1 | Interim Report 2025
cBrain A/S
Kalkbrænderiløbskaj 2
DK-2100 Copenhagen
Denmark
CVR no. 24233359
January 1 – June 30, 2025
Interim Report
2025
2 | Interim Report 2025
Taking Leadership in The Fast Emerging
COTS for Government Industry
A commercially off-the-shelf (COTS) platform is software which is adapted aftermarket
to the needs of the purchasing organization, rather than commissioning
custom-made or bespoke solutions
3 | Interim Report 2025
Content
Letter from the CEO ...................................................................................................................................... 4
Financial Highlights ...................................................................................................................................... 10
Financial Results ............................................................................................................................................ 12
Risk Management.......................................................................................................................................... 14
Our Business .................................................................................................................................................... 15
Market and Value Proposition ................................................................................................................. 16
The cBrain F2 Software .............................................................................................................................. 21
Customers and Growth Plan ................................................................................................................... 25
Shareholders................................................................................................................................................... 32
Sustainability ...................................................................................................................................................33
Climate and Environment ........................................................................................................................ 34
Sustainability Highlights ........................................................................................................................... 35
Management Statement .......................................................................................................................... 37
Consolidated Financial Statements .................................................................................................. 39
Notes ................................................................................................................................................................. 44
15 Our Business
39 Consolidated Financial Statements
Financial Highlights
4 | Interim Report 2025
Letter from the CEO
cBrain® advances global growth strategy, maintaining long-term focus
We are now entering the final half year of our 2023–2025 growth plan. We see
standard software for government evolving into a large industry, challenging the
dominance of traditional suppliers. With more than 15 years of experience, a strong
product position, and solid customer references, we look confidently toward the next
decade.
We aim to take a leadership position within the commercial off-the-shelf (COTS)
software for government industry, and we have refined our strategy accordingly. Our
dual go-to-market approach balances depth with focus: we continue to build our core
business around large account customers (“super accounts”), while in parallel pursuing
global leadership in selected niches where F2 becomes a category-defining standard.
With F2, we are shaping the future of COTS for government. Our product roadmap is
driven by a unique technological position: a complete and fully integrated platform,
standard purpose-built software for government, while offering easy configuration to
meet customer requirements without any modification to the core software.
We maintain our full year guidance
Revenue for the first half of 2025 amounts to DKK 132 million, this is down 5% from
DKK 139 million in the same period of 2024. Earnings before tax (EBT) total DKK 31
million, corresponding to an EBT margin of 24%.
Software revenue for the first half of 2025 amounted to DKK 100 million, a decrease
of 10% compared to DKK 111 million in the same period last year, primarily due to
lower international license sales. Revenue from one-time software licenses declined
by 58%, making up 14% of total revenue. Services revenue increased by 15% to DKK
32 million, representing 24% of total revenue. Recurring revenue (subscriptions) grew
by 24% and represent 61% of total revenue, up from 47% last year.
While revenue for the first half of the year was lower due to a decline in one-time
software license sales, we are encouraged by the solid performance of recurring
revenue streams. The first half demonstrates a strong underlying business, with
subscriptions growing 24% and services revenue increasing 15%. In addition, the solid
EBT margin of 24% generated a strong positive operating cash flow of DKK 40 million.
The one-time software license decline reflects timing-related factors and market-
specific delays. Given the short delivery cycles for one-time licenses, revenue is
directly impacted by fluctuations in procurement schedules.
In the second quarter, some Danish government organizations postponed
procurements due to internal planning processes and resort changes, affecting the
timing of recognized revenue. Similar to Denmark, delays in international projects
have impacted results, representing a key driver of lower one-time license revenue.
We maintain our full-year guidance, growing revenue 10-15% with an EBT margin of
18-23%. For the second half, we forecast continued growth in recurring licenses and
expect one-time licenses to reach a level that secures the same total volume of one-
time licenses in 2025 as in 2024. In Denmark, we expect postponed procurements to
be completed. Internationally, we anticipate projects across the USA, Germany, the
UAE, and Africa to drive growth in one-time license revenue.
Focused on long-term growth through strategic investments
During the spring, cBrain has taken internal steps to strengthen its organization with
the aim of taking a leadership position in the fast-emerging global market for
Commercial-Off-The-Shelf (COTS) software for governments. This includes
developing go-to-market strategies and establishing dedicated teams to build and
lead global niches such as paperless ministry and environmental permitting.
During the first half year, cBrain has been able to report progress in both verticals,
with the Kenyan ministry of ICT running a pilot project and supporting the new U.S.
government standard for environmental permitting.
We believe the global COTS for government opportunity is significant. We have
therefore also adopted a long-term perspective, even if this may affect short-term
5 | Interim Report 2025
performance. cBrain has the financial strength to execute on this strategy. These
changes have influenced the first half results, as we are reallocating project resources.
In the beginning of the year, we allocated extra costs of 30 million DKK to support the
organizational development and market investments. Until now we have allocated a
smaller part of these investments, and we continue to evaluate opportunities.
Thriving toward global leadership in the Paperless Ministry market
The setup and configuration of cBrain F2® for ministries, used by Danish ministries as
their digital platform, is referred to as the Paperless Ministry solution. A key pillar of
the expanded growth strategy is to replicate the Danish success, and with Denmark
ranked number one in the United Nations E-Government Survey for the past eight
years, cBrain holds a strong reference position when exporting the Paperless Ministry
solution.
By establishing beachheads in new international markets, based on a vertical go-to-
market approach centered around the Paperless Ministry offering, the goal is to
achieve global niche leadership and secure a strong foundation for future growth. To
support this, cBrain is building an internal team, dedicated to export the F2 Paperless
Ministry solution globally.
During the first half year, cBrain has taken a number of important steps in the market.
In Kenya, cBrain has successfully configured F2 for the Kenyan ICT Ministry, ready-to-
go live within only 10 weeks. This was achieved by copying and adapting the F2
configuration used by the Danish ministries.
In June, the Kenyan ICT Ministry revealed plans to roll out the F2 digital platform
across all government departments, thereby transitioning into paperless working
environments. The Kenyan project stands out as a strong reference for cBrain when
engaging with potential ministerial customers in other parts of the world.
Working in close collaboration with the Danish Ministry of Foreign Affairs and UNDP,
cBrain plans to market the African version of the F2 Paperless Ministry across Africa.
Many African government organizations focus on digitization as a key driver of GDP
growth and as a foundation for building accountable and sustainable institutions. With
the African Paperless Ministry solution, configured and proven through the Danish-
Kenyan ministerial collaboration, cBrain now offers the African region a unique,
secure, and fast track to digital transformation, while addressing a large number of
potential government customers.
During the spring, cBrain has further developed the collaboration with the UNDP
Resilience Hub in Nairobi, and in March cBrain presented the African initiatives, which
are closely aligned with the UNDP Digital Offer for Africa strategy, at the United
Nations Science and Technology conference in New York.
cBrain has a special focus on Germany and has established initial contacts with a
number of German ministries at both federal and regional level. The new German
government leadership has a strong focus on digitization, and cBrain believes that
reusing Danish government experiences can help accelerate German government
digital transformation.
In Denmark, cBrain recently announced an agreement with Aalborg Municipality to
deliver the paperless ministry solution for one of the municipality departments. This
agreement indicates a larger market, beyond the initial focus at federal ministries,
delivering the paperless ministry solution for local government.
Advancing digital sovereignty with the Danish Ministry of Digital Affairs
Driven by the new and rapidly changing global geopolitical situation, digital
sovereignty is becoming increasingly important for governments across the world.
During the spring, cBrain entered into collaboration with the Danish Ministry of Digital
Affairs to support the government’s ambition of strengthening digital sovereignty. As
part of this initiative, the Ministry launched a pilot project to test the use of open-
source document editing integrated into the cBrain F2 platform.
Technically, the cBrain F2 platform is built on an open architecture that separates data
from editing tools. This design supports digital sovereignty by giving government
users the freedom to use multiple types of editing software in parallel.
The project is driven by the political objective of reducing dependency on
international software vendors. Leveraging F2’s open architecture, the pilot enables
ministry staff to work with open-source editing tools such as Collabora, while
ensuring full data integrity, template compliance, and seamless collaboration across
environments.
Through this work, cBrain demonstrates how F2 supports digital sovereignty by
offering governments an open and flexible platform that allows freedom of choice
regarding editing tools, without compromising on security. The outcome of this pilot
may serve as a blueprint for other ministries in Denmark and abroad, further
strengthening cBrain’s position as a trusted partner for governments seeking
independence in their digital infrastructures.
6 | Interim Report 2025
Building a global Environmental Permitting market vertical
As a second pillar of its expanded growth strategy, cBrain has identified
environmental permitting as a key international vertical, aiming to establish a
leading global position in this market with the cBrain F2 Environmental Permitting
solution.
The importance of environmental assessment and permitting grows globally, and
governments are increasingly requiring robust review and approval processes for
infrastructure projects such as roads, bridges, mines, factories, and power plants.
This trend creates a significant market opportunity for cBrain.
In collaboration with the Danish Environmental Protection Agency (EPA), cBrain
has developed a fully digital permitting solution based on the cBrain F2 platform.
This solution replaces traditional paper-based applications, reduces case
processing times, and enhances both quality and transparency.
In July 2024, the White House Council on Environmental Quality (CEQ) issued a
report to Congress that assesses and recommends technologies to improve
environmental reviews and permitting processes. In this report, the cBrain F2
Platform was highlighted as a successful process and AI tool for environmental
permitting.
To support international scaling, cBrain has formed a dedicated team focused on
exporting the F2 Environmental Permitting solution and views environmental
permitting as a strategic entry point into the U.S. market.
cBrain seeks to capitalize on first-mover advantage in the environmental
permitting market
The White House issued in April 2025 an Executive Order directing all federal
agencies to adopt digital technologies to streamline environmental permitting.
