Interim report
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Columbus A/S | CVR no. 13 22 83 45 Columbus A/S | CVR no. 13 22 83 45 Interim report Q3 2026
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Columbus Interim report Q3 2026 2 Highlights 3 Continued progress in a changing market 4 ASTRA 29 – Building the next Columbus 6 Key figures and ratios 7 Improved profitability in Q3 8 Outlook for 2026 11 Statement by management 12 Financial statements 13 Webcast 5 November 2026 at 13:00 CET: WEBCAST AND PRESENTATION MATERIAL: https://ir.columbusglobal.com/news- events/calendar-and-events REGISTRATION TO ATTEND TELEPHONE CONFERENCE: https://player.videosync.fi/hca/2026-11- 05-columbus/dial-in Contents Find out more www.columbusglobal.com
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Highlights Columbus Interim report Q3 2026 3 Revenue DKK 367m An increase of 6% compared to Q3 2025. Adjusted EBITDA DKK 38m An increase of 58% compared to Q3 2025, when adjusted for other operating income and expenses. Adjusted EBITDA margin 10.3% Compared to 6.9% in Q3 2025, when adjusted for other operating income and expenses. Efficiency 62% Compared to 58% in Q3 2025. Q3 2026 highlights • Revenue increased by 6% to DKK 367m • EBITDA adjusted for other operating income and expenses amounted to DKK 38m, compared to DKK 24m in Q3 2025. • EBITDA margin adjusted for other operating in- come and expenses was 10.3%, up from 6.9% in Q3 2025. • Efficiency increased to 62% in Q3 2026 from 58% in same period last year. • Cash flow from operating activities amounted to DKK 55m, compared to DKK 7m in Q3 2025, pri- marily driven by changes in working capital. YTD 2026 highlights • Revenue increased by 1% to DKK 1,205m. • EBITDA adjusted for other operating income and expenses amounted to DKK 81m compared to DKK 89m YTD 2025. • EBITDA margin adjusted for other operating in- come and expenses was 6.7% compared to 7.4% YTD 2025. • Efficiency increased to 63% YTD 2026, up from 61% compared to YTD 2025. • Cash flow from operating activities was DKK 14m compared to DKK 42m YTD 2025 driven by changes in working capital. Outlook 2026 Following low activity in the first half of 2026 and a major restructuring completed in Q3 2026, we re- vised our full-year outlook as announced in Com- pany release no. 65/2026 on 22 October 2026. We now expect: • Organic revenue growth to be in the range of 2-3% • EBITDA margin to be approximately 6%. Highlights Columbus recorded another quarter of improving business activity in Q3 2026. Revenue amounted to DKK 367m, corresponding to 6% growth, while adjusted EBITDA reached DKK 38m, corresponding to an adjusted EBITDA margin of 10.3%. The improved profitability was supported by an increase in our efficiency rate to 62%, compared with 58% in Q3 last year. This was a satisfactory performance for the quarter.
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Continued progress in a changing market Columbus Interim report Q3 2026 4 Overall, we are satisfied with the progress made in Q3. 2026 marks the final year of our New Heights strategy, and we are now shaping the direction for the next phase of Columbus. Our immediate focus remains on delivering a strong finish to the year. Much has changed since we launched New Heights three years ago – in our markets, in technology and in Columbus. AI has developed faster than anybody anticipated and is already changing how our cus- tomers think about technology and their busi- nesses. We have grown the business, but translating that growth into stronger profitability has taken longer than expected. As a result, we have adjusted our full-year guidance, as announced in Company re- lease no. 65/2026 of 22 October 2026. Continued revenue growth The return to growth we saw in Q2 accelerated in Q3, with revenue increasing by 6%, although perfor- mance continued to vary across our business areas and markets. Dynamics grew by 8%, driven particularly by Nor- way, where revenue increased by 54% compared to Q3 last year. Several major contract wins have strengthened our position in the Norwegian market and provide a solid basis for further development. Data & AI continued its strong performance with 27% growth, reflecting sustained customer demand and our continued investments in this area. M3 rev- enue remained broadly unchanged, while Digital Commerce declined by 9%, reflecting challenging