Proposed allocation of Net profit for the year 178

4.3 Leases 179

5.1 Fee to statutory auditors 180

5.2 Contingent liabilities, other contractual obligations and legal proceeding 180

5.3 Related party transactions and ownership 180

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 170

1. Basis of preparation

1.1 Accounting policies

The parent company financial statements

are presented in accordance with the Danish

Financial Statements Act. (class D) and other

accounting regulations for companies listed

on NASDAQ Copenhagen.

The accounting policies used in the

preparation of the financial statements are

consistent with those of last year.

The parent company applies IFRS 2 Share-

based Payment, IFRS 9 Financial

instruments, IFRS 15 Revenue from Contract

with Customers and IFRS 16 Leases as

interpretation to the Danish Financial

Statement Act.

Special items are shown separately in the

parent company to better provide a true and

fair view of the company's ordinary

operations.

The parent company financial statements

are continuously presented according to the

same practice as the consolidated financial

statements, with the below mentioned

additions.

Supplementary accounting policies for

theparent company

Dividends from investments in subsidiaries

are recognized as income in the Parent's

income statement under financial income in

the financial year in which the dividends are

declared.

Investments in subsidaries

Investments in subsidiaries are measured at

cost. If there is any indication of impairment,

investments are tested for impairment as

described in the accounting policies applied

by the Group. If the cost exceeds the

recoverable amount, the investment is

written down to this lower value.

The contingent consideration for Excellis

Health Solutions, SCALES, Valiance Partner,

HGP Group and SL Controls is recognized as

an employee benefit obligation and is

accrued over the period from the acquisition

date until the payment is unconditional

based on expected achieved performance.

The cost is recognized as an addition in

investment in subsidiaries.

Equity

The reserve for development costs

comprises recognized development costs.

The reserve cannot be used to distribute

dividends or cover losses. The reserve will be

reduced or dissolved if the recognized

development costs are no longer part of the

Company's operations by a transfer directly

to the distributable reserves under equity.

Cash flow statement

With reference to section 86(4) of the Danish

Financial Statements act no cash flow

statement has been prepared for the parent

company as cash flows are included in the

consolidated financial statements of NNIT

A/S. For the group cash flow statement,

please refer to page 118.

1.2 Refinancing

NNIT’s existing main Revolving Credit Facility

amounting DKK 300 million, expires 1

November 2026. The DKK 50 million Facility

expires 30 June 2026. Consequently a

process, to obtain a new Credit Facility to full

fill the necessary funding for the Group, will

be initiated.

Management expects to initiate the above-

mentioned process during the first half of

2026. The current lender has expressed, a

non-binding, willingness to engage in

discussions regarding a refinancing of the

current revolving credit facility.

Based on NNIT’s current financial position,

performance, other strategic options, it is

expected that the refinancing can be

completed on satisfactory terms and within

the required timeframe.

Refer to note 4.4 Financial Risk in the

consolidated financial statements.

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 171

2. Results for the year

2.1 Employee costs

For further information about fees to Board of Directors and salary to Group Management,

please refer to note 2.2 'Employee costs', in the consolidated financial statements.

2.2 Special items

DKK million 2025 2024

Wages and salaries 397 368

Pensions 39 40

Other employee costs 15 14

Total employee costs 451 422

Capitalized under IT development projects (11) (15)

440 407

Included in the income statement under the following headings:

Production cost 303 315

Sales and marketing costs 28 35

Administration cost 88 51

Special items 21 6

Total employee costs 440 407

Average number of full-time employees 486 500

DKK million 2025 2024

Special items relates to:

Restructuring cost 26 39

Board-initiated strategic process 17 -

Gain from subleases - 9

Cost regarding acquisition and disposal of operations - (20)

Other 2 4

Total special items 45 32

If special items had been recognized in operating profit before special items, they

would have been included in the following line items:

Production cost - (11)

Administration cost 45 43

Total special items 45 32

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 172

3. Operating assets and liabilities

3.1 Intangible assets

IT development projects mainly include NNIT's ERP system which is used as basis for the Group's day-to-day operations.

IT development projects under construction consist of both internal IT-systems and developed applications for customer services.