30 days later, the White House Council on Environmental Quality (CEQ) released
the Permitting Technology Action Plan and introduced a new set of federal data
standards for digital permitting systems.
cBrain has rapidly configured its F2 Environmental Permitting solution to align
with these standards and, in July 2025, cBrain demonstrated the adapted
solution to U.S. federal authorities in Washington, D.C.
cBrain believes it is among the very first vendors to support the new CEQ
standards. This early alignment provides a first-mover advantage, and cBrain is
experiencing an increased interest in its permitting technology as federal and
7 | Interim Report 2025
state agencies are seeking to provide answers to political demand for faster
permitting through digital modernization.
Continued success in Denmark
The Danish market represents a strong international reference position for cBrain,
today serving more than 75 Danish government organizations with a large catalog of
citizen-facing solutions, from tax solutions and auditing to grants management,
inspections, licensing, and family affairs. cBrain continues to win market shares in
Denmark.
New Danish Ministry ready to go live within 3 Weeks
In January, cBrain announced an agreement to deliver the F2 Paperless Ministry
solution for the new Danish Ministry of Resilience and Preparedness. F2 ministry
solution was installed and configured, ready to go live in only 3 weeks.
This project demonstrates the power of Commercial Off-The-Shelf (COTS) for
government solutions. Using traditional software solution architectures, digitizing an
entire ministry normally takes years and often fails. In contrast, the cBrain F2 platform
offers a secure and cost-efficient solution that can be easily configured to support
fast track digital transformation within a matter of weeks.
Demonstrating the speed of delivery and expanding the Danish reference position
directly supports the aim to take global leadership, supplying the F2 Paperless Ministry
solution.
Danish Energy Agency goes live with heat pump grant system, approving first
applications in minutes
With references across multiple Danish agencies, cBrain is building a solid market
position supplying F2 based solutions for grant management.
In March, the Danish Energy Agency successfully launched its new digital grant
management approval system for the heat pump subsidy program, delivering fast and
efficient results beyond expectations. The new grant management solution is based
on the cBrain F2 platform, which has been configured to support all steps end-to-end,
from self-service to case processing, evaluation, and filing.
According to agency executives the system exceeded all expectations. During the
first minutes, the F2 Based solution automatically granted approval to 930 of the
applicants.
Due to automated case processing steps, combined with automated integrations into
multiple national registers, the grant process has been fully automated for the
majority of applications. Now only cases that need more information and special
evaluation require manual interaction.
The successful launch of the heat pump subsidy system underscores how smart
technology, like the F2 COTS for government platform, can support faster, smarter,
and more effective public services, accelerating Denmark’s green transition.
Third largest Danish Municipality implements the F2 Paperless Ministry solution
Early July, cBrain announced an agreement with Aalborg Municipality. cBrain will
deliver F2 as a digital platform to the Urban and Rural Affairs Department in Aalborg
Municipality. This administration is responsible for areas including urban development,
construction, infrastructure, mobility and nature, and the implementation is expected
to be completed within 6–8 weeks, with a planned go-live by September/October
2025.
With this agreement, cBrain is now delivering the F2 platform for the three largest
municipalities in Denmark: Copenhagen, Aarhus, and Aalborg. Fully integrated and
delivered out-of-the-box, cBrain F2 supports executive decision-making, formal and
informal communication, case management, workflows, and compliance. Today,
Copenhagen represents the largest deployment, with more than 3,000 users.
The agreement with Aalborg highlights that the F2 Commercial-Off-The-Shelf
(COTS) Government Platform is gaining traction not only among national ministries
and agencies but also within large, complex local government organizations.
Local governments thereby represent a significant market opportunity beyond the
initial central government focus on Paperless Ministry, extending the reach of the
cBrain F2 Paperless Government Platform to cities and local authorities
internationally.
In Denmark, cBrain has delivered a new national hunting license solution
cBrain has delivered a new national hunting license solution for the Danish Agency for
Green Transition and Aquatic Environment.
Delivered as one fully integrated platform, F2 has been configured to support all user
requirements functionality, and end-to-end. Highly automated, this includes self-
service and portal for more than 180,000 hunters, a registry of hunters, case
processing related to issuing hunting license, managing different hunting tests for
8 | Interim Report 2025
different types of weapons, game harvest reporting, police security checks, and
license payments.
The project demonstrates the breadth of the F2 COTS for government platform.
Delivered as one fully integrated solution, F2 is able to support national registers, case
processing, self-service and mass operations such as billing and payment collection.
F2 for Partners
The F2-for-Partners strategy is a core element of the long-term growth plan. By
establishing an ecosystem of partners and customers who manage the consulting
work related to implementing and servicing F2 solutions, cBrain can scale its business
without revenue growth being directly constrained by the burden of organizational
expansion.
At the core of this strategy are the F2 Service Builder no-code configuration tools.
The F2 Service Builder allows local partners and governments to independently design
and build F2-based government solutions. Solutions are configured using a
spreadsheet interface, enabling users without a technical background to create
solutions. The configured solutions are stored as open-source definitions in so-called
process libraries.
The combination of open source and process libraries makes it easy to reuse solutions
simply by copying and adapting the process definition source code. The F2 Service
Builder technology thus enables rapid development and reuse, helping governments
accelerate digital transformation and scale solutions efficiently.
Working with UNDP, aligning with the Digital offer for Africa strategy
In November 2024, UNDP and cBrain signed a Memorandum of Understanding (MoU).
Aligned with the UNDP Digital Offer for Africa strategy, the partnership aims to
accelerate digital transformation of governments and their citizens in the African
region.
During the spring, cBrain has initiated an F2 process library at UNDP Resilience Hub in
Nairobi. Working in collaboration with UNDP and Danish government, the process
library will form the platform for developing and scaling best practice solutions for
government across the region, using inclusion, capacity, economy, and resilience as
key strategic pillars.
When the partnership was announced, Ahunna Eziakonwa, UN Assistant-Secretary
General and UNDP’s Regional Bureau for Africa Director, stated: “Digital is the lifeline
to opportunity in Africa, and it should not remain a luxury. With the right partners like
Denmark and cBrain, we can expand critical access to information and education, and
unlock innovation at scale, thus bridging divides and empowering millions to shape a
more equal and prosperous future in Africa.”
In parallel, the Ambassador of Denmark in Nairobi, Stephan Schönemann, stated:
“cBrain is a leading Danish software company, promoting digitalization as a driver for
good governance. Their collaboration with UNDP can help drive the sustainable
development and digital transformation across the African continent. This
collaboration echoes the spirit of the Danish government’s new Africa strategy which
places a strong emphasis on technology, public-private partnerships, democracy, and
knowledge sharing.”
First large-scale project in Romania
In December 2024, cBrain’s partner in Romania, Wing Leading Edge, has won a public
tender to deliver a new national platform for administering citizen pensions. The
solution is being delivered in the Romanian language, with cBrain operating as a sub-
supplier.
Using the F2 Service Builder and process libraries, F2 is now being configured as the
case management and processing core, supporting close to 100 different
administrative processes and integrating with multiple other systems.
cBrain sees the Romanian pension project as a milestone both technically and
strategically. The project demonstrates the capabilities of the F2 Service Builder and
process library technology, and it highlights the early success of the F2-for-Partners
strategy.
F2 AI Assistant offers government AI on premise
AI is emerging as a transformative technology for governments worldwide. For cBrain,
AI is not a separate product but an integrated part of our strategy to deliver
Commercial-Off-The-Shelf (COTS) software for government.
We embedded AI directly into the F2 platform, ensuring that it supports caseworkers
and managers in their daily work, and due to our unique technology, the F2 Assistant
runs on premise, thereby safeguarding the principles of security, transparency, and
data sovereignty.
We continue to develop the F2 AI Assistant, adding new capabilities during the first
half new capability. Operating fully within the secure F2 environment, the AI Assistant
can summarize documents, propose case-relevant actions, and support knowledge
9 | Interim Report 2025
sharing across organizations, always under the control and without compromising
sovereignty.
We see AI not only as a driver of efficiency but also as a catalyst for redefining
digital government operations, further strengthening F2 as a category-defining
standard in the global COTS software for government industry.
Shaping the future of government software
Already into the last quarters of our 2023–2025 growth plan, we are very
encouraged by the progress. With a strong product position and strong customers
references, supported by a solid financial position, we see cBrain well-positioned
for the decade ahead.
We are confident that our strategy, built on taking leadership in COTS for
government industry, will enable us to capture the opportunities of a fast-
emerging market and secure long-term, sustainable growth.
Per Tejs Knudsen
CEO
10 | Interim Report 2025
Financial Highlights
T.DKK
H1 2025
H1 2024
FY 2024
T.DKK
H1 2025
H1 2024
FY 2024
Income statement
Financial ratios
Revenue
132.304
139.178
267.781
Revenue growth rate
-5%
6%
12%
Depreciation and amortization
-14.138
-12.026
-24.756
Profit margin (EBIT)
25%
32%
33%
Operating profit (EBIT)
32.794
43.958
88.342
Return of investment (ROI)
7%
12%
22%
Financial items, net
-1.450
-1.072
-2.338
EBT-margin
24%
31%
32%
Earnings before tax (EBT)
31.344
42.886
86.004
Liquidity ratio
188%
170%
208%
Profit for the period
24.124
31.802
64.815
Solvency ratio
71%
69%
74%
Return on equity
9%
14%
25%
Financial position
Cash and cash equivalents
29.712
1.730
22.256
Stock market ratios
Trade receivables
73.069
74.037
46.962
Number of shares 1,000 pcs.
20.000
20.000
20.000
Total assets
420.952
371.800
392.376
Book Value per Share (BVPS)
15,01
12,78
14,43
Total equity
300.121
255.504
288.517
Basic EPS
1,21
1,59
3,24
Diluted EPS (DEPS)
1,21
1,59
3,24
Cash flows
Cash flow from operating activities
39.818
11.134
67.924
Environmental and social data
Cash flow from investing activities
-17.901
-12.222
-47.434
Average number of employees (FTEs)
205
183
189
Investments in PPE
-4.789
-681
-24.598
Gender diversity, all employees
40%
40%
40%
Cash flow from financing activities
-14.461
-6.416
-7.468
Scope 1 & 2 CO2e emissions (tonnes)
8
9
13
11 | Interim Report 2025
Revenue (DKK)
132m
Revenue growth
-5%
EBT margin
24%
Share of revenue
Software sales
76%
Share of revenue
International sales
32%
Share of revenue
Software subscriptions
61%
12 | Interim Report 2025
Financial Results
Revenue
Total revenue for the first six months of 2025 amounted to DKK 132m, compared to
DKK 139m in the same period of 2024, representing a decrease of DKK 7m (-5%). The
decline was primarily driven by lower international software sales.
