1 | Interim Report 2026
cBrain A/S
Kalkbrænderiløbskaj 2
DK-2100 Copenhagen
Denmark
CVR no. 24233359
January 1 – June 30, 2026
Interim Report
2026
2 | Interim Report 2026
A Proven Platform Built for Government
2 | Interim Report 2026
3 | Interim Report 2026
Content
Letter From the CEO ..................................................................................................................................... 4
Financial Highlights ........................................................................................................................................ 7
Financial Results .............................................................................................................................................. 8
Our Business .................................................................................................................................................... 10
Vision and Strategy ....................................................................................................................................... 11
AI-enabling the F2 platform ..................................................................................................................... 15
The cBrain F2 Software .............................................................................................................................. 17
cBrain’s Global Presence ............................................................................................................................ 19
The 2026-2028 Growth Plan .................................................................................................................. 23
Risk Management......................................................................................................................................... 25
Shareholder Information ........................................................................................................................... 26
Sustainability ...................................................................................................................................................27
Management Statement .......................................................................................................................... 30
Consolidated Financial Statements.................................................................................................... 32
Notes .................................................................................................................................................................. 37
10 Our Business
32
Consolidated Financial Statements
7
Financial Highlights
4 | Interim Report 2026
Letter From the CEO
cBrain® returns to growth and expects more than 15% growth in H2 2026
We have returned to growth
"The first half of 2026 marked an important turning point for cBrain. After a period of
strategic investments and adding market segment focus, we have returned to growth
and expect revenue growth of more than 15% in the second half of the year."
During the first half of 2025 and the second half of 2025, cBrain reported that revenue
declined 5% and 8%, respectively. The period coincided with implementation of a
revised growth strategy, including increased focus on selected market segments and
investments in embedded artificial intelligence in the F2 platform. cBrain is now
beginning to see the results of these strategic investments.
The first half of 2026 was affected by the longest government formation process in
Danish history, which impacted project activity during the second quarter and
negatively affected revenue. Despite these circumstances, cBrain returned to growth,
reporting revenue growth of 6% in the first half of 2026. Revenue increased to DKK
140 million, compared to DKK 132 million in the first half of 2025.
Profitability remained strong, with earnings before tax (EBT) of DKK 36 million and an
EBT margin of 26%. This drives a strong cash flow and reflects the scalability of the
business model. EBITDA amounted to DKK 51 million for the first half of 2026,
corresponding to an EBITDA margin of 37%.
Total software revenue amounted to DKK 107 million. Of this, subscription revenue
amounted to DKK 88 million, corresponding to 63% of total revenue and
demonstrating the strength of cBrain’s recurring business model.
In Denmark, cBrain is currently delivering one of its largest F2 projects to date for the
City of Aarhus, Denmark’s second-largest municipality. With approximately 5.000
expected users, the project represents an important milestone in demonstrating the
scalability of the F2 platform. cBrain expects the project to form the basis for future
expansion into local government, which the company believes could become a
significant new market segment over time.
Germany delivered stable revenue during the period. Our current priority is the
successful deployment of the F2 platform to a large number of users across ongoing
customer engagements. Successful implementation of these projects will further
strengthen cBrain's position in the German market and provide an important platform
for continued growth.
One of the most encouraging developments during the first half of 2026 is that the
U.S. market is now beginning to open for cBrain. During the spring, we initiated a proof
of concept with the State of California and in Washington, D.C. Together, these
projects demonstrate how the combination of AI and environmental permitting
creates new opportunities for cBrain in the world’s largest software market.
cBrain maintains full-year guidance
Following the completion of the Danish government formation process, cBrain has
experienced increasing activity levels among Danish public sector customers
throughout June and into the summer period.
Based on current activity levels and reporting 6% growth in first half 2026, cBrain
expects revenue growth to be above 15% in the second half of 2026 compared to
second half 2025. cBrain therefore maintains its full-year guidance of 10-15% revenue
growth and earnings before taxes margin (EBT-margin) of 20-25%.
AI is becoming a growth driver
"We believe AI represents a defining moment for government digitalization. For
cBrain, AI is not a separate product initiative but a product transformation, as we are
embedding AI functionality across the entire F2 platform.”
cBrain considers artificial intelligence a defining moment for government
digitalization, with significant implications for the F2 software platform, customer
requirements and future market opportunities.
In March 2026, cBrain announced embedded agentic AI in the F2 platform. The
announcement marked a major strategic milestone and enables AI capabilities across
the entire F2 platform through a suite of new AI-enabled products.
5 | Interim Report 2026
REVENUE GROWTH
Half-year 2024–2026. Estimated for the second half of 2026
One of the first products launched under this strategy is the F2 AI Task Specialist.
F2 AI Task Specialist extends the F2 Service Builder framework and enables
customers and partners to configure AI-driven processes directly within the F2
platform. Rather than relying on custom development projects, customers and
partners can configure AI-supported tasks, controlled and fully compliant, as part of
their business processes.
The first sales of the new AI products have now been completed. Combined with
cBrain’s focus on selected market segments, the company believes AI can become an
important driver of future international growth.
Progress in the United States
"We are seeing increasing evidence that the combination of AI and environmental
permitting can create a unique international growth opportunity for cBrain."
Environmental permitting is one of the market segments selected by cBrain as part of
its international growth strategy. The company is encouraged by developments in the
United States, where the combination of AI and environmental permitting has
generated significant market interest.
In February 2026, cBrain announced an informal Proof of Concept (PoC) with the
State of California. In August, the Governor’s Office of Land Use and Climate
Innovation in California (US) contracted with cBrain to deliver a solution through
California’s SLP framework for software acquisition. The aim is to reduce permitting
and environmental review timelines.
In parallel, cBrain has initiated a federal pilot project in Washington, D.C., also focused
on environmental permitting.
These activities demonstrate how cBrain’s investments in AI and its focused market
segment strategy reinforce each other. AI increases the value proposition, while
environmental permitting provides a clearly defined market opportunity where cBrain
already has strong references and domain expertise.
Building a global position within environmental permitting
"Recognition from both the United States and Europe gives us confidence that cBrain
is building a leading international position within digital environmental permitting."
Environmental permitting continues to be one of cBrain’s most important strategic
priorities.
Expected revenue growth for the
second half of 2026 compared to
second half of 2025
>15%
Full-year revenue growth
expectations for 2026
10-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
H1
2024
H2
2024
H1
2025
H2
2025
H1
2026
H2
2026
Growth estimate
Growth percentage
High
Low
6 | Interim Report 2026
In 2024, the F2 platform was highlighted in a report from the White House Council
on Environmental Quality to the U.S. Congress as a reference solution for digital
environmental permitting.
In June 2026, the European Commission published a report highlighting
environmental permitting as a critical enabler of economic growth and
competitiveness in Europe.
