NNIT — Earnings Release 2018

May 15, 2018

Company announcement 7/2018 Søborg/Copenhagen, May 15, 2018

Financial report for Q1 2018

NNIT delivers an operating profit margin of 8.7% while revenue declines by 2.3% despite a revenue increase of 12% from non-Novo Nordisk customers

Performance highlights for Q1 2018

• Revenue from non-Novo Nordisk customers increased by 12% supported by strong growth from both enterprise and international life sciences customers of more than 20%. However, due to decline in revenue from the Novo Nordisk Group of 20% and the timing of Easter total revenue declined by 2.3% in reported currencies
• Adjusted for the timing of Easter revenue development was almost flat
• The share of revenue from non-Novo Nordisk customers increased from 55 % in Q1 2017 to 63% in Q1 2018
• Operating profit margin was 8.7% in reported currencies compared to 10.5% in 2017
• Adjusting for the timing of Easter the operating profit margin was 10.5%
• Net profit of DKK 46m in Q1 2018 was a decrease of 18% compared to Q1 2017. Adjusted for the timing of Easter net profit increased by 1.4% compared to last year
• Free cash flow for Q1 2018 was DKK 143m compared to DKK 163m in Q1 2017
• Order backlog for 2018 at the beginning of Q2 2018 was DKK 2,487m, an increase of 2.8% compared to the same time last year. The backlog for the following two years increased by 20%
• Outlook for 2018 is:
• Revenue growth of 3-6% in constant currencies (previously 4-7%)
• Expected operating profit margin of 10-10.5% in constant currencies
• The expected level of investments in 2018 is 6-8% of total revenue
• Based on the strong cash flow NNIT will pay out an interim dividend in August 2018 of DKK 49.1m in cash equal to DKK 2 per share of a nominal value of DKK 10

Per Kogut, CEO at NNIT says about the results for the first three months of 2018: "I am encouraged by the continued strong growth in particular the enterprise and international life sciences customer groups. The decline in revenue from the Novo Nordisk Group was larger than expected and we have therefore adjusted our revenue growth guidance for 2018 to 3-6%. Under these circumstances, I am pleased that we have maintained our operating profit margin guidance of 10-10.5%."

Financial Overview

DKK million	Q1 2018 (reported)	Q1 2018 (constant)*	Q1 2017*	Pct./pp Change (reported)	Pct./pp Change (constant)
Revenue	699	707	715	-2.3%	-1.2%
Gross margin	17.1%	16.7%	18.9%	-1.8pp	-2.2pp
Operating profit	6 1	5 9	7 5	-19.0%	-21.4%
Operating profit margin	8.7%	8.3%	10.5%	-1.8pp	-2.1pp
Net profit	4 6	n.a.	5 6	-18.2%	n.a.
Investments	5 3	n.a.	6 7	-21.1%	n.a.
Free cash flow	143	n.a.	163	-12.3%	n.a.

*Constant currencies measured using average exchange rates for Q1 2017

NNIT has implemented IFRS15 and IFRS 16 which impacts both reported and comparison figures. All figures, both 2018 and 2017, have been restated to IFRS 15 and IFRS 16. Please see note 1 for further details.

Guidance 2018

The order backlog for 2018 at the beginning of Q2 2018 increased by DKK 68.3m, or by 2.8%, to DKK 2,457m compared to the order backlog for 2017 at the beginning of Q2 2017.

The guidance for 2018 revenue growth is 3-6% in constant currencies. The growth is based on IFRS 15 restated 2017 revenue of DKK 2,851m. However, uncertainty regarding our guidance is increasing due to continued decline in sales to the Novo Nordisk Group.

The operating profit margin in constant currencies is expected to be in the interval 10- 10.5%.

	Guidance for 2018	Guidance at Q4 2017	Long-term targets
Revenue growth In constant currencies as reported*	3-6% Around 0.3pp lower	4-7% Around 0.4pp lower	> 5%
Operating profit margin In constant currencies as reported*	10-10.5% Around 0.2pp higher	10-10.5% Around 0.4pp higher	- > 10%
Investments / Revenue***	6-8%	6-8%

*Constant currencies measured using average exchange rates for 2017

**Based on exchange rates as of May 9, 2018 as illustrated under key currency assumptions on page 21 *** Investments and data center investments are in 2018 expected to be between 6-8 percent of total revenue. Around 1pp

relates to the data center. The total data center investment is expected to be around DKK 250m in the period 2016 to 2018.

The expectations are based on a number of important assumptions, including that relevant macroeconomic trends will not significantly change business conditions for NNIT during 2018, that business performance, customer and competitor actions will remain stable and that key currency exchange rates will remain at the current levels versus Danish kroner (as of May 9, 2018).

About NNIT

NNIT A/S is one of Denmark's leading IT service providers and consultancies. NNIT A/S offers a wide range of IT services and solutions to its customers, primarily in the life sciences sector in Denmark and internationally and to customers in the public, enterprise and finance sectors in Denmark. As of March 31, 2018 NNIT A/S had 3,101 employees. NNIT has approximately 350 clients of which around 100 are located outside Denmark. Some 20% are international life science clients (January 2018). For more information please visit www.nnit.com.

Conference call details

NNIT will host a teleconference May 16, 2018 at 10:30 CET about the financial report for Q1 2018. Please visit the NNIT webpage at www.nnit.com to access the teleconference, which can be found under 'Investors – Events & presentations'. Presentation material will be available on the website approximately one hour prior to the start of the presentation.

Conference call details https://nnit.eventcdn.net/20180516

Participant telephone numbers: Denmark: +45 3544 5583 United Kingdom: +44 20 3194 0544 Sweden: +46 8 5664 2661 United States: +1 855 269 2604

Financial Calendar 2018

August 17, 2018	Interim report for the first six months of 2018
August 22, 2018	Interim dividend ex dividend date
August 23, 2018	Interim dividend record date
August 24, 2018	Interim dividend payment date
October 25, 2018	Interim report for the first nine months of 2018

Forward-looking statements

This announcement contains forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'outlook', 'guidance', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.

Please also refer to the overview of risk factors in the 'risk management' section on page 29-32 in the Annual Report 2017.

