Columbus A/S | CVR no. 13 22 83 45 Columbus A/S | CVR no. 13 22 83 45
Interim report
Q2 2026
Columbus Interim report Q2 2026
2
Highlights 3
Building on improving momentum 4
Key figures and ratios 6
Revenue growth and profitability 7
Outlook for 2026 10
Statement by management 11
Financial statements 12
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Contents
Find out more
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Highlights
Columbus Interim report Q2 2026
3
Q2 2026 highlights
• Revenue increased by 2% to DKK 420m, im-
pacted by a slightly positive currency effect.
• EBITDA amounted to DKK 17m, compared to DKK
16m in Q2 2025.
• The EBITDA margin was 4.0%, the same level as in
Q2 2025, but below expectations for the quarter.
• Efficiency increased to 65% in Q2 2026 from 63%
in same period last year.
• Cash flow from operating activities amounted to
DKK -38m, compared to DKK 18m in Q2 2025, pri-
marily driven by changes in working capital.
YTD 2026 highlights
• Revenue declined by 1%, to DKK 838m, impacted
by a slightly positive currency effect.
• EBITDA amounted to DKK 43m compared to DKK
63m in H1 2025.
• EBITDA margin was 5.1% compared to 7.4% in H1
2025.
• Cash flow from operating activities was DKK -41m
compared to DKK 35m in H1 2025, primarily
driven by changes in working capital
Outlook 2026
Based on our performance in the first half
of 2026 and the continued development of
our 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 second quarter of 2026 marked a return to revenue growth in a hesitant market. Revenue increased by 2%, while EBITDA
amounted to DKK 17m, corresponding to a margin of 4.0%, unchanged from Q2 2025. Operational efficiency continued to
improve during the quarter, and we maintain our focus on further improving profitability.
Building on improving momentum
Columbus Interim report Q2 2026
4
The second quarter represented an encouraging
step in the right direction. Strong demand for Data
& AI and Enterprise Information Management (EIM),
together with growth in Dynamics 365, more than
offset softer market conditions in M3 and Digital
Commerce. We also saw significant differences
across our markets, with Norway, Germany and the
UK delivering growth, while Denmark and Sweden
remained affected by subdued market activity.
Returning to revenue growth
Group revenue amounted to DKK 420m in Q2 2026,
an increase of 2% compared to Q2 2025. Revenue
growth was driven by Data & AI, which increased by
40%, EIM, which grew by 28%, and Dynamics 365,
which increased by 1%. M3 and Digital Commerce
declined by 3% and 8%, respectively.
Across our markets, Germany and Norway delivered
service revenue growth of 37% and 52%, respec-
tively. Service revenue declined by 1% in the UK,
however, adjusted for foreign exchange effect, ser-
vice revenue grew by 4%. Service revenue declined
by 8% in Sweden and 12% in Denmark.
For the first half of 2026, Group revenue amounted
to DKK 838m, corresponding to a decrease of 1%
compared to H1 2025.
Group EBITDA amounted to DKK 17m in Q2 2026,
corresponding to a margin of 4.0%, compared to
DKK 16m and a margin of 4.0% in Q2 2025. For the
first half of 2026, EBITDA amounted to DKK 43m,
corresponding to a margin of 5.1%, compared to
DKK 63m and a margin of 7.4% in H1 2025. The first
half development primarily reflects the weak start
to the year with fierce competition to gain market
share in a hesitant market.
Operational efficiency and cost discipline
During the second quarter, we continued to align
our organisation with market conditions, reducing
the average number of FTEs to 1,422 from 1,492 in
Q2 2025. At the same time, operational efficiency
improved to 65% from 63% in Q2 2025, reflecting
improved resource utilisation and disciplined exe-
cution. We remain focused on increasing opera-
tional efficiency towards our long-term target of
70% supported by further optimising resource allo-
cation, maintaining cost discipline, and strengthen-
ing our commercial focus on pricing and project
profitability.
Signs of improving demand
The improving momentum during the second quar-
ter is also reflected in our customer dialogues.
While customers remain selective in their invest-
ment decisions, we see growing demand for initia-
tives with a clear business case and measurable
business outcomes. Organisations are increasingly
moving beyond AI experimentation towards practi-
cal business adoption, increasing the need for ro-
bust ERP platforms, trusted data and integrated
business processes. This development supports de-
mand across several of Columbus' core Business
Lines.
Building on improving momentum
The second quarter of 2026 marked a return to year-on-year revenue growth,
demonstrating that the improving momentum highlighted in our first quarter
report continued into the second quarter. While the first half of 2026 still reflects
the cautious start of the year, the quarter’s performance supports our
confidence in the outlook for the remainder of 2026.
“The second quarter con-
firms that the improving
momentum we experienced
towards the end of the first
quarter has continued.
While the market remains
uneven across industries
and geographies, we are
seeing encouraging signs
that customer activity is
gradually improving.”
CEO & President
Søren Krogh Knudsen
Building on improving momentum
Columbus Interim report Q2 2026
5
Putting AI into practice
Building on this development, we continued to
strengthen our AI capabilities during the second
quarter through new partnerships with Infomind.ai,
elevaite365 and Go Autonomous, while joining AI
Sweden's ecosystem for applied AI.
One example of how this translates into customer
value is Felleskjøpet Agri SA in Norway – a farmer-
owned cooperative and a key supplier to Norwegian
agriculture. During the quarter, we signed the first
phase of its AI-first transformation: an agentic Digi-
tal Coworker that will automate the handling of
supplier shipping notifications end-to-end, freeing
thousands of hours each year for higher-value
work, with delivery starting in August. We apply the
same ambition internally: Columbus’ own AI-first
transformation is progressing faster than expected,
strengthening our ability to help customers turn AI
into tangible business value.
