Slides
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Key messages cBrain returns to growth - with continued high profitability and increasing strategic momentum We have returned to growth H1 revenue increased 6% to DKK 140m, with strong profitability and growing recurring software revenue - following the revised 2026-2028 growth plan. cBrain maintains full-year guidance H2 revenue growth expected above 15%; full-year guidance maintained at 10–15% growth and 20–25% EBT margin. AI is becoming a growth driver AI is embedded across F2 rather than treated as a separate product initiative. cBrain is accelerating its strategic investments in AI. Progress in the United States AI and environmental permitting are creating a entry point in the U.S. market. In August 2026 cBrain was awarded the first contract with the State of California, building a solution aimed at reducing permitting timelines. Building a global position within environmental permitting Recognition from U.S. and European institutions supports international positioning. Looking ahead Higher activity levels, new AI products and a stronger international position support H2 momentum.
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-10% -5% 0% 5% 10% 15% 20% 25% 30% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H2 2026 Revenue growth Expected revenue growth for the second half of 2026 compared to second half of 2025 >15% Full-year revenue growth expectation for 2026 10-15% Growth percentage High Low Growth estimate Full-year EBT margin expectation for 2026 20-25%
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Financial results Comments • Revenue increased 6% to DKK 140m, primarily driven by domestic sales. • Denmark revenue increased 24% to DKK 111m despite the longest government formation process in Danish history; • International revenue decrease to DKK 29m compared to DKK 43m in H1 2025 due to decrease in license sales and timing of deliveries and project initiation. • Software revenue increased 6% to DKK 107m and represented 76% of total revenue. • Subscription revenue increased 8% to DKK 88m, equal to 63% of total revenue. • Services revenue increased 4% to DKK 33m, reflecting sustained demand for consultancy, education and training. • EBT increased 16% to DKK 36m, with an EBT margin of 26%. First half year REVENUE split by Software and Sales of Services REVENUE split by Sales in Denmark and International Earnings before tax 0 20.000 40.000 60.000 80.000 100.000 120.000 140.000 H1 2025 H1 2026 Software sales Sales of services 0 20.000 40.000 60.000 80.000 100.000 120.000 140.000 H1 2025 H1 2026 Sales in Denmark International sales 0 10.000 20.000 30.000 40.000 H1 2025 H1 2026 EBT Earnings before tax 0% 10% 20% 30% 40% H1 2025 H1 2026 EBT-margin EBT-marginT.DKK T.DKKT.DKK
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Vision and Strategy AI is accelerating the shift from custombuilt software to preconfigured COTS for government. The cBrain ambition remains unchanged The ambition is to become a global market leader in COTS for government. F2 protects what matters F2 absorbs new technology while protecting data, processes, compliance and operational continuity. F2 is a platform for on-going technological change management. The growth plan turns strategy into execution 2026–2028 execution is built on scalable software sales, selected market segments, base expansion and partners. We’re seeing the initial results. AI accelerates the structural shift AI-assisted development makes coding faster - increasing the strategic value of proven flexible platforms over individual codebases. A new F2 Product Strategy Based on the F2 Blueprint a new product strategy is centered on four strategic priorities: AI, Sovereignty, Service Builder and Enterprise- readiness. AI strengthens the COTS business case Faster technology cycles make a stable digital foundation more important; customers can upgrade without rebuilding core systems.
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Product strategy One platform. Four strategic initiatives.
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AI-enabling the F2 platform Turning AI into a growth driver - embedding AI directly into government processes and data environments. Embedded agentic AI AI agents can perform defined administrative tasks inside structured, compliant government workflows. F2 AI Task Specialist Specialists can screen information, analyze documents, prepare recommendations and generate case content. Service Builder Customers and partners can configure where AI is applied without changing standard F2 software. F2 AI Case Preparation Relevant and authorized information is retrieved, structured and ranked before the language model is invoked – taking AI to government data, not the other way around. Sovereign, secure and sustainable use of AI F2 can operate on-premises, reducing data movement, supporting control of sensitive government information and sustainable use of AI. AI strengthens the COTS business case AI capabilities can be integrated once and scaled across products, customers and markets.
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Financial highlights T.DKK H1 2026 H1 2025 FY 2025 Income statement Revenue 140.024 132.304 251.256 Operating profit before depreciations and amortizations (EBITDA) 51.351 46.932 87.519 Depreciation and amortization -15.047 -14.138 -28.792 Operating profit (EBIT) 36.304 32.794 58.727 Financial items, net -97 -1.450 -2.412 Earnings before tax (EBT) 36.207 31.344 56.315 Profit for the period 27.854 24.124 43.122 Financial position Cash and cash equivalents 37.251 29.712 41.945 Trade receivables 59.014 73.069 30.660 Total assets 424.599 420.952 388.880 Total equity 325.480 300.121 318.296 Cash flows Cash flow from operating activities 30.715 39.818 88.616 Cash flow from investing activities -13.164 -17.901 -31.918 Investments in PPE 20 -4.789 -6.882 Cash flow from financing activities -22.245 -14.461 -37.008 T.DKK H1 2026 H1 2025 FY 2025 Financial ratios Revenue growth rate 6% 0% -6% EBITDA-margin 37% 35% 35% Profit margin (EBIT) 26% 25% 23% Return of investment (ROI) 9% 7% 14% EBT-margin 26% 24% 22% Liquidity ratio 194% 188% 246% Solvency ratio 77% 71% 82% Return on equity 9% 8% 14% Stock market ratios Number of shares 1,000 pcs. 20.000 20.000 20.000 Book Value per Share (BVPS) 16,27 15,01 15,91 Basic EPS 1,39 1,21 2,16 Diluted EPS (DEPS) 1,39 1,21 2,16 Environmental and social data Average number of employees (FTEs) 197 205 203 Gender diversity, all employees 34% 40% 39% Scope 1 & 2 CO2e emissions (tonnes) 8 8 14
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Q&A
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Kalkbrænderiløbskaj 2 2100 København Ø Danmark info@cbrain.com www.cbrain.com +45 7216 1811 cBrain, the cBrain logo, and cBrain F2 are either registered or unregistered trademarks of cBrain A/S in Denmark and/or other countries.