DKK million

development

projects

development

projects

under

construction 2025

development

projects

development

projects

under

construction 2024

Costs at the beginning of the year 44 12 56 6 9 15

Additions - 17 17 - 44 44

Disposals (3) - (3) (3) - (3)

Transfer 28 (28) - 41 (41) -

Costs at the end of the year 69 1 70 44 12 56

Amortization and impairment losses at the beginning of the year 6 - 6 3 - 3

Amortization 10 - 10 4 - 4

Amortization reversed on disposals (3) - (3) (1) - (1)

Amortization and impairment loses at the end of the year 13 - 13 6 - 6

Carrying amount at the end of the year 56 1 57 38 12 50

Amorization period 3-10 years 3-10 years

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 173

3.2 Tangible assets

DKK million

Other

equipment

Leasehold

improvements 2025

Other

equipment

Leasehold

improvements 2024

Costs at the beginning of the year 1 9 10 1 46 47

Additions - - - - 5 5

Disposals - (2) (2) - (42) (42)

Transfer - - - - - -

Cost at the end of the year 1 7 8 1 9 10

Depreciation and impairment losses at the beginning of the year 1 4 5 1 41 42

Depreciation - 1 1 - 4 4

Depreciation reversed on disposals during the year - (2) (2) - (41) (41)

Depreciation and impairment losses at the end of the year 1 3 4 1 4 5

Carrying amount at the end of the year - 4 4 - 5 5

Depreciation period 3-10 years 5-10 years 3-10 years 5-10 years

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 174

3.3 Financial assets

Please refer to note 5.5 in the consolidated financial statements for a listing of subsidiaries in

the NNIT Group.

DKK million

Other

receivables Deposits

Investments

subsidiaries 2025

Cost

Cost at the beginning of the year - 7 708 715

Additions - - 5 5

Disposals - - - -

Transfer to Other receivables under current assets - - - -

Carrying amount at the end of the year - 7 713 720

DKK million

Other

receivables Deposits

Investments

subsidiaries 2024

Cost

Cost at the beginning of the year 212 25 684 921

Additions 9 5 24 38

Disposals (221) - - (221)

Transfer to Other receivables under current assets - (23) - (23)

Carrying amount at the end of the year - 7 708 715

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 175

3.3 Financial assets (Financial assets - related parties)

3.4 Trade receivables

(1) Whereoff DKK 0 million (2024: DKK 6 million) is presented as non-current

3.5 Deferred taxes

DKK milion 2025 2024

Long term loan beginning of the year 369 351

Additions 19 22

Installment (27) (14)

Exchange rate adjutsment (42) 10

Cost at the end of the year 319 369

Carrying amount at the end of the year 319 369

DKK million 2025 2024

Total trade receivables (gross) (1) 138 154

Allowances for bad debt in the year - -

Total trade receivables 138 154

DKK million 2025 2024

Intangible assets (12) (9)

Tangible assets 12 6

Current assets (8) -

Lease receivables and liabilities 3 11

Provisions 7 13

Share based programs - -

At the end of the year 2 21

Deferred tax has been calculated based on current tax rate of 22%.

At the beginning of the year 21 69

Adjustments related to previous years (2) (12)

Movements within the year (17) (36)

At the end of the year 2 21

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 176

3.6 Provisions

DKK million 2025 2024

Provision for refurbishment obligation

At the beginning of the year 33 26

Additions - 7

Disposals (26) -

At the end of the year 7 33

Provision for refurbishment obligation, included under non-current liabilities,

relates to the leasehold agreements in the Parent company with a refurbishment

obligation.

Other provisions

At the beginning of the year 2 15

Additions for the year 1 2

Utilized (1) (15)

At the end of the year 2 2

Provisions are recognized in the balance sheet as follows:

Non-current liabilities 7 7

Current liabilities 2 28

Total liability 9 35

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 177

4. Capital structure and financing items

4.1 Financial income and expenses

4.2 Proposed allocation of Net profit for the year

DKK million 2025 2024

Financial income

Dividends from subsidaries 90 83

Realized/Unrealized gain on currency - 20

Interest income from related parties 14 18

Interest income - other external - 10

Interest related to tax 1 -

Total financial income 105 131

Financial expenses

Interest expense - credit facilities 15 17

Interest expense - other related parties 1 3

Interest expenses lease liability 5 4

Bank charges and other fees 4 2

Realized/Unrealized loss on currency 38 -

Interest expense related to tax - 2

Total financial expenses 63 28

DKK million 2025 2024

Retained earnings (84) 6

Total allocated Net profit (84) 6

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 178

4.3 Leases

Lease assets

Lease liabilities

Lease liabilities expiring within the following periods from the balance sheet date:

In 2025, NNIT has paid DKK 21 million (2024: DKK 56 million) regarding lease agreements where

of interest expenses related to lease liabilities amount to DKK 5 million (2024: 4 million) and

repayment of lease liability amount to 16 million (2024: 52 million).