The report emphasizes the importance of improving permitting processes to
accelerate investments and support economic development. F2 was identified as
one of the study's five best-practice digital permitting platforms and is described as
an advanced end-to-end permitting solution leveraging AI.
These recognitions support cBrain's ambition to establish a global leadership
position within digital environmental permitting and strengthen the company’s
belief that environmental permitting can become an important international growth
driver.
Looking ahead
"We enter the second half of 2026 with increasing customer activity, new AI
products in the market and a stronger international position than ever before."
The past eighteen months have been characterized by strategic investments,
organizational adjustments and adding market segment focus.
Today, cBrain is beginning to see the results of those investments.
The company has returned to growth. Customer activity in Denmark has increased
following the government formation process. Our German business remains stable
while supporting large-scale deployments. New AI products have been introduced
to the market. Environmental permitting is generating opportunities in the United
States, while recognition from both U.S. and European institutions continues to
strengthen cBrain’s international position.
Together, these developments support cBrain's expectation of revenue growth of
more than 15% in the second half of 2026 and the company's full-year guidance of
10-15% revenue growth, while maintaining high earnings.
Per Tejs Knudsen
CEO
7 | Interim Report 2026
Financial Highlights
T.DKK
1
H1 2026
H1 2025
FY 2025
T.DKK
H1 2026
H1 2025
FY 2025
Income statement
Financial ratios
Revenue
140.024
132.304
251.256
Revenue growth rate
6%
-5%
-6%
EBITDA
51.351
46.932
87.519
EBITDA-margin
37%
35%
35%
Depreciation and amortization
-15.047
-14.138
-28.792
EBIT-margin
26%
25%
23%
Operating profit (EBIT)
36.304
32.794
58.727
Return on investment (ROI)
9%
7%
14%
Financial items, net
-97
-1.450
-2.412
EBT-margin
26%
24%
22%
Earnings before tax (EBT)
36.207
31.344
56.315
Liquidity ratio
194%
188%
246%
Profit for the period
27.854
24.124
43.122
Solvency ratio
77%
71%
82%
Return on equity
9%
9%
14%
Financial position
Cash and cash equivalents
37.251
29.712
41.945
Stock market ratios
Trade receivables
59.014
73.069
30.660
Number of shares 1,000 pcs.
20.000
20.000
20.000
Total assets
424.599
420.952
388.880
Book Value per Share (BVPS)
16,27
15,01
15,91
Total equity
325.480
300.121
318.296
Basic EPS
1,39
1,21
2,16
Diluted EPS (DEPS)
1,39
1,21
2,16
Cash flows
Cash flow from operating activities
30.715
39.818
88.616
Environmental and social data
Cash flow from investing activities
-13.164
-17.901
-31.918
Average number of employees (FTEs)
Investments in PPE
20
-4.789
-6.882
Gender diversity, all employees
34%
40%
39%
Cash flow from financing activities
-22.245
-14.461
-37.008
Scope 1 & 2 CO2e emissions (tonnes)
9,1
8,3
13,5
1
Definitions of financial ratios are set out in note 31 to the Annual Report 2025
8 | Interim Report 2026
Financial Results
Revenue
Total revenue for the first six months of 2026 amounted to DKK 140 million,
compared to DKK 132 million in the same period of 2025, representing an increase
of DKK 8 million (6%). The increase was primarily driven by domestic sales.
Software revenue totaled DKK 107 million, an increase of DKK 6 million (6%) from
DKK 100 million in the first half of 2025. Software sales continued to comprise the
majority of total revenue, accounting for 76% of total revenue in the reporting
period. Of this, software subscriptions accounted for DKK 88 million, an increase of
8%, compared to DKK 81 million in the same period last year. Software one-time
licenses remained stable at DKK 19 million compared to the same period of 2025.
Revenue from services increased by DKK 1 million (+4%) to DKK 33 million,
compared to DKK 32 million in the same period of 2025. The increase reflects
sustained demand for consultancy services, education and training.
Revenue in Denmark increased by 24% to DKK 111 million, from DKK 89 million in the
first six months of 2025, reflecting strong performance in the domestic market.
International revenue amounted to DKK 29 million, compared to DKK 43 million in
the prior-year period. The decrease of DKK 14 million (-33%) reflects a shift in timing
of international deliveries and project initiation. International revenue represents 21%
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 taxes (EBT)
Earnings before taxes increased by 5 million (16%) to DKK 36 million during the first
six months of 2026, compared to DKK 31 million in the same period of 2025. As of
June 30, 2026, the EBT margin is 26% compared to 24% as of June 30, 2025.
Taxes
Income taxes of DKK 8 million consist of the current tax on profits for the first six
months of 2026, DKK 9 million, and an adjustment for deferred tax of DKK 1 million.
Thus, the effective tax rate for the first six months of 2026 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
2022 2023 2024 2025 2026
First half year
Sales in Denmark International sales
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2022 2023 2024 2025 2026
First half year
Software sales Sales of services
9 | Interim Report 2026
Costs
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 104 million, compared to
DKK 101 million during the first six months of 2025, representing an increase of DKK
3 million (+3%), primarily attributed to the growth in employees and international
business development.
Intangible assets
The total amount for intangible assets stated in the Consolidated Financial
Statements is DKK 74 million. cBrain’s intangible assets comprise capitalized
development costs relating to the development of cBrain’s F2 platform. During the
first six months in 2026, DKK 13 million was capitalized as Software under
Development which primarily consists of salaries. The capitalized amount of DKK 13
million was on par with the same period last year.
Property, plants and equipment (PPE)
The total amount for property, plant, and equipment stated in the Consolidated
Financial Statements is DKK 229 million of which the headquarters in Copenhagen
has a carrying amount of DKK 194 million. 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 37 million
as of June 30, 2026, together with trade receivables totaling DKK 59 million, 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 2026, cBrain holds 16-year variable-rate mortgage loans totaling DKK
26 million, with semi-annual rate adjustments and DKK 1 million 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 25 million compared to the same period last year
and amounts to DKK 325 million as of June 30, 2026.
During the year cBrain has repurchased ordinary shares of DKK 1 million (first six
months of 2025: DKK 0 million). The Annual General Meeting authorizes
management to repurchase up to 10% of its share capital.
Cash flows
Cash flow from operating activities amounted to DKK 31 million in the first six
months of 2026, compared with DKK 40 million in the same period of 2025. The
year-on-year change was primarily driven by movements in contract assets and
contract liabilities related to work in progress on larger customer contracts, where
invoicing is linked to contractual milestones rather than the timing of work
performed.
Cash flow from investing activities amounted to DKK -13 million in the first six
months of 2026, compared with DKK -18 million in the same period of 2025.
Investing activities primarily comprised DKK 13 million in investments in F2 software
development projects.