Contacts for further information

Investor relations: Media relations: Klaus Hosbond Skovrup Helga Heyn Head of Investor Relations NNIT Communications Tel: +45 3079 5355 Tel: +45 3077 8141 ksko@nnit.com hhey@nnit.com

Financial figures and highlights

DKK million, reported currencies	Q1 2018	Q1 20171	Change Q1	Total 20171
Financial performance
Revenue
Novo Nordisk Group	256.1	320.9	-20.2%	1,185.4
Other Life Sciences	99.2	88.6	12.0%	374.6
Enterprise	187.3	151.0	24.0%	684.3
Public	99.4	86.1	15.4%	353.9
Finance	56.6	68.4	-17.3%	253.2
Revenue by customer group	698.5	715.1	-2.3%	2,851.4
IT Operation Services	425.6	472.7	-10.0%	1,831.9
IT Solution Services Revenue by business area	272.9 698.5	242.4 715.1	12.6% -2.3%	1,019.5 2,851.4
EBITDA	122.5	133.1	-8.0%	495.5
Depreciations and amortizations	61.8	58.1	6.3%	231.9
Operating profit (EBIT)	60.7	75.0	-19.0%	263.6
Net financials	-2.0	-3.7	-45.8%	-10.0
Net profit	45.8	56.0	-18.2%	199.5
Investments in tangible assets	28.4	65.7	-56.8%	326.6
Investments in intangible assets and acquisition in subsidiaries	1.1	1.6	-31.4%	108.3
Total assets	2,121.5	2,084.4	1.8%	2,319.7
Equity	928.6	846.2	9.7%	974.0
Dividends paid2	56.4	53.4	5.8%	102.0
Free cash flow	142.9	162.9	-12.3%	-4.4
Earnings per share
Earnings per share (DKK)	1.87	2.31	-18.5%	8.20
Diluted earnings per share (DKK)	1.86	2.30	-19.7%	8.00
Employees
Average number of full-time employees	3,047	2,865	6.4%	2,937
Financial ratios
Gross profit margin	17.1%	18.9%	-1.8pp	18.1%
EBITDA margin	17.5%	18.6%	-1.1pp	17.4%
Effective tax rate	21.9%	21.4%	0.5pp	21.3%
Investments/Revenue	4.2%	9.4%	-5pp	15.3%
Return on equity3	21.3%	28.5%	-34.5pp	21.9%
Solvency ratio	43.8%	40.6%	3.2pp	42.0%
Return on invested capital (ROIC)3,4 Cash to earnings3	26.4% -2.6%	43.1% 99.8%	-16.7pp -102.4pp	25.7% -2.2%
Cash to earnings (three-year average)3	84.9%	111.5%	-26.6pp	62.9%
Long-term financial metrics
Revenue growth Operating profit margin	-2.3% 8.7%	7.9% 10.5%	-10.2pp -1.8pp	3.1% 9.2%
Additional numbers5 Order entry backlog for the current year	2,487.1	2,418.8	2.8%	-
Order entry backlog for the following years 2+36	2,564.0	2,129.1	20.4%	-

1) Numbers includes the effect of the implementation of IFRS 15 and IFRS 16 (please see note 1 for further information)

2) Dividends paid in 2017 included ordinary dividend regarding 2016 and interim dividend for 2017.

3) Financial metrics are moving annual total (MAT), i.e. annualized. Cash to earnings (three-year-average) is calculated using the past 36 months

4) Net profit/Average invested capital.

5) Order entry backlog figures in the 2017 column have been restated to reflect the implementation of IFRS15. Please see note 9 for further information. Backlog represents anticipated revenue from contracts or orders executed but not yet completed or performed in full, and the revenue that is expected to be recognized in the future.

6) Year 2+3 represents 2019 and 2020 in the 2018 column and 2018 and 2019 in the 2017 column etc.

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Highlights

Below are the key highlights for Q1 2018 and the order backlog for 2018 at the beginning of Q2 2018.

Sales

The order backlog for 2018 at the beginning of Q2 2018 increased by DKK 68.3m, or by 2.8%, to DKK 2,487m compared to the order backlog for 2017 at the beginning of Q2 2017. At the beginning of Q2 2018 the order backlog for 2019 and 2020 was 20% higher than the order backlog for 2018 and 2019 at the beginning of Q2 2017. See outlook and backlog section for further information.

Key wins in Q1 2018:

• New IT-infrastructure operations and application maintenance outsourcing contract with STARK Danmark A/S representing a lower medium-size three-digit DKK million amount over a four-year period, see press release February 22, 2018
• New infrastructure outsourcing contract with an existing enterprise customer representing a mid-size double-digit DKK million amount over a five-year period
• Extension of infrastructure outsourcing contract with an existing public customer representing a minor double-digit DKK million amount over a two-year period
• New SAP implementation and operation contract with a Chinese customer representing a minor double-digit DKK million amount over a four-year period
• First SAP EUGDPR implementation project won with a high single-digit DKK million amount

Key wins after Q1 2018:

New IT-infrastructure operations contract with NNE representing a high doubledigit DKK million amount over a five-year period, see press release April 26, 2018

Distribution of interim dividend

Based on the strong cash flow NNIT expects to pay out an interim dividend for the calendar year 2018 in August 2018 of DKK 49.1m in cash equal to DKK 2 per share of a nominal value of DKK 10 as seen in August 2017.

Performance overview

DKK million (reported currencies)	Q1 2018	Q1 2017	Change
Revenue	698.5	715.1	-2.3%
Cost of goods sold	579.1	579.7	-0.1%
Gross profit	119.4	135.4	-11.9%
Gross profit margin	17.1%	18.9%	-1.8pp
Sales and marketing costs	32.0	32.8	-2.6%
Administrative expenses	26.7	27.6	-3.5%
Operating profit	60.7	75.0	-19.0%
Operating profit margin	8.7%	10.5%	-1.8pp
Net financials	-2.0	-3.7	-45.8%
Profit before tax	58.7	71.2	-17.6%
Tax	12.9	15.2	-15.6%
Effec tive tax rate	21.9%	21.4%	0.5pp
Net profit	45.8	56.0	-18.2%

Revenue in reported currencies decreased by 2.3% in Q1 2018 (1.2% in constant currencies) due to a 20% decline in revenue from the Novo Nordisk Group following very low project activity in Q1 2018 and a high comparison base in Q1 2017 which was impacted by infrastructure projects with a high degree of hardware. Further, the timing of Easter impacted revenue growth negatively with approximately 2.0pp. Revenue from non-Novo Nordisk customers increased by 12% driven by the enterprise, international life sciences and public customer groups. SCALES had a positive impact on total revenue of 5.7pp in Q1 2018.

