Columbus A/S | CVR no. 13 22 83 45 Columbus A/S | CVR no. 13 22 83 45
Interim report
Q2 2025
Columbus Interim report Q2
2025
2
Highlights
Realigning expectations – Reinforcing resilience
Key figures and ratios
Market caution reflected in Q results
Outlook for
Statement by management
Financial statements
Webcast
21 August
2025 at 13:00 CET:
WEBCAST AND PRESENTATION MATERIAL:
https://ir.columbusglobal.com/news
-
events/calendar
-and-events
REGISTRATION TO ATTEND
TELEPHONE CONFERENCE
https://register
-conf.media-
server.com/register/BI7ec5476b002b4fb5a
afc615c22a635c8
Contents
Find out more
www.columbusglobal.com
Highlights
Columbus
Interim report Q2 2025
3
Revenue
DKK 410m
A decrease of % compared to Q .
EBITDA
DKK 16m
A decrease of % compared to Q
, when adjusted for Other operating
income.
EBITDA margin
4.0
%
Compared to .% in Q , when
adjusted for Other operating income.
Efficiency
63
%
Same level as Q .
Q2 2025 highlights
• Revenue declined by 4%, amounting to DKK
410m. Adjusted for currency effect, the decline
was 6%.
• EBITDA amounted to DKK 16m, compared to DKK
30m in Q2 2024. When adjusted for Other oper-
ating income and expenses, Q2 2024 ended at
DKK 22m.
• EBITDA margin was 4.0%, compared to 7.0% in
Q2 2024. When adjusted for Other operating in-
come and expenses, Q2 2024 ended at 5.2%.
• Efficiency of 63% in Q2 2025, same level as Q2
2024, but below expectations.
• Solid cash flow achieved with DKK 18m from op-
erating activities compared to DKK 16m in Q2
2024.
YTD 2025 highlights
• Revenue declined by 3%, amounting to DKK
844m. Adjusted for currency effects, the
revenue decline was 4%.
• EBITDA amounted to DKK 63m compared to
DKK 65m in H1 2024, when adjusted for the
M3CS legal case.
• EBITDA margin was 7.4% compared to 7.5%
in H1 2024, when adjusted for the M3CS legal
case.
• Efficiency of 62% in H1 2025 compared to
63% in H1 2024.
• Cash flow from operating activities was DKK
35m compared to DKK 39m in H1 2024.
Outlook 2025 adjusted on 16 July 2025
Following H1 2025 developments, we revised our
full-year outlook on 16 July 2025 (Company release
no. 11/2025) due to ongoing macroeconomic chal-
lenges affecting customer decisions:
• Revenue is expected to be in line with 2024, i.e.
approximately DKK 1.7bn.
• EBITDA margin is expected to be in the range of
7-9%.
Highlights
Columbus
Interim report Q2 2025
3
Columbus experienced
increased macro-economic headwinds in Q2 2025, leading to prolonged sales cycles and postponed IT
project decisions. As a result, revenue decreased by 4% and EBITDA amounted to DKK 16m in Q2 2025, corresponding to an
EBITDA margin
of 4%, compared to 7% in Q2 2024. Despite the decline in revenue, we maintain a stable operational business
with
positive cashflow from operating activities, up 15% compared to Q2 2024. The outlook for 2025 has been adjusted to
reflect current market conditions.
Realigning expectations
– Reinforcing resilience Columbus
Interim report Q2 2025
4
The first half of 2025 has unfolded in a macro-
economic climate marked by continued caution
and slower decision-making among customers –
especially when it comes to large-scale IT invest-
ments in the Nordics. While we entered the year
with steady momentum, we have since seen an in-
crease in project postponements and extended
sales cycles, particularly in the Nordic region. As a
result, we have adjusted our full-year guidance, as
announced in Company release no. 11/2025 of 16
July 2025.
Realigning 2025 guidance to market realities
We now expect revenue for the full year to be at
the same level as in 2024, approximately DKK 1.7bn,
and an EBITDA margin in the range of 7–9%. This
revision reflects our response to softer market
dynamics and our commitment to transparency.
While this is not the trajectory we had originally
planned for, we are taking proactive steps to en-
sure operational resilience and adjust our execution
to current market conditions, ensuring we are well
prepared for the remainder of the year.
Executing with discipline
We are looking at a market that is adjusting rather
than retreating, with customers seeking value-
driven, flexible, and impact-oriented consultancy
support. While some large-scale projects are being
postponed and decision-making is slower, demand
for digital consultancy remains steady, particularly
in AI, data-driven optimisation, and efficiency-led
initiatives across all our markets.
The near-term headwinds resulted in Q2 2025 reve-
nue of DKK 410m, representing a decrease of 4%
compared to Q2 2024. EBITDA resulted in DKK 16m,
corresponding to an EBITDA margin of 4.0% com-
pared to 7.0% in Q2 2024.
Looking at the H1 2025 figures, revenue came in at
DKK 844m, representing a decrease of 3% com-
pared to H1 2024, while EBITDA was DKK 63m, cor-
responding to an EBITDA margin of 7.4% compared
to 7.5% in H1 2024 (adjusted for the extraordinary
M3CS legal case income of DKK 20m).
