Columbus A/S | CVR no. 13 22 83 45 Columbus A/S | CVR no. 13 22 83 45
Interim report
Q1 2026
Columbus Interim report Q1 2026
2
Highlights 3
From a cautious start to improving momentum 4
Key figures and ratios 6
Lower activity levels impacted Q1 performance 7
Outlook for 2026 10
Statement by management 11
Financial statements 12
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Contents
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Highlights
Columbus Interim report Q1 2026
3
Q1 2026 highlights
• Revenue decreased by 4%, amounting to DKK
418m, impacted by a slightly negative currency
effect.
• EBITDA amounted to DKK 26m, compared to DKK
46m in Q1 2025.
• The EBITDA margin was 6.3%, compared to 10.7%
in Q1 2025.
• Efficiency of 62% in Q1 2026, in line with Q1 2025,
but still below expectations for the quarter.
• Cash flow from operating activities amounted to
DKK -4m, compared to DKK 17m in Q1 2025, pri-
marily driven by lower EBITDA and changes in
working capital.
Outlook 2026
Based on the development in the first quarter of
2026, our strong pipeline and order backlog, we
maintain our full year financial expectations:
• Organic revenue growth is expected to be in the
range of 0-5%
• EBITDA margin is expected to be in the range of
8-10%.
Highlights
The first quarter of 2026 was characterised by a continued challenging market, particularly within larger ERP transformation
projects. Activity levels gradually improved through the quarter, with a strengthening towards the end. Despite this,
performance for the quarter was below our expectations, resulting in a revenue decrease of 4% and EBITDA of DKK 26m,
corresponding to a margin of 6.3%. We remain focused on improving activity levels through 2026.
From a cautious start to improving momentum
Columbus Interim report Q1 2026
4
Columbus entered 2026 with a first quarter marked
by cautious market conditions, resulting in a decline
in revenue compared to Q1 2025, al- though at a
lower rate than seen towards the end of 2025.
EBITDA and EBITDA margin also declined, reflecting
the lower activity level, and performance for the
quarter was below expectations.
At the same time, underlying demand showed grad-
ual improvement during the quarter, supported by
several larger project wins and a strengthening of
both pipeline and order intake.
Strengthening execution and strategic positioning
Our priorities remain unchanged. We continue to
focus on execution quality, resource allocation and
profitable engagements, while strengthening key
parts of our organisation, including leadership
within our core Dynamics 365 business.
During the quarter, we strengthened our capabili-
ties through selected strategic initiatives, including
a new global supply chain partnership with SNS and
a major retail win with Stadium, supporting our po-
sition within key strategic areas and enabling more
scalable, end-to-end solutions.
We also continued to support large-scale customer
transformations, including recent work with Vend, a
leading Nordic digital marketplace group, where we
have modernised core business systems and unified
data across platforms, enabling more scalable op-
erations, improved user experiences and faster in-
novation.
Balanced performance in a cautious market
Group revenue amounted to DKK 418m, corre-
sponding to a decrease of 4% compared to Q1
2025, reflecting lower activity levels, primarily
driven by a decline in the Danish and Swedish mar-
kets, partly offset by growth in Norway and the US.
Group EBITDA amounted to DKK 26m, correspond-
ing to a margin of 6.3%. This compares to DKK 46m
and a margin of 10.7% in Q1 2025 and reflects the
lower activity level in the quarter, partly offset by
continued cost discipline, a focus on profitable en-
gagements, and a reduced headcount.
Activity remains subdued within traditional ERP-
related engagements, while demand within areas
such as Data & AI continues to grow. This is gradu-
ally influencing our project mix and supports our fo-
cus on profitable engagements.
AI moving into execution
Customers are increasingly moving from AI ambi-
tion to measurable outcomes. One example is
Wausau Supply Company in the US, where we are
helping reduce sales administration and improve
workflows through targeted AI initiatives, starting
from concrete business needs and scaling based on
realised outcomes.
During the quarter, we further reinforced AI as a
clear operational priority, establishing a Group AI
From a cautious start to improving
momentum
After a cautious start to the year, activity levels improved gradually throughout
the first quarter, supported by a strengthened pipeline and several larger project
wins, positioning Columbus to convert improving demand into profitable growth
already in Q2.
“We are acting on what
we can control. Execution
is stronger, the pipeline
has improved, and we are
positioned to convert
gradually improving de-
mand into profitable
growth in Q2.”
CEO & President
Søren Krogh Knudsen
From a cautious start to improving momentum
Columbus Interim report Q1 2026
5
Center of Excellence and a dedicated VP Group AI
role, while rolling out a standardised delivery model
across customer engagements, with further in-
sights shared in our new C-bites podcast series.
At the same time, we initiated the rollout of agentic
AI, conducting a series of “Agent in a Day” work-
shops with customers and internal teams to accel-
erate adoption and identify concrete use cases.
Based on the strong interest and early learnings, we
see agentic AI as one of the most promising areas
for Columbus going forward.
We see growing customer demand for practical AI
applications, and our focus is on turning this into
repeatable, scalable delivery.
What characterises Columbus today
As we prepare for the next phase of our strategy,
Columbus today is characterised by:
• A disciplined and execution-focused organisa-
tion, with a clear emphasis on profitability and
quality of revenue
• A more resilient and balanced business across
geographies, reducing dependency on individual
markets
• A focused portfolio, where strategic areas such
as Data & AI and Digital Commerce represent an
increasing share of activity
• Strengthened operational governance and re-
source allocation, supporting improved utilisation
and delivery consistency
• A scalable business model, positioned to convert
improved market conditions into profitable
growth.
Together, these qualities form the foundation from
which we expect to deliver improving results
through 2026 – and reflect the Columbus we are
building for the long term.
Positioned for gradual improvement
While we do not yet see a material shift in overall
market conditions, Columbus today stands on a
stronger operational and strategic foundation.
Achieving our expectations for 2026 will depend on
a gradual normalisation of customer investment
behavior, combined with our ability to convert the
strengthened pipeline into revenue and maintain
strict cost discipline.
With a more focused portfolio, improved cost disci-
pline, a strengthened pipeline and increasing com-
mercial traction within AI and digital solutions, we
are well positioned to translate even modest im-
provements in market activity into profitable
growth, as we move into Q2 and through the re-
mainder of 2026.