Subleases

For information regarding subleases, please refer to note 4.3 in the consolidated financial

statements. Subleases relates only to the Parent Company.

DKK million

Rental of

premises Equipment

Company

cars Total

2025

Costs at the beginning of the year 254 12 7 273

Additions 2 - 2 4

Disposals (156) (1) (1) (158)

Costs at the end of the year 100 11 8 119

Depreciation and impairment loss at the beginning of

the year 164 1 5 170

Depreciation 11 2 2 15

Depreciation reversed on disposals (156) (1) (1) (158)

Depreciation and impairment loss at the end of the

year 19 2 6 27

Carrying amount at the end of the year 81 9 2 92

2024

Costs at the beginning of the year 174 - 14 188

Additions 91 12 2 105

Disposals (11) - (9) (20)

Costs at the end of the year 254 12 7 273

Depreciation and impairment loss at the beginning of

the year 150 - 7 157

Depreciation 25 1 3 29

Depreciation reversed on disposals (11) - (5) (16)

Depreciation and impairment loss at the end of the

year 164 1 5 170

Carrying amount at the end of the year 90 11 2 103

DKK million 2025 2024

Within 1 year 19 15

Between 1 and 5 years 58 59

After 5 years 46 61

Total lease liability, non-discounted 123 135

Lease liabilities are recognized in the balance sheet as follows:

Non-current liabilities 87 97

Current liabilities 15 10

Total lease liabilities 102 107

Recognized in the profit and loss statement

Interest expenses related to lease liabilities 5 4

Expense relating to leases of low-value assets, not capitalized - -

5 4

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 179

5. Other disclosures

5.1 Fee to statutory auditors

Fees for services other than the statutory audit of the financial statements provided by EY

Godkendt Revisionspartnerselskab Denmark amounted to DKK 9.7 million including other

assurance engagements and other services. Fees for other assurance engagements include IT

assurance reports, remuneration report and limited assurance on sustainability reporting. Fees

for other services relates to assignments on Board initiated strategic process.

5.2 Contingent liabilities, other contractual obligations and legal

proceeding

NNIT has entered into short-term and low-value lease agreement for printers, coffee makers,

watercoolers and storage. The total value of these agreements are immaterial.

For information regarding contingent liabilities and legal proceedings, please refer to note 5.5

'Contingent liabilities, other contractual obligations and legal proceedings', in the consolidated

financial statements.

5.2 Contingent liabilities, other contractual obligations and legal

proceeding – continued

Other contractual obligations include services and cost in connection with office rental

agreement.

NNIT and its Danish subsidiary SCALES A/S are jointly taxed with the Danish companies in the

Novo Group. The Danish companies are jointly and individually liable for the joint taxation. Any

subsequent adjustments to income taxes and withholding taxes may lead to a larger liability.

The tax for the individual companies is allocated in full on the basis of the expected taxable

income.

5.3 Related party transactions and ownership

In accordance with the Danish Financial Statement act section 98c (7) related party transactions

are not disclosed as they are carried out at an arm's length basis. For information on

remuneration to Group Management of NNIT, please refer to note 2.2 'Employee costs', in the

consolidated financial statement.

DKK million 2025 2024

Statutory audit 1.1 1.0

Other assurance engagements 2.0 1.4

Tax advisory services - -

Other services 7.7 0.3

Total fee to statutory auditors 10.8 2.7

DKK million 2025 2024

Other contractual obligations expiring within the following periods from

balance sheet date

Within 1 year 10 9

Between 1 and 5 years 41 38

After 5 years 31 37

Total 82 84

Other contractual obligations in the income statement for the year - 5

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 180

Statements

Management’s Statement 182

Independent auditor’s reports 183

Independent auditor's limited assurance

report on Sustainability Statements

188

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 181

Management’s Statement

The Board of Directors and the Executive

Management have today considered and

approved the annual report of NNIT A/S for

the financial year 2025.

The Consolidated Financial Statements are

prepared in accordance with IFRS

Accounting Standards as adopted by the EU

and disclosure requirements for listed

companies in Denmark and the Parent

Company Financial Statements are prepared

in accordance with the Danish Financial

Statement Act.

In our opinion, the Consolidated Financial

Statements and the Parent Company

Financial Statements give a true and fair view

of the Group's and the Parent's financial

position at 31 December 2025 as well as of

the results of their operations and the

Group's cash flows for the financial year 31

December 2025.

The Sustainability Statement is prepared in

accordance with the European Sustainability

Reporting Standards ESRS as required by

the Danish Financial Statements Act

paragraph 99a as well as article 8 in the EU

Taxonomy regulation.

