Netcompany Group A/s · OMXCOP:NETC
Netcompany Group A/s — Q3 2025 Earnings Presentation
38 slides from Netcompany Group A/s's earnings presentation, Oct 30, 2025
Slide 1: Netcompany
Netcompany ) 3 J) O J) 5 © Copyright Netcompany
Slide 2: Important information
Important information This presentation contains forward-looking statements including, but not limited to, the statements and expectations contained in the outlook section. Forward-looking statements are statements (other than statements of historical fact) relating to future events and Netcompany’s
Slide 3: Presenters
Presenters André Rogaczewski Thomas Johansen NETCOMPANY CEO AND CO-FOUNDER NETCOMPANY CFO ._-Will go through the financial performance for Q3 2025, financial guidance for 2025 and ._-Will go through the business highlights for Q3 2025. long-term targets. Netcompany
Slide 4: We are dedicated to responsible digitalisation
HIGHLIGHTS Q3 2025 We are dedicated to responsible digitalisation VERA Al Launch of VERA: A critical IT solution for European Defence and Resilience, providing Al-enabled awareness, prediction, and response. VERA is a European, digital cross-domain data integration and orchestration platform, enabli
Slide 5: • • •
• • •
Slide 6: New contracts
HIGHLIGHTS Q3 2025 New contracts Public sector, NL Netcompany was selected as strategic innovation partner for the development, management, and implementation of a new shared registration system for 3RO (the three collaborating probation organisations in the Netherlands). The system, based on Netcom
Slide 7: New contracts continued
HIGHLIGHTS Q3 2025 New contracts continued Public sector, SEE & EUI Netcompany SEE & EUI entered an agreement with the Technical Chamber of Greece. The project includes creation of an integrated system that will use new GIS and Al technologies and high-resolution aerial photography to effectively id
Slide 8: Financial highlights
Financial highlights
Slide 9: Revenue
FINANCIAL HIGHLIGHTS Q3 2025 Revenue Revenue in DKK million SX Pro forma 2024 HB 93 2024 gs 2025* 434.6% ee 2,172.0 47514 1,613.9 1,613.9 (* at i” * oh wt 2 +5.8% ot 8 a 5 i” “ | + -2.0% +10.0% 398.0420.9 gus o 6 lo 82.2 80.5 49.0 53.9 Ee Denmark SEE & EUI UK Norway Netherlands Organic Banking Group
Slide 10: Revenue
FINANCIAL HIGHLIGHTS Q3 2025 Revenue Revenue in DKK million Ml yTD 2024 Hl yD 2025* SN Pro forma +15.8% 47.1% 5,628.6 5,207.7 4,862.3 4,862.3) +1.4% | 4 414.6% 2,318.8 2,351.0 1,683.1 on +8.8% 48.8% 43.1% 1,261.7 1,225.6 460.5 501.1 cos 251.7 273.9 148.2 153.7 it —— Denmark SEE & EUI UK Norway Nethe
Slide 11: Adjusted EBITDA margin
FINANCIAL HIGHLIGHTS Q3 2025 Adjusted EBITDA margin Adjusted EBITDA margin (before allocated cost from HQ) SN Pro forma 2024 I 93 2024 Hl gs 2025* +0.6pp 29.2% 28.67% ha “mr i" 23. a My ox "1 j2-0p8 +4,0pp 19. Les ‘ 19.8% | +0.4pp 17.3% | 4 14.3% pore 11.6% 12.1% 7 40.3% 11.0% aa 6.6% 6.4% 0.4% Denm
Slide 12: Adjusted EBITDA margin
FINANCIAL HIGHLIGHTS Q3 2025 Adjusted EBITDA margin Adjusted EBITDA margin (before allocated cost from HQ) Tl 93 2024 Hl gs 2025* Yi Pro forma j26eR 25.3% | LAPP 122.8% | 21.0% j0-3PP 4+2.7pp 19.9% 1 oy ° 17.8% 17.5% 14.8% +1.3pP 12.1% | } 9.4% 8.0% +1.2pp | + 6.4% “YY 4.1% Yy 4.4% Denmark SEE & EUI
Slide 13: Update on the acquisition of SDC
FINANCIAL HIGHLIGHTS Q3 2025 Update on the acquisition of SDC Transaction structure As of 1 July 2025 Netcompany completed the acquisition of SDC through a taxable merger whereby former SDC was merged into a new company - Netcompany Banking Services, NBS. Danish GAAP vs. IFRS ™@ The former SDC repor
Slide 14: Reporting structure - Danish GAAP vs. IFRS
