Columbus A/S | CVR no. 13 22 83 45 Columbus A/S | CVR no. 13 22 83 45
Interim report
Q3 2025
Columbus Interim report Q3 2025 2
Highlights 3
Strengthening efficiency – Focusing on renewed
growth 4
Key figures and ratios 6
Continued headwind reflected in Q3 results 7
Outlook for 2025 10
Statement by management 11
Financial statements 12
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Contents
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Highlights Columbus Interim report Q3 2025 3
Revenue
DKK 347m
A decrease of 7% compared to Q3 2024.
EBITDA
DKK 24m
A decrease of 18% compared to Q3 2024,
when adjusted for other operating
income and expenses.
EBITDA margin
6.9
%
Compared to 7.9% in Q3 2024, when
adjusted for other operating income and
expenses.
Efficiency
58
%
2 percentage points below Q3 2024.
Q3 2025 highlights
• Revenue declined by 7%, amounting to DKK
347m. Adjusted for currency effect, the decline
was 6%.
• EBITDA amounted to DKK 16m, compared to DKK
29m in Q3 2024. When adjusted for other oper-
ating income and expenses, Q3 2025 amounted
to DKK 24m.
• The EBITDA margin was 4.5%, compared to 7.9%
in Q3 2024. Adjusted for other operating income
and expenses, the Q3 2025 EBITDA margin came
in at 6.9%.
• Efficiency of 58% in Q3 2025, compared to 60%
in Q3 2024, and significantly below expectations
for the quarter.
• Cash flow from operating activities was DKK 7m
compared to DKK 57m in Q3 2024.
YTD 2025 highlights
• Revenue declined by 4%, amounting to DKK
1,191m. Adjusted for currency effects, the rev-
enue decline was 5%.
• EBITDA amounted to DKK 78m compared to
DKK 115m YTD 2024. When adjusted for
other operating income and expenses,
EBITDA amounted to DKK 89m compared to
DKK 87m YTD 2024.
• EBITDA margin was 7.4% compared to 7.0%
YTD 2024, when adjusted for other operat-
ing income and expenses.
• Efficiency of 61% YTD 2025 compared to 62%
YTD 2024.
• Cash flow from operating activities was
DKK 42m compared to DKK 96m YTD 2024.
Outlook 2025
We maintain the full-year outlook last updated on
16 July 2025 (Company Announcement no. 11/2025),
supported by progress in key initiatives, signs of im-
proved customer activity and a solid pipeline:
• Revenue is expected to be in line with 2024, i.e. in
the level of DKK 1.7bn.
• EBITDA margin is expected to be in the range of
7-9%.
Highlights
Columbus Interim report Q3 2025 3
Columbus continued to navigate a challenging market environment in Q3 2025. Prolonged decision
-making and downscaling
of IT projects affected activity levels, resulting in a decline in revenue
of 7%. EBITDA amounted to DKK 24m when adjusted for
other
operating income and expenses, corresponding to a margin of 6.9%. Despite lower activity, cash flow from operating
activities stayed positive.
Strengthening efficiency – Focusing on renewed growth Columbus Interim report Q3 2025 4
An optimised organisation driving performance
During the quarter, Columbus took further steps to
build a leaner and more focused organisation. The
rightsizing initiatives implemented during the quar-
ter are expected to strengthen profitability, while
we maintain a strong focus on top-line perfor-
mance. This dual focus on efficiency and commer-
cial performance ensures that Columbus is well po-
sitioned to capture renewed market momentum
once activity levels improve.
Executing with commitment and adaptability
In Q3 2025, Columbus delivered revenue of DKK
347m and EBITDA, adjusted for other operating in-
come and expenses of DKK 24m, reflecting a cau-
tious market environment but also continued focus
on efficiency and cost control. Cash flow from
operating activities remained positive at DKK 7m,
underlining continued strong financial discipline
and operational resilience.
We reduced the number of colleagues by 89 in Q3
2025 as part of the organisational adjustments.
These changes were carried out with respect and
with a clear focus on building a more agile organi-
sation, while continuing to invest in key strategic
capabilities to support future growth. The redun-
dancy-related provisions amounted to DKK 11m and
negatively affected the Q3 2025 result.
Mixed market trends
Market developments in Q3 reflected different
trends across regions. The US continued to pro-
gress, supported by strong customer relationships
and demand for efficiency-oriented digital
solutions. Activity in the UK remained stable at a
satisfactory level, while the Nordic markets were
characterised by a more cautious investment ap-
proach and prolonged decision-making, particularly
within larger Dynamics 365 projects.
Across the Business Lines, M3 achieved growth, un-
derlining the Business Line’s solid position in ERP
implementation. Digital Commerce maintained sta-
ble activity despite a subdued retail market in Swe-
den and Norway. Dynamics 365 and Data & AI saw
lower activity compared to last year, but both areas
remain strategically important as customers gradu-
ally resume investments in modernisation and auto-
mation.
Pipeline
November holds a large number of major contracts
up for decision. This is an effect of postponements,
but also a testament to our ability to stick with large
strategic initiatives. This represents part of the
growth potential for 2026.