In our opinion, the Management Review is

also prepared in accordance with relevant

laws and regulations and contains a fair

review of the development of the Group's

and the Parent's business and financial

matters, the results for the year and of the

Parent's financial position and the financial

position as a whole of the entities included

in the Consolidated Financial Statements,

together with a description of the principal

risks and uncertainties that the Group and

the Parent face.

Furthermore, in our opinion, the annual

report of NNIT A/S for the financial year 31

December 2025, with the file name nnit-

2025-12-31-en.zip, are prepared, in all

material respects, in accordance with the

ESEF Regulation.

We recommend the annual report for

adoption at the Annual General Meeting.

Copenhagen, February 5, 2026

NNIT A/S

EXECUTIVE MANAGEMENT

Pär Fors

President and CEO

BOARD OF DIRECTORS

Carsten Dilling

Chairman

Nigel Govett

Christian Kanstrup

Frederik Sparre Willumsen

Employee-elected representative

Dorte Broch Pedersen

Employee-elected representative

Carsten Ringius

Executive Vice President and CFO

Eivind Kolding

Deputy Chairman

Jan Winther

Caroline Serfass

Kim Høyer

Employee-elected representative

The Bigger Picture Sustainability Statements Financial Statements Statements

NNIT Annual Report 2025 182

Independent auditor’s reports

To the Shareholders of NNIT A/S

Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements

Opinion

We have audited the consolidated financial

statements and the parent company

financial statements of NNIT A/S for the

financial year 1 January – 31 December

2025, which comprise income statement,

balance sheet, statement of changes in

equity and notes, including material

accounting policy information, for the Group

and the Parent Company, and a

consolidated statement of comprehensive

income and a consolidated cash flow

statement. The consolidated financial

statements are prepared in accordance with

IFRS Accounting Standards as adopted by

the EU and additional requirements of the

Danish Financial Statements Act, and the

parent company financial statements are

prepared in accordance with the Danish

Financial Statements Act.

In our opinion, the consolidated financial

statements give a true and fair view of the

financial position of the Group at 31

December 2025 and of the results of the

Group's operations and cash flows for the

financial year 1 January – 31 December 2025

in accordance with IFRS Accounting

Standards as adopted by the EU and

additional requirements of the Danish

Financial Statements Act.

Further, in our opinion the parent company

financial statements give a true and fair view

of the financial position of the Parent

Company at 31 December 2025 and of the

results of the Parent Company's operations

for the financial year 1 January – 31

December 2025 in accordance with the

Danish Financial Statements Act.

Our opinion is consistent with our long-form

audit report to the Audit Committee and the

Board of Directors.

Basis for opinion

We conducted our audit in accordance with

International Standards on Auditing (ISAs)

and additional requirements applicable in

Denmark. Our responsibilities under those

standards and requirements are further

described in the "Auditor's responsibilities

for the audit of the consolidated financial

statements and the parent company

financial statements" (hereinafter collectively

referred to as "the financial statements")

section of our report. We believe that the

audit evidence we have obtained is sufficient

and appropriate to provide a basis for our

opinion.

Independence

We are independent of the Group in

accordance with the International Ethics

Standards Board for Accountants'

International Code of Ethics for Professional

Accountants (IESBA Code), as applicable to

audits of financial statements of public

interest entities, and the additional ethical

requirements applicable in Denmark to

audits of financial statements of public

interest entities. We have also fulfilled our

other ethical responsibilities in accordance

with these requirements and the IESBA

Code.

To the best of our knowledge, we have not

provided any prohibited non-audit services

as described in article 5(1) of Regulation (EU)

no. 537/2014.

Appointment of auditor

We were initially appointed as auditor of

NNIT A/S on 14 March 2024 for the financial

year 2024. We have been reappointed

annually by resolution of the general

meeting for a total consecutive period of two

years up until the financial year 2025.

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NNIT Annual Report 2025 183

Key audit matters

Key audit matters are those matters that, in

our professional judgement, were of most

significance in our audit of the financial

statements for the financial year 2025.

These matters were addressed during our

audit of the financial statements as a

whole and in forming our opinion thereon.

We do not provide a separate opinion on

these matters. For each matter below, our

description of how our audit addressed the

matter is provided in that context.

We have fulfilled our responsibilities

described in the "Auditor's responsibilities

for the audit of the financial statements"

section, including in relation to the key audit

matters below. Accordingly, our audit

included the design and performance of

procedures to respond to our assessment

of the risks of material misstatement of the

financial statements. The results of our audit

procedures, including the procedures

performed to address the matters below,

provide the basis for our audit opinion on

the financial statements.

