Company announcement
No. 17/2025

                                                 14 August 2025

Continued growth and investing in the future

Summary

• Netcompany grew revenue by 3.9% (constant 3.9%) to DKK 1,714.9m in Q2 2025.
• Adjusted EBITDA decreased by 18% (constant 18.3%) to DKK 220.7m in Q2 2025. Adjusted EBITDA margin was 12.9% in Q2 2025 (constant 12.8%) compared to 16.3% in Q2 2024.
• Diluted earnings per share was DKK 1.17 in Q2 2025.
• Average number of full-time employees increased by 449 FTEs from 7,884 in Q2 2024 to 8,333 in Q2 2025.
• Free cash flow was DKK 25.6m in Q2 2025 compared to DKK 148.2m in Q2 2024.
• Cash conversion ratio (tax normalised) was 14.6% in Q2 2025.
• Debt leverage was 1.3x in Q2 2025.
• Netcompany maintains expectations for full year and expects organic revenue growth between 5% and 10% and organic adjusted EBITDA margin between 16% and 19%.
• Non-organic revenue delivered through Netcompany Banking Services is expected to be between DKK 840m and DKK 870m for the full year.

““In uncertain markets, we continue to grow while at the same time making necessary investments in our products and platforms and expanding our presence in several verticals.

The increased focus from European governments and large European enterprises to develop digital capabilities based on solutions from European vendors, combined with the European Union’s effort to enhance digital sovereignty based on European-developed solutions, underpins the relevance and timing of our investments.

I am excited that Netcompany will continue being an obvious choice for European governments, enterprises, and the European Union as the digital foundation for a strong, independent, and prosperous Europe.

I am equally excited to have welcomed our new colleagues from SDC to Netcompany Banking Services as of 1 July. Together, we will develop new and innovative offerings and solutions to existing and new customers.

Based on our financial performance for the first six months of 2025, and taking our pipeline and revenue visibility into perspective, we maintain our financial guidance of organic revenue growth of 5% to 10% and organic adjusted EBITDA margin of 16% to 19% for the year. In addition, we initiate a share buyback programme of DKK 500m running until the end of January 2026.”

André Rogaczewski
Netcompany CEO and Co-founder

Financial overview
For full details on financial performance, see enclosed Company announcement Q2 2025.

Conference details
In connection with the publication of the results for Q2 2025, Netcompany will host a conference call on 14 August 2025 at 11.00 CEST.
The conference call will be held in English and can be followed live via the company’s website; www.netcompany.com

Dial-in details for investors and analysts
DK: +45 7876 8490
UK: +44 203 769 6819
US: +1 646 787 0157
PIN: 598046
Webcast Player URL: https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-six-months-of-2025 

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, + 45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87