Thank you
I would like to thank our employees for their contin-
ued commitment and our customers and partners
for their trust. We remain focused on disciplined
execution and on strengthening Columbus for
long-term, sustainable value creation.
Søren Krogh Knudsen
CEO & President
Key figures and ratios
Columbus Interim report Q1 2026
6
Key ratios are calculated with balance sheet items including assets classified as held for sale.
The key figures and financial ratios above have been calculated in accordance with Danish Finance Society “Recommendations & Fi-
nancial Ratios”.
Key figures and ratios
DKK ´000
Q1 2026
Q1 2025
2025
Income related figures
Sale of services
396,601
414,023
1,506,353
Sale of products
21,446
19,932
70,103
Total revenue
418,047
433,955
1,576,456
Recurring revenue % of total revenue
14.3%
13.0%
14.1%
EBITDA
26,252
46,337
112,944
EBIT
11,998
32,554
58,415
Net financial items
1,421
-384
-11,620
Profit before tax
13,419
32,170
46,795
Profit after tax, continuing operations
10,974
26,329
21,456
Profit after tax, discontinued operations
-1,619
-224
-6,644
Profit after tax
9,355
26,105
14,812
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Balance sheet
Non-current assets
825,205
862,495
834,591
Current assets
454,693
504,806
441,154
Total assets
1,279,898
1,367,301
1,275,745
Group shareholder equity
748,938
794,245
744,962
Total liabilities
530,960
573,056
530,783
Total equity and liabilities
1,279,898
1,367,301
1,275,745
DKK ´000
Q1 2026
Q1 2025
2025
Investments in tangible assets
1,787
1,769
4,056
Cash flow
Cash flow from operating activities
-3,528
17,216
76,907
Cash flow from investing activities
-2,480
-2,073
-22,977
Cash flow from financing activities
-10,618
-7,325
-56,370
Total net change in cash and cash equivalents
-16,626
7,818
-2,440
Cash flow from continuing operations
-15,007
8,042
4,204
Cash flow from discontinued operations
-1,619
-224
-6,644
Total net change in cash and cash equivalents
-16,626
7,818
-2,440
Key ratios
EBITDA-margin
6.3%
10.7%
7.2%
EBIT-margin
2.9%
7.5%
3.7%
Equity ratio
58.5%
58.1%
58.4%
Return on equity
1.2%
3.4%
2.0%
Number of shares
129,726
129,276
129,276
Average number of shares
129,367
129,276
129,276
Book value of equity per share (BVPS) (DKK)
5.77
6.14
5.76
Earnings per share (EPS) from continuing operations (DKK)
0.09
0.20
0.17
Earnings per share (EPS) (DKK)
0.07
0.20
0.11
Cash flow per share (DKK)
-0.03
0.13
0.59
Share price, end of period (DKK)
9.84
12.20
9.54
Average full-time employee for the period
1,495
Lower activity levels impacted Q1 performance
Columbus Interim report Q1 2026
7
Service revenue split on Business Lines
DKK ´000
Q1 2026
Q1 2025
∆%
Dynamics 365
233,695
253,059
-8%
M3
83,888
84,814
-1%
Digital Commerce
42,923
47,242
-9%
Data & AI
29,413
23,950
23%
EIM
6,682
4,958
35%
Total sale of services
396,601
414,023
-4%
Total sale of products
21,446
19,932
8%
Total net revenue
418,047
433,955
-4%
Service revenue split on Market Units
DKK ´000
Q1 2026
Q1 2025
∆%
Sweden
121,569
130,943
-7%
Denmark
87,318
102,318
-15%
UK
80,272
88,369
-9%
Norway
68,453
54,217
26%
US
26,597
29,336
-9%
Other
12,149
8,575
42%
GDC
243
265
-8%
Total sale of services
396,601
414,023
-4%
Total sale of products
21,446
19,932
8%
Total net revenue
418,047
433,955
-4%
Columbus reported revenue of DKK 418m in Q1
2026, a decrease of 4% compared to Q1 2025. Cur-
rency effects had a minor negative impact on reve-
nue during the quarter.
Market uncertainty persisted in Q1, impacting both
activity levels and performance. EBITDA amounted
to DKK 26m in Q1 2026, corresponding to a margin
of 6.3%, down from 10.7% in Q1 2025. The earnings
development was below expectations, primarily due
to a slow start to the year.
Business Line development
The revenue decline in Q1 2026 was primarily driven
by a 4% decrease in service revenue, which ac-
counted for 95% of total revenue for the quarter. In
contrast, product sales increased by 8%, exceeding
expectations, mainly due to strong performance in
the EIM (Enterprise Information Management) Busi-
ness Line.
Q1 2026 ended with a continued slowdown in Dy-
namics 365, our largest Business Line, with service
revenue declining by 8% compared to Q1 2025. The
decline reflects increased customer reluctance to
initiate and commit to new large-scale IT projects.
The contribution margin decreased to 20% in Q1
2026, down from 26% in Q1 2025, driven by lower
activity levels and reduced efficiency.
M3, our second largest Business Line, delivered a
broadly flat performance in Q1 2026, with service
revenue declining by 1% compared to Q1 2025. This
represents a solid performance in a challenging
market and reflects the strong quality of deliveries,
particularly in the Swedish and US markets.
The contribution margin decreased to 22% in Q1
2026 from 25% in Q1 2025 but remained above the
full-year 2025 contribution margin of 20%.
Lower activity levels
impacted Q1
performance
Columbus Interim report Q1 2026
7
Lower activity levels impacted Q1 performance
Columbus Interim report Q1 2026
8
Digital Commerce’s service revenue declined by 9%
in Q1 2026 compared to Q1 2025, reflecting contin-
ued uncertainty in the UK and Norwegian retail
markets, while a slight increase in activity was seen
in the Swedish market.
Despite softer market conditions and ongoing
rightsizing of the organization, the Business Line
maintained stable operations. As a result, the con-
tribution margin improved slightly to 12% in Q1
2026, up from 11% in Q1 2025.
Data & AI continued to focus on talent develop-
ment to support increasing activity levels and deliv-
ered strong topline growth in Q1 2026, with service
revenue increasing by 23% compared to Q1 2025, in
line with expectations.