Key audit matter

The accounting principles and disclosures on revenue recognition are included in note 1.1, 1.2,

1.4, 2.1, and 3.4 to the consolidated financial statements. Revenue recognised for 2025

amounts to DKK 1,788 million and the carrying value of the Group’s work in progress at 31

December 2025 amounted to DKK 43 million and related prepayments to DKK 40 million.

Recognition of revenue is significant due to the volume of transactions and the significance of

amounts involved.

Further significant judgement is required by Management in determining the accounting for

arrangements with multiple performance obligation, the stage of completion and expected

profit, including assessment of specific project risks and assessment of potential onerous

contracts.

How our audit addressed the key audit matter

We obtained an overview of the Group’s revenue arrangements. We have performed

procedures to test that revenue had occurred through reperformance of sales transactions

from revenue to cash received. In addition, we have tested transactions before and after year-

end to test cut-off.

Based on risk and materiality we selected a sample of arrangements. For the selected sample,

we tested Management’s assessment of identifying and accounting for arrangements with

multiple performance obligations, assumptions used for assessment of the stage of

completion, estimates of expected time and cost-to-complete and expected profits.

To assess the accuracy of Management’s assumptions and estimates we performed look-back

analysis by comparing the actual profit of projects with the expected profit from budgets in

previous periods. We analysed the budget deviations and discussed with Management the

possible risk of similar deviations on projects in progress on 31 December 2025. We tested the

identification and accounting of arrangements with multiple performance obligations by testing

a sample of recognised arrangements to customer contracts and supporting documentation.

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NNIT Annual Report 2025 184

Statement on the Management's review

Management is responsible for the

Management's review.

Our opinion on the financial statements

does not cover the Management's review,

and we do not as part of our audit express

any assurance conclusion thereon.

In connection with our audit of the financial

statements, our responsibility is to read the

Management's review and, in doing so,

consider whether the Management's review

is materially inconsistent with the financial

statements, or our knowledge obtained

during the audit, or otherwise appears to be

materially misstated.

Moreover, it is our responsibility to consider

whether the Management's review provides

the information required by relevant law and

regulations. This does not include the

requirements in paragraph 99a related to

the sustainability statement covered by the

separate auditor’s limited assurance report

hereon.

Based on our procedures, we conclude that

the Management's review is in accordance

with the financial statements and has been

prepared in accordance with the

requirements of relevant law and

regulations. We did not identify any material

misstatement of the Management's review.

Management's responsibilities for the

financial statements

Management is responsible for the

preparation of consolidated financial

statements that give a true and fair view in

accordance with IFRS Accounting Standards

as adopted by the EU and additional

requirements of the Danish Financial

Statements Act and for the preparation of

parent company financial statements that

give a true and fair view in accordance with

the Danish Financial Statements Act.

Moreover, Management is responsible for

such internal control as Management

determines is necessary to enable the

preparation of financial statements that are

free from material misstatement, whether

due to fraud or error.

In preparing the financial statements,

Management is responsible for assessing

the Group's and the Parent Company's

ability to continue as a going concern,

disclosing, as applicable, matters related to

going concern and using the going concern

basis of accounting in preparing the financial

statements unless Management either

intends to liquidate the Group or the Parent

Company or to cease operations, or has no

realistic alternative but to do so.

Auditor's responsibilities for the audit of

the financial statements

Our objectives are to obtain reasonable

assurance as to whether the financial

statements as a whole are free from material

misstatement, whether due to fraud or

error, and to issue an auditor's report that

includes our opinion. Reasonable assurance

is a high level of assurance, but is not a

guarantee that an audit conducted in

accordance with ISAs and additional

requirements applicable in Denmark will

always detect a material misstatement when

it exists. Misstatements can arise from fraud

or error and are considered material if,

individually or in the aggregate, they could

reasonably be expected to influence the

economic decisions of users taken on the

basis of the financial statements.

As part of an audit conducted in accordance

with ISAs and additional requirements

applicable in Denmark, we exercise

professional judgement and maintain

professional scepticism throughout the

audit. We also:

Identify and assess the risks of material

misstatement of the financial statements,

whether due to fraud or error, design and

perform audit procedures responsive to

those risks and obtain audit evidence that

is sufficient and appropriate to provide a

basis for our opinion. The risk of not

detecting a material misstatement

resulting from fraud is higher than for one

resulting from error, as fraud may involve

collusion, forgery, intentional omissions,

misrepresentations or the override of

internal control.