Software revenue totaled DKK 100m, a decrease of DKK 11m (-10%) from DKK 111m in
the first half of 2024. Software sales continued to comprise the majority of total
revenue, accounting for 76% of total revenue in the reporting period.
Revenue from services increased by DKK 4m (+15%) to DKK 32m, compared to DKK
28m in the same period of 2024. The increase reflects sustained demand for
consultancy services, education and training.
Revenue in Denmark increased to DKK 89m (+2%), up from DKK 87m in the first six
months of 2024, reflecting stable domestic market performance.
International revenue amounted to DKK 43m, compared to DKK 52m in the prior-year
period. The decrease of DKK 9m (-17%) reflects a shift in timing of international
deliveries and project initiation. International revenue represents 32% of total revenue.
For further information on revenue by segment and geography, please refer to notes
3 and 4 of the Consolidated Financial Statements.
Earnings before tax (EBT)
Earnings before taxes (EBT) decreased by 12m (-27%) to DKK 31m during the first six
months of 2025, compared to DKK 43 in the same period in 2024. As of June 30,
2025, the EBT margin is 24% compared to 31% as of June 30, 2024.
Taxes
Income taxes of DKK 7m consist of the current tax on profits for the first six months
of 2025, DKK 5m, and an adjustment for deferred tax of DKK +2m. Thus, the effective
tax rate for the first six months of 2025 is 23%.
REVENUE split by
Sales in Denmark and International
REVENUE split by
Software and Sales of Services
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2021 2022 2023 2024 2025
First half year
Sales in Denmark International sales
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2021 2022 2023 2024 2025
First half year
Software sales Sales of services
13 | Interim Report 2025
Costs and capitalization
cBrain’s cost structure primarily comprises staff costs (wages and salaries), business
development, travel, and office-related expenditures including depreciation.
Total expenses for the first six months amounted to DKK 101m, compared to DKK
96m during the first six months of 2024, representing an increase of DKK 5m (+5%),
primarily attributed to the growth in employees and international business
development. An existing lease agreement for office facilities has been extended and
consequently reclassified from operating expenses to a right-of-use asset. As a result,
external expenses have decreased, while depreciation has increased accordingly.
Intangible assets
The total amount for intangible assets stated in the Consolidated Financial
Statements is DKK 70m. cBrain’s intangible assets comprise of capitalized
development costs relating to the development of cBrain’s F2 platform. During the
first six months in 2025, DKK 13m was capitalized as Software under Development
which primarily consists of salaries.
The increase of the capitalized amount of DKK 2m compared to the same period last
year is primarily attributed to the growth in employees.
Property, plants and equipment (PPE)
The total amount for property, plant, and equipment stated in the Consolidated
Financial Statements is DKK 233m of which the headquarters in Copenhagen has a
carrying amount of DKK 195m. The headquarters is held by the 100% owned
subsidiary cProperty ApS with cBrain A/S as the tenant.
Liquidity and Capital Resources
cBrain is confident that its cash and cash equivalents, amounting to DKK 30m as of
June 30, 2025, together with trade receivables totaling DKK 73m, and cash generated
by ongoing operations, will adequately cover its cash requirements for the next 12
months and beyond.
Debt and Interest Rate Risk
As of 30 June 2025, cBrain holds 17-year variable-rate mortgage loans totaling DKK
48m, with semi-annual rate adjustments and DKK 2m in repayments due within 12
months. Management monitors interest rate exposure and does not expect projected
rate changes to significantly impact the financial statements. cBrain has chosen not
to fix the interest rate, as the expected cost exceeds the potential savings given the
anticipated rate decline.
Shareholders’ Equity
Total equity has increased by DKK 45m compared to the same period last year and
amounts to DKK 300m as of June 30, 2025.
During the year cBrain has not repurchased any ordinary shares. The Annual General
Meeting authorizes management to repurchase up to 10% of its share capital.
Cash flows
Cash flow from operating activities during the first six months of 2025 is DKK 40m
(first six months of 2024: DKK 11m). The difference is primarily attributable to the
development in contract assets and -liabilities related to less not invoiced work-in-
progress and a higher deferred income.
Cash flow from investing activities during the first six months of 2025 is DKK -18m
(first six months of 2024: DKK -12m), consisting of investments of DKK 13m in F2
software development projects and DKK 5m in fixed assets related to office buildings.
Cash flow from financing activities during the first six months of 2025 amounts to
DKK -14m (first six months of 2024: DKK -6m), comprising dividends paid of DKK
-13m (2024: DKK -5m) and repayment of borrowings of DKK -1m (2024: DKK -1m).
Significant transactions with related parties
Apart from the management’s remuneration, there have been no other transactions
with the management and members of the Board of Directors.
Events after balance sheet date
From the balance sheet date until the date of the submission of this interim report, no
events of significance for the interim report have occurred, that are not recognized or
referred to in the interim report.
14 | Interim Report 2025
Risk Management
The strategy and the company’s growth plan are primarily driven by the following
key strategic initiatives:
COTS for government focusing on 2 selected niches: Paperless Ministries
and Environmental Permitting
Building Super Accounts
Strong subscription base
F2-for-Partners as an accelerator for building super accounts and building
an Eco-system of partners
Climate Governance as a lever to open doors, gain awareness and position
Mission critical business processes to drive revenue and showcase the
COTS concept
Risks
As none of the risk factors identified in the Annual Report 2024 have changed
significantly, the detailed explanation of each factor, including cause, risk,
mitigation, and probability, is not repeated here.
The probability of Cyber Attack (2) has increased slightly and is at a relatively high
level. cBrain has finalized implementation of NIS2.
The probability and impacts of problems with retaining and attracting talent (3) has
increased slightly due to the demand for a skilled and talented workforce in the
market.
I
1
2
3
4
5
6
Probability
Financial impact
Low
High
Low
High
1
2
3
4
5
6
Decline in demand
Cyber Attack
Fail to retain and attract
talent
Fail to build an F2 ecosystem
Competitors build standard
platform similar to F2
Legal risks entering new
geographical markets
15 | Interim Report 2025
Our Business
16 | Interim Report 2025
Market and Value Proposition
Driven by expanding partnerships and large contracts globally, cBrain intends to become a leading supplier of
COTS software for government
Commercial Off-The-Shelf (COTS) software for government redefines and
accelerates government digital transformation
cBrain has developed F2, a highly flexible digital platform that can easily be configured
to support all government work processes, communication, and case and document
management.
Software for government digitization is one of the largest markets globally. Currently,
this market is dominated by major suppliers who provide custom-built solutions by
integrating best-of-breed software modules and components. However, many of
these projects encounter significant challenges, often resulting in delays and budget
overruns due to the complexity of implementing best-of-breed solutions.
cBrain is challenging the traditional government IT approach by offering standard
software, commonly known as COTS software. Unlike custom-
built, best-of-breed solutions, COTS for government offers
substantial advantages to customers in terms of quality, delivery
speed, and reduced implementation and maintenance costs.
Historically, government organizations worldwide have been
reluctant to incorporate standard software into their digitization
strategies. This hesitation often stems from internal IT
departments and procurement processes that are structured to
work with custom-built, best-of-breed solutions. However,
several government agencies, including leading Danish
government institutions, have recently started to adopt COTS,
recognizing the benefits of standardized software.
cBrain sees indications that industry shifts toward standard software and platforms
are occurring faster than anticipated. Fueled by a lack of skilled IT resources and a
growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred
to as COTS for government. For cBrain, this presents aw strategic opportunities.
The faster-than-expected market shift, with government looking toward IT
modernization and digitization based on the alternative COTS for government
approach, clearly represents an incredibly positive development for cBrain.
cBrain wants to fully take advantage of this, and the solid business with strong cash
flow and earnings offers strategic flexibility. To gain necessary focus, cBrain has
defined two verticals, where cBrain has a first-mover advantage and strong
references: Paperless Ministry and Environmental Permitting.
cBrain expects that the transition to COTS for Government will
significantly reduce the need for IT consulting services,
prompting a significant shift in the global government IT industry.
Vendors have in the last 1-2 years increasingly communicated
standard software to the government market. But
communicating standard software does not necessarily mean
COTS software. Software does not care how you name it. The
cBrain F2 standard platform has from the start been built as an
agnostic platform designed for government and highly
configurable.
The cBrain F2 digital platform is a proven solution based on a
model for digital bureaucracy and best practices, which have
been developed in close collaboration with the Danish
17 | Interim Report 2025
government. Currently, more than 75 Danish government entities, including 20 Danish
ministries, use F2 as their digital platform. Additionally, F2 has been successfully
implemented for government usage across 5 continents, including Egypt, France,
Germany, Ghana, Guyana, Kenya, Nigeria, Romania, Thailand, Ukraine, the United Arab
Emirates, the UK, and the USA.
The adoption of COTS for government software represents a disruptive and game-
changing approach. It challenges the business model in traditional IT consulting
industries that have relied on extensive projects, hourly billing practices, and branding
solutions for specific customers as standard products.
By challenging one of the largest industries, cBrain faces a significant business
opportunity. cBrain is capitalizing on this opportunity and is executing an ambitious
international growth plan. Key elements of the growth plan include investing in F2
Climate Software, which serves as a door opener and accelerator for international
sales and investing in the F2-for-Partners concept, which allows cBrain to scale its
business further.
The F2-for-Partners concept enables a new type of partners
While governments worldwide increase their investments in digital transformation,
the shortage of skilled IT professionals is often cited as a key factor in delays or
failures in IT modernization projects.
COTS for government and tools like F2 and the F2 Service Builder enable users
without a technical background to manage much of the IT work, thereby reducing the
demand for skilled IT resources. This makes COTS for government an industry game-
changing technology. By democratizing IT modernization and reducing the demand
for skilled IT resources, it lowers costs and accelerates digital transformation.
