Risk Intelligence (RISK) Q2 2026 earnings summary

Executive summary

• Signed new clients, including a flag state administration, and increased sales to existing clients, achieving a Net Retention Rate (NRR) of 110% in Q2 2026.

• Invoiced revenue grew 3% and total ARR increased 8% year-over-year, but recognised revenue declined 3% due to the lingering impact of a lost US government client and a temporary dip in Advisory Services.

• Extraordinary IT-related costs led to a 6% increase in total costs, turning projected positive EBITDA negative for the quarter.

• Commercial maritime, energy, and insurance segments showed continued development, with a growing pipeline and increased demand for data and API-based integration.

Financial highlights

• Q2 2026 recognised revenue: DKK 6,812 thousand, down 3% year-over-year; invoiced revenue: DKK 6,482 thousand, up 3%.

• 1H 2026 recognised revenue: DKK 13,014 thousand, down 4%; invoiced revenue: DKK 12,297 thousand, up 2%.

• Q2 2026 EBITDA: DKK -586 thousand (down from DKK 29 thousand in Q2 2025); 1H 2026 EBITDA: DKK -490 thousand (down from DKK 285 thousand in 1H 2025).

• Gross margin (SaaS) remained high at 95% in Q2 2026.

• Profit after financial items for Q2 2026: DKK -2,393 thousand; 1H 2026: DKK -4,236 thousand.

Outlook and guidance

• Total ARR for 2026 expected in the range of DKK 30.3M–34.4M, representing 10–25% growth.

• Positive EBITDA anticipated for full-year 2026; growth strategy to continue.