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policies Dividend Proposed dividends are recognised as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial report for entities with a differ-ent functional currency than Danish kroner. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__18": { "value": "Accounting policies Dividend Proposed dividends are recognised as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial report for entities with a differ-ent functional currency than Danish kroner. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__17": { "value": "Accounting policies Dividend Proposed dividends are recognised as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial report for entities with a differ-ent functional currency than Danish kroner. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__16-1": { "value": "Accounting policies Dividend Proposed dividends are recognised as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial report for entities with a differ-ent functional currency than Danish kroner. Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for non-cash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprises payments relating to purchase and divestment of businesses and activities, purchase and divestment of intangible and other long-term assets as well as purchase and divestment of securities not rec-ognised as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divestments is recognised until the time of sale. Cash flow from financing activities Cash flow from financing activities comprises changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repayment of interest-bearing debt, repayment of lease liabili-ties, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognised as payments of interest and repayment of debt. The financial statements for 2025 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in accordance with the IFRS accounting standards as adopted by the EU and Danish disclosure require-ments for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Finan-cial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company's financial statements are presented in thousand Danish Kroner (DKK), which is the presentation currency for the Group's activities and the func-tional currency of the Parent Company. The consolidated and Parent Company's financial statements have been prepared based on historical cost. The main ele-ments of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the indi-vidual notes to the financial statements. In preparing the consolidated and Parent Company's financial statements, the management makes various accounting as-sessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group's assets and liabilities. The most significant estimates and judgements are presented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the fi-nancial and operating policies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and entities controlled by Columbus A/S. Control exists when Columbus has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income state-ment from the effective date of acquisition and up to the effec-tive date of disposal. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, inter-company accounts and dividends, and gains and losses on transactions between the consolidated companies are elimi-nated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are trans-lated applying the exchange rate at the transaction date. Re-ceivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the bal-ance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the pay-ment date or the rate at the balance sheet date are recognised in the income statement as financial income or financial ex-penses. Property, plant and equipment, intangible assets, and other non-monetary assets that have been purchased in for-eign currencies are translated using applicable rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries' balance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised in other comprehensive income. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the difference between the sales price or settlement price and the fair value of any remaining eq-uity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognised in the statement of comprehensive in-come as well as accumulated foreign currency translation ad-justments previously recognised in other comprehensive in-come. Business units that have been divested of in the financial year or are expected to be divested within the following 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefi-nite useful lives as well as investments in subsidiaries are re-viewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the smallest cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distrib-uted to other assets in the unit. Impairment losses are recognised in the statement of compre-hensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to de-termine the recoverable amount, the asset and the cash-gener-ating unit's carrying amount is increased to the adjusted recov-erable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impairment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2025, and interpreta-tions that are relevant to the Columbus Group are used in pre-paring the financial statements. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2025. New standards and interpretations effective from 2025 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 January 2025, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpre-tations have not had any material impact on Columbus Annual Report 2025. IASB has also issued new and amended standards and interpre-tations which have not yet been effective and therefore also not yet been implemented in the consolidated financial state-ments for 2025. Columbus Group expects to implement these new standards and amendments when they take effect and be-come mandatory. The new IFRS 18 standard, which will take ef-stfect from 1 of January 2027 will impact the presentation of the statement of comprehensive income. The standard will intro-duce new categories and items lines. A new note, defined as management-defined performance measures, will also be im-plemented. This new standard and amendments issued are ex-pected to have an impact on the presentation of the consoli-dated financial statements when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recognised as the project progresses. Other external costs Other external costs include expenses of premises, sale and dis-tribution, office expenses, etc. Prepayments Prepayments recognised under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognised under liabilities comprises pay-ments received concerning income in subsequent years meas-ured at cost.Accounting policies Direct costs Direct costs comprise all costs directly related to a given Busi-ness Line. This includes subcontractor costs, staff costs for consultants, sales personnel as well as management for the given Business Line, other external costs and other operating income and expenses. Contribution and contribution margin (CM) The contribution is comprising revenue for the given Business Line deducted all direct costs for the given Business Line. Contribution margin is calculated as contribution divided by total revenue. Revenue Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Group expects to receive in exchange for the products or services. Revenue is recognised net of VAT, taxes etc. collected on behalf of third parties and discounts. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of incremental costs of obtaining a contract. The incre-mental costs to obtain a contract are recognised as an expense when incurred if the amortisation period of the asset that the Group otherwise would have recognised is one year or less. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of a financing component if the period between the trans-fer of services to the customer and the customer's payment for these services is expected to be one year or less. The Group primarily enters into contracts which span over a longer period. Revenue is recognised on an ongoing basis since the product delivered is not usable for the Group in other cir-cumstances. Additionally, the asset is under control of the cus-tomer, and the Group has the right to payment for work per-formed according to the contract. The Group typically enters into contracts that include a combi-nation of software licenses and consulting services. These con-tracts are classified as multiple element contracts. Multiple ele-ment contracts are generally capable of being distinct and ac-counted for as separate performance obligations. Multiple ele-ment contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognised individually, so that the sale of software and consulting services is recognised separately at their standalone selling prices. The majority of the Group\u2019s customer base has payment terms between 14 and 60 days from the invoice date. The Group's ac-counting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third-party software where the Group does not own the software, and the Group is a re-seller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the cus-tomer. Revenue from distinct on-premise licenses is recognised upfront at the point in time when the software is accepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external li-censes on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External subscriptions External subscriptions are subscriptions to third party software where the Group does not own the software, and the Group is a reseller of the software subscriptions. The subscriptions to ex-ternal software entitle the customer to receive new versions of the software that the third-party software provider releases. Ex-ternal subscriptions are recognised at the point in time when the subscription is accepted by the customer as the perfor-mance obligation to the Group is completed. The Group recog-nises the revenue from external subscriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where the Group does not own the software, and the Group is a reseller of the usage to the software. External cloud is classified as software-as-a-ser-vice (SaaS), which allows customers to use hosted software without taking possession of the software. External cloud is rec-ognised upfront at the point in time when the software is ac-cepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material con-tracts are recognised over time as production of each project is conducted. Revenue from fixed price projects is recognised based on the value corresponding to the stage of completion method. Revenue is recognised when total income and ex-penses of the projects and completion at the balance sheet date can be measured reliably as the Group satisfies its perfor-mance obligations and it is probable that the economic bene-fits including payments will flow to the Group. The Group con-siders this input method to be an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \"Contract assets.\" Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \"Contract lia-bilities.\" Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group's primary activi-ties, including but not limited to adjustments of contingent lia-bilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognised in the statement of comprehen-sive income by the portion attributable to the profit and directly in equity or in other comprehensive income to the extent that it relates to items recognised directly in equity and in other com-prehensive income. Exchange adjustments of deferred tax are recognised as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognised in the bal-ance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognised using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is pro-vided on temporary differences arising on investments in sub-sidiaries and associates, unless the parent is able to control when the deferred tax is realised, and it is probable that the de-ferred tax will not become payable as current tax in the fore-seeable future. Deferred tax is calculated based on the ex-pected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively en-acted laws at the balance sheet dates that are expected to ap-ply when the deferred tax is expected to become payable as current tax. Changes in deferred tax due to changes in tax rates or rules are recognised in the statement of comprehensive in-come unless the deferred tax is attributable to transactions previously recognised directly in equity or in other comprehen-sive income. In the latter case, the change is also recognised in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry for-wards, are recognised at the value at which they are expected to be realised, either as net assets to offset against future taxa-ble income or against deferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxa-ble profits against which the deferred tax asset can be utilised. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses).Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Accounting policies Property, plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Other fixtures and equipment are depreciated over 3-5 years, equal to the asset's estimated useful life. Leasehold improve-ments are amortised over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carry-ing value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognised prospectively as a change in account-ing estimates. Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreci-ated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. The Group's portfolio of leases includes three main groups: Other equipment, cars and Offices. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercis-ing an option to extend a lease, we will include the lease pay-ments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or be-fore the commencement date of the lease, less any lease incen-tives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of two parts: \u2022 Reference rate \u2022 Financing spread adjustment Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components comprise of services and operating costs etc. Var-iable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses. Each lease payment is separated into repayment of the lease li-ability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities. Short-term leases and leases of low-value assets are not recog-nised as right-of-use-assets due to fulfilment of exemption cri-teria, according to IFRS 16.Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortised cost, which usually corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group's receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach un-der which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating expected credit loss. There-fore, the Group does not track changes in credit risk but in-stead recognises a loss allowance based on ECLs calculation at each reporting date. The Group has established a provision ma-trix that is based on its historical credit loss experience, ad-justed for forward-looking factors specific to the debtors and the economic environment. The group considers the receiva-bles to be default when above 180 days overdue. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company's financial statement Impairment losses on loans to subsidiaries will be recognised based on a 12-month ECL model. Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and ex-pected losses. Sales value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the consumption of resources cannot be used as a base, the measurement is in-stead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is recognised immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognised at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognised in the balance sheet under current assets or liabilities, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognised in statement of comprehensive income as incurred. When assessing impairment for the Group's contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group's trade receivables. Accounting policies Provisions Provisions for liabilities are recognised as a result of events oc-curring before or at the balance sheet date, which has a legal or constructive obligation, and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an ex-pected maturity of more than one year from the balance sheet date are measured at present value. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subse-quent periods, current liabilities are measured at amortised cost using the \"effective interest method\" so that the differ-ence between the proceeds and the nominal value is recog-nised in the income statement under financial expenses over the loan period. Other liabilities are measured at amortised cost. Pensions Contributions to defined contribution plans are recognised in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognised in the balance sheet under other payables. Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either being held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the fi-nancial statements. Comparative figures are restated to segre-gate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. NOTE 31 34B37B37B37BKey figures, ratios and Alternative Performance MeasuresKey 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: EBITDA marginOperating marginReturn on equityReturn on invested capital (ROIC)Equity ratioEarnings per share (EPS)Book value per share (BVPS)Cash flow per shareAdjustment factor (f)Recurring Revenue % of total revenueEarnings before interest, tax, depreciations and amortisations (EBITDA) Net revenue Operating profit (EBIT) Net revenue Result after tax and excl. minority interests Average equity excl. minority interests EBITA Average invested capital including goodwill Equity excl. minority interests Total equity and liabilities Result after tax and excl. minority interests x f Average number of shares Equity excl. minority interests end of year x 100 x f Number of shares end of year Cash flow from operations x f Average number of diluted shares Theoretical rate Listed price of stock the day before the subscription and/or stock right cease Recurring revenue Net revenue Alternative Performance Measures Organic Growth and Revenue Organic Growth and Revenue represent the business excluding the impact of acquisitions, divestments and changes in cur-rency. The purpose of defining Organic Growth is to show a \"like-for-like\" comparison with the previous year. Constant currency growth Growth is measured in constant currency by converting 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 calcu-lated constant currency figure. Recurring Revenue Recurring Revenue includes Columbus Software maintenance, Columbus Cloud revenue, 3rd party maintenance revenue, 3rd party cloud revenue, Columbus Care agreements. 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 revenue \u2013 the more predictable is the Columbus revenue going forward. Efficiency Efficiency is calculated as all invoiced customer hours divided by available customer hours. Available customer hours are cal-culated as normal work schedule hours for all productive em-ployees, less hours for holiday and parental leave. 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"2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s9__7__21": { "value": "Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for non-cash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprises payments relating to purchase and divestment of businesses and activities, purchase and divestment of intangible and other long-term assets as well as purchase and divestment of securities not rec-ognised as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divestments is recognised until the time of sale. Cash flow from financing activities Cash flow from financing activities comprises changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repayment of interest-bearing debt, repayment of lease liabili-ties, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognised as payments of interest and repayment of debt. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__20-1": { "value": "Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for non-cash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprises payments relating to purchase and divestment of businesses and activities, purchase and divestment of intangible and other long-term assets as well as purchase and divestment of securities not rec-ognised as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divestments is recognised until the time of sale. Cash flow from financing activities Cash flow from financing activities comprises changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repayment of interest-bearing debt, repayment of lease liabili-ties, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognised as payments of interest and repayment of debt. NOTE 25 28B30B30B30BCash flow from financing activitiesThe table below specifies changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flow will be, classified in the cash flow statement as cash flow from financing activities. Long term Short term DKK '000 Lease liability borrowings borrowings Total Group 2025 Balance at 1 January 103,311 76,000 40,000 219,311 Cash flow from operations -28,264 0 0 -28,264 Cash changes -28,264 0 0 -28,264 New leases 27,576 0 0 27,576 Changes to existing leases -7,061 0 0 -7,061 Foreign exchange movements 656 0 0 656 Non-cash changes 21,171 0 0 21,171 Balance at 31 December 96,218 76,000 40,000 212,218 Long term Short term Overdraft DKK '000 Lease liability borrowings borrowings facilities Total Group 2024Balance at 1 January 84,716 116,000 0 36,297 237,013 Cash flows from operations -28,897 0 0 -33,231 -62,128 Additions related to acquisitions 0 0 0 -3,066 -3,066 Cash changes -28,897 0 0 -36,297 -65,194 New leases 29,004 0 0 0 29,004 Changes to existing leases 20,235 0 0 0 20,235 Reclassification 0 -40,000 40,000 0 0 Foreign exchange movements -1,747 0 0 0 -1,747 Non-cash changes 47,492 -40,000 40,000 0 47,492 Balance at 31 December 103,311 76,000 40,000 0 219,311", 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"COL:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChangesContinuingOperations", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__4__35": { "value": "41075000.0", "decimals": -3, "dimensions": { "concept": "COL:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChangesContinuingOperations", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__3__36": { "value": "-6644000.0", "decimals": -3, "dimensions": { "concept": "COL:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChangesDiscontinuedOperations", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__4__36": { "value": "-3418000.0", "decimals": -3, "dimensions": { "concept": "COL:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChangesDiscontinuedOperations", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__3__37": { "value": "-2440000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__4__37": { "value": "37657000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__3__38": { "value": "79223000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__4__38": { "value": "38269000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__3__39": { "value": "-8751000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__4__39": { "value": "3297000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__3__40": { "value": "68032000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2026-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s5__4__40": { "value": "79223000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f1__s9__7__24": { "value": "The financial statements for 2025 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in accordance with the IFRS accounting standards as adopted by the EU and Danish disclosure require-ments for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Finan-cial Statements Act. Columbus is a public limited company seated in Denmark.