FINANCIAL HIGHLIGHTS Q3 2025 Reporting structure - Danish GAAP vs. IFRS ™@ SDC reported under Danish GAAP, whereas Netcompany Banking Services will report under IFRS going forward. & Significant differences in accounting treatment for certain assets and expenses. Purchase Price Allocation Leases Cap
Slide 15: Workforce
FINANCIAL HIGHLIGHTS Q3 2025 Workforce FTEs increased to 9,482 Q3 2024 Q3 2025 Netcompany YTD 2024 YTD 2025 BB Non-client facing ll Freelancers UK contractors Vietnam Poland I Netherlands HB Norway Wl United Kingdom Hl Banking Services. Wl South/East Europe and EU Institutions I Denmark *Average FTE
Slide 16: Cash flow
FINANCIAL HIGHLIGHTS Q3 2025 Comments Cash flow lM The organic free cash flow decreased from DKK 145.3m in Q3 2024 to negative DKK 11.5m in Q3 PKK milion 32025 Q8 2024 % change 2025 driven by development in working capital, and to some extent also impacted by increased 7 - tax payments and increased
Slide 17: Revenue visibility
FINANCIAL HIGHLIGHTS Q3 2025 Revenue visibility Organic revenue visi DKK million 1,428.6 in Revenue Contractual Non committed — contractual committed Netcompany <r ity for Netcompany Group 6,704.9 Total 0.5% MM Public Ml Private Comments The organic revenue visibility end of Q3 2025 was DKK 6,704.9m
Slide 18: Guidance
FINANCIAL HIGHLIGHTS Q3 2025 Guidance Netcompany 6%-8% Updated expectation for organic revenue growth in 2025 16%-18% Updated expectation for organic adjusted EBITDA margin in 2025 Comments ™@ Considering organic revenue growth of 7.1% for the first nine months of 2025 and taking pipeline and revenu
Slide 19: Long-term targets
FINANCIAL HIGHLIGHTS Q3 2025 Long-term targets Comments ™® On 31 October, Netcompany will host a Capital Markets Day at the company’s corporate HQ in Strandgade, Copenhagen. Long-term targets for organic revenue | growth and organic adjusted EBITDA margin as well as principles for capital allocation
Slide 20: Appendix
Appendix
Slide 21: Highlights
APPENDIX Q3 2025 Highlights +34.3% 2,167.8 1,613.9 Adjusted Revenue EBITDA 7% | 590.4 505.1 Adjusted EBITDA Gross profit margin Netcompany <2.4pp 19.0%16.6% 19.0%) 2.5% Average FTEs Tl 93 2024 Hl 3 2025 Non-organic Hl Q3 2025 Organic Reported currencies 21
Slide 22: Segment overview Q3 2025
APPENDIX Q3 2025 Denmark a UK Norway Netherlands # < SEE @EUI * Banking ¢ Services ¢ ® Constant currencies (2024 rate) Revenue Adj. EBITDA bef. HQ costs Pipeline Other comments Netcompany Revenue increased by 4.8% to DKK 795.2m. Adjusted EBITDA before allocated cost from HQ was DKK 232.4m yielding a
Slide 23: Gross profit margin
APPENDIX Q3 2025 Gross profit margin Gross profit margin (before depreciation and amortisation) I 3 2024 TM gs 2025* +0.9pp 41.9% 42.8% =1.8pp. bee ¥ -0.6pp 36.07% 4.096 1 o¥ +2.3pp -40.7pp 31.3% 30.7% -1,0pp | + 1 | 23.1% 24.1% 20.6% 19 6% 20.8: 13.4% 412.7% Denmark SEE & EUI UK Norway Netherlands
Slide 24: Gross profit margin
APPENDIX Q3 2025 Gross profit margin Gross profit margin (before depreciation and amortisation) Ml YTD 2024 Il YTD 2025* ~2.1pp we 39.1% 70.6pp 37.0% 34.5% 33.9% Pry +1.4pp 29.5% 98.7% + +1.3pp 20.8% ener pore . 18.5% 19.8% lo4 - 16.9% 16.9% 12.7% Denmark SEE & EUI UK Norway Netherlands Organic Bank
Slide 25: Income statement
APPENDIX Q3 2025 Income statement DKK million Q3 2025 Q3 2024 % change Revenue 2,167.8 1,613.9 34.3% Costs of services 1877.5 1,108.8 42.3% Gross profit 590.4 505.1 16.9% Sales and marketing costs 13.4 412.9 3.7% Administrative costs 2177 “185.9 17.1% Adjusted EBITDA 359.3 306.3 17.3% Special Items
Slide 26: Work in progress overview