Outlook
The improving momentum during the second quar-
ter supports our expectation of a stronger second
half of 2026. While market conditions remain une-
ven, we continue to see improving customer activ-
ity and maintain our focus on disciplined execution.
Based on the performance in the first half of the
year, we maintain our full-year guidance of revenue
growth of 0-5% and an EBITDA margin of 8-10%.
Preparations for our next strategy are progressing
as planned, and we look forward to presenting it in
November.
Thank you
I would like to thank our employees for their contin-
ued commitment, and our customers and partners
for their trust. While the first half of the year has
presented challenges, the progress achieved during
the second quarter gives us confidence as we con-
tinue to execute on our priorities for the remainder
of 2026.
Søren Krogh Knudsen
CEO & President
“Customers are increasingly linking core system
investments to AI readiness, with productivity
remaining the primary driver of investment
decisions. At the same time, we are seeing
decision cycles gradually shorten for projects
with a clear business case”.
CEO & President
Søren Krogh Knudsen
Key figures and ratios
Columbus Interim report Q2 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 &
Financial Ratios”.
Key figures and ratios
DKK ´000
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Income related figures
Sale of services
398,927
392,258
795,528
806,281
1,506,353
Sale of products
20,831
17,629
42,277
37,561
70,103
Total revenue
419,758
409,887
837,805
843,842
1,576,456
Recurring revenue of total revenue
13.3%
14.4%
13.8%
13.6%
14.1%
EBITDA
16,674
16,299
42,925
62,635
112,944
EBIT
2,940
2,394
14,937
34,947
58,415
Net financial items
-4,437
-6,230
-3,016
-6,613
-11,620
Profit before tax
-1,497
-3,836
11,921
28,334
46,795
Profit after tax, continuing operations
-1,437
-7,482
9,536
18,846
21,456
Profit after tax, discontinued operations
-3,057
-1,360
-4,676
-1,584
-6,644
Profit after tax
-4,494
-8,842
4,860
17,262
14,812
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Balance sheet
Non-current assets
819,359
832,209
834,591
Current assets
492,583
463,551
441,154
Total assets
1,311,942
1,295,760
1,275,745
Group shareholder equity
720,015
749,709
744,962
Total liabilities
591,927
546,051
530,783
Total equity and liabilities
1,311,942
1,295,760
1,275,745
DKK ´000
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Investments in tangible assets
1,599
899
3,386
2,668
4,056
Cash flow
Cash flow from operating activities
-37,594
17,958
-41,119
35,173
76,907
Cash flow from investing activities
-5,625
-1,388
-8,105
-3,460
-22,977
Cash flow from financing activities
17,178
-23,542
6,559
-30,867
-56,370
Total net change in cash and cash equivalents
-26,041
-6,972
-42,665
846
-2,440
Cash flow from continuing operations
-22,984
-5,612
-37,989
2,430
4,204
Cash flow from discontinued operations
-3,057
-1,360
-4,676
-1,584
-6,644
Total net change in cash and cash equivalents
-26,041
-6,972
-42,665
846
-2,440
Key ratios
EBITDA margin
4.0%
4.0%
5.1%
7.4%
7.2%
EBIT margin
0.7%
0.6%
1.8%
4.1%
3.7%
Equity ratio
54.9%
57.9%
54.9%
57.9%
58.4%
Return on equity
-0.6%
-1.2%
0.7%
2.4%
2.0%
Return on invested capital (ROIC)
0.9%
0.8%
2.8%
5.0%
9.0%
Number of shares
128,000
129,276
128,000
129,276
129,276
Average number of shares
129,036
129,276
129,213
129,276
129,276
Book value per share (BVPS) (DKK)
5.63
5.80
5.63
5.80
5.76
Earnings per share (EPS) from continuing op-
erations (DKK)
-0.01
-0.06
0.07
0.15
0.17
Earnings per share (EPS)
-0.04
-0.07
0.04
0.13
0.11
Cash flow per share (DKK)
-0.29
0.14
-0.32
0.27
0.59
Share price, end of period (DKK)
9.94
9.96
9.94
9.96
9.54
Average number of full-time employees
1,430
1,504
1,495
Revenue growth and profitability
Columbus Interim report Q2 2026
7
Service revenue split on Business Lines
DKK ´000
Q2 2026
Q2 2025
∆%
YTD 2026
YTD 2025
∆%
Dynamics 365
236,406
233,733
1%
470,102
486,792
-3%
M3
80,871
83,771
-3%
164,759
168,585
-2%
Digital Commerce
43,350
46,917
-8%
86,272
94,159
-8%
Data & AI
30,880
22,051
40%
60,293
46,001
31%
EIM
7,420
5,786
28%
14,102
10,744
31%
Total sale of services
398,927
392,258
2%
795,528
806,281
-1%
Total sale of products
20,831
17,629
18%
42,277
37,561
13%
Total net revenue
419,758
409,887
2%
837,805
843,842
-1%
Service revenue split on Market Units
DKK ´000
Q2 2026
Q2 2025
∆%
YTD 2026
YTD 2025
∆%
Sweden
123,287
134,291
-8%
244,857
265,234
-8%
Denmark
82,719
94,116
-12%
170,037
196,434
-13%
UK
78,312
79,314
-1%
158,584
167,683
-5%
Norway
74,870
49,271
52%
143,323
103,488
38%
US
28,027
26,371
6%
54,624
55,707
-2%
Other
10,974
8,647
27%
23,123
17,222
34%
GDC
738
248
198%
980
513
91%
Total sale of services
398,927
392,258
2%
795,528
806,281
-1%
Total sale of products
20,831
17,629
18%
42,277
37,561
13%
Total net revenue
419,758
409,887
2%
837,805
843,842
-1%
Columbus reported revenue of DKK 420m in Q2
2026, an increase of 2% compared to Q2 2025. Cur-
rency effects had a minor positive impact on reve-
nue during the quarter. For H1 2026 revenue was
down by 1% compared to H1 2025.