We maintain a strict focus on operational efficiency
and resource optimisation and have sharpened our
priorities across the organisation, reallocating re-
sources to sectors and markets showing more sta-
ble demand. By the end of June 2025, Columbus
had 1,485 employees.
Mixed momentum across regions
The market dynamics observed in Q1 2025 conti-
nued in Q2 2025. The UK and US remained positive
contributors, driven by growing demand for trans-
formation projects and digital efficiency, particu-
larly within the industries of Manufacturing, Retail,
and Life Science. Both regions showed resilience
and a continued willingness to invest in value-creat-
ing IT initiatives.
In the Nordics, the cautious market sentiment from
Q1 2025 carried into Q2 2025, but we are now see-
ing signs of renewed activity. Our M3 business im-
proved from a 9% revenue decline in Q1 2025 to 2%
growth in Q2 2025, and Digital Commerce moved
from an 11% decline in Q1 2025 to 4% growth in Q2
2025.
While decision-making remains deliberate, post-
poned projects are gradually returning to the
agenda, and the pipeline is strengthening in line
with trends in our other core markets – a develop-
ment that may also be supported by the recently
signed EU-US trade agreement, which has the po-
tential to stimulate cross-border collaboration and
increase investment interest.
AI – a gradual but strategic shift
Data & AI delivered solid service revenue growth of
13% in H1 2025, reflecting strong market demand
and the value of our solutions. AI continues to be a
key focus across industries, and in H1 2025 our ef-
forts centered on practical automation applying
language models and image recognition to reduce
manual workload and improve process efficiency.
Realigning expectations – Reinforcing
r
esilience
The second quarter of 2025 was shaped by a challenging macro-economic
environment, resulting in a
Q2 2025 revenue decline of 4% and an EBITDA margin
of
4.0%. We have adjusted our full-year guidance accordingly; however, we
remain confident in the company’s long
-term growth potential and will continue
the execution of the strategic initiatives outlined in the New Heights strategy.
Realigning expectations
– Reinforcing resilience Columbus
Interim report Q2 2025
5
Highlights include AI-generated home descriptions,
automated product tagging, and AI-assisted testing
in e-commerce environments. These solutions have
enabled customers to bring products to market
faster, ensure greater consistency, and free up val-
uable employee capacity for higher-impact tasks.
We see AI as a natural extension of our core
strengths in data, ERP integration, and process op-
timisation, and we expect continued, gradual adop-
tion in the quarters ahead.
Conclusion of strategic review and continued
transformation
As announced in company release no. 6/2025 of 26
May 2025, the Board of Directors has concluded
the strategic review initiated in January without
changes to the ownership structure. This decision
reflects a global slowdown in M&A activity and an
unsatisfactory valuation landscape. At the same
time, these market conditions present selective ac-
quisition opportunities, which Columbus is well-po-
sitioned to explore, supported by strong cash flow
and a disciplined leverage strategy.
Preparing for renewed growth
Despite the headwinds during the first half of 2025,
we remain focused on long-term value creation.
Columbus remains well-positioned, thanks to a
strong customer base, a scalable delivery model,
and a strategic offering that aligns with key market
needs. We remain confident in the company’s long-
term potential and will continue the execution of
the strategic initiatives outlined in the New Heights
strategy.
Continued investment in the organization, including
new leadership capacity, is starting to deliver re-
sults. Maintaining flexibility while focusing on our
core priorities will help strengthen resilience and
position Columbus for renewed growth, while keep-
ing a prudent short-term outlook.
Thank you to our employees, customers, and share-
holders for your continued support and trust.
Søren Krogh Knudsen
CEO & President
“
While the current market conditions require us to adjust our short-term
expectations,
we remain confident in Columbus’ long-term growth potential and
continue to execute our New Heights strategy with discipline and focus
.”
CEO & President
Søren Krogh Knudsen
Key figures and ratios
Columbus
Interim report Q2 2025
6
The key figures and financial ratios above have been calculated in accordance with Danish Finance
Society's "Recommendation & Financial Ratios”
Key figures and ratios
DKK ´
Q
Q
YTD
YTD
Income related figures
Sale of services
, , , , ,,
Sale of products
,
,
,
,
,
Net revenue
,
,
,
,
,,
Recurring revenue % of total revenue
.% .% .% .% .%
EBITDA
,
,
,
,
,
EBIT
,
-,
,
,
,
Net financial items
-,
-,
-,
-,
-,
Profit before tax
-,
-,
,
,
,
Profit after tax, continuing operations
-,
-,
,
,
,
Profit after tax, discontinued operations
-,
-,
-,
-,
-,
Profit after tax
-,
-,
,
,
,
DKK ´
Jun
Jun
Dec
Balance sheet
Non-current assets
,
,
,
Current assets
, , ,
Total assets
,,
,,
,,
Group shareholder equity
,
,
,
Total liabilities
,
,
,
Total equity and liabilities
,,
,,
,,
DKK ´
Q Q YTD YTD
Investments in tangible assets
,
,
,
,
Cash flow
Cash flow from operating activities
,
,
,
,
,
Cash flow from investing activities
-,
-,
-,
-,
-,
Cash flow from financing activities
-, -, -, -, -,
Total net change in cash and cash equivalents
-,
,
,
,
Key ratios
EBITDA margin
.% .% .% .% .%
EBIT-margin
.%
-.%
.%
.%
.%
Equity ratio
.% .% .% .% .%
Return on equity
-.%
-.%
.%
.%
.%
Return on invested capital (ROIC)
.% .% .% .% .%
Number of shares
,
,
,
,
,
Average number of shares
, , , , ,
Book value of equity per share (BVPS) (DKK)
.
