Powering Digital Payments

August 2017

Financial results for Q2 2017

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements (other than statements of

historical fact) relating to future events and Nets’ anticipated or planned financial and operational performance. The words ‘may’,

‘will’, ‘will continue’, ‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘believe’, ‘estimate’, ‘plan’, ‘predict’, ‘intend’ or variations of these

words, including negatives thereof, as well as other statements regarding matters that are not historical facts or regarding future

events or prospects, constitute forward-looking statements. Nets has based these forward-looking statements on its current views

with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could

cause actual results to differ materially from those predicted in the forward-looking statements and from the past performance of

Nets. Although Nets believes that the estimates and projections reflected in the forward-looking statements are reasonable, they

may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general

or Nets in particular.

Factors that may affect future results include, but are not limited to, global and economic conditions, including currency exchange

rate and interest rate fluctuations, delay or failure of projects related to research and/or development, unexpected contract

breaches or terminations, unplanned loss of patents, government-mandated or market-driven price decreases for Nets’ products,

introduction of competing products, reliance on information technology, Nets’ ability to successfully market current and new

products, exposure to product liability, litigation and investigations, regulatory developments, actual or perceived failure to adhere

to ethical marketing practices, unexpected growth in costs and expenses, failure to recruit and retain the right employees, and

failure to maintain a culture of compliance.

Forward-looking statements

2

A solid Q2 2017 performance

Financial highlights Q2 2017

3

*Before special items

5%Revenues of DKK 1,919m, up 4.1%

compared to Q2 2016, driven by strong

organic growth in Merchant Services and

Corporate Services

Organic revenue growth

36.0%EBITDA b.s.i. of DKK 690m,

up 6.8% compared to Q2 2016 equivalent

to a margin improvement of 100 basis

points

EBITDA b.s.i. margin*

10.7%Capital expenditure of DKK 205m, up

from a ratio of 8.7% Y/Y, driven by

investments in development projects,

software and data centre in Norway

Capital expenditure/ revenues

ratio

389 Adjusted net profit up 84.4%

compared to Q2 2016

Adjusted net profit (in DKKm)

3.1xAt the same level as Q1 2017 negatively

impacted by the acquisition on OP’s

merchant acquiring business and share-

buyback programme

Net interest-bearing debt/LTM

EBITDA b.s.i.

73%Down from 75% in Q2 2016 due to higher

CAPEX and a negative change in narrow

working capital compared to a positive in

the same period of 2016 driven by IPO-

related accrual build-up last year

LTM Cash conversion

tab and

to return to the

Business highlights

Merchant Services

Organic revenue growth of 10%

6.5% growth in value of transactions driven

especially by merchant acquiring and e-

commerce

Still some positive effects from new

interchange regulation in Norway, but

increased scheme fees impacts negatively

e-commerce continues to develop strongly

DIBS Easy launched in Sweden, which

improves check-out process

Save My Card reached two million saved cards

First customers from the Finnish State Treasury

in pilot testing

Several customer wins within the transport

sector in Norway; Ruter, NSB and Flytoget

Acquisition of OP’s merchant acquiring

business completed

Organic revenue growth of 2%

8.1% growth in number of transactions –

especially driven by international cards

Lower implementation revenue negatively

impacted organic growth in Q2. Adjusting for

this growth would have been approx. 5 ppts

higher

Fraud and dispute continues to show strong

growth rates and is positively impacted by

volumes from Finnish banks onboarded in

2017

Dankort App and Bokis wallets updated for

both iPhones and Android phones so they

work from a locked screen and using

fingerprint acceptance instead of the four-digit

code

Organic revenue growth of 3%

3.6% growth in e-bill transactions driven by

strong growth in Norwegian e-bill solution and

solid growth in Betalingsservice transactions

Agreement on instant-clearing with Danish

Banks prolonged until 2022

Instant-clearing solution delivered to ICBPI in

Italy

Nets and the banks in Denmark have agreed

to develop a mobile solution to NemID

Financial & Network Services Corporate Services

4

121129

Q2 '16 Q2 '17

1,324

1,432

Q2 '16 Q2 '17

215223

Q2 '16 Q2 '17

Value of transactions (DKKbn)