Democratizing IT modernization is a core element and a significant value
differentiator for the F2-for-Partners strategy. By enabling users with limited technical
backgrounds to participate in digital transformation, F2 not only empowers customers
but also new types of partners who focus on transformation services.
By heavily reducing reliance on skilled IT resources and offering best practice
experience as an integral part of the configuration tools, the F2 Service Builder
enables a new type of partner who offers specialized government transformation
1
McKinsey & Company: Transforming Government Through Digitization
services, from advice to delivery, based on government domain expertise and without
the burden of IT development.
Consequently, the F2-for-Partners strategy, fueled by the F2 Service Builder, not only
enhances the agility of government agencies and speeds up transformation but also
allows cBrain to scale its operations without proportionally increasing its internal
resources.
Democratizing IT Modernization
While governments worldwide increase their investments in digital transformation
and the IT industry expands to meet the demand, the shortage of skilled IT
professionals is often cited as a key factor in delays or failures in IT modernization
projects.
The emergence of COTS for government addresses the labor gap. Standard software
and tools like cBrain F2 and the cBrain F2 Service Builder enable users without a
technical background to manage much of the IT work, thereby reducing the demand
for skilled IT resources.
This makes COTS a game-changing technology for government and the industry. By
democratizing IT modernization and reducing the demand for skilled IT resources,
COTS for government simultaneously lowers costs and accelerates successful digital
transformation, thereby becoming a key enabler for government transformation.
Transforming government through digitizing represents a huge opportunity
Industry analysts estimate that by digitizing processes based on best practices and
aligning the organization, governments can enhance services and improve citizens’
quality of life while generating savings of over $1 trillion annually worldwide
1
parallel,
government digitization is fundamental to achieving the 17 United Nations
Sustainable Development Goals (SDGs) and is a key tool for combating climate
change. According to UNDP’s Africa strategy digitization is a fundamental driver for
GDP growth.
Governments worldwide are, therefore, investing heavily in digitizing, making
government digitizing one of the largest industries globally. However, government
organizations often struggle to translate ambitious digitizing plans into deliverables
and measurable results. This is primarily due to the traditional digitizing approach,
18 | Interim Report 2025
which relies on custom-built solutions and software components, leading to large IT
projects and budget overruns.
Based on the cBrain F2 digital platform, cBrain radically transforms this landscape. By
leveraging the cBrain F2 standard software and best practices developed through
close collaboration with the Danish government, cBrain offers government fast digital
transformation at scale while effectively sidestepping the pitfalls of large-scale IT
projects and budget overruns.
At the core of digital transformation projects usually lie three fundamental elements:
process innovation, organizational implementation, and delivering a new IT system.
However, many projects encounter major impediments related to the delivery of a
new IT system. Projects based on custom-built, or a best-of-breed approach are
usually delayed and often the IT-related work drains the majority of project time and
resources and deviates management focus. It leaves insufficient capacity for crucial
process innovation and organizational efforts.
In contrast, leveraging standard software built for government eliminates a large
portion of the IT-related work, and the transformation process gains momentum,
accompanied by substantial reductions in costs and risks. As a result, ample time and
resources are liberated, empowering government organizations to prioritize process
innovation and organizational enhancements, while successfully transforming and
meeting their strategic business goals.
Minimizing the IT work frees resources for process innovation.
and organizational development
When undertaking digital transformation projects based on custom-built software or
a best-of-breed approach, the major portion of project hours is allocated to IT
development and integration. This focus on IT development often becomes a
hindrance to digital transformation, as process innovation, organizational change, and
implementation are given lower priorities and inadequate resources.
The switch to digital transformation, based on standard platforms built for
government, drastically reduces risk, complexity, and the hours spent on IT
development. Where the traditional approach can take years to design and deliver,
while standard software can be configured and deployed as a ready-to-use solution
within weeks or a few months.
The adoption of standard software thereby changes the industry. It not only
accelerates the speed of digital transformation but also enhances system quality
while significantly reducing costs and ease the legacy burden. Moreover, it empowers
organizations to focus on the actual benefits of digitalization, driven through process
innovation and organizational change.
Configurable standard software enables continued digital transformation
Custom-built solutions are born legacy. Custom-built solutions are by nature
hardcoded, and they normally dictate large-scale organizational implementation
projects, thereby leaving minimal room for learning and subsequent adjustments. In
contrast, modern standard software, represented by F2, is remarkably flexible and can
be readily re-configured, continuously adapting to changing user requirements,
organizational development, and process rethinking.
Leveraging standard software means that government organizations are no longer
burdened with the constraints of legacy systems and large-scale implementation
projects. Instead, standard software facilitates continued optimization and
automation of service delivery as a natural progression and seamlessly extends
beyond the initial project phase.
The adoption of standard software thereby enables government organizations to
redesign their traditional highly risky large-scale approach into a digital transformation
journey at a grand scale, based on many small steps, agility, and continuous learning,
which are aligned with continued process innovation and organizational adjustments.
“Standard Software not
only accelerates the speed
of digital transformation
but also enhances system
quality while significantly
reducing costs and ease
the legacy burden.”
19 | Interim Report 2025
New Hunting License System
Enhances Service and Efficiency
The Danish Agency for Green Transition and Aquatic Environment (SGAV) has
launched a new digital hunting license register based on the cBrain F2 platform.
The new system will serve Denmark’s 220,000 hunters.
Replacing SGAV’s previous custom-built system, the F2 platform has been
configured to support all workflows and case processing end-to-end, from self-
service and payments to filing, while also supporting multiple external integrations.
The SGAV project demonstrates the power of modern commercial off-the-shelf
(COTS) software for government, like cBrain F2, as it offers substantial advantages
in terms of maintenance and flexibility. SGAV now runs its hunting license operations
on standard software, which is regularly updated. The platform also enables SGAV
to continuously configure and adapt the system to many user requirements,
without help from an external vendor.
The new F2 system also offers significant benefits for users, including increased
automation, improved ease of use, and greater efficiency. This enables SGAV to
handle more cases with fewer resources.
At the heart of the solution is a redesigned Mit Jagttegn (My Huntinglicense) portal,
where users can purchase licenses, register for exams, and manage documents.
The portal supports a high volume of annual interactions, over 170,000 license
purchases and nearly 19,000 inquiries, while offering a user-friendly, modern
experience.
Automation is expected to significantly reduce the manual workload, involving case
workers only when exceptions arise. Case views have been improved, giving
staff better insights into individual applications. Additionally, a neutral hunter ID has
been introduced, enhancing privacy and simplifying instructor collaboration.
By streamlining workflows and enhancing transparency, the solution enables SGAV
to better serve the hunting community and manage its annual cycle with greater
efficiency.
Case
Digital hunting licenses
boost automation,
efficiency, and user
experience
20 | Interim Report 2025
cBrain solutions around the globe
cBrain serves customers across 5 continents.
F2 has proven that the model for digital bureaucracy developed in close
collaboration with the Danish government can be applied worldwide.
21 | Interim Report 2025
The cBrain F2 Software
cBrain F2 is built for government, based on the Danish government's best practices
and the model for digital bureaucracy. cBrain has developed F2 in close collaboration
with the Danish government, and today cBrain has invested 500.000 hours into
developing the F2 digital platform.
The development began in 2006, with a focus on studying government processes and
resources that facilitate service delivery. A groundbreaking realization was that
government organizations function in fundamentally similar ways, based on the
fundamental principles of the bureaucracy described by German philosopher Max
Weber. This led to the development of a generic model for government work known
as Digital bureaucracy.
Being able to model government processes is a significant change. Based on the
model for digital bureaucracy, it has been possible to develop standard software for
government usage, which supports government processes digitally and replaces
custom-built solutions.
One complete and fully integrated digital platform, built for government and easy
to customize and adapt
Built for government, cBrain F2 is a full-stack and highly secure digital platform.
Accessible from PCs, tablets, and mobile devices, F2 provides formal and informal
communication capabilities, meets all compliance and auditing requirements related
to case production and content creation, and allows control of organizational roles
and responsibilities.
From a technical perspective the cBrain F2 platform is built on an
open architecture that separates data from editing tools. This design
supports digital sovereignty by giving government users the freedom
to use multiple types of editing software in parallel. As freedom of
choice and the reduction of vendor lock-in become increasingly
fundamental requirements for many government organizations, the
design principles behind the cBrain F2 platform become even more
important and appreciated.
Additionally, cBrain F2 supports generic workflows like requests, approvals, hearings,
and Freedom of Information (FOI) requests, and even more important customer-
specific workflows that facilitate citizen-facing processes from self-service to back-
end case processing including handling complex rules, calculation, and filing, along
with long-term archiving.
From F2 version 12 F2 has a fully built-in F2 AI assistant helping case workers and
managers with multiple tasks such as preparing the basis for decisions, speeches, and
new and providing overviews of complex materials, performing translation, etc. in a
secure environment. Via the F2 AI Expert F2 also supports more advanced AI methods
in case handling and thereby increases efficiency, quality, and speed. cBrain offers the
F2 AI solutions on premise to prevent that data is shared with unauthorized bodies.
cBrain F2 is a highly flexible digital platform that can easily be configured to support
all government work processes, communication, and case management including
large complex mission critical processes.
Based on the built-in Administrator menu, privileged users can define and set up
support for customer-specific organizations, routines, and workflows. This includes a
highly efficient approach to process and workflow automation based on a process
library. Moreover, cBrain F2 is a fully open platform that easily interfaces with other IT
systems through an extensive set of APIs (Application Programming Interfaces).
22 | Interim Report 2025
cBrain F2 thereby represents a unique technology. F2 offers government
organizations the opportunity to digitize based on standard software instead of
traditional custom-built solutions, and due to the flexibility and configuration
capabilities, F2 is suitable for nearly any type of government organization, from
ministries to agencies, cities, and municipalities.
F2 can easily be configured to support any government workflow and process
With F2, it is possible to define customer-specific workflows, supporting both
internal processes and external citizen-facing processes end-to-end, without
making any changes to the standard software. A workflow is described by a
process sheet, which is attached to a case type and stored in the process library.