Market uncertainty continued in Q2, but a strong
recovery in our Dynamics 365 Business Line sup-
ported a return to growth.
EBITDA amounted to DKK 17m, corresponding to a
margin of 4.0%, in line with Q2 2025. For H1 2026,
EBITDA amounted to DKK 43m, corresponding to
an EBITDA margin of 5.1%, down 2.3 percentage
points compared to H1 2025. Earnings remained be-
low expectations, primarily due to intense competi-
tion on major new project wins.
Business Line development
The revenue increase in Q2 2026 was primarily
driven by a 2% increase in service revenue, which
accounted for 95% of total revenue for the quarter.
In contrast, product sales increased by 18%, exceed-
ing expectations, mainly due to solid performance
in the EIM (Enterprise Information Management)
Business Line.
Dynamics 365, our largest Business Line, returned
to growth in Q2 2026 with service revenue increas-
ing by 1% compared to Q2 2025. The increase re-
flects several major project wins, primarily in Nor-
way, supported by Columbus's proven ERP exper-
tise and growing AI capabilities.
The contribution margin decreased to 20% in Q2
2026, down from 21% in Q2 2025, driven by fierce
competition on new project wins.
M3, our second largest Business Line, reported a 3%
decline in service revenue in Q2 2026 compared to
Q2 2025. Continued project postponements, par-
ticularly in the US and Norway, impacted perfor-
mance, while Germany and Sweden continued to
deliver solid momentum.
The contribution margin was 13% in Q2 2026, com-
pared to 21% in Q2 2025, and below expectations,
primarily reflecting lower activity levels and in-
creased sales efforts to return to growth.
Revenue growth and
profitability
Columbus Interim report Q2 2026
7
Revenue growth and profitability
Columbus Interim report Q2 2026
8
Digital Commerce’s service revenue declined by 8%
in Q2 2026 compared to Q2 2025, reflecting con-
tinued uncertainty in the UK and Norwegian retail
markets, while a slight increase in activity was seen
in the Swedish market.
Despite softer market conditions, ongoing rightsiz-
ing of the organisation enabled the Business Line to
maintain stable operations and further improve
profitability. As a result, the contribution margin in-
creased to 14% in Q2 2026 from 12% in Q2 2025.
Data & AI continued to focus on talent develop-
ment to support increasing activity levels and deliv-
ered significant topline growth in Q2 2026, with
service revenue increasing by impressive 40% com-
pared to Q2 2025, in line with expectations.
We expect continued robust demand for our Data
& AI expertise, supporting further enhancement
and streamlining of our customers' processes and
AI-driven 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 mod-
est level of 8% in Q2 2026, improving from 4% in Q2
2025.
EIM (Enterprise Information Management), intro-
duced as a Business Line in the Annual Report 2025,
continued to deliver profitable growth, with service
revenue increasing by 28% compared to the same
quarter last year. The growth was driven by rapid
expansion into new markets, including the UK, US
and Germany, building on Columbus' established
local presence and recognised brand. EIM also de-
livered a solid contribution margin of 35% in Q2
2026, slightly down from 37% in Q2 2025, sup-
ported by healthy product sales.
The combined contribution margin declined from
19% in Q2 2025 to 18% in Q2 2026, and in H1 2026
from 22% to 18% which is below expectations.
Development in Market Units
The Swedish Market Unit - our largest market -
accounted for 31% of total service revenue in Q2
2026. Service revenue declined by 8% compared to
Q2 2025, driven by a continuous slowdown in the
Dynamics 365 Business Line during the quarter.
The Danish Market Unit continued to experience
declining growth, with service revenue decreasing
by 12% in Q2 2026 compared to Q2 2025, primarily
driven by lower activity in the Dynamics 365 Busi-
ness Line.
The UK Market Unit delivered a comeback in Q2
2026. While reported service revenue declined by
1% compared to Q2 2025, service revenue increased
by 4% when adjusted for foreign exchange effects,
primarily driven by growth in the Dynamics 365
Business Line.
The Norwegian Market Unit secured a few major
contract wins, resulting in an impressive 52% in-
crease in service revenue in Q2 2026 compared to
Q2 2025, primarily driven by the Dynamics 365,
Data & AI and EIM Business Lines.
The US Market Unit reported a 6% growth in service
revenue in Q2 2026 compared to Q2 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 56%, supported
by its global reputation for ERP implementation ex-
pertise. EIM also delivered a solid growth in US with
78% quarter-over-quarter.
Recurring revenue
Recurring revenue amounted to DKK 56m in Q2
2026, representing a decrease of 5% compared to
the same quarter last year. Recurring revenue ac-
counted for 13% of total revenue, down by 1 per-
centage point from Q2 2025. For H1 2026, recurring
revenue remained at 14% of total revenue. Our Op-
erational Service Agreement (OSA) business,
branded as Evolve, remains a key strategic focus
area.
Efficiency
Efficiency was 65% in Q2 2026, an increase of 2
percentage points compared to Q2 2025. The im-
provement was partly driven by a strong focus on
revenue growth and the right mix of competencies.
While efficiency continues to improve, the current
level remains below our long-term target of 70%
and is therefore considered unsatisfactory. We ex-
pect the positive development to continue in the
coming quarters.
EBITDA development
EBITDA amounted to DKK 17m in Q2 2026, com-
pared to DKK 16m in Q2 2025, resulting in an
EBITDA margin of 4.0%, the same level as in Q2
2025.
Development in recurring revenue
(DKKm)
Development in efficiency
(%)
15
13
32
24
41
46
83
91
56
59
115
115
Q2 2026 Q2 2025 2026YTD 2025YTD
Operational Service Agreements
63%
58%
62%
62%
65%
Q2/25Q3/25Q4/25Q1/26Q2/26
Revenue growth and profitability
Columbus Interim report Q2 2026
9
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 -2m in Q2 2026
compared to DKK -4m in Q2 2025. The slight im-
provement was primarily driven by lower foreign ex-
change losses and reduced financial expenses.