.
.
.
.
Earnings per share (EPS)
(DKK) -. -. . . .
Cash flow per share (DKK)
.
.
.
.
.
Share price, end of period (DKK)
. . . . .
Average full-time employee for the period
,
,
,
,
,
Market caution reflected in Q2 results
Columbus
Interim report Q2 2025
7
Service revenue split on Business Lines
DKK ´
Q
Q
%
YTD
YTD
%
Dynamics
, , -% , , -%
M
,
,
%
,
,
-%
Digital Commerce
, , % , , -%
Data & AI
, , % , , %
Other Local Business
,
,
%
,
,
-%
Total sale of services
, , -% , , -%
Total sale of products
,
,
%
,
,
%
Total net revenue
,
,
-%
,
,
-%
Service revenue split on Market Units
DKK ´
Q
Q
%
YTD
YTD
%
Sweden
,
,
%
,
,
-%
Denmark
, , -% , , -%
UK
, , % , , %
Norway
,
,
-%
,
,
-%
US
, , % , , %
Other
,
,
-%
,
,
-%
GDC
, -% , -%
Total sale of services
,
,
-%
,
,
-%
Total sale of products
,
,
%
,
,
%
Total net revenue
,
,
-%
,
,
-%
Columbus posted revenue of DKK 410m in Q2 2025,
down by 4% compared to Q2 2024, and for H1 2025
revenue was down by 3% compared to H1 2024. The
market caution is reflected in the figures, with
EBITDA ending at DKK 16m in Q2 2025, correspond-
ing to an EBITDA margin of 4%, compared to 7% in
Q2 2024. For H1 2025, EBITDA was DKK 63m, corre-
sponding to an EBITDA margin of 7.4%, which can
be compared to 7.5% in Q2 2024, when adjusted for
the M3CS legal case. The overall development was
below expectations and profitability improvement
initiatives will be initiated during Q3 2025.
Business Line development
The revenue decrease in Q2 2025 was caused by a
4% reduction in service revenue, which accounted
for 96% of total revenue in the quarter. In contrast,
product sales increased by 7%, exceeding expecta-
tions mainly due to some one-off contract closures.
Q2 2025 concluded with a substantial slowdown in
our largest Business Line; Dynamics 365 declined
by 9% in service revenue. This decrease arose from
increased hesitation among customers to initiate
and commit to new, larger IT projects.
The negative revenue development also impacted
the contribution margin, which declined to 21% in
Q2 2025, down from 23% in Q2 2024.
Despite the decline in revenue in Q2 and H1 2025,
Dynamics 365 continues to show a strong win rate
in the current market environment.
The continued hesitation and delays from custom-
ers in initiating larger IT projects have led to longer
startup times, creating uncertainty around the
growth outlook for H2 2025.
Our second largest Business Line, M3, increased
service revenue by 2% in Q2 2025, which is a strong
development in a challenging market and a testi-
monial to the solid quality deliverables, mainly in the
Swedish and US markets.
The contribution margin improved to 21% in Q2
2025, up from 14% in Q2 2024, mainly due to im-
proved efficiency and contract profitability.
Market caution
reflected
in Q2 results
Columbus
Interim report Q2 2025
7
Market caution reflected in Q2 results
Columbus
Interim report Q2 2025
8
Digital Commerce’s service revenue increased by
4% in Q2 2025, compared to Q2 2024. However, the
Business Line is still experiencing uncertainty in the
Swedish and Norwegian markets, but managed to
return to growth.
Despite the challenging market conditions, particu-
larly within the retail sector, where Digital Com-
merce has historically held a strong position, the
contribution margin reached 12% in Q2 2025, com-
pared to -4% in Q2 2024.
Data & AI continues the focus on developing talents
to support the increasing activity. In Q2 2025, we
maintained the service revenue with a flat develop-
ment compared to Q2 2024, in a market with un-
certainty.
We anticipate a sustained demand from our cus-
tomers for our Data & AI expertise, which will fur-
ther optimise and streamline our customer experi-
ences and processes.
Due to the continuous investment in the right com-
petencies within Data & AI, the contribution margin
declined to 4% in Q2 2025, down from 14% in Q2
2024.
Overall, total service revenue declined by 4% in H1
2025 compared to H1 2024. The combined contri-
bution margin improved by 1 percentage point in
both Q2 2025 - from 18% to 19% - and in H1 2025 -
from 21% to 22%. This positive margin development
indicates that the Group is on a path of improve-
ment, however, progress is slower than expected
due to continued challenging market conditions.
