Netcompany - Interim report for the 12 months ended 31 December 2025 and Annual Report 2025
Company announcement
No. 07/2026
3 February 2026
Netcompany - Interim report for the 12 months ended 31 December 2025 and Annual Report 2025
Continued growth, margin improvement and acceleration of synergies
Summary full year 2025
- Organic revenue grew by 7.7% (constant 7.9%) to DKK 7,044.1m in 2025, in line with guidance.
- Reported revenue grew by 20.7% in 2025, of which 13 percentage points were non-organic related to Netcompany Banking Services.
- Organic adjusted EBITDA increased 8.3% to DKK 1,188.8m in 2025, yielding an organic adjusted EBITDA margin of 16.9% in constant currencies – also in line with guidance.
- Reported adjusted EBITDA increased 15.9% to DKK 1,272.5m in 2025, yielding an adjusted EBITDA margin of 16.1%.
- Special items amounted to DKK 355.3m in 2025, related to the merger of SDC into Netcompany Banking Services.
- Average workforce increased to 8,929 FTEs.
- Free cash flow in 2025 was DKK 355.8m.
- Cash conversion ratio was 97.7%.
- Debt leverage was 1.6x.
- New share buyback of DKK 750m to be initiated and to be completed by the end of January 2027.
Performance highlights Q4 2025
- Organic revenue grew by 9.5% (constant 10%) to DKK 1,838m in Q4 2025.
- Reported revenue increased by 34.9% in the quarter, of which 25.4 percentage points were non-organic related to Netcompany Banking Services.
- Organic adjusted EBITDA increased 19.6% to DKK 329.3m in Q4 2025, yielding an organic adjusted EBITDA margin of 17.8% – an increase of 1.4 percentage points compared to the same quarter last year – all in constant currencies.
- Group adjusted EBITDA margin was 17% (constant 17%) compared to 16.4% in Q4 2024.
- Free cash flow was DKK 317.9m.
- Cash conversion ratio (tax normalised) was 171.4%.
Guidance for 2026
- Netcompany expects revenue growth of between 15% and 20% including Netcompany Banking Services and adjusted EBITDA margin to be between 15% and 18% including Netcompany Banking Services - all in constant currencies.
- For the Group excluding Netcompany Banking Services, Netcompany expect revenue growth of 5% to 10% and adjusted EBITDA margin of between 16% and 19% - all in constant currencies.
“In a volatile market and despite geopolitical uncertainty, we demonstrated our ability to grow and thrive, a success built upon a clear and deliberate product and platform strategy. In Q4, we realised 10% organic revenue growth and delivered an organic adjusted EBITDA margin of 17.9%. Including our acquisitional merger with SDC A/S, we grew revenue by 35.5% in the quarter and delivered an adjusted EBITDA margin of 17%.
Our product and platform focus has been pivotal in large contract wins in Q4, most notably the TSS contract in the UK.
In addition, we are pleased to see that the integration of SDC into Netcompany Banking Services is progressing faster than initially anticipated, with the first synergies already starting to materialise during the quarter.
For 2026, we expect the Group excluding Netcompany Banking Services to grow revenue between 5% and 10% and realise an adjusted EBITDA margin between 16% and 19%. Including Netcompany Banking Services, we expect to grow revenue between 15% and 20% and to deliver an adjusted EBITDA margin between 15% and 18%.
In line with previous commitments, we will initiate a new share buyback programme of DKK 750m to be completed by the end of January 2027.
We firmly believe the future belongs to European product and platform companies that leverage components and AI to deliver solutions in a fast, reliable, and responsible way.”
André Rogaczewski,
Netcompany CEO and Co-founder
Financial overview
For full details on financial performance, see enclosed Company announcement Q4 2025 and Annual Report 2025 (incl. iXBRL)
Conference details
In connection with the publication of the results for Q4 2025, Netcompany will host a conference call on 3 February 2026 at 11.00 CET.
The conference call will be held in English and can be followed live via the company’s website;
Dial-in details for investors and analysts
DK:
UK: 9
US:
PIN: 598046
Webcast Player URL:
Additional information
For additional information, please contact:
Netcompany Group A/S
Thomas Johansen, CFO,
Frederikke Linde, Head of IR,
Attachments
