Netcompany Group (NETC) investor relations material

Transaction and funding

• DKK 325m subscription for new DCAI shares at a DKK 875m pre-money valuation, securing a 23.7% stake; DCAI raises DKK 500m in total, with all three investors on identical terms.

• Following completion, Novo Nordisk Fonden holds 52.6% of DCAI, while EIFO and the new investor each hold 23.7%.

• One of DCAI’s four director seats can be nominated; André Rogaczewski joins the board at completion.

• Proceeds fund capacity expansion, GPU hardware, related technology, organisational capacity and operations.

• Future capacity and hardware growth is expected to use third-party financing matched to customer demand and operational readiness, rather than repeated capital contributions.

Sovereign AI strategy and platform

• Gefion provides sovereign Danish GPU capacity; the NVIDIA DGX SuperPOD has 1,528 NVIDIA H100 GPUs and already serves users in defence, research and healthcare.

• The offering combines compute, model choice, governance, government integration, agents and applications as an open, model-agnostic stack for critical services, with potential to scale across Europe.

• Feniks Governance provides orchestration, inference, security, access control, monitoring, governance and usage-based billing; Feniks Learn, Build and Test target software development and testing workflows.

• Feniks Agentic and Feniks Public Sector are intended to deliver reusable agents and AI services grounded in public-sector knowledge; the platform is open to other IT suppliers.

• A ready-to-deploy, usage-billed service combines the five layers; fit-for-purpose models, shared infrastructure, European data and local governance aim to limit critical dependencies and unnecessary compute.

Market opportunity and commercial model

• By 2031, estimated Danish sovereign AI demand is 50–80 MW of IT load, within a total Danish AI market of 200–320 MW; illustrative compute revenue exceeds DKK 100m annually per MW of IT load.

• For 2027–2031, the Danish sovereign compute market is estimated above DKK 15bn, with the service layer at least another DKK 15bn; combined opportunity exceeds DKK 30bn.

• Four revenue streams: DCAI compute and equity value creation; Feniks platform and governance; government integration and operations; AI agents and solutions.

• Software can be deployed on DCAI infrastructure for regulated entities in Denmark and Europe; revenue is expected from 2027 and then to accelerate.

• DCAI’s associated-company result is recognized below EBIT; software licence and other direct revenue is recognized in group revenue and EBIT.