Company announcement
No. 06/2025

                                                 28 January 2025

Continued growth and margin improvement in a challenging market
Summary full year 2024

• For the full year, Netcompany grew revenue by 7.6% (constant 7.4%) to DKK 6,540.6m, in line with guidance.
• Adjusted EBITDA was DKK 1,097.9m in 2024 compared to DKK 901.2m in 2023. Adjusted EBITDA margin was 16.8% for 2024 (constant 16.9%) compared to 14.8% in 2023.
• Average workforce increased to 8,007 FTEs.
• Free cash flow in 2024 was DKK 821.1m compared to DKK 552.1m in 2023.
• Cash conversion ratio increased to 147.1% in 2024 from 135.1% in 2023.
• Debt leverage was 1.2x.
• For 2025, Netcompany expects revenue growth in constant currencies of between 5% and 10% and adjusted EBITDA margin measured in constant currencies is expected to be between 16% and 19%.

Performance highlights Q4

• Revenue increased by 6% to DKK 1,678.2m in reported currencies and by 5.7% in constant currencies.
• Adjusted EBITDA increased 12.8% to DKK 275.3m in Q4. Adjusted EBITDA margin was 16.4% (constant 16.5%) compared to 15.4% in Q4 2023.
• Average workforce increased by 484 FTEs to 8,249 FTEs.
• Free cash flow was DKK 532.4m.  
• Cash conversion ratio (tax normalised) was 407.8%.

“We realised revenue growth of 7.6% (constant 7.4%) and adjusted EBITDA margin of 16.8% (constant 16.9%) in 2024, which was another year of high macro and geopolitically uncertainty.

I am pleased to see the impacts of our significant investment into our operation materialising in continued growth and an improvement of more than 53% in our earnings compared to last year. This, combined with the significant work spent on business development in the last quarter of the year comforts me in Netcompany’s ability to deliver continued growth and margin expansion going forward.

During the year we have welcomed more than 1,700 new employees to our Group and at the end of 2024 we were more than 8,250 impressive individuals whom, together with our customers, will pave the way forward for continued success – for all parties.

Despite the continued uncertainty on both macro and geopolitical matters we expect to grow between 5% and 10%, and deliver an adjusted EBITDA margin of between 16% and 19% in 2025. At the same time, we reiterate our mid-term adjusted EBITDA margin target of 20%, but defer the timing for realising DKK 8.5bn in revenue to 2027. We remain committed to a total redistribution of cash of at least DKK 2bn to our shareholders by 2026, however, due to ongoing strategic considerations we are not initiating a new share buyback programme at this particular point in time.

These are truly exiting times, and I look forward to continue to grow Netcompany successfully with all our stakeholders in 2025.”

André Rogaczewski,
Netcompany CEO and Co-founder

Financial overview
For full details on financial performance, see enclosed Company announcement Q4 2024 and Annual Report 2024 (incl. iXBRL)

Conference details
In connection with the publication of the results for Q4 2024, Netcompany will host a conference call on 28 January 2025 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/annual-report-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