•

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NNIT Annual Report 2025 185

Obtain an understanding of internal

control relevant to the audit in order to

design audit procedures that are

appropriate in the circumstances, but not

for the purpose of expressing an opinion

on the effectiveness of the Group's and

the Parent Company's internal control.

Evaluate the appropriateness of

accounting policies used and the

reasonableness of accounting estimates

and related disclosures made by

Management.

Conclude on the appropriateness of

Management's use of the going concern

basis of accounting in preparing the

financial statements and, based on the

audit evidence obtained, whether a

material uncertainty exists related to

events or conditions that may cast

significant doubt on the Group's and the

Parent Company's ability to continue as a

going concern. If we conclude that a

material uncertainty exists, we are

required to draw attention in our auditor's

report to the related disclosures in the

financial statements or, if such disclosures

are inadequate, to modify our opinion.

Our conclusions are based on the audit

evidence obtained up to the date of our

auditor's report. However, future events or

conditions may cause the Group and the

Parent Company to cease to continue as

a going concern.

Evaluate the overall presentation,

structure and contents of the financial

statements, including the note disclosures,

and whether the financial statements

represent the underlying transactions and

events in a manner that gives a true and

fair view.

Plan and perform the group audit to

obtain sufficient appropriate audit

evidence regarding the financial

information of the entities or business

units within the group as a basis for

forming an opinion on the group financial

statements. We are responsible for the

direction, supervision and review of the

audit work performed for purposes of the

group audit. We remain solely responsible

for our audit opinion.

We communicate with those charged with

governance regarding, among other matters,

the planned scope and timing of the audit

and significant audit findings, including any

significant deficiencies in internal control

that we identify during our audit.

We also provide those charged with

governance with a statement that we have

complied with relevant ethical requirements

regarding independence, and to

communicate with them all relationships and

other matters that may reasonably be

thought to bear on our independence, and

where applicable, actions taken to eliminate

threats or safeguards applied.

From the matters communicated with those

charged with governance, we determine

those matters that were of most significance

in the audit of the consolidated financial

statements and the parent company

financial statements of the current period

and are therefore the key audit matters. We

describe these matters in our auditor's

report unless law or regulation precludes

public disclosure about the matter.

Report on compliance with the ESEF

Regulation

As part of our audit of the Consolidated

Financial Statements and Parent Company

Financial Statements of NNIT A/S, we

performed procedures to express an

opinion on whether the annual report of

NNIT A/S for the financial year 1 January – 31

December 2025 with the file name nnit-

2025-12-31-en.zip is prepared, in all material

respects, in compliance with the

Commission Delegated Regulation (EU)

2019/815 on the European Single Electronic

Format (ESEF Regulation) which includes

requirements related to the preparation of

the annual report in XHTML format and

iXBRL tagging of the Consolidated Financial

Statements including notes.

•

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NNIT Annual Report 2025 186

Management is responsible for preparing an

annual report that complies with the ESEF

Regulation. This responsibility includes:

The preparing of the annual report in

XHTML format;

The selection and application of

appropriate iXBRL tags, including

extensions to the ESEF taxonomy and the

anchoring thereof to elements in the

taxonomy, for all financial information

required to be tagged using judgement

where necessary;

Ensuring consistency between iXBRL

tagged data and the Consolidated

Financial Statements presented in human

readable format; and

For such internal control as Management

determines necessary to enable the

preparation of an annual report that is

compliant with the ESEF Regulation.

Our responsibility is to obtain reasonable

assurance on whether the annual report

is prepared, in all material respects, in

compliance with the ESEF Regulation based

on the evidence we have obtained, and to

issue a report that includes our opinion. The

nature, timing and extent of procedures

selected depend on the auditor’s judgement,

including the assessment of the risks of

material departures from the requirements

set out in the ESEF Regulation, whether due

to fraud or error. The procedures include:

Testing whether the annual report is

prepared in XHTML format;

Obtaining an understanding of the

company’s iXBRL tagging process and of

internal control over the tagging process;

Evaluating the completeness of the iXBRL

tagging of the Consolidated Financial

Statements including notes;

Evaluating the appropriateness of the

company’s use of iXBRL elements selected

from the ESEF taxonomy and the creation

of extension elements where no suitable

element in the ESEF taxonomy has been

identified;

Evaluating the use of anchoring of

extension elements to elements in the

ESEF taxonomy; and

Reconciling the iXBRL tagged data with the

audited Consolidated Financial

Statements.

