Columbus: Growth challenged, but sequential margin improvement

This morning, Columbus released its preliminary unaudited financial results for 2025. Based on these figures, we calculate Q4 2025 standalone revenue of DKK 385m (compared to DKK 416m in Q4 2024), representing a decline of -7.5%. EBITDA for Q4 2025 amounted to approx. DKK 35m, corresponding to an EBITDA margin of 9.2% (compared to 9.1% in Q4 2024). Notably, Q4 showed a sequential improvement of +2.3pp compared to the adjusted Q3 2025 margin of 6.9%, indicating that the rightsizing initiatives are gaining traction.

For the full year 2025, revenue came in at DKK 1,576m, a decline of -5% compared to 2024 (DKK 1,659m), and below the guidance of "in line with 2024" (~DKK 1.7bn). The reported EBITDA margin landed at 7.2% (2024: 9.2%), at the lower end of the 7–9% guidance range.

It is important to note that both years were impacted by significant one-off items. 2024 benefited from positive one-offs of approx. DKK 30m, including the M3CS legal settlement and unachieved earn-out, which inflated the reported margin. Conversely, 2025 was burdened by negative one-offs of approx. DKK 10m related to redundancy costs and strategic review expenses. Adjusted for these items, the underlying EBITDA margin improved to 7.9% (2024: 7.4%), representing a +0.5pp improvement in the underlying business despite the revenue headwinds.

A key announcement concerns Columbus' "New Heights" strategy. The company confirmed that its long-term financial ambitions of 10% annual revenue growth and 15% EBITDA margin will not be achieved by the end of 2026, marking the end of the current strategy period. The timing of these targets is now under review. As market growth has continued to be lower than when the "New Heights" strategy was announced, and looking at the 2025 results, the postponement of the timeline for the targets might not come as a big surprise to markets.

Management expects Columbus to return to revenue growth and deliver an improved EBITDA margin in 2026. This is backed by early signs of improving customer activity and new project wins from both existing and new customers in Q4 2025, although these were not sufficient to fully offset project postponements during the quarter. Financial guidance for 2026 will be announced with the Annual Report on 12 March 2026.

Disclaimer: HC Andersen Capital receives payment from Columbus for a Digital IR subscription agreement. /Michael Friis, 14:18 - 27 January 2026.