Interim report
Q1 2025
Columbus A/S | CVR no. 13 22 83 45
Columbus Interim report Q1 2025 2
Contents
Highlights
3
Staying the course in uncertain times 4
Key figures and ratios 5
Solid operational performance in Q1 6
Outlook for 2025
9
Statement by management 10
Financial statements 11
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Highlights
Columbus Interim report Q1 2025 3
Highlights
Columbus delivered a solid start to 2025, driven by improved earnings,
confirming the robustness of the strategy and business model. Despite a slight
decline in revenue of 2%, a 32% improvement in EBITDA was achieved,
significantly strengthening profitability and increasing the EBITDA margin to
10.7% compared to 7.9% in Q1 2024, adjusted for the extraordinary gain of DKK
20m from the M3CS legal case. Overall, a satisfactory start to the year.
“Despite global
uncertainty,
Q1 2025 reflects steady
execution -
confirming
Q1 2025 highlights
•
Revenue declined by 2%, amounting to DKK
434m.
•
EBITDA amounted to DKK 46m, up 32% com-
pared with the adjusted EBITDA in Q1 2024.
•
EBITDA margin was 10.7%, compared to 7.9% in
Q1 2024 when adjusted for the M3CS legal case.
•
Efficiency of 62% in Q1 2025, compared to 62% in
Q1 2024.
•
Consistent solid cash flow achieved with
DKK 17m from operating activities.
Outlook
2025
maintained
Based on the development in the first quarter of
2025, our strong pipeline and order backlog, we
maintain our full year financial expectations:
•
Revenue guidance expected to be in the range
of 7-9% organic growth
•
EBITDA margin expected to be in the range
of 10-12%.
that our strategy supports
both resilience and
improved
profitability.”
CEO & President
Søren Krogh Knudsen
DKK 434m
A decrease of 2% compared to Q1 2024.
DKK 46m
An increase of 32% compared with
adjusted EBITDA in Q1 2024
10.7
%
Compared to 7.9% in Q1 2024, when
Same level as Q1 2024.
Columbus Interim report Q1 2025
3
Staying the course in uncertain times
Columbus
Interim report Q1 2025
4
Staying
the
course
in
uncertain
times
We have delivered a steady start to the year, in line with our expectations. The
first quarter of 2025 confirmed the robustness of our strategy and business
model, with a 32% improvement in EBITDA and an EBITDA margin of 10.7%, up
from 7.9%, excluding extraordinary income in Q1 2024. We maintain our financial
guidance for the full year 2025.
remained the largest contributor at 41%, followed
by Retail at 20% and Food & Beverage at 17% – un-
derlining the breadth and resilience of our sector
presence.
Organisational
agility
In Q1 2025, we merged the two Business Lines
Customer Experience & Engagement and Dynam-
Guidance
2025
We maintain our financial guidance for 2025,
expecting organic revenue growth of 7–9% and an
EBITDA margin in the range of 10–12%.
In a volatile world, Columbus stands on a solid foun-
dation. We continue to invest in innovation and tal-
ent, and we remain confident in our ability to deliver
Resilient
earnings
The macroeconomic environment has become
more uncertain, influenced by ongoing geopolitical
tensions, discussions around global trade conflicts,
and currency fluctuations – all of which may di-
rectly or indirectly affect our customers’ behavior
and investment decisions. In this landscape, our
ability to execute and adapt quickly has been es-
sential to maintaining momentum and navigating
changing market conditions.
While IT spending remains a priority for many com-
panies, we see a more selective approach to invest-
ments, with greater focus on value creation and
business impact. This sentiment has been particu-
larly noticeable in the Nordic region, where we ex-
perienced a decline in revenue. However, this was
offset by growth in other markets, resulting in a rev-
enue decrease of only 2%, from DKK 444m in Q1
2024 to DKK 434m in Q1 2025.
EBITDA improved significantly in Q1 2025, driven by
continued cost discipline, improved project execu-
tion, and a more favorable business mix. The
EBITDA margin increased to 10.7%, up from 7.9% in
the same period last year when adjusted for the M3
legal case, highlighting our ability to generate earn-
ings growth in a more cautious market environ-
ment. This outcome reflects the strength of our di-
versified business model – across geographies, sec-
tors, and offerings – and underlines the value of
staying agile and strategically focused in times of
uncertainty.
Sustained
customer
interest
across
key
sectors
We also saw a healthy mix of new customer en-
gagements and expanded collaborations with exist-
ing customers during the quarter. This was particu-
larly evident in the Life Science sector, which
showed a satisfactory growth. Looking at our over-
all industry mix, the Manufacturing segment
ics, into a Business Line called Dynamics 365, to en-
hance customer focus, align with technological de-
velopments, and increase organisational agility. This
integration allows us to deliver more cohesive and
cost-efficient services, while strengthening our
ability to meet evolving customer needs through
tailored IT solutions across both Dynamics and M3
offerings.
Progressing
with
the
strategic
review
We remain focused on day-to-day execution and
customer delivery, while carefully evaluating the
long-term options that can support our growth am-
bitions. With a strong balance sheet and solid cash
flow generation, we are well positioned to act on
strategic opportunities as they arise.
sustainable, profitable growth.
Thank you to all our employees, customers and
shareholders for your continued trust and support.