The process sheet is open source and technically referred to as a declaration. The
process sheet functions like a sheet in a spreadsheet, and the process sheet is
stored separately from the basic F2 standard software and thereby provides
process sovereignty and reduces the risk for vendor lock-in. It is, therefore,
possible, seamlessly, and fully automated, to upgrade F2 to new versions,
regardless of how extensive F2 has been configured.
For advanced IT users, complex workflow and process declarations are built using
the F2 Toolchain. However, cBrain offers an interface to F2 Toolchain called F2
Service Builder that allows people with limited technical background as well as
engineers to configure F2.
F2 Service Builder allows users to digitize workflows simply by filling out a
spreadsheet.
The F2 Service Builder allows business users and process consultants to digitize
workflows easily by filling out a spreadsheet. This includes the definition of end-
to-end workflows, encompassing self-service, case processing, filing, and even
data extracts and dashboards for management controls and reporting.
Users simply input the process definition into a spreadsheet, detailing all the
necessary process steps, including checklists, automated email, letter generation,
and more. The completed spreadsheet is then uploaded to the F2 standard
software. Should users wish to modify the process definition, they can simply
update the spreadsheet and upload the updated version, ready to run.
It may still take time to understand and design a government process, but with
the F2 Service Builder, the IT work involved is significantly reduced or almost
23 | Interim Report 2025
eliminated, allowing for the rapid setup of well-functioning processes in just hours.
Additionally, process definitions can be easily reused by copying an existing process,
revising the copied sheet, and uploading it as a new process. As a result, the F2
Service Builder provides a unique and efficient approach for government
organizations seeking to digitize a large number of processes at a high speed.
F2 Service Builder differentiates itself by being fully integrated with F2 and
designed specifically for government use
No-code/low-code tools are becoming popular as they allow users to create and
modify workflows and processes with minimal or no coding required. This enables
users with limited technical expertise to build and customize solutions, thereby
simplifying application development and process automation.
No-code/low-code tools are becoming popular as they allow users to create and
modify workflows and processes with minimal or no coding required. This enables
users with limited technical expertise to build and customize solutions, thereby
simplifying application development and process automation.
Most widely used no-code/low-code tools are either designed for general-purpose
use or are specialized for IT service and operations management. They are typically
developed as stand-alone software tools, integrated into a best-of-breed
environment through pre-built or open connectors, and many offer process design,
form building, and other functionalities based on a visual user interface.
The design and architecture of F2 Service Builder provide significant benefits for
government customers by eliminating integration work, optimizing system design,
and offering unique government functionality and compliance.
While integration into best-of-breed environments often complicates no-code/low-
code projects, turning them into complex IT deliveries, F2 Service Builder is delivered
out-of-the-box, fully integrated, and ready to run. This approach saves significant
time and eliminates the need for IT integration specialists.
Furthermore, F2 Service Builder offers deep integration into specific F2 functions,
providing integrated user functionality that is often nearly impossible to achieve
within a best-of-breed environment.
F2 Service Builder is a unique tool for both customers and partners
By allowing organizations to develop and reuse smart processes, the F2 Service
Builder becomes a highly efficient tool for implementing best practices and driving
standardization throughout the organization.
This makes the F2 Service Builder a unique tool for external partners who offer large-
scale digital transformation to government organizations. With this tool, consulting
partners specializing in process optimization and automation can deliver fast and agile
digital transformation solutions.
Thanks to its flexibility, the process sheets can be easily modified to align with future
changes in processes or organizational structures. This enables external consulting
partners to offer government customers a genuinely agile approach, focusing on
step-by-step process innovation and organizational development. Concurrently, they
can build and provide pre-configured process libraries for their government
customers based on well-established best practices.
The F2 Service Builder has already proven to be a pivotal tool within the F2 ecosystem
of partners. cBrain continuously invests and enhances its functionality through close
collaboration with lead customers and partners.
24 | Interim Report 2025
Denmark Tests Open Source
Editing for Government Use
In a forward-looking initiative to boost digital sovereignty, the Danish Ministry of
Digitalization has launched a pilot to test open-source document editing within
its daily workflows, powered by cBrain’s F2 platform.
The pilot explores Collabora as an integrated alternative to traditional office
software. Key evaluation points include template compatibility, change tracking,
document conversion, and support for advanced formatting.
F2’s open architecture, which separates storage from editing tools, enables this
innovation. With a secure, WOPI-based integration, Collabora functions seamlessly
inside the F2 environment. Users gain comprehensive editing capabilities while
maintaining compliance and control.
The Danish government is seeking digital sovereignty but has not announced any
plans to switch exclusively to open-source-based editing tools.
Seamlessly integrated into a single platform, F2 enables ministries to use both
commercial and open-source editing tools on the same set of documents. This
provides full flexibility: ministries can freely choose their preferred editing tools
and switch between them instantly, without the need for data migration.
This freedom of choice supports Denmark’s vision of reducing dependency on
large technology providers, while still allowing ministries to retain their preferred
tools and workflows.
Case
Denmark tests
open-source editing
to support digital
sovereignty
25 | Interim Report 2025
Customers and Growth Plan
F2 is a proven solution
Today more than 75 Danish government organizations, including 83% of all Danish
Ministries, use cBrain F2 as their digital platform. They run on the exact same
software, and they typically upgrade, fully automated, once a year for new releases of
the F2 software.
Additionally, F2 has been successfully implemented for government use across five
continents, including Egypt, France, Germany, Ghana, Guyana, Kenya, Nigeria,
Romania, Thailand, Ukraine, the United Arab Emirates, the UK, and the USA.
The cBrain business model is highly scalable
Adopting standard software based on COTS for government represents a disruptive
and game-changing approach. By adopting standard software instead of custom-built
solutions or a best-of-breed approach, a significant portion of the IT work related to
digital transformation can be eliminated.
This offers government entities substantial business benefits through cost and risk
reductions, faster delivery, and accelerated digital transformation. In addition, it
challenges the traditional IT consulting industries, which have relied on extensive
projects and hourly billing practices to establish their business.
With F2 cBrain challenges one of the largest industries and faces a significant
business opportunity. cBrain intends to capitalize on this opportunity and is executing
an ambitious international growth plan.
Due to the F2 product and partner strategy, the business model is international and
highly scalable. Based on generic government principles and the Digital Bureaucracy
model, the F2 digital platform has proven itself to support governments across the
world.
Growth plan
cBrain is executing its international growth plan, anchored in two primary revenue
streams, referred to as “Base” and “Stepping stones.”
The “Base” stream aims to achieve annual revenue growth of 10-15% by strengthening
and expanding existing operations and customer relationships.
In parallel, the “Stepping stones” initiative aims to lift annual revenue growth to a
significantly higher level by increasing contract values and winning larger international
contracts.
With this development, we expect international revenue to exceed domestic revenue
in a few years.
cBrain continues to execute its growth strategy, supported by a growing number of
international pilot projects that set the stage for significant “Stepping stones”
achievements and build a robust pipeline of opportunities. This includes pursuing
global opportunities across the USA, Europe, Africa, the UAE, and India. In parallel,
cBrain continues to build a strong reference position in the Danish home market.
The growth plan is based on organic growth. cBrain delivers growth and earnings with
a strong positive cash flow, financing its business without needing loans.
Key elements of the growth plan include investing in F2 Climate Software, which
serves as a door opener and accelerator for international sales and investing in the F2-
for-Partners concept, which allows cBrain to scale its business further while
generating a solid and stable subscription-based business.
cBrain is building an ecosystem of international partners who offer government digital
transformation by leveraging the cBrain F2 standard software. This allows cBrain to
grow without the linear restrictions of building its own organization.
F2 Paperless Ministry Solution - a market vertical in the expanded growth strategy
cBrain has built a strong home market position in Denmark. This position has been
achieved by taking leadership as the supplier of the F2 Paperless Ministry solution,
which today is the digital platform for almost all Danish ministries.
In the autumn 2024 the Danish government announced 3 new ministries, and in
January cBrain announced that all 3 new ministries have now chosen F2 as their digital
26 | Interim Report 2025
platform. The F2 ministry solution was installed and configured, ready to go live within
only 3 weeks. The new ministerial projects demonstrate the power of Commercial
Off-The-Shelf (COTS) for government solutions and consolidate cBrains unique
position in the Danish market. Furthermore, the three largest municipalities in
Denmark have adopted the F2 Paperless Ministry solution showing that it fits to
complex local government organizations too.
Building from the paperless ministry leadership position, cBrain has successfully been
able to expand outside the ministerial solution niche into the broad Danish
government market.
A key pillar of the expanded growth strategy is to replicate the Danish success by
establishing beachheads in new international markets, based on a focused, vertical
go-to-market approach centered around the Paperless Ministry offering. The ultimate
goal is to achieve global niche leadership, thereby securing a strong foundation for
future growth.
cBrain has successfully implemented the ICT ministry in Kenya in 10 weeks this year
and is launching a new strategic Paperless Ministry initiative addressing markets in
Europe and Africa.
F2 Climate Software - Environmental Permitting as a market vertical in the
expanded growth strategy
The fight against climate change and global warming is driven and funded by
government, and by the use of legislation and financial incentives, politicians have an
extraordinarily powerful toolbox. However, political decisions must be implemented
by strong and accountable institutions. Therefore, it often takes years to execute
decisions due to bureaucratic delays, fueled by the lack of digitizing and inefficient IT
systems. Climate software helps government organizations to accelerate the
deployment of climate action initiatives. Highly transparent while minimizing costs,
the software supports a broad portfolio of processes from approvals and grant
management to inspections.
During early spring cBrain launched - as one of the pillars in the expanded growth
strategy - an ambitious initiative to position the F2 Environmental Permitting solution
as a market vertical offering, aiming to take a leading international market position.
The importance of environmental assessment and permitting is growing worldwide.
Government review and permitting processes are required for many infrastructure
projects, including roads, bridges, mines, factories, and power plants. In April 2025,
the White House issued an executive order stating that executive departments and
agencies shall make maximum use of technology in environmental review and
permitting processes for infrastructure projects of all kinds.