Development in Market Units
The Swedish Market Unit - our largest market - ac-
counted for 34% of total service revenue in Q2
2025. The quarter ended with a flat development,
but when adjusted for FX effects, service revenue
declined by 5%.
Dynamics 365 which is our largest Business Line in
Sweden saw a slight decrease, whereas Digital
Commerce grew by 6% quarter-on-quarter. The
Swedish Market Unit is experiencing continuous re-
luctance from our customers to commit to and
start new engagements due to macroeconomic un-
certainty.
The Danish Market Unit experienced a substantial
decline in growth, resulting in a 12% decline in Q2
2025, primarily driven by Dynamics 365. In contrast,
Data & AI saw a strong growth of 23% in Q2 2025.
The Norwegian Market Unit was affected by chal-
lenging market conditions, leading to a 19% decline
in service revenue compared to Q2 2024. Once
again, the decrease was primarily driven by our
Dynamics 365 Business Line, which saw a 26% drop
compared to the same quarter last year.
The UK Market Unit achieved continued growth,
delivering 2% growth in Q2 2025, with all Business
Lines contributing to this positive development. The
UK continues to see a positive market with Colum-
bus’ unique position as a small quality IT consulting
house. The currency development had a marginal
impact on the UK Market Unit.
The US Market Unit concluded Q2 2025 with a solid
growth of 30%, although it came from a weak Q2
2024. The US is primarily represented by the M3
and Dynamics 365 Business Lines. Mainly, M3 deliv-
ered strong growth in the quarter, benefiting from
its strong global recognition for M3 ERP implemen-
tation expertise.
Recurring revenue
In Q2 2025, recurring revenue amounted to DKK
59m, remaining at the same level as in Q2 2024. Re-
curring revenue accounted for 14% of total revenue
in the quarter, as well as in H1 2025. Our Operational
Service Agreement (OSA) business, branded as
Evolve, remains a strategic focus area and is ex-
pected to grow at a faster pace than our overall
service business going forward.
Efficiency
Efficiency in Q2 2025 reached 63%, which is the
same level as in Q2 2024. This flat development is
partly due to the postponement of signed projects
and longer sales cycles. The current level is not
considered satisfactory, and management is con-
tinuously assessing the appropriate capacity level
considering future sales and project developments.
EBITDA development
In Q2 2025, EBITDA amounted to DKK 16m, repre-
senting a decrease of DKK 14m compared to Q2
2024. However, when adjusted for extraordinary re-
dundancy costs and the unachieved earn-out of
DKK 8m in Q2 2024, underlying EBITDA declined by
DKK 6m.
Development in recurring revenue
(DKKm)
Development in efficiency
(%)
46
48
91
95
13
12
24
22
59
60
115
117
Q2 2025 Q2 2024 2025YTD 2024YTD
Operational Service Agreements
Recurring Licenses
63%
60%
62%
62%
63%
Q2/24Q3/24Q4/24Q1/25Q2/25
Market caution reflected in Q2 results
Columbus
Interim report Q2 2025
9
The EBITDA margin reached 4.0% compared to 7.0%
in Q2 2024. Adjusted for the extraordinary gain of a
total of DKK 8m from redundancy cost and
unachieved earn-out, the EBITDA margin reached
5.2% in Q2 2024.
EBITDA did not meet expectations, primarily due to
lower-than-anticipated revenue and, consequently,
reduced efficiency. During Q3 2025, we will evalu-
ate proactive measures to ensure improvements in
both efficiency and profitability in the coming quar-
ters.
Profit before tax
Compared to Q2 2024, profit before tax increased
by DKK 4m to DKK -4m. This increase is primarily
due to the extraordinary impairment in Q2 2024 of
-19m. The negative development in financial ex-
penses is primarily due to currency losses related to
USD and NOK.
Discontinued operations
In Q2 2025, there were no new events related to
discontinued operations. The cost of DKK 1.4m is re-
lated to expenses associated with previous divest-
ments.
Cash
Cash flow from operating activities in Q2 2025
was positive with DKK 18m. This represents an in-
crease of DKK 2m compared to Q2 2024, mainly
due to improved operating profit.
Equity
Columbus’ equity decreased by net DKK 1m (from
DKK 751m to DKK 750m) since 31 December 2024
due to retained earnings and dividend. Dividend of
DKK 16m has been paid out in the quarter.
Employee development
At the end of Q2 2025, Columbus employed an av-
erage of 1,492 FTEs, a reduction of 98 FTEs com-
pared to Q2 2024 (1,590 FTEs). This decrease is pri-
marily the result of a rightsizing initiative conducted
in the second half of 2024 and early 2025, along
with ongoing efforts to optimise non-productive
roles.
The decline in FTEs was mainly driven by our Digital
Commerce Business Line, which underwent a major
restructuring in 2024.
Outlook for 2025
Columbus
Interim report Q2 2025
10
Outlook
Revenue level
DKK 1.7bn
EBITDA margin
7-9%
Entering the second half of our strategy, New
Heights, Columbus maintains the focus on revenue
and profitable growth. We continue to optimise 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.