Cash flow from financing activities amounted to DKK -22 million in the first six
months of 2026, compared with DKK -14 million in the same period of 2025.
Financing activities primarily comprised dividend payments of DKK 20 million,
compared with DKK 13 million in the same period of 2025, and DKK 1 million related
to the repurchase of treasury shares, compared with DKK 0 million in the same
period of 2025.
Net cash flow for the period amounted to DKK -5 million, compared with DKK 7
million in the same period of 2025. The year-on-year change primarily reflects the
DKK 20 million dividend paid in 2026 in respect of the 2025 financial year.
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.
10 | Interim Report 2026
Our Business
11 | Interim Report 2026
Vision and Strategy
AI accelerates the shift to COTS for government
A structural shift is accelerating
For decades, government digitalization has largely been delivered through custom-
built IT projects. cBrain believes the market is now moving faster toward commercial
off-the-shelf (COTS) software solutions preconfigured on government enterprise
platforms.
Artificial intelligence is accelerating that development. Generative AI and AI-assisted
software development tools make coding faster and cheaper to produce, while also
shortening technology cycles. The strategic value in government IT therefore
increasingly moves away from the code itself and toward proven platforms that can
absorb new technology while protecting data, processes, compliance and operational
continuity.
This reinforces cBrain’s long-term ambition to become a global market leader in COTS
for government. F2 combines compliance, process management, self-service,
registries, mass operations and AI in one integrated enterprise platform. Customers
can evolve their solutions within the platform rather than rebuild systems when
technology changes.
AI therefore strengthens the COTS business case. The faster technology develops,
the more important a stable digital foundation becomes, one that can be upgraded
without repeatedly replacing core systems, migrating data, or redesigning business
processes. The F2 platform provides exactly a framework for managing ongoing
technological change.
The cBrain ambition remains unchanged
The 2026–2028 growth plan is designed to capture this shift through scalable
standard enterprise software sales, selected market segments for COTS solutions,
expansion across the installed customer base and a partner-led delivery model.
Execution is closely linked to cBrain’s new product strategy, which translates the F2
Blueprint into a focused roadmap for platform innovation and makes F2 easier to
configure, deploy and scale across customers and markets.
12 | Interim Report 2026
F2 Overall Product Strategy
One platform. Four strategic initiatives
13 | Interim Report 2026
One platform – four strategic product initiatives
The F2 Blueprint remains the functional direction: a complete enterprise platform for
government covering digital services, case and process management, registries, mass
operations, communication, data and compliance.
The product strategy is centered on four priorities:
1. AI – enabling the F2 platform
Building on the AI enablement completed in 2025, cBrain is extending AI across the
product portfolio. AI is embedded directly in government workflows to support users
and automate defined tasks under the same governance, access and audit
requirements as other F2 activities.
2. Sovereignty – from dependency to customer control
F2 is being developed as an open and sovereign platform. Customers should be able
to replace technologies, including AI models, office and editing tools, clients and
infrastructure, while retaining data, configurations and business processes. This
reduces lock-in and preserves customer control.
3. Service Builder – no-code for customers and partners
F2 Service Builder opens the configuration layer. Customers and partners can
configure workflows, services and AI-supported tasks without changing the standard
software. Configurations are separated from the core platform, supporting process
sovereignty, reuse and scalable partner-led delivery.
4. Enterprise – scaling for large government
The Enterprise roadmap strengthens F2 for large and complex government
organizations through scalable infrastructure, shared data and services, local control
and cross-organizational visibility – serving large customers today while building
reusable architecture for tomorrow.
Together, the four priorities turn the F2 blueprint into a concrete execution plan for
2026–2028, a standard platform that absorbs new technology, expands with
customer needs and scales through cBrain and partners.
Turning AI into a growth driver
AI is changing both how software is built and how government work is performed.
This creates disruption, but also significant opportunity. cBrain’s product strategy is
designed to make AI a growth driver.
As a one-product company, cBrain can integrate AI capabilities in F2 and make them
available across products, customers and markets. This is more scalable than building
separate AI solutions and creates expansion opportunities as existing workflows are
gradually AI-enabled.
The key principle is that AI is embedded in the process rather than added as an
external layer. Government work has structured responsibilities, rules and approval
points. Placing AI inside these workflows allows F2 to automate tasks while
maintaining transparency, traceability and human control.
Sovereignty makes F2 long-lived digital infrastructure
The sovereignty strategy extends this logic beyond AI. cBrain increasingly views F2 as
digital infrastructure for government, providing a stable framework for managing
technological change.
AI models, office and editing tools, infrastructure and interfaces will continue to
change. A sovereign platform should allow these technologies to be replaced without
forcing the customer to replace the underlying government solution.
In F2, the prevailing assets are the customer’s data, business processes, rules,
configurations and audit trail. Technologies used to access, edit, analyze or automate
them can evolve around this foundation. That separation is central to cBrain’s concept
of sovereignty.
For customers, the value is freedom of choice and reduced vendor dependency. For
cBrain, it strengthens F2 as the enduring platform layer where innovation can be
adopted without sacrificing compliance, operational continuity or control.
This is central to the COTS model. Standard software provides scale and continuous
upgrades, while open configuration preserves customer choice and control.
14 | Interim Report 2026
From product strategy to scalable growth
The product strategy supports the full 2026–2028 growth plan. AI and sovereignty
create new opportunities to expand F2, Service Builder enables efficient configuration
and reuse, and Enterprise turns large-customer requirements into sustainable
platform capabilities.
Combined with the segment strategy and the land–expand–innovate customer
journey, this creates a reinforcing model in which cBrain wins customers with
standard solutions, expands across processes and users, and turns innovation into
reusable products for the broader market.
The direction remains clear. AI is accelerating the market transition that cBrain has
been preparing for over many years. The task for 2026–2028 is to strengthen F2, turn
innovation into standard products, and scale distribution through customers,
segments, and partners.
F2 AI Task Specialist
Agentic AI embedded in government workflows
F2 AI Task Specialist is a standard module combining generative and agentic AI for
government. Rather than operating as an external chatbot, it works directly inside a
structured F2 case process.
Each specialist has a defined role, instructions and reusable skills. It can screen information,
analyze documents, prepare recommendations or generate case content while the case
worker remains accountable for the overall process.
Integrated with F2 Service Builder, customers and partners can configure where AI is used
and define the rules for each task. AI activity runs within the existing access model and is
recorded as part of the case, supporting traceability and auditability.
The approach also supports sovereignty. AI can run in controlled environments while
process configuration remains customer-controlled. Authorities can start with one bounded
task, prove value quickly and scale through reusable process and skill libraries.
AI Task Specialist shows how AI becomes a standard, repeatable capability that creates
customer value and reinforces the F2 enterprise platform with preconfigured COTS
solutions.
