Netcompany Group A/s · OMXCOP:NETC
Netcompany Group A/s — Q4 2025 Earnings Presentation
35 slides from Netcompany Group A/s's earnings presentation, Feb 3, 2026
Slide 1: Q4 and full year 2025
eereey QA and full year 2025
Slide 2: Important information
Important information This presentation contains forward - looking predicted in the forward - looking statements and from competing products, reliance on information statements including, but not limited to, the the past performance of Netcompany. technology, Netcompany’s ability to successfully sta
Slide 3: Presenters
Presenters André Rogaczewski Thomas Johansen NETCOMPANY CEO NETCOMPANY CFO …will go through the financial performance for Q4 2025 and full …will go through the year, a s well as the business highlights financial guidance for for Q4 2025. 2026. 3
Slide 4: We are dedicated to responsible digitalisation
HIGHLIGHTS Q4 2025 We are dedicated to responsible digitalisation EUROPEAN SOVEREIGNTY PRODUCTS AND PLATFORMS eNPS The increased focus from European T he future does not belong to traditional Employee engagement survey governments, large enterprises, and the IT consultancy companies that build measu
Slide 5: Netcompany Banking Services
HIGHLIGHTS Q4 2025 Netcompany Banking Services Innovative banking services anchored in trust, efficiency, and customer - centricity. • As of 1 January, former employees of SDC Ballerup moved into our HQ at Strandgade . • The first new modules have been launched for NBS customers. • During Q4, we saw
Slide 6: New contracts
HIGHLIGHTS Q4 2025 New contracts Private sector , SEE & EUI Private sector, Denmark Netcompany was a awarded a project for Netcompany, Festina Finance and Forca have implementation of Omilia OCP, a unified Public sector, Denmark agreed on expanding the Pension Solution of Conversational AI platform
Slide 7: New contracts continued
HIGHLIGHTS Q4 2025 New contracts continued Private sector , SEE & EUI NBG has awarded Netcompany services in several strategic areas, including the creation and support of NBG’s AI Framework, evolution of the Small Business Loans and Card Issuing, Agenda creation of the Customer 360o within Implemen
Slide 8: Financial highlights
Financial highlights 8
Slide 9: Revenue Q4 2025
FINANCIAL HIGHLIGHTS Q4 2025 Comments Revenue Q4 2025 Organic revenue increased by 10% and amounted to DKK 1,846.6m compared to DKK 1,678.2m in Q4 2024. Growth was broad - based across the Group. Revenue in DKK million Total Group revenue increased 35.5%. Pro forma 2024 Revenue in Netcompany Denmark
Slide 10: Revenue YTD 2025
FINANCIAL HIGHLIGHTS Q4 2025 Comments Revenue YTD 2025 Organic revenue increased by 7.9% and amounted to DKK 7,054.3m compared to DKK 6,540.6m in 2025, driven by all segments. Total Group revenue increased 20.8%. Revenue in DKK million Revenue in Netcompany Denmark increased YTD 2024 3.6% compared t
Slide 11: Adjusted EBITDA margin Q4 2025
FINANCIAL HIGHLIGHTS Q4 2025 Comments Adjusted EBITDA margin Q4 2025 O rganic adjusted EBITDA margin before allocated HQ costs was 18.8% - an increase of 1.7 percentage points compared to Q4 2024. Adjusted EBITDA margin before allocated HQ Adjusted EBITDA margin (before allocated cost from HQ) costs
Slide 12: Adjusted EBITDA margin YTD 2025
FINANCIAL HIGHLIGHTS Q4 2025 Comments Adjusted EBITDA margin YTD 2025 Organic adjusted EBITDA margin was 17.8% in 2025 compared to 17.6% in 2024. Adjusted EBITDA margin in Netcompany Adjusted EBITDA margin (before allocated cost from HQ) Denmark was 23.7% compared to 24.3% last YTD 2024 year. The fir
Slide 13: Workforce Q4 2025
FINANCIAL HIGHLIGHTS Q4 2025 Comments Workforce Q4 2025 Excluding NBS, the number of client facing FTEs for the Group increased by 554 FTEs from 7,705 FTEs in Q4 2024 to 8,259 FTEs FTEs increased to 9,752 in Q4 2025. 9,752 The attrition rate for the last twelve 562 months was 18.1% for the organic p
Slide 14: Cash flow Q4 2025
FINANCIAL HIGHLIGHTS Q4 2025 Comments Cash flow Q4 2025 The Group generated free cash flow of DKK 317.9m in Q4 2025, a decrease of 40.3% DKK million Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 compared to all time high free cash flow of DKK 532.4m in Q4 2024 – driven by significant pre - billed invoices
Slide 15: Revenue visibility
FINANCIAL HIGHLIGHTS Q4 2025 Comments Revenue visibility Revenue visibility for 2026 amounts to DKK 6,669.6m, of which contractual committed revenue amounts to DKK 6,341.4m and non - Revenue visibility for Netcompany Group contractual committed engagements amount to DKK million DKK 328.2m. 328.2 6,6
Slide 16: Guidance 2026
FINANCIAL HIGHLIGHTS Q4 2025 Comments Guidance 2026 We expect revenue growth for the Group, measured in constant currencies, to be between 15% and 20% including Netcompany Banking Services for 2026. We expect adjusted EBITDA margin for the Group — also measured in constant currencies and Agenda incl
Slide 17: Appendix
Appendix 17
Slide 18: Highlights Q4 2025
APPENDIX Q4 2025 Highlights Q4 2025 Agenda +34.9% +39.9% +18.2% 2,264.7 385.2 9,752 426.7 56.7 8,249 857 1,678.2 275.3 1,838.0 Adjusted 328.5 Average 8,895 Revenue EBITDA FTEs +35.8% +0.6pp 670.7 Q4 2024 493.9 102.0 Adjusted 16.4pp 17.0pp Q4 2025 Non - organic EBITDA Q4 2025 Organic Gross profit 568
Slide 19: Segment results Q4 2025
APPENDIX Q4 2025 Banking Denmark UK Norway Netherlands SEE & EUI Services Constant currencies (2024 rate) Revenue increased by Revenue increased by Revenue decreased by Revenue decreased by Revenue increased 6.9% Revenue was DKK Revenue 10.2% to DKK 848.9m. 28.1% to DKK 187.1m. 7.4% to DKK 93.6m. 0.