conditions in the retail sector. EBITDA adjusted for other operating income and expenses increased by 58% to DKK 38m compared to Q3 last year, EBITDA margin reaching 10.3%, compared with 6.9% in Q3 2025. This improvement was supported by revenue growth and higher oper- ational efficiency. Our efficiency rate reached 62%, compared with 58% in Q3 2025, reflecting better resource utilisa- tion and customer wins. Further improvement is ex- pected in Q4 2026. Investing in the right capabilities As Columbus grows and evolves, we continue to in- vest in the people and capabilities needed to meet changing customer demands. During Q3, we saw both departures and new hires, resulting in a net re- duction in employees. This is consistent with our continued focus on cost discipline while ensuring that our workforce has the right skills and expertise to support our ambitions. The adjustment of our workforce resulted in severance costs of DKK 20m in the quarter. AI is changing the conversation AI is moving beyond individual use cases to how or- ganisations need to evolve to capture its full poten- tial. As intelligence becomes increasingly accessi- ble, the opportunity is not simply to add AI to exist- ing processes, but to rethink how businesses oper- ate. Continued progress in a changing market The market for business-critical technology is changing rapidly, with AI reshaping customer expectations and how technology services are delivered. In Q3 2026, Columbus accelerated revenue growth and improved EBITDA and operational efficiency. At the same time, we continued to strengthen our organisation and evolve how we deliver value to customers. “Q3 showed continued im- provement in activity re- sulting in strong revenue growth and uptake in prof- itability. While we are satis- fied with the development in the quarter, our priority remains clear: to improve profitability and ensure that growth creates greater value.” CEO & President Søren Krogh Knudsen
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Continued progress in a changing market Columbus Interim report Q3 2026 5 This applies to Columbus as well. In Q3, we turned experience from our own AI-first transformation into a repeatable approach that we are now apply- ing in our customer work. We are also beginning to change how we deliver and price our services. During the quarter, we signed our first Augmented Delivery contracts, combining our consultants with AI agents to deliver defined outcomes at a fixed price rather than in- voicing by the hour. This is an early but important step towards capturing more of the value AI can create – for our customers and for Columbus. From New Heights to ASTRA 29 New Heights set out to strengthen Columbus as a digital advisor, deepen our industry expertise, broaden our services and improve profitability. Over the past three years, we have expanded our capa- bilities, strengthened our managed services busi- ness and developed closer customer relationships. We are now announcing ASTRA 29, our new strat- egy for 2027–2029, which builds on the progress made under New Heights and sets the direction for Columbus over the next three years. As AI agents increasingly connect systems, data and business processes, our ambition is to expand our role from implementing business systems to orchestrating, operating and continuously improving them. Outlook for 2026 Year-to-date, revenue increased by 1% to DKK 1,205m, while EBITDA adjusted for other operating income and expenses reached DKK 81m, corre- sponding to an EBITDA margin of 6.7%. Reported EBITDA year-to-date was DKK 61m, corresponding to an EBITDA margin of 5.0% Our revised full-year guidance announced on 22 October 2026 is organic revenue growth in the range of 2-3% and an EBITDA margin of approxi- mately 6%. Thank you As we enter the final months of New Heights, I would like to thank our colleagues across Columbus for their continued commitment and contribution, and our customers and partners for their trust and collaboration. Søren Krogh Knudsen CEO & President
