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CBRAIN (CBRAIN) investor relations material
CBRAIN Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Achieved solid progress in H1 2025, advancing a three-year growth plan focused on COTS software for government, with a dual strategy targeting large accounts and selected niches.
Revenue for H1 2025 was DKK 132m, down 5% year-over-year, mainly due to a 58% drop in one-time license revenue and lower international software sales.
Recurring revenue (subscriptions) grew 24% and now represents 61% of total revenue, while services revenue increased 15%.
Strategic investments were made to strengthen global leadership in COTS for government, focusing on Paperless Ministry and Environmental Permitting verticals.
Product roadmap emphasizes a fully integrated, configurable platform purpose-built for government needs.
Financial highlights
1H 2025 revenue was DKK 132m, down 5% year-over-year from DKK 139m in 1H 2024.
One-time software licenses fell 58% year-over-year, while software subscriptions rose 24% and services increased 15%.
Export revenue declined 17% year-over-year, mainly due to lower one-time license sales.
EBIT margin for 1H 2025 was 25%, down from 32% in 1H 2024; EBITDA margin was 36%.
Cash flow from operating activities was DKK 39.8m, up from DKK 11.1m.
Outlook and guidance
Maintains full-year 2025 revenue growth guidance of 10%-15%, targeting DKK 299m, with an internal forecast of 12%.
EBT margin guidance for the full year is 18-23%.
2H 2025 revenue expected to grow 30% over 2H 2024, driven by a rebound in one-time licenses and continued subscription growth.
One-time licenses forecasted to reach DKK 50m in 2H 2025, matching prior full-year levels.
Guidance depends on closing significant one-time license deals, which are subject to timing risks.
How does F2 support digital sovereignty?
What verticals drive cBrain's growth strategy?
What factors caused lower license sales?
What is the risk to H2 one-time license target?
What gives confidence in US market entry success?
How will remaining H2 growth investments be deployed
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Q3 20256 Nov, 2025
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Frequently asked questions
cBrain is a software company that develops software for government, and cities and municipalities in Denmark. It offers EDB Business Partner Forum, a collaboration platform; F2 AccountGate, a cloud-based portal for communication with business partners; and F2 BPM processes for on-boarding new customers. The company also provides e-archive software solutions for the public sector, including F2 Casebox for managing documents, F2 EAB ArchiveBox to build archives that can be accessed by authorized personnel through the Web, and F2 Document Collector. cBrain A/S also offers professional services and support services; licenses server licenses; and user licenses. The company was founded in 2004 and is based in Copenhagen, Denmark.
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