15 | Interim Report 2026
AI-enabling the F2 platform
cBrain believes artificial intelligence represents a defining shift in government
digitalization. For cBrain, AI is therefore not a separate product initiative, but a
transformation of the F2 product platform.
The strategy is to AI-enable the entire F2 platform, embedding AI directly into the
processes and information environment where government work is performed. During
2026, cBrain announced two important steps in executing this strategy: Embedded
agentic AI and F2 AI Case Preparation.
Government represents a particularly demanding environment for AI. Authorities
manage large volumes of information, complex administrative processes, strict
access controls and regulatory requirements, while maintaining transparency and
human accountability.
F2 already provides the digital foundation for this environment. Cases, documents,
processes, organizational structures, users, access rights and audit trails are managed
within the platform. This provides cBrain with an opportunity to integrate AI as part of
the government operating environment rather than adding AI as an external layer.
Embedded agentic AI - bringing AI into government processes
In March 2026, cBrain announced embedded agentic AI as an integrated part of the
F2 platform, enabling AI-driven case processing within structured and compliant
government workflows.
The key principle is that AI is embedded inside the government process. Government
processes consist of defined steps, responsibilities, rules and approval points. By
placing AI agents at individual steps in these processes, F2 can enable AI to perform
defined administrative tasks while maintaining transparency, traceability, access
control and human accountability.
This represents a fundamental development from using AI primarily as an assistant to
enabling AI to perform work as part of the process.
One of the first products based on this architecture is F2 AI Task Specialist. An AI Task
Specialist can be assigned a defined role, instructions and reusable skills and can, for
example, screen information, analyze documents, prepare recommendations or
generate case content.
F2 AI Task Specialist is integrated with F2 Service Builder, allowing customers and
partners to configure where AI is applied and define the rules governing individual
tasks. This means that AI-supported processes can be configured and maintained
without changing the F2 standard software.
The approach supports a controlled and stepwise transition toward AI-driven
government operations. Authorities can start with individual, bounded tasks and
progressively expand the use of AI as experience and confidence grow.
The first sales of the new AI products have now been completed.
F2 AI Case Preparation - bringing AI to government data
In August 2026, cBrain announced F2 AI Case Preparation, addressing another
fundamental challenge for government AI: enabling AI to operate efficiently across
very large government information domains.
While much AI development focuses on enabling language models to process
increasingly large context windows, cBrain approaches the scaling challenge from a
different direction. Rather than asking the language model to read everything in order
to determine what matters, F2 prepares the relevant information before the model is
invoked.
Using semantic search and vector-based information retrieval, F2 AI Case Preparation
identifies, retrieves, structures and ranks the information that is relevant and
authorized for a specific administrative task.
The principle is simple: Government AI should not need to read everything. It should
know what it needs to read.
This can significantly reduce the amount of information processed by the language
model and thereby reduce requirements for memory, computing capacity and AI
infrastructure.
F2 AI Case Preparation was successfully demonstrated during an informal proof-of-
concept project (POC) with the State of California on complex environmental cases
containing hundreds of pages of CEQA environmental information.
16 | Interim Report 2026
AI built for scalable, sustainable and responsible government
cBrain's ambition is not to build the world's largest language model. The ambition is to
enable governments to use powerful AI without requiring the world's largest
computing infrastructure.
At the same time, F2 AI can operate on-premises, allowing government information
to remain within the authority’s controlled environment. Bringing AI to government
thereby supports data sovereignty. Because cases, documents, metadata, processes
and access rights are already managed within F2, the AI can be brought to the
government data rather than requiring large volumes of government information to
be moved to an external AI environment.
F2 AI Case Preparation thereby combines scalability, data sovereignty and computing
efficiency, and it becomes a key element of cBrain's technology direction: building AI
for sustainable and responsible government.
AI strengthens the COTS business case
cBrain believes AI will accelerate the structural shift in government IT from custom-
built systems toward commercial off-the-shelf software.
Generative AI and agentic AI create both disruption and opportunity. As a one-
product company, new AI capabilities can be integrated into F2 and subsequently
made available across products, customers and markets.
The objective is therefore not simply to add AI functionality to F2. It is to develop F2
into an AI-enabled standard platform for government, where AI can progressively
perform more administrative work while government organizations retain control of
their data, processes and technology choices.
cBrain believes this can turn AI into an important driver of both customer value and
future international growth.
17 | Interim Report 2026
The cBrain F2 Software
The F2 journey from document management to enterprise platform
cBrain is paving the way for a new type of enterprise software, built for government.
Similar to the shift decades ago when integrated ERP systems replaced fragmented
financial point solutions, cBrain believes that integrated standard software for
government - easy to configure and designed to support digital transformation at
scale - will outperform and replace both custom-built solutions and standard
products tailored to individual functional areas.
Denmark was among the first countries to
implement electronic case and document
management (ECDM) for government, i.e.
digital platforms that organize cases,
decisions, and records. However, early ECDM
systems took compliance as the starting
point, which led to additional work for users
and reduced productivity.
The breakthrough came when cBrain
fundamentally changed the approach -
shifting away from systems designed
primarily for archiving and instead supporting
user work and communication as the starting
point, with compliance automated in the
background.
By supporting how public employees actually
work, documentation and compliance became
a natural byproduct. The user-driven approach
provided a highly efficient platform for case
and document handling, while fully supporting
regulatory requirements. Driven by user
success, F2 became the standard ECDM platform across Danish ministerial
departments.
Next, cBrain began working with agencies. cBrain added a unique process layer
designed to support government workflows end-to-end, from services to case
processing and filing. cBrain invented the F2 Toolchain, which makes it possible to
design and store workflows as open-source declarations in a Process Library.
18 | Interim Report 2026
The ease of maintaining and reusing workflows positioned F2 as a highly efficient
solution for agencies. In parallel, it enabled cBrain to build reusable solution galleries
and helped cBrain to expand internationally.
As a third phase, cBrain extended the F2 platform to support registries - for example,
for citizens and companies - as well as mass-operation functionality. Mass operations
functions are used to initiate and control high volumes of cases in parallel, such as
when communicating with large groups of citizens and controlling high volume
financial transactions.
cBrain also has extended the F2 platform with embedded AI functionality. These AI
capabilities support on-premise execution, thereby protecting government data and
ensuring sovereignty. Fully embedded in workflows and tasks, this provides
government organizations with a unique technology to automate and optimize
processes while increasing quality.
The F2 platform constitutes a complete and fully integrated platform for government,
and with the F2 Service Builder, cBrain has opened the configuration layer for
partners. The F2 Service Builder is a highly efficient no-code configuration tool that
enables customers and partners to configure and maintain the F2 platform according
to their individual requirements. This supports process sovereignty and is a key
enabler of the F2-for-partners strategy, allowing scalable growth through a partner
ecosystem.