AI - from potential to reality
We have established a global AI expert community
and hired 25 specialist competencies across
Columbus. Building on this foundation, we have also
Strengthening efficiency – Focusing on
renewed growth
The third quarter of 2025 reflected continued market caution, particularly in the
Nordics, where customer decision
-making remained cautious. Revenue declined
by 7% in Q3 2
025, and adjusted EBITDA amounted to DKK 24m, corresponding to
a margin of 6.9%.
We maintain the full-year outlook last updated in July 2025,
s
upported by signs of improving customer activity and a solid pipeline.
“We are navigating a
challenging market with
discipline and focus. The
organizational changes
made in Q3 are already
strengthening our foun-
dation and positioning
Columbus for renewed
growth as market
activity improves.”
CEO & President
Søren Krogh Knudsen
Strengthening efficiency – Focusing on renewed growth Columbus Interim report Q3 2025 5
scaled up training programs to empower all em-
ployees in working effectively with AI. To further ac-
celerate productivity, we have invested in custom-
ised tools that go far beyond the standard use of
generative AI solutions.
Strengthening capabilities through human
creativity
We continued to strengthen our leadership and
organisational capabilities during the quarter, wel-
coming several experienced profiles to key roles.
Katrine Fleron Qvant joined as our new People
Director for Denmark, Chris Mean was appointed
CEO of Columbus US, and Marthina Elmqvist took
on the role as Corporate Communications Lead.
These strategic appointments, together with our
continued recruitment in key areas, strengthen our
ability to execute on our growth ambitions and stay
forward-looking and agile. In parallel, our long-
standing partnership with Microsoft, recently reaf-
firmed as part of the Inner Circle for the 20th con-
secutive year, Columbus continues to build a strong
foundation for the future.
At the heart of our progress lies human creativity –
our people’s ability to adapt, innovate, and collabo-
rate across markets. It is this strength that enables
us to deliver lasting value to our customers and
drive Columbus forward.
Outlook and priorities
We maintain the full-year outlook last updated in
July 2025, expecting revenue of around DKK 1.7bn
and an EBITDA margin in the range of 7–9%. With a
solid and diversified pipeline and signs of improving
customer activity, we expect a gradual uplift in Q4
driven by improved utilisation and continued cost
discipline.
Columbus is well positioned for renewed growth,
supported by an agile organisation, loyal customers,
and strengthened execution capacity.
Thank you to our employees, customers, and share-
holders for their continued trust and commitment.
Søren Krogh Knudsen
CEO & President
Key figures and ratios Columbus Interim report Q3 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 ´000
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Income related figures
Sale of services
329,144 355,157 1,135,423 1,194,356 1,592,992
Sale of products
18,000
16,271
55,563
48,210
66,450
Net revenue
347,144
371,428
1,190,986
1,242,566
1,659,442
Recurring revenue % of total revenue
16% 16% 14% 14% 14%
EBITDA
15,619
29,375
78,256
114,610
152,670
EBIT
1,950
13,756
36,900
49,071
71,801
Net financial items
-1,563
-4,570
-8,177
-10,451
-13,992
Profit before tax
387
9,186
28,723
38,620
57,809
Profit after tax, continuing operations
-5,604
5,675
13,245
28,055
57,799
Profit after tax, discontinued operations
-4,033
-908
-5,617
-2,986
-3,418
Profit after tax
-9,637
4,767
7,628
25,069
54,381
DKK ´000
30 Sep
2025
30 Sep
2024
31 Dec
2024
Balance sheet
Non-current assets
827,788
824,691
844,517
Current assets
445,454 446,556 450,918
Total assets
1,273,242
1,271,247
1,295,435
Group shareholder equity
732,598
720,516
751,214
Total liabilities
540,644
550,731
544,221
Total equity and liabilities
1,273,242
1,271,247
1,295,435
DKK ´000
Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Investments in tangible assets
456
1,270
3,123
4,635
5,854
Cash flow
Cash flow from operating activities
7,245
56,780
42,421
95,932
136,243
Cash flow from investing activities
-5,267
-613
-8,725
-17,560
-20,298
Cash flow from financing activities
-14,782 -52,127 -45,649 -64,864 -78,288
Total net change in cash and cash equivalents
-12,804
4,040
-11,953
13,508
37,657
Key ratios
EBITDA
-margin 4.5% 7.9% 6.6% 9.2% 9.2%
EBIT-margin
0.6%
3.7%
3.1%
3.9%
4.3%
Equity ratio
57.5% 56.7% 57.5% 56.7% 58.0%
Return on equity
-1.3%
0.7%
1.0%
3.5%
7.4%
Return on invested capital (ROIC)
0.8% 2.1% 5.9% 9.5% 13.0%
Number of shares
129,276
129,276
129,276
129,276
129,276
Average number of shares
129,276 129,276 129,276 129,276 129,276
Book value of equity per share (BVPS) (DKK)
5.67
5.57
5.67
5.57
5.81
Earnings per share (EPS)
(DKK) -0.07 0.04 0.06 0.19 0.42
Cash flow per share (CFFO) (DKK)
0.06
0.44
0.33
0.74
1.05
Share price, end of period (DKK)