+6.5%

Number of transactions (million)

+8.1%

Number of e-bill transactions (million)

+3.6%

Increased activity within mobile payments

5

Full version of the Mobile Dankort launched in Q2

Launched for iPhone in June and Android phones in July and

for both Dankort app and wallet for Bokis Banks

Full version enables locked-screen payments and use of

fingerprint verification instead of four-digit code

Continued roll-out of in-store acceptance technology

Installation of BLE* pads on existing terminals

Updated terminals account for around 40% of all

transactions in Denmark

Multiple mobile wallets to launch in 2017

SamsungPay launched in Sweden and Apple confirmed their

intention to launch ApplePay in Denmark, Sweden and Finland

later in 2017

Nets open infrastructure can technically support wallets like

ApplePay and SamsungPay

Nets is already today the service provider for several mobile

wallets based on both domestic and international card

schemes in the Nordic countries

*Bluetooth Low Energy

With EASY Nets will benefit from collecting on the total e-commerce volume, which will

increase take rates compared to gateway-only solutions

Launch of EASY

6

EASY checkout

Fast checkout regardless of payment

method and across all devices

Two million cards already stored

One-click payment for returning consumers

EASY signup

Fully digital and automated sign-up

One agreement including all payment types

Accept payments within 24 hours

EASY integration

Can handle payments from partner system

with API

Modern and logical platform build for easy

integration

It is created to be designed to be easily

embedded in merchants’ websites

EASY administration

One agreement, one reconciliation - saves

substantial administration time

User friendly administration portal

Clear and detailed view of payments and

payouts

New e-commerce value

proposition launched in Sweden

Will be rolled out in Denmark and

Norway after full launch in

Sweden

Driver of future growth in

Merchant Services

Collection on the total e-

commerce volume

Will lead to improved conversion

and increase in take rates

compared to gateway-only

solutions

tab and

to return to the

207

241

198

174

225

35.5%

39.7%

32.5%29.7%

35.7%

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

Merchant Services

7

DKKm

DKKm

Organic growth Y/Y Strong organic growth of 10% in net revenue

• Driven by strong growth in financial acquiring supported by

underlying growth in value of transactions of 6.5% compared to

last year

• Growth was particularly strong in Denmark and Finland

• Strong growth in e-commerce and solid growth from point-of-

sales solutions

• Positive impact from interchange regulation in Norway where

the new regulation was implemented on 1 September 2016

• The underlying organic growth, adjusted for the temporary

positive effect from the lower interchange fees and effect of

increased scheme fees, was 9%

Net

reve

nu

eE

BIT

DA

b.s

.i.

583607 609

585

631

10%11% 17%

12%

10%

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

+8.7%

Further margin expansion

• EBITDA b.s.i. up by 8.7% Y/Y leading to a 20 basis points

margin expansion

• Improved profitability is primarily driven by operating leverage

partly offset by

• Higher cost related to outbound sales activities

• Investments into mobile acceptance technology related

to Mobile Dankort

+8.2%

tab and

to return to the

Financial & Network Services

8

Net

reve

nu

eE

BIT

DA

b.s

.i.

575588 594

550

583

11%10% 11%

5%

2%

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

DKKm Organic growth Y/YOrganic growth of 2% in net revenue

• Strong underlying structural growth in number of transactions of

8.1% driven by strong growth in international cards

• Strong growth in fraud and dispute services and in issuer

processing services

• Growth negatively impacted by lower implementation revenue,

especially related to the development of mobile services and

new prices on processing of VISA/Dankort

• When adjusting for implementation fees, growth in Financial &

Network Services would have been approx. 7%

+1.4%

221

260

235

191

217

38.4%

44.2%

39.6%

34.7%37.2%

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

DKKm-1.8% Further margin expansion

• EBITDA b.s.i. down by 1.8% to DKK 217m primarily driven by

lower implementation revenue and changes in the project

portfolio resulting in lower capitalisation compared to last year

• EBITDA b.s.i. margin of 37.2%, down 120 basis points

tab and

to return to the

Corporate Services

9

Net

reve

nu

eE

BIT

DA

b.s

.i.