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__26": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__25": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__29": { "value": "The consolidated and Parent Company's financial statements are presented in thousand Danish Kroner (DKK), which is the presentation currency for the Group's activities and the func-tional currency of the Parent Company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__28": { "value": "The consolidated and Parent Company's financial statements are presented in thousand Danish Kroner (DKK), which is the presentation currency for the Group's activities and the func-tional currency of the Parent Company. The consolidated and Parent Company's financial statements have been prepared based on historical cost. The main ele-ments of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the indi-vidual notes to the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__27": { "value": "Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the fi-nancial and operating policies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and entities controlled by Columbus A/S. Control exists when Columbus has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income state-ment from the effective date of acquisition and up to the effec-tive date of disposal. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, inter-company accounts and dividends, and gains and losses on transactions between the consolidated companies are elimi-nated. In the consolidated financial statements items of subsidiaries are included 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__30": { "value": "Foreign currency translation On initial recognition, foreign currency transactions are trans-lated applying the exchange rate at the transaction date. Re-ceivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the bal-ance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the pay-ment date or the rate at the balance sheet date are recognised in the income statement as financial income or financial ex-penses. Property, plant and equipment, intangible assets, and other non-monetary assets that have been purchased in for-eign currencies are translated using applicable rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries' balance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__34-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the difference between the sales price or settlement price and the fair value of any remaining eq-uity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognised in the statement of comprehensive in-come as well as accumulated foreign currency translation ad-justments previously recognised in other comprehensive in-come. Business units that have been divested of in the financial year or are expected to be divested within the following 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Estimate of expected credit loss of Receivables from divestment of activities Receivables from divestment are impaired. The expected credit loss has been calculated based on multiple weighted scenarios. The scenarios are based on the available information which mainly relates to the expected ruling of the upcoming court case and the buyers' ability to meet their financial obligation. At 31 December 2025, the carrying value of the receivable from the divestment of SMB Business was DKK 53,998k with no booked expected credit loss, see note 26. AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26NOTE 26 29B31B31B31BDiscontinued operations and gain/loss on sale of shares in subsidiariesGroup Parent Company DKK '000 2025 2024 2025 2024 Net revenue 0 0 0 0 External project costs 0 0 0 0 Gross profit 0 0 0 0 Staff expenses and remuneration 0 0 0 0 Other external costs 0 0 0 0 Other operating income 0 0 0 0 EBITDA 0 0 0 0 Depreciation, amortisation and impairment 0 0 0 0 Operating profit (EBIT) 0 0 0 0 Financial income 0 0 0 0 Financial expenses 0 0 0 0 Profit (loss) before tax from discontinued operations 0 0 0 0 Corporate tax 0 0 0 0 Profit (loss) after tax from discontinued operations 0 0 0 0 Total gain (loss) on divestment of discontinued operations -6,644 -3,418 -39 -74 Profit (loss) from discontinued operations -6,644 -3,418 -39 -74 Earnings per share from discontinued operations of DKK 1.25 (EPS)-0.05 -0.03 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.05 -0.03 Discontinued operations in 2025 \u2013 Group 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, Columbus divested its US\u2011based SMB business as part of the Focus23 strategy. The activity was ac-cordingly classified as discontinued operations in 2021. The consideration comprised USD 8,000k received at closing and deferred consideration of USD 8,500k due in Q2 2022. The buyer has withheld payment of the deferred consideration with reference to asserted claims relating to the acquired busi-ness. Columbus disputes the asserted claims and has de-manded release of the deferred consideration together with in-terest for late payment in 2022. The matter remains subject to legal proceedings and is expected to be resolved in court dur-ing the second quarter of 2026. Columbus expects a favourable outcome in court. At 31 December 2025, the receivable is considered to be im-paired, as a legal dispute over the right to payment under the APA is ongoing. Expected credit losses have been measured us-ing multiple probability\u2011weighted scenarios. The scenarios re-flect all available information, including expectations regarding the court ruling and the buyer's ability to settle any outstanding amount. No impairment has been recorded and the deferred considered is recorded at USD 8.500k, corresponding to DKK 53,998k (2024: USD 8.500k / DKK 60,715K). Discontinued operations in 2024 \u2013 Group No new disposals have occurred in 2024. Income from discon-tinued operations relates to received consideration from previ-ous divestments, which had been written off. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontin-ued operations in the consolidated financial statements, are classified as discontinued operations in the parent company. Gain (loss) on divestment of discontinued operations DKK '000 2025 2024 2025 2024 Gain (loss) on disposal of subsidiaries 0 0 0 0 Recirculation of historical currency adjustments 0 0 0 0 Transaction costs related to disposal -6,644 -3,418 -39 -74 Total gain (loss) on divestment of discontinued operations -6,644 -3,418 -39 -74 \u25cf Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either being held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the fi-nancial statements. Comparative figures are restated to segre-gate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__33-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the difference between the sales price or settlement price and the fair value of any remaining eq-uity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognised in the statement of comprehensive in-come as well as accumulated foreign currency translation ad-justments previously recognised in other comprehensive in-come. Business units that have been divested of in the financial year or are expected to be divested within the following 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either being held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the fi-nancial statements. Comparative figures are restated to segre-gate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__32-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the difference between the sales price or settlement price and the fair value of any remaining eq-uity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognised in the statement of comprehensive in-come as well as accumulated foreign currency translation ad-justments previously recognised in other comprehensive in-come. Business units that have been divested of in the financial year or are expected to be divested within the following 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Estimate of expected credit loss of Receivables from divestment of activities Receivables from divestment are impaired. The expected credit loss has been calculated based on multiple weighted scenarios. The scenarios are based on the available information which mainly relates to the expected ruling of the upcoming court case and the buyers' ability to meet their financial obligation. At 31 December 2025, the carrying value of the receivable from the divestment of SMB Business was DKK 53,998k with no booked expected credit loss, see note 26. AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26NOTE 26 29B31B31B31BDiscontinued operations and gain/loss on sale of shares in subsidiariesGroup Parent Company DKK '000 2025 2024 2025 2024 Net revenue 0 0 0 0 External project costs 0 0 0 0 Gross profit 0 0 0 0 Staff expenses and remuneration 0 0 0 0 Other external costs 0 0 0 0 Other operating income 0 0 0 0 EBITDA 0 0 0 0 Depreciation, amortisation and impairment 0 0 0 0 Operating profit (EBIT) 0 0 0 0 Financial income 0 0 0 0 Financial expenses 0 0 0 0 Profit (loss) before tax from discontinued operations 0 0 0 0 Corporate tax 0 0 0 0 Profit (loss) after tax from discontinued operations 0 0 0 0 Total gain (loss) on divestment of discontinued operations -6,644 -3,418 -39 -74 Profit (loss) from discontinued operations -6,644 -3,418 -39 -74 Earnings per share from discontinued operations of DKK 1.25 (EPS)-0.05 -0.03 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.05 -0.03 Discontinued operations in 2025 \u2013 Group 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, Columbus divested its US\u2011based SMB business as part of the Focus23 strategy. The activity was ac-cordingly classified as discontinued operations in 2021. The consideration comprised USD 8,000k received at closing and deferred consideration of USD 8,500k due in Q2 2022. The buyer has withheld payment of the deferred consideration with reference to asserted claims relating to the acquired busi-ness. Columbus disputes the asserted claims and has de-manded release of the deferred consideration together with in-terest for late payment in 2022. The matter remains subject to legal proceedings and is expected to be resolved in court dur-ing the second quarter of 2026. Columbus expects a favourable outcome in court. At 31 December 2025, the receivable is considered to be im-paired, as a legal dispute over the right to payment under the APA is ongoing. Expected credit losses have been measured us-ing multiple probability\u2011weighted scenarios. The scenarios re-flect all available information, including expectations regarding the court ruling and the buyer's ability to settle any outstanding amount. No impairment has been recorded and the deferred considered is recorded at USD 8.500k, corresponding to DKK 53,998k (2024: USD 8.500k / DKK 60,715K). Discontinued operations in 2024 \u2013 Group No new disposals have occurred in 2024. Income from discon-tinued operations relates to received consideration from previ-ous divestments, which had been written off. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontin-ued operations in the consolidated financial statements, are classified as discontinued operations in the parent company. Gain (loss) on divestment of discontinued operations DKK '000 2025 2024 2025 2024 Gain (loss) on disposal of subsidiaries 0 0 0 0 Recirculation of historical currency adjustments 0 0 0 0 Transaction costs related to disposal -6,644 -3,418 -39 -74 Total gain (loss) on divestment of discontinued operations -6,644 -3,418 -39 -74 \u25cf Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either being held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the fi-nancial statements. Comparative figures are restated to segre-gate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__31-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the difference between the sales price or settlement price and the fair value of any remaining eq-uity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognised in the statement of comprehensive in-come as well as accumulated foreign currency translation ad-justments previously recognised in other comprehensive in-come. Business units that have been divested of in the financial year or are expected to be divested within the following 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either being held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the fi-nancial statements. Comparative figures are restated to segre-gate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__37-1": { "value": "Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefi-nite useful lives as well as investments in subsidiaries are re-viewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the smallest cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distrib-uted to other assets in the unit. Impairment losses are recognised in the statement of compre-hensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to de-termine the recoverable amount, the asset and the cash-gener-ating unit's carrying amount is increased to the adjusted recov-erable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impairment of goodwill is not reversed.Estimate of recoverable amount of goodwill The determination of impairment of recognised goodwill re-quires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of expected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2025, the carrying value of goodwill is DKK 649,762k. For a detailed description of methods and assumptions for im-pairment of goodwill, see note 10.AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26NOTE 6 8BDepreciation, amortisation and impairment Group Parent Company DKK '000 2025 2024 2025 2024 Depreciation36,675 39,495 6,868 7,109 Amortisation 17,854 22,597 14,574 14,272 Impairment 0 18,777 35,143 18,777 Total depreciation, amortisation and impairment54,529 80,869 56,585 40,158NOTE 10 12B10B10B10BIntangible assetsDevelop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2025Balance at 1 January 2025 810,187 51,637 81,181 22,093 1,355 966,453 Currency translation 5,005 1,944 0 -866 0 6,083 Additions 0 0 6,067 0 0 6,067 Additions relating to acquisitions 0 9,650 0 0 0 9,650 Disposal for the year 0 0 0 -810 0 -810 Transfer 0 0 1,355 0 -1,355 0 Balance at 31 December 2025 815,192 63,231 88,603 20,417 0 987,443 Amortisation at 1 January 2025 174,488 38,984 49,612 21,819 0 284,903 Currency translation -9,058 2,250 0 -859 0 -7,667 Amortisation 0 3,080 14,507 267 0 17,854 Reversal of amortisation 0 0 0 -810 0 -810 Amortisation at 31 December 2025 165,430 44,314 64,119 20,417 0 294,280 Carrying amount at 31 December 2025 649,762 18,917 24,484 0 0 693,163 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. For 2025 an impairment test has been performed and has not resulted in any write downs. Develop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2024Balance at 1 January 2024 805,395 45,897 80,331 22,593 0 954,216 Currency translation -4,204 -1,293 0 458 0 -5,039 Additions 0 0 850 0 1,355 2,205 Additions relating to acquisitions 8,996 7,033 0 0 0 16,029 Disposal for the year 0 0 0 -958 0 -958 Balance at 31 December 2024 810,187 51,637 81,181 22,093 1,355 966,453 Amortisation at 1 January 2024 151,152 31,505 35,462 21,955 0 240,074 Currency translation 4,559 -1,280 0 442 0 3,721 Amortisation 0 8,067 14,150 380 0 22,597 Impairment 18,777 0 0 0 18,777 Amortisation relating to acquisitions 0 692 0 0 0 692 Reversal of amortisation 0 0 0 -958 0 -958 Amortisation at 31 December 2024 174,488 38,984 49,612 21,819 0 284,903 Carrying amount at 31 December 2024635,699 12,653 31,569 274 1,355 681,550 Prior year the impairment of DKK 18.8m was related to the prior Security Business Line and was derived from the unsatisfactory performance in the first half of 2024, as well as the assumptions and basis on which it was originally acquired. Hence an impair-ment test had been performed, which resulted in a the write down to the recoverable amount (present value of expected fu-ture cash flows). Hereafter the Security Business Line has been merged with Business Line Dynamics 365 as Security mostly serves Dynamics 365' customers. Hence the remaining goodwill amounting to DKK 32,7m, related to Security has been transferred to Dynamics 365. Goodwill The carrying amount of goodwill is distributed on cash-generat-ing units as shown below: Group Parent Company DKK '000 2025 2024 2025 2024 Business Line Dynamics 365 349.723 346.305 116.123 116.123 M3 159.982 153.442 4.600 4.600 Digital Commerce 118.516 114.133 692 692 Data & AI 15.923 16.143 10.025 10.025 EIM & Other Local Business 5.618 5.676 216 216 Total goodwill 649.762 635.699 131.656 131.656 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-cur-rent assets at least annually and more frequently if there are in-dicators of impairment. The annual impairment test is per-formed per 31 December 2025. The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). During the financial year, the Group merged the Customer Ex-perience & Engagement business line into the Dynamics 365 business line to strengthen our commercial focus and stream-line operations. As a result, comparative figures have been ad-justed to reflect the new business line structure. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calcu-lations of value in use. The most significant uncertainties are connected to the determination of discount rates, growth rates and expected changes in costs in the budget and terminal peri-ods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are ex-pected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and ex-pected revenue and gross profits from sale of software and general development in cost. The budget process takes place in Q4 and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in the Group i.e., consultancy. For the two largest Business Lines which operates within ERP applications, comprising Dynamics 365 an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce and Data & AI's slightly higher growth rates are ap-plied (8-15%), based on the historic higher growth rate and higher expectations for the future. In recent years, the Group has experienced solid underlying growth across all Business Lines, although with natural varia-tions reflecting differences in market maturity and demand patterns. The temporary decline observed in 2025 is primarily attributable to macroeconomic conditions, including cus-tomer\u2011driven postponements of planned projects as well as a generally more cautious approach to new project commit-ments. Towards the end of 2025, the Group entered into one of its largest contract to date, which commenced in early 2026. This agreement further supports the expectations for renewed growth momentum across Business Lines in the projection pe-riod. In generating a terminal value, a growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generat-ing the terminal value for all CGUs. The Group is operating in a market where the development has low sensitivity to market development in general and to the de-velopment in general IT spending by companies. The Group management believes that likely changes in the key assump-tions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash gen-erating units operate expressed as a risk-free rate and the spe-cific risks associated with each cash-generating unit. The dis-count rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of ex-pected future cash flow is 9.4% pre-tax (2024: 10%). The dis-count rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are deter-mined using external sources. The Group applies the same dis-count rates for all cash generating units, as the risk of the indi-vidual cash generating units are reflected in their estimated cash flow. \u25cf Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__36-1": { "value": "Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefi-nite useful lives as well as investments in subsidiaries are re-viewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the smallest cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distrib-uted to other assets in the unit. Impairment losses are recognised in the statement of compre-hensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to de-termine the recoverable amount, the asset and the cash-gener-ating unit's carrying amount is increased to the adjusted recov-erable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impairment of goodwill is not reversed.Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__35-1": { "value": "Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefi-nite useful lives as well as investments in subsidiaries are re-viewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the smallest cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distrib-uted to other assets in the unit. Impairment losses are recognised in the statement of compre-hensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to de-termine the recoverable amount, the asset and the cash-gener-ating unit's carrying amount is increased to the adjusted recov-erable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impairment of goodwill is not reversed.Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__39-1": { "value": "The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2025, and interpreta-tions that are relevant to the Columbus Group are used in pre-paring the financial statements. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2025. New standards and interpretations effective from 2025 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 January 2025, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpre-tations have not had any material impact on Columbus Annual Report 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__38-1": { "value": "The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2025, and interpreta-tions that are relevant to the Columbus Group are used in pre-paring the financial statements. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2025. New standards and interpretations effective from 2025 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 January 2025, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpre-tations have not had any material impact on Columbus Annual Report 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__43-1": { "value": "External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recognised as the project progresses.Other external costs Other external costs include expenses of premises, sale and dis-tribution, office expenses, etc.Accounting policies Direct costs Direct costs comprise all costs directly related to a given Busi-ness Line. This includes subcontractor costs, staff costs for consultants, sales personnel as well as management for the given Business Line, other external costs and other operating income and expenses. NOTE 6 8BDepreciation, amortisation and impairment Group Parent Company DKK '000 2025 2024 2025 2024 Depreciation36,675 39,495 6,868 7,109 Amortisation 17,854 22,597 14,574 14,272 Impairment 0 18,777 35,143 18,777 Total depreciation, amortisation and impairment54,529 80,869 56,585 40,158", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__42-1": { "value": "External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recognised as the project progresses.Other external costs Other external costs include expenses of premises, sale and dis-tribution, office expenses, etc.Accounting policies Direct costs Direct costs comprise all costs directly related to a given Busi-ness Line. This includes subcontractor costs, staff costs for consultants, sales personnel as well as management for the given Business Line, other external costs and other operating income and expenses. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group's primary activi-ties, including but not limited to adjustments of contingent lia-bilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__46": { "value": "Prepayments Prepayments recognised under assets include expenses paid concerning subsequent financial years and are measured at cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__47": { "value": "Deferred income Deferred income recognised under liabilities comprises pay-ments received concerning income in subsequent years meas-ured at cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__50-1": { "value": "Estimate of revenue recognition of fixed price contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship between the number of hours spend in relation to recent total estimate of number of hours. The degree of completion is assessed regularly by the responsi-ble employees, and the projects are closely monitored by man-agement, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this.AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26DKK '000 Sweden Denmark UK Norway US Other GDC Eliminations Total 2025 Sales of services 483,948 367,435 322,871 195,010 98,984 37,008 1,097 0 1,506,353 Sales of products 20,593 22,176 12,428 9,201 5,705 0 0 0 70,103 Total revenue from own markets 504,541 389,611 335,299 204,211 104,689 37,008 1,097 0 1,576,456 Total revenue from group companies 54,588 53,379 22,279 14,392 10,912 10,972 130,143 -296,665 0 Total revenue 559,129 442,990 357,578 218,603 115,601 47,980 131,240 -296,665 1,576,456 Average number of FTE 393 327 210 160 46 40 319 0 1,495 Non-current assets 349,026 215,173 63,227 72,930 21,513 65,632 17,968 0 805,469 2024 Sales of services 507,141 413,391 316,975 227,573 84,126 40,091 3,695 0 1,592,992 Sales 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 0 807,192Revenue Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Group expects to receive in exchange for the products or services. Revenue is recognised net of VAT, taxes etc. collected on behalf of third parties and discounts. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of incremental costs of obtaining a contract. The incre-mental costs to obtain a contract are recognised as an expense when incurred if the amortisation period of the asset that the Group otherwise would have recognised is one year or less. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of a financing component if the period between the trans-fer of services to the customer and the customer's payment for these services is expected to be one year or less. The Group primarily enters into contracts which span over a longer period. Revenue is recognised on an ongoing basis since the product delivered is not usable for the Group in other cir-cumstances. Additionally, the asset is under control of the cus-tomer, and the Group has the right to payment for work per-formed according to the contract. The Group typically enters into contracts that include a combi-nation of software licenses and consulting services. These con-tracts are classified as multiple element contracts. Multiple ele-ment contracts are generally capable of being distinct and ac-counted for as separate performance obligations. Multiple ele-ment contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognised individually, so that the sale of software and consulting services is recognised separately at their standalone selling prices. The majority of the Group\u2019s customer base has payment terms between 14 and 60 days from the invoice date. The Group's ac-counting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third-party software where the Group does not own the software, and the Group is a re-seller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the cus-tomer. Revenue from distinct on-premise licenses is recognised upfront at the point in time when the software is accepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external li-censes on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External subscriptions External subscriptions are subscriptions to third party software where the Group does not own the software, and the Group is a reseller of the software subscriptions. The subscriptions to ex-ternal software entitle the customer to receive new versions of the software that the third-party software provider releases. Ex-ternal subscriptions are recognised at the point in time when the subscription is accepted by the customer as the perfor-mance obligation to the Group is completed. The Group recog-nises the revenue from external subscriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where the Group does not own the software, and the Group is a reseller of the usage to the software. External cloud is classified as software-as-a-ser-vice (SaaS), which allows customers to use hosted software without taking possession of the software. External cloud is rec-ognised upfront at the point in time when the software is ac-cepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material con-tracts are recognised over time as production of each project is conducted. Revenue from fixed price projects is recognised based on the value corresponding to the stage of completion method. Revenue is recognised when total income and ex-penses of the projects and completion at the balance sheet date can be measured reliably as the Group satisfies its perfor-mance obligations and it is probable that the economic bene-fits including payments will flow to the Group. The Group con-siders this input method to be an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \"Contract assets.\" Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \"Contract lia-bilities.\" NOTE 15 18B15B15B15BContract assets and contract liabilitiesGroup Parent Company DKK '000 2025 2024 2025 2024 Balance at start of period -2,094 824 -262 -1,377 Changes contract assets during the period 9,506 -15,483 6,500 -5,620 Changes on account billing and prepayments during the period-6,991 12,565 -10,070 6,735 Balance at end of period 421 -2,094 -3,832 -262 Work in progress 33,320 23,814 10,422 3,922 On account billing and prepayments -32,899 -25,908 -14,254 -4,184 Balance at end of period 421 -2,094 -3,832 -262 The net value is included in the balance as follows: Contract assets 9,644 5,793 1,160 567 Contract liabilities -9,223 -7,887 -4,992 -829 Balance at end of period 421 -2,094 -3,832 -262 Of the prepayments as of December 2024, DKK 8,181k has been recognised as revenue in the reporting period corresponding to 82%. The Group's total value of contracts represents DKK 41,082k as of 31 December 2025 (2024: DKK 25,719k). DKK 11,388k of the total contract value is recognised as revenue as of 31 December 2025 (2024: DKK 6,953k). The remaining DKK 29,694k is ex-pected to be recognised as revenue within 12-18 months from the balance date (2024: DKK 18,766k). The higher contract val-ues in 2025 compared to 2024 are due to an increase of new deals starting in later part of 2025. \u25cf Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and ex-pected losses. Sales value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the consumption of resources cannot be used as a base, the measurement is in-stead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is recognised immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognised at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognised in the balance sheet under current assets or liabilities, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognised in statement of comprehensive income as incurred. When assessing impairment for the Group's contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group's trade receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__49-1": { "value": "Estimate of revenue recognition of fixed price contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship between the number of hours spend in relation to recent total estimate of number of hours. The degree of completion is assessed regularly by the responsi-ble employees, and the projects are closely monitored by man-agement, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this.AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26Revenue Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Group expects to receive in exchange for the products or services. Revenue is recognised net of VAT, taxes etc. collected on behalf of third parties and discounts. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of incremental costs of obtaining a contract. The incre-mental costs to obtain a contract are recognised as an expense when incurred if the amortisation period of the asset that the Group otherwise would have recognised is one year or less. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of a financing component if the period between the trans-fer of services to the customer and the customer's payment for these services is expected to be one year or less. The Group primarily enters into contracts which span over a longer period. Revenue is recognised on an ongoing basis since the product delivered is not usable for the Group in other cir-cumstances. Additionally, the asset is under control of the cus-tomer, and the Group has the right to payment for work per-formed according to the contract. The Group typically enters into contracts that include a combi-nation of software licenses and consulting services. These con-tracts are classified as multiple element contracts. Multiple ele-ment contracts are generally capable of being distinct and ac-counted for as separate performance obligations. Multiple ele-ment contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognised individually, so that the sale of software and consulting services is recognised separately at their standalone selling prices. The majority of the Group\u2019s customer base has payment terms between 14 and 60 days from the invoice date. The Group's ac-counting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third-party software where the Group does not own the software, and the Group is a re-seller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the cus-tomer. Revenue from distinct on-premise licenses is recognised upfront at the point in time when the software is accepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external li-censes on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External subscriptions External subscriptions are subscriptions to third party software where the Group does not own the software, and the Group is a reseller of the software subscriptions. The subscriptions to ex-ternal software entitle the customer to receive new versions of the software that the third-party software provider releases. Ex-ternal subscriptions are recognised at the point in time when the subscription is accepted by the customer as the perfor-mance obligation to the Group is completed. The Group recog-nises the revenue from external subscriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where the Group does not own the software, and the Group is a reseller of the usage to the software. External cloud is classified as software-as-a-ser-vice (SaaS), which allows customers to use hosted software without taking possession of the software. External cloud is rec-ognised upfront at the point in time when the software is ac-cepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material con-tracts are recognised over time as production of each project is conducted. Revenue from fixed price projects is recognised based on the value corresponding to the stage of completion method. Revenue is recognised when total income and ex-penses of the projects and completion at the balance sheet date can be measured reliably as the Group satisfies its perfor-mance obligations and it is probable that the economic bene-fits including payments will flow to the Group. The Group con-siders this input method to be an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \"Contract assets.\" Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \"Contract lia-bilities.\" DKK '000 Sweden Denmark UK Norway US Other GDC Eliminations Total 2025 Sales of services 483,948 367,435 322,871 195,010 98,984 37,008 1,097 0 1,506,353 Sales of products 20,593 22,176 12,428 9,201 5,705 0 0 0 70,103 Total revenue from own markets 504,541 389,611 335,299 204,211 104,689 37,008 1,097 0 1,576,456 Total revenue from group companies 54,588 53,379 22,279 14,392 10,912 10,972 130,143 -296,665 0 Total revenue 559,129 442,990 357,578 218,603 115,601 47,980 131,240 -296,665 1,576,456 Average number of FTE 393 327 210 160 46 40 319 0 1,495 Non-current assets 349,026 215,173 63,227 72,930 21,513 65,632 17,968 0 805,469 2024 Sales of services 507,141 413,391 316,975 227,573 84,126 40,091 3,695 0 1,592,992 Sales 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", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__54-1": { "value": "Estimate of recoverable amount of goodwill The determination of impairment of recognised goodwill re-quires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of expected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2025, the carrying value of goodwill is DKK 649,762k. For a detailed description of methods and assumptions for im-pairment of goodwill, see note 10.AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26NOTE 10 12B10B10B10BIntangible assetsDevelop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2025Balance at 1 January 2025 810,187 51,637 81,181 22,093 1,355 966,453 Currency translation 5,005 1,944 0 -866 0 6,083 Additions 0 0 6,067 0 0 6,067 Additions relating to acquisitions 0 9,650 0 0 0 9,650 Disposal for the year 0 0 0 -810 0 -810 Transfer 0 0 1,355 0 -1,355 0 Balance at 31 December 2025 815,192 63,231 88,603 20,417 0 987,443 Amortisation at 1 January 2025 174,488 38,984 49,612 21,819 0 284,903 Currency translation -9,058 2,250 0 -859 0 -7,667 Amortisation 0 3,080 14,507 267 0 17,854 Reversal of amortisation 0 0 0 -810 0 -810 Amortisation at 31 December 2025 165,430 44,314 64,119 20,417 0 294,280 Carrying amount at 31 December 2025 649,762 18,917 24,484 0 0 693,163 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. For 2025 an impairment test has been performed and has not resulted in any write downs. Develop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2024Balance at 1 January 2024 805,395 45,897 80,331 22,593 0 954,216 Currency translation -4,204 -1,293 0 458 0 -5,039 Additions 0 0 850 0 1,355 2,205 Additions relating to acquisitions 8,996 7,033 0 0 0 16,029 Disposal for the year 0 0 0 -958 0 -958 Balance at 31 December 2024 810,187 51,637 81,181 22,093 1,355 966,453 Amortisation at 1 January 2024 151,152 31,505 35,462 21,955 0 240,074 Currency translation 4,559 -1,280 0 442 0 3,721 Amortisation 0 8,067 14,150 380 0 22,597 Impairment 18,777 0 0 0 18,777 Amortisation relating to acquisitions 0 692 0 0 0 692 Reversal of amortisation 0 0 0 -958 0 -958 Amortisation at 31 December 2024 174,488 38,984 49,612 21,819 0 284,903 Carrying amount at 31 December 2024635,699 12,653 31,569 274 1,355 681,550 Prior year the impairment of DKK 18.8m was related to the prior Security Business Line and was derived from the unsatisfactory performance in the first half of 2024, as well as the assumptions and basis on which it was originally acquired. Hence an impair-ment test had been performed, which resulted in a the write down to the recoverable amount (present value of expected fu-ture cash flows). Hereafter the Security Business Line has been merged with Business Line Dynamics 365 as Security mostly serves Dynamics 365' customers. Hence the remaining goodwill amounting to DKK 32,7m, related to Security has been transferred to Dynamics 365. Goodwill The carrying amount of goodwill is distributed on cash-generat-ing units as shown below: Group Parent Company DKK '000 2025 2024 2025 2024 Business Line Dynamics 365 349.723 346.305 116.123 116.123 M3 159.982 153.442 4.600 4.600 Digital Commerce 118.516 114.133 692 692 Data & AI 15.923 16.143 10.025 10.025 EIM & Other Local Business 5.618 5.676 216 216 Total goodwill 649.762 635.699 131.656 131.656 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-cur-rent assets at least annually and more frequently if there are in-dicators of impairment. The annual impairment test is per-formed per 31 December 2025. The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). During the financial year, the Group merged the Customer Ex-perience & Engagement business line into the Dynamics 365 business line to strengthen our commercial focus and stream-line operations. As a result, comparative figures have been ad-justed to reflect the new business line structure. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calcu-lations of value in use. The most significant uncertainties are connected to the determination of discount rates, growth rates and expected changes in costs in the budget and terminal peri-ods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are ex-pected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and ex-pected revenue and gross profits from sale of software and general development in cost. The budget process takes place in Q4 and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in the Group i.e., consultancy. For the two largest Business Lines which operates within ERP applications, comprising Dynamics 365 an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce and Data & AI's slightly higher growth rates are ap-plied (8-15%), based on the historic higher growth rate and higher expectations for the future. In recent years, the Group has experienced solid underlying growth across all Business Lines, although with natural varia-tions reflecting differences in market maturity and demand patterns. The temporary decline observed in 2025 is primarily attributable to macroeconomic conditions, including cus-tomer\u2011driven postponements of planned projects as well as a generally more cautious approach to new project commit-ments. Towards the end of 2025, the Group entered into one of its largest contract to date, which commenced in early 2026. This agreement further supports the expectations for renewed growth momentum across Business Lines in the projection pe-riod. In generating a terminal value, a growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generat-ing the terminal value for all CGUs. The Group is operating in a market where the development has low sensitivity to market development in general and to the de-velopment in general IT spending by companies. The Group management believes that likely changes in the key assump-tions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash gen-erating units operate expressed as a risk-free rate and the spe-cific risks associated with each cash-generating unit. The dis-count rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of ex-pected future cash flow is 9.4% pre-tax (2024: 10%). The dis-count rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are deter-mined using external sources. The Group applies the same dis-count rates for all cash generating units, as the risk of the indi-vidual cash generating units are reflected in their estimated cash flow. \u25cf Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__53-1": { "value": "Estimate of recoverable amount of goodwill The determination of impairment of recognised goodwill re-quires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of expected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2025, the carrying value of goodwill is DKK 649,762k. For a detailed description of methods and assumptions for im-pairment of goodwill, see note 10.AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26NOTE 10 12B10B10B10BIntangible assetsDevelop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2025Balance at 1 January 2025 810,187 51,637 81,181 22,093 1,355 966,453 Currency translation 5,005 1,944 0 -866 0 6,083 Additions 0 0 6,067 0 0 6,067 Additions relating to acquisitions 0 9,650 0 0 0 9,650 Disposal for the year 0 0 0 -810 0 -810 Transfer 0 0 1,355 0 -1,355 0 Balance at 31 December 2025 815,192 63,231 88,603 20,417 0 987,443 Amortisation at 1 January 2025 174,488 38,984 49,612 21,819 0 284,903 Currency translation -9,058 2,250 0 -859 0 -7,667 Amortisation 0 3,080 14,507 267 0 17,854 Reversal of amortisation 0 0 0 -810 0 -810 Amortisation at 31 December 2025 165,430 44,314 64,119 20,417 0 294,280 Carrying amount at 31 December 2025 649,762 18,917 24,484 0 0 693,163 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. For 2025 an impairment test has been performed and has not resulted in any write downs. Develop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2024Balance at 1 January 2024 805,395 45,897 80,331 22,593 0 954,216 Currency translation -4,204 -1,293 0 458 0 -5,039 Additions 0 0 850 0 1,355 2,205 Additions relating to acquisitions 8,996 7,033 0 0 0 16,029 Disposal for the year 0 0 0 -958 0 -958 Balance at 31 December 2024 810,187 51,637 81,181 22,093 1,355 966,453 Amortisation at 1 January 2024 151,152 31,505 35,462 21,955 0 240,074 Currency translation 4,559 -1,280 0 442 0 3,721 Amortisation 0 8,067 14,150 380 0 22,597 Impairment 18,777 0 0 0 18,777 Amortisation relating to acquisitions 0 692 0 0 0 692 Reversal of amortisation 0 0 0 -958 0 -958 Amortisation at 31 December 2024 174,488 38,984 49,612 21,819 0 284,903 Carrying amount at 31 December 2024635,699 12,653 31,569 274 1,355 681,550 Prior year the impairment of DKK 18.8m was related to the prior Security Business Line and was derived from the unsatisfactory performance in the first half of 2024, as well as the assumptions and basis on which it was originally acquired. Hence an impair-ment test had been performed, which resulted in a the write down to the recoverable amount (present value of expected fu-ture cash flows). Hereafter the Security Business Line has been merged with Business Line Dynamics 365 as Security mostly serves Dynamics 365' customers. Hence the remaining goodwill amounting to DKK 32,7m, related to Security has been transferred to Dynamics 365. Goodwill The carrying amount of goodwill is distributed on cash-generat-ing units as shown below: Group Parent Company DKK '000 2025 2024 2025 2024 Business Line Dynamics 365 349.723 346.305 116.123 116.123 M3 159.982 153.442 4.600 4.600 Digital Commerce 118.516 114.133 692 692 Data & AI 15.923 16.143 10.025 10.025 EIM & Other Local Business 5.618 5.676 216 216 Total goodwill 649.762 635.699 131.656 131.656 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-cur-rent assets at least annually and more frequently if there are in-dicators of impairment. The annual impairment test is per-formed per 31 December 2025. The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). During the financial year, the Group merged the Customer Ex-perience & Engagement business line into the Dynamics 365 business line to strengthen our commercial focus and stream-line operations. As a result, comparative figures have been ad-justed to reflect the new business line structure. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calcu-lations of value in use. The most significant uncertainties are connected to the determination of discount rates, growth rates and expected changes in costs in the budget and terminal peri-ods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are ex-pected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and ex-pected revenue and gross profits from sale of software and general development in cost. The budget process takes place in Q4 and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in the Group i.e., consultancy. For the two largest Business Lines which operates within ERP applications, comprising Dynamics 365 an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce and Data & AI's slightly higher growth rates are ap-plied (8-15%), based on the historic higher growth rate and higher expectations for the future. In recent years, the Group has experienced solid underlying growth across all Business Lines, although with natural varia-tions reflecting differences in market maturity and demand patterns. The temporary decline observed in 2025 is primarily attributable to macroeconomic conditions, including cus-tomer\u2011driven postponements of planned projects as well as a generally more cautious approach to new project commit-ments. Towards the end of 2025, the Group entered into one of its largest contract to date, which commenced in early 2026. This agreement further supports the expectations for renewed growth momentum across Business Lines in the projection pe-riod. In generating a terminal value, a growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generat-ing the terminal value for all CGUs. The Group is operating in a market where the development has low sensitivity to market development in general and to the de-velopment in general IT spending by companies. The Group management believes that likely changes in the key assump-tions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash gen-erating units operate expressed as a risk-free rate and the spe-cific risks associated with each cash-generating unit. The dis-count rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of ex-pected future cash flow is 9.4% pre-tax (2024: 10%). The dis-count rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are deter-mined using external sources. The Group applies the same dis-count rates for all cash generating units, as the risk of the indi-vidual cash generating units are reflected in their estimated cash flow. \u25cf Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__56-1": { "value": "Estimate of utilisation of deferred tax assets 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 31 December 2025, the carrying value of recognised tax assets was DKK 29,122k, which is estimated to be realised in the foreseeable future (5 years or less), see note 8.AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26Group Parent Company DKK \u00b4000 2025 2024 2025 2024 Deferred tax assets/liabilities (net) Balance at 1 January 35,482 16,969 236 -4,168 Deferred tax assets / liabilities 1 January 35,482 16,969 236 -4,168 Currency adjustments -365 -1,675 0 0 Adjustment to previous years -4,441 -4,487 -924 884 Additions from business combinations 0 -1,596 0 0 This year's change in deferred tax -1,719 26,271 729 3,520 Balance at 31 December 28,957 35,482 41 236 Deferred tax receivable 29,122 37,325 41 236 Deferred tax payable -165 -1,843 0 0 Balance at 31 December 28,957 35,482 41 236 Deferred tax assets / liabilities relate to Intangible assets -9,853 -11,429 -4,604 -5,742 Tangible assets 3,490 1,898 1,685 2,122 Current assets -1,405 -2,731 -1,474 -2,704 Loss carry forward 36,725 47,744 4,434 6,560 Balance at 31 December 28,957 35,482 41 236 Based on the management's assessment of future income, short-term tax assets are expected to be DKK 11m and the re-maining tax assets are expected to be utilised within a 3-5-year period. The capitalised loss carry forward primarily relates to the sub-sidiaries in Sweden, US and Denmark. The Swedish deferred tax asset primarily originates from before the acquisition of iStone in 2018 and is now being recovered by the ordinary operations. The US subsidiary has seen significant growth in recent years. It is now projected that within a few years, the market will gener-ate substantial surpluses, enabling companies to utilise losses from previous years. The Group's non-capitalised tax assets amount to DKK 24m (2024: DKK 27m).Deferred tax is recognised using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is pro-vided on temporary differences arising on investments in sub-sidiaries and associates, unless the parent is able to control when the deferred tax is realised, and it is probable that the de-ferred tax will not become payable as current tax in the fore-seeable future. Deferred tax is calculated based on the ex-pected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively en-acted laws at the balance sheet dates that are expected to ap-ply when the deferred tax is expected to become payable as current tax. Changes in deferred tax due to changes in tax rates or rules are recognised in the statement of comprehensive in-come unless the deferred tax is attributable to transactions previously recognised directly in equity or in other comprehen-sive income. In the latter case, the change is also recognised in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry for-wards, are recognised at the value at which they are expected to be realised, either as net assets to offset against future taxa-ble income or against deferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxa-ble profits against which the deferred tax asset can be utilised. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses)", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__48": { "value": "NOTE 2 1B1B1B1BMaterial accounting estimates and judgementsBy applying the Group's accounting principles as described in each of the individual notes to the consolidated financial state-ments, it is necessary that the management performs judge-ments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The performed estimates and judgements are based on histori-cal experience and other factors that management considers reasonable under the circumstances, but which are inherently uncertain and unpredictable. The assumptions may be incom-plete or inaccurate, and unexpected events or circumstances may occur. Columbus Group is also subject to risks and uncer-tainties that may cause actual results to differ from these esti-mates. Specific risks for the Columbus Group are described in \"Risk Management\", cf. page 45. The estimates and underlying assumptions are reviewed regu-larly. Changes to accounting estimates are recognised in the accounting period in which the change occurs and in future pe-riods if the change affects both the period in which the change occurs and subsequent accounting periods. For further de-scription of the applied judgements and estimates, please refer to the specific notes listed above. The following judgements and estimates are considered as the most material for the Group. Estimate of revenue recognition of fixed price contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship between the number of hours spend in relation to recent total estimate of number of hours. The degree of completion is assessed regularly by the responsi-ble employees, and the projects are closely monitored by man-agement, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this. Estimate of recoverable amount of goodwill The determination of impairment of recognised goodwill re-quires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of expected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2025, the carrying value of goodwill is DKK 649,762k. For a detailed description of methods and assumptions for im-pairment of goodwill, see note 10. Estimate of utilisation of deferred tax assets 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 31 December 2025, the carrying value of recognised tax assets was DKK 29,122k, which is estimated to be realised in the foreseeable future (5 years or less), see note 8. Estimate of expected credit loss of Receivables from divestment of activities Receivables from divestment are impaired. The expected credit loss has been calculated based on multiple weighted scenarios. The scenarios are based on the available information which mainly relates to the expected ruling of the upcoming court case and the buyers' ability to meet their financial obligation. At 31 December 2025, the carrying value of the receivable from the divestment of SMB Business was DKK 53,998k with no booked expected credit loss, see note 26. AreasMaterial/SignificantNoteEstimates Revenue recognition and contract assets and liabilities Material 3, 15 Deferred tax assetSignificant8Impairment of goodwill Significant 10 Receivables from divestment of activitiesMaterial26", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__65": { "value": "NOTE 3 2BSegment dataGlobal Delivery Centers Strategic Business LinesMarket Units(GDC)Dynamics 365 Sweden Poland M3DenmarkCzech RepublicDigital CommerceUKIndiaData & AI NorwayEIM & Other Local BusinessUSOtherIn order to support decisions about allocation of resources and assessment of performance of the segments, the Group's man-agement reporting of the Executive Board is based on the above grouping of operating segments. Management monitors the business, primarily based on the Business Lines and secondarily on the geographical segments. Comments relating to the growth of the Business Lines are de-scribed in the management commentary under the financial re-view. 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 remaining revenue which does not fall into any of the above-mentioned Business Lines, is clas-sified as EIM & Other Local Business. Market Units comprise of significant geographical markets that the Group operates in. Management uses the Market Units to assess market conditions and performance on revenue only. The operating segments are measured from revenue to contri-bution, as this represents the significant part of the operation of the segments. The balance sheet is measured for legal enti-ties only. Cost related to functions necessary to support the business is classified as Enabling Functions and comprise of all cost not di-rectly related to a specific Business Line, including costs related to facility, marketing, finance, people, legal and management. Enabling Functions mostly operate as global teams, servicing across Business Line and geography. Income and costs recog-nised in the profit and loss, which is not directly related to a business line is included in Enabling functions, i.e. legal cases and M&A activities. Reconciliation between EBITDA and Profit before tax is shown in the comprehensive income statement. Business Lines Service Revenue Split 2025 2%6%11%60%21%Dynamics 365M3Digital CommerceData & AIEIM & Other Local BusinessServices Products Total revenue Ext. project costs Staff expenses Other External Other operating Total direct cost Contribution CM % DKK '0002025 Dynamics 365 899,147 48,620 947,767 -87,829 -602,053 -25,660 -9,567 -725,109 222,658 23% M3 321,547 3,637 325,184 -54,929 -191,549 -12,931 0 -259,409 65,775 20% Digital Commerce 173,384 1,322 174,706 -18,876 -123,329 -10,586 -474 -153,265 21,441 12% Data & AI 90,992 408 91,400 -6,549 -73,229 -3,388 -189 -83,355 8,045 9% EIM & Other Local Business 21,283 16,116 37,399 -1,361 -17,630 -1,956 0 -20,947 16,452 44% Total 1,506,353 70,103 1,576,456 -169,544 -1,007,790 -54,521 -10,230 -1,242,085 334,371 21% Enabling Functions-3,321 -130,547 -91,263 3,704 -221,427 Total cost -172,865 -1,138,337 -145,784 -6,526 EBITDA 112,944 Services Products Total revenue Ext. project costs Staff expenses Other External Other operating Total direct cost Contribution CM % DKK \u00b40002024 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% EIM & 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 DKK '000 Sweden Denmark UK Norway US Other GDC Eliminations Total 2025 Sales of services 483,948 367,435 322,871 195,010 98,984 37,008 1,097 0 1,506,353 Sales of products 20,593 22,176 12,428 9,201 5,705 0 0 0 70,103 Total revenue from own markets 504,541 389,611 335,299 204,211 104,689 37,008 1,097 0 1,576,456 Total revenue from group companies 54,588 53,379 22,279 14,392 10,912 10,972 130,143 -296,665 0 Total revenue 559,129 442,990 357,578 218,603 115,601 47,980 131,240 -296,665 1,576,456 Average number of FTE 393 327 210 160 46 40 319 0 1,495 Non-current assets 349,026 215,173 63,227 72,930 21,513 65,632 17,968 0 805,469 2024 Sales of services 507,141 413,391 316,975 227,573 84,126 40,091 3,695 0 1,592,992 Sales 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 0 807,192Development in Business Lines Comments relating to the growth of the Business Lines are described in the management commentary under the financial review. Reconciliation between EBITDA and Profit before tax is shown in the comprehensive income statement. As of 1 January 2025, the Customer Experience & Engagement (CXE) Business Line has been merged into Dynamics 365 Busi-ness Line. CXE was integrated into Dynamics 365 as evolving technologies increasingly converged on a shared platform. As a result, CXE could no longer operate as an independent Business Line, and the merger ensured stronger alignment, scalability, and long\u2011term strategic value. As of 1 July 2024, the Security Business Line has been merged into Dynamics 365 Business Line. Security shifted its focus to delivering Microsoft Security solutions with a primary emphasis on serving Dynamics 365 customers. To streamline the Business Line setup, the Business Line has been merged into Dynamics 365. This consolidation combines the strengths and resources of both Business Lines to create a more efficient and stream-lined operation, enhancing our overall capabilities and market presence. The figures in all tables related to the Segment Data, have been updated accordingly including all historical data. Goodwill As a result of the merger of Customer Experience & Engage-ment into Dynamics 365, the Goodwill from Customer Experi-ence & Engagement on DKK 8.8m has been transferred to Dynamics 365 as of 1 January 2025. As a result of the merger of Security into Dynamics 365, the Good-will from Security on DKK 32.8m has been transferred to Dynamics 365 as of 1 July 2024. Further information in regards to goodwill, please refer to note 10. Average FTE 2025 2024 Business Line Dynamics 365 758 785 M3 245 256 Digital Commerce 177 211 Data & AI 88 91 EIM & Other Local Business 23 31 Business Line average number of FTE 1,291 1,374 Enabling Functions 204 213 Average number of FTE 1,495 1,587 \u25cf Accounting policies Direct costs Direct costs comprise all costs directly related to a given Busi-ness Line. This includes subcontractor costs, staff costs for consultants, sales personnel as well as management for the given Business Line, other external costs and other operating income and expenses. Contribution and contribution margin (CM) The contribution is comprising revenue for the given Business Line deducted all direct costs for the given Business Line. Contribution margin is calculated as contribution divided by total revenue. Revenue Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Group expects to receive in exchange for the products or services. Revenue is recognised net of VAT, taxes etc. collected on behalf of third parties and discounts. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of incremental costs of obtaining a contract. The incre-mental costs to obtain a contract are recognised as an expense when incurred if the amortisation period of the asset that the Group otherwise would have recognised is one year or less. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of a financing component if the period between the trans-fer of services to the customer and the customer's payment for these services is expected to be one year or less. The Group primarily enters into contracts which span over a longer period. Revenue is recognised on an ongoing basis since the product delivered is not usable for the Group in other cir-cumstances. Additionally, the asset is under control of the cus-tomer, and the Group has the right to payment for work per-formed according to the contract. The Group typically enters into contracts that include a combi-nation of software licenses and consulting services. These con-tracts are classified as multiple element contracts. Multiple ele-ment contracts are generally capable of being distinct and ac-counted for as separate performance obligations. Multiple ele-ment contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognised individually, so that the sale of software and consulting services is recognised separately at their standalone selling prices. The majority of the Group\u2019s customer base has payment terms between 14 and 60 days from the invoice date. The Group's ac-counting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third-party software where the Group does not own the software, and the Group is a re-seller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the cus-tomer. Revenue from distinct on-premise licenses is recognised upfront at the point in time when the software is accepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external li-censes on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External subscriptions External subscriptions are subscriptions to third party software where the Group does not own the software, and the Group is a reseller of the software subscriptions. The subscriptions to ex-ternal software entitle the customer to receive new versions of the software that the third-party software provider releases. Ex-ternal subscriptions are recognised at the point in time when the subscription is accepted by the customer as the perfor-mance obligation to the Group is completed. The Group recog-nises the revenue from external subscriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where the Group does not own the software, and the Group is a reseller of the usage to the software. External cloud is classified as software-as-a-ser-vice (SaaS), which allows customers to use hosted software without taking possession of the software. External cloud is rec-ognised upfront at the point in time when the software is ac-cepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material con-tracts are recognised over time as production of each project is conducted. Revenue from fixed price projects is recognised based on the value corresponding to the stage of completion method. Revenue is recognised when total income and ex-penses of the projects and completion at the balance sheet date can be measured reliably as the Group satisfies its perfor-mance obligations and it is probable that the economic bene-fits including payments will flow to the Group. The Group con-siders this input method to be an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \"Contract assets.\" Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \"Contract lia-bilities.\" ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__72": { "value": "Accounting policies Direct costs Direct costs comprise all costs directly related to a given Busi-ness Line. This includes subcontractor costs, staff costs for consultants, sales personnel as well as management for the given Business Line, other external costs and other operating income and expenses. Contribution and contribution margin (CM) The contribution is comprising revenue for the given Business Line deducted all direct costs for the given Business Line. Contribution margin is calculated as contribution divided by total revenue. Revenue Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Group expects to receive in exchange for the products or services. Revenue is recognised net of VAT, taxes etc. collected on behalf of third parties and discounts. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of incremental costs of obtaining a contract. The incre-mental costs to obtain a contract are recognised as an expense when incurred if the amortisation period of the asset that the Group otherwise would have recognised is one year or less. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of a financing component if the period between the trans-fer of services to the customer and the customer's payment for these services is expected to be one year or less. The Group primarily enters into contracts which span over a longer period. Revenue is recognised on an ongoing basis since the product delivered is not usable for the Group in other cir-cumstances. Additionally, the asset is under control of the cus-tomer, and the Group has the right to payment for work per-formed according to the contract. The Group typically enters into contracts that include a combi-nation of software licenses and consulting services. These con-tracts are classified as multiple element contracts. Multiple ele-ment contracts are generally capable of being distinct and ac-counted for as separate performance obligations. Multiple ele-ment contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognised individually, so that the sale of software and consulting services is recognised separately at their standalone selling prices. The majority of the Group\u2019s customer base has payment terms between 14 and 60 days from the invoice date. The Group's ac-counting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third-party software where the Group does not own the software, and the Group is a re-seller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the cus-tomer. Revenue from distinct on-premise licenses is recognised upfront at the point in time when the software is accepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external li-censes on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External subscriptions External subscriptions are subscriptions to third party software where the Group does not own the software, and the Group is a reseller of the software subscriptions. The subscriptions to ex-ternal software entitle the customer to receive new versions of the software that the third-party software provider releases. Ex-ternal subscriptions are recognised at the point in time when the subscription is accepted by the customer as the perfor-mance obligation to the Group is completed. The Group recog-nises the revenue from external subscriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where the Group does not own the software, and the Group is a reseller of the usage to the software. External cloud is classified as software-as-a-ser-vice (SaaS), which allows customers to use hosted software without taking possession of the software. External cloud is rec-ognised upfront at the point in time when the software is ac-cepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material con-tracts are recognised over time as production of each project is conducted. Revenue from fixed price projects is recognised based on the value corresponding to the stage of completion method. Revenue is recognised when total income and ex-penses of the projects and completion at the balance sheet date can be measured reliably as the Group satisfies its perfor-mance obligations and it is probable that the economic bene-fits including payments will flow to the Group. The Group con-siders this input method to be an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \"Contract assets.\" Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \"Contract lia-bilities.\" ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__71": { "value": "Accounting policies Direct costs Direct costs comprise all costs directly related to a given Busi-ness Line. This includes subcontractor costs, staff costs for consultants, sales personnel as well as management for the given Business Line, other external costs and other operating income and expenses. Contribution and contribution margin (CM) The contribution is comprising revenue for the given Business Line deducted all direct costs for the given Business Line. Contribution margin is calculated as contribution divided by total revenue. Revenue Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Group expects to receive in exchange for the products or services. Revenue is recognised net of VAT, taxes etc. collected on behalf of third parties and discounts. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of incremental costs of obtaining a contract. The incre-mental costs to obtain a contract are recognised as an expense when incurred if the amortisation period of the asset that the Group otherwise would have recognised is one year or less. The Group has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the ef-fect of a financing component if the period between the trans-fer of services to the customer and the customer's payment for these services is expected to be one year or less. The Group primarily enters into contracts which span over a longer period. Revenue is recognised on an ongoing basis since the product delivered is not usable for the Group in other cir-cumstances. Additionally, the asset is under control of the cus-tomer, and the Group has the right to payment for work per-formed according to the contract. The Group typically enters into contracts that include a combi-nation of software licenses and consulting services. These con-tracts are classified as multiple element contracts. Multiple ele-ment contracts are generally capable of being distinct and ac-counted for as separate performance obligations. Multiple ele-ment contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognised individually, so that the sale of software and consulting services is recognised separately at their standalone selling prices. The majority of the Group\u2019s customer base has payment terms between 14 and 60 days from the invoice date. The Group's ac-counting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third-party software where the Group does not own the software, and the Group is a re-seller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the cus-tomer. Revenue from distinct on-premise licenses is recognised upfront at the point in time when the software is accepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external li-censes on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External subscriptions External subscriptions are subscriptions to third party software where the Group does not own the software, and the Group is a reseller of the software subscriptions. The subscriptions to ex-ternal software entitle the customer to receive new versions of the software that the third-party software provider releases. Ex-ternal subscriptions are recognised at the point in time when the subscription is accepted by the customer as the perfor-mance obligation to the Group is completed. The Group recog-nises the revenue from external subscriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where the Group does not own the software, and the Group is a reseller of the usage to the software. External cloud is classified as software-as-a-ser-vice (SaaS), which allows customers to use hosted software without taking possession of the software. External cloud is rec-ognised upfront at the point in time when the software is ac-cepted by the customer as the performance obligation to the Group is completed. The Group recognises the revenue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material con-tracts are recognised over time as production of each project is conducted. Revenue from fixed price projects is recognised based on the value corresponding to the stage of completion method. Revenue is recognised when total income and ex-penses of the projects and completion at the balance sheet date can be measured reliably as the Group satisfies its perfor-mance obligations and it is probable that the economic bene-fits including payments will flow to the Group. The Group con-siders this input method to be an appropriate measure of the progress towards complete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \"Contract assets.\" Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \"Contract lia-bilities.\" ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__77": { "value": "The key management in the Group are remunerated as follows: Executive Board of Total Executive Other Key DKK '000Board Directors Management Management 2025Salary and wages 9,595 1,163 10,758 17,023 Share-based payment 600 0 600 0 10,195 1,163 11,358 17,023 2024 Salary and wages 11,820 1,163 12,983 18,913 Share-based payment 1,340 0 1,340 0 13,160 1,163 14,323 18,913 Other key management is defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other key management is DKK 1.9m lower than 2024 due to key management employees leaving the company during 2025 as part of an organisational restructuring. In 2025 DKK 0.8m is related to termination benefits. The Executive Board and a number of key management em-ployees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined perfor-mance targets. The arrangements are unchanged compared to last year. Incentive schemes The Group only grants warrant programs to key management as part of remuneration and retention of the employee. In April 2023 the Group established a warrant program for sen-ior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group.In February 2024 the Group established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2027. On the grant date the fair value of the warrants was DKK 1,923,999. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group. Changes in the capital in the Group, distribution of dividend or change of control do not result in any adjustment of the num-ber of warrants or the exercise price.The development in outstanding warrants can be specified as follows: Number of warrants Avg. exercise rate per warrant 2025 2024 2025 2024 Outstanding 1 January 1,749,999 1,749,999 7.04 9.56 Granted during the period 0 1,299,999 0.00 7.24 Expired during the period 0 -1,299,999 0.00 10.63 Outstanding end of period 1,749,999 1,749,999 7.04 7.04 Number of warrants which can be exercised at balance sheet date733,333 150,000 Weighted average contractual life (years) 2.04 3.04 Weighted average exercise rate 6.92 6.45 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk free Expiry Warrantsat grant date Exercise price warrants Estimated interest (number December 2025(DKK per share) (DKK per share) end of period volatility (%)* (%) of years) Granted April 2023 6.45 6.45 450,000 25.3% 2.60% 0.30 Granted Febru-ary 2024 7.24 7.24 1,299,999 30.0% 2.46% 1.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the warrant programs. Group Parent Company DKK '000 2025 2024 2025 2024 Expensed share-based payment related to equity instruments600 1,340 600 1,340\u25cf Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__76-1": { "value": "The key management in the Group are remunerated as follows: Executive Board of Total Executive Other Key DKK '000Board Directors Management Management 2025Salary and wages 9,595 1,163 10,758 17,023 Share-based payment 600 0 600 0 10,195 1,163 11,358 17,023 2024 Salary and wages 11,820 1,163 12,983 18,913 Share-based payment 1,340 0 1,340 0 13,160 1,163 14,323 18,913 Other key management is defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other key management is DKK 1.9m lower than 2024 due to key management employees leaving the company during 2025 as part of an organisational restructuring. In 2025 DKK 0.8m is related to termination benefits. The Executive Board and a number of key management em-ployees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined perfor-mance targets. The arrangements are unchanged compared to last year. Incentive schemes The Group only grants warrant programs to key management as part of remuneration and retention of the employee. In April 2023 the Group established a warrant program for sen-ior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group.In February 2024 the Group established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2027. On the grant date the fair value of the warrants was DKK 1,923,999. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group. Changes in the capital in the Group, distribution of dividend or change of control do not result in any adjustment of the num-ber of warrants or the exercise price.The development in outstanding warrants can be specified as follows: Number of warrants Avg. exercise rate per warrant 2025 2024 2025 2024 Outstanding 1 January 1,749,999 1,749,999 7.04 9.56 Granted during the period 0 1,299,999 0.00 7.24 Expired during the period 0 -1,299,999 0.00 10.63 Outstanding end of period 1,749,999 1,749,999 7.04 7.04 Number of warrants which can be exercised at balance sheet date733,333 150,000 Weighted average contractual life (years) 2.04 3.04 Weighted average exercise rate 6.92 6.45 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk free Expiry Warrantsat grant date Exercise price warrants Estimated interest (number December 2025(DKK per share) (DKK per share) end of period volatility (%)* (%) of years) Granted April 2023 6.45 6.45 450,000 25.3% 2.60% 0.30 Granted Febru-ary 2024 7.24 7.24 1,299,999 30.0% 2.46% 1.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the warrant programs. Group Parent Company DKK '000 2025 2024 2025 2024 Expensed share-based payment related to equity instruments600 1,340 600 1,340\u25cf Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. NOTE 21 Related partiesConsolidated Holdings A/S has a controlling interest in the Columbus Group, including Columbus A/S. Other related parties with significant influence in the Columbus Group are the Company's Board of Directors, Execu-tive Board and certain executives and their related parties. Fur-thermore, related parties are companies in which the above persons have significant influence. Related parties with controlling interest Consolidated Holdings A/S (Fredheimvej 9, 2950 Vedb\u00e6k) Consolidated Holdings A/S owns 64.14% of the shares in Colum-bus A/S, Consolidated Holdings A/S has a controlling interest in Columbus A/S, as Consolidated Holdings A/S, through its shareholding and its shareholder voting agreements, controls the majority (65.56%) of the votes at the annual general meet-ing. Transactions with the company are made on an arm's length basis, Ib Kun\u00f8e is the majority shareholder in Consoli-dated Holdings A/S. Dividend to Consolidated Holdings A/S is paid on equal princi-pals as with other shareholders. Furthermore, Consolidated Holdings A/S is in a joint taxation with the Danish entities in the Columbus Group, with Consolidated Holdings A/S as manage-ment company. In 2025 Columbus received a tax receivable from Consolidated Holdings A/S for DKK 0 (2024: DKK 0). 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 samepersons 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 persons in X-Yachts and Columbus Group. Transac-tions with X-Yachts A/S were made on arm's length. Executive Board and Board of Directors Remuneration of the Executive Board, the Board of Directors and Other senior employees appears from note 4. Group Parent Company DKK '000 2025 2024 2025 2024 Net salesAtea 3,738 8,477 1,130 299 X-Yachts A/S 1,988 1,453 1,988 1,441 Total 5,726 9,930 3,118 1,740 Net purchaseAtea -23,025 -18,165 -22,502 -14,208 Total -23,025 -18,165 -22,502 -14,208 Trade receivables Atea 1,601 1,801 1,090 0 X-Yachts A/S 210 190 210 190 Total 1,811 1,991 1,300 190 Trade payables Atea -2,926 -3,528 -2,787 -3,528 Total -2,926 -3,528 -2,787 -3,528 Sales to Atea and X-Yachts is primarily consultancy and sales of rdlicenses from 3 parties. Purchases from Atea and subsidiaries are primarily office rent, purchases of IT equipment, software and consultancy services. The lease contracts for office rent constitutes right-of-use as-set of DKK 11,361k and lease liability of DKK 12,371k. Subsidiaries Related parties in Columbus also comprise the subsidiaries in which the Company has controlling interest, cf. the Group overview. Trading with subsidiaries was as follows: Parent Company DKK '000 2025 2024 Purchases from subsidiaries -54,642 -57,319 Sales to subsidiaries 106,028 111,701 Purchases from subsidiaries are primarily consultancy and development hours from Columbus' Global Delivery Center, and internally developed software for customer sales. Sales to subsidiaries are primarily services and tools fees, con-sultancy and development hours, as well as cost split for the shared service center within the Group. Transactions with subsidiaries are eliminated in the consoli-dated financial statements in accordance with applied ac-counting policies. Outstanding accounts with subsidiaries Columbus' outstanding accounts with subsidiaries are shown directly in the balance sheet. Outstanding accounts are inter-est-bearing. The interest payment of outstanding accounts is shown in note 7. Payment terms for regular outstanding accounts are invoiced month + 30 days.Ownership by Columbus A/S' Average no. of Columbus A/S, share of voting employees CompanyCountry%right, %2025Columbus A/S Denmark 317 SubsidiariesEuropeColumbus Deutschland GmbH Germany 100 100 27 Columbus Global (UK) Ltd. England 100 100 210 Columbus Global s.r.o Czech 100 100 39 Columbus Norway AS Norway 100 100 160 Columbus Poland Sp.z.o.o. Poland 100 100 46 Columbus Sweden AB Sweden 100 100 393 ICY Security ApS Denmark 100 100 10 America Columbus US Inc. USA 100 100 46 Columbus Chile SpA Chile 100 100 13 Asia Columbus Global Services India Pvt. Ltd. India 100 100 234 Note: The overview only contains the Group's operative companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__74-1": { "value": "The key management in the Group are remunerated as follows: Executive Board of Total Executive Other Key DKK '000Board Directors Management Management 2025Salary and wages 9,595 1,163 10,758 17,023 Share-based payment 600 0 600 0 10,195 1,163 11,358 17,023 2024 Salary and wages 11,820 1,163 12,983 18,913 Share-based payment 1,340 0 1,340 0 13,160 1,163 14,323 18,913 Other key management is defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other key management is DKK 1.9m lower than 2024 due to key management employees leaving the company during 2025 as part of an organisational restructuring. In 2025 DKK 0.8m is related to termination benefits. The Executive Board and a number of key management em-ployees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined perfor-mance targets. The arrangements are unchanged compared to last year. Incentive schemes The Group only grants warrant programs to key management as part of remuneration and retention of the employee. In April 2023 the Group established a warrant program for sen-ior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group.In February 2024 the Group established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2027. On the grant date the fair value of the warrants was DKK 1,923,999. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group. Changes in the capital in the Group, distribution of dividend or change of control do not result in any adjustment of the num-ber of warrants or the exercise price.The development in outstanding warrants can be specified as follows: Number of warrants Avg. exercise rate per warrant 2025 2024 2025 2024 Outstanding 1 January 1,749,999 1,749,999 7.04 9.56 Granted during the period 0 1,299,999 0.00 7.24 Expired during the period 0 -1,299,999 0.00 10.63 Outstanding end of period 1,749,999 1,749,999 7.04 7.04 Number of warrants which can be exercised at balance sheet date733,333 150,000 Weighted average contractual life (years) 2.04 3.04 Weighted average exercise rate 6.92 6.45 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk free Expiry Warrantsat grant date Exercise price warrants Estimated interest (number December 2025(DKK per share) (DKK per share) end of period volatility (%)* (%) of years) Granted April 2023 6.45 6.45 450,000 25.3% 2.60% 0.30 Granted Febru-ary 2024 7.24 7.24 1,299,999 30.0% 2.46% 1.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the warrant programs. Group Parent Company DKK '000 2025 2024 2025 2024 Expensed share-based payment related to equity instruments600 1,340 600 1,340Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__73-1": { "value": "NOTE 4 5BStaff expenses and remunerationGroup Parent Company DKK '000 2025 2024 2025 2024 Staff expensesSalary and wages 980,064 1,019,898 311,193 326,309 Other social security costs 135,652 138,361 2,407 2,603 Other staff expenses 28,089 38,896 3,727 11,015 Share-based payment 600 1,340 600 1,340 Total staff expenses 1,144,405 1,198,495 317,927 341,267 Employee costs capitalised as intangible as-sets -6,068 -2,205 -6,068 -2,205 Total staff expense and remuneration 1,138,337 1,196,290 311,859 339,062 Average number of FTEs 1,495 1,587 317 339The key management in the Group are remunerated as follows: Executive Board of Total Executive Other Key DKK '000Board Directors Management Management 2025Salary and wages 9,595 1,163 10,758 17,023 Share-based payment 600 0 600 0 10,195 1,163 11,358 17,023 2024 Salary and wages 11,820 1,163 12,983 18,913 Share-based payment 1,340 0 1,340 0 13,160 1,163 14,323 18,913 Other key management is defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other key management is DKK 1.9m lower than 2024 due to key management employees leaving the company during 2025 as part of an organisational restructuring. In 2025 DKK 0.8m is related to termination benefits. The Executive Board and a number of key management em-ployees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined perfor-mance targets. The arrangements are unchanged compared to last year. Incentive schemes The Group only grants warrant programs to key management as part of remuneration and retention of the employee. In April 2023 the Group established a warrant program for sen-ior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group.In February 2024 the Group established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant on 31 December 2027. On the grant date the fair value of the warrants was DKK 1,923,999. The exercise periods are scheduled for the first 14 days after publication of the Group's Annual Report. Warrants not exercised within the last exercise period will be lost. The warrant program is contingent on employment in the Group. Changes in the capital in the Group, distribution of dividend or change of control do not result in any adjustment of the num-ber of warrants or the exercise price.The development in outstanding warrants can be specified as follows: Number of warrants Avg. exercise rate per warrant 2025 2024 2025 2024 Outstanding 1 January 1,749,999 1,749,999 7.04 9.56 Granted during the period 0 1,299,999 0.00 7.24 Expired during the period 0 -1,299,999 0.00 10.63 Outstanding end of period 1,749,999 1,749,999 7.04 7.04 Number of warrants which can be exercised at balance sheet date733,333 150,000 Weighted average contractual life (years) 2.04 3.04 Weighted average exercise rate 6.92 6.45 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk free Expiry Warrantsat grant date Exercise price warrants Estimated interest (number December 2025(DKK per share) (DKK per share) end of period volatility (%)* (%) of years) Granted April 2023 6.45 6.45 450,000 25.3% 2.60% 0.30 Granted Febru-ary 2024 7.24 7.24 1,299,999 30.0% 2.46% 1.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the warrant programs. Group Parent Company DKK '000 2025 2024 2025 2024 Expensed share-based payment related to equity instruments600 1,340 600 1,340\u25cf Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__78": { "value": "Average number of FTEs 1,495 1,587 317 339", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__84": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__83": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__82": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary benefits are recognised in the financial year in which services are rendered by employees of the Group. Termination benefits are recognised at the time an agreement between the Group and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__80": { "value": "Share option schemes Equity-settled share options are measured at fair value at grant date and recognised in the income statement under share-based payment over the period in which the final right of the options vest. The balancing item is recognised directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Subsequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__87": { "value": "NOTE 5 7BOther operating income and expenses Group Parent Company DKK \u00b4000 2025 2024 2025 2024 Other operating incomeUnachieved earn-out 4,341 16,777 0 16,777 Legal cases 3,191 22,057 695 0 Central cost allocation Columbus Group 0 0 53,795 52,297 Total Other operating income 7,532 38,834 54,490 69,074 Other operating expensesRedundancy cost 11,303 9,083 2,050 0 Legal cases 0 0 0 5,774 Strategic review 2,755 0 2,755 0 Total Other operating expenses 14,058 9,083 4,805 5,774 Other operating income & expenses, net -6,526 29,751 49,685 63,300 For the Group, the redundancy cost primarily relates to organi-sational adjustments in Q3. Other operating income and expenses for the parent company mainly relates to enabling functions fee as well as costs con-nected to performance exercise conducted. \u25cf Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group's primary activi-ties, including but not limited to adjustments of contingent lia-bilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__86": { "value": "NOTE 5 7BOther operating income and expenses Group Parent Company DKK \u00b4000 2025 2024 2025 2024 Other operating incomeUnachieved earn-out 4,341 16,777 0 16,777 Legal cases 3,191 22,057 695 0 Central cost allocation Columbus Group 0 0 53,795 52,297 Total Other operating income 7,532 38,834 54,490 69,074 Other operating expensesRedundancy cost 11,303 9,083 2,050 0 Legal cases 0 0 0 5,774 Strategic review 2,755 0 2,755 0 Total Other operating expenses 14,058 9,083 4,805 5,774 Other operating income & expenses, net -6,526 29,751 49,685 63,300 For the Group, the redundancy cost primarily relates to organi-sational adjustments in Q3. Other operating income and expenses for the parent company mainly relates to enabling functions fee as well as costs con-nected to performance exercise conducted. \u25cf Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group's primary activi-ties, including but not limited to adjustments of contingent lia-bilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__85": { "value": "NOTE 5 7BOther operating income and expenses Group Parent Company DKK \u00b4000 2025 2024 2025 2024 Other operating incomeUnachieved earn-out 4,341 16,777 0 16,777 Legal cases 3,191 22,057 695 0 Central cost allocation Columbus Group 0 0 53,795 52,297 Total Other operating income 7,532 38,834 54,490 69,074 Other operating expensesRedundancy cost 11,303 9,083 2,050 0 Legal cases 0 0 0 5,774 Strategic review 2,755 0 2,755 0 Total Other operating expenses 14,058 9,083 4,805 5,774 Other operating income & expenses, net -6,526 29,751 49,685 63,300 For the Group, the redundancy cost primarily relates to organi-sational adjustments in Q3. Other operating income and expenses for the parent company mainly relates to enabling functions fee as well as costs con-nected to performance exercise conducted. \u25cf Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group's primary activi-ties, including but not limited to adjustments of contingent lia-bilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__91": { "value": "NOTE 6 8BDepreciation, amortisation and impairment Group Parent Company DKK '000 2025 2024 2025 2024 Depreciation36,675 39,495 6,868 7,109 Amortisation 17,854 22,597 14,574 14,272 Impairment 0 18,777 35,143 18,777 Total depreciation, amortisation and impairment54,529 80,869 56,585 40,158", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__102": { "value": "Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__101": { "value": "Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__100": { "value": "Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__98": { "value": "NOTE 7 9B6B6B6BFinancial income and expensesGroup Parent Company DKK '000 2025 2024 2025 2024 Financial income Interest income from subsidiaries 0 0 1,302 3,435 Interest income on bank deposits, etc. 3,078 2,819 2,819 2,538 Other financial income 769 255 200 319 Interest income on financial assets measured at amortised cost3,847 3,074 4,321 6,292 Dividends from subsidiaries 0 0 50,739 36,310 Reversal of impairment 0 0 7,491 7,609 Foreign exchange gains (net) 0 176 2,257 0 Total financial income 3,847 3,250 