10.25 10.75 10.25 10.75 10.05
Average full-time employee for the period
Continued headwind reflected in Q3 results Columbus Interim report Q3 2025 7
Service revenue split on Business Lines
DKK ´000
Q3 2025
Q3 2024
∆%
YTD 2025
YTD 2024
∆%
Dynamics 365
195,969
222,062
-12%
682,758
735,218
-7%
M3
71,672
66,377
8%
240,258
241,386
0%
Digital Commerce
37,867 38,925 -3% 132,026 137,412 -4%
Data & AI
18,867
22,254
-15%
64,868
63,066
3%
Other Local Business
4,769
5,539
-14%
15,513
17,274
-10%
Total sale of services
329,144 355,157 -7% 1,135,423 1,194,356 -5%
Total sale of products
18,000
16,271
11%
55,563
48,210
15%
Total net revenue
347,144
371,428
-7%
1,190,986
1,242,566
-4%
Service revenue split on Market Units
DKK ´000
Q3 2025
Q3 2024
∆%
YTD 2025
YTD 2024
∆%
Sweden
99,235
100,221
-1%
364,469
382,015
-5%
Denmark
80,892 92,698 -13% 277,325 307,930 -10%
UK
77,519
83,184
-7%
245,203
236,178
4%
Norway
38,930
46,630
-17%
142,418
173,359
-18%
US
22,239 21,204 5% 77,946 61,001 28%
Other
10,006
10,256
-2%
27,228
30,504
-11%
GDC
323 964 -66% 834 3,369 -75%
Total sale of services
329,144
355,157
-7%
1,135,423
1,194,356
-5%
Total sale of products
18,000 16,271 11% 55,563 48,210 15%
Total net revenue
347,144
371,428
-7%
1,190,986
1,242,566
-4%
Columbus reported revenue of DKK 347m in Q3
2025, a decrease of 7% compared to Q3 2024. YTD
2025 revenue declined by 4% compared to the
same period in 2024. Adjusted for currency effects,
the revenue decline was 5%.
The continued market headwind impacted perfor-
mance, with EBITDA totaling DKK 16m in Q3 2025,
corresponding to an EBITDA margin of 4.5%, down
from 7.9% in Q3 2024. YTD 2025, EBITDA amounted
to DKK 78m, corresponding to an EBITDA margin of
7.4% compared to 7.0% YTD 2024, when adjusted
for other operating income and expenses. The de-
velopment in earnings was below expectations. Ad-
justed for other operating income and expenses re-
lated to the rightsizing initiatives in Q3, the EBITDA
margin came in at 6.9% in Q3 2025.
Business Line development
The revenue decline in Q3 2025 was primarily
driven by a 7% decrease in service revenue, which
accounted for 95% of total revenue in the quarter.
In contrast, product sales increased by 11%, exceed-
ing expectations mainly due to the closure of some
one-off contracts.
Q3 2025 concluded with a slowdown in our largest
Business Line; Dynamics 365, as service revenue
declined by 12%. This decrease was driven by in-
creased customer hesitation to initiate and commit
to new, larger IT projects.
The negative revenue development also impacted
the contribution margin, which declined to 20% in
Q3 2025, down from 28% in Q3 2024. 5 percentage
points of the decline in contribution margin are
linked to a rightsizing of the Dynamics 365 organi-
sation.
The continued hesitation and delays from custom-
ers in initiating larger IT projects led to longer
startup times, creating continued uncertainty.
Our second largest Business Line, M3, increased
service revenue by 8% in Q3 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.
Continued headwind
reflected
in Q3 results
Columbus Interim report Q3 2025 7
Continued headwind reflected in Q3 results Columbus Interim report Q3 2025 8
The contribution margin improved to 20% in Q3
2025, up from 13% in Q3 2024, mainly due to im-
proved efficiency and contract profitability.
Digital Commerce’s service revenue declined by 3%
in Q3 2025 compared to Q3 2024, reflecting con-
tinued uncertainty in the Swedish and Norwegian
retail markets.
Despite softer market activity, the Business Line
maintained stable operations, and the contribution
margin remained solid at 11% (12% in Q3 2024).
Data & AI maintained its focus on talent develop-
ment to support the increasing activity levels. How-
ever, in a challenging market environment, service
revenue declined by 15% in Q3 2025 compared to
Q3 2024.
We expect continued strong demand for our Data
& AI expertise, which will further enhance and
streamline our customers’ experiences and pro-
cesses.
As a result of continued investment in key Data & AI
competencies, the contribution margin declined to
6% in Q3 2025, down from 20% in Q3 2024.
Overall, service revenue totaled DKK 1,135m YTD
2025, a 5% decrease compared to YTD 2024.
The combined contribution margin declined by 4
percentage points in Q3 2025, from 23% to 19%.
YTD 2025, the contribution margin remained in line
with YTD 2024 at 21%. Adjusted for costs related to
the rightsizing of the organisation - impacting 89
FTEs - the contribution margin came in at 23% in Q3
2025.
Development in Market Units
The Swedish Market Unit - our largest market - ac-
counted for 30% of total service revenue in Q3
2025. The quarter ended with a flat development of
-1% compared to Q3 2024. In Sweden, initial posi-
tive indicators are starting to appear on the hori-
zon.
The Danish Market Unit continued to experience
decline in growth, ending Q3 2025 with a 13% de-
crease, primarily driven by Dynamics 365.