Søren Krogh Knudsen
CEO & President
Key figures and ratios
Columbus
Interim report Q1 2025
5
Key
figures
and
ratios
DKK
´000
Q1 2025
Q1 2024
2024
Investments
in
tangible
assets
1,769
1,469
5,854
Cash
flow
Cash flow from operating activities
17,216
23,496
136,243
Cash flow from investing activities
-2,073
-14,084
-20,298
Cash flow from financing activities
-7,325
-7,010
-78,288
Total
net
change
in
cash
and
cash
equivalents
7,818
2,402
37,657
Key
ratios
EBITDA
margin
10.7%
12.4%
9.2%
EBIT
margin
7.5%
9.0%
4.3%
Equity ratio
58.1%
54.8%
58.0%
Return on equity
3.4%
4.8%
7.4%
Return on invested capital (ROIC)
4.1%
5.3%
13.0%
Number of shares
129,276
129,276
129,276
Average number of shares
129,276
129,276
129,276
Book value of equity per share (BVPS) (DKK)
6.14
5.73
5.81
Earnings per share (EPS)
0.20
0.27
0.42
Cash flow per share (DKK)
0.13
0.18
1.05
Share price, end of period (DKK)
12.20
8.04
10.05
Average full time employee for the period
1,587
The key figures and financial ratios above have been calculated in accordance with Danish Finance
Society's "Recommendation & Financial Ratios”
DKK
´000
Q1 2025
Q1 2024
2024
Income
related figures
Sale of services
414,023
428,842
1,592,992
Sale of products
19,932
15,398
66,450
Net
revenue
433,955
444,240
1,659,442
Recurring revenue % of total revenue
13.0%
13.0%
14.0%
EBITDA
46,337
55,224
152,670
EBIT
32,554
39,787
71,801
Net financial items
-384
-2,419
-13,992
Profit before tax
32,170
37,368
57,809
Profit after tax, continuing operations
26,329
35,778
57,799
Profit after tax, discontinued operations
-224
-711
-3,418
Profit after tax
26,105
35,067
54,381
DKK
´000
31 Mar 2025
31 Mar 2024
31 Dec 2024
Balance
sheet
Non-current assets
862,495
861,877
844,517
Current assets
504,806
490,805
450,918
Total
assets
1,367,301
1,352,682
1,295,435
Group shareholder equity
794,245
741,383
751,214
Total liabilities
573,056
611,299
544,221
Total equity
and liabilities
1,367,301
1,352,682
1,295,435
Solid operational performance in Q1
Columbus Interim report Q1 2025 6
Solid operational
performance in Q1
Revenue
development
In Q1 2025, revenue amounted to DKK 434m, result-
ing in a slight decrease of 2% compared to Q1 2024.
The decrease was caused by a 3% reduction in ser-
vice revenue, which accounted for 95% of total rev-
enue in the quarter. In contrast, product sales in-
creased by 29%, exceeding expectations mainly due
to a few one-off contract closures.
Q1 2025 concluded with a modest slowdown across
our two largest Business Lines - Dynamics 365 de-
clined by 2%, while
M3
declined by 9% in service
revenue. This reflects increased hesitation among
customers to initiate and commit to new projects.
For M3, this was further impacted by timing shifts in
major projects and postponements due to the cur-
rent market uncertainty.
Our strategic Business Line, Digital Commerce,
declined by 11%, affected by the current market
uncertainty, especially in our Swedish retail market.
Meanwhile, Data & AI continued its strong course,
growing service revenue by 28% in Q1 2025 on top
of solid progress during 2024. These strategic
Business Lines remain central to our efforts to ex-
pand our capabilities within digital advisory.
As announced in the Annual Report 2024, the Cus-
tomer Experience & Engagement
and
Dynamics
Business Lines were merged into a Business Line
called Dynamics 365, to align with evolving technol-
ogies and support more seamless customer jour-
neys. Despite flat revenue this quarter, Dynamics
365 continues to show a strong win rate, and we ex-
pect a return to growth in the second half of 2025.
Digital Commerce service revenue decreased by
11% in Q1 2025 compared to Q1 2024. The lower than
usual growth in the Business Line is primarily due to
the uncertainty in the Swedish and Norwegian mar-
kets.
The major restructuring that was conducted during
the first half of 2024 resulted in ~20% fewer con-
sultants in the Business Line, which consequently
also impacts the topline.
DKK
´000
Q1 2025
Q1 2024
∆%
Dynamics
365
253,059
257,433
-2%
M3
84,814
93,074
-9%
Digital Commerce
47,242
53,379
-11%
Data & AI
23,950
18,707
28%
Other Local Business
4,958
6,249
-21%
Total
sale of
services
414,023
428,842
-
3%
Total
sale of
products
19,932
15,398
29%
Total
net
revenue
433,955
444,240
-
2%
DKK
´000
Q1 2025
Q1 2024
∆%
Sweden
130,943
147,946
-11%
Denmark
102,318
108,318
-6%
Norway
54,217
66,115
-18%
UK
88,369
75,534
17%
US
29,336
19,555
50%
Other
8,575
10,104
-15%
GDC
265
1,270
-79%
Total
sale of
services
414,023
428,842
-
3%
Total
sale of
products
19,932
15,398
29%
Total
net
revenue
433,955
444,240
-
2%
Columbus Interim report Q1 2025
6
Solid operational performance in Q1
Columbus
Interim report Q1 2025
7
Market uncertainty has affected the pace of signing
and initiating new projects, leading to a rightsizing
in Q4 2024. We are now beginning to see the posi-
tive impact of these adjustments on the Business
Line contribution.
Data & AI continues the focus on developing talents
to support the increasing activity. In Q1 2025, we
saw another strong quarter with a service revenue
growth of 28% compared to Q1 2024.
We anticipate a sustained demand from our cus-
tomers for our Data & AI expertise, which will fur-
ther optimize and streamline our customer experi-
ences and processes.
Overall, the total service revenue amounted to DKK
414m in Q1 2025, compared to DKK 429m in the
same period last year, corresponding to a decrease
of 3%. The development is in line with management
expectations. Product revenue increased by 29% in
the quarter, partly due to a few major one-off pro-
jects. In total, revenue declined by 2%.
The Swedish Market Unit, our largest market, ac-
counted for 32% of total service revenue in Q1 2025,
but concluded the quarter with an 11% decrease.