Working in close collaboration with the Danish government, cBrain has spent more
than 600.000 hours over 20 years designing and building the F2 enterprise platform
for government. Based on Danish government best practices and proven with
government customers across five continents, cBrain is now entering the next growth
cycle, aiming to scale internationally in collaboration with partners worldwide.
F2 COTS represents a new category of fully integrated enterprise software,
purpose-built for government and designed for easy configuration
Today, F2 is a true commercial off-the-shelf (COTS) software for government,
delivering a fully integrated digital platform for case management, workflows, self-
services, registries, and large-scale operations.
Ready to use out of the box, F2 is configured - rather than custom-built - to meet
customer-specific legal, organizational, and process requirements, without modifying
the standard software. This ensures fast deployment, lower implementation risk, and
long-term sustainability.
At the same time, F2 provides full data and process sovereignty, enabling
governments to modernize and scale digital operations on a stable, standardized
enterprise platform.
The architecture of an F2 solution can be compared to a spreadsheet model, divided
into a standard application kernel and customer-specific configuration. The F2
platform kernel constitutes the standard software - similar to the spreadsheet
application itself - while all customer-specific configurations are defined and
maintained separately. Configurations are open, customer-owned, and they are
stored in the F2 Process Library, analogous to individual sheets within a spreadsheet.
The F2 standard (COTS) software delivers all core functionality required to support
government operations:
• Services, supporting internal case management and workflows
• Self-services for citizens and companies including embedded AI functions
• Registries, enabling the establishment and operation of any type of government
registry
• Mass-operation functionality, enabling high-scale processing across large
volumes of cases, from communication with large citizen groups to financial
operations
• Open APIs, ensure interoperability and seamless integration with other IT
systems
19 | Interim Report 2026
cBrain’s Global Presence
20 | Interim Report 2026
cBrain Drives F2 Expansion
Across Central and Local
Government in Denmark
Denmark remains cBrain’s home market and an important foundation for the
continued development of F2. With F2 widely used across Danish central government,
2026 has demonstrated the value of a standard platform that can adapt rapidly to
political decisions, new regulations and organizational changes.
Following the 2026 general election and an unusually long government formation,
organizational changes were made across ministries and agencies. As a long-standing
supplier to Danish central government, cBrain supported customers in adapting F2 to
new ministerial structures, responsibilities and workflows.
During the period, cBrain also demonstrated how reusable F2 solutions can support
the rapid implementation of new political initiatives. This included an urgent subsidy
scheme for wolf-proof fencing and digital administration related to new restrictions
on pesticide use involving the Danish Environmental Protection Agency and the
Danish Agency for Green Transition and Aquatic Environment.
At the same time, cBrain and the City of Aarhus continued the implementation and
development of F2 as a common case and document management platform across
all six municipal departments. Initially planned for approximately 5.000 users, the
platform is designed to support a large and complex municipal organization and
represents an important step in expanding F2 within local government.
Together, these activities demonstrate how Denmark continues to serve as both an
important market and a development environment for cBrain. Experience from
ministries, agencies and municipalities contributes to the continuous development of
standard F2 solutions with potential for reuse across customers and international
markets.
Market
21 | Interim Report 2026
F2 Gains Scale in Europe
Through Large Deployments
and Partners
cBrain continues to strengthen its position in Europe, building on a growing number of
F2 implementations and partnerships across European markets. The activities support
cBrain’s strategy of exporting Danish government digitalization experience through
standard software and increasingly partner-led delivery.
In Germany, F2 is used by Deutsche Rentenversicherung, where more than 4.500 new
users went live on the platform in 2025, supporting auditing and compliance
processes. cBrain is also active in cross-border government digitalization, including
the Interreg Deutschland-Danmark program, where F2 supports the administration of
EU-funded projects.
In Romania, cBrain has continued to expand its activities through its local partner. In
2026, F2 was rolled out at the National Public Pension House to approximately 4.000
users, supporting case management across 80 business processes. The
implementation demonstrates how F2 Service Builder can be used to configure
standard software for complex government processes and supports cBrain’s partner-
based approach to international scaling.
Environmental permitting represents another important opportunity in Europe. In
June 2026, a study prepared for the European Commission identified cBrain F2 as a
leading European example of digital environmental permitting. Covering 14 EU
member states, the study highlights F2 as an advanced end-to-end permitting
platform and points to the use of AI in the Danish Environmental Protection Agency’s
permitting processes.
The recognition supports cBrain’s increased focus on environmental permitting in
Europe, as European governments seek to accelerate approval processes related to
energy, infrastructure, industrial development and the green transition.
Market
22 | Interim Report 2026
Building U.S. Market Position
around AI and Environmental
Permitting
cBrain continues to develop its position in the U.S. market, with a particular focus on
environmental permitting and AI-enabled government administration. The U.S. market
represents an important opportunity for cBrain’s strategy of scaling standardized F2
solutions internationally.
During 2025, cBrain adapted its F2 Environmental Permitting solution to support new
U.S. federal standards for digital environmental permitting and demonstrated the
solution to federal authorities in Washington, D.C. This has provided cBrain with a
strategic entry point as U.S. federal and state agencies increasingly focus on
modernizing and accelerating permitting processes.
In February 2026, cBrain was selected by the State of California to conduct a 12-week
AI Proof of Concept. The project explored how AI and Natural Language Processing
can identify overlaps and redundancies in complex regulatory materials, supporting
more efficient government processes. The project is conducted using cBrain’s AI-
enabled F2 platform and forms part of a pre-procurement market research process.
In August 2026, the Governor's Office of Land Use and Climate Innovation in
California (US) contracted with cBrain to deliver a solution through California's SLP
framework for software acquisition. The aim is to reduce permitting and
environmental review timelines.
Together with cBrain’s existing climate-related activities in California, these initiatives
strengthen the company’s U.S. references and support its ambition to establish
environmental permitting as a scalable international market segment.
Market
23 | Interim Report 2026
The 2026-2028 Growth Plan
The Growth Plan
For eight consecutive years, Denmark has ranked first in the United Nations E-
Government Development Index. Building on this strong Danish reference base, and
with F2 proven by government customers across five continents, cBrain’s ambition is
to establish a global leadership position in standard software for government
digitalization.
In January 2026, cBrain launched its 2026–2028 growth plan, introducing a more
scalable and global approach to sustainable growth centered around four strategic
priorities:
1. Executing the new product strategy
cBrain continues to develop the F2 platform with a focus on embedded AI, easier
configuration and faster deployment. The new product strategy is designed to
simplify delivery, strengthen scalability and support the international growth.
2. Winning selected global market segments
cBrain initially focusing on two market segments where the company has strong
references and proven solutions: paperless ministries and environmental permitting.