Discontinued operations
In Q2 2026, no new events occurred in relation to
discontinued operations. Costs of DKK 3m relate to
expenses associated with previous divestments.
Cash flow
Cash flow from operating activities was negative at
DKK -38m in Q2 2026, compared to DKK 18m in Q2
2025. This development was primarily driven by
changes in working capital, particularly higher trade
receivables, as extended payment terms were re-
quired for a number of new major customers.
Equity
Equity decreased by a net DKK 25m to DKK 720m
as of 30 June 2026, compared to DKK 745m as of 31
December 2025, primarily reflecting retained earn-
ings, dividend paid and treasury share transactions.
Employee development
At the end of Q2 2026, Columbus employed an av-
erage of 1,422 FTEs, a decrease of 70 FTEs com-
pared to Q2 2025 (1,492 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
Dynamics 365
KK Group, which develops advanced power, control, and cooling systems that enable renewable energy
to electrify industries, homes, and communities worldwide, partnered with Columbus to create a stand-
ardised global core platform based on Microsoft technology. The platform supports international growth
by helping the company integrate acquisitions, strengthen shared processes and data, and build a
stronger foundation for automation and AI.
READ MORE here: https://www.columbusglobal.com/partners/microsoft/kkgroup-international-growth/
M3
Litehouse Foods, a leading brand in the US known for dressings, dips and other food products, part-
nered with Columbus to deliver a major ERP transformation, placing Organisational Change Manage-
ment at the centre. Through structured planning, employee engagement, and tools like Change Journey
Navigator, the company aligned people, processes, and technology. This people-first approach
strengthened adoption, improved collaboration, and ensured long-term success across the organisa-
tion.
READ MORE here: Columbus Global | Organisational change management success at Litehouse Foods
Digital Commerce
Moss Bros, which is a premier British menswear
retailer, partnered with Columbus to optimise
its digital customer experience through contin-
uous experimentation, customer research and
data-driven decision-making. By simplifying
complex purchase journeys, improving site navi-
gation and personalising the shopping experi-
ence, Moss Bros increased conversion rates, en-
gagement and average order value while creat-
ing a stronger foundation for long-term digital
growth.
READ MORE here: Columbus Global | Moss Bros
increased conversion through CX optimisation
Digital Commerce
Swecon is a leading supplier of construction ma-
chinery in Europe with headquarters in Sweden.
Their goal was to increase online sales of spare
parts and integrate its mySwecon customer portal
with the e-commerce platform. In collaboration
with Columbus, Swecon launched an e-commerce
solution that creates a unified customer experi-
ence where the customer portal, CMS, and e-com-
merce work seamlessly. The new e-commerce
platform has optimised UI design, improved cus-
tomer experience, and drives increased sales, both
in terms of the number of orders and total sales.
READ MORE here: Columbus Global | How Swecon
Scaled Spare Parts Sales with B2B E-Commerce
Outlook for 2026
Columbus Interim report Q2 2026
10
In 2026, we expect organic growth of 0-5% and an
improved EBITDA margin of 8-10% driven by en-
hanced efficiency and a continued focus on con-
tract profitability. Supported by improved activity
levels in Q2, we see a stronger foundation for deliv-
ering on these expectations.
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. Enterprise Information Management (EIM), in-
troduced as a separate reporting Business Line in
2026, has delivered significant growth in both reve-
nue and profitability and expanded from Sweden
into other Columbus markets.
The Dynamics 365 and M3 Business Lines will con-
tinue to expand their unique IT service offerings
and further 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 situa-
tion that may impact the general business environ-
ment.
Financial ambitions
Columbus remains firmly focused on restoring sus-
tainable growth and improving profitability, sup-
ported by disciplined execution and operational ef-
ficiency. The current strategy is under review, 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 Q2 2026
11
Executive Board
Board of Directors
Columbus Interim report Q2 2026
12
Statement of comprehensive income 13
Balance sheet 14
Statement of changes in equity 15
Cash flow 16
Notes
Note 1 - Material accounting principles 17
Note 2 - Material accounting judgements and estimates 17
Note 3 - Segment data 18
Note 4 - Staff expenses and remuneration 24
Note 5 - Depreciation, amortisation and impairment 24
Note 6 - Goodwill 25
Note 7 - Trade receivables 26
Note 8 - Contract assets and contract liabilities 27
Note 9 - Discontinued operations 27
Note 10 - Capital structure 28
Note 11 - Related parties 29
Note 12 - Events after the reporting period 29
Key figures, ratios and Alternative Performance Measures 30
Financial
statements
Financial statements
Columbus Interim report Q2 2026
12
Financial statements
Columbus Interim report Q2 2026
13
Statement of comprehensive income
DKK ´000
Note
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Revenue
3
External project costs
-45,694
-45,076
-93,709
-91,582
-172,865
Gross profit
Staff expenses and remuneration
4
-314,403
-306,071
-621,195
-612,601
-1,138,337
Other external costs
-42,987
-40,386
-79,976
-75,022
-145,784
Other operating income
Other operating expenses
-2,055
-2,002
-14,058
EBITDA
Depreciation, amortisation and impair-
ment
5
-13,734
-13,905
-27,988
-27,688
-54,529
Operating profit (EBIT)
Financial income
Financial expenses
-4,850
-7,036
-5,290
-8,286
-15,467
Profit before tax from continuing oper-
ations
-1,497
-3,836
Corporate tax
-3,646
-2,385
-9,488
-25,339
Profit after tax from continuing opera-
tions
-1,437
-7,482
Profit (loss) after tax from discontinued