686 693 707

762

705

2% 1% 4%

5%

3%

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

DKKm Organic growth Y/Y

Strong organic growth of 3% in net revenue

• The number of e-bill transactions grew by 3.6% in Q2

compared to Q2 last year, driven by strong growth in number of

Norwegian e-bill solutions and a solid growth in

Betalingsservice

• Growth in net revenue was supported by higher implementation

revenue compared to last year related to upgrade of the NemID

solution and the final implementation revenue related to instant

clearing in Italy

+2.8%

218

245 243

261

248

31.8%

35.4%34.4% 34.3%

35.2%

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

DKKm +13.8%Further margin expansion

• EBITDA b.s.i. was DKK 248m up by DKK 30m or 13.8%

compared to the same period last year equivalent to a margin

expansion of 340 basis points

• The improved margin is largely attributed to operating leverage

and further digitisation of volumes. Compared to Q2 last year,

the margin was also lifted by a higher level of capitalisation

primarily related to development of the PSD2-platform

tab and

to return to the

Group performance

10

DKKm

DKKm

Organic growth Y/YOrganic revenue growth

• 5% organic growth Y/Y driven by the strong growth in Merchant

Services and in Corporate Services

• Growth in Financial & Network Services was negatively impacted

by high implementation revenue in Q2 last year

• The development in Norwegian and Swedish kroner affected the

reported growth negatively in the quarter

EBITDA b.s.i.

• EBITDA b.s.i. grew by 6.8% compared to Q2 2016 with

Merchant Services and Corporate Services contributing to the

growth

• The margin improved by 100 basis points to 36.0% whereof the

most significant improvement came from Corporate Services

+4.1%

+6.8%

Net

reve

nu

eE

BIT

DA

b.s

.i.

1,737 1,739

1,704

1,743

1,844

1,8881,910

1,8971,919

6%

7%

6%10%

7%5%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017

596632

558 551

646

746

676626

690

34.3%36.3%

32.7% 31.6%35.0%

39.5%

35.4%33.0%

36.0%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017

Group income statement

11

Strong growth in adjusted net profit

Organic growth of 5% in net revenue. Reported growth

negatively impacted by lower NOK and SEK

Operating expense ratio lowered from 65.0% to 64.0% in Q2

2017 primarily due to operating leverage and optimisation of

processes primarily related to the e-bill-payment area

Staff costs impacted by new employee tax in Norway and

increased sales activities including hiring of outbound sales

personnel

Special items in Q2 2017 reduced to DKK 40m from DKK 105m

last year due to lower IPO-related expenses and lower expenses

relating to the transformation programme

Underlying depreciation lower in Q2 2017 as 2016 was

impacted by revised useful lifetime on now fully amortised assets

Net financials in Q2 2017 of minus DKK 40m. Net financial

expenses significantly reduced compared to Q2 last year due to

refinancing, reduced leverage and positive currency effects.

Currency was positive with DKK 83m in Q2 2017 compared to a

negative effect of DKK 28m in Q2 last year

Negative effects of VISA transaction of DKK 1m compared to a

positive effect of DKK 255m last year

Taxes amounted to DKK 21m in Q2 corresponding to an effective

tax rate of 6%. The effective tax rate was positively impacted by

non-taxable currency adjustments on interest-bearing debt

Adjusted Net Profit up by 84% positively impacted by both the

improved EBITDA b.s.i. and significantly lower financial expenses

DKKm Q2 Q2 Change

2017 2016

Net revenue 1,919 1,844 4.1%

Cost of sales (236) (237) -0.4%

External expenses (467) (465) 0.4%

Staff costs (526) (496) 6.0%

EBITDA b.s.i. 690 646 6.8%

Special items (33) (91) -63.7%

IPO related costs (7) (14) -50.0%

EBITDA 650 541 20.1%

Amortisation of business combinations (160) (160) 0.0%

Underlying depreciation (96) (104) -7.7%

EBIT 394 277 42.2%

Profit from associates after tax (5) - na.

