CBRAIN (CBRAIN) Q3 2025 earnings summary

Executive summary

• Concluded a three-year growth plan (2023-2025) and preparing for the next cycle (2026-2028), focusing on long-term strategy, market positioning, and government digital transformation with commercial off-the-shelf software.

• Strategy execution centers on developing large customers, targeting niches, building subscriptions, and expanding partner channels.

• Secured the largest-ever Danish contract with Aarhus Municipality, targeting 20,000 users, and delivered a national grants management system.

• Expanded internationally with projects in Romania, Ghana, and other countries, with F2 now deployed in government organizations across five continents.

Financial highlights

• Subscription revenue grew 24% year-over-year, now representing 61% of total revenue.

• Total growth rates: 27% in 2023, 12% in 2024, and 5% in 2025, influenced by large one-time license deals.

• Underlying growth, excluding major one-time deals, estimated at 10-15% annually over the three-year period.

• Earnings before tax (EBT) maintained above 25% during 2023-2025.

Outlook and guidance

• Preparing for the 2026–2028 plan, targeting 10–15% underlying yearly growth, with ambitions to accelerate growth through large accounts and new segments.

• International business now represents about one-third of total revenue.