Columbus (COLUM) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined by 7% year-over-year to DKK 347m, mainly due to challenging market conditions in Denmark and Norway, with early recovery signs in Sweden and continued growth in the US.

• Adjusted EBITDA dropped 18% year-over-year to DKK 24m (margin 6.9%), impacted by lower activity, redundancy-related costs, and reduced operational efficiency.

• Contribution margin remained stable at 23% after adjusting for an extraordinary redundancy provision, reflecting strong project execution.

• M3 division achieved 8% revenue growth in Q3, with improved contribution margin and positive momentum, especially in Sweden and the US.

• Rightsizing initiatives led to a reduction of 89 employees and DKK 11m in redundancy provisions, aiming to strengthen profitability and efficiency.

Financial highlights

• Q3 2025 revenue: DKK 347m, down 7% year-over-year; YTD revenue: DKK 1,191m, down 4%.

• Adjusted EBITDA for Q3 2025: DKK 24m (margin 6.9%); YTD adjusted EBITDA: DKK 89m (margin 7.4%).

• Contribution margin stable at 23% after redundancy provision.

• Profit after tax for Q3 2025: -DKK 9.6m; YTD profit after tax: DKK 7.6m.

• Cash flow from operating activities: DKK 7m in Q3 2025, DKK 42m YTD.

Outlook and guidance

• Full-year 2025 revenue expected around DKK 1.7bn, in line with 2024.

• EBITDA margin guidance maintained at 7-9%.

• Management expects gradual uplift in Q4 2025, driven by improved utilisation and cost discipline.

• Pipeline of large projects is strong, with many decisions expected in November and early December.

• Outlook remains subject to macroeconomic and geopolitical uncertainties.