Interim Report Q1 2024

2024 off to a good start with continued revenue growth

Revenue growth of 14% in Q1 2024, primarily arising from our key Cloud ERP Business Lines, Dynamics and M3. EBITDA amounted to DKK 55m, corresponding to an EBITDA margin of 12.4%. Excluding a net gain of DKK 20m from settlement of M3CS legal case, the EBITDA margin was 7.9%. Overall, a satisfactory start to the year.

“We came off to a good start of the year driven by strong performance in our Cloud ERP business. Our customers’ focus on safeguarding critical business systems is currently reshaping demand, thus underlining the strength of our end-to-end portfolio of services in a wide range of markets,” says CEO & President, Søren Krogh Knudsen

Q1 2024 highlights

• Revenue growth of 14% amounting to DKK 444m. 11% growth adjusted for acquisitions and currency.
• EBITDA amounted to DKK 55m. DKK 35m adjusted for the M3CS legal case.
• EBITDA margin was 12.4% compared to 10.0% in Q1 2023. Adjusted for the M3CS legal case, EBITDA margin was 7.9%.
• Efficiency of 62% in Q1 2024, compared to 64% in Q1 2023.

Service revenue split on Business Lines

DKK ´000	Q1 2024	Q1 2023	∆%
Dynamics	230,038	196,380	17%
M3	93,074	80,595	15%
Digital Commerce	53,379	58,681	-9%
Data & AI	18,707	19,366	-3%
Customer Experience & Engagement	19,427	15,602	25%
Security	7,968	0	100%
Other Local Business	6,249	6,256	0%
Total sale of services	428,842	376,880	14%
Total sale of products	15,398	13,620	13%
Total net revenue	444,240	390,500	14%