We expect continued strong demand for our Data
& AI expertise, supporting further enhancement
and streamlining of our customers’ processes and
experiences.
As a result of continued investments in key Data &
AI capabilities - including initiatives such as “Agent
in a Day” - the contribution margin remained at a
low level, declining to 1% in Q1 2026 from 22% in Q1
2025.
The EIM (Enterprise Information Management) Busi-
ness Line, introduced in the Annual Report 2025,
continued to deliver strong growth, increasing by
35% compared to the same quarter last year. The
growth was driven by rapid expansion into new
markets, including the UK, the US and Germany,
building on Columbus’ established local presence
and strong brand. EIM also delivered a solid contri-
bution margin of 52% in Q1 2026, up from 45% in Q1
2025, supported by strong product sales.
The combined contribution margin declined from
25% in Q1 2025 to 19% in Q1 2026.
Development in Market Units
The Swedish Market Unit - our largest market - ac-
counted for 31% of total service revenue in Q1 2026.
Service revenue declined by 7% compared to Q1
2025, primarily driven by a significant slowdown in
the Dynamics 365 Business Line during the quarter.
The Danish Market Unit continued to experience
declining growth, with service revenue decreasing
by 15% in Q1 2026 compared to Q1 2025, primarily
driven by softer activity in the Dynamics 365 Busi-
ness Line.
The UK Market Unit experienced a slowdown in Q1
2026, resulting in a 9% decline in service revenue
compared to Q1 2025. Adjusted for foreign ex-
change effects, the decline amounted to 3%, pri-
marily driven by lower activity in the Dynamics 365
Business Line. Despite this, the UK market outlook
remains positive, and Columbus continues to bene-
fit from its strong position as a specialised, high-
quality IT consultancy.
The Norwegian Market Unit secured some major
new contract wins, resulting in a 26% increase in
service revenue in Q1 2026 compared to Q1 2025,
primarily driven by the Dynamics 365 and Data & AI
Business Lines.
The US Market Unit reported a 9% decline in service
revenue in Q1 2026 compared to Q1 2025. Opera-
tions in the US are mainly driven by the M3 and Dy-
namics 365 Business Lines, with Dynamics 365 de-
livering strong quarterly growth of 30%, supported
by its global reputation for ERP implementation ex-
pertise.
Recurring revenue
Recurring revenue amounted to DKK 60m in Q1
2026, representing an increase of 5% compared to
the same quarter last year. Recurring revenue ac-
counted for 14% of total revenue, up by 1 percent-
age point from Q1 2025. Our Operational Service
Agreement (OSA) business, branded as Evolve, re-
mains a key strategic focus area.
Efficiency
Efficiency was 62% in Q1 2026, in line with the level
in Q1 2025. This flat development was partly driven
by customers’ continued hesitation to initiate major
ERP projects and by prolonged sales cycles. The
current efficiency level is considered unsatisfac-
tory. However, a gradual improvement was seen
during Q1, and this positive trend is expected to
continue in the coming quarters.
Development in recurring revenue
(DKKm)
Development in efficiency
(%)
18
12
42
45
60
57
Q1 2026 Q1 2025
Operational Service Agreements
Recurring Licenses
62%
63%
58%
62%
62%
Q1/25Q2/25Q3/25Q4/25Q1/26
Lower activity levels impacted Q1 performance
Columbus Interim report Q1 2026
9
EBITDA development
EBITDA amounted to DKK 26m in Q1 2026, com-
pared to DKK 46m in Q1 2025, resulting in an
EBITDA margin of 6.3% versus 10.7% in Q1 2025.
The performance was below expectations, mainly
reflecting weaker-than-expected contribution mar-
gins driven by margin pressure.
Profit before tax
Profit before tax amounted to DKK 13m in Q1 2026
compared to DKK 32m in Q1 2025. The decline was
primarily driven by lower-than-expected contribu-
tion margins across the Business Lines, reflecting
weak efficiency levels and a slow start to the year,
particularly in January.
Discontinued operations
In Q1 2026, no new events occurred in relation to
discontinued operations. Costs of DKK 2m relate to
expenses associated with previous divestments.
Cash
Cash flow from operating activities was negative at
DKK -4m in Q1 2026, compared to DKK 17m in Q1
2025. The development was primarily driven by
lower EBITDA and changes in working capital.
Equity
Equity increased by a net DKK 4m to DKK 749m as
of 31 March 2026, compared to DKK 745m as of 31
December 2025, primarily reflecting retained earn-
ings and treasury share transactions.
Employee development
At the end of Q1 2026, Columbus employed an av-
erage of 1,438 FTEs, a reduction of 78 FTEs com-
pared to Q1 2025 (1,516 FTEs). This decrease is pri-
marily the result of a rightsizing initiative conducted
in the second half of 2025, along with ongoing ef-
forts to optimize non-productive roles.
The reduction in FTEs was primarily driven by lower
activity levels in the Dynamics 365 and Digital Com-
merce Business Lines, reflecting lower revenue lev-
els.
Selected customer wins and deliveries
M3
Stadium, one of the Nordic region’s largest sports retailers, has selected Infor
CloudSuite Fashion and Infor Warehouse Management System (WMS) to mod-
ernize its ERP and warehouse operations. Stadium has selected Columbus as
its implementation partner to support its digital transformation journey. By
working with Columbus, Stadium gains access to deep industry expertise,
proven implementation capabilities, and a strong understanding of complex
retail and supply chain environments.
READ MORE here: https://www.columbusglobal.com/news/stadium-selects-infor-and-columbus-
to-create-a-modern-unified-commerce-and-supply-chain-platform/14911905/
Dynamics 365
The Royal Institution of Chartered Surveyors (RICS), a global professional body
promoting international standards across real estate, construction and infra-
structure, engaged Columbus to strengthen and stabilise its Dynamics 365 Fi-
nance platform. Through a six-month engagement covering selected Evolve
services and application management services (AMS), RICS improved system
performance, strengthened internal capabilities and reduced operational risk,
restoring confidence across finance and digital teams.