VISA transaction to former owners - 74 na.

VISA transaction for Nets (1) 181 na.

Net financial expenses (34) (296) -88.5%

Net financials (40) (41) -2.4%

Profit before tax 354 236 50.0%

Tax (21) (73) -71.2%

Net profit 333 163 104.3%

Adjusted net profit for the period 389 211 84.4%

tab and

to return to the

Lower operating free cash flow

• Negatively impacted by higher capex and changes in narrow

working capital compared to the same period last year primarily

due to IPO-related accrual build-up during 2016

Capital expenditures

• Capital expenditure was equivalent to 10.7% of net revenue

compared to 8.7% last year

• Capital expenditure up by DKK 44m compared to last year,

primarily driven by investments in development projects,

software and in new data centre in Norway

Cash flow and capital expenditure

12

Operating free cash flow

DKKm

Capital expenditure

DKKm

252

355

465

119

416443 456

250

371

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017

151

119

138 132

161 161

192

150

205

9.3%

6.8%8.1% 7.6%

8.7% 8.5%

11.2%

7.9%

10.7%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017

Capital expenditure Capital expenditure/net revenue

tab and

to return to the

Leverage unchanged Q/Q

Net interest-bearing debt unchanged compared to Q1 2017; impacted 0.2x by the

acquisition of OP’s merchant acquiring business and purchase of treasury shares

13

Net interest-bearing debtDKKm

Change in net interest-bearing debt in Q2

Net interest-bearing debt Q1 2017 8,399

Net cash flow from operating activities excluding

clearing-related balances510

Capital expenditure (205)

M&A (179)

Purchase of treasury shares (153)

Other 24

Change in net interest-bearing debt (3)

Net interest-bearing debt Q1 2017 8,402

11,175

12,279

13,319 13,44413,061

8,8058,503 8,399 8,402

5.8x

5.5x

3.5x

3.2x3.1x 3.1x

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017

Net interest-bearing debt NIBD/EBITDA b.s.i.

Higher special items primarily relates to the evaluation of options in connection with the interest in buying Nets and higher cost related to the transformation of technology

Special items, with the exception of approx. DKK 30m related to the IPO-retention programme, are still expected to be finalised by the end of 2017

Guidance 2017

9 May 2017

Guidance 2017

17 August 2017

Organic revenue

growth5-6% 5-6%

EBITDA b.s.i. margin At or above 36.5% At or above 36.5%

Special itemsDKK 150m

which of DKK 30m relates to IPO-related

retention cost

DKK 200m which of DKK 30m relates to IPO-related

retention cost

CAPEX

(in % of net revenue)Around 8% Around 8%

Capital Structure

(NIBD/EBITDA b.s.i.)

Around 2.5x Including acquisition of OP’s merchant

acquiring business and effect of share-

buyback to cover incentive programme

Around 2.5x Including acquisition of OP’s merchant

acquiring business and effect of share-

buyback to cover incentive programme

Updated guidance

14

Guidance assumes no additional M&A activity

APPENDIX

In the heart of the payments ecosystem and a leader across the Nordic region

16Notes1. Management estimate based on First Annapolis study. Ranking based on number of card payment transactions processed or acquired2. Part of the 300,000+ Merchants

Merchants300,000+Online

Merchants(2)

30,000+Banks240+

Consumers Governments

Central Banks

HouseholdsDigital

Identities8 million

Corporates240,000+

Distributors & Partners

Initiated transaction from approx. 35 million cards

7.7+ billion transactions

DKK 475 billion of card transaction volume

#1Position

across the Nordic

region(1)

