Columbus (COLUM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 2% year-over-year to DKK 420m, ending five quarters of negative organic growth, led by Norway (+52%), Data & AI (+40%), and EIM (+28%), despite declines in M3 and Digital Commerce and continued headwinds in Denmark and Sweden.

• EBITDA margin remained flat at 4% compared to Q2 2025, reflecting ongoing competitive pressure and market hesitancy.

• Efficiency (billability) improved to 65% in Q2 2026, up from 63% in Q2 2025, driven by operational improvements and disciplined execution.

• Workforce was rightsized to 1,422 FTEs, supporting improved efficiency.

• Cash flow from operating activities was negative at DKK -38m, mainly due to working capital changes and extended payment terms for new customers.

Financial highlights

• Q2 2026 revenue: DKK 420m (+2% YoY); H1 2026 revenue: DKK 838m (-1% YoY).

• Q2 2026 EBITDA: DKK 17m (margin 4.0%, flat YoY); H1 2026 EBITDA: DKK 43m (margin 5.1%, down from 7.4%).

• Profit before tax in Q2 2026: DKK -2m (improved from DKK -4m in Q2 2025).

• Cash flow from operating activities: DKK -38m in Q2 2026 (vs. DKK 18m in Q2 2025); H1 2026: DKK -41m (vs. DKK 35m in H1 2025).

• Equity at 30 June 2026: DKK 720m (down from DKK 745m at 31 Dec 2025).

Outlook and guidance

• Full-year 2026 guidance maintained: organic revenue growth of 0–5% and EBITDA margin of 8–10%.

• Expectation of stronger H2 2026, supported by improved activity levels and a robust order pipeline.

• Double-digit growth expected for Data & AI in coming quarters.