Netcompany Group (NETC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 8.1% to DKK 2,343.8m (7.6% in constant currencies); adjusted EBITDA increased 16.9% to DKK 420.1m.

• Nine-month revenue increased 28.2% to DKK 7,215.4m; excluding Banking Services, growth was 12.6% in constant currencies.

• Growth spanned markets, with UK performance and demand for sovereign AI and AI-enabled products supporting momentum.

Financial highlights

• Q3 gross profit rose 18.4% to DKK 698.9m; gross margin expanded 2.6pp to 29.8%.

• Q3 adjusted EBITDA margin was 17.9%, up 1.4pp YoY; before allocated HQ costs, the reported-scope margin was 18.9%, versus 17.3%.

• Q3 net profit was DKK 177.1m versus a DKK 67.9m loss; EBIT was DKK 309.6m versus a DKK 48.4m loss.

• Nine-month adjusted EBITDA rose 22.3% to DKK 1,085.0m, with a 15.0% margin; net profit was DKK 517.7m.

Outlook and guidance

• FY 2026 revenue growth guidance increased to 18%-20.5% for reported scope and 8.5%-10.5% excluding Banking Services, in constant currencies.

• Adjusted EBITDA margin guidance remains ~16%-19% for reported scope and 17%-20% excluding Banking Services.

• Revenue visibility excluding Banking Services reached DKK 7,408.9m, up 10.5% YoY; total visibility was DKK 9,166.7m.

• Long-term targets are 5%-10% annual organic revenue growth through the cycle and adjusted EBITDA margin above 20% by 2029.