olivLaw · European equity research
NNIT A/S NNIT.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060580512 · Vertical: Listed companies from Denmark
NNIT provides IT solutions for the international life sciences industry and for the public and private sectors in Denmark. In the first half of 2026 revenue fell to DKK 864.1m, and the company is launching a transformation program after a strategic review, amid cautious demand from pharmaceutical customers.
At the close of 05 Nov 2026, NNIT A/S (NNIT.CO) stock was 40.60 DKK (−3.33% on the day), with market capitalisation 1.0 bn DKK, dividend yield 0.00%, beta 0.45, 52-week range 33.50–53.30 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.3
- neutral
- Bollinger (20, 2)
- 35.34 – 46.47
- in the lower half of the band · %B 0.47 · band width 27.2%
- SMA 50 / 200
- 39.03 / 40.96
- mixed trend
- MACD (12, 26, 9)
- 1.15 / 1.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.9% | +0.4% | +19.6 pp | — |
| 3 months | +6.0% | −3.3% | +9.3 pp | — |
| 6 months | −9.8% | +4.0% | −13.7 pp | — |
| Year to date | −18.5% | +8.1% | −26.6 pp | — |
| 1 year | −24.7% | +10.7% | −35.4 pp | −5.3% |
| 3 years | −49.4% | +50.1% | −99.5 pp | +3.3% |
| 5 years | −64.3% | +43.6% | −107.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 1.9 bn | 1.8 bn |
| Revenue YoY | unavailable | −3.4% |
| Net income | 1.0 m | -24.0 m |
| Net income YoY | unavailable | −2,500.0% |
| Diluted EPS | 0.03 | -0.97 |
| Diluted EPS YoY | unavailable | −3,333.3% |
| net % | 0.1% | -1.3% |
| Free cash flow | -24.0 m | -24.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 87.0 m DKK
- Financial debt
- unavailable DKK
- Net debt
- unavailable DKK
- Equity
- 786.0 m DKK
- Total assets
- 1.5 bn DKK
- Debt / equity
- unavailable
- Current ratio
- 1.00x
- ROE
- -2.9%
- ROA
- -1.5%
- FCF margin
- -1.3%
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.9 bn | 1.8 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 1.4 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Gross profit | 479.0 m | 447.0 m | esef· 18 Mar 2026verified |
| Operating income | 48.0 m | 11.0 m | esef· 18 Mar 2026verified |
| Interest expense | 44.0 m | 26.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 15.0 m | -11.0 m | esef· 18 Mar 2026verified |
| Income tax | 14.0 m | 13.0 m | esef· 18 Mar 2026verified |
| Net income | 1.0 m | -24.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.03 | -0.97 | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.00 | esef· 02 Sept 2026derived |
Balance sheet · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 158.0 m | 87.0 m | esef· 18 Mar 2026verified |
| Inventories | 1.0 m | 4.0 m | esef· 18 Mar 2026verified |
| Current assets | 738.0 m | 590.0 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 15.0 m | 15.0 m | esef· 18 Mar 2026verified |
| Total assets | 1.7 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Current liabilities | 527.0 m | 591.0 m | esef· 18 Mar 2026verified |
| Equity | 870.0 m | 786.0 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 33.3 m | 24.7 m | esef· 02 Sept 2026derived |
Cash flow · DKK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -6.0 m | -18.0 m | esef· 18 Mar 2026verified |
| Capex | 18.0 m | 6.0 m | esef· 18 Mar 2026verified |
| Free cash flow | -24.0 m ≈ | -24.0 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -34.0 m | -29.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | -56.0 m | -24.0 m | esef· 18 Mar 2026verified |
| Dividends paid | — | 0 | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.0 bn DKK
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.3% | 24 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.4% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NNIT A/S (NNIT.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.8 bn DKK in 2025; YoY growth -3.4%; net margin -1.3%; ROE -3.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -1.3%
- Interest coverage: 0.4x
- Current ratio: 1.0x
- FCF yield: -2.4%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for NNIT.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NNIT provides IT solutions for the international life sciences industry and for the public and private sectors in Denmark. In the first half of 2026 revenue fell to DKK 864.1m, and the company is launching a transformation program after a strategic review, amid cautious demand from pharmaceutical customers.
SWOT
Strengths
- The company has deep expertise in the pharmaceutical industry and long-standing customer relationships, confirmed by its strategic review 1.
- Operational efficiency improved through cost reductions and capacity adjustments, supporting regional margins 1.
- The SCALES and Public DK divisions grew in 2026, showing an expanding customer base 1.