#1

#1

#1

#2

(#1 in

e-Com)

DKKm

3,576

DKKm

2,314

DKKm

542

DKKm

885

59%

6%

3%

9%

DKKm

68

26%

50 years of history

17

PBS was

established in

1968 and drove

consolidation in

Denmark

BBS was

established in

1972 and drove

consolidation in

Norway

1968-2009 2010-2013 2014-2016

Build-up and in-country consolidation Creation of Nets through the merger of two local champions in Denmark and Norway

Strengthening position in Finland

Acquisition of Nets by Advent, Bain and ATP

Commercialisation of Nets and strengthening of presence in Sweden

2,400 FTEs

Sponsor OwnershipBank Ownership

2010: PBS and

Nordito (parent

company of BBS

and Teller)

become Nets

2012: Acquisition

of Luottokunta,

local Finnish

champion

2014-2015: Acquisition of Nordea

Merchant Acquiring (Kortaccept),

DIBS and Payzone increasing

presence in Sweden

Kortaccept

Listed

2016 -

Listed on Nasdaq Copenhagen on 23 September 2016

60% free float

2016 ->

Focus

1.Mobile development

2.Outsourcing

3.Value chain expansion

4.Nordic growth

Customer-centric approachAcross three Business Units

18

EBITDA30%

EBITDA34%

EBITDA36%

Revenue31%

Revenue31%

Revenue38%

Merchant Services

Integrated payment solutions for merchants

Omni-channel offering and value-added

services

Competitive position

#1 in online/mobile and in-store in the Nordic

countries

Local scale and scope exceeds that of any

other player

Revenue

DKK 7.4bn

EBITDA bsi

DKK 2.6bn

Competitive position

App.78% of Danish and app. 88% of Norwegian issued

card transactions volume

#1 pan-Nordic payment processor

#2 in Europe

Corporate Services

Operating critical account-based

payments and digital ID ecosystem

primarily to corporates

Competitive position

>90% of Danish households use

Nets’ recurring bill payment

>80% of Norwegians access

online/mobile banking using Nets’

BankID platform

Unmatched integrated value chain

offering

Financial and Network Services

Owner or operator of national debit card

networks in Denmark and Norway

Offers payment and processing solutions to

financial institutions

Value-added services

Nets investment highlights

19

The Nordic countries are among the world's most advanced payments

countries and fast-growing digital societies1

Leading provider of mission-critical services to the Nordic payments

ecosystem2

Well-positioned with an innovative and scalable platform3

Robust and attractive financial profile4

Multiple drivers of future growth and upside opportunities5

The Nordic countries are an advanced

digital society

20

23

29

40

45

78

95

133

147

153

153

161

Germany

Italy

Spain

Europe

UK

Netherlands

Norway

Finland

Sweden

France

Denmark

High adoption of cashless payments

Number of card payment transactions per card(2014)

Source First Annapolis

Further supported by political push towards digital society

Most advanced digital society

Source First Annapolis

Digital economy and society index(2016, digital skills & adoption of digital services)

2.02

2.52

2.61

2.75

2.93

3.30

3.30

3.30

3.34

3.41

Italy

France

Spain

Germany

UK

Finland

Norway

Sweden

Netherlands

Denmark

In the heart of the payments ecosystem

21

…combined with a broad network Nets is positioned across the value

chain in the Nordic countries…

Merchant

Acquiring

Network

Issuer

Processing

Illustrative

UK Card

Payments Example(1)

Illustrative

DK / NO Card

Payments Example(1)

Merchants

Online Merchants Banks

Consumers Governments

Central Banks

HouseholdsDigital

Identities

CorporatesDistributors & Partners

(3)(2)

Notes1. Illustrative examples for presentation purposes only. Other payment providers also operate in each of the respective countries 2. Nets owns and operates Dankort in Denmark. International card network operators (e.g. Visa, MasterCard) are also present in Denmark and accounted for 22% of the total number of made payments in

