Netcompany Group (NETC) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 2025 results, with group revenue up 35.5% year-over-year and organic revenue growth of 10%, driven by strategic contract wins and the integration of Netcompany Banking Services (NBS).

• Continued strategic shift to scalable products, platforms, and embedded AI, supporting differentiation and growth.

• Integration of SDC into NBS progressed ahead of schedule, delivering synergy benefits and improved margins.

• Employee engagement improved, with eNPS rising from +22 to +32.

• Special items of DKK 355.3m in 2025 related to the SDC/NBS merger and restructuring.

Financial highlights

• Q4 2025 revenue reached DKK 2,264.7m, up 34.9% from Q4 2024; full-year revenue was DKK 7,891.7m, up 20.7%.

• Q4 2025 organic revenue grew 10% year-over-year in constant currencies; reported organic revenue growth was 9.5% after currency impact.

• Adjusted EBITDA before allocated HQ cost rose 41.2% to DKK 403m in Q4, with group margin at 17.7% (up from 17% in Q4 2024).

• Net profit for Q4 2025 was DKK 147.3m, up from DKK 117.1m in Q4 2024.

• Cash at hand at year-end was DKK 287m, with leverage at 1.6x, reflecting the SDC acquisition.

Outlook and guidance

• 2026 group revenue expected to grow 15–20% in constant currencies, including NBS; excluding NBS, growth expected at 5–10%.

• Adjusted EBITDA margin guidance for 2026: 15–18% for the group, 16–19% excluding NBS.

• Long-term targets: 5–10% organic annual revenue growth and adjusted EBITDA margin above 20% by 2029.

• Share buyback programme of DKK 750m to be completed by January 2027.

• Revenue visibility for 2026: DKK 4.5bn (excluding NBS), up 8.1% year-over-year; DKK 1.4bn for NBS, all private sector.