Columbus (COLUM) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue declined 4% year-over-year to DKK 410m, mainly due to macroeconomic headwinds and challenging Nordic market conditions, with two fewer working days compared to Q2 2024.

• EBITDA dropped 27% year-over-year (adjusted for extraordinary income in Q2 2024) to DKK 16m, reflecting weak revenue and efficiency performance.

• Contribution margin improved by 1 percentage point to 19% due to better project execution and efficiency gains in M3 and Digital Commerce.

• Cash flow from operations increased 13% to DKK 18m, indicating strong business fundamentals and tight control of customer payment terms.

• Strategic review concluded in May with no changes to ownership; focus remains on operational efficiency, resilience, and ongoing strategic adjustments.

Financial highlights

• Q2 2025 revenue: DKK 410m, down 4% year-over-year (6% decline adjusted for currency).

• Q2 2025 EBITDA: DKK 16m, down from DKK 22m in Q2 2024 (adjusted for one-offs).

• Contribution margin: 19% in Q2 2025, up from 18% in Q2 2024.

• Cash flow from operations: DKK 18m, up from DKK 16m in Q2 2024.

• Q2 2025 EBITDA margin: 4.0% (5.2% in Q2 2024 adjusted).

Outlook and guidance

• Full-year 2025 revenue guidance set at DKK 1.7bn, flat year-over-year.

• EBITDA margin guidance for 2025: 7-9%, lowered from previous 10-12%.

• No significant market improvement expected in the second half of 2025; guidance does not assume a market rebound.

• Profitability improvement initiatives to be implemented in Q3 2025.

• Long-term goals for EBITDA margin (15%) and CAGR (10%) remain, but are more challenging under current conditions.