Denmark using debit and credit cards issued in Denmark in 2015. Nets also routes and clears Visa and MasterCard transactions3. Nets operates, but does not own, the BankAxept scheme or logo in Norway. However, Nets owns the IT system and operates BankAxept on behalf of the Norwegian banking sector. International card network

operators (e.g. Visa, MasterCard) are also present in Norway and accounted for 12% of the total card payments transactions in Norway in 2015. Nets also routes and clears Visa and MasterCard transactions

Card-related

capabilities

Mobile

Credit Cards

Recurring Card

Payments

e-Wallets

e-Commerce

Card Not Present

Debit Cards

P2P

Private Label Cards

Contactless

Account-related

capabilities

Mobile

P2P

Interbank Clearing

B2B

e-Commerce

Recurring Payments

Integratede-Invoicing

$

Instant Payments

Authen-tification

…with payment-agnostic capabilities…

A2A Payments

Nets covers the entire value chain

22

Request for payment

Initiating transaction

Validating and authorisinga transaction

Clearing and

settlement

#1 merchant services provider in the Nordic region, with an integrated offering to merchants

#1 provider of issuing processing services in the Nordic region

Onlyoperator of national debit card networks in Denmark and Norway(1)

Only operator

of clearing in

Denmark and

Norway

Over 90% of households use Nets’

integrated e-bill payments solutions in

Denmark

Operates de-facto e-ID platforms in

Denmark and Norway

Banks

Online banking security providers and

in-house bank IT departments

Recurring card

paymentsPaper bills

Card-based

payments

Compe-titors

Account-based

payments

Nets

Compe-titors

Source Company informationNotes1. Nets owns and operates Dankort in Denmark. In Norway, Nets operates, but does not own, BankAxept2. Owned by Verifone3. Acquired by Swedbank4. Owned by Worldline5. Acquired by Ingenico

(2)(4)

(3)

(5)

Well-positioned to capture Nordic growth

23

Acquiring e-Com NetworkIssuing

processinge-bill

payments

Selected Nordic Players

End-to-end value chain coverage with local scaleIntegrated value chain capabilities

Selected international players

Local scale

Integrated payments Value chain coverage

Strong Medium None/Low

Source Company estimates

Scale across the Nordic region

24

Source The Nilson Report 2015, Company data

4.2

2.0

0.4 0.2

0.0

1.5

3.0

4.5

Acquired Nordic transactions 2014 (Bn) (2)

Scale achieved – acquiring example

(3)

Significant scale advantages (illustrative) (4)

Country Position

#1

#1

#2

#1

(#1 in e-Com)

Local position(1)

Denmark

Norway

Sweden

Finland

Source Company estimates

Cost Per-Transaction

Number of Transactions

c.50%

Volumes x 4

Merchant Acquiring Curve

Notes1. All rankings are based on number of card payment transactions processed or acquired2. Captive (in-house) volumes highlighted in grey3. Nets volumes include processed Dankort and BankAxept transactions of 2.5bn and acquired international transactions of 1.7bn4. c.50% lower cost as a result of movement from app.0.5bn to 2bn acquiring transactions

Babs

Source First Annapolis

Significant strategic opportunities

25

14%

28%

Significant potential to gain

volume in Sweden from bank

acquirers

3.0

5.0

7.0

9.0

11.0

13.0

15.0

2015A 2016F 2017F 2018F 2019F 2020F

Num

ber

of T

ransactio

ns (

in b

illio

ns)

Notes1. Cards transaction value growth in the Nordic countries2. Real-time clearing

Mobile

Source First Annapolis report

Outsourcing Value chain expansion Nordic growth

Contactless and mobile

initiatives across business units

and geographies

Card management services

Increased outsourcing of non-

core banking processes

Increased business scope

through value-adding services

(including real-time clearing and

data analytics)

4.11.2

6.5

2015A 2020F

Number of transactions (Bn)(incl. C2B, B2B, and B2G)