operations
9
-3,057
-1,360
-4,676
-1,584
-6,644
Profit (loss) after tax for the period
-4,494
-8,842
DKK ´000
Note
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Items that may be reclassified subse-
quently to profit and loss:
Foreign exchange adjustments of sub-
sidiaries
-2,379
-19,564
-4,887
-2,788
Other comprehensive income
-2,379
-19,564
-4,887
-2,788
Total comprehensive income for the
period
-6,873
-28,406
-27
Earnings per share from continuing op-
erations of DKK 1.25 (EPS)
-0.01
-0.06
Earnings per share from continuing op-
erations of DKK 1.25, diluted (EPS-D)
-0.01
-0.06
Earnings per share of DKK 1.25 (EPS)
-0.04
-0.07
Earnings per share of DKK 1.25, diluted
(EPS-D)
-0.04
-0.07
Financial statements
Columbus Interim report Q2 2026
14
Balance sheet
DKK ´000
Note
30 Jun 2026
30 Jun 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
9
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note
30 Jun 2026
30 Jun 2025
31 Dec 2025
Equity and liabilities
Share capital
10
Treasury Shares
10
-6,713
-119
-11,946
Reserves on foreign currency translation
-72,174
-76,517
-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 Q2 2026
15
Statement of changes in equity
DKK ´000
Share
capital
Treasury
shares
Reserves on
foreign
currency
translation
Retained
profits
Equity
YTD 2026
Balance at 1 January 2026
-11,946
-67,287
Profit after tax
Currency adjustments of invest-
ments in subsidiaries
-4,887
-4,887
Total comprehensive income
-4,887
-27
Capital increase
Share-based payment
Payment of dividend
-16,216
-16,216
Receipt of dividend on treasury
shares
Purchase of treasury shares
-11,964
-11,964
Cancellation of shares
-2,158
-15,039
Balance at 30 Jun 2026
-6,713
-72,174
DKK ´000
Share
capital
Treasury
shares
Reserves on
foreign
currency
translation
Retained
profits
Equity
YTD 2025
Balance at 1 January 2025
-73,729
Profit after tax
Currency adjustments of invest-
ments in subsidiaries
-2,788
-2,788
Total comprehensive income
-2,788
Share-based payment
Payment of dividend
-16,160
-16,160
Purchase of treasury shares
-119
-119
Balance at 30 Jun 2025
-119
-76,517
DKK ´000
Share
capital
Treasury
shares
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 shares
-11,946
-11,946
Balance at 31 Dec 2025
-11,946
-67,287
Financial statements
Columbus Interim report Q2 2026
16
Cash flow
DKK ´000
Note
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Operating profit (EBIT)
Non-recurring income and expenses
from acquisitions
-4,341
Depreciation, amortisation and impair-
ment
5
Cost of incentive scheme
Changes in net working capital
-51,364
-69,427
-10,666
-1,297
Cash flow from primary activities
-34,637
-26,395
Interest received, etc.
Interest paid, etc.
-2,850
-3,678
-5,291
-7,661
-14,266
Corporate tax paid
-854
-344
-10,898
-11,297
-20,172
Cash flow from operating activities
-37,594
-41,119
Investments in development projects
-1,901
-1,901
-923
Acquisition of tangible assets
-1,599
-899
-3,386
-2,668
-4,056
Acquisition of intangible assets
-17,072
Disposal of tangible assets
-3
-2
Payments for financial assets
Disposal of activities
9
-3,057
-1,360
-4,676
-1,584
-6,644
Cash flow from investing activities
-5,625
-1,388
-8,105
-3,460
-22,977
DKK ´000
Note
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Proceeds from capital increase/war-
rants exercised
Overdraft facilities
-1
Repayment of lease liabilities
-7,704
-7,263
-15,398
-14,587
-28,264
Treasury shares
10
-6,137
-119
-11,965
-119
-11,946
Dividends paid
-16,216
-16,160
-16,216
-16,160
-16,160
Dividends received from treasury
shares
Cash flow from financing activities
-23,542
-30,867
-56,370
Cash flow from continuing operations
-22,984
-5,612
-37,989
Cash flow from discontinued opera-
tions
9
-3,057
-1,360
-4,676
-1,584
-6,644
Total net change in cash and cash
equivalents
-26,041
-6,972
-42,665
-2,440
Cash funds at the beginning of the pe-
riod
Exchange rate adjustments
-1,083
-9,509
-157
-8,286
-8,751
Cash funds at the end of the period
Financial statements
Columbus Interim report Q2 2026
17
Basis of preparation
The consolidated interim financial report is prepared in
accordance with IAS 34 Interim Financial Reporting as
adopted by the EU and additional Danish disclosure re-
quirements for interim reports of listed companies. The
consolidated interim financial report covers the period
from 1 January 2026 to 30 June 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 come into effective for periods beginning
on 1 January 2027, with earlier application permitted.
The standard is endorsed by the EU. The standard will
introduce new categories and line items within the
statement of comprehensive income. New explanatory
notes, that explains management-defined perfor-
mance measures, are required.
The analysis of the impact of the implementation of
IFRS 18 on the consolidated financial statement is cur-
rently being finalised, thus the full impact of the stand-
ard has yet to be determined.
The preliminary conclusion indicates that the impact
primarily related to changes in the presentation of fi-
nancial income and expense within the statement of
comprehensive income.
The financial income and expenses is expected to be
disaggregated and presented within their respective
categories, operation, investment and financing. The
monetary effect has yet to be determined. Early adop-
tion of IFRS 18 is not expected.
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 30
June 2026, the carrying value of recognised deferred
tax was DKK 34.6m, 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 9 – 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
most reason updated forecasts and management as-
sumptions. The significant 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 estimate.
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
Material accounting principles
● NOTE 2
Material accounting judgements and estimates
Financial statements
Columbus Interim report Q2 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
only presented in the reporting for the legal entities.