READ MORE here: https://www.columbusglobal.com/insights/cases/rics-microsoft-dynamics-
365-finance-ams/
Outlook for 2026
Columbus Interim report Q1 2026
10
In 2026, we expect organic growth of 0-5% and im-
proved EBITDA margin of 8-10% driven by enhanced
efficiency and a continued focus on contract prof-
itability. Supported by improved activity levels to-
wards the end of Q1 and into early Q2, we see a
stronger foundation for delivering on these expec-
tations.
We continue to see strong demand for our digital
advisory and services. At the same time, some cau-
tion in IT investments and a tendency to split pro-
jects into smaller phases are expected to continue
throughout 2026.
Columbus will continue to expand the fast-growing
Core Business Services; Data & AI and Digital Com-
merce and further strengthen our customer offer-
ings. From 2026, we will also begin reporting on our
Enterprise Information Management (EIM) Business
Line, which has delivered significant growth in both
revenue and profitability and expanded from Swe-
den into other Columbus markets.
The Dynamics and M3 Business Lines will continue
to expand their unique IT service offerings and fur-
ther increase their focus on delivering value
through our Operational Service Agreements (OSA).
We have continued to optimise our organisation to
adapt to a changing IT landscape and to strengthen
our order pipeline.
Columbus rests on a strong foundation, anchored
in a uniform operational setup across the Group.
This positions us well to continue our growth jour-
ney and maintain a clear focus on improving profit-
ability.
Key priorities on our agenda remain:
• Continuous focus on efficiency
• Increasing use of Columbus’ service centers
• Commercial excellence
• Leveraging Columbus’ strong business model
The outlook is subject to the general uncertainties
in our markets, such as the current macro-eco-
nomic conditions, higher than normal exchange
rate volatility and a continuous geopolitical
situation that may impact the general business en-
vironment.
Long-term financial ambitions
While 2026 will not yet reflect the Group’s long-
term financial ambitions of 10% revenue growth and
a 15% EBITDA margin, these ambitions remain un-
changed. Columbus remains firmly focused on re-
storing sustainable growth and improving profita-
bility, supported by disciplined execution and oper-
ational efficiency. The timeline for achieving the
long-term financial ambitions is under review as
part of the ongoing new strategy process. The cur-
rent strategy remains in effect through 2026, and
the new strategy is expected to be announced in
early November 2026.
Outlook for 2026
Outlook 2026
Organic revenue growth
0-5%
EBITDA margin
8-10%
Statement by management
Columbus Interim report Q1 2026
11
Executive Board
Board of Directors
Columbus Interim report Q1 2026
12
Statement of comprehensive income 13
Balance sheet 14
Statement of changes in equity 15
Cash flow 16
Notes
Note 1 - 0B0B0B0B0BMaterial accounting principles 17
Note 2 - 1BMaterial accounting judgements and estimates 17
Note 3 - 2B2B2B2B2BSegment data 18
Note 4 - 4B3B3B3B3BStaff expenses and remuneration 22
Note 5 - 5B4B4B4B4BDepreciation, amortisation and impairment 22
Note 6 - 7BGoodwill 23
Note 7 - 8B6B6B6BTrade receivables 24
Note 8 - 9BContract assets and contract liabilities 25
Note 9 - 10B8B8B8B8 Capital structure 25
Note 10 - 11B9B9B9B9Discontinued operations 26
Note 11 - 12B10B10B10B10Related parties 26
Note 12 - 13B11B11B11B11Events after balance sheet date 27
14B12B12B12B12Key figures, ratios and Alternative Performance Measures 28
Financial
statements
Financial statements
Columbus Interim report Q1 2026
12
Financial statements
Columbus Interim report Q1 2026
13
Statement of comprehensive income
DKK ´000
Note
Q1 2026
Q1 2025
2025
Revenue
3
External project costs
-48,015
-46,505
-172,865
Gross profit
Staff expenses and remuneration
4
-306,791
-306,530
-1,138,337
Other external costs
-36,989
-34,636
-145,784
Other operating income
Other operating expenses
-14,058
EBITDA
Depreciation, amortisation and impairment
5
-14,254
-13,783
-54,529
Operating profit (EBIT)
Financial income
Financial expenses
-2,441
-3,869
-15,467
Profit before tax from continuing operations
Corporate tax
-2,445
-5,841
-25,339
Profit after tax from continuing operations
Profit (loss) after tax from discontinued operations
10
-1,619
-224
-6,644
Profit (loss) after tax for the period
DKK ´000
Note
Q1 2026
Q1 2025
2025
Items that may be reclassified subsequently to profit and loss:
Foreign exchange adjustments of subsidiaries
-2,508
Other comprehensive income
-2,508
Total comprehensive income for the period
Earnings per share from continuing operations of DKK 1.25 (EPS)
Earnings per share from continuing operations of DKK 1.25, di-
luted (EPS-D)
Earnings per share of DKK 1.25 (EPS)
Earnings per share of DKK 1.25, diluted (EPS-D)
Financial statements
Columbus Interim report Q1 2026
14
Balance sheet
DKK ´000
Note
31 Mar 2026
31 Mar 2025
31 Dec 2025
Assets
Goodwill
6
Customer base
Internal applications
Development projects finalised
Development projects in progress
Property, plant and equipment
Right-of-use assets
Deferred tax assets
Other receivables
Total non-current assets
Trade receivables
7
Contract assets
8
Corporate tax receivables
Other receivables
Receivables from divestment of activities
10
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note
31 Mar 2026
31 Mar 2025
31 Dec 2025
Equity and liabilities
Share capital
9
Treasury Stock
9
-17,773
-11,946
Reserves on foreign currency translation
-69,795
-56,953
-67,287
Retained profit
Equity
Deferred tax liabilities
Other provisions
Contingent consideration
Debt to credit institutions
Lease liabilities
Total non-current liabilities
Debt to credit institutions
Contract liabilities
8
Trade payables
Corporate tax payables
Other payables
Accruals and deferred income
Lease liabilities
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Financial statements
Columbus Interim report Q1 2026
15
Statement of changes in equity
DKK ´000
Share
capital
Treasury
Stock
Reserves on
foreign
currency
translation
Retained
profits
Equity
Q1 2026
Balance at 1 Jan 2026
-11,946
-67,287
Profit after tax
Currency adjustments of invest-
ments in subsidiaries
-2,508
-2,508
Total comprehensive income
-2,508
Capital increase
Share-based payment
0
Purchase of treasury stock
-5,827
-5,827
Balance at 31 Mar 2026
-17,773
-69,795
DKK ´000
Share
capital
Treasury
Stock
Reserves on
foreign
currency
translation
Retained
profits
Equity
Q1 2025