Slide 20: Gross profit margin Q4 2025
APPENDIX Q4 2025 Comments Gross profit margin Q4 2025 Organic gross profit increased 15.1% in Q4 2025, yielding an organic gross pro fit margin of 30.9% – an improvement of 1.5 percentage points Gross profit margin (before depreciation and amortisation) compared to the same period last year. Q4 2024
Slide 21: Gross profit margin YTD 2025
APPENDIX Q4 2025 Comments Gross profit margin YTD 2025 Organic gross profit increased 7.1% in 2025, yielding an organic gross profit margin of 29.3% consistent with 2024. Gross profit margin (before depreciation and amortisation) Non - organic gross profit margin in Netcompany YTD 2024 Banking Servi
Slide 22: Income statement Q4 2025
APPENDIX Q4 2025 Comments Income statement Q4 2025 Revenue for the Group increased by 34.9% in the quarter, of which 9.5 percentage points were DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 organic, and 25.4 percentage points non - organic. Organic gross profit increased 15.1% in Q4 2025, Revenue 2,26
Slide 23: Work in progress overview
APPENDIX Q4 2025 Comments Work in progress overview As a total, trade receivables and work in progress amounted DKK 2,049m end of Q4 2025 which was an increase 12.6% compared to DKK Work in progress compared to revenue 1,819.9m end of Q4 2024. Revenue in the prevailing 12 months increased WIP by 20.
Slide 24: Public sector Q4 2025
APPENDIX Q4 2025 Comments Public sector Q4 2025 Revenue from the public sector grew 4.7% in Q4 2025 driven by an increase in SEE & EUI, UK and Norway. Public revenue in SEE & EUI, UK and Norway increased by 5.1%, 22.8%, and 18.7%, DKK million Q4 2025 Q4 2024 FY 2025 FY 2024 respectively. Income Stat
Slide 25: Private sector Q4 2025
APPENDIX Q4 2025 Comments Private sector Q4 2025 Private revenue increased 102.1% 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 20.3%. Revenue from the private sector in Denm
Slide 26: Working days
APPENDIX Q4 2025 Working days 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 +1 +1 0 0 0 0 0 Denmark -2 +2 +1 Norway 0 0 0 0 0 -2 0 0 0 0 0 0 0 UK -1 +3 +1 0 0 0 0 0 Netherlands -1 +1 0 0 0 0 0 Greece -1 -2 +1 +1 0 0 0 0 Belgium -1 -1 +1 +1 +1 +1 0 0 Luxembourg -1 -2 26
Slide 27: Statement of financial position
APPENDIX Q4 2025 Statement of financial position DKK million 31 December 31 December DKK million 31 December 31 December 2025 2024 2025 2024 Assets Equity and liabilities Share capital 47.5 50.0 Goodwill 3,858.4 3,252.0 Treasury shares - 499.9 - 884.1 Intangible assets 807.9 456.7 Retained earnings
Slide 28: Free cash flow
APPENDIX Q4 2025 Free cash flow - 40.3% 532.4 317.9 148.2 145.3 67.9 25.6 - 4.9 - 55.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 28
Slide 29: Cash conversion rate
APPENDIX Q4 2025 Cash conversion rate - 202.9pp 381.4% 178.5% * 104.7% * Due to negative free cash 89.5% flow and negative net profit in 47.0% Q3 2025, cash conversion 32.6% metrics are not applicable or meaningful for the period. - 4.3% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 202
Slide 30: Leading Europe's digital future, responsibly
Leading Europe’s digital future, responsibly Our ambition is to become a leading modern pan-European tech company. We are positioned to achieve this by leveraging our role as a leading European IT services company with market-leading products and platforms. We are committed to enabling digitalisatio
Slide 31: Products and platforms
03. Products and platforms Our extensive portfolio of coding founda- tions, platforms, and products forms the engine of our growth strategy. These assets increasingly incorporate Al capabilities in the core that enhance automation and accelerate development cycles and thereby enable us to deliver so
Slide 32: IT spend
IT spend DKKbn in addition to total IT spend of DKK 1,368.8bn in 2025 in our xxisting markets, IT spend in ‘our target markets, consisting _ of Sweden and Germany, _ amounted DKK 924.5bn. mm Services, existing markets 002.4 { Services, target markets a7a7 Software, existing markets 706.4 Software, t
Slide 33: Market opportunities
Market opportunities Towards European market leadership Netcompany Is growing a strong presence across Europe, operating in Denmark, Norway, the UK, the Netherlands, Luxembourg, Belgium, Greece and other countries, aiming to become a leading mod- ern pan-European tech company. Our opera- tlons In No
Slide 34: Average workforce
- Average workforce? fe 9,092 * Presented figures are pro forma and include the impact from the merger of SDC A/S into NBS 1 July, applied retrospectively > The map indicates countries in which we have more than SO FTEs
Slide 35: netcompany.com
Netcompany netcompany.com