Additional segments are expected to be added over time. The contract with the City
of Aarhus, Denmark’s second-largest municipality, represents one such opportunity.
The project is expected to strengthen F2 as a standard software platform for local
government and potentially open a new international market segment.
3. Expanding business across the existing customer base
Governments are facing increasing pressure to improve efficiency, reduce costs and
maintain control over critical digital infrastructure. cBrain sees significant
opportunities to expand its business with existing customers by combining the F2
Service Builder with embedded AI capabilities and an architecture designed to
support digital sovereignty and security.
4. Accelerating the F2-for-Partners strategy
Over the past two years, cBrain has invested significantly in the F2 Service Builder.
The technology enables partners to configure and deliver government solutions based
on standard F2 software, supporting a scalable international delivery model without
requiring proportional growth in cBrain’s internal delivery capacity.
Execution during 2026
To support the growth plan, cBrain is executing its new product strategy, embedding
AI across F2 and making the platform easier to configure, deploy and scale. In parallel,
cBrain has aligned its go-to-market organization and strengthened product
management to support a systematic land-expand-innovate model.
During 2026, cBrain continues to execute the strategy with an initial focus on
paperless ministries and environmental permitting. At the same time, the company
delivered its first projects through partners in Europe and Africa, marking an
important step toward a more scalable international delivery model.
The return to growth during 2026 provides early indications that the revised
commercial approach is gaining traction. While implementation of the three-year plan
remains at an early stage, increased sales activity, focused market development and
partner-led delivery are beginning to support renewed growth and provide a
foundation for further international scaling.
Paperless ministries
Paperless ministries established cBrain’s initial strong foothold in the Danish market.
Today, more than 75 Danish government organizations use F2 as their digital platform,
including the majority of Danish ministries.
Building on this position, cBrain is pursuing opportunities to replicate the Danish
success internationally through the F2 Paperless Ministry solution. The strategy is to
enter selected countries step by step, establish strong ministerial references and use
these references as a foundation for broader expansion.
Environmental permitting
Environmental permitting is an important component of the green transition and
global efforts to address climate change. Governments need to process increasingly
complex permitting cases efficiently while maintaining transparency, regulatory
compliance and traceability.
24 | Interim Report 2026
With strong Danish references and extensive domain expertise, cBrain sees
environmental permitting as a significant international growth opportunity and a
potential entry point into new geographic markets.
The initial international focus has been the U.S. market, where cBrain is among the
early software vendors supporting new national standards for digital environmental
permitting. The combination of a standardized F2 solution, Danish government
references and domain expertise provides a foundation for expanding this business
internationally.
Local government
The project with the City of Aarhus involves significant product and technology
development and represents an opportunity to extend F2 into another major
government segment.
Through the project, cBrain is further developing the F2 digital platform for the
requirements of municipalities and cities. The objective is to establish a standardized
offering for local government that can subsequently be introduced to additional
customers and markets.
Scaling through partners
The F2 Service Builder is a key enabler of cBrain’s international scaling strategy,
allowing partners to configure and deliver government solutions without modifying
the underlying standard software.
Combined with an architecture designed for government sovereignty and security,
including the ability to deploy AI on-premise, this enables cBrain to scale
internationally through certified partners without proportional growth in internal
delivery capacity.
Early partner-led projects in Europe and Africa, provide initial validation of the model
and support cBrain’s ambition to build a scalable international ecosystem around F2.
F2 is trusted by 100+ government
organizations worldwide
25 | Interim Report 2026
Risk Management
Four strategic priorities support the execution of cBrain’s 2026–2028 growth plan
and ambition to scale the F2 business internationally:
• Executing the new product strategy, embedding AI across the F2 platform and
making F2 easier to configure, deploy and scale across customers and markets
• Winning selected market segments where cBrain has strong references and
proven F2 solutions, initially focusing on Paperless Ministries and Environmental
Permitting.
• Scaling through partners, enabling certified partners to configure and deliver F2-
based solutions while maintaining F2 as standard software.
• Expanding the use of F2 across the existing customer base through the F2
Service Builder, embedded AI capabilities and new solutions.
Risks
Execution of the growth plan involves a number of risks, including changes in market
demand, execution of the strategy and partner model, access to qualified talent,
cyber security, competition and entry into new geographical markets.
The overall risk profile remains largely unchanged compared to the Annual Report
2025. Consequently, the detailed description of the individual risk factors, including
causes, potential impact, mitigation and probability, is not repeated in this Interim
Report.
I
Decline in demand
Fail to execute strategy and
build partner channels
Fail to retain and attract talent
Cyber Attack
Competitors build standard
platform similar to F2
Legal risks entering new geographical
markets
26 | Interim Report 2026
Shareholder Information
Stock Information
cBrain is a Danish software company listed on NASDAQ OMX Nordic
(Symbol: CBRAIN) under the share code: DK0060030286.
In total cBrain has 13.600 shareholders in 41 countries.
For additional information regarding shareholder
relations and in-depth information about cBrain visit
www.cbrain.com/investor
Financial Calendar
August 20, 2026 Interim Report H1 2026
November 5, 2026 Announcement regarding Q3 2026
February 25, 2027 Annual Report 2026
Contact
Inquiries regarding the company’s relationships with investors
and the market can be directed to:
Lars Møller Christiansen
CFO
E-mail: lmc@cbrain.com
Company Announcements and Press Releases since January 1, 2026
In the period from January 1, 2026, onwards the publication of the interim report for
2026, cBrain has published the following notices to Nasdaq Copenhagen. They can all
be found on the company’s website www.cbrain.com/investor
Jan 14, 2026
cBrain signs partner agreement with Publica AI in Nigeria,
supporting international growth strategy
Jan 19, 2026
cBrain announces next phase growth plan and short-term
financial targets for 2026
Feb 19, 2026
cBrain upgrades earnings expectations for the financial year
2026
Feb 19, 2026
cBrain delivers a solid EBT margin of 22% and increases
dividends by 56%
Feb 20, 2026
cBrain invited by the State of California to conduct 12-week AI
Proof of Concept
Mar 17, 2026
cBrain introduces embedded agentic AI for government –
enabling the next step in digital government with the F2
platform
Apr 29, 2026
Annual General Meeting 2026
Apr 29, 2026
cBrain is capturing the shift to AI-driven standard software in
government
Jun 25, 2026
European Commission report supports cBrain´s expansion of
environmental permitting activities in Europe
Aug 11, 2026
cBrain introduces a new approach to scaling government AI
Aug 18, 2026
cBrain awarded first contract with the State of California
27 | Interim Report 2026
Sustainability
28 | Interim Report 2026
H1 2026
H1 2025
FY 2025
GHG Emissions (tCO₂e)
Scope 1
Gross Scope 1 GHG emission
0
0
0
Scope 2
Gross location-based Scope 2 GHG emission
15,9
13,7
25,3
Gross market-based Scope 2 GHG emission
9,1
8,3
13,5
Significant Scope 3
Total Gross Indirect
110,7
171,0
465,4
1. Purchased goods and services
54,3
88,5
165,6
5. Waste generated in operations
0,1
0,1
0,1
6. Business travel
56,3
82,4
299,7
Total GHG Emissions
Total GHG emissions (location-based)
126,6
184,7
490,7
- tCO₂e compensation bought
-6,8
-5,4
-11,8
Total GHG emissions (market-based)
119,8
179,3
478,9
GHG intensity (tCO₂e / revenue DKK million)
Total GHG emissions (location-based) per net revenue
0,9
1,4
2,0
Total GHG emissions (market-based) per net revenue
0,9
1,4
1,9
Energy consumption and mix (MWh)
Energy consumption from district heating
207,7
204,0
334,6
Energy consumption from electricity
109,7
103,4
207,1
Total energy consumption
317,4
307,4
541,7
Share of renewable energy %
81%
83%
82%
Sustainability Highlights
cBrain’s sustainability reporting is based on the principles and requirements
established under the Corporate Sustainability Reporting Directive (CSRD). The
Company’s ESG impacts, risks, opportunities, targets, and governance structures are
described in detail in the 2025 Annual Report.