Due to the challenging macro-economic environ-
ment, we see continued hesitation and delays from
customers in initiating larger IT projects. This has
led to longer startup times, creating uncertainty
around the growth outlook for H2 2025. Therefore,
Columbus adjusted its full year revenue and EBITDA
margin guidance as announced in Company release
no. 11/2025 of 16 July 2025.
During Q3 2025 we will look further into profitability
improvements by optimising our operational effi-
ciency as well as adjusting the enabling functions to
reflect the expected revenue development.
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.
Based on the financial performance in H1 2025 and
the current order book and pipeline forecast, we
maintain our full year guidance for 2025, as an-
nounced in Company release no. 11/2025 of 16 July
2025:
Outlook for 2025
The financial guidance
was adjusted on 16 July 2025.
Statement by management
Columbus
Interim report Q2 2025
11
Statement by management
Executive Board
Board of Directors
Columbus
Interim report Q2 2025
12
Statement of comprehensive income
Balance sheet
Statement of changes in equity
Cash flow
Notes
Note 1 - Material accounting principles
Note 2 - Management judgements and estimates
Note 3 - Segment data
Note 4 - Staff expenses and remuneration
Note 5 - Depreciation, amortisation and impairment
Note 6 - Other operating income/expenses
Note 7 - Right of use assets
Note 8 - Trade receivables
Note 9 - Financial instruments
Note 10 - Contract assets and contract liabilities
Note 11 - Discontinued operations
Note 12 - Related parties
Note 13 - Events after balance sheet date
Key figures, ratios and Alternative Performance Measures 32
Financial
statements
Financial statements
Columbus
Interim report Q2 2025
12
Financial
statements
Columbus
Interim
report
Q2
2025
13
DKK
´000
Note
Q2 2025
Q2 2024
YTD
2025
YTD
2024
2024
Net revenue
3
External project costs
-45,076
-52,256
-91,582
-103,549
-186,160
Gross
profit
Staff expenses and remuneration
4
-306,071
-316,005
-612,601
-634,694
-
Other external costs
-40,386
-36,320
-75,022
-75,480
-154,073
Other operating income/expenses
6
-2,055
-2,002
EBITDA
Depreciation, amortisation and
impairment
5
-13,905
-34,482
-27,688
-49,920
-80,869
Operating
profit
(EBIT)
-4,470
Financial income
Financial expenses
-7,036
-5,112
-8,286
-9,239
-17,242
Profit before tax from continuing
operations
-3,836
-7,932
Corporate tax
-3,646
-5,464
-9,488
-7,054
-10
Profit after tax from continuing opera-
tions
-7,482
-13,396
Profit (loss) after tax from discontinued
operations
11
-1,360
-1,367
-1,584
-2,078
-3,418
Profit (loss) after tax for the period
-8,842
-14,763
DKK
´000
Note
Q2 2025
Q2 2024
YTD
2025
YTD
2024
2024
Items that may be reclassified subse-
quently to profit and loss:
-19,564
-3,582
-2,788
Foreign exchange adjustments of
subsidiaries
-5,433
-5,176
Other comprehensive income
-19,564
-3,582
-2,788
-5,433
-5,176
Total comprehensive income for the
period
-28,406
-18,345
Profit (loss) after tax allocated to:
-8,842
-14,763
Shareholders in Columbus A/S
-8,842
-14,763
Total comprehensive income allocated to:
-28,406
-18,345
Shareholders in Columbus A/S
-28,406
-18,345
Earnings per share of DKK 1.25 (EPS)
-0.07
-0.11
Earnings per share of DKK 1.25 , diluted
(EPS-D)
-0.07
-0.11
Statement
of
comprehensive
income
Financial
statements
Columbus
Interim
report
Q2
2025
14
DKK
´000
Note
30 Jun 2025
30 Jun 2024
31 Dec 2024
Assets
Goodwill
Customer base
Internal
applications
Development projects finalised
Development projects in progress
Property, plant and equipment
Right-of-use assets
7
Deferred tax assets
Other receivables
Total
non-current assets
Trade receivables
8
Contract assets
10
Corporate tax receivables
Other receivables
Receivables from divestment of activities
11
Prepayments
Receivables
Cash
Total
current assets
TOTAL
ASSETS
DKK
´000
Note
30 Jun 2025
30 Jun 2024
31 Dec 2024
Equity
and liabilities
Share capital
Treasury
Stock
-119
Reserves on foreign currency translation
-76,517
-73,986
-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
10
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
Balance
sheet
Financial
statements
Columbus
Interim
report
Q2
2025
15
DKK
´000
Share
capital
Treasury
Stock
Reserves
on
foreign
currency
translation
Retained
profits
Equity
YTD
2025
Balance at 1
January 2025
-73,729
Profit after tax
Currency adjustments of
investments in subsidiaries
-2,788
-2,788
Total
comprehensive
income
-2,788
Share-based payment
Payment of dividend
-16,160
-16,160
Purchase of treasury stock
-119
-119
Balance
at
30
June
2025
-119
-76,517
DKK
´000
Share
capital
Treasury
Stock
Reserves
on
foreign
currency
translation
Retained
profits
Equity
YTD
2024
Balance at 1
January 2024
-68,553
Profit after tax
Currency adjustments of
investments in subsidiaries
-5,433
-5,433
Total
comprehensive
income
-5,433
Share-based payment
Payment of dividend
-16,160
-16,160
Purchase of treasury stock
Balance
at
30
June
2024
-73,986
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
Financial
statements
Columbus
Interim
report
Q2
2025
16
DKK
´000
Note
Q2 2025
Q2 2024
YTD
2025
YTD
2024
2024
Operating profit (EBIT)
-4,470
Non-recurring income and expenses
from acquisitions
-16,777
-16,777
-16,777
Depreciation, amortisation and
impairment
5
Cost of incentive scheme
Changes in net working capital
-10,666
-19,994
Cash flow from primary activities
Interest received, etc.