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ASTRA 29 – Building the next Columbus Columbus Interim report Q3 2026 6 ASTRA 29, Columbus’ new strategy for 2027–2029, builds on the capabilities and customer relation- ships developed through New Heights (2024– 2026). As AI agents increasingly connect systems, data and business processes, the way businesses oper- ate is changing – creating new opportunities for Columbus and challenging traditional technology service models. Our starting point is our expertise in business-criti- cal systems, deep industry knowledge and long- standing customer relationships. These strengths position us to take a broader role in our customers’ businesses. From implementation to orchestration and opera- tions Our ambition is to move further up the value chain – from primarily implementing business systems to increasingly orchestrating and operating con- nected systems, AI agents and business processes, while continuously improving customers' opera- tions. • From projects to outcomes. • From individual systems to connected business processes. • From implementing technology to helping cus- tomers continuously improve their operations. Three must-win battles Our three must-win battles are designed to build on each other, combining improvements in our exist- ing business with new services and a broader role in our customers’ operations. • Strengthen existing services through AI-enabled delivery, improving productivity and how we cap- ture the value we create. • Develop new agentic services that connect sys- tems, data and business processes. • Expand as an operating partner, taking greater responsibility for running and continuously im- proving customers’ solutions. A more scalable business model ASTRA 29 is designed to strengthen our existing business while developing new sources of growth. AI-enabled productivity, reusable intellectual prop- erty and commercial models that better reflect the value delivered to customers will reduce our de- pendence on billable hours. Combined with a grow- ing share of recurring revenue, these changes are expected to support a more scalable business and stronger profitability. Financial ambitions for 2029 • Revenue: DKK 2bn • EBITDA: DKK 300m • Recurring revenue as share of total revenue: 20% ASTRA 29 – Building the next Columbus ASTRA 29 – Building the next Columbus Columbus Interim report Q3 2026 6 “ASTRA 29 builds on what Columbus does best. By combining our expertise in business-critical technology with new agentic capabili- ties, we aim to create a more scalable business, strengthen profitability and deliver greater value to customers.” CEO & President Søren Krogh Knudsen
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Key figures and ratios Columbus Interim report Q3 2026 7 Key ratios are calculated with balance sheet items including assets classified as held for sale. The key figures and financial ratios above have been calculated in accordance with Danish Finance Society “Recommendations & Financial Ratios”. Key figures and ratios DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Income related figures Sale of services 348,590 329,144 1,144,117 1,135,423 1,506,353 Sale of products 18,576 18,000 60,855 55,563 70,103 Total revenue 367,166 347,144 1,204,972 1,190,986 1,576,456 Recurring revenue of total revenue 14.7% 15.8% 14.1% 14.3% 14.1% EBITDA 17,728 15,619 60,655 78,256 112,944 EBIT 4,524 1,950 19,463 36,900 58,415 Net financial items 990 -1,563 -2,025 -8,177 -11,620 Profit before tax 5,514 387 17,438 28,723 46,795 Profit after tax, continuing operations 4,411 -5,604 13,950 13,245 21,456 Profit after tax, discontinued operations -571 -4,033 -5,247 -5,617 -6,644 Profit after tax 3,840 -9,637 8,703 7,628 14,812 DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Balance sheet Non-current assets 806,705 827,788 834,591 Current assets 441,356 445,454 441,154 Total assets 1,248,061 1,273,242 1,275,745 Group shareholder equity 713,776 732,598 744,962 Total liabilities 534,285 540,644 530,783 Total equity and liabilities 1,248,061 1,273,242 1,275,745 DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Investments in tangible assets 2,141 456 5,526 3,123 4,056 Cash flow Cash flow from operating activities 54,633 7,245 13,513 42,421 76,907 Cash flow from investing activities -4,000 -5,267 -12,104 -8,725 -22,977 Cash flow from financing activities -41,044 -14,782 -34,486 -45,649 -56,370 Total net change in cash and cash equivalents 9,589 -12,804 -33,077 -11,953 -2,440 Cash flow from continuing operations 10,160 -8,771 -27,830 -6,336 4,204 Cash flow from discontinued operations -571 -4,033 -5,247 -5,617 -6,644 Total net change in cash and cash equivalents 9,589 -12,804 -33,077 -11,953 -2,440 