Today, Netcompany released its Q3 figures. Strong 22 with 20 rules (organic growth 8% and adj. EBITA 14). Clear cost synergies from SDC. In addition, a refinement/narrowing of the guidance. Revenue slightly exceeded consensus expectations, and adj. organic EBITDA exceeded consensus expectations by 6%. The markets seem to have liked the Q3 report and financial targets, as the share price is up 2.5% at the time of writing.
Summary
- Netcompany’s organic revenue grew by 8.2% (adjusted for currency fluctuations 8.5%) to DKK 1,746.9 million in the third quarter of 2025.
- Reported revenue grew by 34.3% (adjusted for currency changes 34.6%) to DKK 2,167.8 million in the quarter.
- Organic adjusted EBITDA grew by 8.5% (adjusted for currency fluctuations 8.2%) to EUR 332.3 million in the third quarter of 2025, resulting in an organic adjusted EBITDA margin of 19% (adjusted for currency fluctuations 18.9%) – in line with the corresponding quarter last year.
- Reported adjusted EBITDA grew by 17.3% to DKK 359.3 million in the third quarter of 2025. Netcompany Banking Services negatively impacted the adjusted EBITDA margin by 2.5 percentage points.
- Over the next three years, Netcompany expects to gradually realize cost synergies, which are expected to amount to DKK 300–350 million per year by 2028, compared to SDC’s 2024 cost base.
- The average full-time equivalent staff count was 9,482, of which Netcompany Banking Services accounted for 911 FTEs.
- Leverage was 1.7x in Q3 2025.
- Netcompany raises and narrows the lower end of its full-year financial guidance and expects organic revenue growth of 6–8% (previously 5–10%) and an organic adjusted EBITDA margin of 16–18%.
- Inorganic revenue achieved through Netcompany Banking Services is expected to be DKK 840–870 million for the full year. Regarding the inorganic adjusted EBITDA margin, we expect Netcompany Banking Services to generate a result of DKK 35–40 million in 2025 (six months), as cost synergies affecting 2025 are limited.