In close collaboration with the Danish Environmental Protection Agency (EPA), cBrain
has developed an F2 based Environmental Permitting solution that eliminates the use
of paper-based applications and accelerates case processing time and quality.
In July 2024, the White House Council on Environmental Quality (CEQ) issued a
report to Congress that assesses and recommends technologies to improve
environmental reviews and permitting processes. In this report, the cBrain F2 Platform
is highlighted as a successful process and AI tool for environmental permitting.
The White House issued in April 2025 an Executive Order directing all federal agencies
to adopt digital technologies to streamline environmental permitting, and a month
later the White House Council on Environmental Quality (CEQ) released the
Permitting Technology Action Plan and introduced a new set of federal data standards
for digital permitting systems.
cBrain has rapidly configured its F2 Environmental Permitting solution to align with
these standards and, in July 2025, cBrain demonstrated the adapted solution to U.S.
federal authorities in Washington, D.C.
cBrain therefore views environmental permitting as a potential niche entry point into
the U.S. market, at both the federal and state levels, supporting its decision to invest
in this area as the second pillar of its expanded growth strategy. Even though it is still
at an early stage, cBrain has identified several promising openings and are in intensive
dialogue with potential government entities.
27 | Interim Report 2025
More than 75 Danish government
organizations, including 83% of the
ministries, use F2 as their digital platform
28 | Interim Report 2025
Climate software means the speed of action
In November 2020, the Danish Parliament adopted new legislation to remove
carbon-rich farmland from production. By February 2021, the Danish Environmental
Protection Agency (Danish EPA) had run the first round of the 300m Euro program.
This program is now being scaled to achieve the Government's ambitious goal.
The Danish farmland program can potentially reduce CO2 emissions by up to 20%.
Using government climate software, the Danish EPA achieved fast-track execution,
and by executing within months instead of years, the Danish government is now
leading by example.
F2 Climate Software is standard software. It is based on reusable open-source
configuration and best practices developed in close collaboration with the Danish
EPA. Government climate software can, therefore, easily be reused worldwide, and
Denmark has a strong tradition of sharing best practices with other countries.
For the Danish Anergy Agency cBrain implemented a new Heat Pump Grant system in
2024, that was able to handle more than 50% of all applications automatically there
saving lot of time. Shifting from natural gas to heat pumps lowers the CO2 emission
3.700 kg Co2/year to 700 kg Co2/year.
Working with partners, cBrain can offer fast digital transformation for governments
across the world
A key element of the cBrain growth plan is the F2-for-Partners concept, which
enables a new generation of government digital transformation partners. Today, the
majority of government organizations are served by a huge industry of IT system
integrators and consulting firms, which have established their business and heavily
rely on extensive projects and hourly billing practices.
While this industry continues to deliver custom-built solutions based on software
components and application tools, governments struggle to convert ambitious
digitization plans into deliverables and measurable results.
The F2-for-Partner concept allows governments themselves, or with the help of
external consulting firms, to take over the configuration and implementation of F2.
By leveraging standard software, a large portion of the IT-related work is eliminated.
This frees up time and resources and empowers government organizations and their
digital transformation partners to prioritize process innovation and organizational
enhancements, while successfully transforming and meeting their strategic business
goals.
With the F2-for-Partner concept, cBrain enables a new generation of government
digital transformation firms, who, based on an in-depth understanding of government
best practices, offer process innovation and organizational enhancements.
By adopting standard software as the basis for digital transformation, these new
consulting firms will enable government organizations to redesign their traditional
high-risk large-scale initiatives into digital transformation journeys at scale, based on
many small steps, agility, and continuous learning, which are aligned with continued
process innovation and organizational adjustments.
cBrain continues to develop the F2 standard platform and best practices
This means happy users and a low total cost of ownership. Software continuously has
to be maintained due to changing user requirements and technology changes, and
custom-built solutions erode over time because they are simply too costly and time-
consuming to maintain.
This is quite different from standard software. All government organizations that use
F2 are regularly upgraded to the latest version. The club of F2 government user
organizations, with more than 100 members internationally, faces significantly lower
total costs of ownership while avoiding the high ongoing costs of systems
maintenance.
With the F2 standard platform and best practices, cBrain offers users continuous
access to new and upgraded software versions. The F2 standard software can be
adapted to changing user requirements by easily re-configuring custom-specific
processes and system setup independently of upgrades.
By relying on a COTS for government approach, a future legacy burden can be
avoided.
Reusing best practices enables fast-track organizational deployment
The Digital Bureaucracy Model is based on government best-practices, which is the
foundation for the design and functions of the F2 standard software. In parallel with
the F2 digital platform, cBrain has also developed a best-practice implementation
method called the F2 Implementation Method.
Digital transformation based on best practices and the reuse of standards drives and
accelerates changes. However, to ensure a successful transformation, organizational
readiness must be considered. Therefore, the F2 Implementation Method is based on
transformation waves.
29 | Interim Report 2025
With this approach, organizational implementation is orchestrated by deploying
best practices and functionality aligned with organizational change. This is
possible because it is easy to reconfigure the standard software in parallel with
process reengineering and organizational development.
The wave model is based on 3 elements: a set of overall best practice principles,
deployment of generic routines, and driving departmental process digitizing
based on case types.
The overall principles set the overall stage for digital ambitions and the speed of
change. The overall principles guide the deployment of generic routines and
functionality, leading to a specific Wave Scheme which directs both an
organizational (business) project plan and a technical project plan.
By learning from implementation projects across the world, the F2 best practice
implementation method is continuously developed.
The F2 best practice implementation method is offered for partners, as part of
the F2-for-partners concept, thereby allowing partners to offer global
government best practices as part of their digital transformation services.
30 | Interim Report 2025
UAE Accelerates eInvoicing
with AI-Enabled Accreditation
Portal
The United Arab Emirates is taking bold steps toward digital transformation with
its national eInvoicing Programme, led by the Ministry of Finance (MoF). The
initiative aims to standardize invoicing and streamline tax reporting in near real
time.
Based on F2, cBrain configured a proof-of-concept to support Service Provider
accreditation. The solution was showcased at the GITEX Global in October 2024,
and subsequently MoF invited cBrain to scale the solution for production.
The solution features an AI-driven portal that allows service providers to access
eligibility criteria, submit documentation, and receive instant, context-aware
answers via a built-in chatbot assistant. This streamlines the accreditation
process, reduces support requests, and enhances the overall user experience.
The project was delivered in just two months and marks a milestone in advancing
the UAE’s digital economy. It demonstrates how commercial off-the-shelf
(COTS) software, purpose-built for government, can accelerate delivery, while
leveraging AI as a core component of standard software to further enhance
efficiency, usability, and compliance.
Case
AI-powered portal
accelerates UAE
eInvoicing accreditation
and efficiency
31 | Interim Report 2025
12 ways COTS for Government
Has Accelerated
Responsible Use of AI
32 | Interim Report 2025
Company Announcements and Press Releases
since January 1, 2025
In the period from January 1, 2025, onwards the publication of the interim report
for 2025, cBrain has published the following notices to Nasdaq Copenhagen. They
can all be found on the company’s website www.cbrain.com/investor
Jan 20, 2025
cBrain raises expected 2024 EBT margin to 30-32%
Jan 22, 2025
New Danish Ministry implements F2
Feb 20, 2025
cBrain intends to take lead in COTS for government industry
Feb 20, 2025
cBrain reports EBT of 32% and raises payout ratio to 20%
Mar 6, 2025
New federal heat pump grant system approves 930 applications
in minutes
Apr 1, 2025
Annual General Meeting 2025
Apr 29, 2025
cBrain aims to create and lead two new global solution niches
Apr 29, 2025
Minutes of meeting – AGM 2025
Jun 6, 2025
Kenyan government has revealed plans to adopt the Danish F2
platform
Jun 10, 2025
cBrain appoints new CFO
Jun 20, 2025
Danish Ministry of Digitalization begins testing F2 with open
source document editing
Jul 4, 2025
Aalborg joins Copenhagen and Aarhus in adopting cBrain’s F2
Paperless Government Platform
Jul 24, 2025
cBrain positioned as first-mover supporting new U.S. standards
for environmental permitting
Shareholders
Stock Information
cBrain is a Danish software company listed on NASDAQ OMX Nordic
(Symbol: CBRAIN) under the share code: DK0060030286.
In total cBrain has 14.200 shareholders in 40 countries.
For additional information regarding shareholder
relations and in-depth information about cBrain visit
www.cbrain.com/investor
Financial Calendar
August 21, 2025 Interim Report 1H 2025
November 5, 2025 Announcement regarding Q3 2025
February 19, 2026 Annual Report 2025
Contact
Inquiries regarding the company’s relationships with investors
and the market can be directed to:
Ejvind Jørgensen
CFO & Head of Investor Relations
E-mail: ir@cbrain.com
33 | Interim Report 2025
Sustainability
34 | Interim Report 2025
Climate and Environment
Smarter, faster, and transparent climate governance
Working with government agencies with climate or environmental mandates, we
have systematically reduced the lead time from political decision to execution by
utilizing the cBrain F2 standard platform to configure climate software solutions:
Digitization to close the time gap from political decision to execution
End-to-end solution from case processing to communication & archiving
Built for government by the leading experts in the public sector
Closing the Time Gap
Governments across the world are under increasing pressure to deliver on ambitious
climate and sustainability goals. Meeting these goals requires the ability to close the
gap between political decisions and practical implementation.
Denmark is internationally recognized for its leadership in digital public
administration. Denmark ranks first in the United Nations E Government
Development Index and is consistently among the top performers in the Climate
Change Performance Index. These achievements are supported by one of the most
ambitious climate laws in the world. Currently, more than 75 Danish government
entities, including 20 Danish ministries, use F2 as their digital platform. This provides
a strong foundation of best practices that can be reused and scaled internationally.
cBrain F2 is a standard software platform developed dedicated for government. It
enables public authorities to act faster, with greater transparency and at lower cost.
As a COTS-solution, F2 supports the entire administrative value chain from case
processing and collaboration to communication and archiving. It allows
governments to implement new policies within weeks, rather than years.