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 comprehensive income, which are not di-
rectly related to a Business Line, are included in Ena-
bling functions, i.e. legal cases and M&A activities.
Business Lines Revenue Split
YTD 2026
%
Business Lines Revenue Split
YTD 2025
%
59%
20%
11%
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
Segment 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 Q2 2026
19
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other ext. cost
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
Q2 2026
Dynamics 365
236,406
14,632
251,038
-26,400
-165,721
-8,297
0
-200,418
50,620
20%
695
M3
80,871
356
81,227
-12,143
-55,066
-3,806
0
-71,015
10,212
13%
253
Digital Commerce
43,350
947
44,297
-4,313
-31,352
-2,300
0
-37,965
6,332
14%
156
Data & AI
30,880
139
31,019
-2,100
-25,400
-926
0
-28,426
2,593
8%
107
EIM
7,420
4,757
12,177
-670
-6,771
-523
0
-7,964
4,213
35%
25
Total
398,927
20,831
419,758
-45,626
-284,310
-15,852
0
-345,788
73,970
18%
1,236
Enabling Functions
-68
-30,093
-27,135
0
-57,296
186
Total
-45,694
-314,403
-42,987
0
1,422
EBITDA
16,674
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other ext. cost
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
Q2 2025
Dynamics 365
233,733
12,788
246,521
-22,948
-164,595
-7,439
0
-194,982
51,539
21%
761
M3
83,771
429
84,200
-14,463
-48,628
-3,744
0
-66,835
17,365
21%
239
Digital Commerce
46,917
336
47,253
-4,724
-34,194
-2,655
0
-41,573
5,680
12%
181
Data & AI
22,051
144
22,195
-1,665
-18,808
-892
0
-21,365
830
4%
82
EIM
5,786
3,932
9,718
-343
-5,163
-590
0
-6,096
3,622
37%
23
Total
392,258
17,629
409,887
-44,143
-271,388
-15,320
0
-330,851
79,036
19%
1,286
Enabling Functions
-933
-34,683
-25,066
-2,055
-62,737
206
Total
-45,076
-306,071
-40,386
-2,055
1,492
EBITDA
16,299
Financial statements
Columbus Interim report Q2 2026
20
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other ext. cost
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
YTD 2026
Dynamics 365
470,102
27,192
497,294
-54,912
-329,360
-14,166
0
-398,438
98,856
20%
702
M3
164,759
4,279
169,038
-24,702
-107,137
-7,502
0
-139,341
29,697
18%
254
Digital Commerce
86,272
1,104
87,376
-8,752
-62,428
-4,701
0
-75,881
11,495
13%
158
Data & AI
60,293
149
60,442
-3,838
-51,372
-2,434
0
-57,644
2,798
5%
105
EIM
14,102
9,553
23,655
-1,274
-11,174
-1,073
0
-13,521
10,134
43%
24
Total
795,528
42,277
837,805
-93,478
-561,471
-29,876
0
-684,825
152,980
18%
1,243
Enabling Functions
-231
-59,724
-50,100
0
-110,055
187
Total
-93,709
-621,195
-79,976
0
1,430
EBITDA
42,925
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other ext. cost
Other operating
Total direct cost
Contribution
CM %
Avg. FTE
YTD 2025
Dynamics 365
486,792
25,995
512,787
-45,670
-331,357
-13,793
0
-390,820
121,967
24%
766
M3
168,585
2,797
171,382
-29,344
-96,880
-6,130
0
-132,354
39,028
23%
241
Digital Commerce
94,159
935
95,094
-10,372
-68,059
-5,501
0
-83,932
11,162
12%
186
Data & AI
46,001
183
46,184
-3,371
-34,974
-1,839
0
-40,184
6,000
13%
81
EIM
10,744
7,651
18,395
-711
-9,152
-987
0
-10,850
7,545
41%
23
Total
806,281
37,561
843,842
-89,468
-540,422
-28,250
0
-658,140
185,702
22%
1,297
Enabling Functions
-2,114
-72,179
-46,772
-2,002
-123,067
207
Total
-91,582
-612,601
-75,022
-2,002
1,504
EBITDA
62,635
Financial statements
Columbus Interim report Q2 2026
21
● NOTE 3
Segment data, continued
DKK ´000
Services
Products
Total revenue
Ext. project costs
Staff expenses
Other ext. cost
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 Q2 2026
22
● NOTE 3
Segment data, continued
DKK ´000
Sweden
Denmark
UK
Norway
US
Other
GDC
Eliminations
Total
Q2 2026
Sales of services
123,287
82,719
78,312
74,870
28,027
10,974
738
0
398,927
Sales of products
5,723
5,961
4,425
2,945
1,777
0
0
0
20,831
Total revenue from own markets
129,010
88,680
82,737
77,815
29,804
10,974
738
0
419,758
Total revenue from group companies
16,262
16,668
7,116
1,709
2,877
3,848
31,952
-80,432
0
Total revenue
145,272
105,348
89,853
79,524
32,681
14,822
32,690
-80,432
419,758
Average number of FTE
357
305
223
148
58
44
287
0
1,422
Q2 2025
Sales of services
134,291
94,116
79,314
49,271
26,371
8,647
248
0
392,258
Sales of products
4,913
5,094
2,664
2,978
1,980
0
0
0
17,629
Total revenue from own markets
139,204
99,210
81,978
52,249
28,351
8,647
248
0
409,887
Total revenue from group companies
14,501
14,906
5,590
3,978
1,706
2,767
33,839
-77,287
0
Total revenue
153,705
114,116
87,568
56,227
30,057
11,414
34,087
-77,287
409,887
Average number of FTE
398
323
204
159
43
41
324
0
1,492
Financial statements
Columbus Interim report Q2 2026
23
DKK ´000
Sweden
Denmark
UK
Norway
US
Other
GDC
Eliminations
Total
YTD 2026
Sales of services
244,857
170,037
158,584
143,323
54,624
23,123
980
0
795,528
Sales of products
13,929
10,265
9,782
5,282
3,019
0
0
0
42,277
Total revenue from own markets
258,786
180,302
168,366
148,605
57,643
23,123
980
0
837,805
Total revenue from group companies
32,356
27,589
12,481
3,813
6,260
6,712
63,297
-152,508
0
Total revenue
291,142
207,891
180,847
152,418
63,903
29,835
64,277
-152,508
837,805
Average number of FTE
362
308
221
