Netcompany Group (NETC) Q4 2025 earnings summary

Executive summary

• Group revenue grew 35.5% in Q4 2025, with organic growth of 10% (constant currencies) and significant contribution from Netcompany Banking Services (NBS) integration.

• Major contract wins across public and private sectors in the UK, Denmark, Norway, Greece, and SEE & EUI regions.

• Integration of SDC into NBS progressed faster than anticipated, with synergy targets unchanged and margin improvements realized.

• Employee engagement improved, with eNPS rising from 22 to 32 in 2025.

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

Financial highlights

• Q4 2025 revenue reached DKK 2,264.7m, up 34.9% year-over-year; full-year revenue was DKK 7,891.7m, up 20.8%.

• Adjusted EBITDA for Q4 2025 was DKK 403m, margin 17.7% (organic margin 18.8%).

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

• Cash at hand DKK 287m; leverage at 1.6x due to SDC acquisition.

• Free cash flow for 2025: DKK 355.8m, down 56.7% year-over-year.

Outlook and guidance

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

• Adjusted EBITDA margin guidance: 15–18% (group), 16–19% (excluding NBS).

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

• Share buyback program of DKK 750m to run until January 2027.

• Revenue visibility for 2026: DKK 4.5bn (excluding NBS), DKK 1.4bn (NBS, private sector only).