Columbus (COLUM) investor relations material

Executive summary

• Group revenues declined by 5% year-over-year to DKK 1,576m in 2025, mainly due to setbacks in the Dynamics 365 business and Scandinavian market headwinds, with prolonged customer decision cycles.

• EBITDA decreased by 26% to DKK 113m, but the EBITDA margin improved slightly to 7.6% from 7.4% after adjustments.

• Profit before tax fell 19% year-over-year to DKK 47m, in line with EBITDA trends, while financial expenses continued to decrease.

• Positive cash flow from operations reached DKK 77m, though down 43% year-over-year due to reduced operating profit and working capital changes.

• Significant investments were made in data and AI capabilities, with strategic hiring, an acquisition in Norway, and large customer wins expected to ramp up activity in 2026.

Financial highlights

• Q4 2025 revenue declined by 8% year-over-year to DKK 385m, following sequential declines in prior quarters.

• Q4 EBITDA was DKK 35m, down 9% year-over-year, with a margin of 9%.

• Profit before tax in Q4 was DKK 18m, matching the prior year.

• Cash flow in Q4 was DKK 34m, maintaining a strong balance sheet despite a 14% decrease from the prior year.

• Product sales increased by 5% to DKK 70m, and EIM business line showed strong profitability with a 44% margin.

Outlook and guidance

• Guidance for 2026 is organic growth of 0%-5%, recovering from -5% in 2025, with an EBITDA margin outlook of 8%-10%.

• Long-term ambitions of 10% revenue growth and 15% EBITDA margin remain, but the timeline is under review.

• Management expects gradual improvement in market conditions and sales pipeline, with a balanced approach to growth and profitability.

• New strategy to be announced in early November 2026, replacing the current "New Heights" strategy.