Transactions in connection with share buy-back program

NTG purchased 7,302 shares between 29 September and 5 October 2026, bringing cumulative purchases under its buy-back program to 776,422 shares for DKK 171,074,623. The program allows purchases of up to DKK 200 million and 1.25 million shares by 9 November 2026; NTG now holds 1,069,247 treasury shares, or 4.72% of its current share capital.

Analysis

The headline authorization overstates the remaining near-term bid. NTG has used about DKK 171.1m of the DKK 200m value limit; at recent purchase prices, the residual budget supports only roughly 100,000 additional shares, even though the separate share-count cap has much more room. With the program scheduled to end in early November, this is a short-lived demand tailwind, not a durable valuation floor. The weekly purchases are also too small to infer meaningful price support without comparing them with normal trading volume.

The bigger question is what happens to the treasury stock. The stated uses include acquisition-related obligations, incentives and potential M&A, so investors should not assume repurchased shares will be cancelled or that the program represents a recurring cash-return policy. Reissuance could dilute the float benefit; cancellation would make the reduction more lasting. The buyback’s strategic flexibility may be more valuable than its immediate per-share arithmetic, but the announcement provides no evidence of a specific transaction or incremental earnings impact.

Near term, monitor the remaining value capacity, completion notice and NTG’s disclosure on cancellation or reuse of treasury shares. Over 1–3 months, a renewed authorization or confirmed cancellation could change the capital-return signal; absent that, the support fades when the current program ends. The thesis weakens if NTG redirects shares into issuance or if operating guidance deteriorates enough to overwhelm the modest float reduction. No standalone directional trade is justified without valuation, liquidity and capital-allocation context.

Key Decisions for Investors

• Do not treat the current buyback as an ongoing price floor: at recent prices, the remaining budget equates to only about 100,000 shares, subject to execution and the program’s end date.
• Watch for NTG’s next disclosure on whether treasury shares are cancelled, retained for incentive or subsidiary obligations, or used in M&A; these outcomes have materially different implications for the lasting float reduction.
• No immediate long/short trade: reassess after the program concludes or if NTG announces a renewed authorization, cancellation, or a specific share-funded transaction.
• Falsifiers: material operating-guidance deterioration would overwhelm the small repurchase tailwind; conversely, confirmed cancellation or a renewed authorization would strengthen the capital-return case.