Key ratios EBITDA margin 4.8% 4.5% 5.0% 6.6% 7.2% EBIT margin 1.2% 0.6% 1.6% 3.1% 3.7% Equity ratio 57.2% 57.5% 57.2% 57.5% 58.4% Return on equity 0.5% -1.3% 1.2% 1.0% 2.0% Return on invested capital (ROIC) 1.0% 0.8% 4.0% 5.9% 9.0% Number of shares 128,000 129,276 128,000 129,276 129,276 Average number of shares 128,000 129,276 128,803 129,276 129,276 Book value per share (BVPS) (DKK) 5.58 5.67 5.58 5.67 5.76 Earnings per share (EPS) from continuing op- erations (DKK) 0.03 -0.04 0.11 0.10 0.17 Earnings per share (EPS) 0.03 -0.07 0.07 0.06 0.11 Cash flow per share (DKK) 0.43 0.06 0.10 0.33 0.59 Share price, end of period (DKK) 9.54 10.25 9.54 10.25 9.54 Average number of full-time employees 1,429 1,485 1,430 1,497 1,495
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Improved profitability in Q3 Columbus Interim report Q3 2026 8 Service revenue split by Business Lines DKK ´000 Q3 2026 Q3 2025 ∆% YTD 2026 YTD 2025 ∆% Dynamics 365 211,823 195,969 8% 681,925 682,758 0% M3 70,795 71,672 -1% 235,553 240,258 -2% Digital Commerce 34,323 37,867 -9% 120,595 132,026 -9% Data & AI 24,010 18,867 27% 84,303 64,868 30% EIM 7,639 4,769 60% 21,741 15,513 40% Total sale of services 348,590 329,144 6% 1,144,117 1,135,423 1% Total sale of products 18,576 18,000 3% 60,855 55,563 10% Total net revenue 367,166 347,144 6% 1,204,972 1,190,986 1% Service revenue split by Market Units DKK ´000 Q3 2026 Q3 2025 ∆% YTD 2026 YTD 2025 ∆% Sweden 96,656 99,235 -3% 341,512 364,469 -6% Denmark 73,476 80,892 -9% 243,513 277,325 -12% UK 78,464 77,519 1% 237,048 245,203 -3% Norway 59,926 38,930 54% 203,249 142,418 43% US 27,697 22,239 25% 82,321 77,946 6% Other 11,737 10,006 17% 34,860 27,228 28% GDC 634 323 96% 1,614 834 94% Total sale of services 348,590 329,144 6% 1,144,117 1,135,423 1% Total sale of products 18,576 18,000 3% 60,855 55,563 10% Total net revenue 367,166 347,144 6% 1,204,972 1,190,986 1% Columbus reported revenue of DKK 367m in Q3 2026, an increase of 6% compared to Q3 2025. Cur- rency effects had a minor positive impact on reve- nue during the quarter. YTD 2026 revenue in- creased by 1% compared to YTD 2025. Market uncertainty continued in Q3, but a strong recovery in our Dynamics 365 Business Line sup- ported a continued return to growth. EBITDA adjusted for other operating income and expenses amounted to DKK 38m, corresponding to a margin of 10.3%, up from 6.9% in Q3 2025. YTD 2026, EBITDA adjusted for other operating income and expenses amounted to DKK 81m, correspond- ing to an EBITDA margin of 6.7%, down 0.7 percent- age points compared to YTD 2025. Earnings were below expectations, after a challenging start in the first half of 2026. Business Line development The revenue increase in Q3 2026 was primarily driven by a 6% increase in service revenue, which accounted for 95% of total revenue for the quarter. Product sales also increased by 3%, in line with ex- pectations. Dynamics 365, our largest Business Line, delivered solid growth in Q3 2026 with service revenue in- creasing by 8% compared to Q3 2025. The increase reflects several major project wins, primarily in Nor- way, supported by Columbus' proven ERP expertise and growing AI capabilities. The contribution margin increased to 27% in Q3 2026, up from 20% in Q3 2025, driven by strong growth and utilization. M3, our second largest Business Line, reported a 1% decline in service revenue in Q3 2026 compared to Q3 2025. Continued project postponements, par- ticularly in the US and Norway, impacted perfor- mance, while Germany and Sweden continued to deliver solid momentum. The contribution margin was 13% in Q3 2026, com- pared to 20% in Q3 2025, and below expectations, primarily due to the impact of severance costs. Improved profitability in Q3 Columbus Interim report Q3 2026 8