During the first half of 2026, no material changes occurred to cBrain´s sustainability
strategy, materiality assessment, or reported ESG risks and opportunities. The
Company continues to execute the objectives outlined in the Annual Report while
further strengthening data quality, governance processes, and sustainability-related
initiatives.
Environmental Progress
During this period, cBrain continued its efforts to reduce the environmental impact of
its operations. Investments in modern IT infrastructure focused on improving
performance and scalability while supporting lower energy consumption. cBrain also
enhanced its ESG reporting framework by expanding data collection processes
related to indirect emissions, strengthening the basis for future reporting and target
setting.
Total market-based GHG emissions were 119,8 tCO₂e, compared with 179,3 tCO₂e in
the same period last year. The reduction was mainly driven by lower Scope 3
emissions, which declined from 171,0 tCO₂e to 110,7 tCO₂e, particularly reflecting
lower emissions from purchased goods and services and business travel. Business
travel emissions decreased from 82,4 tCO₂e to 56,3 tCO₂e during the period.
cBrain remains committed to supporting climate mitigation initiatives beyond its own
operations and continues to contribute to projects that promote carbon
sequestration and renewable energy production.
29 | Interim Report 2026
Social Responsibility
Our people remain at the center of cBrain´s business model. During this period, cBrain
continued to invest in employee development, leadership capabilities, and talent
attraction.
Collaboration with educational institutions remained an important component of
cBrain´s recruitment and innovation activities. Through partnerships with universities
and students, cBrain continued to explore new technology opportunities while
supporting the development of future digital competencies with AI.
Employee engagement and retention remained strong in our latest employee survey.
Gender diversity decreased during the period, as the metric is calculated based on
FTEs and paid salary, and was temporarily impacted by an unusually high number of
female employees on unpaid maternity leave. The level is expected to normalize for
the full year. cBrain remains focused on maintaining a diverse, inclusive and high-
performance working environment.
Governance
Strong governance remains a cornerstone of cBrain’s business model and
international growth strategy.
During the first half of 2026, cBrain continued to strengthen compliance awareness
and business ethics training across its organization and partner network. Particular
focus was placed on anti-corruption practices, responsible business conduct, and
compliance procedures related to due diligence supporting international market
activities.
cBrain’s commitment to responsible tax practices was recognized in Økonomisk
Ugebrev’s 2026 Tax Governance Rating, ranking first among Danish mid-cap
companies for the third consecutive year with a maximum score of 12 out of 12
points.
No significant compliance breaches, whistleblower cases, or governance-related
incidents were reported during the reporting period.
H1 2026
H1 2025
FY 2025
Headcounts
Full time employees
199
204
201
Temporary employees
22
19
21
Non-guaranteed employees
13
10
9
Total headcounts
234
233
231
Employee turnover rate %
5%
2%
9%
Gender diversity %
All employees
34%
40%
39%
Board of Directors
20%
20%
20%
Executive Management
0%
0%
0%
Directors
17%
25%
20%
Managers
35%
35%
30%
Governance
Whistleblower Incidents
0
0
0
30 | Interim Report 2026
Management
Statement
By the Board of Directors and the Executive Management
31 | Interim Report 2026
Management Statement
Board of Directors
Executive Management
32 | Interim Report 2026
Consolidated Financial
Statements
Interim Financial Statements for first half-year 2026
33 | Interim Report 2026
Consolidated Statements of Comprehensive Income
Consolidated income statement
Earnings per share (EPS)
T.DKK
Notes
H1 2026
H1 2025
FY 2025
T.DKK
Notes
H1 2026
H1 2025
FY 2025
Revenue
3, 4
Basic EPS
Diluted EPS (DEPS)
Cost of services
-1.970
-1.704
-3.450
External expenses
-18.859
-17.817
-37.019
Staff costs
-81.150
-79.082
-148.445
Consolidated statement of comprehensive income
Research and development costs capitalized
T.DKK
Notes
H1 2026
H1 2025
FY 2025
EBITDA
Profit for the period
Depreciation and amortization expense
-15.047
-14.138
-28.792
Other comprehensive income
Operating profit (EBIT)
Total comprehensive income for the period
Financial income
Financial cost
-754
-1.981
-3.454
Earnings before taxes (EBT)
Income taxes
-8.353
-7.220
-13.193
Profit for the period
34 | Interim Report 2026
Consolidated Balance Sheet
Assets
Equity and Liabilities
T.DKK
Notes
June 30,
2026
June 30,
2025
Dec. 31,
2025
T.DKK
Notes
June 30,
2026
June 30,
2025
Dec. 31,
2025
Intangible assets
5
Share capital
Property, plants and equipment
6
Retained earnings
Right-of-use assets
7
Proposed dividend
Other assets
Total equity
Total non-current assets
Deferred tax liabilities
Trade receivables
Lease liabilities
Contract assets
Borrowings
8
Other receivables
Provisions
Total receivables
Total non-current liabilities
Cash and cash equivalents
Trade payables
Lease liabilities
Total current assets
Contract liabilities
Current tax liabilities
Total assets
Borrowings
8
Other payables
Total current liabilities
Total liabilities and equity
Accounting policies
1
Accounting estimates
2
35 | Interim Report 2026
Consolidated Statements of Changes in Equity
June 30, 2026
June 30, 2025
T.DKK
Share
capital
Retained
earnings
Proposed
dividend
Total
equity
T.DKK
Share
capital
Retained
earnings
Proposed
dividend
Total
equity
Equity, January 1
Equity, January 1
Profit for the period
Profit for the period
Comprehensive income for the period
Comprehensive income for the period
Purchase of treasury shares
-1.121
-1.121
Purchase of treasury shares
Dividends
-20.000
-19.549
Dividends
-12.800
-12.520
Transactions with owners
-670
-20.000
-20.670
Transactions with owners
-12.800
-12.520
Equity, June 30
Equity, June 30
36 | Interim Report 2026
Consolidated Cash Flow Statement
T.DKK
H1 2026
H1 2025
FY 2025
T.DKK
H1 2026
H1 2025
FY 2025
Operating profit (EBIT)
Investments in intangible assets
-13.306
-13.231
-25.177
Depreciation and amortization
Investments in property, plant and equipment
1
-4.789
-6.882
Other non-cash items
-16
-546
-215
Investments in other financial assets
Change in working capital
Cash flow from investing activities
-13.164
-17.901
-31.918
Change in trade and other receivables
-29.910
-26.810
Change in contract assets and -liabilities
Repayment of lease liabilities
-845
-805
-1.561
Change in trade and other payables
-2.784
Interest lease payments
-54
-40
-70
Cash flow from operating profit
Repayment of borrowings
-676
-1.096
-22.034
Purchase of treasury shares
-1.121
-823
Financial income received
Dividends paid, net
-19.549
-12.520
-12.520
Financial expenses paid
-909
-1.362
-2.632
Cash flow from financing activities
-22.245
-14.461
-37.008
Income taxes paid
-6.845
-12.074
-20.885
Cash flow from operating activities
Cash and cash equivalents, beginning of period
Net cash flow for the period
-4.694
Cash and cash equivalents, end of period
1
Net investments in PPE include a DKK 0,5 million grant related to the cBrain’s headquarters, resulting in a positive net cash flow from investments in PPE.
