CBRAIN (CBRAIN) Q4 2025 earnings summary

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.