CBRAIN (CBRAIN) Q4 2025 earnings summary

Executive summary

• 2025 saw a 6% decline in total revenue, mainly due to fewer large one-time software licenses, but subscription revenue grew 18%, now making up 78% of total revenue.

• EBT margin reached 22%, slightly above previous forecasts, and dividend was raised 56% to DKK 1 per share.

• Strategic shift underway from focusing on large customers to a "Land, Expand, Innovate" model, emphasizing market segments, partner scaling, and AI integration.

• International expansion continues, with government implementations on five continents and notable projects in Denmark, Germany, Romania, and the UAE.

• The company is building on Danish government success, expanding internationally, and integrating AI into its F2 platform.

Financial highlights

• Total revenue for 2025 was DKK 251 million, a 6% decrease year-over-year, primarily due to a reduction in large international one-time licenses.

• Subscription revenue increased 18% year-over-year, now representing 78% of total revenue.

• Software licenses declined 57% to DKK 30 million; services revenue was nearly flat at DKK 55 million.

• EBT margin improved to 22%, exceeding earlier guidance.

• Dividend increased by 56% to DKK 1 per share.

Outlook and guidance

• 2026 guidance forecasts 10%-15% revenue growth with expected earnings margin of 20%-25%.

• Launching the 2026-2028 go-to-market plan, focusing on global segments such as paperless ministries and environmental permitting.

• Guidance does not include significant upside from potential large contract wins; such wins would positively impact results.

• No major one-time commercial investments planned for 2026, unlike 2025.