Dynamics 365, our largest Business Line in Sweden
and Denmark, experienced a decline. The Swedish
Market Unit continues to face customer hesitation
to commit to and initiate new engagements due to
ongoing macroeconomic uncertainty.
The UK Market Unit experienced a modest 7% reve-
nue decline in Q3 2025, primarily related to the
Dynamics 365 business. Despite this, the UK market
remains positive, and Columbus continues to bene-
fit from its strong position as a specialised, high-
quality IT consultancy.
Challenging market conditions affected the Norwe-
gian Market Unit, leading to a 17% decline in service
revenue compared to Q3 2024, primarily driven by
a 22% drop in the Dynamics 365 Business Line.
The US Market Unit continued to grow, ending Q3
2025 with a 5% increase. The US operations are pri-
marily represented by the M3 and Dynamics 365
Business Lines. M3 delivered strong quarterly
growth of 40%, supported by its strong global repu-
tation for ERP implementation expertise.
Recurring revenue
In Q3 2025, recurring revenue amounted to DKK
55m, accounting for 16% of total revenue – which is
the same level as in Q3 2024. Recurring revenue ac-
counted for 16% of total revenue in the quarter, and
14% YTD 2025. Our Operational Service Agreement
(OSA) business, branded as Evolve, remains a stra-
tegic focus area and is expected to grow at a faster
pace than our overall service business going for-
ward.
Efficiency
Efficiency in Q3 2025 reached 58%, slightly below
the efficiency level in Q3 2024. This flat develop-
ment was partly driven by the postponement of
signed projects and prolonged sales cycles. The
current level is not considered satisfactory. As a re-
sult, a rightsizing of the organisation was executed
in Q3, leading to a reduction of 89 employees. This
is expected to have a positive impact on efficiency
over the next two quarters.
EBITDA development
In Q3 2025, EBITDA amounted to DKK 16m, down
from DKK 29m in Q3 2024. Adjusted for other oper-
ating income and expenses of DKK 8m, underlying
EBITDA declined by DKK 6m to DKK 24m.
Development in recurring revenue
(DKKm)
Development in efficiency
(%)
42
48
133
143
13
11
37
33
55
59
170
176
Q3 2025 Q3 2024 2025YTD 2024YTD
Operational Service Agreements
Recurring Licenses
58%
63%
62%
62%
60%
Q3/25 Q2/25 Q1/25 Q4/24 Q3/24
Continued headwind reflected in Q3 results Columbus Interim report Q3 2025 9
The EBITDA margin reached 4.5% in Q3 2025 com-
pared to 7.9% in Q3 2024. Adjusted for other oper-
ating income and expenses, the EBITDA margin
reached 6.9% in Q3 2025.
EBITDA did not meet expectations, mainly due to
lower-than-expected revenue and the resulting de-
cline in efficiency. In addition, redundancy-related
provisions of DKK 11m negatively affected the result.
This was partly offset by non-recurring income of
DKK 3m, leading to a net effect of DKK 8m under
other operating income and expenses.
Profit before tax
Compared to Q3 2024, profit before tax decreased
by DKK 9m to DKK 0.4m. The decrease was primarily
driven by extraordinarily negative operating items
in Q3 2025 of DKK 8m as well as lower-than-ex-
pected revenue.
Discontinued operations
In Q3 2025, there were no new events related to
discontinued operations. The cost of DKK 4m is re-
lated to expenses associated with previously com-
pleted divestments.
Cash
Cash flow from operating activities was positive at
DKK 7m in Q3 2025, compared to DKK 57m in Q3
2024. The development was mainly driven by
changes in net working capital.
Equity
Equity decreased by a net DKK 18m to DKK 733m as
of 30 September 2025, compared to DKK 751m at
31 December 2024, mainly due to retained earnings
and treasury share transactions.
Employee development
At the end of Q3 2025, Columbus employed an av-
erage of 1,485 FTEs, a reduction of 88 FTEs com-
pared to Q3 2024 (1,573 FTEs). This decrease is pri-
marily the result of a rightsizing initiative conducted
in the first half of 2025, along with ongoing efforts
to optimise non-productive roles.
The decline in FTEs was mainly driven by our Dy-
namics 365 and Digital Commerce Business Lines,
following a decrease in revenue. The rightsizing ex-
ecuted late in Q3 2025 will only be reflected in the
FTE numbers during Q4 2025 and Q1 2026.
Outlook for 2025 Columbus Interim report Q3 2025 10
Outlook 2025
Revenue level
DKK 1.7bn
EBITDA margin
7-9%
Entering the final quarter of 2025, Columbus con-
tinues to execute on its strategy, New Heights, with
a clear focus on driving profitable growth and oper-
ational excellence. Throughout the year, we have
strengthened our foundation and created a more
resilient platform to support scalable growth across
the Group.
The business environment remains challenging,
with customers showing continued caution in
launching larger transformation projects. Despite
this, we maintain solid momentum in our recurring
revenue streams and continue to improve our deliv-
ery efficiency and cost base.
In Q4, our attention is directed towards strengthen-
ing profitability through targeted efficiency
measures, further streamlining of enabling func-
tions, and optimizing our project execution. These
initiatives are designed to enhance our resilience
and prepare Columbus for sustained profitable
growth into 2026.