Balance at 1 Jan 2025
-73,729
Profit after tax
Currency adjustments of invest-
ments in subsidiaries
Total comprehensive income
Share-based payment
Balance at 31 Mar 2025
-56,953
DKK ´000
Share
capital
Treasury
Stock
Reserves on
foreign cur-
rency transla-
tion
Retained
profits
Equity
2025
Balance at 1 Jan 2025
-73,729
Profit after tax
Currency adjustments of invest-
ments in subsidiaries
Total comprehensive income
Share-based payment
Payment of dividend
-16,160
-16,160
Purchase of treasury stock
-11,946
-11,946
Balance at 31 Dec 2025
-11,946
-67,287
Financial statements
Columbus Interim report Q1 2026
16
Cash flow
DKK ´000
Note
Q1 2026
Q1 2025
2025
Operating profit (EBIT)
Non-recurring income and expenses from acquisitions
-4,341
Depreciation, amortisation and impairment
5
Cost of incentive scheme
Changes in net working capital
-18,064
-15,325
-1,297
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-2,443
-3,983
-14,266
Corporate tax paid
-10,044
-10,953
-20,172
Cash flow from operating activities
-3,528
Investments in development projects
-923
Acquisition of tangible assets
-1,787
-1,769
-4,056
Acquisition of intangible assets
-17,072
Disposal of tangible assets
Payments for financial assets
Disposal of activities
10
-1,619
-224
-6,644
Cash flow from investing activities
-2,480
-2,073
-22,977
DKK ´000
Note
Q1 2026
Q1 2025
2025
Proceeds from capital increase/warrants exercised
Overdraft facilities
-1
Repayment of lease liabilities
-7,694
-7,324
-28,264
Treasury Stock
9
-5,827
-11,946
Dividends paid
-16,160
Cash flow from financing activities
-10,618
-7,325
-56,370
Cash flow from continuing operations
-15,007
Cash flow from discontinued operations
10
-1,619
-224
-6,644
Total net change in cash and cash equivalents
-16,626
-2,440
Cash funds at the beginning of the period
Exchange rate adjustments
-8,751
Cash funds at the end of the period
Financial statements
Columbus Interim report Q1 2026
17
Basis of preparation
The consolidated interim financial report is prepared in
accordance with IAS 34, Presentation of Interim Finan-
cial Reporting, as approved by the EU, and additional
Danish disclosure requirements for interim reports of
listed companies. The consolidated interim financial re-
port covers the period from 1 January 2026 to 31 March
2026 and is presented in thousand Danish kroner
(DKK).
The accounting policies applied in the consolidated in-
terim financial report are unchanged compared to the
consolidated financial report 2025. No new standards
or amendments have impacted the accounting policies
during the interim period. For information on the de-
tailed accounting policies, reference is made to the An-
nual Report for 2025.
New accounting standards
IASB has issued new and amended standards and in-
terpretations which have not yet been effective and
therefore also not yet been implemented in the consol-
idated interim financial statements. Columbus Group
expects to implement these new standards and
amendments when they take effect and become man-
datory. The standard mentioned below, is expected to
have a material effect on the consolidated interim fi-
nancial statements when applied.
IFRS 18 will be effective for periods beginning on 1 Jan-
uary 2027, with earlier application permitted. The
standard is endorsed by the EU. The standard will intro-
duce new categories and line items within the state-
ment of financial performance. New explanatory notes,
defined as management-defined performance
measures, will also be implemented.
The analysis of the impact of IFRS 18 on the consoli-
dated financial statement is currently being performed,
thus the impact of the standard has yet to be deter-
mined. A preliminary conclusion is expected to be
reached in Q2. Early adoption of IFRS 18 is not ex-
pected.
In preparing the consolidated interim financial state-
ments, Management makes various accounting judge-
ments and estimates that affect the reported amounts
and disclosures in the consolidated financial state-
ments and in the notes to the statements. These are
based on professional experience, historical data and
other factors available to Management at the time of
reporting.
By nature, a degree of uncertainty is involved when
carrying out these judgements and estimates, hence
actual results may deviate from the assessments made
at the reporting date. Judgements and estimates are
continuously evaluated, and the effects of any changes
are recognised in the relevant period.
For detailed information on the material accounting
judgements and estimates, reference is made to the
Annual Report for 2025. The material accounting
judgements and estimates for the interim period are
listed below.
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 amount that
can be recognised for deferred tax assets is based on
Management’s estimate of future taxable profits. At 31
March 2026, the carrying value of recognised deferred
tax was DKK 29.2m, which is estimated to be realised in
the foreseeable future (5 years or less).
Estimate of expected credit loss of Receivables from
divestment of activities
Receivables from divestment are impaired. The ex-
pected credit loss has been calculated based on multi-
ple weighted scenarios. The scenarios are based on the
available information which mainly relates to the ex-
pected ruling of the upcoming court case and the buy-
ers' ability to meet their financial obligation. Refer to
note 10 – Discontinued operations.
Estimate of recoverable amount of goodwill
Goodwill is tested when indications of impairment arise
during an interim period. The impairment test is based
on the Value-in-Use model and is performed based on
updated forecasts and assumptions. The most signifi-
cant assumptions applied are the growth in the BL
contribution and WACC. See note 6 - Goodwill for a
detailed description of the assumptions used in the es-
timate.
Estimate of revenue recognition of fixed price con-
tracts
The stage of completion, forming the basis for the cur-
rent recognition of revenue at the Group, uses the pro-
duction method of contracts. The stage of completion
is determined on the basis of the relationship between
the number of hours spent in relation to recent total
estimate of number of hours. The degree of comple-
tion is assessed regularly by the responsible employ-
ees, and the projects are closely monitored by man-
agement, and further adjustments are made to the
stage of completion, etc., if deemed necessary. The
group has a limited number of fixed price projects,
which generally reduces the risk related to this.
