Operating profit was DKK 309.6m against a DKK 48.4m loss, but the year-earlier quarter carried DKK 310.2m of special items 4. Management raised the revenue-growth floor to 18%-20.5% for the Group and kept the 16%-19% adjusted EBITDA margin 3.
Netcompany Group A/S · Q3 2026 · Reported 29 Oct 2026 · Nordic
Key figures
Million DKK | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 2,343.80 | 2,167.80 | +8.1 % |
Operating profit | 309.60 | -48.40 | +358.00M DKK |
Net income (loss) | 177.10 | -67.90 | +245.00M DKK |
Operating margin | 13.2 % | -2.2 % | +15.4 pp |
Net margin | 7.6 % | -3.1 % | +10.7 pp |
Figures in DKK, as reported. Margins are computed from the reported lines.
The swing to profit mostly reflects year-earlier special items
Operating profit was DKK 309.6m against a loss of DKK 48.4m a year earlier, lifting operating margin to 13.2% from -2.2%, up 15.4 points 4. Special items were DKK 0.0m against DKK 310.2m in Q3 2025, so most of the swing is the absence of that charge 4. Net income reached DKK 177.1m against a DKK 67.9m loss, and diluted EPS was DKK 3.92 against -1.43 4.
The operating improvement is real but smaller on the company-defined measure. Adjusted EBITDA rose 16.9% to DKK 420.1m, and its margin was 17.9% against 16.6% a year earlier 4. Gross margin widened to 29.8% from 27.2% 4. That margin gain came even though sales and marketing costs rose to DKK 65.5m from DKK 13.4m, which management ties mainly to the Netcompany INEOS cycling team partnership 4.
Growth of 8.1% rests heavily on the UK, while Denmark lags
Revenue grew 8.1%, or 7.6% in constant currencies 4. Netcompany UK grew 42% on both public and private demand 7. Denmark grew 2.6%, and management says the reallocation of around 150 client facing FTEs to Banking Services cut about 4 percentage points from that growth 7.
Norway revenue was level with a year earlier, as a 36.3% fall in private-sector revenue offset public-sector growth of 23.5% 7. Management attributes the private decline to completion of a large multi-year project 7. Banking Services revenue rose 7.6% 8.
Cash flow moved the opposite way to profit
Cash flow from operating activities was negative DKK 81.0m against positive DKK 3.9m a year earlier, and free cash flow was negative DKK 170.6m against negative DKK 55.5m 425. Cash conversion was negative 79.6% against 150.3% a year earlier 4. Working capital changes of negative DKK 426.7m, against negative DKK 74.1m, explain most of the gap 25. Management points to increased activity and lower customer prepayments 1617.
Days sales outstanding rose to 61 from 53, with close to DKK 300m of receivables on RRF-funded projects that management says will be collected in Q4 2026 16. Debt leverage was 2.4x against 1.7x a year earlier, and the net cash balance was negative DKK 952.1m 17. Treasury share purchases of DKK 153.1m in the quarter added to the outflow 25.
What to watch next
Guidance for the Group is revenue growth of 18% to 20.5% (previously 16% to 20.5%) and adjusted EBITDA margin of about 16% to 19%, all in constant currencies 3. Excluding Banking Services, revenue growth is 8.5% to 10.5% and the margin 17% to 20% 18.
Whether the roughly DKK 300m of RRF-related receivables is collected in Q4 2026, as management says it will be 16.
Special items were DKK 148.8m in the first nine months for right-sizing and Agentic AI efficiencies, with the net effect expected to have full impact from the second half of 2027 10.
The report does not give free cash flow guidance.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.