Through close collaboration with public institutions, cBrain has demonstrated how
the cBrain F2 platform can support faster and more effective climate action.
Governments use F2 to deliver a broad range of initiatives, including carbon
reduction programs, circular economy strategies, and digital services for citizens. By
minimizing complexity and reducing the need for extensive IT development, the
platform increases public institutional capacity and supports faster execution.
35 | Interim Report 2025
Sustainability Highlights
In cBrain’s 2024 Annual Report, we reported on our ESG impact, risks, and
opportunities in alignment with the new CSRD regulations. As of the 2025 interim
report, no material changes have occurred. The full report including accounting
policies is available at: www.cbrain.com/investor/investor-news-financial-reports.
ESG Progress in the First Half of 2025
In the first half of 2025, cBrain continued to strengthen its ESG efforts. The
Sustainability Board set clear targets for reducing the company’s environmental
impact, including the purchase of server equipment that enhances performance while
reducing energy use. ESG data collection was also improved, with expanded tracking
of Scope 3 emissions from capital goods and employee commuting which will be
included in the 2025 Annual Report.
As previously reported, cBrain made a financial contribution in first half of 2025 to the
Danish Climate Forest Foundation, offsetting 25% of its 2024 emissions. This will
support the planting of 4,350 m² of forest in Denmark, expected to absorb 150 tons
of CO₂ over time. At the same time, cBrain is maintaining its partnership with 0-
Mission to invest in solar parks that contribute to the supply of green energy.
Social initiatives included continued collaboration with the Technical University of
Denmark (DTU), where students explored no-code and low-code enhancements to
cBrain’s F2 platform. Past projects have led to F2 software upgrades and new hires,
and further recruitment is expected later in 2025. Leadership workshops on emotional
intelligence were held, and preparations are underway for the 2025 employee survey
and a pay equity analysis, both scheduled for the second half of the year.
cBrain’s headcount increased by 4% while maintaining a 40 percent share of female
employees, which is significantly above the industry average. We are also pleased to
report a high retention rate with only 2% employee turnover.
Within governance, cBrain expanded anti-corruption training for its global sales
representatives and partners. No whistleblower incidents were reported during the
period.
H1 2025
H1 2024
FY 2024
GHG emissions (tCO₂e)
Scope 1 emissions
0,0
0,0
0,0
Scope 2 emissions (location-based)
13,7
15,1
24,8
Category 1: Purchased goods
88,5
96,1
192,2
Category 5: Waste
0,1
0,3
0,4
Category 6: Business travel
82,4
83,8
395,2
Scope 3 emissions
171,0
180,2
587,8
Total GHG emissions (location-based)
184,7
195,3
612,6
- tCO₂e compensation bought
-5,4
-5,9
-10,6
Total GHG emissions (market-based)
179,3
189,4
602,0
Share of renewable energy (%)
83,2%
84,3%
84,3%
Headcounts
Full time employees
204
186
198
Temporary employees
19
20
19
Non-guaranteed employees
10
10
7
Total headcounts
233
216
224
Employee turnover rate (%)
2%
3%
7%
Gender diversity (%)
All employees
40%
40%
40%
Board of Directors
20%
20%
20%
Executive Management
0%
0%
0%
Directors
25%
25%
25%
Managers
35%
35%
35%
Governance
Whistleblower Incidents
0
0
0
36 | Interim Report 2025
Heat Pump Subsidies Go Digital
– Faster Decisions, Greener
Homes
To accelerate Denmark’s green transition, the Danish Energy Agency introduced
subsidies for replacing fossil fuel heating systems with electric heat pumps.
This type of grants management is complex, requiring extensive casework, including
cross-checking with other national registers, and typically taking several months for
citizens to receive responses.
When the agency prepared for a new round of subsidies, it decided to replace its
existing custom-built IT system with the F2 COTS solution to minimize manual
casework and shorten response times. The resulting efficiency gains have been
remarkable, benefiting both citizens and employees, and the new F2-based solution
was configured within a short time frame, demonstrating the power of modern
standard software.
In just 12 weeks, cBrain’s F2 platform was implemented to automate and streamline
the grant application process. The result: 67% of applications were processed
automatically from submission to payment, cutting decision times from months
to days.
The new digital system enabled applicants to submit, track, and receive outcomes
entirely online. Real-time budget monitoring and 24-hour status updates improved
transparency and responsiveness, significantly enhancing citizen experience.
On average, households transitioned to greener heating six months earlier,
delivering both environmental and economic benefits. The project showcases how
F2 helps public institutions scale critical programs quickly, without compromising
quality or trust.
This initiative highlights the value of digital platforms in delivering measurable
climate impact while simplifying complex administrative tasks.
Case
67% of applications
were processed
automatically from
submission to payment
37 | Interim Report 2025
Management
Statement
By the Board of Directors and the Executive Management
38 | Interim Report 2025
Management Statement
The Board of Directors and the Executive Board have today discussed and approved
the Interim Report of cBrain A/S for the period January 1, 2025 to June 30, 2025.
The Interim Report has not been audited or reviewed by the company’s independent
auditors.
The interim financial report has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU and additional requirements in the Danish
Financial Statements Act.
The accounting policies remain unchanged from the annual report for 2024.
In our opinion, the interim consolidated financial statements give a true and fair view
of cBrain’s consolidated assets, liabilities and financial position at June 30, 2025 and
of the results of cBrain’s consolidated operations and cash flows for the period
January 1, 2025 to June 30, 2025.
Furthermore, in our opinion, the Management review includes a fair review of the
development in cBrain’s operations and financial conditions, the results for the period,
cash flows and financial position as well as a description of the most significant risks
and uncertainty factors that cBrain faces, relative to the disclosures in the annual
report for 2024.
Copenhagen, August 21, 2025
Board of Directors
Henrik Hvidtfeldt
Chair
Lisa C. Herold Ferbing
Vice Chair
Peter Loft
Per Tejs Knudsen
Thomas Qvist
Executive Board
Per Tejs Knudsen
CEO
Thomas Qvist
CTO
39 | Interim Report 2025
Consolidated
Financial
Statements
Interim Financial Statements for first half-year 2025
40 | Interim Report 2025
Consolidated Statements of Comprehensive Income
Consolidated income statement
Earnings per share (EPS)
T.DKK
Notes
H1 2025
H1 2024
FY 2024
T.DKK
Notes
H1 2025
H1 2024
FY 2024
Revenue
3, 4
132.304
139.178
267.781
Basic EPS
1,21
1,59
3,24
Diluted EPS (DEPS)
1,21
1,59
3,24
Cost of services
-1.704
-1.603
-3.483
External expenses
-17.817
-19.700
-38.131
Staff costs
-79.082
-73.432
-135.905
Consolidated statement of comprehensive income
Research and development costs
capitalized
13.231
11.541
22.836
T.DKK
Notes
H1 2025
H1 2024
FY 2024
Depreciation and amortization expense
-14.138
-12.026
-24.756
Operating profit (EBIT)
32.794
43.958
88.342
Profit for the period
24.124
31.802
64.815
Other comprehensive income
0
0
0
Financial income
531
520
1.066
Total comprehensive income for the year
24.124
31.802
64.815
Financial cost
-1.981
-1.592
-3.404
Earnings before taxes (EBT)
31.344
42.886
86.004
Income taxes
-7.220
-11.084
-21.189
Profit for the period
24.124
31.802
64.815
41 | Interim Report 2025
Consolidated Balance Sheet
Assets
Equity and Liabilities
T.DKK
Notes
June 30,
2025
June 30,
2024
Dec. 31,
2024
T.DKK
Notes
June 30,
2025
June 30,
2024
Dec. 31,
2024
Intangible assets
5
70.400
66.444
67.660
Share capital
5.000
5.000
5.000
Property, plants and equipment
6
233.213
208.818
231.265
Retained earnings
295.121
250.504
270.717
Right-of-use assets
2.015
0
2.821
Proposed dividend
0
0
12.800
Other assets
831
799
950
Total equity
300.121
255.504
288.517
Total non-current assets
306.459
276.061
302.696
Deferred tax liabilities
14.131
12.128
12.610
Trade receivables
73.069
74.037
46.962
Lease liabilities
341
0
1.181
Contract assets
6.558
16.623
16.011
Borrowings
7
45.397
47.844
46.852
Other receivables
5.154
3.349
4.451
Provisions
115
0
115
Receivables
84.781
94.009
67.424
Total non-current liabilities
59.984
59.972
60.758
Cash and cash equivalents
29.712
1.730
22.256
Trade payables
6.090
5.086
3.333
Lease liabilities
1.590
0
1.541
Total current assets
114.493
95.739
89.680
Contract liabilities
24.940
17.031
5.744
Current tax liabilities
2.459
6.340
8.829
Total assets
420.952
371.800
392.376
Borrowings
7
2.354
1.944
1.981
Other payables
23.414
25.923
21.673
Total current liabilities
60.847
56.324
43.101
Total liabilities and equity
420.952
371.800
392.376
Accounting policies
1
Accounting estimates
2
42 | Interim Report 2025
Consolidated Statements of Changes in Equity
June 30, 2025
June 30, 2024
T.DKK
Share
capital
Retained
earnings
Proposed
dividend
Total
equity
T.DKK
Share
capital
Retained
earnings
Proposed
dividend
Total
equity
Equity, January 1
5.000
270.717
12.800
288.517
Equity, January 1
5.000
218.580
5.600
229.180
Net profit for the year
0
24.124
0
24.124
Net profit for the year
0
31.802
0
31.802
Comprehensive income for the period
0
24.124
0
24.124
Comprehensive income for the period
0
31.802
0
31.802
Dividends
0
280
-12.800
-12.520
Dividends
0
122
-5.600
-5.478
Transactions with owners
0
280
-12.800
-12.520
Transactions with owners
0
122
-5.600
-5.478
Equity, June 30
5.000
295.121
0
300.121
Equity, June 30
5.000
250.504
0
255.504
43 | Interim Report 2025
Consolidated Cash Flow Statement
T.DKK
H1 2025
H1 2024
FY 2024
T.DKK
H1 2025
H1 2024
FY 2024
Operating profit (EBIT)
32.794
43.958
88.342
Investments in intangible assets
-13.231
-11.541
-22.836
Depreciation and amortization
14.138
12.026
24.756
Investments in property, plant and equipment
-4.789
-681
-24.598
Other non-cash items
-546
0
0
Investments in other financial assets
119
0
0
Change in working capital
Cash flow from investing activities
-17.901
-12.222
-47.434
Change in trade and other receivables
-26.810
-31.357
-5.384
Change in contract assets and -liabilities
28.649
3.875
-6.800
Repayment of lease liabilities
-805
0
-73
Change in trade and other payables
4.498
747
-5.256
Interest lease payments
-40
0
-8
Cash flow from operating profit
52.723
29.249
95.658
Repayment of borrowings
-1.096
-938
-1.909
Dividends paid, net
-12.520
-5.478
-5.478
Financial items, net
-831
-1.252
-2.229
Cash flow from financing activities
-14.461
-6.416
-7.468
Income taxes paid
-12.074
-16.863
-25.505
Cash flow from operating activities
39.818
11.134
67.924
Cash and cash equivalents, beginning of period
22.256
9.234
9.234
Net cash flow for the period
7.456
-7.504
13.022
Cash and cash equivalents, end of period
29.712
1.730
22.256
44 | Interim Report 2025
Notes
45 | Interim Report 2025
Note 1 – Accounting policies
General information
cBrain A/S is listed on the Danish Exchange and incorporated and domiciled in
Copenhagen, Denmark. The address of its registered office is Kalkbrænderiløbskaj 2,
