Interim report for 1 January – 30 June 2025

Financial Performance - The company reported organic growth of 3.8% in Q2 2025 and 4.1% in H1 2025, compared to 5.8% and 5.9% in the same periods of 2024, respectively, driven mainly by price increases and projects [5] - The operating margin before other items improved to 4.2% in H1 2025 from 4.0% in H1 2024 due to continued operational improvements [5] - Free cash flow improved to DKK (0.5) billion in H1 2025 from DKK (1.1) billion in H1 2024, attributed to increased operating profit and better changes in working capital [5] Business Developments - The company secured six new large key account contracts, each with annual revenue exceeding DKK 100 million, along with several smaller and mid-sized local contracts [5] - The company announced expansions and wins of 14 contracts, each contributing additional annual revenue of more than DKK 100 million [4] - The final oral hearing in the arbitration proceedings with Deutsche Telekom occurred in mid-July, with a ruling by the Tribunal pending [5] Capital Distribution and Outlook - The second tranche of the share buyback program was increased by DKK 500 million to DKK 1,750 million, bringing the total program to DKK 3.0 billion [5] - The company established a Euro-Commercial Paper (ECP) program with a maximum principal value of EUR 900 million for efficient short-term financing [5] - The 2025 outlook remains unchanged with expectations of organic growth of 4-6%, an operating margin above 5%, and free cash flow exceeding DKK 2.4 billion [5]