The decline was primarily driven by M3 and Digital
Commerce. Dynamics 365 which is our biggest
Business Line in Sweden saw a flat development.
The Swedish Market Unit is experiencing continu-
ous reluctance from our customers to commit to
and start new engagements due to macroeco-
nomic uncertainty.
For the first time in years, the Danish Market Unit
experienced a slight decline in growth, ending at
-6% in Q1 2025, primarily driven by Dynamics 365
and M3. In contrast, Data & AI saw a strong growth
of 55% in Q1 2025.
The Norwegian Market Unit is impacted by chal-
lenging market conditions, resulting in a decrease
of 18% in service revenue compared to Q1 2024.
Measured in constant currencies, service revenue
decreased by 14%.
The UK Market Unit achieved continued growth of
quarter, benefiting from its strong global recogni-
tion for M3 ERP implementation expertise.
Recurring
revenue
In Q1 2025, recurring revenue amounted to DKK
57m, remaining at the same level as in Q1 2024. Our
Operational Service Agreement (OSA) business,
named Evolve, continues to be a focus area and is
expected to grow at a faster pace than our service
business in the future.
Efficiency
Efficiency in Q1 2025 reached 62%, same level as in
Q1 2024. This flat development is partly due to the
postponement of signed projects and a capacity
adjustment that will contribute positively from Q2
2025 onwards. Compared to 2024, we have slightly
adjusted the calculation methodology of the effi-
ciency KPI to align with the organizational setup.
Comparison figures have been adjusted accord-
ingly.
EBITDA
development
In Q1 2025, EBITDA amounted to DKK 46m, repre-
Development in
recurring revenue
(DKKm)
57
58
Q1 2025 Q1 2024
Operational Service Agreements
Recurring Licenses
Development
in
efficiency
(%)
Development in Market Units
In Q1 2025, we saw a continued decline in Sweden,
while Denmark and Norway also experienced nega-
tive developments during the quarter. The UK main-
tained a strong growth pattern, and the US saw an
uplift due to significant new gains. Overall, we are
facing a challenging macro-economic environment
that negatively impacts our customers' decision-
making on major IT projects.
17% in Q1 2024, with all Business Lines contributing
to this positive development. In particular, Dynam-
ics 365 and Digital Commerce demonstrated
strong growth in Q1 2025. The currency develop-
ment had a marginal impact on the UK Market Unit.
The US Market Unit concluded Q1 2025 with an im-
pressive growth of 50%, although it came from a
weak Q1 2024. The US is primarily represented by
the M3 and Dynamics 365 Business Lines. Mainly,
the M3 Business Line delivered strong growth in the
senting a decrease of DKK 9m compared to
Q1
2024. However, when adjusted for the extraordinary
gain of DKK 20m from the M3CS legal case in Q1
2024, EBITDA increased by DKK 11m, corresponding
to a 32% rise.
The EBITDA margin reached 10.7% compared with
12.4% in Q1 2024. Adjusted for the extraordinary
gain of DKK 20m from the M3CS legal case the
EBITDA margin reached 7.9% in Q1 2024.
62%
Q1/25
62%
Q4/24
60%
Q3/24
63%
Q2/24
62%
Q1/24
12
45
10
48
Solid operational performance in Q1
Columbus
Interim report Q1 2025
8
The increase in ordinary EBITDA is primarily linked
to improved contract profitability cost optimization,
and the Easter holiday falling in Q2 in 2025.
Profit
before
tax
Compared to Q1 2024, profit before tax decreased
by DKK 5m to DKK 32m. This decrease is primarily
due to the M3CS case reported under other opera-
tional income in Q1 2024. The positive change in fi-
nancial expenses is primarily due to an unrealized
currency gain of DKK 3m in the quarter, primarily
linked to the GBP.
Discontinued
operations
In Q1 2024, there were no new events related to dis-
continued operations. The loss of DKK 0.2m is re-
lated to expenses associated with previous divest-
ments.
Cash
Cash flow from operating activities in Q1 2025
was positive with DKK 17m. This represents a de-
crease of DKK 6m compared to Q1 2024, mainly due
to the one-off DKK 20m income from the M3CS le-
gal case in Q1 2024.
Equity
Columbus’ equity increased by net DKK 43m (from
DKK 751m to DKK 794m) since 31 December 2024,
arising from retained earnings and positive cur-
rency adjustments of investments in subsidiaries. In
addition, no dividend has been paid out in the quar-
ter.
Employee
development
Columbus employed an average of 1,516 FTEs in Q1
2025, a decrease of 118 FTEs compared to Q1 2024
(1,634 FTEs). This reduction in the workforce is pri-
marily due to a rightsizing exercise conducted in
the second half of 2024 and early 2025, along with
ongoing optimization of our non-productive em-
ployees.
Furthermore, the decline in FTEs is predominantly
driven by our Business Lines Digital Commerce
Dynamics 365.
Outlook for 2025
Columbus
Interim report Q1 2025
9
Outlook
for
2025
The financial guidance is maintained.
Entering into the second year of our strategy, New
Heights, Columbus continues the focus on solid and
sustainable revenue growth through capturing
market share in all our markets and maintaining the
long-term relationship with our strong customer
base. We continue to optimize and build on our
solid backbone which is anchored in our uniform
operational system across the Group. Columbus is
well prepared to continue the growth journey and
to focus on profitability improvement.
In 2025, we expect organic growth of 7-9% and
earnings improvements through enhanced effi-
ciency and focus on contract profitability.
In 2025, Columbus will develop the fast-growing
Core Business Services: Data & AI and Digital Com-
merce further and develop our customer offerings.