For a detailed performance overview in both reported and constant currencies please see note 6 on page 21. Comparisons in this financial report are hereafter in reported currencies. NNIT's major currencies have depreciated giving operating profit margin in 2018 a tailwind of 0.4pp whereas revenue growth was impacted negatively by 1.1pp.

Cost of goods sold decreased by 0.1% in Q1 2018 compared to the same period last year. The gross profit margin was 17.1% in Q1 2018 compared to 18.9% in Q1 2017. The decrease in gross profit margin for Q1 2018 was driven by the decline in revenue from the Novo Nordisk Group and the timing of Easter which was partly countered by revenue outside the Novo Nordisk Group. The cost including depreciations from the newly established data center also impacts the gross profit margin negatively due to low utilization as expected under start-up. Adjusting for the timing of Easter, the gross profit margin was 18.7% in Q1 2018.

Sales and marketing costs decreased by 2.6% in Q1 2018 mainly due to timing of expenses.

Administrative expenses decreased by 3.5% in Q1 2018 compared to Q1 2017 mainly due to savings from the layoffs in staff functions in Q4 2017.

Operating profit in Q1 2018 decreased by 19% to DKK 60.7m corresponding to an operating profit margin of 8.7% (8.3% in constant currencies) compared to 10.5% in Q1 2017. The decrease was due to the decline in Novo Nordisk revenue and the timing of Easter. Adjusted for the timing of Easter, the operating profit margin was 10.5% in Q1 2018.

Net financials in Q1 2018 were negative DKK 2.0m which is an improvement of DKK 1.7m compared to Q1 2017. The improvement was mainly due to a gain on cash flow hedges of DKK 0.8m in Q1 2018 compared to a loss of DKK 0.2m in Q1 2017 equivalent to a net improvement of DKK 1.0m. Furthermore, the improvement was impacted by a

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negative value adjustment of DKK 0.6 in Q1 2017 of Novo Nordisk shares (covering the long-term incentive program from previous years).

The effective tax rate in Q1 2018 was 21.9% representing an increase of 0.5pp compared to Q1 2017. The increase is due to a reduction in permanent adjustments as NNIT A/S no longer holds Novo Nordisk shares as well as a higher tax in subsidiaries mainly due to SCALES.

Net profit in Q1 2018 was DKK 45.8m corresponding to a decrease of 18% compared to Q1 2017. The decrease in Q1 2018 was impacted by the lower revenue from the Novo Nordisk Group and the timing of the Easter. Adjusting for the timing of Easter, net profit increased by 1.4% in Q1 2018 compared to same period last year.

Revenue

Revenue distribution:

DKKm (reported currencies)	Q1 2018	Q1 2017	Pct Change (reported)
Novo Nordisk Group	256.1	320.9	-20.2%
Other Life Sciences	99.2	88.6	12.0%
Enterprise	187.3	151.0	24.0%
Public	99.4	86.1	15.4%
Finance	56.6	68.4	-17.3%
Total	698.5	715.1	-2.3%

Revenue declined 2.3% in Q1 2018 primarily driven by a decline in revenue from the Novo Nordisk Group of 20%. The enterprise, public and other life sciences customer groups increased by 24%, 15% and 12%, respectively, while the finance customer group declined by 17%.

As a consequence of the decline in revenue from the Novo Nordisk Group, the share of NNIT's revenue from customers outside the Novo Nordisk Group increased to 63% in Q1 2018 compared to 55% in Q1 2017.

Novo Nordisk:

NNIT's revenue from the Novo Nordisk Group revenue decreased by DKK 64.8m in Q1 2018 corresponding to a decrease of 20% mainly due lower project activity, a high comparison base in Q1 2017 which was impacted by infrastructure projects with a high degree of hardware and also the timing of Easter. Adjusted for hardware revenue and the timing of Easter, the growth from the Novo Nordisk Group would have been negative with approximately 10% in Q1 2018.

Other life sciences:

Revenue from other life sciences customers increased 12% or DKK 10.6m in Q1 2018 driven by strong growth from international life science customers of more than 20% continuing the development from recent quarters.

Enterprise:

Revenue in Q1 2018 increased by DKK 36.3m corresponding to an increase of 24% in Q1 2018 compared to the same period last year. Revenue growth was driven by SCALES' customers, PANDORA and STARK. The impact on financials from STARK started in March 2018.

Public:

Revenue in Q1 2018 increased by DKK 13.3m corresponding to 15% compared to the same period last year. The increase was mainly due to a settlement with a customer within IT Operation Services in Q1 2017 as well as a positive contribution from

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SCALES' customers in this segment.

Finance:

Revenue in Q1 2018 decreased by DKK 11.8m or 17% due to a customer contract within IT Operation Services which was not extended when it expired in June 2017 partly offset by expansion of existing customers.

Order backlog

Backlog for the following two calendar years, beginning of quarter

The order backlog for 2018 at the beginning of Q2 2018 increased by DKK 68.3m, or by 2.8%, to DKK 2,487m compared to the order backlog for 2017 at the beginning of Q2 2017. It should be noted that the revenue reversal of DKK 26m in Q3/Q4 2017 regarding a customer in the public customer group had a negative impact on full year revenue for 2017, but was not reflected in the backlog at the beginning of Q2 2017.

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Order backlog from the Novo Nordisk Group declined with 9.4%, while other customers increased 12.0%. The increase from other customers is mainly driven by SCALES' customers, PANDORA, STARK and international life sciences customers. The decrease in the order backlog from the Novo Nordisk Group is explained by lower project activity in the Novo Nordisk Group.

At the beginning of Q2 2018 the order backlog for 2019 and 2020 was 20% higher than the order backlog for 2018 and 2019 at the beginning of Q2 2017. The Novo Nordisk Group backlog increased 41% while other customekrs increased 8.3%. The increase in the order entry backlog is due to extension of the corporate core IT infrastructure outsourcing contract with Novo Nordisk, the five year contract extension with Arla and the new contract with STARK partly countered by the expiry of several large infrastructure agreements in 2019 and 2020 in other customer groups.

