Netcompany – Interim report for the three months ended 31 March 2024

Company announcement
No. 18/2024

                                                 3 May 2024

Results in line with expectations and underlying margin improvements


In Q1 2024, Netcompany grew revenue by 3.8% (constant 3.6%) to DKK 1,598.1m.
Adjusted EBITDA increased by 2.1% (constant 3.4%) to DKK 247.1m in Q1 2024. Adjusted EBITDA margin was 15.5% in Q1 2024 (constant 15.7%) compared to 15.7% in Q1 2023.
Average number of full-time employees increased by 295 FTEs from 7,513 in Q1 2023 to 7,808 in Q1 2024.
Free cash flow was negative DKK 4.9m in Q1 2024 compared to DKK 141.6m in Q1 2023.
Cash conversion ratio (tax normalised) was 67.2% in Q1 2024.
Debt leverage was unchanged at 1.6x in Q1 2024.

“We grew revenue by 3.6% and realised an EBITDA margin of 15.7% – both against a strong comparable and despite being negatively impacted by fewer working days in the quarter.

In Denmark, we saw margin improving by more than 2 percentage points, while the gradual improvement in the private segment continued and strengthened. Further, the international part of the Group continued to develop satisfactorily with a strong performance in Netcompany-Intrasoft and in the Netherlands. Further, we won a significant contract in the UK.

FTEs grew by 295 employees driven by the international part of the Group, and at the end of the quarter the Group em­ployed more than 7,800 talented people.

Our performance in Q1, combined with our continued momentum in the building of pipeline across our different platforms and products makes us confident that we will deliver on our full year financial targets for 2024 and beyond. Based on our outlook for the rest of the year, we are initiating a share buyback programme of DKK 250 million, which will be executed before we report Q2 results in August 2024.”

André Rogaczewski
Netcompany CEO and Co-founder

Financial overview
For full details on financial performance, see enclosed Company announcement Q1 2024.

Conference details
In connection with the publication of the results for Q1 2024, Netcompany will host a conference call on 3 May 2024 at 11.00 CEST.
The conference call will be held in English and can be followed live via the company’s website;
Dial-in details for investors and analysts
DK: +45 7876 8490
UK: +44 203 769 6819
US: +1 646 787 0157
PIN: 598046
Webcast Player URL:

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, + 45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87


  • 18. Netcompany – Company Announcement Q1

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