Based on the performance in the first three quar-
ters and our current pipeline visibility, we maintain
our full-year guidance for 2025, as announced in
Company release no. 11/2025 of 16 July 2025. The
goals under our three-year strategy New Heights,
which runs until 2026, will be revisited to ensure
they remain both realistic and strategically aligned
with our growth ambitions.
The outlook remains subject to macroeconomic
and geopolitical uncertainties, including exchange
rate volatility and customer investment sentiment,
but our strong operational backbone positions us
well to navigate these conditions and deliver on our
ambitions under New Heights.
Outlook for 2025
Statement by management Columbus Interim report Q3 2025 11
Statement by management
Executive Board
Board of Directors
Columbus Interim report Q3 2025 12
Statement of comprehensive income 13
Balance sheet 14
Statement of changes in equity 15
Cash flow 16
Notes
Note 1 - Material accounting principles 17
Note 2 - Management judgements and estimates 17
Note 3 - Segment data 18
Note 4 - Staff expenses and remuneration 24
Note 5 - Other operating income / expenses 24
Note 6 - Depreciation, amortisation and impairment 25
Note 7 - Trade receivables 26
Note 8 - Financial instruments 27
Note 9 - Contract assets and contract liabilities 27
Note 10 - Discontinued operations 28
Note 11 - Related parties 28
Note 12 - Events after balance sheet date 29
Key figures, ratios and Alternative Performance Measures 30
Financial
statements
Financial statements Columbus Interim report Q3 2025 12
Financial statements Columbus Interim report Q3 2025 13
Statement of comprehensive income
DKK ´000
Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Net revenue
3
External project costs
-36,582 -36,752 -128,164 -140,301 -186,160
Gross profit
Staff expenses and remuneration
4
-255,151
-268,584
-867,751
-903,261
-1,196,290
Other external costs
-31,399
-36,717
-106,421
-112,214
-154,073
Other operating income/expenses
5 -8,393 0 -10,394 27,820 29,751
EBITDA
Depreciation, amortization and
impairment
6 -13,669 -15,619 -41,356 -65,539 -80,869
Operating profit (EBIT)
Financial income
Financial expenses
-2,253
-5,368
-10,695
-12,879
-17,242
Profit before tax from continuing
operations
Corporate tax
-5,991
-3,511
-15,478
-10,565
-10
Profit after tax from continuing
operations
-5,604 5,675 13,245 28,055 57,799
Profit (loss) after tax from discontinued
operations
10 -4,033 -908 -5,617 -2,986 -3,418
Profit (loss) after tax for the period
-9,637
DKK ´000
Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Items that may be reclassified
subsequently to profit and loss:
Foreign exchange adjustments of
subsidiaries
-1,177 -3,582 -2,582 -6,227 -5,176
Other comprehensive income
-1,177
-3,582
-2,582
-6,227
-5,176
Total comprehensive income for the period
-10,814
Profit (loss) after tax allocated to:
Shareholders in Columbus A/S
-9,637
-9,637 4,767 7,628 25,069 54,381
Total comprehensive income allocated to:
Shareholders in Columbus A/S
-10,814
-10,814 1,185 5,046 18,842 49,205
Earnings per share of DKK 1.25 (EPS)
-0.07 0.04 0.06 0.19 0.42
Earnings per share of DKK 1.25 , diluted
(EPS-D)
-0.07
Financial statements Columbus Interim report Q3 2025 14
Balance sheet
DKK ´000
Note 30 Sep 2025 30 Sep 2024 31 Dec 2024
Assets
Goodwill
Customer base
Internal applications
Development projects finali
sed 56 364 274
Development projects in progress
Property, plant and equipment
Right-of-use assets
Deferred tax assets
Other receivables
Total non
-current assets
Trade receivables
7 284,664 295,266 272,547
Contract assets
9
Corporate tax receivables
Other receivables
Receivables from divestment of activities
10 54,043 56,606 60,715
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note 30 Sep 2025 30 Sep 2024 31 Dec 2024
Equity and liabilities
Share capital
Treasury Stock
-7,952 0 0
Reserves on foreign currency translation
-76,311
-74,780
-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 4,870 6,323 7,887
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 Q3 2025 15
Statement of changes in equity
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 invest-
ments in subsidiaries
-2,582
-2,582
Total comprehensive income
-2,582
Share
-based payment 0 0 0 450 450
Payment of dividend
-16,160
-16,160
Purchase of treasury stock
Balance at 30 September 2025
-7,952
-76,311
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 invest-
ments in subsidiaries
Total comprehensive income
-6,227
Share
-based payment 0 0 0 1,005 1,005
Payment of dividend
-16,160
-16,160
Purchase of treasury stock
Balance at 30 September 2024
-74,780
DKK ´000
Share
capital
Reserves on
foreign
currency
translation
Retained
profits
Equity
2024
Balance at 1 Jan 2024
Profit after tax
Currency adjustments of investments
in subsidiaries
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 Q3 2025 16
Cash flow
DKK ´000
Note
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Operating profit (EBIT)
Non-recurring income and expenses
from acquisitions
Depreciation, amortisation and
impairment
6 13,669 15,619 41,356 65,539 80,869
Cost of incentive scheme
Changes in net working capital
-1,624
-12,289
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-3,147 -4,082 -10,808 -13,211 -17,778
Corporate tax paid
-4,542
-1,037
-15,838
-3,641
-10,177
Cash flow from operating activities
Investments in development projects
-1,355
Acquisition of tangible assets
-456
-1,270
-3,123
-4,635
-5,854
Acquisition of intangible assets
-2,277
-2,277
-158
Disposal of tangible assets
Payments for financial assets
Acquisition of activities
-1,633 467 -1,633 -12,645 -12,493
Disposal of activities
-4,033
-908
-5,617
-2,986
-3,418
Cash flow from investing activities
-5,267
-613
-8,725
-17,560
-20,298
DKK ´000
Note Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Overdraft facilities
-44,738
-26,940
-33,231
Repayment of lease liabilities
-6,950 -7,389 -21,537 -21,764 -28,897
Treasury Stock
-7,833
-7,952
Dividends paid
Cash flow from financing activities
-14,782
-52,127
-45,649
-64,864
-78,288
Cash flow from continuing operations
-12,804
-11,953
Total net change in cash and cash
equivalents
-12,804 4,040 -11,953 13,508 37,657
Cash funds at the beginning of the
period
Exchange rate adjustments
-1,085 -3,849 -9,376 -1,967 3,297
Cash funds at the end of the period
Financial statements Columbus Interim report Q3 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
September
2025, the carrying value of recognised deferred tax
was DKK 36.5m, which is estimated to be realised in the
foreseeable 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.