Employees, end-of-period

At the end of Q1 2018, the number of employees increased by 234 FTE corresponding to 8.1% compared to the same period last year. The increase was primarily due to the inclusion of around 50 employees taken over from STARK, 103 SCALES FTEs in Denmark and 20 FTEs in Norway respectively. Excluding SCALES and the employees from STARK the underlying growth was only 2.1% entirely driven by countries outside Denmark whereas FTEs in Denmark decreased by 113. The increase outside Denmark was in-line with the long-term offshoring strategy, increasing primarily in the Philippines (74 FTEs), China (71 FTEs) and Czech Republic (25 FTEs). Denmark increased by 40 FTEs entirely due to SCALES and the employees from STARK, while Switzerland, Germany, United Kingdom, United States and Norway combined grew by 24 FTEs also due to SCALES and increased activity within international life sciences.

Balance sheet

Total assets at March 31, 2018 increased by DKK 37.1m to DKK 2,121.5m compared to DKK 2,084.4m at March 31, 2017 primarily due to an increase in intangible assets in connection with the acquisition of SCALES (DKK 187.2m) and tangible assets due to the new data center partly countered by a decrease in cash and cash equivalents.

The net of Cash and cash equivalents amounted to DKK 7.2m at March 31, 2018, a decrease of DKK 255.5m compared to March 31, 2017. The decrease was due to the acquisition of SCALES (DKK 98.0m), increased investments in a new data center (DKK 161.7m), acquisition of treasury shares (DKK 37.3m) and the payment of interim dividend for 2017 (DKK 48.7m) and ordinary dividend for 2017 (DKK 56.4m) partly countered by net profits from operating activities.

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Equity at March 31, 2018 amounted to DKK 928.6m, an increase of DKK 82.4m compared to March 31, 2017. The improvement was mainly due to net profits for the period offset by paid interim dividends for 2017 (DKK 48.7m) and ordinary dividends for 2017 (DKK 56.4m).

Investments

Investments amounted to DKK 29.5m (hereof DKK 15.3m related to the new data center) in Q1 2018 compared to DKK 67.3m (hereof DKK 34.7m related to the new data center) in Q1 2017. The decrease in investments is mainly related to timing of hardware purchases in connection with outsourcing contracts.

Free cash flow

The free cash flow for Q1 2018 was DKK 142.9m which was DKK 20.0m below Q1 2017 due to the development in working capital. In Q1 2017 trade receivables decreased significantly compared to Q4 2016 due to payment of project milestones and hardware contracts being invoiced in Q4 2016 and paid in Q1 2017. A similar development was seen to a smaller extent in Q1 2018. Based on the strong cash flow NNIT expects to pay out an interim dividend in August 2018 as in August 2017.

Business areas

	IT Operation Services

DKK million (reported currencies)	Q1 2018	Q1 2017	Change
Revenue
Novo Nordisk Group	169.9	225.0	-24.5%
Non-Novo Nordisk Group	255.7	247.7	3.2%
Total	425.6	472.7	-10.0%
Costs	393.3	421.8	-6.8%
Operating profit	32.3	50.9	-36.5%
Operating profit margin	7.6%	10.8%	-3.2pp

IT Operation Services revenue decreased by 10% in Q1 2018 following a 25% decline in revenue from the Novo Nordisk Group mainly due to lower project activity, price reductions in major service level agreements, a high comparison base in Q1 2017 which was impacted by infrastructure projects with a high degree of hardware and the timing of Easter,. Revenue from non-Novo Nordisk Group increased by 3.2% driven by STARK and a settlement with a customer within the public customer group in Q1 2017 partly

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countered by a customer within the finance customer group which was not extended when it expired in June 2017.

Operating profit decreased by 37% in Q1 2018 compared to Q1 2017 mainly due to the declining revenue from the Novo Nordisk Group and the customer within the finance customer group which was not extended as well as the timing of Easter. The cost including depreciations from the newly established data center also impacts the operating profit margin negatively due to low utilization. Operating profit margin in Q1 2018 was 7.6% compared to 10.8% in Q1 2017 due to the mentioned reasons. Adjusted for Easter the operating profit margin in Q1 was 8.5%.

IT Solution Services

DKK million (reported currencies)	Q1 2018	Q1 2017	Change
Revenue
Novo Nordisk Group	86.2	95.9	-10.1%
Non-Novo Nordisk Group	186.7	146.5	27.5%
Total	272.9	242.4	12.6%
Costs	244.5	218.3	12.0%
Operating profit	28.4	24.1	17.8%
Operating profit margin	10.4%	9.9%	0.5pp

IT Solution Services revenue increased by 13% in Q1 2018 driven by non-Novo Nordisk Group customers, whereas revenue from the Novo Nordisk Group decreased by 10% due to a decline in project activities and the timing of Easter. The increase in non-Novo Nordisk Group revenue was due to SCALES' customers, PANDORA and STARK partly countered by the timing of Easter.

Operating profit in Q1 2017 increased by 18% following the increase in revenue and a higher average hourly rate on projects. Operating profit margin in Q1 2018 was 10.4% compared to 9.9% in Q1 2017, an increase of 0.5pp due to the above mentioned reasons.

Events after balance sheet date

There have been no events after the balance sheet date which would have a significant impact on an assessment of NNIT's financial position at March 31, 2018.

Management statement

Statement by the Board of Directors and the Executive Management on the unaudited interim consolidated financial statements of NNIT A/S as at and for the three months ended March 31, 2018

The Board of Directors and Executive Management ("Management") have reviewed and approved the interim consolidated financial statements of NNIT A/S (NNIT A/S, together with its subsidiaries, the "Group") for the first three months of 2018 with comparative figures for the first three months of 2017. The interim consolidated financial statements have not been audited or reviewed by the company's independent auditors.

The interim consolidated financial statements for the first three months of 2018 have been prepared in accordance with IAS 34 'Interim Financial Reporting', as adopted by the European Union and accounting policies set out in the annual report for 2017 of NNIT A/S. Furthermore, the interim consolidated financial statement for the first three months of 2018 and Management's review are prepared in accordance with additional Danish disclosure requirements for interim reports of listed companies.