● NOTE 1
0B0B0B0B0BMaterial accounting principles
● NOTE 2
1BMaterial accounting judgements and estimates
Financial statements
Columbus Interim report Q1 2026
18
In order to support decisions about allocation of re-
sources and assessment of performance of the seg-
ments, the Group’s management reporting to the Ex-
ecutive Board is based on the above grouping of oper-
ating segments.
Management monitors the business, primarily based on
the Business Lines and secondarily on the geographical
segments. Information about the Group’s Business
Lines is stated below.
The Group operates under a global operating model,
with strategic Business Lines as the primary driver for
decision-making. Market Units serve as a secondary
driver, primarily used for assessing market strategies
and maintaining customer relations.
The Business Lines relate to the type of services and
products that are delivered, and comprise of Dynamics
365, M3, Digital Commerce, Data & AI and EIM.
Market Units comprise of significant geographical mar-
kets that the Group operates in. Management uses the
Market Units to assess market conditions and perfor-
mance on revenue only.
The operating segments are measured from revenue to
contribution, as this represents a significant part of the
operation of the segments. The balance sheet is
measured for legal entities only.
Costs related to functions necessary to support the
business are classified as Enabling Functions and com-
prise of all costs not directly related to a specific Busi-
ness Line, including costs related to facility, marketing,
finance, people, legal and management. Enabling Func-
tions mostly operate as global teams, servicing across
Business Lines and geography. Income and costs
recognised in the profit and loss, which are not directly
related to a Business Line, are included in Enabling
functions, i.e. legal cases and M&A activities.
Business Lines Revenue Split
YTD 2026
%
Business Lines Revenue Split
YTD 2025
%
59%
21%
10%
7%
3%
Dynamics 365
M3
Digital Commerce
Data & AI
EIM
61%
20%
11%
6%
2%
Dynamics 365
M3
Digital Commerce
Data & AI
EIM
● NOTE 3
2B2B2B2B2BSegment data
Strategic Business Lines
Market Units
Global Delivery Centers (GDC)
Dynamics 365
M3
Digital Commerce
Data & AI
EIM
Sweden
Denmark
UK
Norway
US
Other
Poland
Czech Republic
India
Financial statements
Columbus Interim report Q1 2026
19
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
Q1 2026
Dynamics 365
233,695
12,560
246,255
-28,511
-163,639
-5,869
0
-198,019
48,236
20%
709
M3
83,888
3,923
87,811
-12,559
-52,071
-3,696
0
-68,326
19,485
22%
254
Digital Commerce
42,923
157
43,080
-4,440
-31,077
-2,401
0
-37,918
5,162
12%
160
Data & AI
29,413
10
29,423
-1,738
-25,972
-1,507
0
-29,217
206
1%
104
EIM
6,682
4,796
11,478
-604
-4,403
-550
0
-5,557
5,921
52%
22
Total
396,601
21,446
418,047
-47,852
-277,162
-14,023
0
-339,037
79,010
19%
1,249
Enabling Functions
-163
-29,629
-22,966
0
-52,758
189
Total
-48,015
-306,791
-36,989
0
1,438
EBITDA
26,252
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
Q1 2025
Dynamics 365
253,059
13,207
266,266
-23,022
-166,762
-6,355
0
-196,139
70,127
26%
772
M3
84,814
2,367
87,181
-14,556
-48,252
-2,386
0
-65,194
21,987
25%
243
Digital Commerce
47,242
600
47,842
-5,673
-33,865
-2,846
0
-42,384
5,458
11%
190
Data & AI
23,950
40
23,990
-1,706
-16,166
-948
0
-18,820
5,170
22%
80
EIM
4,958
3,718
8,676
-368
-3,989
-398
0
-4,755
3,921
45%
23
Total
414,023
19,932
433,955
-45,325
-269,034
-12,933
0
-327,292
106,663
25%
1,308
Enabling Functions
-1,180
-37,496
-21,703
53
-60,326
208
Total
-46,505
-306,530
-34,636
53
1,516
EBITDA
46,337
Financial statements
Columbus Interim report Q1 2026
20
● NOTE 3
3BSegment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other External
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
2025
Dynamics 365
899,147
48,620
947,767
-87,829
-602,053
-25,660
-9,567
-725,109
222,658
23%
758
M3
321,547
3,637
325,184
-54,929
-191,549
-12,931
0
-259,409
65,775
20%
245
Digital Commerce
173,384
1,322
174,706
-18,876
-123,329
-10,586
-474
-153,265
21,441
12%
177
Data & AI
90,992
408
91,400
-6,549
-73,229
-3,388
-189
-83,355
8,045
9%
88
EIM
21,283
16,116
37,399
-1,361
-17,630
-1,956
0
-20,947
16,452
44%
23
Total
1,506,353
70,103
1,576,456
-169,544
-1,007,790
-54,521
-10,230
-1,242,085
334,371
21%
1,291
Enabling Functions
-3,321
-130,547
-91,263
3,704
-221,427
204
Total
-172,865
-1,138,337
-145,784
-6,526
1,495
EBITDA
112,944
Financial statements
Columbus Interim report Q1 2026
21
● NOTE 3
Segment data, continued
DKK ´000
Sweden
Denmark
UK
Norway
US
Other
GDC
Eliminations
Total
Q1 2026
Sales of services
121,569
87,318
80,272
68,453
26,597
12,149
243
0
396,601
Sales of products
8,206
4,304
5,358
2,337
1,241
0
0
0
21,446
Total revenue from own markets
129,775
91,622
85,630
70,790
27,838
12,149
243
0
418,047
Total revenue from group companies
16,094
10,921
5,365
2,104
3,384
2,864
31,347
-72,079
0
Total revenue
145,869
102,543
90,995
72,894
31,222
15,013
31,590
-72,079
418,047
Average number of FTE
367
312
220
154
54
41
290
0
1,438
Q1 2025
Sales of services
130,943
102,318
88,369
54,217
29,336
8,575
265
0
414,023
Sales of products
6,488
5,517
4,192
2,341
1,394
0
0
0
19,932
Total revenue from own markets
137,431
107,835
92,561
56,558
30,730
8,575
265
0
433,955
Total revenue from group companies
13,066
15,101
7,089
4,540
3,395
2,581
32,150
-77,922
0
Total revenue
150,497
122,936
99,650
61,098
34,125
11,156
32,415
-77,922
433,955
Average number of FTE
403
333
207
164
42
40
327
0
1,516
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
Financial statements
Columbus Interim report Q1 2026
22
● NOTE 4
4B3B3B3B3BStaff expenses and remuneration
DKK ´000
Q1 2026
Q1 2025
2025
Staff expenses
Salary and wages
250,590
254,940
980,064
Other social security costs
37,963
34,847
135,652
Other staff expenses
18,185
16,593
28,089
Share-based payment
53
150
600
Total staff expenses
306,791
306,530
1,144,405
Employee costs capitalised as intangible assets
0
0
-6,068
Total staff expense and remuneration
306,791
306,530
1,138,337
Average number of FTEs
1,438
1,516
1,495
DKK ´000
Q1 2026
Q1 2025
2025
Depreciation
9,301
9,431
36,675
Amortisation
4,953
4,352
17,854
Total depreciation, amortisation and impairment
14,254
13,783
54,529
● NOTE 5
5B4B4B4B4BDepreciation, amortisation and impairment
Financial statements
Columbus Interim report Q1 2026
23
An indication of impairment has been observed within
the Digital Commerce Business Line, as the perfor-
mance realised in the first quarter of 2026 deviates
from budget. No indications have been observed within
the other Business Lines.