● NOTE 1
Material accounting principles
● NOTE 2
Management judgements and estimates
Financial statements Columbus Interim report Q3 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 above grouping of oper-
ating 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
measured 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
recognised in the profit and loss, which are not directly
related to a Business Line, are included in Enabling
functions, 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 365
M3
Digital Commerce
Data & A
I
Other Local Business
Sweden
Denmark
UK
Norway
US
Other
Poland
Czech Republic
India
Financial statements Columbus Interim report Q3 2025 19
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Q3 2025
Dynamics 365
195,969
13,427
209,396
-19,137
-133,352
-4,745
-9,564
-166,798
42,598
20%
M3
71,672 97 71,769
-11,343 -43,535 -2,741 0
-57,619
14,150
20%
Digital Commerce
37,867
222
38,089
-4,164
-27,272
-2,103
-474
-34,013
4,076
11%
Data & AI
18,867
130
18,997
-1,005
-16,008
-696
-189
-17,898
1,099
6%
Other Local Business
4,769
4,124
8,893
-278
-3,359
-275
0
-3,912
4,981
56%
Total
329,144
18,000
347,144
-35,927
-223,526
-10,560
-10,227
-280,240
66,904
19%
Enabling Functions
-655 -31,625 -20,839 1,834
-51,285
Total cost
-36,582
-255,151
-31,399
-8,393
EBITDA
15,619
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Q3 2024
Dynamics 365
222,062 11,963 234,025
-18,360 -144,890 -5,775 0
-169,025
65,000
28%
M3
66,377
659
67,036
-11,402
-42,440
-4,457
0
-58,299
8,737
13%
Digital Commerce
38,925
361
39,286
-4,744
-27,007
-2,915
0
-34,666
4,620
12%
Data & AI
22,254
147
22,401
-1,423
-15,845
-663
0
-17,931
4,470
20%
Other Local Business
5,539
3,141
8,680
-532
-4,320
-294
0
-5,146
3,534
41%
Total
355,157
16,271
371,428
-36,461
-234,502
-14,104
0
-285,067
86,361
23%
Enabling Functions
-291
-34,082
-22,613
0
-56,986
Total cost
-36,752 -268,584 -36,717 0
EBITDA
29,375
Financial statements Columbus Interim report Q3 2025 20
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
YTD 2025
Dynamics 365
682,758 39,424 722,182
-64,807 -464,709 -18,539 -9,564
-557,619
164,563
23%
M3
240,258
2,893
243,151
-40,687
-140,415
-8,871
0
-189,973
53,178
22%
Digital Commerce
132,026 1,158
133,184
-14,536 -95,331 -7,604 -474
-117,945
15,239
11%
Data & AI
64,868
314
65,182
-4,376
-50,982
-2,535
-189
-58,082
7,100
11%
Other Local Business
15,513 11,774
27,287
-989 -12,511 -1,262 0
-14,762
12,525
46%
Total
1,135,423
55,563
1,190,986
-125,395
-763,948
-38,811
-10,227
-938,381
252,605
21%
Enabling Functions
-2,769
-103,803
-67,610
-167
-174,349
Total cost
-128,164 -867,751 -106,421 -10,394
EBITDA
78,256
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
YTD 2024
Dynamics 365
735,218
33,626
768,844
-71,750
-483,062
-19,950
0
-574,762
194,082
25%
M3
241,386 3,639 245,025
-43,928 -144,885 -10,948 18
-199,743
45,282
18%
Digital Commerce
137,412
1,196
138,608
-16,564
-105,481
-7,938
0
-129,983
8,625
6%
Data & AI
63,066 452 63,518
-4,003 -49,627 -2,159 0
-55,789
7,729
12%
Other Local Business
17,274
9,297
26,571
-1,798
-14,093
-943
0
-16,834
9,737
37%
Total
1,194,356
48,210
1,242,566
-138,043
-797,148
-41,938
18
-977,111
265,455
21%
Enabling Functions
-2,258 -106,113 -70,276 27,802
-150,845
Total cost
-140,301
-903,261
-112,214
27,820
EBITDA
114,610
Financial statements Columbus Interim report Q3 2025 21
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
2024
Dynamics 365
980,753 45,353
1,026,106
-93,226 -645,382 -26,536 0
-765,144
260,962
25%
M3
320,982
6,304
327,286
-59,480
-190,424
-14,277
18
-264,163
63,123
19%
Digital Commerce
180,550 1,589
182,139
-22,067 -135,826 -11,026 0
-168,919
13,220
7%
Data & AI
88,482
564
89,046
-6,046
-66,720
-3,697
0
-76,463
12,583
14%
Other Local Business
22,225 12,640 34,865
-2,318 -17,955 -1,260 0
-21,533
13,332
38%
Total
1,592,992 66,450 1,659,442
-183,137 -1,056,307 -56,796 18
-1,296,222
363,220
22%
Enabling Functions