In our opinion, the accounting policies used are appropriate and the overall presentation of the interim consolidated financial statements for the first three months of 2018 are adequate and give a true and fair view of the Group's assets, liabilities and financial position as at March 31, 2018 and of the results of the Group's operations and cash flow for the three months ended March 31, 2018. Furthermore, in our opinion, Management's review includes a true and fair account of the development in the operations and financial circumstances, of the results for the period and of the financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group in accordance with Danish disclosure requirements for listed companies.

Since the disclosure of the Group's most significant risks and uncertainties in the Annual Report for 2017 of NNIT A/S the risk of a larger decline in revenue from the Novo Nordisk Group has increased. Besides this no changes in the Group's most significant risks and uncertainties have occurred.

Søborg, May 15, 2018 Executive management

Per Kogut CEO Board of Directors	Carsten Krogsgaard Thomsen CFO
Carsten Dilling Chairman	Peter H. J. Haahr Deputy Chairman	Anne Broeng
Eivind Kolding	Christian Kanstrup	Caroline Serfass
Anders Vidstrup	Henrik Vienberg Andersen

Consolidated financial statements

Income statement and Statement of comprehensive income

	Note	Q1 2018	Q1 2017 1)	12M 2017 1)
		DKK '000	DKK '000	DKK '000
Income statement	1
Revenue	2	698,502	715,112	2,851,387
Cost of goods sold		579,145	579,697	2,336,296
Gross profit		119,357	135,415	515,091
Sales and marketing costs		31,975	32,811	135,226
Administrative expenses		26,681	27,649	116,301
Operating profit		60,701	74,955	263,564
Financial income		862	2,055	5,059
Financial expenses		2,884	5,787	15,105
Profit before income taxes		58,679	71,223	253,518
Income taxes		12,869	15,242	53,993
Net profit for the period		45,810	55,981	199,525

Earnings per share	DKK	DKK	DKK
Earnings per share	1.87	2.31	8.20
Diluted earnings per share	1.86	2.30	8.00

Statement of comprehensive income

	DKK '000	DKK '000	DKK '000
Net profit for the period	45,810	55,981	199,525
Other comprehensive income:
Items that will not be reclassified subsequently to the Income statement:
Remeasurement related to pension obligations	-15	0	4,798
Tax on other comprehensive income	7	-454	-1,314
Items that will be reclassified subsequently to the Income statement,
when specific conditions are met:
Currency revaluation related to subsidiaries (net)	-1,164	1,416	-1,594
Recycled to financial items	804	165	2,799
Unrealized value adjustments	3,410	6,691	2,043
Cash flow hedges	4,214	6,856	4,842
Tax on other comprehensive income related to cash flow hedges	-927	-1,218	-1,065
Other comprehensive income, net of tax	2,115	6,600	5,668
Total comprehensive income	47,925	62,581	205,193
1 ) The numbers includes the effect of the implementation of IFRS 15 and IFRS 16. Please refer to note 1 for a brigde between 2017

previous practice and 2017 adjusted.

Balance sheet

Assets

	Note	March 31, 2018	March 31, 20171)	Dec 31, 2017 1)
		DKK '000	DKK '000	DKK '000
Intangible assets		210,014	32,926	212,057
Tangible assets		940,638	856,317	940,697
Contract assets		173,643	160,701	179,330
Deferred tax		57,761	52,010	65,017
Deposits		32,766	28,975	32,637
Total non-current assets		1,414,822	1,130,929	1,429,738
Inventories		1,686	2,435	1,566
Trade receivables	3	451,192	419,177	574,808
Work in progress	3	77,564	109,703	56,069
Other receivables and pre-payments		150,676	140,255	164,432
Tax receivable		10,694	3,848	0
Shares		0	9,988	13,950
Derivative financial instruments		7,672	5,349	4,598
Cash and cash equivalents		7,182	262,715	74,577
Total current assets		706,666	953,470	890,000
Total assets		2,121,488	2,084,399	2,319,738

Equity and liabilities

			March 31, 2018 March 31, 2017 1)	Dec 31, 2017 1)
		DKK '000	DKK '000	DKK '000
Share capital		250,000	250,000	250,000
Treasury shares		-4,676	-7,500	-6,567
Retained earnings		623,060	589,291	665,914
Other reserves		11,153	14,385	8,654
Proposed dividends		49,070	0	55,990
Total equity		928,607	846,176	973,991
Leasing leability		281,875	345,823	295,950
Employee benefit obligation		15,684	19,075	15,397
Contingent consideration (earn out)		54,345	0	54,345
Provisions		24,489	23,575	24,722
Total non-current liabilities		376,393	388,473	390,414
Prepayments received	3	234,863	291,091	293,653
Leasing liability		80,611	75,531	80,920
Bank overdraft		0	0	93,194
Trade payables		166,402	138,728	58,948
Employee cost payable		201,401	227,505	255,421
Tax payables		4,633	0	18,096
Other current liabilities		128,050	102,975	132,083
Derivative financial instruments		366	387	1,164
Employee benefit obligation		0	11,343	21,694
Provisions		162	2,190	160
Total current liabilities		816,488	849,750	955,333
Total equity and liabilities		2,121,488	2,084,399	2,319,738
Contingent liabilities and legal proceedings	4
Currency hedging	5
1 ) The numbers includes the effect of the implementation of IFRS 15 and IFRS 16. Please refer to note 1 for a brigde between 2017 previous

Currency hedging 5 practice and 2017 adjusted.