151
56
43
289
0
1,430
YTD 2025
Sales of services
265,234
196,434
167,683
103,488
55,707
17,222
513
0
806,281
Sales of products
11,400
10,612
6,855
5,320
3,374
0
0
0
37,561
Total revenue from own markets
276,634
207,046
174,538
108,808
59,081
17,222
513
0
843,842
Total revenue from group companies
27,567
30,007
12,679
8,518
5,101
5,348
65,989
-155,209
0
Total revenue
304,201
237,053
187,217
117,326
64,182
22,570
66,502
-155,209
843,842
Average number of FTE
402
328
205
161
42
40
326
0
1,504
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
● NOTE 3
Segment data, continued
Financial statements
Columbus Interim report Q2 2026
24
DKK ´000
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Staff expenses
Salary and wages
259,524
250,260
510,114
505,200
980,064
Other social security costs
38,503
38,020
76,464
72,867
135,652
Other staff expenses
18,224
17,641
36,411
34,234
28,089
Share-based payment
53
150
107
300
600
Total staff expenses
316,304
306,071
623,096
612,601
1,144,405
Employee costs capitalised as intangible assets
-1,901
0
-1,901
0
-6,068
Total staff expense and remuneration
314,403
306,071
621,195
612,601
1,138,337
Average number of FTEs
1,422
1,492
1,430
1,504
1,495
● NOTE 4
Staff expenses and remuneration
● NOTE 5
Depreciation, amortisation and impairment
DKK ´000
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Depreciation
9,028
9,541
18,330
18,972
36,675
Amortisation
4,706
4,364
9,658
8,716
17,854
Total depreciation, amortisation and impairment
13,734
13,905
27,988
27,688
54,529
Financial statements
Columbus Interim report Q2 2026
25
An indication of impairment continues to be observed
within Digital Commerce as the performance realised
in the first half of 2026 remains below budget.
An impairment test has been performed to assess the
carrying amount of the Business Line. The impairment
test confirms a positive headroom and supports the re-
coverability of the carrying amount. Consequently, no
impairment has been recognised as of the end of Q2
2026. No indications of impairment have been identi-
fied withing the other Business Lines.
Future Cash flows
The impairment test is a Value-in-Use test based on an
updated forecast prepared for the remaining two
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) resulting in
revenue growth and gross profits from sale of software
as well as the general development in cost.
The most significant uncertainties are related to the
determination of discount rates, growth rates and ex-
pected changes in costs in the projection and terminal
period.
The following 4-year projection period is based on as-
sumptions for the main revenue, Service 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
Goodwill
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Business Line
Dynamics 365
349,139
346,853
349,723
M3
157,823
156,262
159,982
Digital Commerce
116,724
116,072
118,516
Data & AI
16,025
15,887
15,923
EIM
5,590
5,596
5,618
Carrying amount end of period
645,301
640,670
649,762
Key assumptions 30 Jun 2026 (Digital Commerce Business Line)
Forecast
Projection
Terminal
Revenue Growth
5%
8%
2%
EBITDA-margin
4%
4% - 7%
7%
Tax rate
22%
22%
22%
Average reinvestment of cash flow from operations
17%
14% - 7%
7%
WACC
9.7%
9.7%
9.7%
Key assumptions 31 Dec 2025 (Digital Commerce Business Line)
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 Q2 2026
26
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Receivables at 1 Jan 2026
273,920
273,423
273,423
Change in receivables during the period
81,243
12,125
497
Receivables at 30 Jun 2026
355,163
285,548
273,920
Provisions for bad debt at 1 Jan 2026
2,528
876
876
Change in provisions for bad debt during the period
471
412
1,825
Loss realised during the period
-1,770
-111
-173
Provisions for bad debt at 30 Jun 2026
1,229
1,177
2,528
Carrying amount at 30 Jun 2026
353,934
284,371
271,392
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Age of receivables (gross):
Not due
325,994
253,502
193,503
0-30 days
21,515
17,942
66,428
30-60 days
4,435
10,597
8,497
61-90 days
1,748
1,443
2,344
91-180 days
919
1,164
1,909
181-270 days
85
646
496
270-360 days
169
87
448
Above 360 days
298
167
295
Total
355,163
285,548
273,920
● NOTE 7
Trade receivables
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Age of impairment:
Not due
0
85
10
0-30 days
43
36
143
30-60 days
53
127
101
61-90 days
70
58
94
91-180 days
621
245
1,189
181-270 days
68
422
397
271-360 days
135
70
358
Over 360 days
239
134
236
Total
1,229
1,177
2,528
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Provision matrix:
Not due
0%
0%
0%
0-30 days
0%
0%
0%
30-60 days
1%
2%
1%
61-90 days
5%
5%
5%
91-180 days
84%
26%
78%
181-270 days
100%
82%
100%
271-360 days
100%
100%
100%
Over 360 days
100%
100%
100%
Financial statements
Columbus Interim report Q2 2026
27
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 54,553k.
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 30 June 2026, the receivable is considered to be im-
paired, as a legal dispute over the right to payment un-
der 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 54,553k (Q2 2025: USD 8,500k / DKK
54,111k).