An impairment test has been prepared to test the car-
rying amount of the Digital Commerce Business Line.
The result of the impairment displayed a narrow head-
room; no impairment is recognised in the first quarter
of 2026.
Future Cash flows
The impairment test is a Value-in-Use test based on an
updated forecast prepared for the remaining three
quarters of 2026. The forecast is based on a bottom-
up process. The key assumptions for the forecast are
expected development in efficiency (number of
chargeable hours compared to total hours) in the con-
sultancy business and expected revenue and gross
profits from sale of software and general development
in cost.
The most significant uncertainties are connected to
the determination of discount rates, growth rates and
expected changes in costs in the budget and terminal
periods.
The following 4-year projection period is based on as-
sumptions for the main revenue, Services revenue. The
projection is based on management expectations on
market and business development.
The table details the key assumptions used in the im-
pairment test for the Digital Commerce Business Line.
● NOTE 6
7BGoodwill
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Business Line
Dynamics 365
350,537
353,178
349,723
M3
158,902
159,418
159,982
Digital Commerce
117,801
119,137
118,516
Data & AI
16,041
16,208
15,923
EIM
5,620
5,800
5,618
Carrying amount end of period
648,901
653,741
649,762
Key assumptions - 31 Mar 2026
Forecast
Projection
Terminal
Revenue Growth
6%
8%
2%
EBITDA-margin
3%
4% - 9%
9%
Tax rate
22%
22%
22%
Average reinvestment of cash flow from operations
50%
30% - 13%
13%
WACC
9.9%
9.9%
9.9%
Key assumptions - 31 Dec 2025
Forecast
Projection
Terminal
Revenue Growth
9%
8%
2%
EBITDA-margin
5%
11% - 17%
17%
Tax rate
22%
22%
22%
Average reinvestment of cash flow from operations
41%
14% - 7%
7%
WACC
9.4%
9.4%
9.4%
Financial statements
Columbus Interim report Q1 2026
24
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Receivables start of period
273,920
273,423
273,423
Change in receivables during the period
28,162
41,429
497
Receivables at end of period
302,082
314,852
273,920
Provisions for bad debt start of period
2,528
876
876
Change in provisions for bad debt during the period
-65
394
1,825
Loss realised during the period
-273
-3
-173
Provisions for bad debt end of period
2,190
1,267
2,528
Carrying amount end of period
299,892
313,585
271,392
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Age of receivables (gross):
Not due
266,471
248,205
193,503
0-30 days
30,611
61,146
66,428
30-60 days
2,065
1,858
8,497
61-90 days
444
1,120
2,344
91-180 days
863
1,813
1,909
181-270 days
949
318
496
270-360 days
474
239
448
Above 360 days
205
153
295
Total
302,082
314,852
273,920
● NOTE 7
8B6B6B6BTrade receivables
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Age of impairment:
Not due
0
21
10
0-30 days
62
128
143
30-60 days
30
18
101
61-90 days
106
54
94
91-180 days
690
476
1,189
181-270 days
759
255
397
271-360 days
379
192
358
Over 360 days
164
123
236
Total
2,190
1,267
2,528
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Provision matrix:
Not due
0%
0%
0%
0-30 days
0%
0%
0%
30-60 days
2%
1%
1%
61-90 days
30%
6%
5%
91-180 days
100%
33%
78%
181-270 days
100%
100%
100%
271-360 days
100%
100%
100%
Over 360 days
100%
100%
100%
Financial statements
Columbus Interim report Q1 2026
25
The share capital consists of 129,726,264 shares of DKK
1,25, corresponding to DKK 162,158k (nom.). The shares
are not divided into classes, and no shares have any
special rights. The share capital is fully paid up.
In March 2026 the Company increased the capital by
450,000 shares of DKK 1,25, corresponding to DKK
562.500 (nom.) as a result of an exercised warrant pro-
gram.
● NOTE 8
9BContract assets and contract liabilities
DKK ´000
31 Mar 2026
31 Mar 2025
31 Dec 2025
Balance at start of period
421
-2,094
-2,094
Changes contract assets during the period
3,374
13,623
9,506
Changes on account billing and prepayments during the period
-586
-4,468
-6,991
Balance at end of period
3,209
7,061
421
Work in progress
36,694
37,437
33,320
On account billing and prepayments
-33,485
-30,376
-32,899
Balance at end of period
3,209
7,061
421
The net value is included in the balance as follows:
Contract assets
9,473
12,980
9,644
Contract liabilities
-6,264
-5,919
-9,223
Balance at end of period
3,209
7,061
421
● NOTE 9
10B8B8B8B8 Capital structure
Share Capital
Number of shares
Share Capital
Balance at 1 January 2025
129,276,264
161,595,330
Balance at 31 March 2025
129,276,264
161,595,330
Balance at 31 December 2025
129,276,264
161,595,330
Capital increase
450,000
562,500
Balance at 31 March 2026
129,726,264
162,157,830
Treasury shares
Number of shares
DKK '000
Balance at 1 January 2025
0
0
Balance at 31 March 2025
0
0
Acquisition of shares
1,193,636
11,946
Balance at 31 December 2025
1,193,636
11,946
Acquisition of shares
590,900
5,827
Balance at 31 March 2026
1,784,536
17,773
Financial statements
Columbus Interim report Q1 2026
26
Discontinued operations in 2026
There have not been any discontinued operations in
2026. The transaction costs are related to previous
disposals.