Copenhagen, February 5, 2026

EY Godkendt Revisionspartnerselskab

CVR No. 30 70 02 28

Mikkel Sthyr

State Authorised

Public Accountant

mne26693

In our opinion, the annual report of NNIT A/S

for the financial year 1 January – 31

December 2025 with the file name nnit-

2025-12-31-en.zip is prepared, in all material

respects, in compliance with the ESEF

Regulation.

Thomas Steen Andersen

State Authorised

Public Accountant

mne47810

•

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NNIT Annual Report 2025 187

Independent auditor's limited assurance report on Sustainability Statements

To the shareholders of NNIT A/S

Limited assurance conclusion

We have conducted a limited assurance

engagement on the Sustainability

Statements of NNIT included in the Annual

Report 2025, pages 35-113 (the

Sustainability Statements), for the financial

year 1 January – 31 December 2025

including disclosures incorporated by

reference listed in the table ‘Disclosure

requirements and incorporation by

reference’ on pages 111-113.

Based on the procedures we have

performed and the evidence we have

obtained, nothing has come to our attention

that causes us to believe that the

Sustainability Statements is not prepared, in

all material respects, in accordance with the

Danish Financial Statements Act section 99a,

including:

compliance with the European

Sustainability Reporting Standards (ESRS),

including that the process carried out by

the management to identify the

information reported in the Sustainability

Statements (the process) is in accordance

with the description set out in the Double

materiality assessment & outcome section

within the General information part of the

Sustainability Statements, pages 48-50;

and

compliance of the disclosures in the

section EU Taxonomy within the

Environment part, pages 67-72 of the

Sustainability Statements with Article 8 of

EU Regulation 2020/852 (the Taxonomy

Regulation).

Basis for conclusion

We conducted our limited assurance

engagement in accordance with

International Standard on Assurance

Engagements (ISAE) 3000 (Revised),

Assurance engagements

other than audits or reviews of historical

financial information (ISAE 3000 (Revised))

and the additional requirements applicable

in Denmark.

The procedures in a limited assurance

engagement vary in nature and timing from,

and are less in extent than for, a reasonable

assurance engagement. Consequently, the

level of assurance obtained in a limited

assurance engagement is substantially lower

than the assurance that would have been

obtained had a reasonable assurance

engagement been performed.

We believe that the evidence we have

obtained is sufficient and appropriate to

provide a basis for our conclusion. Our

responsibilities under this standard are

further described in the Auditor's

responsibilities for the assurance

engagement section of our report.

Our independence and quality

management

We are independent of the Group in

accordance with the International Ethics

Standards Board for Accountants'

International Code of Ethics for Professional

Accountants (IESBA Code) and the additional

ethical requirements applicable in Denmark.

We have also fulfilled our other ethical

responsibilities in accordance with these

requirements and the IESBA Code.

EY Godkendt Revisionspartnerselskab

applies International Standard on Quality

Management 1, which requires the firm to

design, implement and operate a system of

quality management including policies or

procedures regarding compliance with

•

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NNIT Annual Report 2025 188

ethical requirements, professional standards

and applicable legal and regulatory

requirements.

Inherent limitations in preparing the

Sustainability Statements

In reporting forward-looking information in

accordance with ESRS, management is

required to prepare the forward-looking

information on the basis of disclosed

assumptions about events that may occur in

the future and possible future actions by the

Group. Actual outcomes are likely to be

different since anticipated events frequently

do not occur as expected.

Management's responsibilities for the

Sustainability Statements

Management is responsible for designing

and implementing a process to identify the

information reported in the Sustainability

Statements in accordance with the ESRS and

for disclosing this process in the General

information part of the Sustainability

Statements, pages 48-50. This responsibility

includes:

understanding the context in which the

Group’s activities and business

relationships take place and developing an

understanding of its affected stakeholders;

the identification of the actual and

potential impacts (both negative and

positive) related to sustainability matters,

as well as risks and opportunities that

affect, or could reasonably be expected to

affect, the Group’s financial position,

financial performance, cash flows, access

to finance or cost of capital over the

short-, medium-, or long-term;

the assessment of the materiality of the

identified impacts, risks and opportunities

related to sustainability matters by

selecting and applying appropriate

thresholds; and

making assumptions that are reasonable

in the circumstances.

