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Research

Netcompany (One-pager): Solid Q1 2025 growth with guidance maintained

Netcompany Group
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Read the latest Netcompany One-pager following the Q1 2025 results. The first quarter of 2025 marked a strong start to the year for Netcompany, with 9.1% revenue growth y/y with an adjusted EBITDA margin of 17.6% (2.2 pp improvement y/y). Growth was driven by strong performance in the public sector (+13.5% y/y) and international markets such as Greece and Norway, where platform-led wins continue to support momentum. Denmark, the UK, and the Netherlands also grew in Q1 2025, but at lower levels.

Full-year 2025 guidance was reaffirmed, with expected revenue growth of 5–10% and an adjusted EBITDA margin between 16–19%, underpinned by the continued ramp-up of key contracts such as DALAS (UK), Avinor (NO), and the SOLON TAX and IDIKA projects (GR) signed in late 2024 and early 2025.

Netcompany maintains its DKK 8.5bn revenue ambition for 2027, implying a 9% CAGR, and continues to target >20% adjusted EBITDA margins by 2026. No new share buybacks were launched in Q1 due to the pending acquisition of SDC, but the company reaffirmed its commitment to a return target of over DKK 2.0bn in buybacks between 2024–2026, with buy-backs set to resume following completion of the SDC acquisition in mid-2025.  In Q1, Netcompany also formally cancelled 2.5 million treasury shares, equal to 5% of total share capital.

To learn more about Netcompany’s Q1 performance and 2025 outlook, catch up on the latest Q1 2025 earnings presentation with Netcompany CFO Thomas Johansen. Link: https://www.inderes.dk/videos/netcompany-praesentation-af-regnskabet-for-1-kvartal-2025

Disclaimer: HC Andersen Capital receives payment from Netcompany for a DigitalIR/corporate visibility subscription agreement. Philip Coombes 11:00 02/05/2025.

Netcompany Group is an IT company. The company specializes in consulting services and business-critical IT solutions, including internal systems development, big data management, mobile apps, analysis services, and E-commerce solutions. The customers can be found in several sectors, including finance, industry, authorities, and institutes. Netcompany was founded in 2000 and has its headquarters in Copenhagen.

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