Statement of cash flow

		Q1 2018	Q1 2017 1)	12 M 2017 1)
		DKK '000	DKK '000
Net profit for the period	Note	45,810	55,981	199,525
Reversal of non-cash items		79,618	68,588	328,308
Interest received		58	73	171
Interest paid		-844	-761	-3,750
Income taxes paid		-34,416	-43,2750	-80,220
Cash flow before change in working capital		90,226	80,6060	444,034
Changes in working capital		82,230	149,6770	-10,753
Cash flow from operating activities		172,456	230,2830	433,281
Capitalization of intangible assets		-1,083	-1,579	-10,279
Purchase of tangible assets		-52,020	-68,351	-323,710
Change in trade payables related to investments		23,606	2,623	-2,887
Dividends received		0	192	317
Sale/(purchase) of shares (net)		89	0	0
Payment of deposits		-129	-246	-3,142
Acquisition of subsidiary		0	0	-97,991
Cash flow from investing activities		-29,537	-67,3610	-437,692
Dividends paid		-56,418	-53,350	-102,037
Purchase of treasury shares		-37,345	0	0
Repayments of lease liability		-23,357	-20,769	-86,081
Cash flow from financing activities		-117,120	-74,1190	-188,118
Net cash flow		25,799	88,803	-192,529
Cash and cash equivalents at the beginning of the period		-18,617	173,912	173,912
Cash and cash equivalents at the end of the period		,7,182	262,7150	-18,617
Additional information2 :
Cash and cash equivalents at the end of the period		7,182	262,715	-18,617
Undrawn committed credit facilities		400,000	400,0000	306,806
Financial resources at the end of the period		407,182	662,7150	288,189
Cash flow from operating activities Cash flow from investing activities		172,456 -29,537	230,283 -67,361	433,281 -437,692
Free cash flow		142,919	162,922	-4,411
1 ) The numbers includes the effect of the implementation of IFRS 15 and IFRS 16.

2 Additional non-IFRS measures. 'Financial resources at the end of the period' is defined as the sum of cash and cash equivalents at the end of the period and undrawn committed credit facilities. Free cash flow is defined as 'cash flow from operating activities' less 'cash flow from investing activities'.

Statement of changes in equity

DKK '000					Other reserves
	Share	Treasury	Retained	Currency	Cash flow	Tax	Total other	Proposed
March 31, 2018	capital	shares	earnings	revaluation	hedges		reserves	dividends	Total
Balance at the beginning of the period	250,000	-6,567	665,914	5,190	3,521	-57	8,654	55,990	973,991
Net profit for the period	0	0	45,810	0	0	0	0	0	45,810
Other comprehensive income for the period	0	0	-15	-1,164	4,214	-920	2,130	0	2,115
Total comprehensive income for the period	0		45,795	-1,164	4,214	-920	2,130	0	47,925
Transactions with owners:
Transfer of treasury shares	0	-2,030	-35,315						-37,345
Share-based payments	0	3,921	441	0	0	0	0	0	4,362
Deferred tax on share-based payments	0	0	-3,908	0	0	0	0	0	-3,908
Adjustment to proposed dividend			-428					428	0
Dividends paid	0	0	0	0	0	0	0	-56,418	-56,418
Proposed interim dividend for 2018	0	0	-49,070	0	0	0	0	49,070	0
Total dividends for 2017	0	0	-49,070	0	0	0	0	49,070	0
Balance at the end of the period	250,000	-4,676	623,429	4,026	7,735	-977	10,784	49,070	928,607

DKK '000					Other reserves
	Share	Treasury	Retained	Currency	Cash flow		Total other	Proposed
December 31, 2017	capital	shares	earnings	revaluation	hedges	Tax	reserves	dividends	Total
Balance at the beginning of the period	250,000	-7,500	542,833	6,784	-1,321	2,322	7,785	53,350	846,468
Effect of IFRS 15 and IFRS 16			-21,509						-21,509
Tax effect of IFRS 15 and 16			6,979						6,979
Adjusted balance at the beginning of the period			528,303						831,938
Net profit for the period	0	0	199,525	0	0	0	0	0	199,525
Other comprehensive income for the period	0	0	4,798	-1,594	4,842	-2,379	869	0	5,667
Total comprehensive income for the period	0		204,323	-1,594	4,842	-2,379	869	0	205,192
Transactions with owners:
Transfer of treasury shares	0	933	18,190						19,123
Share-based payments	0	0	21,342	0	0	0	0	0	21,342
Deferred tax on share-based payments	0	0	-1,567	0	0	0	0	0	-1,567
Dividends paid	0	0	0	0	0	0	0		-102,037 -102,037
Interim dividend for 2017	0	0	-48,687	0	0	0	0	48,687	0
Proposed dividend for 2017	0	0	-55,990	0	0	0	0	55,990	0
Total dividends for 2017	0	0	-104,677	0	0	0	0	104,677	0
Balance at the end of the period	250,000	-6,567	665,914	5,190	3,521	-57	8,654	55,990	973,991

DKK '000					Other reserves
	Share	Treasury	Retained	Currency	Cash flow	Tax	Total other	Proposed
March 31, 2017	capital	shares	earnings	revaluation	hedges		reserves	dividends	Total
Balance at the beginning of the period	250,000	-7,500	542,833	6,784	-1,321	2,322	7,785	53,350	846,468
Effect of IFRS 15 and IFRS 16			-21,509						-21,509
Tax effect of IFRS 15 and 16			6,979						6,979
Adjusted balance at the beginning of the period			528,303						831,938
Net profit for the period	0	0	55,981	0	0	0	0	0	55,981
Other comprehensive income for the period	0	0	0	1,416	6,856	-1,672	6,600	0	6,600
Total comprehensive income for the period	0		55,981	1,416	6,856	-1,672	6,600	0	62,581
Transactions with owners:
Share-based payments	0	0	5,850	0	0	0	0	0	5,850
Deferred tax on share-based payments	0	0	-843	0	0	0	0	0	-843
Dividends paid	0	0	0	0	0	0	0	-53,350	-53,350
Balance at the end of the period	250,000	-7,500	589,291	8,200	5,535	650	14,385	0	846,176

Notes Note 1 Accounting policies

The consolidated financial statements for the first three months of 2018 have been prepared in accordance with IAS 34 'Interim Financial Reporting' and on the basis of the same accounting policies as were applied in the Annual Report 2017, besides what is stated below.

The financial reporting including the consolidated financial statements for the first three months of 2018 and Management's review have been prepared in accordance with additional Danish disclosure requirements for interim report of listed companies. See pages 57 to 63 of the Annual Report 2017 for a comprehensive description of the accounting policies applied.

