In 2025, we delivered organic growth and earnings in line with our original financial guidance, while also spending a significant amount of time on enhancing our products and platforms, as well as on business development.
In addition, we also added the former SDC to our Group through a merger into Netcompany Banking Services from 1 July 2025.
Financial performance against original guidance
In 2025, we achieved 7.9% organic revenue growth in constant currencies and maintained organic adjusted EBITDA margin on par with last year. Total revenue grew 20.8% in 2025, as a consequence of the inclusion of Netcompany Banking Services.
We saw positive momentum across the business, with all segments supporting organic revenue growth. Netcompany SEE & EUI once again delivered strong results, and the UK public sector gained traction as key projects began to scale.
Organic adjusted EBITDA margin for 2025 was 16.9%. Despite a significant amount of resources spent on product and business development as well as resources spent on preparing for the integration of SDC – most significant in the first half of the year – we delivered margins in line with last year. During the second half of 2025 we saw an increase in margins as these efforts started to normalise.
Guidance for 2026
Our financial guidance for 2026 assumes that macroeconomic and geopolitical uncertainties will remain at the levels observed in 2025. We expect the focus from end customers from end customers on European sovereign identity to persist into 2026, and view this as supportive to our growth. Likewise, we expect the increased focus on obtaining actual production gains and efficiency from AI to be supportive to our growth too, as AI is embedded into our products and platforms.
Consequently, we expect revenue growth for the Group, measured in constant currencies, to be between 15% and 20% including Netcompany Banking Services for the full year. We expect adjusted EBITDA margin for the Group – also measured in constant currencies and including Netcompany Banking Services (NBS) for the full year to be between 15% and 18%.
For the Group excluding NBS, we expect revenue growth of 5% to 10% and adjusted EBITDA margin of between 16% and 19% – all in constant currencies.
We will initiate a share buyback programme to run from the release of the annual report for 2025 and until the end of January 2027. The size of the programme is DKK 750m which will bring total share buyback programme from 2024 to 2026 to DKK 2bn – in line with previous commitments.
Long-term targets
We commit to the long-term targets as out-lined below. Based on the gradual realisation of synergies in NBS we expect to reach an adjusted EBITDA margin for the Group above 20% by 2029.
- Long-term organic revenue growth for the Group through any business cycle of between 5% and 10% annually.
- Adjusted EBITDA margin above 20% for the Group to be reached by 2029.
