Columbus Interim Report Q2 2026
Company announcement no. 55/2026
The second quarter of 2026 marked a return to revenue growth in a hesitant market. Revenue increased by 2%, while EBITDA amounted to DKK 17m, corresponding to a margin of 4.0%, unchanged from Q2 2025. Operational efficiency continued to improve during the quarter, and we maintain our focus on further improving profitability.
Columbus reported revenue of DKK 420m in Q2 2026, an increase of 2% compared to Q2 2025. Currency effects had a minor positive impact on revenue during the quarter. For H1 2026 revenue was down by 1% compared to H1 2025. Market uncertainty continued in Q2, but a strong recovery in our Dynamics 365 Business Line supported a return to growth.
EBITDA amounted to DKK 17m, corresponding to a margin of 4.0%, in line with Q2 2025. For H1 2026, EBITDA amounted to DKK 43m, corresponding to an EBITDA margin of 5.1%, down 2.3 percentage points compared to H1 2025. Earnings remained below expectations, primarily due to intense competition on major new project wins.
“The second quarter confirms that the improving momentum we experienced towards the end of the first quarter has continued. While the market remains uneven across industries and geographies, we are seeing encouraging signs that customer activity is gradually improving”, says CEO & President, Søren Krogh Knudsen
Q2 2026 highlights
- Revenue increased by 2% to DKK 420m, impacted by a slightly positive currency effect.
- EBITDA amounted to DKK 17m, compared to DKK 16m in Q2 2025.
- The EBITDA margin was 4.0%, the same level as in Q2 2025, but below expectations for the quarter.
- Efficiency increased to 65% in Q2 2026 from 63% in same period last year.
- Cash flow from operating activities amounted to DKK -38m, compared to DKK 18m in Q2 2025, primarily driven by changes in working capital.
YTD 2026 highlights
- Revenue declined by 1%, to DKK 838m, impacted by a slightly positive currency effect.
- EBITDA amounted to DKK 43m compared to DKK 63m in H1 2025.
- EBITDA margin was 5.1% compared to 7.4% in H1 2025.
- Cash flow from operating activities was DKK -41m compared to DKK 35m in H1 2025, primarily driven by changes in working capital
Service revenue split on Business Lines
| DKK ´000 | Q2 2026 | Q2 2025 | ∆% | YTD 2026 | YTD 2025 | ∆% |
| Dynamics 365 | 236,406 | 233,733 | 1% | 470,102 | 486,792 | -3% |
| M3 | 80,871 | 83,771 | -3% | 164,759 | 168,585 | -2% |
| Digital Commerce | 43,350 | 46,917 | -8% | 86,272 | 94,159 | -8% |
| Data & AI | 30,880 | 22,051 | 40% | 60,293 | 46,001 | 31% |
| EIM | 7,420 | 5,786 | 28% | 14,102 | 10,744 | 31% |
| Total sale of services | 398,927 | 392,258 | 2% | 795,528 | 806,281 | -1% |
| Total sale of products | 20,831 | 17,629 | 18% | 42,277 | 37,561 | 13% |
| Total net revenue | 419,758 | 409,887 | 2% | 837,805 | 843,842 | -1% |
Service revenue split on Market Units
| DKK ´000 | Q2 2026 | Q2 2025 | ∆% | YTD 2026 | YTD 2025 | ∆% |
| Sweden | 123,287 | 134,291 | -8% | 244,857 | 265,234 | -8% |
| Denmark | 82,719 | 94,116 | -12% | 170,037 | 196,434 | -13% |
| UK | 78,312 | 79,314 | -1% | 158,584 | 167,683 | -5% |
| Norway | 74,870 | 49,271 | 52% | 143,323 | 103,488 | 38% |
| US | 28,027 | 26,371 | 6% | 54,624 | 55,707 | -2% |
| Other | 10,974 | 8,647 | 27% | 23,123 | 17,222 | 34% |
| GDC | 738 | 248 | 198% | 980 | 513 | 91% |
| Total sale of services | 398,927 | 392,258 | 2% | 795,528 | 806,281 | -1% |
| Total sale of products | 20,831 | 17,629 | 18% | 42,277 | 37,561 | 13% |
| Total net revenue | 419,758 | 409,887 | 2% | 837,805 | 843,842 | -1% |
Outlook for 2026 maintained
Based on our performance in the first half of 2026 and the continued development of our pipeline and order backlog, we maintain our full year financial expectations:
- Organic revenue growth is expected to be in the range of 0-5%
- EBITDA margin is expected to be in the range of 8-10%.
Live webcast and conference call
Columbus is hosting a live webcast and conference call on 19 August 2026 at 13:00 CEST. CEO & President Søren Krogh Knudsen and CFO Brian Iversen will present and comment on the Group’s financial and business performance.
To register for the webcast, which includes the option to ask questions in writing, please use this link
To register for the telephone conference, which includes the option to ask questions orally, please use this link
A recorded version of the presentation will be made available on-demand at Columbus Investor site as soon as possible after the event: https://ir.columbusglobal.com/
Ib Kunøe Søren Krogh Knudsen
Chairman of the Board CEO & President
For further information, please contact: CEO & President, Søren Krogh Knudsen, +45 70 20 50 00 |