Both our Dynamics 365 and M3 Business Lines offer
a unique IT services delivery package to our cus-
tomers. Besides the already strong foothold in the
industries Manufacturing, Retail & Distribution and
Food & Beverage, we also have Life Science as a key
focus industry. Our commitment and continuous
efforts to improve earnings is part of Columbus’
strategy, New Heights. As part of this strategy, we
established a dedicated program named EBITDA15,
where increased focus on below listed areas will
support our mid-term aim to reach an EBITDA mar-
gin of 15%:
•
Continuous focus on efficiency
•
Increasing use of Columbus’ service centers
•
Commercial excellence
•
Leveraging of Columbus’ strong business model
The outlook is subject to the general uncertainties
in our markets, such as the current macro-eco-
nomic conditions, exchange rate volatility and a
continuous geopolitical situation that may impact
the general business environment. Although we
continue to see a strong demand for our digital
advisory and services, we do anticipate that some
reluctance in IT investments and the need to divide
projects into “smaller bites” will continue through-
out 2025. If the general uncertainties worsen during
2025, it may impact the Group’s growth and margin
negatively.
Based on the financial performance in Q1 2025 and
the current order book and pipeline forecast, we
maintain our full year guidance for 2025, as an-
nounced in Company release no. 1/2025 of 17 Janu-
ary 2025:
2025
9%
12%
Statement by management
Columbus
Interim report Q1 2025
10
Executive
Board
Board of Directors
Columbus Interim report Q1 2025 11
Financial statements
Columbus Interim report Q1 2025
11
Statement of comprehensive income
12
Notes
Balance sheet
13
Note
1
- Material accounting principles
16
Statement of changes in equity
14
Note 2 - Management judgements and estimates
16
Cash flow
15
Note 3 - Segment data
17
Note 4 - Staff expenses and remuneration
21
Note 5 - Depreciation, amortization and impairment
21
Note 6 - Right of use assets
22
Note 7 - Trade receivables
24
Financial
statements
Note 8 - Financial instruments
25
Note 9 - Contract assets and contract liabilities
25
Note 10 - Discontinued operations
26
Note 11 - Related parties
26
Note 12 - Events after balance sheet date
27
Key figures, ratios and Alternative Performance Measures
28
Financial statements
Columbus
Interim report Q1 2025
12
Statement
of
comprehensive
income
DKK
´000
Note
Q1 2025
Q1 2024
2024
Net revenue
3
External project costs
-46,505
-51,294
-186,160
Gross
profit
Staff expenses and remuneration
4
-306,530
-318,688
-1,196,290
Other external costs
-34,636
-39,160
-154,073
Other operating income/expenses
EBITDA
Depreciation, amortization and impairment
5
-13,783
-15,437
-80,869
Operating
profit
(EBIT)
Financial income
Financial expenses
-3,869
-4,127
-17,242
Profit before tax from continuing operations
Corporate
tax
-5,841
-1,590
-10
Profit after tax from continuing operations
Profit
(loss)
after
tax
from
discontinued
operations
10
-224
-711
-3,418
Profit (loss) after tax for the period
DKK
´000
Note
Q1 2025
Q1 2024
2024
Items that may be reclassified subsequently to profit and loss:
Foreign exchange adjustments of subsidiaries
-10,848
-5,176
Other comprehensive income
-10,848
-5,176
Total
comprehensive
income
for
the
period
Profit (loss) after tax allocated to:
Shareholders in Columbus A/S
Total comprehensive income allocated to:
Shareholders in Columbus A/S
Earnings per share of DKK 1.25 (EPS)
Earnings per share of DKK 1.25, diluted (EPS-D)
Financial statements
Columbus
Interim report Q1 2025
13
Balance
sheet
DKK
´000
Note
31 Mar 2025
31 Mar 2024
31 Dec 2024
Assets
Goodwill
Customer base
Internal applications
Development projects finalized
Development projects in progress
Property, plant and equipment
Right-of-use assets
6
Deferred tax assets
Other receivables
Total non-current assets
Trade receivables
7
Contract
assets
9
Corporate tax receivables
Other receivables
Receivables from divestment of activities
10
Prepayments
Receivables
Cash
Total
current assets
TOTAL
ASSETS
DKK
´000
Note
31 Mar 2025
31 Mar 2024
31 Dec 2024
Equity and liabilities
Share capital
Reserves on foreign currency translation
-56,953
-79,401
-73,729
Retained
profit
Equity
Deferred
tax
Other provisions
Contingent
consideration
Debt to credit institutions
Lease liability right-of-use assets
Non-current liabilities
Debt to credit institutions
Contract
liabilities
9
Trade payables
Corporate tax payables
Other payables
Accruals and deferred income
Lease liability right-of-use assets
Current
liabilities
Total
liabilities
TOTAL
EQUITY
AND
LIABILITIES
Financial statements
Columbus
Interim report Q1 2025
14
Statement
of
changes
in
equity
DKK
´000
Share
capital
Reserves
on
foreign
currency
translation
Retained
profits
Equity
2024
Balance at 1 Jan 2024
-68,553
Profit after tax
Currency adjustments of investments
in subsidiaries
-5,176
-5,176
Total
comprehensive
income
-5,176
Share-based payment
Payment of dividend
-16,160
-16,160
Balance at 31 Dec 2024
-73,729
DKK
´000
Share
capital
Reserves
on
foreign
currency
translation
Retained
profits
Equity
Q1 2025
Balance at 1 Jan 2025
-73,729
Profit after tax
Currency adjustments of investments
in subsidiaries
Total
comprehensive
income
Share-based payment
Balance at 31 Mar 2025
-56,953
DKK
´000
Share
capital
Reserves
on
foreign
currency
translation
Retained
profits
Equity
Q1 2024
Balance at 1 Jan 2024
-68,553
Profit after tax
Currency adjustments of investments
in subsidiaries
-10,848
-10,848
Total
comprehensive
income
-10,848
Share-based payment
Balance at 31 Mar 2024
-79,401
Financial statements
Columbus
Interim report Q1 2025
15
Cash
flow
DKK
´000
Note
Q1 2025
Q1 2024
2024
Operating profit (EBIT)
Non-recurring income and expenses from acquisitions
-16,777
Depreciation, amortization and impairment
5
Cost of incentive scheme
Changes in net working capital
-15,325
-26,687
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-3,983
-4,018
-17,778
Corporate tax paid
-10,953
-2,253
-10,177
Cash flow from operating activities
Investments in development projects
-923
-1,355
Acquisition of tangible assets
-1,769
-1,469
-5,854
Acquisition of intangible assets
-158
Disposal of tangible assets
Payments for financial assets
Acquisition of activities
-12,575
-12,493
Disposal of activities
-224
-711
-3,418
Cash flow from investing activities
-2,073
-14,084
-20,298
DKK
´000
Note
Q1 2025
Q1 2024
2024
Overdraft
facilities
-1
-29
-33,231
Repayment of lease liabilities
-7,324
-6,981
-28,897
Dividends paid
-16,160
Cash flow from financing activities
-7,325
-7,010
-78,288
Cash flow from continuing operations
Total
net
change
in
cash
and
cash
equivalents
Cash funds at the beginning of the period
Exchange rate adjustments
Cash funds at the end of the period
Financial statements
Columbus
Interim report Q1 2025
16
●
NOTE
1
Material
accounting
principles
●
NOTE
2
Management
judgements
and
estimates
The consolidated interim financial report is prepared in
accordance with IAS 34, Presentation of Interim Finan-
cial Reporting, as approved by the EU, and additional
Danish disclosure requirements for interim reports of
listed companies. The interim financial report is pre-
sented in Danish kroner (DKK), which is the Parent
Company’s functional currency.