CAGR

2015 – 20

2%

4%

5%

Overall electronic

payments

transaction growth

Cards

Direct Debit and

Credit Transfer

Transaction value growing at 5% CAGR between 2015-20

33.2

63.2

2015 2020E

Nordic e-/m-Payments (€ Bn) (1)

Nordic electronic payments growth Instant payments(2)

CAGR

2015 – 20

CAGR

2015 – 20

40%

Fast Mass Adoption of e-/m-Commerce

Resilient business model Generating predictable growth and expanding profitability

26

Proven

operating

leverage

2014-2016 EBITDA margin expansion of 10% pts(1)

Strong scale efficiencies with significant fixed cost

base

Restructuring of cost base initiated

Stable &

predictable

revenue

model

Entrenched provider of payments infrastructure

with high recurring revenues

Long-term predictability irrespective of cycle

Diversified customer base characterized by long-

term relationships

Proven

Track

record of

growth

Organic revenue growth of 6% and 7% for 2015

and 2016 respectively

Innovation track record with strong pipeline

Successful M&A (8 acquisitions since July 2014 for

total of DKK3.3Bn)

Predictable

& growing

cash flow

Predictable capital expenditure

Minimal working capital requirements

Resulting in strong cash conversion of 78% in

2016(2)

Y/Y organic growth

DKKm

Net revenue

DKKm

Reported EBITDA b.s.i.

6,727

6,546

6,836

7,385

6%

7%

2013 2014 2015 2016

1,5251,663

2,248

2,619

22.7%25.4%

32.9%35.5%

2013 2014 2015 2016

Notes1. EBITDA before special items shown vs. reported net revenue (not FX adjusted)2. Cashflow defined as EBITDA before special items less capex less increase in working capital, divided by EBITDA before special items

Highly cash generative with a proven track record of deleveraging

Denmark49%

Norway31%

Finland12%

Sweden7%

Baltics1%

27

3,379

2,253

809

341

54

3,576

2,314

885

542

68

Denmark Norway Finland Sweden Baltics

2015 20166%

3%

9%

59%

26%

Distribution of revenue per country

DKKm

Nordic growth

Stable volume growth

unaffected by business cycles

28

0

500

1,000

1,500

(10)

0

10

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Denmark Nominal GDP Growth YoY, % (LHS) Dankort Card Transactions Processed, MM (RHS)

Source Company information, World Bank

Growth (%) Number of Transactions (MM)Strong growth through

the crises and

downturns

tab and

to return to the

Structural growth in transactions

29

Strong growth in value of transactions

• Impacted negatively by the development in both NOK and SEK

• In Q2 2017, growth has been particularly strong in Finland and

Denmark

• Whereas Nets continues to grow in the SME segment in Sweden,

the large and key account segment continues to experience price

pressure

121

126123

112

129

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

Me

rch

an

t S

erv

ice

s

+6.5%

Fin

an

cia

l &

Netw

ork

Se

rvic

es

Co

rpro

ate

Se

rvic

es

DKKbn

592 631 620 599 672

335 325 344 312351

397 400 407 370409

1,324 1,356 1,3711,281

1,432

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

International branded cards Dankort BankAxept

+8.1%

Million Strong growth in number of transactions

• Especially on international branded cards

• Transactions on Dankort up by 4.8%

• Transactions on BankAxept up by 3.0%

• Transactions on international cards up by 13.5%

215 217 218239

223

Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

Strong growth in number of transactions

• Strong development in Norwegian e-bill solutions and solid

growth in Betailngsservice

+3.6%Million

Merchant services

30

Nets enables SMEs to large-size pan-regional merchants to accept digital

payments

End-to-end omni-channel solutions

Extensive payments capabilities - payment method agnostic

Multi-channel distribution

DKK 475bn transaction value

300,000+ merchants

30,000+ e-Commerce merchants (1)

Key statistics, 2016

What we enable?

