CBRAIN A/S

Latest Results (01.09.2026):

CBRAIN A/S — Q4 2025 (annual results for 2025): CBRAIN reported full-year 2025 revenue of DKK 251m, down 6% from DKK 268m in 2024, with earnings before tax (EBT) of DKK 56m (22% EBT margin). The decline reflected lower license revenue caused by delayed large-customer projects, while recurring software subscriptions grew strongly (DKK 166m, +18% y/y) and accounted for 66% of total revenue. Cash & equivalents stood at DKK 42m and operating cash flow was DKK 88.6m. The Board proposes a dividend of DKK 1.00 per share (DKK 20m). Management guides 2026 revenue of DKK 275–290m with an EBT margin target of 20–25% as it shifts to a segment- and partner-led growth model.

Revenue and mix

Total revenue: DKK 251m (-6% vs. 2024). Software sales were DKK 196m (78% of revenue) and services DKK 55m. International sales represented 28% of revenue (DKK 70m), down from 2024 largely due to timing of license deliveries.

Recurring revenue strength

Software subscriptions reached DKK 166m (+18% y/y) and made up 66% of total revenue, underpinning a shift to more predictable, recurring income despite volatility in one-off license deals.

Profitability

EBT was DKK 56m (22% margin) and EBIT DKK 58.7m. EBT declined vs. 2024 (DKK 86m) primarily due to lower license revenue and investment-driven effects, though reported EBT exceeded the company’s mid-December expectation.

Cash flows and balance sheet

Operating cash flow was strong at DKK 88.6m. Year-end cash and cash equivalents were DKK 41.9m, trade receivables DKK 30.7m, and total equity increased to DKK 318m, supporting proposed shareholder distributions and ongoing investments.

Investments and capitalization

Capitalized development costs for the F2 platform: DKK 25m in 2025 (transfers to released software of DKK 25m; amortization of released software DKK 21m). Investments in property and equipment reduced vs. 2024 (DKK 6.9m vs. DKK 24.6m).

Dividend and shareholder returns

The Board proposes a dividend of DKK 1.00 per share (total DKK 20m), a 56% increase from the prior year (DKK 0.64), supported by positive cash generation.

2026 outlook and strategy

Guidance for 2026: revenue DKK 275–290m (organic growth ~10–15%) and an EBT margin of 20–25%. Strategy shift: focus on selected market segments (e.g., paperless ministries, environmental permitting), accelerate a partner-led delivery model via the F2 ServiceBuilder, and expand sales into the existing customer base aided by embedded AI and process sovereignty features.

Operational highlights & customers

Key 2025 deployments and wins include a national Danish hunting license system (~200k users), more than 4,500 users live at Deutsche Rentenversicherung, and a contract with Aarhus Municipality (initial 5,000 users, option to 20,000). F2 is used by 100+ government organizations across five continents.

Key risks and drivers

Near-term volatility driven by long sales cycles and unpredictability of large government contracts (timing of license deliveries). Upside exists from large-customer pipeline and accelerated partner rollout; management expects short-term investment and organizational changes to affect near-term results while positioning for scalable growth.