Company announcement
No. 48/2024

                                                 31 October 2024

Continued growth and improved margin

Summary

• In Q3 2024, Netcompany grew revenue by 10.4% (constant 10.4%) to DKK 1,613.9m.
• Adjusted EBITDA increased by 39.3% (constant 40.1%) to DKK 306.3m in Q3 2024. Adjusted EBITDA margin was 19% in Q3 2024 (constant 19.1%) compared to 15% in Q3 2023.
• Average number of full-time employees increased by 328 FTEs from 7,760 in Q3 2023 to 8,088 in Q3 2024.
• Free cash flow was DKK 145.3m in Q3 2024 compared to DKK 100.4m in Q3 2023.
• Cash conversion ratio was 89.5% in Q3 2024.
• Debt leverage was 1.5x in Q3 2024.
• Netcompany maintains expectations for full year.

“In Q3, we grew revenue by 10.4%, once again supported by ongoing recovery in the Danish part of the Group combined with strong growth in Netcompany-Intrasoft, Norway and in the Netherlands.

Margins continued to improve during Q3 – both compared to the same quarter last year and from the levels realised in Q2 this year – as anticipated.

The average number of FTEs increased by 4.2% compared to the same time last year, and at the end of Q3 we employed more than 8,200 highly talented professionals throughout the Group.

It truly pleases me to see that so many talented IT professionals choose to work with Netcompany, and together with our customers, to develop, implement and operate critical IT infrastructure throughout Europe.

We maintain our financial guidance for the year and initiate a new share buyback programme of DKK 250m running to the end of January 2025 bringing the total share buyback programme initiated for the year to DKK 800m. We also remain committed to our midterm targets for 2026.”

André Rogaczewski, Netcompany CEO and Co-founder

Financial overview
For full details on financial performance, see enclosed Company announcement Q3 2024.

Conference details
In connection with the publication of the results for Q3 2024, Netcompany will host a conference call on 31 October 2024 at 11.00 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-9-months-of-2024

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

Attachment

• Netcompany Q3 2024 - company announcement