CBRAIN
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CBRAIN (CBRAIN) investor relations material

CBRAIN Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Revenue for 2025 was DKK 251m, a 6% decrease year-over-year, mainly due to delayed large customer projects, but software subscriptions grew 18% and now represent 66% of total revenue.

  • Earnings before tax (EBT) reached DKK 56m (22% margin), exceeding expectations due to accounting effects, and profit for the year was DKK 43m.

  • The Board proposes a 56% dividend increase to DKK 1.00 per share, totaling DKK 20m.

  • 2025 focused on piloting new market segments and partner strategies, with significant investments in AI and the F2 ServiceBuilder.

  • Major customer wins included a national Danish hunting license system and a contract with Aarhus Municipality, expanding the platform’s reach.

Financial highlights

  • Revenue: DKK 251m (2024: DKK 268m), -6% year-over-year.

  • Software sales: DKK 196m (78% of revenue); software subscriptions: DKK 166m (66% of revenue, +18% year-over-year).

  • International sales: DKK 70m (28% of revenue), down from DKK 90m in 2024.

  • EBT: DKK 56m (22% margin), down from DKK 86m (32%) in 2024.

  • Cash flow from operations: DKK 89m (2024: DKK 68m).

  • Total assets: DKK 389m; equity: DKK 318m.

  • Basic and diluted EPS: DKK 2.16 (2024: DKK 3.24).

Outlook and guidance

  • 2026 revenue forecast: DKK 275–290m, organic growth of 10–15%, EBT margin 20–25%.

  • Growth to be driven by expansion in selected market segments, partner-led sales, and increased sales to existing customers.

  • Large customer contracts represent upside potential but are not fully included in short-term forecasts due to long sales cycles.

How does F2's embedded AI enhance market position?
How will the 2026-28 plan mitigate revenue volatility?
What actions address declining gender diversity?
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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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