Interest
paid,
etc.
-3,678
-5,112
-7,661
-9,130
-17,778
Corporate tax paid
-344
-351
-11,297
-2,604
-10,177
Cash flow from operating activities
Investments in development projects
-923
-1,355
Acquisition of tangible assets
-899
-1,896
-2,668
-3,365
-5,854
Acquisition
of
intangible
assets
-158
Disposal
of
tangible
assets
Payments for financial assets
Acquisition
of
activities
-537
-13,112
-12,493
Disposal
of
activities
-1,360
-1,367
-1,584
-2,078
-3,418
Cash flow from investing activities
-1,388
-2,864
-3,460
-16,948
-20,298
DKK
´000
Note
Q2 2025
Q2 2024
YTD
2025
YTD
2024
2024
Overdraft facilities
-1
-33,231
Repayment of lease liabilities
-7,263
-7,394
-14,587
-14,375
-28,897
Treasury
Stock
-119
-119
Dividends
paid
-16,160
-16,160
-16,160
-16,160
-16,160
Cash flow from financing activities
-23,542
-5,727
-30,867
-12,737
-78,288
Cash flow from continuing operations
-6,972
Total net change in cash and cash
equivalents
-6,972
Cash funds at the beginning of the
period
Exchange rate adjustments
-9,509
-8,286
Cash funds at the end of the period
Cash
flow
Financial statements
Columbus
Interim report Q2 2025
17
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 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 utilisation 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 recognised for all unused tax
losses and difference values to the extent it is deemed
likely that within the foreseeable future taxable profits
will be realised in which the losses and the difference
values can be utilised. Determining the size of the
amount that can be recognised for deferred tax assets
is based on Management’s estimate of the likely time
and amount of future taxable profits. At 30
June 2025,
the carrying value of recognised deferred tax was DKK
36.4m, 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 11 – Discontin-
ued operations.
● NOTE 1
Material accounting principles
● NOTE 2
Mana
gement judgements and estimates
Financial statements
Columbus
Interim report Q2 2025
18
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 operates under a global operating model,
with strategic Business Lines as the primary driver for
decision-making. Market Units serve as a secondary
driver, primarily 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 under 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 a significant part of the
operation of the segments. The balance sheet is meas-
ured for legal entities only.
Costs related to functions necessary to support the
business are classified as Enabling Functions and com-
prise of all costs 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.
Business Lines Revenue Split
YTD 2025
%
Business Lines Revenue Split
YTD 2024
%
● NOTE 3
Segment data
Strategic Business Lines
Market Units
Global Delivery Centers
(GDC)
Dynamics
M
Digital Commerce
Data & A
I
Other Local Business
Sweden
Denmark
UK
Norway
US
Other
Poland
Czech Republic
India
Financial statements
Columbus
Interim report Q2 2025
19
● NOTE 3
Segment data
, continued
DKK ´
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Q
Dynamics
,
,
,
-,
-,
-,
-,
,
%
M
, ,
-, -, -,
-,
,
%
Digital Commerce
,
,
-,
-,
-,
-,
,
%
Data & AI
,
,
-,
-,
-
-,
%
Other Local Business
,
,
,
-
-,
-
-,
,
%
Total
,
,
,
-,
-,
-,
-,
,
%
Enabling Functions
- -, -, -,
-,
Total cost
-,
-,
-,
-,
EBITDA
,
DKK ´
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Q
Dynamics
, , ,
-, -, -,
-,
,
%
M
,
,
-,
-,
-,
-,
,
%
Digital Commerce
,
,
-,
-,
-,
-,
-,
-%
Data & AI
,
,
-,
-,
-
-,
,
%
Other Local Business
,
,
,
-
-,
-
-,
,
%
Total
,
,
,
-,
-,
-,
-,
,
%
Enabling Functions
-,
-,
-,
,
-,
Total cost
-, -, -, ,
EBITDA
,
Financial statements
Columbus
Interim report Q2 2025
20
● NOTE 3
Segment data
, continued
DKK ´
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
YTD
Dynamics
, , ,
-, -, -,
-,
,
%
M
,
,
,
-,
-,
-,
-,
,
%
Digital Commerce
,
,
-, -, -,
-,
,
%
Data & AI
,
,
-,
-,
-,
-,
,
%
Other Local Business
, ,
,
- -, -
-,
,
%
Total
,
,
,
-,
-,
-,
-,
,
%
Enabling Functions