-3,023
-139,983
-97,277
29,733
-210,550
Total cost
-186,160
-1,196,290
-154,073
29,751
EBITDA
152,670
Average FTE
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Business Line
Dynamics 365
755 782 762 787 785
M3
242
253
241
256
256
Digital Commerce
171 206 181 216 211
Data & AI
88
91
83
92
91
Other Local Business
22 33 23 33 31
Business Line average number of FTE
1,278
1,365
1,290
1,384
1,374
Enabling Functions
207
208
207
215
213
Average number of FTE
1,485
1,573
1,497
1,599
1,587
Financial statements Columbus Interim report Q3 2025 22
● NOTE 3
Segment data, continued
DKK ´000
Sweden
Denmark
UK
Norway
US
Other
GDC
Eliminations
Total
Q3 2025
Sale of services
99,235 80,892 77,519 38,930 22,239 10,006 323 0
329,144
Sale of products
4,230
7,393
3,346
1,655
1,376
0
0
0
18,000
Total revenue from own markets
103,465
88,285
80,865
40,585
23,615
10,006
323
0
347,144
Total revenue from group companies
11,285
11,606
4,394
2,713
2,743
2,967
30,583
-66,291
0
Total revenue
114,750 99,891 85,259 43,298 26,358 12,973 30,906 -66,291 347,144
Average number of FTE
389 326 211 157 48 40 314 0 1,485
Q3 2024
Sale of services
100,221 92,698 83,184 46,630 21,204 10,256 964 0
355,157
Sale of products
4,624
6,094
2,849
1,475
1,229
0
0
0
16,271
Total revenue from own markets
104,845
98,792
86,033
48,105
22,433
10,256
964
0
371,428
Total revenue from group companies
10,217 13,989 4,528 3,267 3,526 1,301 30,127 -66,955 0
Total revenue
115,062
112,781
90,561
51,372
25,959
11,557
31,091
-66,955
371,428
Average number of FTE
414
363
210
174
40
39
333
0
1,573
Financial statements Columbus Interim report Q3 2025 23
● NOTE 3
Segment data, continued
DKK ´000
Sweden Denmark UK Norway US Other GDC Eliminations Total
YTD 2025
Sale of services
364,469 277,325 245,203 142,418 77,946 27,228 834 0
1,135,423
Sale of products
15,630
18,005
10,202
6,976
4,750
0
0
0
55,563
Total revenue from own markets
380,099
295,330
255,405
149,394
82,696
27,228
834
0
1,190,986
Total revenue from group companies
38,853
41,612
17,073
11,231
7,844
8,315
96,572
-221,500
0
Total revenue
418,952
336,942
272,478
160,625
90,540
35,543
97,406
-221,500
1,190,986
Average number of FTE
397
327
207
160
44
40
322
0
1,497
YTD 2024
Sale of services
382,015 307,930 236,178 173,359 61,001 30,504 3,369 0
1,194,356
Sale of products
15,129
14,686
8,620
5,876
3,899
0
0
0
48,210
Total revenue from own markets
397,144
322,616
244,798
179,235
64,900
30,504
3,369
0
1,242,566
Total revenue from group companies
39,366
48,489
13,898
13,593
9,224
4,296
94,250
-223,116
0
Total revenue
436,510 371,105 258,696 192,828 74,124 34,800 97,619 -223,116 1,242,566
Average number of FTE
424
368
211
175
42
37
342
0
1,599
2024
Sale of services
507,141 413,391 316,975 227,573 84,126 40,091 3,695 0 1,592,992
Sale of products
21,360
20,581
11,793
7,745
4,971
0
0
0
66,450
Total revenue from own markets
528,501 433,972 328,768 235,318 89,097 40,091 3,695 0 1,659,442
Total revenue from group companies
51,398 62,506 19,489 16,866 13,091 5,820 124,982 -294,152 0
Total revenue
579,899
496,478
348,257
252,184
102,188
45,911
128,677
-294,152
1,659,442
Average number of FTE
421
365
211
173
42
38
337
0
1,587
Non-current assets
333,068
228,973
67,453
68,857
23,738
65,289
19,814
0
807,192
Financial statements Columbus Interim report Q3 2025 24
● NOTE 4
Staff expenses and remuneration
DKK ´000
Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Staff expenses
Salary and wages
238,686 242,287 743,887 765,197 1,017,693
Other social security costs
27,940
29,007
100,806
103,808
138,361
Other staff expenses
-11,625 -3,045 22,608 33,251 38,896
Share-based payment
150
335
450
1,005
1,340
Total staff expenses
255,151
268,584
867,751
903,261
1,196,290
Average number of FTEs
1,485
1,573
1,497
1,599
1,587
● NOTE 5
Other operating income / expenses
DKK ´000
Q3 2025
Q3 2024
YTD 2025
YTD 2024
2024
Other operating income / expenses
Redundancy cost
-11,304
0
-11,304