Receivables from divestments of activities
On 1 November 2021, our SMB business in our US
entity was sold as part of the Focus23 strategy. The
business activity is consequently classified as discon-
tinued operations in 2021. The transaction was settled
partly in cash at the transaction date (USD 8,000k), and
partly as deferred consideration which was due in Q2
2022 (USD 8,500k), corresponding to DKK 55,245k.
The buyer has withheld payment of the deferred con-
sideration with reference to asserted claims relating to
the acquired business. Columbus disputes the asserted
claims and has demanded release of the deferred con-
sideration together with interest for late payment in
2022.
The matter remains subject to legal proceedings and is
expected to be resolved in court during the third quar-
ter of 2026. Columbus expects a favorable outcome in
court.
At 31 March 2026, the receivable is considered to be
impaired, as a legal dispute over the right to payment
under the APA is ongoing. Expected credit losses have
been measured using multiple probability‑weighted
scenarios. The scenarios reflect all available infor-
mation, including expectations regarding the court rul-
ing and the buyer's ability to settle any outstanding
amount.
No impairment has been recorded and the deferred
consideration is recorded at USD 8,500k, correspond-
ing to DKK 55,245k (2025: USD 8,500k / DKK 53,998k).
Related parties with significant influence
ATEA (Lautrupvang 6, 2750 Ballerup)
Consolidated Holdings A/S has significant influence in
ATEA, and certain dual roles in the management are
filled by the same persons in ATEA and the Columbus
Group. Transactions with the company are made on an
arm's length basis.
X-Yachts A/S (Fjordagervej 21, 6100 Haderslev)
Consolidated Holdings A/S has a significant influence
in X-Yachts A/S and certain roles in the management
are filled by the same people in X-Yachts and Colum-
bus Group. Transactions with X-Yachts A/S were made
on arm’s length.
Exercise of warrant under the Incentive schemes
During the first quarter of 2026, a member of the Exec-
utive Board of Columbus A/S exercised 450,000 war-
rants at an exercise price of DKK 6.45 per warrant, re-
sulting in total proceeds of DKK 2,903k. Consequently,
450,000 new shares with a nominal value of DKK 1.25
per share were issued.
● NOTE 10
11B9B9B9B9Discontinued operations
DKK ´000
Q1 2026
Q1 2025
2025
Gain (loss) on disposal of subsidiaries
0
0
0
Recirculation of historical currency adjustments
0
0
0
Transaction costs related to disposal
-1,619
-224
-6,644
Total gain (loss) on divestment of discontinued operations
-1,619
-224
-6,644
● NOTE 11
12B10B10B10B10Related parties
DKK ´000
Q1 2026
Q1 2025
Net sales
Atea
69
1,374
X-Yachts A/S
450
433
Total
519
1,807
Net purchase
Atea
-4,071
-3,394
Total
-4,071
-3,394
Financial statements
Columbus Interim report Q1 2026
27
To this date, no events have occurred after the balance
sheet date, which would influence the evaluation of
this report.
Dividend recommended by the directors, to be paid on
28 April 2026 amounts to DKK 0.125 per share.
At the Annual General Meeting, the shareholders re-
solved to reduce the share capital by a nominal
amount of DKK 2,157,830, from DKK 162,157,830 to
DKK 160,000,000, corresponding to cancellation of
1,726,264 treasury shares of a nominal value of
DKK 1.25 per share. The resolution has been filed with
the Danish Business Authority, and upon expiry of the
mandatory four-week period during which the Com-
pany’s creditors may submit claims, the capital reduc-
tion will be completed.
● NOTE 12
13B11B11B11B11Events after balance sheet date
Financial statements
Columbus Interim report Q1 2026
28
Key figures and ratios
Earnings per share (EPS) and diluted earnings per share
(EPS-D) are calculated in accordance with IAS 33.
Other ratios are calculated in accordance with the
Danish Finance Society “Recommendations & Financial
Ratios”. The financial ratios stated are calculated as
follows:
Alternative Performance Measures
Recurring Revenue
Recurring Revenue includes Operational Service
Agreements and Recurring Licenses.
Recurring revenue does not necessarily mean a binding
contractual agreement. However, recurring revenue is
defined as revenue with a high degree of certainty for
renewal >95%.
The purpose of defining Recurring Revenue is to
express a level of predictability in the revenue. The
higher degree of Recurring Revenue in pct. of total rev-
enue – the more predictable is the Columbus revenue
going forward.
Efficiency
Efficiency is calculated as all invoiced customer hours
divided by available customer hours. Available cus-
tomer hours are calculated as normal work schedule
hours for all productive employees, less hours for holi-
day and parental leave.
Constant currency growth
Growth is measured in constant currency by convert-
ing actual figures in local currency to DKK with the
historical exchange rate for the given currency.
When measuring for a period, the average historical
exchange rate is used. Growth is measured based on
the actual historical figure compared to the calculated
constant currency figure.
● NOTE
14B12B12B12B12Key figures, ratios and Alternative Performance Measures
EBITDA margin
Earnings before interest, tax, depreciations and
amortisations (EBITDA)
Net revenue
Operating margin
Operating profit (EBIT)
Net revenue
Return on equity
Profit after tax and excl. minority interests
Average equity excl. minority interests
Equity ratio
Equity excl. minority interests
Total equity and liabilities
Earnings per share (EPS)
Profit after tax and excl. minority interests
x f
Average number of shares
Book value per share (BVPS)
Equity excl. minority interests end of year x 100
x f
Number of shares end of year
Cash flow per share
Cash flow from operations
x f
Average number of diluted shares
Adjustment factor (f)
Theoretical rate
Listed price of stock the day before the subscrip-
tion and/or stock right cease
Recurring Revenue % of total revenue
Recurring revenue
Net revenue
