CBRAIN (CBRAIN) investor relations material

Executive summary

• H1 2026 revenue grew 6% to DKK 140 million, driven by strong domestic sales, recurring software revenue, and AI-enabled product innovation.

• Profitability remained high, with EBT up 16% to DKK 36 million and an EBT margin of 26%.

• Strategic investments in AI and product innovation are central to growth, with AI now embedded across the F2 platform and notable progress in the U.S. and Europe.

• International positioning strengthened by the first U.S. contract in California for AI-enabled environmental permitting.

• Full-year guidance reiterated for 10%-15% revenue growth and 20%-25% EBT margin.

Financial highlights

• H1 2026 revenue reached DKK 140 million, a 6% increase compared to H1 2025.

• Software revenue rose 6% to DKK 107 million, representing 76% of total revenue.

• Subscription revenue increased 8% to DKK 88 million, now 63% of total revenue.

• EBITDA margin improved to 37% (up from 35%), and EBT margin reached 26% (up from 24%).

• Profit for the period was DKK 28 million, up from DKK 24.1 million in H1 2025.

Outlook and guidance

• Full-year 2026 guidance maintained: 10%-15% revenue growth and 20%-25% EBT margin.

• H2 2026 revenue growth expected above 15% compared to H2 2025, supported by high visibility in Denmark and a growing international pipeline.

• Optimism for continued momentum into 2027 and 2028, though no formal guidance issued for those years.

• Increased customer activity and new AI products support a positive outlook.