37 | Interim Report 2026
Notes
38 | Interim Report 2026
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, 2026, 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, 2025,
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 2026. None of
these amended standards and interpretations are expected to have any significant
impact on the financial statements.
Alternative performance measures
EBITDA and EBITDA margin are considered appropriate measures of operating
performance, as they reflect the underlying cash generation of the business. EBITDA
is calculated as operating profit (EBIT) before depreciation and amortization, and
EBITDA margin as EBITDA as a percentage of revenue. EBITDA is presented as a
subtotal in the income statement and is used internally for management decisions.
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 2025.
39 | Interim Report 2026
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
The cBrain 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 cBrain 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 2026
H1 2025
FY 2025
Products and Services
Software
Subscriptions
87.993
81.499
165.996
One-time licenses
18.648
18.781
29.872
Total software
106.641
100.280
195.868
Services
33.383
32.024
55.388
140.024
132.304
251.256
Timing of revenue recognition
Over time
121.376
120.268
232.514
At a point in time
18.648
12.036
18.742
140.024
132.304
251.256
T.DKK
H1 2026
H1 2025
FY 2025
Geographical information
Denmark
111.100
89.457
180.977
Other EU-countries
25.086
36.681
61.497
Countries outside the EU
3.838
6.166
8.782
140.024
132.304
251.256
Significant Customers
Customer A*
92.109
79.358
157.411
Customer B
24.496
36.141
60.484
*Customers within the Danish state are aggregated and presented as Customer A.
Note 4 – Revenue
T.DKK
H1 2026
H1 2025
FY 2025
Products and Services
Software
106.641
100.280
195.868
Services
33.383
32.024
55.388
140.024
132.304
251.256
40 | Interim Report 2026
Note 5 – Intangible assets
June 30, 2026
June 30, 2025
T.DKK
Software
Software
under
development
Total
T.DKK
Software
Software
under
development
Total
Cost, January 1
229.764
3.183
232.947
Cost, January 1
204.794
2.976
207.770
Additions during the period
0
13.306
13.306
Additions during the period
0
13.231
13.231
Cost, June 30
229.764
16.489
246.253
Cost, June 30
204.794
16.207
221.001
Amortization, January 1
161.509
0
161.509
Amortization, January 1
140.110
0
140.110
Amortization for the period
11.176
0
11.176
Amortization for the period
10.491
0
10.491
Amortization, June 30
172.685
0
172.685
Amortization, June 30
150.601
0
150.601
Carrying amount, June 30
57.079
16.489
73.568
Carrying amount, June 30
54.193
16.207
70.400
Note 6 – Property, plant and equipment
June 30, 2026
June 30, 2025
T.DKK
Land and
Buildings
Other
Equipment
Total
T.DKK
Land and
Buildings
Other
Equipment
Total
Cost, January 1
243.596
6.943
250.539
Cost, January 1
237.795
5.862
243.657
Additions during the period
56
424
480
Additions during the period
3.719
1.070
4.789
Adjustment of cost
-500
0
-500
Adjustment of cost
0
0
0
Cost, June 30
243.152
7.367
250.519
Cost, June 30
241.514
6.932
248.446
Depreciation, January 1
14.108
4.117
18.225
Depreciation, January 1
9.801
2.591
12.392
Depreciation for the period
2.206
780
2.986
Depreciation for the period
2.138
703
2.841
Depreciation, June 30
16.314
4.897
21.211
Depreciation, June 30
11.939
3.294
15.233
Carrying amount, June 30
226.838
2.470
229.308
Carrying amount, June 30
229.575
3.638
233.213
41 | Interim Report 2026
Note 7 – Right-of-use assets
Note 8 – Borrowings
T.DKK
H1 2026
H1 2025
Cost, January 1
1.931
2.902
Addition
5.682
0
Cost, June 30
7.613
2.902
Depreciation, January 1
1.287
81
Depreciation
885
806
Depreciation, June 30
2.172
887
Carrying amount, June 30
5.441
2.015
Coupon
Rate
Effective
Interest Rate
Currency
Maturity
June 30, 2026
Floating interest rate loans
2,58%
2,58%
DKK
16 years
June 30, 2025
Floating interest rate loans
2,26%
2,26%
DKK
17 years
T.DKK
H1 2026
H1 2025
FY 2025
Within one year
1.375
2.354
1.360
1-3 years
2.844
4.846
2.813
3-5 years
2.974
5.052
2.941
More than 5 years
19.432
35.987
20.188
Total contractual undiscounted cash flows
26.626
48.239
27.302
T.DKK
June 30,
2026
June 30,
2025
Dec. 31,
2025
Non-current liabilities
24.965
45.397
25.648
Current liabilities
1.375
2.354
1.360
Carrying amount
26.341
47.751
27.008
42 | Interim Report 2026
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.
43 | Interim Report 2026
CVR no. 24233359