64,808 50,211 Financial expenses Interests expense to subsidiaries 0 0 2,560 2,400 Interest expense on bank loans 5,594 8,913 5,594 8,911 Interest expense leases liabilities 8,397 8,329 1,684 1,642 Other financial expense 0 0 21 -108 Interest expense from financial liabilities that are measured at amortised cost13,991 17,242 9,859 12,845 Foreign exchange loss (net) 1,476 0 0 349 Total financial expenses 15,467 17,242 9,859 13,194 \u25cf Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__97": { "value": "NOTE 7 9B6B6B6BFinancial income and expensesGroup Parent Company DKK '000 2025 2024 2025 2024 Financial income Interest income from subsidiaries 0 0 1,302 3,435 Interest income on bank deposits, etc. 3,078 2,819 2,819 2,538 Other financial income 769 255 200 319 Interest income on financial assets measured at amortised cost3,847 3,074 4,321 6,292 Dividends from subsidiaries 0 0 50,739 36,310 Reversal of impairment 0 0 7,491 7,609 Foreign exchange gains (net) 0 176 2,257 0 Total financial income 3,847 3,250 64,808 50,211 Financial expenses Interests expense to subsidiaries 0 0 2,560 2,400 Interest expense on bank loans 5,594 8,913 5,594 8,911 Interest expense leases liabilities 8,397 8,329 1,684 1,642 Other financial expense 0 0 21 -108 Interest expense from financial liabilities that are measured at amortised cost13,991 17,242 9,859 12,845 Foreign exchange loss (net) 1,476 0 0 349 Total financial expenses 15,467 17,242 9,859 13,194 \u25cf Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__96": { "value": "NOTE 7 9B6B6B6BFinancial income and expensesGroup Parent Company DKK '000 2025 2024 2025 2024 Financial income Interest income from subsidiaries 0 0 1,302 3,435 Interest income on bank deposits, etc. 3,078 2,819 2,819 2,538 Other financial income 769 255 200 319 Interest income on financial assets measured at amortised cost3,847 3,074 4,321 6,292 Dividends from subsidiaries 0 0 50,739 36,310 Reversal of impairment 0 0 7,491 7,609 Foreign exchange gains (net) 0 176 2,257 0 Total financial income 3,847 3,250 64,808 50,211 Financial expenses Interests expense to subsidiaries 0 0 2,560 2,400 Interest expense on bank loans 5,594 8,913 5,594 8,911 Interest expense leases liabilities 8,397 8,329 1,684 1,642 Other financial expense 0 0 21 -108 Interest expense from financial liabilities that are measured at amortised cost13,991 17,242 9,859 12,845 Foreign exchange loss (net) 1,476 0 0 349 Total financial expenses 15,467 17,242 9,859 13,194 \u25cf Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__95": { "value": "NOTE 7 9B6B6B6BFinancial income and expensesGroup Parent Company DKK '000 2025 2024 2025 2024 Financial income Interest income from subsidiaries 0 0 1,302 3,435 Interest income on bank deposits, etc. 3,078 2,819 2,819 2,538 Other financial income 769 255 200 319 Interest income on financial assets measured at amortised cost3,847 3,074 4,321 6,292 Dividends from subsidiaries 0 0 50,739 36,310 Reversal of impairment 0 0 7,491 7,609 Foreign exchange gains (net) 0 176 2,257 0 Total financial income 3,847 3,250 64,808 50,211 Financial expenses Interests expense to subsidiaries 0 0 2,560 2,400 Interest expense on bank loans 5,594 8,913 5,594 8,911 Interest expense leases liabilities 8,397 8,329 1,684 1,642 Other financial expense 0 0 21 -108 Interest expense from financial liabilities that are measured at amortised cost13,991 17,242 9,859 12,845 Foreign exchange loss (net) 1,476 0 0 349 Total financial expenses 15,467 17,242 9,859 13,194 \u25cf Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__94": { "value": "NOTE 7 9B6B6B6BFinancial income and expensesGroup Parent Company DKK '000 2025 2024 2025 2024 Financial income Interest income from subsidiaries 0 0 1,302 3,435 Interest income on bank deposits, etc. 3,078 2,819 2,819 2,538 Other financial income 769 255 200 319 Interest income on financial assets measured at amortised cost3,847 3,074 4,321 6,292 Dividends from subsidiaries 0 0 50,739 36,310 Reversal of impairment 0 0 7,491 7,609 Foreign exchange gains (net) 0 176 2,257 0 Total financial income 3,847 3,250 64,808 50,211 Financial expenses Interests expense to subsidiaries 0 0 2,560 2,400 Interest expense on bank loans 5,594 8,913 5,594 8,911 Interest expense leases liabilities 8,397 8,329 1,684 1,642 Other financial expense 0 0 21 -108 Interest expense from financial liabilities that are measured at amortised cost13,991 17,242 9,859 12,845 Foreign exchange loss (net) 1,476 0 0 349 Total financial expenses 15,467 17,242 9,859 13,194 \u25cf Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__93": { "value": "NOTE 7 9B6B6B6BFinancial income and expensesGroup Parent Company DKK '000 2025 2024 2025 2024 Financial income Interest income from subsidiaries 0 0 1,302 3,435 Interest income on bank deposits, etc. 3,078 2,819 2,819 2,538 Other financial income 769 255 200 319 Interest income on financial assets measured at amortised cost3,847 3,074 4,321 6,292 Dividends from subsidiaries 0 0 50,739 36,310 Reversal of impairment 0 0 7,491 7,609 Foreign exchange gains (net) 0 176 2,257 0 Total financial income 3,847 3,250 64,808 50,211 Financial expenses Interests expense to subsidiaries 0 0 2,560 2,400 Interest expense on bank loans 5,594 8,913 5,594 8,911 Interest expense leases liabilities 8,397 8,329 1,684 1,642 Other financial expense 0 0 21 -108 Interest expense from financial liabilities that are measured at amortised cost13,991 17,242 9,859 12,845 Foreign exchange loss (net) 1,476 0 0 349 Total financial expenses 15,467 17,242 9,859 13,194 \u25cf Accounting policies Financial items Financial items include interest income and expenses, the inter-est portion of lease payments, gains and losses on foreign cur-rency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__104-1": { "value": "NOTE 8 10B7B7B7BCorporate taxGroup Parent Company DKK '000 2025 2024 2025 2024 Tax on result for the year Current tax 19,637 17,443 0 515 Change in deferred tax 1,719 -26,271 -729 -3,520 Withholding tax 1,075 1,193 1,075 1,193 Adjustment to previous years 2,908 7,645 408 -884 Total tax on result for the year 25,339 10 754 -2,696 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 10,295 12,718 4,067 8,845 Tax effect of:Adjustment to tax concerning previous years 2,908 7,645 408 -884 Writedown of tax asset 5,644 7,802 -1,932 0 Adjustment to tax rates in foreign subsidiaries relative to 22% 1,552 1,573 0 0 Withholding tax 1,075 1,193 1,075 1,193 Non-taxable income 0 -2,555 -12,746 -12,110 Non-taxable expenses 1,195 438 7,863 4,455 Capitalised tax value, current year 0 -26,447 0 -4,316 Other adjustments 2,670 -2,357 2,019 121 Total tax on result for the year 25,339 10 754 -2,696 Effective tax rate (%) 54.15 0.02 4.08 -6.71 The effective tax rate in 2025 is significantly higher than previ-ous years. The increase in the effective tax rate is primarily driven by movements in deferred tax and Other adjustments. Last year a significant amount of deferred tax, related to loss from prior periods were recognised and hence affected the ef-fective tax rate in 2024. In 2024 we merged all Swedish entities into Columbus Sweden AB. During this process tax losses from previous periods were reevaluated and has subsequently been recognised, following strong results in Sweden. Group Parent Company DKK '000 2025 2024 2025 2024 Corporate tax receivable (net) Balance at 1 January -10,407 201 -515 0 Currency adjustment -605 -119 0 0 Adjustment to previous years 1,742 -3,158 515 0 Current tax for the year -19,637 -17,443 0 -515 Tax paid on account for the year 10,868 9,250 0 0 Corporate tax paid during the year 8,991 862 0 0 Balance at 31 December -9,048 -10,407 0 -515 Corporate tax receivable 217 247 0 0 Corporate tax payable -9,265 -10,654 0 -515 Balance at 31 December -9,048 -10,407 0 -515Based on the management's assessment of future income, short-term tax assets are expected to be DKK 11m and the re-maining tax assets are expected to be utilised within a 3-5-year period. The capitalised loss carry forward primarily relates to the sub-sidiaries in Sweden, US and Denmark. The Swedish deferred tax asset primarily originates from before the acquisition of iStone in 2018 and is now being recovered by the ordinary operations. The US subsidiary has seen significant growth in recent years. It is now projected that within a few years, the market will gener-ate substantial surpluses, enabling companies to utilise losses from previous years. The Group's non-capitalised tax assets amount to DKK 24m (2024: DKK 27m). \u25cf Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognised in the statement of comprehen-sive income by the portion attributable to the profit and directly in equity or in other comprehensive income to the extent that it relates to items recognised directly in equity and in other com-prehensive income. Exchange adjustments of deferred tax are recognised as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognised in the bal-ance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used.The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__103-1": { "value": "NOTE 8 10B7B7B7BCorporate taxGroup Parent Company DKK '000 2025 2024 2025 2024 Tax on result for the year Current tax 19,637 17,443 0 515 Change in deferred tax 1,719 -26,271 -729 -3,520 Withholding tax 1,075 1,193 1,075 1,193 Adjustment to previous years 2,908 7,645 408 -884 Total tax on result for the year 25,339 10 754 -2,696 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 10,295 12,718 4,067 8,845 Tax effect of:Adjustment to tax concerning previous years 2,908 7,645 408 -884 Writedown of tax asset 5,644 7,802 -1,932 0 Adjustment to tax rates in foreign subsidiaries relative to 22% 1,552 1,573 0 0 Withholding tax 1,075 1,193 1,075 1,193 Non-taxable income 0 -2,555 -12,746 -12,110 Non-taxable expenses 1,195 438 7,863 4,455 Capitalised tax value, current year 0 -26,447 0 -4,316 Other adjustments 2,670 -2,357 2,019 121 Total tax on result for the year 25,339 10 754 -2,696 Effective tax rate (%) 54.15 0.02 4.08 -6.71 The effective tax rate in 2025 is significantly higher than previ-ous years. The increase in the effective tax rate is primarily driven by movements in deferred tax and Other adjustments. Last year a significant amount of deferred tax, related to loss from prior periods were recognised and hence affected the ef-fective tax rate in 2024. In 2024 we merged all Swedish entities into Columbus Sweden AB. During this process tax losses from previous periods were reevaluated and has subsequently been recognised, following strong results in Sweden. Group Parent Company DKK '000 2025 2024 2025 2024 Corporate tax receivable (net) Balance at 1 January -10,407 201 -515 0 Currency adjustment -605 -119 0 0 Adjustment to previous years 1,742 -3,158 515 0 Current tax for the year -19,637 -17,443 0 -515 Tax paid on account for the year 10,868 9,250 0 0 Corporate tax paid during the year 8,991 862 0 0 Balance at 31 December -9,048 -10,407 0 -515 Corporate tax receivable 217 247 0 0 Corporate tax payable -9,265 -10,654 0 -515 Balance at 31 December -9,048 -10,407 0 -515Based on the management's assessment of future income, short-term tax assets are expected to be DKK 11m and the re-maining tax assets are expected to be utilised within a 3-5-year period. The capitalised loss carry forward primarily relates to the sub-sidiaries in Sweden, US and Denmark. The Swedish deferred tax asset primarily originates from before the acquisition of iStone in 2018 and is now being recovered by the ordinary operations. The US subsidiary has seen significant growth in recent years. It is now projected that within a few years, the market will gener-ate substantial surpluses, enabling companies to utilise losses from previous years. The Group's non-capitalised tax assets amount to DKK 24m (2024: DKK 27m). \u25cf Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognised in the statement of comprehen-sive income by the portion attributable to the profit and directly in equity or in other comprehensive income to the extent that it relates to items recognised directly in equity and in other com-prehensive income. Exchange adjustments of deferred tax are recognised as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognised in the bal-ance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used.The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__112-1": { "value": "Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognised in the statement of comprehen-sive income by the portion attributable to the profit and directly in equity or in other comprehensive income to the extent that it relates to items recognised directly in equity and in other com-prehensive income. Exchange adjustments of deferred tax are recognised as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognised in the bal-ance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used.The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__111-1": { "value": "Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognised in the statement of comprehen-sive income by the portion attributable to the profit and directly in equity or in other comprehensive income to the extent that it relates to items recognised directly in equity and in other com-prehensive income. Exchange adjustments of deferred tax are recognised as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognised in the bal-ance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used.The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__114": { "value": "Deferred tax is recognised using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is pro-vided on temporary differences arising on investments in sub-sidiaries and associates, unless the parent is able to control when the deferred tax is realised, and it is probable that the de-ferred tax will not become payable as current tax in the fore-seeable future. Deferred tax is calculated based on the ex-pected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively en-acted laws at the balance sheet dates that are expected to ap-ply when the deferred tax is expected to become payable as current tax. Changes in deferred tax due to changes in tax rates or rules are recognised in the statement of comprehensive in-come unless the deferred tax is attributable to transactions previously recognised directly in equity or in other comprehen-sive income. In the latter case, the change is also recognised in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry for-wards, are recognised at the value at which they are expected to be realised, either as net assets to offset against future taxa-ble income or against deferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxa-ble profits against which the deferred tax asset can be utilised. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Danish companies con-trolled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable income is distributed among the jointly taxed companies in proportion to their taxable income (full allo-cation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__117": { "value": "NOTE 9 11B9B9B9BEarnings per shareThe calculation of earnings per share is based on the following: DKK '000 2025 2024 Result for the year from continuing operations 21,456 57,799 Result used for calculating earnings per share from continuing operations, diluted 21,456 57,799 Result for the year from discontinued operations -6,644 -3,418 Result used for calculating earnings per share, diluted 14,812 54,381 Average number of shares listed on NASDAQ Copenhagen (pcs.) 128,968,442 129,276,264 Number of shares used to calculate earnings per share (pcs.) 128,968,442 129,276,264 Average dilutive effect on outstanding subscription rights (pcs.) 629,764 414,587 Number of shares used to calculate earnings per share, diluted (pcs.) 129,598,206 129,690,851 Earnings per share from continuing operations of DKK 1.25 (EPS) 0.17 0.45 Earnings per share from continuing operations of DKK 1.25, diluted (EPS-D) 0.17 0.45 Earnings per share from discontinued operations of DKK 1.25 (EPS) -0.05 -0.03 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.05 -0.03 Earnings per share of DKK 1.25 (EPS) 0.11 0.42 Earnings per share of DKK 1.25, diluted (EPS-D) 0.11 0.42", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__119": { "value": "NOTE 10 12B10B10B10BIntangible assetsDevelop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2025Balance at 1 January 2025 810,187 51,637 81,181 22,093 1,355 966,453 Currency translation 5,005 1,944 0 -866 0 6,083 Additions 0 0 6,067 0 0 6,067 Additions relating to acquisitions 0 9,650 0 0 0 9,650 Disposal for the year 0 0 0 -810 0 -810 Transfer 0 0 1,355 0 -1,355 0 Balance at 31 December 2025 815,192 63,231 88,603 20,417 0 987,443 Amortisation at 1 January 2025 174,488 38,984 49,612 21,819 0 284,903 Currency translation -9,058 2,250 0 -859 0 -7,667 Amortisation 0 3,080 14,507 267 0 17,854 Reversal of amortisation 0 0 0 -810 0 -810 Amortisation at 31 December 2025 165,430 44,314 64,119 20,417 0 294,280 Carrying amount at 31 December 2025 649,762 18,917 24,484 0 0 693,163 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. For 2025 an impairment test has been performed and has not resulted in any write downs. Develop-Develop-ment Internal ment projects Customer applica-projects in pro-DKK '000 Goodwill base tions finalised gress Total Group 2024Balance at 1 January 2024 805,395 45,897 80,331 22,593 0 954,216 Currency translation -4,204 -1,293 0 458 0 -5,039 Additions 0 0 850 0 1,355 2,205 Additions relating to acquisitions 8,996 7,033 0 0 0 16,029 Disposal for the year 0 0 0 -958 0 -958 Balance at 31 December 2024 810,187 51,637 81,181 22,093 1,355 966,453 Amortisation at 1 January 2024 151,152 31,505 35,462 21,955 0 240,074 Currency translation 4,559 -1,280 0 442 0 3,721 Amortisation 0 8,067 14,150 380 0 22,597 Impairment 18,777 0 0 0 18,777 Amortisation relating to acquisitions 0 692 0 0 0 692 Reversal of amortisation 0 0 0 -958 0 -958 Amortisation at 31 December 2024 174,488 38,984 49,612 21,819 0 284,903 Carrying amount at 31 December 2024635,699 12,653 31,569 274 1,355 681,550 Prior year the impairment of DKK 18.8m was related to the prior Security Business Line and was derived from the unsatisfactory performance in the first half of 2024, as well as the assumptions and basis on which it was originally acquired. Hence an impair-ment test had been performed, which resulted in a the write down to the recoverable amount (present value of expected fu-ture cash flows). Hereafter the Security Business Line has been merged with Business Line Dynamics 365 as Security mostly serves Dynamics 365' customers. Hence the remaining goodwill amounting to DKK 32,7m, related to Security has been transferred to Dynamics 365. Goodwill The carrying amount of goodwill is distributed on cash-generat-ing units as shown below: Group Parent Company DKK '000 2025 2024 2025 2024 Business Line Dynamics 365 349.723 346.305 116.123 116.123 M3 159.982 153.442 4.600 4.600 Digital Commerce 118.516 114.133 692 692 Data & AI 15.923 16.143 10.025 10.025 EIM & Other Local Business 5.618 5.676 216 216 Total goodwill 649.762 635.699 131.656 131.656 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-cur-rent assets at least annually and more frequently if there are in-dicators of impairment. The annual impairment test is per-formed per 31 December 2025. The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). During the financial year, the Group merged the Customer Ex-perience & Engagement business line into the Dynamics 365 business line to strengthen our commercial focus and stream-line operations. As a result, comparative figures have been ad-justed to reflect the new business line structure. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calcu-lations of value in use. The most significant uncertainties are connected to the determination of discount rates, growth rates and expected changes in costs in the budget and terminal peri-ods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are ex-pected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and ex-pected revenue and gross profits from sale of software and general development in cost. The budget process takes place in Q4 and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in the Group i.e., consultancy. For the two largest Business Lines which operates within ERP applications, comprising Dynamics 365 an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce and Data & AI's slightly higher growth rates are ap-plied (8-15%), based on the historic higher growth rate and higher expectations for the future. In recent years, the Group has experienced solid underlying growth across all Business Lines, although with natural varia-tions reflecting differences in market maturity and demand patterns. The temporary decline observed in 2025 is primarily attributable to macroeconomic conditions, including cus-tomer\u2011driven postponements of planned projects as well as a generally more cautious approach to new project commit-ments. Towards the end of 2025, the Group entered into one of its largest contract to date, which commenced in early 2026. This agreement further supports the expectations for renewed growth momentum across Business Lines in the projection pe-riod. In generating a terminal value, a growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generat-ing the terminal value for all CGUs. The Group is operating in a market where the development has low sensitivity to market development in general and to the de-velopment in general IT spending by companies. The Group management believes that likely changes in the key assump-tions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash gen-erating units operate expressed as a risk-free rate and the spe-cific risks associated with each cash-generating unit. The dis-count rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of ex-pected future cash flow is 9.4% pre-tax (2024: 10%). The dis-count rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are deter-mined using external sources. The Group applies the same dis-count rates for all cash generating units, as the risk of the indi-vidual cash generating units are reflected in their estimated cash flow. \u25cf Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__126": { "value": "Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment. Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__121": { "value": "Accounting policies Goodwill Goodwill is recognised and measured at initial recognition as the difference between the cost and the net assets of the ac-quired company. The net assets of the acquired company are based on the fair value of assets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group's activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortised but is tested annually for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__128-1": { "value": "Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Accounting policies Property, plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Other fixtures and equipment are depreciated over 3-5 years, equal to the asset's estimated useful life. Leasehold improve-ments are amortised over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carry-ing value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognised prospectively as a change in account-ing estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__127-1": { "value": "Customer base Customer bases are primarily capitalised to the fair value of the customer base in acquired companies, recognised during the purchase price allocation. Customer base is amortised on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimise internal workflows. These are measured at cost less accumulated amortisation and impair-ment losses. The cost includes wages, salaries, services and other costs directly attributable to the Group's development and which are necessary to complete the project, from the time when the internal application first qualifies for recognition as an asset. Internal applications are amortised on a straight-line basis over the expected life. The amortisation period is 5-10 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indica-tion exists, the asset's recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the inter-nal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to pro-duce, promote or use the project. Development projects are recognised as intangible assets if the cost can be measured re-liably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recog-nised in the statement of comprehensive income as incurred. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__133": { "value": "NOTE 11 14B11B11B11BTangible assets Leasehold Other fixtures and DKK '000improvements equipment Total Group 2025Balance at 1 January 2025 3,023 26,443 29,466 Foreign currency translation 115 -432 -317 Additions 102 3,954 4,056 Disposals 0 -916 -916 Balance at 31 December 2025 3,240 29,049 32,289 Depreciation at 1 January 2025 2,088 16,020 18,108 Foreign currency translation 95 -471 -376 Depreciation 521 6,533 7,054 Reversed depreciation on disposals 0 -829 -829 Depreciation at 31 December 2025 2,704 21,253 23,957 Carrying amount at 31 December 2025 536 7,796 8,332 Leasehold Other fixtures and DKK '000improvements equipment Total Group 2024Balance at 1 January 2024 2,849 22,469 25,318 Foreign currency translation -80 -41 -121 Additions 254 5,600 5,854 Disposals 0 -1,585 -1,585 Balance at 31 December 2024 3,023 26,443 29,466 Depreciation at 1 January 2024 1,628 9,800 11,428 Foreign currency translation -37 150 113 Depreciation 497 7,282 7,779 Reversed depreciation on disposals 0 -1,212 -1,212 Depreciation at 31 December 2024 2,088 16,020 18,108 Carrying amount at 31 December 2024 935 10,423 11,358 \u25cf Accounting policies Property, plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Other fixtures and equipment are depreciated over 3-5 years, equal to the asset's estimated useful life. Leasehold improve-ments are amortised over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carry-ing value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognised prospectively as a change in account-ing estimates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__136": { "value": " Accounting policies Property, plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Other fixtures and equipment are depreciated over 3-5 years, equal to the asset's estimated useful life. Leasehold improve-ments are amortised over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carry-ing value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognised prospectively as a change in account-ing estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__137-1": { "value": "NOTE 12 15B12B12B12BRight-of-use assets DKK '000 Other equipment Cars Offices Total DKK '000 Other equipment Cars Offices Total Group 2025 Group 2024Balance at 1 January 2025 5,157 13,520 203,567 222,244 Balance at 1 January 2024 4,159 16,601 173,931 194,691 Foreign currency translation 156 381 2,591 3,128 Foreign currency translation -123 -285 -2,007 -2,415 Re-assessment of existing assets 345 -2,348 10,204 8,201 Re-assessment of existing assets 318 44 22,487 22,849 Additions 277 4,936 22,363 27,576 Additions 920 25,398 29,004 Disposals -565 -5,752 -48,272 -54,589 Disposals -117 -5,526 -16,242 -21,885 Balance at 31 December 2025 5,370 10,737 190,453 206,560 Balance at 31 December 2024 5,157 13,520 203,567 222,244 Depreciation at 1 January 2025 2,237 6,322 114,869 123,428 Depreciation at 1 January 2024 1,627 6,596 104,140 112,363 Reclassification of previous years 23 0 543 566 Foreign currency translation -46 -98 -557 -701 Foreign currency translation 82 336 1,522 1,940 Depreciation 759 3,296 26,982 31,037 Depreciation 770 3,414 25,491 29,675 Reversed depreciation on disposals -103-3,472 -15,696 -19,271 Reversed depreciation on disposals -377 -4,577 -34,373 -39,327 Depreciation at 31 December 2024 2,237 6,322 114,869 123,428 Depreciation at 31 December 2025 2,735 5,495 108,052 116,282 Carrying amount at 31 December 2024 2,920 7,198 88,698 98,816 Carrying amount at 31 December 2025 2,635 5,242 82,401 90,278 The Group has entered into short-term and low-value lease agreements for printers, coffee makers, plants, water and cool-ing machines. The total value of these agreements is immate-rial. There has been a decrease of approximately 10% in right-of-use-assets compared to 2024, which mainly relates to reassess-ment of lease terms. Payments related to Right of use assets, are shown in Note 25. \u25cf Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreci-ated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. The Group's portfolio of leases includes three main groups: Other equipment, cars and Offices. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercis-ing an option to extend a lease, we will include the lease pay-ments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or be-fore the commencement date of the lease, less any lease incen-tives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of two parts: \u2022 Reference rate \u2022 Financing spread adjustment Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components comprise of services and operating costs etc. Var-iable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses. Each lease payment is separated into repayment of the lease li-ability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities. Short-term leases and leases of low-value assets are not recog-nised as right-of-use-assets due to fulfilment of exemption cri-teria, according to IFRS 16.NOTE 18 22B18B18B18BLease liabilities DKK '000 Other equipment Cars Offices Total Group 2025Less than 1 year 802 2.928 24.098 27.828 Between 1 and 5 years 2.089 2.482 61.488 66.059 More than 5 years 0 0 2.331 2.331 2.891 5.410 87.917 96.218 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored closely by the management. For more information about right-of use as-sets, please refer to note 12. For analysis of maturity, please re-fer to note 23. DKK '000 Other equipment Cars Offices Total Group 2024Less than 1 year 632 2,353 22,844 25,829 Between 1 and 5 years 2,387 4,943 68,905 76,235 More than 5 years 37 0 1,210 1,247 3,056 7,296 92,959 103,311", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__139": { "value": "Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreci-ated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. The Group's portfolio of leases includes three main groups: Other equipment, cars and Offices. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercis-ing an option to extend a lease, we will include the lease pay-ments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or be-fore the commencement date of the lease, less any lease incen-tives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of two parts: \u2022 Reference rate \u2022 Financing spread adjustment Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components comprise of services and operating costs etc. Var-iable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognised in financial expenses. Each lease payment is separated into repayment of the lease li-ability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities. Short-term leases and leases of low-value assets are not recog-nised as right-of-use-assets due to fulfilment of exemption cri-teria, according to IFRS 16.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__143-1": { "value": "Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group's accounting policies. Group Parent Company DKK '000 2025 2024 2025 2024 Age of receivables (gross): Not due 193.503 183.282 61.459 50.382 0-30 days 66.428 76.243 17.533 16.824 30-60 days 8.497 10.192 2.725 5.512 61-90 days 2.344 655 545 73 91-180 days 1.909 955 400 32 181-270 days 496 1.174 2 13 270-360 days 448 791 10 13 Above 360 days 295 131 168 145 Total 273.920 273.423 82.842 72.994 Group Parent Company DKK '000 2025 2024 2025 2024 Age of impairment:Not due 10 14 0 0 0-30 days 143 152 0 0 30-60 days 101 122 0 0 61-90 days 94 26 5 0 91-180 days 1.189 121 80 7 181-270 days 397 137 1 5 271-360 days 358 200 6 8 Over 360 days 236 104 134 116 Total 2.528 876 226 136 Group Parent Company DKK '000 2025 2024 2025 2024 Provision matrix:Not due 0% 0% 0% 0% 0-30 days 0% 0% 0% 0% 30-60 days 1% 2% 0% 0% 61-90 days 5% 5% 1% 0% 91-180 days 78% 16% 25% 27% 181-270 days 100% 15% 63% 50% 271-360 days 100% 32% 75% 75% Over 360 days 100% 100% 100% 100%Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The maximum credit risk on the balance sheet date equals the carrying amount. Credit risk related to trade receivables and receivables from di-vestment activities is disclosed in Note 14 and Note 26. The credit risk associated with contract assets and other receiva-bles is assessed to be immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__140-1": { "value": "Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group's accounting policies. Group Parent Company DKK '000 2025 2024 2025 2024 Age of receivables (gross): Not due 193.503 183.282 61.459 50.382 0-30 days 66.428 76.243 17.533 16.824 30-60 days 8.497 10.192 2.725 5.512 61-90 days 2.344 655 545 73 91-180 days 1.909 955 400 32 181-270 days 496 1.174 2 13 270-360 days 448 791 10 13 Above 360 days 295 131 168 145 Total 273.920 273.423 82.842 72.994 Group Parent Company DKK '000 2025 2024 2025 2024 Age of impairment:Not due 10 14 0 0 0-30 days 143 152 0 0 30-60 days 101 122 0 0 61-90 days 94 26 5 0 91-180 days 1.189 121 80 7 181-270 days 397 137 1 5 271-360 days 358 200 6 8 Over 360 days 236 104 134 116 Total 2.528 876 226 136 Group Parent Company DKK '000 2025 2024 2025 2024 Provision matrix:Not due 0% 0% 0% 0% 0-30 days 0% 0% 0% 0% 30-60 days 1% 2% 0% 0% 61-90 days 5% 5% 1% 0% 91-180 days 78% 16% 25% 27% 181-270 days 100% 15% 63% 50% 271-360 days 100% 32% 75% 75% Over 360 days 100% 100% 100% 100%\u25cf Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortised cost, which usually corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group's receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach un-der which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating expected credit loss. There-fore, the Group does not track changes in credit risk but in-stead recognises a loss allowance based on ECLs calculation at each reporting date. The Group has established a provision ma-trix that is based on its historical credit loss experience, ad-justed for forward-looking factors specific to the debtors and the economic environment. The group considers the receiva-bles to be default when above 180 days overdue. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company's financial statement Impairment losses on loans to subsidiaries will be recognised based on a 12-month ECL model. Optimisation of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capi-tal structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakehold-ers through optimisation of the debt and equity balance. The Group's capital structure consists of debt, comprising financial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. To optimise the capital structure, the Board of Directors de-cided to initiate a share buyback programme for a total amount of up to DKK 16m, with a maximum 1.6m shares. NOTE 23 26B23B23B23BFinancial risks and financial instrumentsThe below maturity analysis is based on undiscounted cash flow, and the method of accounting is equivalent to the Group's cash flow exposure going forward. The maturity analysis shows a balanced current ratio. The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short-term financial liabilities is not expected to fall due for payment. Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Group 2025 Financial assets Trade receivables 271,392 0 0 271,392 Contract assets 9,644 0 0 9,644 Corporate tax receivables 217 0 0 217 Other receivables 6,088 0 13,696 19,784 Receivables from divestment of activities 53,998 0 0 53,998 Prepayments 31,783 0 0 31,783 Cash and bank balances 68,032 0 0 68,032 Total financial assets 441,154 0 13,696 454,850 Financial liabilities Debt to credit institutions 43,816 82,251 0 126,067 Contingent consideration 0 0 0 0 Trade payables 46,956 0 0 46,956 Other payables 218,421 0 0 218,421 Lease liability 32,374 74,168 2,545 109,087 Total financial liabilities 341,567 156,419 2,545 500,531 Ratio 1.29 0.91The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the dis-counted interest on the debt to represent net present value. Liquidity risk management The Group manages liquidity risk by maintaining adequate re-serves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Debt to credit institutions -3,816 -6,251 0 -10,067 Lease liability -4,546 -8,109 -214 -12,869 Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Group 2024Financial assetsTrade receivables 272,547 0 0 272,547 Contract assets 5,793 0 0 5,793 Corporate tax receivables 247 0 0 247 Other receivables 5,415 3,164 12,304 20,883 Receivables from divestment of activities 60,715 0 0 60,715 Prepayments 26,978 0 0 26,978 Cash and bank balances 79,223 0 0 79,223 Total financial assets 450,918 3,164 12,304 466,386 Financial liabilities Debt to credit institutions 43,990 82,536 0 126,526 Contingent consideration 0 5,021 0 5,021 Trade payables 48,772 0 0 48,772 Other payables 220,350 0 0 220,350 Lease liability 34,043 88,130 1,285 123,458 Total financial liabilities 347,155 175,687 1,285 524,127 Ratio 1.30 0.89Between Less than 1 and 5 More than DKK '000 1 year years 5 years Total Debt to credit institutions -3.990 -6.536 0 -10.526 Lease liability -8.214 -11.895 -38 -20.147Financing facilities Group DKK '000 2025 2024 Cash and bank balances 68,032 79,223 Unused credits 145,632 126,237 213,664 205,460 The Group's cash reserves consist of cash and unused credits. Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group fol-lows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx., 75% (2024: 72%) of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the rele-vant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. The sensitivity effect is symmetrical in both decrease and increase situations. Profit after tax exchange rates sensitivityGroup DKK '000 2025 2024 Effect of 10% decrease in USD -194 -767 Effect of 10% decrease in GBP -4,278 -4,147 Effect of 10% decrease in SEK -17 -2,060 Effect of 10% decrease in NOK 2,907 1,872 Effect of 10% decrease in CLP 104 -250 Effect of 10% decrease in CZK -181 -133 Effect of 10% decrease in PLN -198 -135 Effect of 10% decrease in INR -299 -272 The table above (effect on profit after tax exchange rates) have the same effect on equity. Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2025, an increase in interest rates of half a percentage point would increase the Group's interest by DKK 588k (2024: DKK 633k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions. Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The maximum credit risk on the balance sheet date equals the carrying amount. Credit risk related to trade receivables and receivables from di-vestment activities is disclosed in Note 14 and Note 26. The credit risk associated with contract assets and other receiva-bles is assessed to be immaterial. Breach of loan agreements The Group has neither in the financial year 2025 nor in 2024 failed to perform or defaulted on any loan agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__142": { "value": "NOTE 14 17B14B14B14BTrade receivablesGroup Parent Company DKK '000 2025 2024 2025 2024 Receivables start of period 273,423 295,807 72,994 63,874 Change in receivables during the period 497 -22,384 9,848 9,120 Receivables end of period 273,920 273,423 82,842 72,994 Provisions for bad debt start of period 876 1,901 136 692 Change in provisions for bad debt during the period 1,825 625 152 -266 Loss realised during the period -173 -1,650 -62 -290 Provisions for bad debt end of period 2,528 876 226 136 Carrying amount end of period 271,392 272,547 82,616 72,858 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group's accounting policies. Group Parent Company DKK '000 2025 2024 2025 2024 Age of receivables (gross): Not due 193.503 183.282 61.459 50.382 0-30 days 66.428 76.243 17.533 16.824 30-60 days 8.497 10.192 2.725 5.512 61-90 days 2.344 655 545 73 91-180 days 1.909 955 400 32 181-270 days 496 1.174 2 13 270-360 days 448 791 10 13 Above 360 days 295 131 168 145 Total 273.920 273.423 82.842 72.994 Group Parent Company DKK '000 2025 2024 2025 2024 Age of impairment:Not due 10 14 0 0 0-30 days 143 152 0 0 30-60 days 101 122 0 0 61-90 days 94 26 5 0 91-180 days 1.189 121 80 7 181-270 days 397 137 1 5 271-360 days 358 200 6 8 Over 360 days 236 104 134 116 Total 2.528 876 226 136 Group Parent Company DKK '000 2025 2024 2025 2024 Provision matrix:Not due 0% 0% 0% 0% 0-30 days 0% 0% 0% 0% 30-60 days 1% 2% 0% 0% 61-90 days 5% 5% 1% 0% 91-180 days 78% 16% 25% 27% 181-270 days 100% 15% 63% 50% 271-360 days 100% 32% 75% 75% Over 360 days 100% 100% 100% 100%\u25cf Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortised cost, which usually corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group's receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach un-der which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating expected credit loss. There-fore, the Group does not track changes in credit risk but in-stead recognises a loss allowance based on ECLs calculation at each reporting date. The Group has established a provision ma-trix that is based on its historical credit loss experience, ad-justed for forward-looking factors specific to the debtors and the economic environment. The group considers the receiva-bles to be default when above 180 days overdue. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company's financial statement Impairment losses on loans to subsidiaries will be recognised based on a 12-month ECL model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__141": { "value": "NOTE 14 17B14B14B14BTrade receivablesGroup Parent Company DKK '000 2025 2024 2025 2024 Receivables start of period 273,423 295,807 72,994 63,874 Change in receivables during the period 497 -22,384 9,848 9,120 Receivables end of period 273,920 273,423 82,842 72,994 Provisions for bad debt start of period 876 1,901 136 692 Change in provisions for bad debt during the period 1,825 625 152 -266 Loss realised during the period -173 -1,650 -62 -290 Provisions for bad debt end of period 2,528 876 226 136 Carrying amount end of period 271,392 272,547 82,616 72,858 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group's accounting policies. Group Parent Company DKK '000 2025 2024 2025 2024 Age of receivables (gross): Not due 193.503 183.282 61.459 50.382 0-30 days 66.428 76.243 17.533 16.824 30-60 days 8.497 10.192 2.725 5.512 61-90 days 2.344 655 545 73 91-180 days 1.909 955 400 32 181-270 days 496 1.174 2 13 270-360 days 448 791 10 13 Above 360 days 295 131 168 145 Total 273.920 273.423 82.842 72.994 Group Parent Company DKK '000 2025 2024 2025 2024 Age of impairment:Not due 10 14 0 0 0-30 days 143 152 0 0 30-60 days 101 122 0 0 61-90 days 94 26 5 0 91-180 days 1.189 121 80 7 181-270 days 397 137 1 5 271-360 days 358 200 6 8 Over 360 days 236 104 134 116 Total 2.528 876 226 136 Group Parent Company DKK '000 2025 2024 2025 2024 Provision matrix:Not due 0% 0% 0% 0% 0-30 days 0% 0% 0% 0% 30-60 days 1% 2% 0% 0% 61-90 days 5% 5% 1% 0% 91-180 days 78% 16% 25% 27% 181-270 days 100% 15% 63% 50% 271-360 days 100% 32% 75% 75% Over 360 days 100% 100% 100% 100%\u25cf Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortised cost, which usually corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group's receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach un-der which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating expected credit loss. There-fore, the Group does not track changes in credit risk but in-stead recognises a loss allowance based on ECLs calculation at each reporting date. The Group has established a provision ma-trix that is based on its historical credit loss experience, ad-justed for forward-looking factors specific to the debtors and the economic environment. The group considers the receiva-bles to be default when above 180 days overdue. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company's financial statement Impairment losses on loans to subsidiaries will be recognised based on a 12-month ECL model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__145": { "value": "Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortised cost, which usually corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group's receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach un-der which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating expected credit loss. There-fore, the Group does not track changes in credit risk but in-stead recognises a loss allowance based on ECLs calculation at each reporting date. The Group has established a provision ma-trix that is based on its historical credit loss experience, ad-justed for forward-looking factors specific to the debtors and the economic environment. The group considers the receiva-bles to be default when above 180 days overdue. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company's financial statement Impairment losses on loans to subsidiaries will be recognised based on a 12-month ECL model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__146": { "value": "NOTE 15 18B15B15B15BContract assets and contract liabilitiesGroup Parent Company DKK '000 2025 2024 2025 2024 Balance at start of period -2,094 824 -262 -1,377 Changes contract assets during the period 9,506 -15,483 6,500 -5,620 Changes on account billing and prepayments during the period-6,991 12,565 -10,070 6,735 Balance at end of period 421 -2,094 -3,832 -262 Work in progress 33,320 23,814 10,422 3,922 On account billing and prepayments -32,899 -25,908 -14,254 -4,184 Balance at end of period 421 -2,094 -3,832 -262 The net value is included in the balance as follows: Contract assets 9,644 5,793 1,160 567 Contract liabilities -9,223 -7,887 -4,992 -829 Balance at end of period 421 -2,094 -3,832 -262 Of the prepayments as of December 2024, DKK 8,181k has been recognised as revenue in the reporting period corresponding to 82%. The Group's total value of contracts represents DKK 41,082k as of 31 December 2025 (2024: DKK 25,719k). DKK 11,388k of the total contract value is recognised as revenue as of 31 December 2025 (2024: DKK 6,953k). The remaining DKK 29,694k is ex-pected to be recognised as revenue within 12-18 months from the balance date (2024: DKK 18,766k). The higher contract val-ues in 2025 compared to 2024 are due to an increase of new deals starting in later part of 2025. \u25cf Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and ex-pected losses. Sales value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the consumption of resources cannot be used as a base, the measurement is in-stead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is recognised immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognised at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognised in the balance sheet under current assets or liabilities, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognised in statement of comprehensive income as incurred. When assessing impairment for the Group's contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group's trade receivables. ", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__152-1": { "value": "Optimisation of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capi-tal structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakehold-ers through optimisation of the debt and equity balance. The Group's capital structure consists of debt, comprising financial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. To optimise the capital structure, the Board of Directors de-cided to initiate a share buyback programme for a total amount of up to DKK 16m, with a maximum 1.6m shares. Breach of loan agreements The Group has neither in the financial year 2025 nor in 2024 failed to perform or defaulted on any loan agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__150": { "value": "NOTE 16 19B16B16B16BCapital structure The share capital consists of 129,276,264 shares of DKK 1,25, corresponding to DKK 161,595k (nom.). The shares are not di-vided into classes, and no shares have any special rights. The share capital is fully paid up. There has been no capital increase in 2025. Group* No. Of shares DKK'000 Acquisition of shares at 1 January 2025 0 0 Acquisition of shares during the year 1,193,636 11,946 Balance at 31 December 2025 1,193,636 11,946 * As the parent company are the only purchaser of Treasury shares, it is presented as group above", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__149": { "value": "NOTE 16 19B16B16B16BCapital structure The share capital consists of 129,276,264 shares of DKK 1,25, corresponding to DKK 161,595k (nom.). The shares are not di-vided into classes, and no shares have any special rights. The share capital is fully paid up. There has been no capital increase in 2025. Group* No. Of shares DKK'000 Acquisition of shares at 1 January 2025 0 0 Acquisition of shares during the year 1,193,636 11,946 Balance at 31 December 2025 1,193,636 11,946 * As the parent company are the only purchaser of Treasury shares, it is presented as group above", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__156": { "value": "NOTE 17 20BProvisions and contingent considerationGroup Parent Company DKK '000 2025 2024 2025 2024 Contingent consideration 0 5,021 0 0 Other provisions 829 829 829 829 Carrying amount at 31 December 2025 829 5,850 829 829 Contingent Other DKK \u00b4000consideration provisions Total Group 2025 Balance (non-current) at 1 January 2025 5,021 829 5,850 Balance (current) at 1 January 2025 0 0 0 Additions during the period 0 0 0 Fair value adjustment -680 0 -680 Unachieved earn-out during the period -4,341 0 -4,341 Carrying amount at 31 December 2025 0 829 829 Carrying amount non-current at 31 December 2025 0 829 829 Carrying amount current at 31 December 2025 0 0 0 The unachieved earn\u2011out during the period relates to the rever-sal of the Endless Gain earn\u2011out from the prior year, as perfor-mance for the period indicates that the earn\u2011out is unlikely to be realised. Accordingly, the amount has been reversed. Contingent Other DKK '000consideration provisions Total Group 2024Balance (non-current) at 1 January 2024 16,961 829 17,790 Balance (current) at 1 January 2024 0 0 0 Additions during the period 4,350 0 4,350 Fair value adjustment 487 0 487 Unachieved earn out during the period -16,777 0 -16,777 Carrying amount at 31 December 2024 5,021 829 5,850 Carrying amount non-current at 31 December 2024 5,021 829 5,850 Carrying amount current at 31 December 2024 0 0 0 Contingent consideration Based on unsatisfactory performance for ICY Security ApS in first half of 2024, it is assessed that the earn-out is highly un-likely to be achieved. Hence it is assessed most appropriate to reverse the full earn-out amount on DKK 16.8m and recognise it as another operating income. The addition in 2024 relates fully to the earn-out for Endless Gain. The management has assessed that the provision for the earn-out payment for Endless Gain continues to be based on the best estimate and recognition. The remaining part of the earn-out that is recognised solely represents the provision for Endless Gain. Other provisions Other provisions are primarily related to claims and refurbish-ment obligations of leased assets. \u25cf Accounting policies Provisions Provisions for liabilities are recognised as a result of events oc-curring before or at the balance sheet date, which has a legal or constructive obligation, and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an ex-pected maturity of more than one year from the balance sheet date are measured at present value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__155": { "value": "NOTE 17 20BProvisions and contingent considerationGroup Parent Company DKK '000 2025 2024 2025 2024 Contingent consideration 0 5,021 0 0 Other provisions 829 829 829 829 Carrying amount at 31 December 2025 829 5,850 829 829 Contingent Other DKK \u00b4000consideration provisions Total Group 2025 Balance (non-current) at 1 January 2025 5,021 829 5,850 Balance (current) at 1 January 2025 0 0 0 Additions during the period 0 0 0 Fair value adjustment -680 0 -680 Unachieved earn-out during the period -4,341 0 -4,341 Carrying amount at 31 December 2025 0 829 829 Carrying amount non-current at 31 December 2025 0 829 829 Carrying amount current at 31 December 2025 0 0 0 The unachieved earn\u2011out during the period relates to the rever-sal of the Endless Gain earn\u2011out from the prior year, as perfor-mance for the period indicates that the earn\u2011out is unlikely to be realised. Accordingly, the amount has been reversed. Contingent Other DKK '000consideration provisions Total Group 2024Balance (non-current) at 1 January 2024 16,961 829 17,790 Balance (current) at 1 January 2024 0 0 0 Additions during the period 4,350 0 4,350 Fair value adjustment 487 0 487 Unachieved earn out during the period -16,777 0 -16,777 Carrying amount at 31 December 2024 5,021 829 5,850 Carrying amount non-current at 31 December 2024 5,021 829 5,850 Carrying amount current at 31 December 2024 0 0 0 Contingent consideration Based on unsatisfactory performance for ICY Security ApS in first half of 2024, it is assessed that the earn-out is highly un-likely to be achieved. Hence it is assessed most appropriate to reverse the full earn-out amount on DKK 16.8m and recognise it as another operating income. The addition in 2024 relates fully to the earn-out for Endless Gain. The management has assessed that the provision for the earn-out payment for Endless Gain continues to be based on the best estimate and recognition. The remaining part of the earn-out that is recognised solely represents the provision for Endless Gain. Other provisions Other provisions are primarily related to claims and refurbish-ment obligations of leased assets. \u25cf Accounting policies Provisions Provisions for liabilities are recognised as a result of events oc-curring before or at the balance sheet date, which has a legal or constructive obligation, and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an ex-pected maturity of more than one year from the balance sheet date are measured at present value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__154": { "value": "NOTE 17 20BProvisions and contingent considerationGroup Parent Company DKK '000 2025 2024 2025 2024 Contingent consideration 0 5,021 0 0 Other provisions 829 829 829 829 Carrying amount at 31 December 2025 829 5,850 829 829 Contingent Other DKK \u00b4000consideration provisions Total Group 2025 Balance (non-current) at 1 January 2025 5,021 829 5,850 Balance (current) at 1 January 2025 0 0 0 Additions during the period 0 0 0 Fair value adjustment -680 0 -680 Unachieved earn-out during the period -4,341 0 -4,341 Carrying amount at 31 December 2025 0 829 829 Carrying amount non-current at 31 December 2025 0 829 829 Carrying amount current at 31 December 2025 0 0 0 The unachieved earn\u2011out during the period relates to the rever-sal of the Endless Gain earn\u2011out from the prior year, as perfor-mance for the period indicates that the earn\u2011out is unlikely to be realised. Accordingly, the amount has been reversed. Contingent Other DKK '000consideration provisions Total Group 2024Balance (non-current) at 1 January 2024 16,961 829 17,790 Balance (current) at 1 January 2024 0 0 0 Additions during the period 4,350 0 4,350 Fair value adjustment 487 0 487 Unachieved earn out during the period -16,777 0 -16,777 Carrying amount at 31 December 2024 5,021 829 5,850 Carrying amount non-current at 31 December 2024 5,021 829 5,850 Carrying amount current at 31 December 2024 0 0 0 Contingent consideration Based on unsatisfactory performance for ICY Security ApS in first half of 2024, it is assessed that the earn-out is highly un-likely to be achieved. Hence it is assessed most appropriate to reverse the full earn-out amount on DKK 16.8m and recognise it as another operating income. The addition in 2024 relates fully to the earn-out for Endless Gain. The management has assessed that the provision for the earn-out payment for Endless Gain continues to be based on the best estimate and recognition. The remaining part of the earn-out that is recognised solely represents the provision for Endless Gain. Other provisions Other provisions are primarily related to claims and refurbish-ment obligations of leased assets. \u25cf Accounting policies Provisions Provisions for liabilities are recognised as a result of events oc-curring before or at the balance sheet date, which has a legal or constructive obligation, and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an ex-pected maturity of more than one year from the balance sheet date are measured at present value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__153": { "value": "NOTE 17 20BProvisions and contingent considerationGroup Parent Company DKK '000 2025 2024 2025 2024 Contingent consideration 0 5,021 0 0 Other provisions 829 829 829 829 Carrying amount at 31 December 2025 829 5,850 829 829 Contingent Other DKK \u00b4000consideration provisions Total Group 2025 Balance (non-current) at 1 January 2025 5,021 829 5,850 Balance (current) at 1 January 2025 0 0 0 Additions during the period 0 0 0 Fair value adjustment -680 0 -680 Unachieved earn-out during the period -4,341 0 -4,341 Carrying amount at 31 December 2025 0 829 829 Carrying amount non-current at 31 December 2025 0 829 829 Carrying amount current at 31 December 2025 0 0 0 The unachieved earn\u2011out during the period relates to the rever-sal of the Endless Gain earn\u2011out from the prior year, as perfor-mance for the period indicates that the earn\u2011out is unlikely to be realised. Accordingly, the amount has been reversed. Contingent Other DKK '000consideration provisions Total Group 2024Balance (non-current) at 1 January 2024 16,961 829 17,790 Balance (current) at 1 January 2024 0 0 0 Additions during the period 4,350 0 4,350 Fair value adjustment 487 0 487 Unachieved earn out during the period -16,777 0 -16,777 Carrying amount at 31 December 2024 5,021 829 5,850 Carrying amount non-current at 31 December 2024 5,021 829 5,850 Carrying amount current at 31 December 2024 0 0 0 Contingent consideration Based on unsatisfactory performance for ICY Security ApS in first half of 2024, it is assessed that the earn-out is highly un-likely to be achieved. Hence it is assessed most appropriate to reverse the full earn-out amount on DKK 16.8m and recognise it as another operating income. The addition in 2024 relates fully to the earn-out for Endless Gain. The management has assessed that the provision for the earn-out payment for Endless Gain continues to be based on the best estimate and recognition. The remaining part of the earn-out that is recognised solely represents the provision for Endless Gain. Other provisions Other provisions are primarily related to claims and refurbish-ment obligations of leased assets. \u25cf Accounting policies Provisions Provisions for liabilities are recognised as a result of events oc-curring before or at the balance sheet date, which has a legal or constructive obligation, and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an ex-pected maturity of more than one year from the balance sheet date are measured at present value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__158": { "value": "Accounting policies Provisions Provisions for liabilities are recognised as a result of events oc-curring before or at the balance sheet date, which has a legal or constructive obligation, and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an ex-pected maturity of more than one year from the balance sheet date are measured at present value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__160-1": { "value": "NOTE 18 22B18B18B18BLease liabilities DKK '000 Other equipment Cars Offices Total Group 2025Less than 1 year 802 2.928 24.098 27.828 Between 1 and 5 years 2.089 2.482 61.488 66.059 More than 5 years 0 0 2.331 2.331 2.891 5.410 87.917 96.218 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored closely by the management. For more information about right-of use as-sets, please refer to note 12. For analysis of maturity, please re-fer to note 23. DKK '000 Other equipment Cars Offices Total Group 2024Less than 1 year 632 2,353 22,844 25,829 Between 1 and 5 years 2,387 4,943 68,905 76,235 More than 5 years 37 0 1,210 1,247 3,056 7,296 92,959 103,311NOTE 23 26B23B23B23BFinancial risks and financial instrumentsThe below maturity analysis is based on undiscounted cash flow, and the method of accounting is equivalent to the Group's cash flow exposure going forward. The maturity analysis shows a balanced current ratio. The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short-term financial liabilities is not expected to fall due for payment. Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Group 2025 Financial assets Trade receivables 271,392 0 0 271,392 Contract assets 9,644 0 0 9,644 Corporate tax receivables 217 0 0 217 Other receivables 6,088 0 13,696 19,784 Receivables from divestment of activities 53,998 0 0 53,998 Prepayments 31,783 0 0 31,783 Cash and bank balances 68,032 0 0 68,032 Total financial assets 441,154 0 13,696 454,850 Financial liabilities Debt to credit institutions 43,816 82,251 0 126,067 Contingent consideration 0 0 0 0 Trade payables 46,956 0 0 46,956 Other payables 218,421 0 0 218,421 Lease liability 32,374 74,168 2,545 109,087 Total financial liabilities 341,567 156,419 2,545 500,531 Ratio 1.29 0.91The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the dis-counted interest on the debt to represent net present value. Liquidity risk management The Group manages liquidity risk by maintaining adequate re-serves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Debt to credit institutions -3,816 -6,251 0 -10,067 Lease liability -4,546 -8,109 -214 -12,869 Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Group 2024Financial assetsTrade receivables 272,547 0 0 272,547 Contract assets 5,793 0 0 5,793 Corporate tax receivables 247 0 0 247 Other receivables 5,415 3,164 12,304 20,883 Receivables from divestment of activities 60,715 0 0 60,715 Prepayments 26,978 0 0 26,978 Cash and bank balances 79,223 0 0 79,223 Total financial assets 450,918 3,164 12,304 466,386 Financial liabilities Debt to credit institutions 43,990 82,536 0 126,526 Contingent consideration 0 5,021 0 5,021 Trade payables 48,772 0 0 48,772 Other payables 220,350 0 0 220,350 Lease liability 34,043 88,130 1,285 123,458 Total financial liabilities 347,155 175,687 1,285 524,127 Ratio 1.30 0.89Between Less than 1 and 5 More than DKK '000 1 year years 5 years Total Debt to credit institutions -3.990 -6.536 0 -10.526 Lease liability -8.214 -11.895 -38 -20.147Financing facilities Group DKK '000 2025 2024 Cash and bank balances 68,032 79,223 Unused credits 145,632 126,237 213,664 205,460 The Group's cash reserves consist of cash and unused credits. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__164": { "value": "Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subse-quent periods, current liabilities are measured at amortised cost using the \"effective interest method\" so that the differ-ence between the proceeds and the nominal value is recog-nised in the income statement under financial expenses over the loan period. Other liabilities are measured at amortised cost. Pensions Contributions to defined contribution plans are recognised in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognised in the balance sheet under other payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__162": { "value": "NOTE 19 23B19B19B19BOther payablesGroup Parent Company DKK '000 2025 2024 2025 2024 Payroll cost, payroll tax, retirement benefit obligations etc. 108,423 112,582 25,834 29,636 Holiday pay etc. 54,291 56,577 10,375 13,077 VAT payable 26,916 26,819 3,022 3,228 Other liabilities 28,791 24,372 6,039 3,110 218,421 220,350 45,270 49,051 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group's obligation to pay salary during employees' holiday in the following financial year. \u25cf Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subse-quent periods, current liabilities are measured at amortised cost using the \"effective interest method\" so that the differ-ence between the proceeds and the nominal value is recog-nised in the income statement under financial expenses over the loan period. Other liabilities are measured at amortised cost. Pensions Contributions to defined contribution plans are recognised in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognised in the balance sheet under other payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__161": { "value": "NOTE 19 23B19B19B19BOther payablesGroup Parent Company DKK '000 2025 2024 2025 2024 Payroll cost, payroll tax, retirement benefit obligations etc. 108,423 112,582 25,834 29,636 Holiday pay etc. 54,291 56,577 10,375 13,077 VAT payable 26,916 26,819 3,022 3,228 Other liabilities 28,791 24,372 6,039 3,110 218,421 220,350 45,270 49,051 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group's obligation to pay salary during employees' holiday in the following financial year. \u25cf Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subse-quent periods, current liabilities are measured at amortised cost using the \"effective interest method\" so that the differ-ence between the proceeds and the nominal value is recog-nised in the income statement under financial expenses over the loan period. Other liabilities are measured at amortised cost. Pensions Contributions to defined contribution plans are recognised in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognised in the balance sheet under other payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__168": { "value": "Ownership by Columbus A/S' Average no. of Columbus A/S, share of voting employees CompanyCountry%right, %2025Columbus A/S Denmark 317 SubsidiariesEuropeColumbus Deutschland GmbH Germany 100 100 27 Columbus Global (UK) Ltd. England 100 100 210 Columbus Global s.r.o Czech 100 100 39 Columbus Norway AS Norway 100 100 160 Columbus Poland Sp.z.o.o. Poland 100 100 46 Columbus Sweden AB Sweden 100 100 393 ICY Security ApS Denmark 100 100 10 America Columbus US Inc. USA 100 100 46 Columbus Chile SpA Chile 100 100 13 Asia Columbus Global Services India Pvt. Ltd. India 100 100 234 Note: The overview only contains the Group's operative companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__169": { "value": "NOTE 22 25B22B22B22BFee to the Group's auditor elected by the annual general meetingGroup Parent Company DKK '000 2025 2024 2025 2024 Auditor elected by the annual general meeting Statutory audit 3.019 3.089 761 584 Other assurance services 1.355 1.434 1.355 1.334 Other non-audit services 1.430 106 1.430 106 Total audit fee 5.804 4.629 3.546 2.024 A few Group enterprises are not audited by the Parent's appointed auditors (PwC) or the auditor's foreign affiliates. Other services provided by the auditors elected by the annual general meeting comprise of audit fee for the ESG reporting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__174-1": { "value": "Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Group 2025 Financial assets Trade receivables 271,392 0 0 271,392 Contract assets 9,644 0 0 9,644 Corporate tax receivables 217 0 0 217 Other receivables 6,088 0 13,696 19,784 Receivables from divestment of activities 53,998 0 0 53,998 Prepayments 31,783 0 0 31,783 Cash and bank balances 68,032 0 0 68,032 Total financial assets 441,154 0 13,696 454,850 Financial liabilities Debt to credit institutions 43,816 82,251 0 126,067 Contingent consideration 0 0 0 0 Trade payables 46,956 0 0 46,956 Other payables 218,421 0 0 218,421 Lease liability 32,374 74,168 2,545 109,087 Total financial liabilities 341,567 156,419 2,545 500,531 Ratio 1.29 0.91Between Less than 1 and 5 More than DKK '0001 year years 5 years Total Group 2024Financial assetsTrade receivables 272,547 0 0 272,547 Contract assets 5,793 0 0 5,793 Corporate tax receivables 247 0 0 247 Other receivables 5,415 3,164 12,304 20,883 Receivables from divestment of activities 60,715 0 0 60,715 Prepayments 26,978 0 0 26,978 Cash and bank balances 79,223 0 0 79,223 Total financial assets 450,918 3,164 12,304 466,386 Financial liabilities Debt to credit institutions 43,990 82,536 0 126,526 Contingent consideration 0 5,021 0 5,021 Trade payables 48,772 0 0 48,772 Other payables 220,350 0 0 220,350 Lease liability 34,043 88,130 1,285 123,458 Total financial liabilities 347,155 175,687 1,285 524,127 Ratio 1.30 0.89", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__173-1": { "value": "Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group fol-lows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx., 75% (2024: 72%) of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the rele-vant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. The sensitivity effect is symmetrical in both decrease and increase situations. Profit after tax exchange rates sensitivityGroup DKK '000 2025 2024 Effect of 10% decrease in USD -194 -767 Effect of 10% decrease in GBP -4,278 -4,147 Effect of 10% decrease in SEK -17 -2,060 Effect of 10% decrease in NOK 2,907 1,872 Effect of 10% decrease in CLP 104 -250 Effect of 10% decrease in CZK -181 -133 Effect of 10% decrease in PLN -198 -135 Effect of 10% decrease in INR -299 -272 The table above (effect on profit after tax exchange rates) have the same effect on equity. Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2025, an increase in interest rates of half a percentage point would increase the Group's interest by DKK 588k (2024: DKK 633k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__172": { "value": "Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group fol-lows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx., 75% (2024: 72%) of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the rele-vant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. The sensitivity effect is symmetrical in both decrease and increase situations. Profit after tax exchange rates sensitivityGroup DKK '000 2025 2024 Effect of 10% decrease in USD -194 -767 Effect of 10% decrease in GBP -4,278 -4,147 Effect of 10% decrease in SEK -17 -2,060 Effect of 10% decrease in NOK 2,907 1,872 Effect of 10% decrease in CLP 104 -250 Effect of 10% decrease in CZK -181 -133 Effect of 10% decrease in PLN -198 -135 Effect of 10% decrease in INR -299 -272 The table above (effect on profit after tax exchange rates) have the same effect on equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__186": { "value": "NOTE 29 32B35B35B35BEvents after the reporting periodThere have been no events after the balance sheet date to be accounted for.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__187": { "value": "NOTE 30 33B36B36B36BApproval of publication of the Annual ReportOn the Board meeting on 12 March 2026 the Board of Directors approved publication of the Annual Report 2025. The Annual Report 2025 will be submitted for approval by the shareholders of Columbus A/S on the Annual General Meeting on 23 April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__249": { "value": "Columbus A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__250": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__248": { "value": "Lautrupvang 6", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f1__s9__7__251": { "value": "Ballerup", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }