Netcompany Group A/S Due Diligence

Run due diligence on Netcompany Group A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Independent (Denmark) · netcompany.com · 45 vendors

Netcompany is a European IT and digital transformation company dedicated to responsible digitalisation. They deliver innovative digital solutions to public sector institutions, governments, and private enterprises across Europe and Asia, helping them take control of their processes and data. Their offerings include custom software development, proprietary platforms (PULSE, AMPLIO, AMI, EASLEY AI), and products targeting complex challenges in areas such as tax administration, defence, transport, and banking.

Resilience scores

Technology vendors

Services catalogue

30 services in catalogue across 8 categories; runs on 45 sub-vendors.

Insights

Last updated 2026-09-13 · revision 58

45 direct vendors, 307 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

9 in-scope frameworks identified; showing 3.

ISO 27001 (source) — No public evidence

Evidence: https://netcompany.com/sustainability/certifications-and-commitments/, https://netcompany.com/sustainability/

GDPR (source) — Evidence found

Evidence: https://netcompany.com/privacy-policy/, https://netcompany.com/cookie-policy/, https://netcompany.com/whistleblower/

EU AI Act (source) — No public evidence

Evidence: https://netcompany.com/feniks-ai/, https://netcompany.com/platforms/easley-ai/, https://netcompany.com/

Financials

Three-year financials

Financial Resilience Score: 7/10

Netcompany demonstrates solid financial resilience underpinned by high revenue visibility (DKK 6.67B of 2026 revenue already committed, ~70%+ locked in), a strong public-sector anchor (~61% of Group revenue) providing counter-cyclical stability, and robust cash generation with FY 2025 free cash flow of DKK 355.8M and Q4 2025 cash conversion of 178.5%. Days sales outstanding improved from 72 to 64 days, and leverage is manageable at 1.6x debt/EBITDA. The company continues to return capital to shareholders via a DKK 750M buyback programme extending through January 2027, bringing 2024-2026 total buybacks to DKK 2B. However, resilience is tempered by the mid-2025 SDC merger into Netcompany Banking Services (NBS), which materially reduced reported EBIT (-28.5%) and net profit (-45.1%) due to DKK 355.3M in special items and higher D&A. NBS carries a much lower margin (pro forma adjusted EBITDA 6.7% vs. 17.8% organic Group) and elevated attrition (27.5% in H2 2025), with management not targeting >20% Group EBITDA margin until 2029. Norway remains weak (3.1% EBITDA margin), and Q1 2026 posted an EPS miss (-16.88% surprise). Equity has declined three years in a row due to buybacks and integration costs. Overall, the underlying business is resilient and growing organically at 7.9%, but near-term reported metrics are pressured by integration execution risk.

Key strengths: High revenue visibility: DKK 6.67B committed for 2026 (~70%+ of expected revenue), Public sector anchor providing ~61% of revenue with long-tenured government clients, Strong FCF of DKK 355.8M and Q4 2025 cash conversion of 178.5%, Manageable leverage at 1.6x debt/EBITDA, DKK 750M ongoing share buyback programme (DKK 2B total 2024-2026), European digital sovereignty tailwind benefiting European vendors, Improving employee engagement (eNPS from +22 to +32 in 2025), DSO improvement from 72 to 64 days, 7.9% organic constant-currency revenue growth in 2025

Risk factors: NBS integration/execution risk with materially lower margins (6.7% vs. 17.8% organic), High NBS attrition of 27.5% in H2 2025 during structural reorganisation, Weakness in Norway market with only 3.1% EBITDA margin, Reported net profit down 45.1% and equity declining 3 years running, Q1 2026 EPS missed forecasts by 16.88%; stock fell 4.85% pre-market, Long path to >20% Group EBITDA margin (not until 2029), Currency and interest rate fluctuations, Project delays or failures and unexpected contract terminations, Competition and talent recruitment/retention risk

Revenue by geography

Revenue by product/service

Workforce by country

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