Netcompany Group (NETC) Q2 2026 earnings summary

Executive summary

• Revenue grew 43.3% year-over-year in Q2 2026, with organic growth of up to 17.3% and strong AI adoption driving demand across all segments.

• Adjusted EBITDA before allocated HQ cost rose 45.7% to DKK 346.5 million in Q2 2026, with organic adjusted EBITDA margin up to 15.5%.

• Net profit surged 253.4% to DKK 196.9m in Q2 2026, supported by operational performance and a gain from the Smarter Airports acquisition.

• AI and platform development centralized in a new Product Development unit, with increased investment and FTEs, and accelerated development of the internal AI framework FENIKS.

• Integration of SDC A/S into Banking Services is progressing as planned, strengthening the position in Financial Services.

Financial highlights

• Q2 2026 revenue: DKK 2,457.6m (Q2 2025: DKK 1,714.9m); YTD 2026 revenue: DKK 4,871.6m (YTD 2025: DKK 3,459.2m).

• Adjusted EBITDA margin Q2 2026: 13.2% (Q2 2025: 12.9%); organic margin up to 14.4%.

• Free cash flow in Q2 2026 was DKK 41.2 million, up 61.1% YoY and a significant improvement from negative DKK 310 million in Q1.

• Debt leverage increased to 2.3x, mainly due to acquisitions and working capital changes.

• Days sales outstanding stable at 57 days.

Outlook and guidance

• Group revenue growth guidance for 2026 raised to 16%-20.5% (from 15%-20%), with adjusted EBITDA margin maintained at 16%-19%.

• Excluding Banking Services, revenue growth guidance increased to 6.5%-10.5% (from 5%-10%), with EBITDA margin guidance unchanged at 17%-20%.

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

• Revenue visibility at end Q2 2026 (excl. Banking Services) at DKK 6.8 billion, up 10.4% YoY; total revenue visibility for FY 2026 at DKK 8,535.6m.