Weaknesses
Opportunities
Risks
- Decline in Life Sciences revenuehigh
Reduced orders from pharmaceutical clients have affected revenue in Europe and Asia and could continue to limit group growth 1.
- High special itemsmedium
Restructuring and transformation costs remained significant and could reduce net results if they do not decline 1.
- Concentration on large clientsmedium
Loss or reduction of tier-1 contracts could quickly affect regional revenue, as happened in Asia 1.
- Execution of the transformation programmedium
The announced transformation could face implementation difficulties, which could delay margin improvement 1.
- Cash flowlow
Free cash flow was negative in 2025, and a sustained recovery would depend on collecting receivables and customer payment timing 1.
Investment thesis
What would need to be true (bull case)
- If demand from pharmaceutical clients recovers and new orders from the second quarter convert into revenue, growth could return in the second half of 2026 1.
- The SCALES and Public DK divisions are growing, and better operational efficiency could support group margins 1.
- AI solutions such as the Lumina platform could open new contracts, especially if public-sector and biotech demand materialises 1.
What would break the thesis
- Group revenue declined in the first half of 2026, and guidance points only to single-digit negative constant currency growth, which could mean a prolonged period of pressure 1.
- The EBIT margin was below the prior year's level, and special items could continue to absorb profitability 1.
- Dependence on a few large clients and hesitation in pharmaceuticals could keep regional revenue volatile 1.
What to watch
- Development of new order intake and its conversion into revenue in Europe and the USQ3 2026
- Progress of the transformation program and details of the future strategic direction2026
- Delivery against guidance for constant currency revenue growth and the EBIT margin2026
- Effect of the Singapore divestment and the focus on China on the Asia regionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NNIT is an IT solutions provider focused on high complexity industries, especially life sciences, where it helps companies with strict regulatory requirements digitise their operations. The company also serves the public and private sectors in Denmark, through divisions that combine domain expertise with digital solutions for patients, citizens, employees and customers 1. The group includes NNIT A/S and subsidiaries, among them SCALES, and reports by region: Europe, US, Asia, Public DK and SCALES 1.
In the second quarter of 2026 the company completed a strategic review with external support and announced a company-wide transformation program covering commercial, delivery and operational excellence, with further details to follow 1. As part of its Asia strategy, NNIT decided to divest its Singapore business and to focus its regional operations in mainland China 1.
Segments
Public DK and SCALES
Public DK had fiscal 2025 revenue of DKK 352.3m including passthrough revenue, and in Q2 2026 its revenue grew by 10.0% on the back of new projects in the Danish public sector 1. SCALES recorded revenue of DKK 341.1m in 2025 and grew 10.9% in Q2 2026, driven by expansion of Microsoft D365 services 1.
Market context
NNIT operates in markets with high regulatory demands, especially pharmaceuticals and the Danish public sector, where clients commission complex digital projects. The company says demand remains solid, but customers were hesitant in life sciences purchasing in the first part of 2026, while public-sector tenders increased after the new Danish government was formed 1.
The 2026 outlook calls for single-digit negative constant currency revenue growth and a Group EBIT margin excluding special items of 4-7%, maintained after the May 2026 announcement 1. If new orders from the second quarter convert into revenue, pressure on these figures could ease in the second half of the year.
Trends
- AI in regulated projectstailwind
Clients increasingly ask for AI solutions that can be deployed in regulated environments, and NNIT is building them into bids and into its Lumina framework for the public sector 1. This trend could open new contracts if demand materialises.
- Hesitation among pharma customersheadwind
Life Sciences clients postponed or reduced orders in the early part of 2026, which led to revenue declines in Europe and Asia 1.
- Danish public sector procurementtailwind
After the new Danish government was formed, public tenders increased, which could support growth in the Public DK division 1.
- Cost and capacity pressuremixed
The company cut costs and adjusted capacity, improving operational efficiency, but in SCALES greater use of subcontractors was needed because of internal capacity constraints 1.
Competitive position
The analysed sources do not explicitly name NNIT's competitors, so the list below cannot be completed from these documents. The company describes its advantage as deep pharmaceutical domain expertise and long-standing customer relationships, confirmed by its strategic review 1.
NNIT differentiates on a business-first approach and a focus on high complexity industries rather than on technology, which could matter in competing for tier-1 contracts 1.
- Competitors not named in source
The source does not name competitors; no names or tickers can be attributed from this document.
- Pharma-focused IT services providers
General category of competitors in digital services for regulated companies; not named in the report.
- Public-sector systems integrators
General category of competitors for public tenders in Denmark; not named in the report.
- Technology partners and platform providers
NNIT uses technology partners, whose providers may compete indirectly for projects, but the source does not name them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / NNIT A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.