-,
-,
-,
-,
-,
Total cost
-, -, -, -,
EBITDA
,
DKK ´
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
YTD
Dynamics
,
,
,
-,
-,
-,
-,
,
%
M
, , ,
-, -, -,
-,
,
%
Digital Commerce
,
,
-,
-,
-,
-,
,
%
Data & AI
, ,
-, -, -,
-,
,
%
Other Local Business
,
,
,
-,
-,
-
-,
,
%
Total
,
,
,
-,
-,
-,
-,
,
%
Enabling Functions
-, -, -, ,
-,
Total cost
-,
-,
-,
,
EBITDA
,
Financial statements
Columbus
Interim report Q2 2025
21
● NOTE 3
Segment data
, continued
DKK ´
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Dynamics
, ,
,,
-, -, -,
-,
,
%
M
,
,
,
-,
-,
-,
-,
,
%
Digital Commerce
, ,
,
-, -, -,
-,
,
%
Data & AI
,
,
-,
-,
-,
-,
,
%
Other Local Business
, , ,
-, -, -,
-,
,
%
Total
,,
, ,,
-, -,, -,
-,,
,
%
Enabling Functions
-,
-,
-,
,
-,
Total cost
-,
-,,
-,
,
EBITDA
,
Average FTE
Q
Q
YTD
YTD
Business Line
Dynamics
M
Digital Commerce
Data & AI
Other Local Business
Business Line average number of FTE
,
,
,
,
,
Enabling Functions
Average number of FTE
,
,
,
,
,
Financial statements
Columbus
Interim report Q2 2025
22
● NOTE 3
Segment data
, continued
DKK ´
Sweden
Denmark
UK
Norway
US
Other
GDC
Eliminations
Total
Q
Sale of services
, , , , , ,
,
Sale of products
,
,
,
,
,
,
Total revenue from own markets
,
,
,
,
,
,
,
Total revenue from group companies
,
,
,
,
,
,
,
-,
Total revenue
, , , , , , , -, ,
Average number of FTE
,
Q
Sale of services
, , , , , , ,
,
Sale of products
,
,
,
,
,
,
Total revenue from own markets
,
,
,
,
,
,
,
,
Total revenue from group companies
, , , , , , , -,
Total revenue
,
,
,
,
,
,
,
-,
,
Average number of FTE
,
Financial statements
Columbus
Interim report Q2 2025
23
● NOTE 3
Segment data,
continued
DKK ´
Sweden Denmark UK Norway US Other GDC Eliminations Total
YTD
Sale of services
, , , , , ,
,
Sale of products
,
,
,
,
,
,
Total revenue from own markets
,
,
,
,
,
,
,
Total revenue from group companies
,
,
,
,
,
,
,
-,
Total revenue
,
,
,
,
,
,
,
-,
,
Average number of FTE
,
YTD
Sale of services
, , , , , , ,
,
Sale of products
,
,
,
,
,
,
Total revenue from own markets
,
,
,
,
,
,
,
,
Total revenue from group companies
,
,
,
,
,
,
,
-,
Total revenue
, , , , , , , -, ,
Average number of FTE
,
Sale of services
, , , , , , , ,,
Sale of products
,
,
,
,
,
,
Total revenue from own markets
, , , , , , , ,,
Total revenue from group companies
, , , , , , , -,
Total revenue
,
,
,
,
,
,
,
-,
,,
Average number of FTE
,
Non-current assets
,
,
,
,
,
,
,
,
Financial statements
Columbus
Interim report Q2 2025
24
● NOTE 4
Staff expenses and remuneration
DKK ´
Q Q YTD YTD
Staff expenses
Salary and wages
, , , , ,,
Other social security costs
,
,
,
,
,
Other staff expenses
, , , , ,
Share-based payment
,
Total staff expenses
,
,
,
,
,,
Average number of FTEs
● NOTE 5
Depreciation,
amortisation and impairment
DKK ´
Q
Q
YTD
YTD
Depreciation
, , , , ,
Amortisation
,
,
,
,
,
Impairment
,
,
,
Total depreciation, amortisation and impairment
,
,
,
,
,
Financial statements
Columbus
Interim report Q2 2025
25
Other operating expenses for Q2 2025 are related to
audit and legal cost associated with the strategic re-
view. The Board has decided to end the strategic re-
view without changes to the legal structure. The global
financial markets have been considerably affected by
increased uncertainty, leading to a significant slow-
down in M&A transactions.
● NOTE 6
Other
operating income/expenses
DKK ´
Q Q YTD YTD
Other operating income / (expenses)
Redundancy cost
-, -, -,
Unachieved earn-out
,
,
,
Legal cases
, ,
Strategic review
-,
-,
Total Other operating income/(expenses)
-,
,
-,
,
,
Financial statements
Columbus
Interim report Q2 2025
26
Columbus Group has paid DKK 19m, regarding lease
agreements where interest expenses related to lease li-
abilities amount to DKK 4m. The repayment of lease lia-
bilities amounts to DKK 15m.
Columbus Group has paid DKK 18m, regarding lease
agreements where interest expenses related to lease li-
abilities amount to DKK 4m. The repayment of lease lia-
bilities amounts to DKK 14m.
