Columbus (COLUM) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue declined 4% year-over-year to DKK 410m, mainly due to challenging Nordic market conditions and fewer working days, while UK and US markets continued positive trends.

• EBITDA dropped 27% year-over-year (adjusted for extraordinary income in Q2 2024), reflecting weaker top-line and efficiency.

• Operational cash flow increased by 13% to DKK 18m, indicating business resilience and effective customer payment management.

• Contribution margin improved by 1 percentage point to 19% in Q2 2025 due to better project execution.

• Strategic review concluded with no changes to ownership; focus remains on long-term growth and execution of the New Heights strategy.

Financial highlights

• Q2 2025 revenue: DKK 410m, down from DKK 427m in Q2 2024.

• EBITDA: DKK 16m, down from DKK 22m in Q2 2024 (adjusted for extraordinary income); EBITDA margin at 4.0% versus 7.0% in Q2 2024.

• 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.

• Profit after tax for Q2 2025 was DKK -8.8m, compared to DKK -14.8m in Q2 2024.

Outlook and guidance

• Full-year 2025 revenue guidance set at DKK 1.7bn, flat versus 2024.

• EBITDA margin guidance revised down to 7%-9% (from 10%-12%), inclusive of all restructuring and extraordinary costs.

• 2026 EBITDA target of 15% remains unchanged.

• Management will focus on profitability improvements and operational efficiency in H2 2025.