Changes in accounting policies

As of January 2018 NNIT A/S has implemented the following new [or amended and revised] accounting standards and interpretations (IFRSs):

• IFRS 9 "Financial instruments"
• IFRS 15 "Revenue from Contracts with Customers"
• IFRS 16 "Leasing" (early adoption)

It is only IFRS 15 and IFRS 16 which have affected the recognition and measurement of the consolidated financial statements for the first three months of 2018. Both standards have been applied fully retrospectively as of January 1, 2018, thus the 2017 comparative figures have been adjusted.

IFRS 15

IFRS 15 "Revenue from Contracts with Customers" introduces a new model for recognition of revenue.

Revenue in accordance with the new standard is recognized when an asset on behalf of a customer is created with no alternative use and NNIT has an enforceable right to payment for performance completed to date, or the customer obtains control of a service and thus has the ability to direct the use and obtain the benefit from the service.

The standard has impacted NNITs outsourcing contracts. Revenue and operating profit on some phases in outsourcing contracts has been postponed to later periods other than the period during which the activities are performed.

This postponement arises from the fact that some of the activities performed in the transition phases do not transfer services to the customer under IFRS 15. In this case, the costs incurred to perform those activities are considered start-up costs, which are capitalized and amortized over the operation period.

IFRS 16

All leases have been recognized in the balance sheet with a corresponding lease debt except for short-term assets and low value assets. Leased assets are depreciated over the lease term, and payments are allocated between installments on the lease obligation and interest expense, classified as financial expenses.

IFRS 9

In relation to hedge accounting, the standard provides more opportunities for applying proxy hedges and repeals the requirement for retrospective effectiveness testing.

17 of 22 NNIT A/S Østmarken 3A Telephone: +45 7024 4242 2860 Søborg www.nnit.com Denmark CVR No: 21 09 31 06

The implementation of IFRS 9 has not resulted in a different recognition for accounting purposes in relation to hedge accounting or other financial instruments.

The effect of IFRS 15 and IFRS 16 are shown in the table below.

DKK '000		December 31, 2017			March 31, 2017
	Previous	Effect of		Previous	Effect of	New
	practice	change	New practice	practice	change	practice
Assets
Tangible assets	573,982	366,715	940,697	444,169	412,148	856,317
Contract assets	0	179,330	179,330		160,701	160,701
Deferred tax	52,548	12,469	65,017	44,818	7,192	52,010
Total non-current assets	871,224	558,514	1,429,738	550,888	580,041	1,130,929
Work in progress	122,868	-66,799	56,069	149,288	-39,585	109,703
Total current assets	956,799	-66,799	890,000	993,055	-39,585	953,470
Total assets	1,828,023	491,715	2,319,738	1,543,943	540,456	2,084,399
Equity and liabilities
Total equity	1,005,314	-31,323	973,991	860,512	-14,336	846,176
Leasing liability	0	295,950	295,950		345,823	345,823
Provisions	13,245	11,477	24,722	11,931	11,644	23,575
Total non-current liabilities	82,987	307,427	390,414	31,006	357,467	388,473
Prepayments received	158,428	135,225	293,653	168,951	122,140	291,091
Leasing liability	0	80,920	80,920		75,531	75,531
Other current liabilities	132,617	-534	132,083	103,321	-346	102,975
Total current liabilities	739,722	215,611	955,333	652,425	197,325	849,750
Total equity and liabilities	1,828,023	491,715	2,319,738	1,543,943	540,456	2,084,399
Income statement
Revenue	2,891,878	-40,491	2,851,387	715,310	-198	715,112
Cost of goods sold	2,362,506	-26,210	2,336,296	581,709	-2,012	579,697
Gross profit	529,372	-14,281	515,091	133,601	1,814	135,415
Sales and marketing costs	135,563	-337	135,226	32,903	-92	32,811
Administrative expenses	116,986	-685	116,301	27,870	-221	27,649
Operating profit	276,823	-13,259	263,564	72,828	2,127	74,955
Financial income	5,059	0	5,059	2,055	0	2,055
Financial expenses	5,993	9,112	15,105	3,656	2,131	5,787
Profit before income taxes	275,889	-22,371	253,518	71,227	- 4	71,223
Income taxes	59,410	-5,417	53,993	15,415	-173	15,242
Net profit for the period	216,479	-16,954	199,525	55,812	169	55,981
Earnings per share
Earnings per share	8.89	-0.70	8.20	2.30	0.01	2.31
Diluted earnings per share	8.68	-0.68	8.00	2.29	0.01	2.30
Earnings per share, effect of IFRS 15		-0.70			0.00
Diluted earnings per share, effect of IFRS 15		-0.68			0.00
Earnings per share, effect of IFRS 16		0.00			0.01
Diluted earnings per share, effect of IFRS 16		0.00			0.01

18 of 22 NNIT A/S Østmarken 3A Telephone: +45 7024 4242 2860 Søborg www.nnit.com Denmark CVR No: 21 09 31 06

Note 2 Quarterly numbers

	2018		2017
DKK '000	Q1	Q4	Q3	Q2	Q1
Revenue	698,502	779,722	661,464	695,089	715,112
Cost of goods sold	579,145	612,807	571,039	572,753	579,697
Gross profit	119,357	166,915	90,425	122,336	135,415
Sales and marketing costs	31,975	35,870	33,786	32,758	32,812
Administrative expenses	26,681	31,549	28,602	28,501	27,649
Operating profit	60,701	99,496	28,037	61,077	74,954
Net financials	-2,022	-4,270	1,324	-3,368	-3,732
Profit before income taxes	58,679	95,226	29,361	57,709	71,222
Income taxes	12,869	21,602	6,166	10,984	15,242
Net profit for the period	45,810	73,624	23,195	46,725	55,980