APPENDIX Q3 2025 Work in progress overview Comments ®@ Asa total, trade receivables and work in progress amounted DKK 2,239.6m end of Q3 2025 and was on level with DKK 2,258.2m end Work in progress compared to revenue of Q3 2024. wwe Revenue in the prevailing 12 months increased Il Trade receivables
Slide 27: Public sector
APPENDIX Q3 2025 Public sector DKK million Q3 2025 Q3 2024 % change Income Statement Revenue 1,197.6 4,122.4 6.7% Costs of services -862.6 174.4 11.4% Gross profit 334.9 347.7 3.7% Gross profit margin 28.0% 31.0% -3.0pp Netcompany Comments ll Revenue from the public sector grew 6.7% in Q3 2025 drive
Slide 28: Private sector
APPENDIX Q3 2025 Comments Private sector O08 2025 _ Private revenue increased 97.3% compared to the same period last year driven by Denmark, SEE & EUI, UK and the inclusion of Netcompany Banking Services. Organic revenue growth from the private sector was 11.7% Revenue from the private sector in Den
Slide 29: Working days
APPENDIX Q3 2025 Working days 2024 2025 Qi Q2 Q3 Q4 Qi Q2 Q3 Q4 — Ve ° ° Denmark ; _— | | 3 1 2 +3, +2 Norway = 7 = . . vo UK 0 = == 9 9 9 = . + + + “3 Netherlands = |_| 0 5 4 _ 42 1 2 #4 . Belgium 9 9 Zz = o || = = +2 Luxembourg 0 || ; je ° a —_— . Netcompany 29
Slide 30: Statement of financial position
APPENDIX Q3 2025 Statement of financial position DKK milion 30 September 30 September DKK milion 30 September 30 September 2025 2024 2025 2024 assets Equity and labities ‘Goodwill 3,858.4 3252.0 Share capital 418 50.0 Intangible assets aa asad ‘Treasury shares 218.6 650.0 hang accete aa cand Retaine
Slide 31: Free cash flow
APPENDIX Q3 2025 Free cash flow 138.2% 532.4 382.6 148.2 145.3 67.9 = a a9 = 55.5, Q4 2023 Q12024 Q2 2024 Q3 2024 Q4 2024 Q1.2025 Q2 2025 Q3 2025 Netcompany 31
Slide 32: Cash conversion rate
APPENDIX Q3 2025 Cash conversion rate 431.1% 381.4% 3 NY 104.7% 29.5% N Ll a 4.3% Q4 2023 Q1 2024 Q2.2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Netcompany * Due to negative free cash flow and negative net profit in Q3 2026, cash conversion metrics are not applicable or meaningful for the period. 3
Slide 33: Our ambition
Our ambition Empowering Europe’s responsible digitalisation with IT talents Netcompany Purpose Our purpose is to leverage our digital know-how, talents and technology to build a modern Europe that values democracy, justice, transparency, and social security, empowering societies and citizens. | = aS
Slide 34: Equity story
Equity story Leading Europe’s digital future by 2030 Netcompany’s ambition is clear and resolute: to become a market leader in IT services in Europe by 2030. This goal is underpinned by a strategic focus on expansion, innovation, and leveraging our unique delivery capabilities and methodologies. Our
Slide 35: Exporting and implementing our business model
Exporting and implementing our business model Our business model and methodolo- gies are integral to our success: Proven methodology ‘Our approach to developing and implement- ing complex solutions is unique and difficult emulate, This methodology will be applied to new joint projects with acquired
Slide 36: Business model
Business model Built to innovate Europe with responsible digitalisation Netcompany is a leading provider of next-generation IT solutions, focusing on three key elements: People, Sales & Delivery, and Execution. We create products, platforms, and solutions that ensure transpar- ent and easy access to
Slide 37: Netcompany presence in 2024
Netcompany presence in 2024 8,260 Workforce at year-end 26.4% I Greece 2,895 ME Denmark 2,322 MM Luxembourg 760 ll United Kingdom 579 Ml Poland 487 I Norway 379 I Belgium 339 Vietnam 317 Netherlands 201 Others 61 37
Slide 38: Netcompany
Netcompany netcompany.com