Columbus: Reports lower Q2 2025 results amid macroeconomic headwinds

This morning, Columbus released its Q2 2025 financial results, reporting a revenue decline of -4% (-6% when adjusted for currency effects), with EBITDA amounting to DKK 16m for the quarter (compared to DKK 22m in Q2 2024, adjusted for other operating income and expenses). The EBITDA margin was 4% in the quarter (compared to 7% in Q2 2024). The lower results are attributed to the macroeconomic uncertainty, which has resulted in prolonged sales cycles and postponed IT project decisions.
Looking into the business lines and the revenue development in the quarter, the largest business line, Dynamics 365, declined by -9%. M3 grew 2%, Digital Commerce grew 4%, Data & AI was flat, and Other Local Business grew 5%. Geographically, the largest market, Sweden, was flat at 0%, while the second largest market, Denmark, declined -12%. The UK market grew 2%, and Norway declined -19%. The US market was the strongest with a growth rate of 30%.
Efficiency came in at 63% in Q2 2025, in line with Q2 2024, however, below the company’s expectations. The cash flow from operations was relatively strong at DKK 18m in the quarter (an improvement from DKK 16m in Q2 2024).
The company maintains its latest 2025 guidance, which was revised downward in mid-July. Columbus now expects full-year revenue to be in line with 2024, amounting to approx. DKK 1.7bn, and an EBITDA margin in the range of 7–9%. For the first half of 2025, total revenue was DKK 843m, representing a decline of approx. -3%. The EBITDA margin for the first half of the year was 7.4% (compared to 7.5% in H1 2024, adjusted for the M3CS legal case).
On Monday, 25 August 2025 at 11:00, Columbus’ management will present the results and answer questions during a live online event. Sign up and submit your questions here: https://www.inderes.dk/videos/columbus-presentation-of-interim-report-q2-2025
Disclaimer: HC Andersen Capital receives payment from Columbus for a Digital IR subscription agreement. /Kasper Lihn, 11:30 - 21 August 2025.
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