The accounting policies applied in the interim financial
report are unchanged compared to 2024, except for
any new, amended or revised accounting standards
and interpretations endorsed by the EU, effective for
the accounting period beginning on
1
January 2025.
For more information on the accounting policies, we
refer to our Annual Report for 2024.
In preparing the interim financial statements, Manage-
ment makes various accounting judgements and esti-
mates that affect the reported amounts and disclo-
sures in the financial statements and in the notes to
the statements. These are based on professional expe-
rience, historical data and other factors available to
Management.
By nature, a degree of uncertainty is involved when
carrying out these judgements and estimates, hence
actual results may deviate from the assessments made
at the reporting date. Judgements and estimates are
continuously evaluated, and the effects of any changes
are recognised in the relevant period.
Primary financial statement items in which more signif-
icant accounting judgements and estimates applied
are listed in Chapter
1
of the Notes to the 2024 Colum-
bus A/S Annual Report to which is referred.
Estimate of payable tax and utilization of deferred tax
assets
Taxable income and payable tax for the year assessed
for each of the Group’s individual entities. The estimate
is based on expected full year performance and taxa-
ble income as well as current tax positions.
Deferred tax assets are recognized for all unused tax
losses and difference values to the extent it is deemed
likely that within the foreseeable future taxable profits
will be realized in which the losses and the difference
values can be utilized. Determining the size of the
amount that can be recognized for deferred tax assets
is based on management’s estimate of the likely time
and amount of future taxable profits. At 31 March 2025,
the carrying value of recognized deferred tax was DKK
37.8m, which is estimated to be realised in the foresee-
able future (5 years or less).
Receivables
from
divestment
of
activities
For the receivable from divestments, there is a signifi-
cant judgement related. Refer to note 10 – Discontin-
ued operations.
Financial statements
Columbus
Interim report Q1 2025
17
●
NOTE
3
Segment
data
Business Lines Revenue Split
YTD 2025
(%)
In order to support decisions about allocation of re-
sources and assessment of performance of the seg-
ments, the Group’s management reporting to the Ex-
ecutive Board is based on the following grouping of
operating segments:
Management monitors the business, primarily based on
the Business Lines and secondarily on the geographical
segments. Information about the Group’s Business
Lines is stated below.
The Group has transformed its operations into a global
operating model, with the Strategic Business Lines be-
coming the primary driver for decision-making. Previ-
ously, Columbus used geography to divide each seg-
ment. Markets are now a secondary driver and only
used for assessing market strategies and maintaining
customer relations.
The Business Lines relate to the type of services and
products that are delivered, and comprise of Dynamics
365, M3, Digital Commerce and Data & AI. The remain-
ing revenue, which does not fall into any of the above-
mentioned Business Lines, is classified as Other Local
Business.
Market Units comprise of significant geographical mar-
kets that the Group operates in. Management uses the
Market Units to assess market conditions and perfor-
mance on revenue only.
The operating segments are measured from revenue to
contribution, as this represents the significant part of
the operation of the segments. The balance sheet is
measured for legal entities only.
Costs related to functions necessary to support the
business is classified as Enabling Functions and com-
prise of all cost not directly related to a specific Busi-
ness Line, including costs related to facility, marketing,
finance, people, legal and management. Enabling Func-
tions mostly operate as global teams, servicing across
Business Lines and geography. Income and costs rec-
ognised in the profit and loss, that is not directly re-
lated to a business line is included in Enabling func-
tions, i.e. legal cases and M&A activities.
6%
2%
Dynamics 365
M3
Digital Commerce
Data & AI
Other Local Business
61%
11%
20%
Strategic
Business
Lines
Market
Units
Global Delivery Centers
(GDC)
Dynamics 365
M3
Digital Commerce
Data & AI
Other Local Business
Sweden
Denmark
Norway
UK
US
Other
Poland
Czech Republic
India
Financial statements
Columbus
Interim report Q1 2025
18
●
NOTE
3
Segment
data
-
continued
Development
in
Business
Lines
All comments relating to the development of the stra-
tegic Business Lines have been described in the reve-
nue development segment.
Reconciliation between EBITDA and Profit before tax is
shown in the comprehensive income statement.
