NETCNasdaq CopenhagenInformation Technology ServicesIFRS · DKK

Netcompany Group A/S

Netcompany Group A/S is a Denmark-based IT services and software company that designs and delivers digital transformation projects for public and private-sector clients across Europe. Its work spans application development, platform implementation, digital operations, and proprietary product offerings such as AI-enabled solutions and banking software.

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Revenue7.9m DKK
−99.5 %y/y
Operating profit (EBIT)0.6m DKK
−99.7 %y/y
EBIT margin7.1%
−4.4 ppy/y
Net income0.3m DKK
−99.8 %y/y
Free cash flow0.5m DKK
−99.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,000m DKK2020: 2,839 m DKK2020: EBIT 645 m DKK20202021: 3,632 m DKK2021: EBIT 704 m DKK20212022: 1,519 m DKK2022: EBIT 282 m DKK20222023: 6,078 m DKK2023: EBIT 511 m DKK20232024: 1,678 m DKK2024: EBIT 194 m DKK20242025: 7.9 m DKK2025: EBIT 0.56 m DKK20257.90.56
RevenueOperating profit (EBIT)
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Business

Share of revenue
IT Services and Consulting55 %

Advisory, delivery, and maintenance work for large digital programmes and application estates.

Public-Sector Digital Platforms20 %

Software and implementation services for government and EU-related digital infrastructure.

Private-Sector Enterprise Solutions15 %

Enterprise software delivery and platform work for commercial clients across industries.

AI-Enabled Products and Platforms5 %

Proprietary AI-powered tools and platform offerings, including Feniks AI.

Banking Software and Services5 %

Core banking and adjacent software delivered through Netcompany Banking Services.

Customers

Netcompany sells mainly to governments, EU institutions, and large enterprises that need complex, mission-critical digital systems delivered and operated over long project cycles. The company is especially relevant where clients want European-based delivery capabilities, regulatory familiarity, and software platforms tailored to public administration or enterprise workflows.

Public-sector governments

Buy digital platforms, case-management systems, and citizen-service applications for ministries, agencies, and municipalities.

EU institutions

Commission and other EU bodies buy digitalisation and AI capabilities for policy and administration programmes.

Large enterprises

Commercial customers buy custom software, application modernisation, and platform integration services.

Financial institutions

Banks and financial firms buy banking software, core systems, and related implementation services.

Existing enterprise clients

Repeat customers expand into additional platforms, support, and AI-enabled products after initial delivery.

Strategy

Netcompany is focused on expanding its AI-powered product and platform offerings while deepening relationships with existing clients and winning new ones. A second priority is strengthening its position in the UK and other European markets that value sovereign digital delivery and public-sector expertise.

Scale AI-enabled offeringsShort term

AI products can raise differentiation and create repeatable software revenue alongside services.

Grow in the UKMedium term

The UK is a large IT services market and improves the company's addressable market and brand scale.

Win public-sector and EU digital programmesMedium term

Government and EU demand supports large, multi-year digitalisation projects that fit the company's delivery model.

Geography

Netcompany is headquartered in Denmark and operates across Northern and Western Europe, with the UK highlighted as a major market and growth driver. The business also has meaningful exposure to SEE & EUI markets, where demand is tied to EU digitalisation spending and broader public-sector technology investment.

Risks

The business depends on winning large project awards, delivering complex systems on time, and maintaining credibility with public-sector and enterprise clients. It is also exposed to demand concentration in European markets, competitive pressure in IT services, and execution risk as it scales product-led offerings alongside services.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Public-sector spending and procurement cyclicality1Delivery and implementation overruns2Competitive pressure in UK and Europe3Adoption risk for AI products4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Public-sector spending and procurement cyclicalityImpact: HighLikelihood: Medium

    A large share of work is tied to government and EU digital investment decisions that can shift with budgets and policy timing.

    Exposure: Europe public sector

  2. Delivery and implementation overrunsImpact: HighLikelihood: Medium

    Large bespoke IT programmes can suffer scope changes, delays, or cost overruns if delivery complexity is underestimated.

    Exposure: Large-scale projects

  3. Competitive pressure in UK and EuropeImpact: MediumLikelihood: High

    The company competes against global consultancies and regional specialists for transformation and platform work.

    Exposure: UK and Europe

  4. Adoption risk for AI productsImpact: MediumLikelihood: Medium

    Newer AI-enabled offerings must prove customer value and integrate into regulated client environments.

    Exposure: AI platform offerings

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Accounting

Judgemental items
Revenue recognition

Project delivery and software arrangements may recognise revenue over time or at milestones, affecting quarterly comparability.

Impact: Affects revenue timing and gross margin

Contract assets and liabilities

Billing patterns versus work performed can create timing differences on the balance sheet.

Impact: Affects working capital and operating cash flow

Capitalised development costs

Product and platform investment may be capitalised if recognition criteria are met, then amortised over time.

Impact: Affects EBITDA, amortisation, and asset values

Goodwill and intangibles

Acquired businesses and software assets require impairment testing if growth assumptions weaken.

Impact: Affects reported profit and equity

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Last updated: 24/10/2026