● NOTE 8
Contract assets and contract liabilities
● NOTE 9
Discontinued operations
DKK ´000
30 Jun 2026
30 Jun 2025
31 Dec 2025
Balance at 1 Jan 2026
421
-2,094
-2,094
Changes contract assets during the period
1,652
14,056
9,506
Changes on account billing and prepayments during the period
897
-5,024
-6,991
Balance at 30 Jun 2026
2,970
6,938
421
Work in progress
34,972
37,870
33,320
On account billing and prepayments
-32,002
-30,932
-32,899
Balance at 30 Jun 2026
2,970
6,938
421
The net value is included in the balance as follows:
Contract assets
9,221
11,331
9,644
Contract liabilities
-6,251
-4,393
-9,223
Balance at 30 Jun 2026
2,970
6,938
421
DKK ´000
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Gain (loss) on disposal of subsidiaries
0
0
0
0
0
Recirculation of historical currency adjustments
0
0
0
0
0
Transaction costs related to disposal
-3,057
-1,360
-4,676
-1,584
-6,644
Total gain (loss) on divestment of discontinued
operations
-3,057
-1,360
-4,676
-1,584
-6,644
Financial statements
Columbus Interim report Q2 2026
28
The share capital consists of 128,000,000 shares of
DKK 1,25, corresponding to DKK 160,000k (nom.). The
shares are not divided into classes, and no shares have
any special rights. The share capital is fully paid in.
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.
In April 2026 the Company paid dividend of DKK 0.125
per share, a total of DKK 16,216k, was paid to the share-
holders.
In May 2026 the Company decreased the capital by
1,726,264 shares of DKK 1.25, corresponding to DKK
2,157,830 (nom.).
Number of
shares
Share Capital
DKK '000
Number of
Treasury
shares
Treasury
shares
DKK '000
YTD 2026
Balance at 1 Jan 2026
129,276,264
161,595
1,193,636
11,946
Capital increase
450,000
563
0
0
Cancellation of shares
-1,726,264
-2,158
-1,726,264
-17,197
Acquisition of shares
0
0
1,207,900
11,964
Balance at 30 Jun 2026
128,000,000
160,000
675,272
6,713
Number of
shares
Share Capital
DKK '000
Number of
Treasury
shares
Treasury
shares
DKK '000
YTD 2025
Balance at 1 Jan 2025
129,276,264
161,595
0
0
Acquisition of shares
0
0
12,000
119
Balance at 30 Jun 2025
129,276,264
161,595
12,000
119
● NOTE 10
Capital structure
Number of
shares
Share Capital
DKK '000
Number of
Treasury
shares
Treasury
shares
DKK '000
2025
Balance at 1 Jan 2025
129,276,264
161,595
0
0
Acquisition of shares
0
0
1,193,636
11,946
Balance at 31 Dec 2025
129,276,264
161,595
1,193,636
11,946
Financial statements
Columbus Interim report Q2 2026
29
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 half year of 2026, a member of the Execu-
tive 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.
The interim financial report was authorised for issue by
the Board of Directors on 19 August 2026. No events
have occurred, until this date, which would influence
the evaluation of this report.
● NOTE 11
Related parties
DKK ´000
Q2 2026
Q2 2025
YTD 2026
YTD 2025
2025
Net sales
Atea
122
962
191
2,336
3,738
X-Yachts A/S
427
532
877
965
1,988
Total
549
1,494
1,068
3,301
5,726
Net purchase
Atea
-4,508
-4,296
-8,579
-7,690
-23,025
Total
-4,508
-4,296
-8,579
-7,690
-23,025
● NOTE 12
Events after the reporting period
Financial statements
Columbus Interim report Q2 2026
30
Key figures and ratios
Earnings per share (EPS) and diluted earnings per share
(EPS-D) are calculated in accordance with IAS 33.
Other ratios are calculated in accordance with the
Danish Finance Society “Recommendations & Financial
Ratios”. The financial ratios stated are calculated as
follows:
Alternative Performance Measures
Recurring Revenue
Recurring Revenue includes Operational Service
Agreements and Recurring Licenses.
Recurring revenue does not necessarily mean a binding
contractual agreement. However, recurring revenue is
defined as revenue with a high degree of certainty for
renewal >95%.
The purpose of defining Recurring Revenue is to
express a level of predictability in the revenue. The
higher degree of Recurring Revenue in pct. of total rev-
enue – the more predictable is the Columbus revenue
going forward.
Efficiency
Efficiency is calculated as all invoiced customer hours
divided by available customer hours. Available cus-
tomer hours are calculated as normal work schedule
hours for all productive employees, less hours for holi-
day and parental leave.
Constant currency growth
Growth is measured in constant currency by convert-
ing actual figures in local currency to DKK with the
historical exchange rate for the given currency.
When measuring for a period, the average historical
exchange rate is used. Growth is measured based on
the actual historical figure compared to the calculated
constant currency figure.
● NOTE
Key figures, ratios and Alternative Performance Measures
EBITDA margin
Earnings before interest, tax, depreciations and
amortisations (EBITDA)
Net revenue
Operating margin
Operating profit (EBIT)
Net revenue
Return on equity
Profit after tax and excl. minority interests
Average equity excl. minority interests
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
Financial statements
Columbus Interim report Q2 2026
31
DK- 2750 Ballerup
Tel.: +45 70 20 50 00
www.columbusglobal.com/
CVR no. 13 22 83 4 5
Columbus is an international consultancy headquartered in Denmark with more than 1,400 employees and 1,100 custom-
ers worldwide. Columbus delivers digital solutions supporting business-critical processes across industries such as Man-
ufacturing, Retail, Food & Beverage, and Life Science. Services include Cloud Services, Data & AI, ERP, CRM, Digital Com-
merce, and Cybersecurity. Columbus has a local presence in the Nordics, the United Kingdom, and the United States –
and global delivery – and is positioned to drive digital transformation and enable scalable growth.