As of
1
January 2025, the Customer Experience & En-
gagement (CXE) and Dynamics Business Lines have
been merged into Dynamics 365 Business Line to
streamline the Business Line setup. This consolidation
combines the strengths and resources of both Busi-
ness Lines to create a more efficient and streamlined
operation, enhancing our overall capabilities and mar-
ket presence.
The figures in all tables related to the Segment Data,
have been updated accordingly, including all historical
data.
Goodwill
As a result of the merger of CXE and Dynamics into Dy-
namics 365, the Goodwill from CXE on DKK 6.9m, has
been transferred to Dynamics 365 as of
1
January 2025.
To ensure a fair and appropriate valuation of the Good-
will from CXE before the merger, an impairment test
was performed as of 31 December 2024. No impair-
ment was identified. Hence the full amount on DKK
6.9m which reflects the recoverable amount (present
value of future cash flow) has been transferred to Dy-
namics 365.
DKK
´000
Services
Products
Total
revenue
Direct
costs
Contribution
CM
%
Q1 2025
Dynamics
365
253,059
13,207
266,266
-196,139
70,127
26%
M3
84,814
2,367
87,181
-65,194
21,987
25%
Digital Commerce
47,242
600
47,842
-42,384
5,458
11%
Data & AI
23,950
40
23,990
-18,820
5,170
22%
Other Local Business
4,958
3,718
8,676
-4,755
3,921
45%
Total
414,023
19,932
433,955
-327,292
106,663
25%
Enabling Functions
-60,326
EBITDA
46,337
DKK
´000
Services
Products
Total
revenue
Direct
costs
Contribution
CM
%
Q1 2024
Dynamics
365
257,433
9,770
267,203
-200,872
66,331
25%
M3
93,074
2,170
95,244
-70,475
24,769
26%
Digital Commerce
53,379
416
53,795
-47,906
5,889
11%
Data & AI
18,707
138
18,845
-18,607
238
1%
Other Local Business
6,249
2,904
9,153
-5,211
3,942
43%
Total
428,842
15,398
444,240
-343,071
101,169
23%
Enabling Functions
-45,945
EBITDA
55,224
Financial statements
Columbus
Interim report Q1 2025
19
●
NOTE
3
Segment
data
-
continued
DKK
´000
Services
Products
Total
revenue
Direct
costs
Contribution
CM
%
2024
Dynamics
365
980,753
45,353
1,026,106
-765,144
260,962
25%
M3
320,982
6,304
327,286
-264,163
63,123
19%
Digital Commerce
180,550
1,589
182,139
-168,919
13,220
7%
Data & AI
88,482
564
89,046
-76,463
12,583
14%
Other Local Business
22,225
12,640
34,865
-21,533
13,332
38%
Total
1,592,992
66,450
1,659,442
-1,296,222
363,220
22%
Enabling Functions
-210,550
EBITDA
152,670
Average
FTE
Q1 2025
Q1 2024
2024
Business
Line
Dynamics
365
772
799
785
M3
243
259
256
Digital Commerce
190
229
211
Data & AI
80
94
91
Other Local Business
23
32
31
Business
Line
average
number
of
FTE
1,308
1,413
1,374
Enabling Functions
208
221
213
Average number of FTE
1,516
1,634
1,587
Financial statements
Columbus
Interim report Q1 2025
20
●
NOTE
3
Segment
data
-
continued
DKK
´000
Sweden
Denmark
Norway
UK
US
Other
GDC
Eliminations
Total
Q1 2025
Sale of services
130,943
102,318
54,217
88,369
29,336
8,575
265
0
414,023
Sale of products
6,488
5,517
2,341
4,192
1,394
0
0
0
19,932
Total revenue from own markets
137,431
107,835
56,558
92,561
30,730
8,575
265
0
433,955
Total revenue from group companies
13,066
15,101
4,540
7,089
3,395
2,581
32,150
-77,922
0
Total
revenue
150,497
122,936
61,098
99,650
34,125
11,156
32,415
-77,922
433,955
Average number of FTE
403
333
164
207
42
40
327
0
1,516
Q1 2024
Sale of services
147,946
108,318
66,115
75,534
19,555
10,104
1,270
0
428,842
Sale of products
5,608
4,311
1,789
2,673
1,017
0
0
0
15,398
Total revenue from own markets
153,554
112,629
67,904
78,207
20,572
10,104
1,270
0
444,240
Total revenue from group companies
15,520
17,256
5,233
4,802
2,574
1,600
31,894
-78,879
0
Total
revenue
169,074
129,885
73,137
83,009
23,146
11,704
33,164
-78,879
444,240
Average number of FTE
434
376
179
213
47
36
349
0
1,634
2024
Sale of services
507,141
413,391
227,573
316,975
84,126
40,091
3,695
0
1,592,992
Sale of products
21,360
20,581
7,745
11,793
4,971
0
0
0
66,450
Total revenue from own markets
528,501
433,972
235,318
328,768
89,097
40,091
3,695
0
1,659,442
Total revenue from group companies
51,398
62,506
16,866
19,489
13,091
5,820
124,982
-294,152
0
Total
revenue
579,899
496,478
252,184
348,257
102,188
45,911
128,677
-294,152
1,659,442
Average number of FTE
421
365
173
211
42
38
337
0
1,587
Financial statements
Columbus
Interim report Q1 2025
21
●
NOTE
4
Staff
expenses
and
remuneration
●
NOTE 5
Depreciation,
amortization
and
impairment
DKK
´000
Q1 2025
Q1 2024
2024
Staff
expenses
Salary and wages
254,940
265,244
1,017,693
Other social security costs
34,847
36,981
138,361
Other staff expenses
16,593
16,128
38,896
Share-based payment
150
335
1,340
Total staff
expenses
306,530
318,688
1,196,290
Average number of FTEs
1,516
1,634
1,587
DKK
´000
Q1 2025
Q1 2024
2024
Depreciation
9,431
9,587
39,495
Amortization
4,352
5,850
22,597
Impairment
0
0
18,777
Total
depreciation,
amortization and
impairment
13,783
15,437
80,869
Financial statements
Columbus
Interim report Q1 2025
22
●
NOTE
6
Right of use assets
Columbus Group has paid DKK 9m, regarding lease
agreements where interest expenses related to lease
liabilities amounts to DKK 2m. The repayment of lease
liabilities amounts to DKK 7m.
Columbus Group has paid DKK 9m, regarding lease
agreements where interest expenses related to lease
liabilities amounts to DKK 2m. The repayment of lease
liabilities amounts to DKK 7m.
DKK
´000
Other
equipment
Cars
Offices
Total
Group YTD 2025
Balance at 1 January 2025
5.157
13.520
203.567
222.244
Foreign currency translation
192
431
4.711
5.334
Re-assessment of existing assets
-104
45
-3.031
-3.090
Additions
89
1.422
12.752
14.263
Disposals
-66
-1.388
-29.191
-30.645
Balance at 31 March 2025
5.268
14.030
188.808
208.106
Depreciation at 1 January 2025
2.237
6.322
114.869
123.428
Foreign currency translation
95
132
2.187
2.414
Depreciation
182
799
6.567
7.548
Reversed depreciation on disposals
-58
-1.281
-21.705
-23.044
Depreciation at 31 March 2025
2.456
5.972
101.918
110.346
Carrying amount at 31
March 2025
2.812
8.058
86.890
97.760
DKK
´000
Other
equipment
Cars
Offices
Total
Group YTD 2024
Balance at 1 January 2024
4.159
16.600
173.930
194.689
Foreign currency translation
-120
-304
-2.927
-3.351
Re-assessment of existing assets
-1
0
4.795
4.794
Additions
807
461
19.899
21.167
Disposals
-23
-2.590
-233
-2.846
Balance at 31 March 2024
4.822
14.167
195.464
214.453
Depreciation at 1 January 2024
1.628
6.596
104.139
112.363
Foreign currency translation
-48
-96
-1.308
-1.452
Depreciation
189
889
6.506
7.584
Reversed depreciation on disposals
-23
-1.485
-136
-1.644
Depreciation at 31 March 2024
1.746
5.904
109.201
116.851
Carrying amount at 31
March 2024
3.076
8.263
86.263
97.602
Financial statements
Columbus
Interim report Q1 2025
23
●
NOTE
6
Right of use assets,
continued
DKK
´000
Other
equipment
Cars
Offices
Total
Group
2024
Balance at 1 January 2024
4,159
16,601
173,931
194,691
Foreign currency translation
-123
-285
-2,007
-2,415
Re-assessment of existing assets
318
44
22,487
22,849
Additions
920
2,686
25,398
29,004
Disposals
-117
-5,526
-16,242
-21,885
Balance at 31 December 2024
5,157
13,520
203,567
222,244
Depreciations at 1 January 2024
1,627
6,596
104,140
112,363
Foreign currency translation
-46
-98
-557
-701
Depreciation
759
3,296
26,982
31,037
Reversed depreciation on disposals
-103
-3,472
-15,696
-19,271
Depreciation at 31 December 2024
2,237
6,322
114,869
123,428
Carrying amount at 31
December 2024
2,920
7,198
88,698
98,816
Columbus Group has paid DKK 37m, regarding lease
agreements where interest expenses related to lease
liabilities amounts to DKK 8m. The repayment of lease
liabilities amounts to DKK 29m.
Financial statements
Columbus
Interim report Q1 2025
24
●
NOTE
7
Trade
receivables
Provisions for bad debt are made based on the lifetime
expected credit losses in line with the Group’s
accounting policies.
Provision for overdue receivables is adjusted for VAT
(25%). Hence, there is a change in the calculation in be-
low provision matrix.
DKK
´000
31 Mar 2025
31 Mar 2024
31 Dec 2024
Age of receivables (gross):
Not
due
248,205
227,659
183,282
0-30 days
61,146
110,072
76,243
30-60 days
1,858
5,499
10,192
61-90 days
1,120
2,793
655
91-180 days
1,813
1,111
955
181-270 days
318
386
1,174
270-360 days
239
1,720
791
Above 360 days
153
900
131
Total
314,852
350,140
273,423
DKK
´000
31 Mar 2025
31 Mar 2024
31 Dec 2024
Provision matrix:
Not
due
0%
0%
0%
0-30 days
0%
0%
0%
30-60 days
1%
1%
2%
61-90 days
6%
2%
5%
91-180 days
33%
24%
16%
181-270 days
100%
50%
15%
271-360 days
100%
75%
32%
Over 360 days
100%
100%
100%
DKK
´000
31 Mar 2025
31 Mar 2024
31 Dec 2024
Receivables
(gross)
at
1
Jan
273,423
295,807
295,807
Change in receivables during the period
41,429
54,333
-22,384
Receivables
(gross)
end
of
period
314,852
350,140
273,423
Provisions for bad debt at 1 Jan
876
1,901
1,901
Change in provisions for bad debt during the period
394
1,133
625
Loss realized during the period
-3
0
-1,650
Provisions for bad debt end of period
1,267
3,034
876
Carrying amount end of period
313,585
347,106
272,547
DKK
´000
31 Mar 2025
31 Mar 2024
31 Dec 2024
Age of impairment:
Not
due
21
6
14
0-30 days
128
275
152
30-60 days
18
41
122
61-90 days
54
60
26
91-180 days
476
269
121
181-270 days
255
193
137
271-360 days
192
1,290
200
Over 360 days
123
900
104
Total
1,267
3,034
876
Financial statements
Columbus
Interim report Q1 2025
25
●
NOTE 8
Financial
instruments
●
NOTE
9
Contract
assets
and
contract
liabilities
Overdraft and credit facilities
The carrying amount of overdraft and credit facilities
measured at amortized cost is not considered to differ
significantly from the fair value.