Strong leading positions

Attractive growth fundamentals

Integrated customer value

proposition

Key characteristics

Accelerating commercialisation

driving further growth

Competitive advantage through scale

and distribution

Multiple avenues for future growth

Notes1. 30,000+ e-Commerce merchants are part of 300,000+ merchants

Financial & Network Services

31

Operator of national debit card schemes in Norway and Denmark

Payments and processing solutions across all card payment methods to

financial institutions

#1 pan-Nordic payment processor(1)

#2 in Europe(2)

Comprehensive value-added services offering

5.2 billion transactions processed

~35m cards

More than 40 card payment types

Key statistics, 2016

What we enable?

Leading position

Strong underlying market growth

End-to-end service offering

Key characteristics

Superior scale drives cost advantage

Highly sticky customer relationships

Notes1. Management estimate based on First Annapolis report. Ranking based on number of cards processed2. Based on management estimates

Corporate Services

32

Seamless recurring payments from consumers to corporates with

integrated invoicing

Further value to the e-billing with adjacent digital services, as e-ID

Primarily operating in Denmark and Norway

0.87bn transactions

240,000 corporates

8.3 million digital identities

Key statistics, 2016

What we enable?

Core to society through provision of

mission-critical solutions

Proven, stable and highly

predictable business model

Key characteristics

Recurring and resilient revenues and

profitability

Innovative digital solutions and unique

network enabling further growth

Special Items

33

Special Item Overview

Development over time

2013 2014 2015

Reorganisation

and restructuring

costs

Cost mainly reflecting employee termination costs in relation to establishing a customer

centric sales organisation and retention teams and optimising group functions 159109170

Other costs and

income

Costs in 2014 were mainly related to transaction costs

17831

Total Special items should be considered as income / costs not attributed directly to ordinary

activities

Separately disclosed to allow a more comparable view of underlying trending

performance

538411

201

Transformation

programme

Costs related to optimisation of business, e.g.

Commercialisation of Merchant Services

Transformation of procurement function and processes

Improving efficiency in Technology and Operations

Transformation of stability and security

353

1240

2016

26

606

113

219

13

IPO-related

expenses

IPO on the income statement

In addition, DKK 170 was expensed directly on equity

0 0 0

261

Nets’ transformation supported by M&A

34

Nordic growth Creating leading e-Commerce Business Technology & capability enhancement

Purchased Nordea Merchant Acquiring Business

(Kortaccept)

Increased acquiring customers in the Nordic and

the Baltic region

Integrated acquiring services to app. 32k

merchant contracts with app.70k unique outlets

across the Nordic and Baltic region

Leverage Nordea’s back book to cross-sell

(Dec-15)

Increased POS share in Sweden

Additional solution capabilities to key accounts

(Jul-14)

Increased e-Commerce share in the Nordic

countries to #1

Enhanced customer proposition through

combination with Paytrail

(Dec-14)

Increased e-Commerce share in Finland

Payment service provider capabilities with Nordic

potential

(Dec-14)

Innovative capabilities and solutions

(e-Receipt and loyalty)

Strengthened position with MobilePay

(Jan-16)

Enhanced e-Security value-added services

(Jul-15)

Enhanced capabilities to benefit from digital

trends

(Jul-14)

Kortaccept

Merchant Service Related Acquisitions Corporate Service Related Acquisitions

Purchase of OP Financial group merchant

acquiring business

Strengthened position in Finland.

Integrated acquiring services to app. 15k

10 year strategic partnership

(June-17)

OP Financial Group

Capital allocation principles

35

Investment into organic growth1

Ordinary dividends3

Excess cash distributed via share buybacks and extraordinary dividends4

Bolt-on M&A2

Maintain Medium-term Leverage Target at 2.0x - 2.5x

Medium-term guidance

36

Medium-term

guidance

Organic revenue growth 5-6% per annum

EBITDA b.s.i. margin High 30s

Special ItemsDKK 30m

• IPO-related retention cost for 2018

CAPEX

(in % of net revenue)6-8%

• Excluding M&A activities

Capital Structure

(NIBD/EBITDA b.s.i.)2.0x-2.5x

Assuming no M&A