Q2 2026 Netcompany Group A/S Earnings Call Transcript
Key Points
- Netcompany Group AS (STU:60N) delivered strong Q2 2026 results with 43.3% total revenue growth, including 17.3% organic growth, driven by robust demand across public and private sectors.
- The company's AI framework, Feniks, is becoming a key market differentiator, enabling the delivery of complex, sovereign European AI solutions and helping to win new customers and take market share.
- The integration of Netcompany Banking Services (formerly SDC) is progressing as planned, with synergies materializing and revenue growing 17% year-over-year on a pro forma basis.
- Netcompany UK delivered exceptional performance with revenue growth of 57.3% in Q2 2026, driven by increased engagements with both existing and new customers.
- The company raised its full-year 2026 revenue growth guidance to between 16% and 20.5% (from 15%-20%), reflecting strong momentum and a solid pipeline.
- The company is successfully leveraging AI to deliver more with fewer resources, evidenced by a 9.3% increase in client-facing FTEs against a 17.3% organic revenue growth, leading to improved operational efficiency.
- Netcompany Group AS (STU:60N) recorded a DKK148 million special item provision for redundancies, related to ongoing organizational sizing and adjustments in employee mix, which will impact cash flow over the next 9-12 months.
- Organic adjusted EBITDA margin for H1 2026 decreased to 15.9% from 16.2% in H1 2025, impacted by lower license revenue, increased investments in agentic AI, and higher marketing costs from the INEOS cycling partnership.
- The company's cash conversion rate in Q2 2026 was low at 17.7%, a significant decrease from 32.6% in Q2 2025, although partially offset by tax adjustments.
- Revenue visibility for the group (excluding NBS) only improved slightly to 10.4% from Q1's 10%, implying a potential slowdown in H2 2026 due to tougher comparables.
- Netcompany Norway's adjusted EBITDA margin remained weak at just 1% in Q2 2026, indicating ongoing profitability challenges in that segment.
- The company's margin guidance for 2026 implies a significant improvement in H2, which relies on the materialization of license revenue and other benefits that are not yet fully guaranteed.
Welcome to this Netcompany interim report for the first six months of 2026. Today's call is being recorded. If you have any objections, please disconnect at this time. (Operator Instructions)
I will now hand the call to your speakers, CEO, André Rogaczewski,i; and CFO, Thomas Johansen. You may now begin.
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Good day and welcome to this presentation of Netcompany's results for Q2 2026. My name is André Rogaczewski, and I'm the CEO and co-founder of Netcompany. I'm joined today by our CFO, Thomas Johansson. And before we get going, there are some important disclosures that I need you to read through. So could we please have slide number two? I will pause here for thirty seconds and let you all have a read through of these important disclosures.
The topic of today's presentation is our performance of Q2 2026. I start by walking you through the business highlights for the quarter and once I'm done
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