Management is further responsible for the

preparation of the Sustainability Statements,

in accordance with the Danish Financial

Statements Act section 99a, including:

compliance with the ESRS;

preparing the disclosures in the section

EU Taxonomy within the Environment

part, pages 67-72 of the Sustainability

Statements, in compliance with Article 8 of

the Taxonomy Regulation;

designing, implementing and maintaining

such internal control that management

determines is necessary to enable the

preparation of the Sustainability

Statements that are free from material

misstatement, whether due to fraud or

error; and

the selection and application of

appropriate sustainability reporting

methods and making assumptions and

estimates that are reasonable in the

circumstances.

Auditor's responsibilities for the

assurance engagement

Our objectives are to plan and perform the

assurance engagement to obtain limited

assurance about whether the Sustainability

Statements are free from material

misstatement, whether due to fraud or

error, and to issue a limited assurance

report that includes our conclusion.

Misstatements can arise from fraud or error

and are considered material if, individually or

in the aggregate, they could reasonably be

expected to influence decisions of users

taken on the basis of the Sustainability

Statements as a whole.

•

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NNIT Annual Report 2025 189

As part of a limited assurance engagement

in accordance with ISAE 3000 (Revised) we

exercise professional judgement and

maintain professional scepticism throughout

the engagement.

Our responsibilities in respect of the process

include:

Obtaining an understanding of the

process but not for the purpose of

providing a conclusion on the

effectiveness of the process, including the

outcome of the process;

Considering whether the information

identified addresses the applicable

disclosure requirements of the ESRS; and

Designing and performing procedures to

evaluate whether the process is consistent

with the Group’s description of its process,

as disclosed within the General

information part of the Sustainability

Statements, pages 48-50.

Our other responsibilities in respect of the

Sustainability Statements include:

Identifying disclosures where material

misstatements are likely to arise, whether

due to fraud or error; and

Designing and performing procedures

responsive to disclosures in the

Sustainability Statements where material

misstatements are likely to arise. The risk

of not detecting a material misstatement

resulting from fraud is higher than for one

resulting from error, as fraud may involve

collusion, forgery, intentional omissions,

misrepresentations, or the override of

internal control.

Summary of the work performed

A limited assurance engagement involves

performing procedures to obtain evidence

about the Sustainability Statements.

The nature, timing and extent of procedures

selected depend on professional judgement,

including the identification of disclosures

where material misstatements are likely to

arise, whether due to fraud or error, in the

Sustainability Statements.

In conducting our limited assurance

engagement, with respect to the process,

we:

Obtained an understanding of the process

by performing inquiries to understand the

sources of the information used by

management; and reviewing the Group’s

internal documentation of its process; and

Evaluated whether the evidence obtained

from our procedures about the process

implemented by the Group’s was

consistent with the description of the

Process set out within the General

information part of the Sustainability

Statements, pages 48-50.

In conducting our limited assurance

engagement, with respect to the

Sustainability Statements, we:

Obtained an understanding of the Group’s

reporting processes relevant to the

preparation of its Sustainability

Statements including the consolidation

processes by obtaining an understanding

of the Group’s control environment,

processes and information systems

relevant to the preparation of the

Sustainability Statements but not

evaluating the design of particular control

activities, obtaining evidence about their

implementation or testing their operating

effectiveness;

Evaluated whether material information

identified by the process is included in the

Sustainability Statements;

Evaluated whether the structure and the

presentation of the Sustainability

Statements are in accordance with the

ESRS;

Performed inquiries of relevant personnel

and analytical procedures on selected

information in the Sustainability

Statements;

•

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NNIT Annual Report 2025 190

Performed substantive assurance

procedures on selected information in the

Sustainability Statements;

Evaluated methods, assumptions and data

for developing material estimates and

forward-looking information and how

these methods were applied;

Obtained an understanding of the process

to identify EU taxonomy economic

activities for turnover, CAPEX and OPEX

and the corresponding disclosures in the

Sustainability Statements;

Evaluated the presentation and use of EU

taxonomy templates in accordance with

relevant requirements; and

Reconciled and ensured consistency

between the reported EU taxonomy

economic activities and the items reported

in the primary financial statements

including the disclosures provided in

related notes.

Copenhagen, February 5, 2026

EY Godkendt Revisionspartnerselskab

CVR no. 30 70 02 28

Mikkel Sthyr

State Authorised

Public Accountant

mne26693

Lars Fermann

State Authorised

Public Accountant

mne45879

•

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NNIT Annual Report 2025 191

Transformation

to Life

NNIT A/S

Weidekampsgade 14

DK-2300 Copenhagen S

Denmark

Tlf.: +45 7024 4242

www.nnit.com

NNITcontact@nnit.com

CVR no. 21 09 31 06

Bringing Digital

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NNIT Annual Report 2025 192