Segment disclosures

	2018	2017
DKK '000	Q1	Q4	Q3	Q2	Q1
Revenue by business area
Operations	425,611	480,475	438,310	440,405	472,703
hereof Novo Nordisk Group	169,884	220,909	192,634	180,207	224,993
hereof non-Novo Nordisk Group	255,727	259,566	245,676	260,198	247,710
Solutions	272,891	299,247	223,154	254,684	242,409
hereof Novo Nordisk Group	86,200	97,547	86,220	86,955	95,936
hereof non-Novo Nordisk Group	186,691	201,699	136,933	167,729	146,473
Total revenue	698,502	779,722	661,464	695,089	715,112
Revenue by customer group
Life Sciences	355,321	413,866	372,063	364,527	409,548
hereof Novo Nordisk Group	256,084	318,457	278,854	267,162	320,928
Enterprise	187,251	191,300	177,458	164,497	151,034
Public	99,379	114,992	57,104	95,641	86,114
Finance	56,551	59,564	54,839	70,424	68,416
Total revenue	698,502	779,722	661,464	695,089	715,112
Operating profit by business area
Operations	32,313	62,362	47,167	44,407	50,856
Solutions	28,388	37,134	-19,130	16,670	24,098
Total operating profit	60,701	99,496	28,037	61,077	74,954
Ammortization, depreciation and impairment losses
Operations	52,790	47,773	48,764	51,288	50,967
Solutions	8,999	9,285	8,859	7,771	7,180
Total ammortization, depreciation and impairment losses	61,789	57,058	57,623	59,059	58,148

The Danish operations generated 87.9% of NNIT's revenue in 3M 2018 and 90.0% in 3M 2017 based on the location of customer purchase orders. As a consequence of the predominantly Danish revenue, we will not disclose a geographical revenue split.

Note 3

Related party transactions

DKK'000	March 31, 2018	March 31, 2017	Dec 31, 2017
Assets
Receivables from related parties	143,430	126,633	216,151
Work in progress related parties	307,763	52,819	37,652
Liabilities
Liabilities to related parties	91,953	71,191	1,264
Prepayments from related parties	27,615	72,150	48,760

Note 4

Contingent liabilities and legal proceedings

Contingent liabilities

None

Legal proceedings

None

Note 5

Currency hedging

NNIT's objective is at any time to limit the company's financial risks.

NNIT is exposed to exchange rate risks in the countries where NNIT has its main activities. The majority of NNIT's sales are in DKK and EUR, implying limited foreign exchange risk, due to the parent company's functional currency being DKK and Denmark's fixed-rate policy towards EUR. NNIT's foreign exchange risk therefore primarily stems from transactions carried out in the currencies of other countries in which NNIT mainly operates: primarily the Chinese yuan, and, to a lesser extent, the Czech koruna, the Philippine peso, the Swiss franc and the British pound.

At present NNIT's sales in Chinese yuan, Czech koruna, and Swiss franc are not sufficiently to balance these currency risks. To manage foreign exchange rate risks, NNIT has entered into hedging contracts to hedge major foreign currency balances in Chinese yuan, Czech koruna and the Philippine peso. Due to the size of the exposure Swiss franc is not hedged.

Cumulative profit on derivative financial instruments regarding future cash flow per March 31, 2018 is recognized in Equity (Other comprehensive income) with an amount of DKK 4.2m before tax (DKK 3.3m after tax).

Note 6

Currency sensitivity and development

Currency sensitivities

	Estimated annual impact on NNIT's operating profit of a 10% increase in the outlined currencies against DKK*	Hedging period (months)
EUR	DKK 35 million	-
CNY	DKK -19 million	14
CZK	DKK -10 million	14
PHP	DKK -5 million	14
USD	DKK -4 million	-
CHF	DKK -1 million	-

Hedging gains and losses do not impact operating profit as they are recognized under net financials. For further details on hedging, please see note 6 above.

* The above sensitivities address hypothetical situations and are provided for illustrative purposes only. The sensitivities assume the business develops consistent with the current 2018 business plan.

Key currency assumptions

DKK per 100	2016 average exchange rates	2017 average exchange rates	YTD 2018 average exchange rates at May 9, 2018	Current exchange rates at May 9, 2018
CNY	101.29	97.57	95.68	98.50
EUR	744.52	743.86	744.71	744.95
CZK	27.54	28.27	29.32	29.14
PHP	14.17	13.08	11.76	12.07
CHF USD	683.13 673.27	669.63 659.53	635.40 607.21	626.27 627.12

Currency development

NNIT has a net cost exposure in the Chinese yuan, the Czech koruna (CZK), the Philippine peso and the Swiss franc and therefore the depreciation of the Philippine peso versus Danish kroner had a positive impact on reported operating profit, whereas the increase in the Czech koruna had the reverse effect.

2860 Søborg www.nnit.com Denmark CVR No: 21 09 31 06

NNIT has hedged 90% of its net exposure in Chinese yuan (CNY hedged with CNH (CNY offshore)) and Czech koruna (CZK) for the coming 14 months.

Note 7

Performance in constant and reported currencies Performance overview

DKK million (reported currencies)	Q1 2018	Q1 2018 (constant*)	Q1 2017	Change	Change (constant)
Revenue	698.5	706.7	715.1	-2.3%	-1.2%
Cost of goods sold	579.1	588.6	579.7	-0.1%	1.5%
Gross profit	119.4	118.1	135.4	-11.9%	-12.8%
Gross profit margin	17.1%	16.7%	18.9%	-1.8pp	-2.2pp
Sales and marketing costs	32.0	32.3	32.8	-2.6%	-1.6%
Administrative expenses	26.7	26.9	27.6	-3.5%	-2.7%
Operating profit	60.7	58.9	75.0	-19.0%	-21.4%
Operating profit margin	8.7%	8.3%	10.5%	-1.8pp	-2.1pp
Net financials	-2.0	n.a.	-3.7	-45.8%	n.a.
Profit before tax	58.7	n.a.	71.2	-17.6%	n.a.
Tax	12.9	n.a.	15.2	-15.6%	n.a.
Effective tax rate	21.9%	n.a.	21.4%	0.5pp	n.a.
Net profit	45.8	n.a.	56.0	-18.2%	n.a.

*Constant currencies measured using average exchange rates for Q1 2017.

Revenue distribution

DKKm (reported currencies)	Q1 2018	Q1 2018 (constant*)	Q1 2017	Pct Change (reported)	Pct Change (constant)
Novo Nordisk Group	256.1	259.9	320.9	-20.2%	-19.0%
Other Life Sciences	99.2	103.4	88.6	12.0%	16.7%
Enterprise	187.3	187.4	151.0	24.0%	24.1%
Public	99.4	99.4	86.1	15.4%	15.4%
Finance	56.6	56.6	68.4	-17.3%	-17.3%
Total	698.5	706.7	715.1	-2.3%	-1.2%

*Constant currencies measured using average exchange rates for Q1 2017.