-9,083
-9,083
Unachieved earn
-out 1,373 0 1,373 16,777 16,777
Legal cases
2,497
0
2,497
20,126
22,057
Strategic review
-959 0 -2,960 0 0
Total Other operating income / expenses
-8,393
0
-10,394
27,820
29,751
Financial statements Columbus Interim report Q3 2025 25
● NOTE 6
Depreciation, amortisation and impairment
DKK ´000
Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Depreciation
9,091
10,491
28,064
29,990
39,495
Amortization
4,578 5,128 13,292 16,772 22,597
Impairment
0
0
0
18,777
18,777
Total depreciation, amortisation and impairment
13,669
15,619
41,356
65,539
80,869
Financial statements Columbus Interim report Q3 2025 26
● NOTE 7
Trade receivables
DKK ´000
30 Sep 2025 30 Sep 2024 31 Dec 2024
Receivables (gross) at 1 Jan
273,423
295,807
295,807
Change in receivables during the period
12,482
671
-22,384
Receivables (gross) end of period
285,905 296,478 273,423
Provisions for bad debt at 1 Jan
876
1,901
1,901
Change in provisions for bad debt during the period
511 1,225 625
Loss realised during the period
-146
-1,914
-1,650
Provisions for bad debt end of period
1,241
1,212
876
Carrying amount end of period
284,664 295,266 272,547
Provisions for bad debt are made based on the lifetime
expected credit losses in line with the Group’s
accounting policies.
DKK ´000
30 Sep 2025
30 Sep 2024
31 Dec 2024
Age of receivables (gross):
Not due
259,477
262,690
183,282
0
-30 days 13,943 17,543 76,243
30-60 days
8,236
5,953
10,192
61
-90 days 2,217 4,558 655
91-180 days
893
4,695
955
181
-270 days 586 840 1,174
270-360 days
386
1
791
Above 360 days
167 198 131
Total
285,905
296,478
273,423
DKK ´000
30 Sep 2025
30 Sep 2024
31 Dec 2024
Age of impairment:
Not due
41
0
14
0-30 days
28
0
152
30-60 days
99
0
122
61-90 days
90
111
26
91-180 days
180
482
121
181-270 days
360
420
137
271-360 days
309
1
200
Over 360 days
134
198
104
Total
1,241 1,212 876
Provision for overdue receivables is adjusted for VAT (25%). Hence,
there is a change in the calculation in below provision matrix.
DKK ´000
30 Sep 2025 30 Sep 2024 31 Dec 2024
Provision matrix:
Not due
0%
0%
0%
0-30 days
0%
0%
0%
30-60 days
2%
0%
2%
61-90 days
5%
2%
5%
91-180 days
25%
10%
16%
181-270 days
77%
50%
15%
271-360 days
100%
100%
32%
Over 360 days
100% 100% 100%
Financial statements Columbus Interim report Q3 2025 27
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 8
Financial instruments
● NOTE 9
Contract assets and contract liabilities
DKK ´000
30 Sep 2025
30 Sep 2024
31 Dec 2024
Balance at 1 Jan
-2,094 824 824
Changes contract assets during the period
13,891
-19,270
-15,483
Changes on account billing and prepayments during the period
-8,765
18,416
12,565
Balance at end of period
3,032
-30
-2,094
Work in progress
37,705
20,027
23,814
On account billing and prepayments
-34,673 -20,057 -25,908
Balance at end of period
3,032
-30
-2,094
The net value is included in the balance as follows:
Contract assets
7,902
6,293
5,793
Contract liabilities
-4,870
-6,323
-7,887
Balance at end of period
3,032
-30
-2,094
Financial statements Columbus Interim report Q3 2025 28
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 10
Discontinued operations
DKK ´000
Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024
Gain (loss) on disposal of subsidiaries
0
0
0
0
0
Recirculation of historical currency adjustments
0 0 0 0 0
Transaction costs related to disposal
-4,033
-908
-5,617
-2,986
-3,418
Total gain (loss) on divestment of discontinued
operations
-4,033 -908 -5,617 -2,986 -3,418
● NOTE 11
Related parties
DKK ´000
Q3 2025
Q3 2024
Net sales
Atea
210
2,872
X
-Yachts A/S 598 389
Total
808
3,261
Net purchase
Atea
-4,015
-3,782
Total
-4,015 -3,782
Financial statements Columbus Interim report Q3 2025 30
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 100
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 subscrip-
tion
and/or stock right cease
Recurring Revenue % of total revenue
Recurring revenue
Net revenue
