Trading update for 1 January – 30 September 2025

Financial Update - The company reported organic growth of 4.9% in Q3 2025 and 4.3% for the first nine months, driven by price increases, volume growth, and projects, despite net negative contract wins [5] - The operating margin and free cash flow met expectations due to operational improvements and effective management of wage and cost inflation [5] - The retention rate improved from 93% in H1 2025 to 94% in Q3 2025, with nine new contracts secured with key account customers, and 21 contracts extended [5] Business Update - The company announced three new partnerships in Q3, each valued over DKK 100 million, contributing to growth in 2026 [4] - Strategic initiatives are being successfully embedded in significant local markets, with acquisitions of Franye Group in Austria and Garbialdi in Spain expected to add approximately 0.2% and 0.6% to annual revenue, respectively [5] - The final oral hearing in the arbitration with Deutsche Telekom occurred in mid-July, with a ruling pending [5] Capital Distribution and Outlook - The corporate credit rating from Moody's was upgraded from Baa3 with a positive outlook to Baa2 with a stable outlook on 28 October 2025 [5] - The 2025 share buyback program's total value was increased by DKK 500 million to DKK 3.0 billion, with DKK 753 million worth of shares acquired by 31 October [5] - The outlook for organic growth for 2025 has been narrowed to 4-5%, with the operating margin expected to be above 5% and free cash flow above DKK 2.4 billion [5]