Trade receivables, trade payables and other
receivables
Receivables and payables pertaining to operating ac-
tivities with short churn ratios are considered to have a
carrying amount equal to fair value.
Contracts
assets
and
liabilities
Contract assets are recognized at present value, which
reflects the current economic value of money and the
risk of future cash flows.
DKK
´000
31 Mar 2025
31 Mar 2024
31 Dec 2024
Balance
at
1
Jan
-2,094
824
824
Changes contract assets during the period
13,623
-2,419
-15,483
Changes on account billing and prepayments during the period
-4,468
5,824
12,565
Balance at end of period
7,061
4,229
-2,094
Work in progress
37,437
36,878
23,814
On account billing and prepayments
-30,376
-32,649
-25,908
Balance at end of period
7,061
4,229
-2,094
The net value is included in the balance as follows:
Contract
assets
12,980
10,263
5,793
Contract
liabilities
-5,919
-6,034
-7,887
Balance at end of period
7,061
4,229
-2,094
The Group’s contract assets are subject to significant
judgements in relation to the classification of the con-
tract and in terms of how the contract is handled and
recognized in the financial statements. When deter-
mining the appropriate recognition of the contract, the
Group accounting policies are applied.
Financial statements
Columbus
Interim report Q1 2025
26
●
NOTE 10
Discontinued
operations
●
NOTE
11
Related
parties
Discontinued
operations
in
2025
There have not been any discontinued operations in
2025. The transaction costs are related to previous
disposals.
Receivables from divestments
of
activities
On
1
November 2021, our SMB business in our US
entity was sold as part of the Focus23 strategy. The
business activity is consequently classified as discon-
tinued operations in 2021. The transaction was settled
partly in cash at the transaction date (USD 8m), and
partly as deferred consideration which was due in Q2
2022 (USD 8.5m) corresponding to DKK 58.642k. The
buyer has still not paid the outstanding amount since
they have asserted claims related to the acquired ac-
tivity. The requirement is not specified or documented
further, why a legal collecting process has been initi-
ated to collect our receivable.
Related parties with significant influence
ATEA (Lautrupvang 6, 2750 Ballerup)
Consolidated Holdings A/S has significant influence in
ATEA, and certain dual roles in the management are
filled by the same persons in ATEA and the Columbus
Group. Transactions with the company are made on an
arm's length basis.
X-Yachts A/S (Fjordagervej 21, 6100 Haderslev)
Consolidated Holdings A/S has a significant influence
in X-Yachts A/S and certain roles in the management
are filled by the same people in X-Yachts and Colum-
bus Group. Transactions with X-Yachts A/S were made
on arm’s length.
DKK
´000
Q1 2025
Q1 2024
Net
sales
Atea
1,767
1,400
X-Yachts A/S
536
832
Total
2,303
2,233
Net
purchase
-3,394
-4,200
Atea
Total
-3,394
-4,200
DKK
´000
Q1 2025
Q1 2024
2024
Gain (loss) on disposal of subsidiaries
0
0
0
Recirculation of historical currency adjustments
0
0
0
Transaction costs related to disposal
-224
-711
-3,418
Total
gain
(loss)
on
divestment
of
discontinued
operations
-224
-711
-3,418
Financial statements
Columbus
Interim report Q1 2025
27
●
NOTE 12
Events
after
balance
sheet
date
To this date, no events have occurred after the balance
sheet date, which would influence the evaluation of
this report.
Financial statements
Columbus
Interim report Q1 2025
28
●
NOTE
Key figures, ratios and Alternative Performance Measures
Key
figures
and
ratios
Earnings per share (EPS) and diluted earnings per share
(EPS-D) are calculated in accordance with IAS 33.
Other ratios are calculated in accordance with the
Danish Finance Society “Recommendations & Financial
Ratios”. The financial ratios stated are calculated as
follows:
Alternative Performance Measures
Recurring Revenue
Recurring Revenue includes Operational Service
Agreements and Recurring Licenses.
Recurring revenue does not necessarily mean a binding
contractual agreement. However recurring revenue is
defined as revenue with a high degree of certainty for
renewal >95%.
The purpose of defining Recurring Revenue is to
express a level of predictability in the revenue. The
higher degree of Recurring Revenue in pct. of total rev-
enue – the more predictable is the Columbus revenue
going forward.
Efficiency
Efficiency is calculated as all invoiced customer hours
divided by available customer hours. Available cus-
tomer hours are calculated as normal work schedule
hours for all productive employees, less hours for holi-
day and parental leave.
Constant currency growth
Growth is measured in constant currency by convert-
ing actual figures in local currency to DKK with the
historical exchange rate for the given currency.
When measuring for a period, the average historical
exchange rate is used. Growth is measured based on
the actual historical figure compared to the calculated
constant currency figure.
EBITDA-margin
Earnings before interest, tax, depreciations and
amortizations (EBITDA)
Net revenue
Operating margin
Operating profit (EBIT)
Net revenue
Return on equity
Profit after tax and excl. minority interests
Average equity excl. minority interests
Return on invested capital (ROIC)
EBITA
Average invested capital including goodwill
Equity ratio
Equity excl. minority interests
Total equity and liabilities
Earnings per share (EPS)
Profit after tax and excl. minority interests
x
f
Average number of shares
Book value per share (BVPS)
Equity excl. minority interests end of year x 100
x
f
Number of shares end of year
Cash flow per share
Cash flow from operations
x
f
Average number of diluted shares
Theoretical
rate
Adjustment factor (f)
Listed price of stock the day before the subscription
and/or stock right cease
Recurring Revenue % of total revenue
Recurring revenue
Net revenue
DK- 2750 Ballerup
Tel.: +45 70 20 50 00
www.columbusglobal.com/
CVR no. 13 22 83 45