Agillic

In connection with Agillic's H1 2026 report, we have updated our investment case on the company. The half-year confirms the profitability trajectory established in 2025. EBITDA rose 52% to DKK 5.0m at a 17% margin, driven by an 8% lower cost base and a stronger revenue mix as low-margin transaction revenue declined. Headcount was unchanged, so the margin expansion reflects genuine operating leverage rather than one-off cost actions.

Agillic was profiled this week in an article where management highlighted three themes that sit at the core of our investment case: the need for personalization at a time of explosive growth in AI-generated content, European data sovereignty as a competitive parameter against the large US-based players, and the journey from turnaround to profitable growth.

In connection with Agillic's Q1 2026 report, we have updated our investment case on the company.Our updated investment case covers the key investment reasons and risks as well as valuation perspectives against a peer group of Danish listed SaaS companies.

In connection with the annual report, we have updated our Investment Case One-pager for Agillic. In the One-pager, you can read about the investment case, key investment risks, a comparison with the Danish SaaS peer group across ARR multiples, growth, and profitability, as well as valuation trends in the Danish and US SaaS markets.