● NOTE 7
Right of use assets
DKK ´
Other equipment Cars Offices Total
Group YTD
Balance at January
, , , ,
Foreign currency translation
,
Re
-assessment of existing assets - , ,
Additions
,
,
,
Disposals
- -, -, -,
Balance at June
,
,
,
,
Depreciation at January
, , , ,
Foreign currency translation
Depreciation
,
,
,
Reversed depreciation on disposals
-
-,
-,
-,
Depreciation at June
,
,
,
,
Carrying amount at June
, , , ,
DKK ´
Other equipment
Cars
Offices
Total
Group YTD
Balance at January
,
,
,
,
Foreign currency translation
- - - -,
Re-assessment of existing assets
-
,
,
Additions
, , ,
Disposals
-
-,
-,
-,
Balance at June
,
,
,
,
Depreciation at January
, , , ,
Foreign currency translation
-
-
-
-
Depreciation
, , ,
Reversed depreciation on disposals
-
-,
-,
-,
Depreciation at June
, , , ,
Carrying amount at June
,
,
,
,
Financial statements
Columbus
Interim report Q2 2025
27
Columbus Group has paid DKK 37m, regarding lease
agreements where interest expenses related to lease li-
abilities amount to DKK 8m. The repayment of lease lia-
bilities amounts to DKK 29m.
● NOTE 7
Right of use assets
, continued
DKK ´
Other equipment Cars Offices Total
Group
Balance at January
, , , ,
Foreign currency translation
-
-
-,
-,
Re
-assessment of existing assets , ,
Additions
,
,
,
Disposals
- -, -, -,
Balance at December
,
,
,
,
Depreciations at January
, , , ,
Foreign currency translation
-
-
-
-
Depreciation
,
,
,
Reversed depreciation on disposals
-
-,
-,
-,
Depreciation at December
,
,
,
,
Carrying amount at December
, , , ,
Financial statements
Columbus
Interim report Q2 2025
28
● NOTE 8
Trade receivables
DKK ´
Jun Jun Dec
Receivables (gross) at Jan
,
,
,
Change in receivables during the period
,
,
-,
Receivables (gross) end of period
, , ,
Provisions for bad debt at Jan
,
,
Change in provisions for bad debt during the period
,
Loss realised during the period
-
-,
-,
Provisions for bad debt end of period
,
,
Carrying amount end of period
, , ,
Provisions for bad debt are made based on the lifetime
expected credit losses in line with the Group’s
accounting policies.
DKK ´
Jun Jun Dec
Age of receivables (gross):
Not due
, , ,
- days
,
,
,
- days , , ,
- days
,
,
- days , ,
- days
,
- days
Above days
Total
, , ,
DKK ´
Jun
Jun
Dec
Age of impairment:
Not due
- days
- days
- days
- days
- days
- days
Over days
Total
, ,
Provision for overdue receivables is adjusted for VAT (25%). Hence,
there is a change in the calculation in below provision matrix.
DKK ´
Jun Jun Dec
Provision matrix:
Not due
%
%
%
- days
%
%
%
- days
%
%
%
- days
%
%
%
- days % % %
- days
%
%
%
- days
%
%
%
Over days
%
%
%
Financial statements
Columbus
Interim report Q2 2025
29
Overdraft and credit facilities
The carrying amount of overdraft and credit facilities
measured at amortised 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 recognised at present value, which
reflects the current economic value of money and the
risk of future cash flows.
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
recognised in the financial statements. When deter-
mining the appropriate recognition of the contract, the
Group accounting policies are applied.
● NOTE 9
Financial instruments
● NOTE 10
Contract assets and contract liabilities
DKK ´
Jun
Jun
Dec
Balance at Jan
-,
Changes contract assets during the period
,
-,
-,
Changes on account billing and prepayments during the period
-,
,
,
Balance at end of period
,
,
-,
Work in progress
,
,
,
On account billing and prepayments
-, -, -,
Balance at end of period
,
,
-,
The net value is included in the balance as follows:
Contract assets
,
,
,
Contract liabilities
-,
-,
-,
Balance at end of period
,
,
-,
Financial statements
Columbus
Interim report Q2 2025
30
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 54m. 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 fur-
ther, why a legal collecting process has been initiated
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.
● NOTE 11
Discontinued operations
DKK ´
Q Q YTD YTD
Gain (loss) on disposal of subsidiaries
Recirculation of historical currency adjustments
Transaction costs related to disposal
-,
-,
-,
-,
-,
Total gain (loss) on divestment of discontinued
operations
-, -, -, -, -,
● NOTE 12
Related parties
DKK ´
Q
Q
Net sales
Atea
,
X
-Yachts A/S
Total
,
,
Net purchase
Atea
-,
-,
Total
-, -,
Financial statements
Columbus
Interim report Q2 2025
32
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.
● NOTE
Key figures, ratios and Alternative Performance Measures
EBITDA
margin
Earnings before interest, tax, depreciations and
amortisations (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
x f
Number of shares end of year
Cash flow per share
Cash flow from operations
x f
Average number of diluted shares
Adjustment factor (f)
Theoretical rate
Listed price of stock the day before the subscription
and/or stock right cease
Recurring Revenue % of total revenue
Recurring revenue
Net revenue
