Interim report for the nine months ended 30 September 2025
Company announcement
No. 31/2025
30 October 2025
Continued growth and margin acceleration
Summary
- Netcompany grew organic revenue by 8.2% (constant 8.5%) to DKK 1,746.9m in Q3 2025.
- Reported revenue grew 34.3% (constant 34.6%) to DKK 2,167.8m in the quarter.
- Organic adjusted EBITDA increased 8.5% (constant 8.2%) to DKK 332.3m in Q3 2025, yielding an organic adjusted EBITDA margin of 19% (constant 18.9%) - in line with the same quarter last year.
- Reported adjusted EBITDA increased 17.3% to DKK 359.3m in Q3 2025. Netcompany Banking Services impacted adjusted EBITDA margin negatively by 2.5 percentage points.
- During the next three years, Netcompany expect to gradually realise cost synergies that by 2028 are expected to be DKK 300m to DKK 350m annually, compared to SDC's cost base in 2024.
- Average number of full-time employees amounted to 9,482 of which Netcompany Banking Services accounted for 911 FTEs.
- Debt leverage was 1.7x in Q3 2025.
- Netcompany raise the bottom and narrow the range of our financial guidance for full year and expects organic revenue growth between 6% and 8% (previously 5% and 10%) and organic adjusted EBITDA margin between 16% and 18%.
- Non-organic revenue delivered through Netcompany Banking Services is expected to be between DKK 840m and DKK 870m for the full year. For non-organic adjusted EBITDA margin we expect Netcompany Banking Services to deliver a result of between DKK 35m and DKK 40m for 2025 (six months) as cost synergies impacting 2025 will be limited.
“In uncertain and volatile markets, we grew revenue by 34.3% in Q3 – including Netcompany Banking Services. Our organic revenue growth of 8.5% was supported by our continued focus on – and investment in – our products, platforms and AI.
We launched Verá – our product in the Defence and Resilience vertical during the quarter as Netcompany´s response to the increased demand for improved real time responses to hybrid threats in the current geopolitical environment. We also launched our offerings in the Real Estate vertical and the Life & Pension vertical – both build on our Amplio platform.
Finally, we have commenced the integration of Netcompany Banking Services into Netcompany Group. The integration efforts are progressing faster than anticipated and I am thrilled about the opportunities Netcompany Banking Services give to us within the Financial Services Industry.
European governments, institutions and large enterprises continue to focus on European digital sovereignty through solutions developed and hosted in Europe by market leading companies. I am immensely proud that Netcompany is one of those companies and look forward to accelerating our market leading position in the future.
Based on our financial results in the first nine months of the year we raise the bottom and narrow the range of our financial guidance for revenue growth and now expect organic revenue growth of between 6% and 8% for 2025. At the same time, we narrow the range for our expectation to our adjusted EBITDA margin and now expect adjusted EBITDA margin of between 16% and 18% for 2025.”
André Rogaczewski
Netcompany CEO and Co-founder
Financial overview
For full details on financial performance, see enclosed Company announcement Q3 2025.
Conference details
In connection with the publication of the results for Q3 2025, Netcompany will host a conference call on 30 October 2025 at 12.30 CET.
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-nine-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
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