2100 Copenhagen, Denmark.
Basis of preparation of the Interim Report
This unaudited condensed consolidated interim financial report for the half-year
reporting period ended June 30, 2025, comprises the interim financial statements of
the parent company cBrain A/S and any subsidiaries controlled by cBrain.
The condensed interim financial report has been prepared in accordance with
Accounting Standard IAS 34 Interim Financial Reporting as adopted by the EU, and
further requirements in the Danish Financial Statements Act for the presentation of
interim reports by listed companies.
The condensed consolidated interim financial report does not include all the notes of
the type normally included in an annual financial report. Accordingly, this report is to
be read in conjunction with the annual report for the year ended December 31, 2024,
and any public announcements made by cBrain during the interim reporting period.
The accounting policies adopted are consistent with those of the previous financial
year and corresponding interim reporting period and the adoption of new and
amended standards as set out below.
Implementation of new or changed accounting standards and interpretations
IASB has issued amended standards which apply for the first time in 2025. None of
these amended standards and interpretations are expected to have any significant
impact on the financial statements.
Note 2 – Accounting estimates
The preparation of the interim financial statements requires management to make
accounting estimates and judgments, which affect the application of accounting
policies for recognized assets, liabilities, income, and costs. Actual results may differ
from these estimates.
The significant accounting estimates and judgments are consistent with those
applied in the annual report for 2024.
46 | Interim Report 2025
Note 3 – Segment information
Segments
cBrain operates as a single operating segment, as there is no division of the group's
activities in internal reporting.
The included intangible and tangible fixed assets on the balance sheet can largely be
attributed to Denmark.
Market areas
cBrain’s F2-software solution is a comprehensive product consisting of a wide range
of configurable software modules and libraries. The software product is marketed
under the brand name F2.
Geographical areas
When presenting information regarding geographical areas, information about the
distribution of revenue across geographical segments is calculated based on
customers' geographical locations.
The following table shows revenue by reportable segment for the six-month period
ended June 30:
T.DKK
H1 2025
H1 2024
FY 2024
Products and Services
Software
Subscriptions
81.499
66.221
140.817
One-time licenses
18.781
45.181
68.738
Total software
100.280
111.402
209.555
Services
32.024
27.776
58.226
132.304
139.178
267.781
Timing of revenue recognition
Over time
120.268
110.756
229.343
At a point in time
12.036
28.422
38.438
132.304
139.178
267.781
T.DKK
H1 2025
H1 2024
FY 2024
Geographical information
Denmark
89.457
87.311
178.053
Other EU-countries
36.681
48.487
81.364
Countries outside the EU
6.166
3.380
8.364
132.304
139.178
267.781
Significant Customers
Customer A*
79.358
78.173
156.075
Customer B
36.141
47.566
71.056
*Customers in the Danish state is aggregated together as Customer A.
Note 4 – Revenue
T.DKK
H1 2025
H1 2024
FY 2024
Products and Services
Software
100.280
111.402
209.555
Services
32.024
27.776
58.226
132.304
139.178
267.781
47 | Interim Report 2025
Note 5 – Intangible assets
June 30, 2025
June 30, 2024
T.DKK
Software
Software
under
development
Total
T.DKK
Software
Software
under
development
Total
Cost, January 1
204.794
2.976
207.770
Cost, January 1
181.517
3.417
184.934
Additions during the period
0
13.231
13.231
Additions during the period
0
11.541
11.541
Cost, June 30
204.794
16.207
221.001
Cost, June 30
181.517
14.958
196.475
Amortization, January 1
140.110
0
140.110
Amortization, January 1
120.340
0
120.340
Amortization for the period
10.491
0
10.491
Amortization for the period
9.691
0
9.691
Amortization, June 30
150.601
0
150.601
Amortization, June 30
130.031
0
130.031
Carrying amount, June 30
54.193
16.207
70.400
Carrying amount, June 30
51.486
14.958
66.444
Note 6 – Property, plant and equipment
June 30, 2025
June 30, 2024
T.DKK
Land and
Buildings
Other
Equipment
Total
T.DKK
Land and
Buildings
Other
Equipment
Total
Cost, January 1
237.795
5.862
243.657
Cost, January 1
214.564
4.495
219.059
Additions during the period
3.719
1.070
4.789
Additions during the period
0
681
681
Adjustment of cost
0
0
0
Adjustment of cost
-1.100
0
-1.100
Cost, June 30
241.514
6.932
248.446
Cost, June 30
213.464
5.176
218.640
Depreciation, January 1
9.801
2.591
12.392
Depreciation, January 1
6.014
1.473
7.487
Depreciation for the period
2.138
703
2.841
Depreciation for the period
1.932
499
2.431
Accumulated depreciation on
adjustment of cost
0
0
0
Accumulated depreciation on
adjustment of cost
-96
0
-96
Depreciation, June 30
11.939
3.294
15.233
Depreciation, June 30
7.850
1.972
9.822
Carrying amount, June 30
229.575
3.638
233.213
Carrying amount, June 30
205.614
3.204
208.818
48 | Interim Report 2025
Note 7 – Borrowings
Coupon
Rate
Effective
Interest Rate
Currency
Maturity
June 30, 2025
Floating interest rate loans
2,26%
2,26%
DKK
17 years
June 30, 2024
Floating interest rate loans
3,92%
3,92%
DKK
18 years
T.DKK
H1 2025
H1 2024
FY 2024
Within one year
2.354
1.944
1.981
1-3 years
4.846
4.120
4.200
3-5 years
5.052
4.452
4.538
More than 5 years
35.987
39.790
38.619
Total contractual undiscounted cash flows
48.239
50.306
49.338
T.DKK
June 30,
2025
June 30,
2024
Dec. 31,
2024
Non-current liabilities
45.397
47.844
46.852
Current liabilities
2.354
1.944
1.981
Carrying amount
47.751
49.788
48.833
49 | Interim Report 2025
cBrain®
cBrain F2®
is a registered trademark of cBrain A/S and registered
in US and other countries, all other product names
are trademarks of their respective owners.
50 | Interim Report 2025
cBrain A/S
Kalkbrænderiløbskaj 2
DK-2100 Copenhagen
Denmark
CVR no. 24233359
Interim report (6 months)No audit assistanceParsePort XBRL Converter2025-01-012025-06-302024-01-012024-06-30529900E1K2W6SBYF8W02Regnskabsklasse D529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember529900E1K2W6SBYF8W022025-01-012025-06-30529900E1K2W6SBYF8W022024-01-012024-06-30529900E1K2W6SBYF8W022024-01-012024-12-31529900E1K2W6SBYF8W022025-06-30529900E1K2W6SBYF8W022024-06-30529900E1K2W6SBYF8W022024-12-31529900E1K2W6SBYF8W022024-12-31ifrs-full:IssuedCapitalMember529900E1K2W6SBYF8W022025-01-012025-06-30ifrs-full:IssuedCapitalMember529900E1K2W6SBYF8W022025-06-30ifrs-full:IssuedCapitalMember529900E1K2W6SBYF8W022024-12-31ifrs-full:RetainedEarningsMember529900E1K2W6SBYF8W022025-01-012025-06-30ifrs-full:RetainedEarningsMember529900E1K2W6SBYF8W022025-06-30ifrs-full:RetainedEarningsMember529900E1K2W6SBYF8W022024-12-31CBR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900E1K2W6SBYF8W022025-01-012025-06-30CBR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900E1K2W6SBYF8W022025-06-30CBR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900E1K2W6SBYF8W022023-12-31ifrs-full:IssuedCapitalMember529900E1K2W6SBYF8W022024-01-012024-06-30ifrs-full:IssuedCapitalMember529900E1K2W6SBYF8W022024-06-30ifrs-full:IssuedCapitalMember529900E1K2W6SBYF8W022023-12-31ifrs-full:RetainedEarningsMember529900E1K2W6SBYF8W022024-01-012024-06-30ifrs-full:RetainedEarningsMember529900E1K2W6SBYF8W022024-06-30ifrs-full:RetainedEarningsMember529900E1K2W6SBYF8W022023-12-31CBR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900E1K2W6SBYF8W022024-01-012024-06-30CBR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900E1K2W6SBYF8W022024-06-30CBR:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember529900E1K2W6SBYF8W022023-12-31529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember1529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember2529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember1529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember2529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember3529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember4529900E1K2W6SBYF8W022025-01-012025-06-30cmn:ConsolidatedMember5529900E1K2W6SBYF8W022024-01-012024-06-30cmn:ConsolidatedMemberiso4217:DKKiso4217:DKKxbrli:sharesxbrli:pure