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Improved profitability in Q3 Columbus Interim report Q3 2026 9 Digital Commerce’s service revenue declined by 9% in Q3 2026 compared to Q3 2025, reflecting con- tinued uncertainty in the UK and Norwegian retail markets. Due to softer market conditions and ongoing right- sizing of the organisation, the Business Line deliv- ered an unsatisfactory result, resulting in a declin- ing contribution margin to 9% in Q3 2026, down from 11% in Q3 2025. Data & AI continued to focus on talent develop- ment to support increasing activity levels and deliv- ered significant topline growth in Q3 2026, with service revenue increasing by impressive 27% com- pared to Q3 2025, in line with expectations. We expect continued robust demand for our Data & AI expertise, supporting further enhancement and streamlining of our customers' processes and AI-driven experiences. As a result of continued investments in key Data & AI capabilities, including initiatives such as "Agent in a Day", the contribution margin remained unsatis- factory at a level of -3% in Q3 2026, down from 6% in Q3 2025. EIM (Enterprise Information Management), intro- duced as a Business Line in the Annual Report 2025, continued to deliver profitable growth, with service revenue increasing by 60% compared to the same quarter last year. The growth was driven by rapid expansion into new markets, including the UK, US and Germany, building on Columbus' established local presence and recognised brand. EIM also delivered a solid contribution margin of 43% in Q3 2026, down from 56% in Q3 2025. The combined contribution margin increased from 19% in Q3 2025 to 21% in Q3 2026, which includes severance costs of DKK 20m. This improvement re- flects the drive towards sales growth, efficiency im- provement and cost awareness. Development in Market Units The Swedish Market Unit - our largest market - ac- counted for 28% of total service revenue in Q3 2026. Service revenue declined by 3% compared to Q3 2025, driven by a continuous slowdown in the Dynamics 365 Business Line during the quarter, in contrast to M3 which delivered 14% growth. The Danish Market Unit continued to experience declining growth, with service revenue decreasing by 9% in Q3 2026 compared to Q3 2025, primarily driven by lower activity in the Dynamics 365 Busi- ness Line. The UK Market Unit delivered a flat development in Q3 2026, with service revenue increasing by 1% compared to Q3 2025, primarily driven by growth in the Dynamics 365 and Data & AI Business Lines. The Norwegian Market Unit secured some major contract wins, resulting in an impressive 54% in- crease in service revenue in Q3 2026 compared to Q3 2025, primarily driven by the Dynamics 365, Data & AI and EIM Business Lines. The US Market Unit reported a 25% growth in ser- vice revenue in Q3 2026 compared to Q3 2025. Operations in the US are mainly driven by Dynamics 365 Business Line, with Dynamics 365 more than doubling the revenue, supported by its global repu- tation for ERP implementation expertise. Recurring revenue Recurring revenue amounted to DKK 54m in Q3 2026, representing a decrease of 4% compared to the same quarter last year. Recurring revenue ac- counted for 15% of total revenue, down by 1 per- centage point from Q3 2025. YTD 2026, recurring revenue remained at 14% of total revenue. Our Op- erational Service Agreement (OSA) business, branded as Evolve, remains a key strategic focus area. Efficiency Efficiency was 62% in Q3 2026, an increase of 4 percentage points compared to Q3 2025. The im- provement was driven by a strong focus on revenue growth and the right mix of competencies. While efficiency continues to improve, the current level remains below our long-term target of 70%. We ex- pect the positive development to continue in the coming quarters. EBITDA development EBITDA amounted to DKK 18m in Q3 2026, com- pared to DKK 16m in Q3 2025, resulting in an EBITDA margin of 4.8%, slightly above Q3 2025. Development in recurring revenue (DKKm) Development in efficiency (%) 15 13 47 37 39 42 122 133 54 55 169 170 Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operational Service Agreements Recurring Licenses 58% 62%62% 65% 62% Q3/25Q4/25Q1/26Q2/26Q3/26
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Improved profitability in Q3 Columbus Interim report Q3 2026 10 EBITDA adjusted for other operating income and expenses amounted to DKK 38m in Q3 2026, com- pared to DKK 24m in Q3 2025, resulting in an EBITDA margin of 10.3%, up from 6.9% in Q3 2025. EBITDA was negatively impacted by DKK 20m in Q3, linked to severance cost impacting both Q3 earn- ings and the full-year 2026 result. The adjustment is expected to strengthen Columbus’ operational effi- ciency and provide a more future proof and appro- priate cost base going forward. Profit before tax Profit before tax amounted to DKK 6m in Q3 2026 compared to DKK 0m in Q3 2025. The improvement was primarily driven by improved operating perfor- mance and foreign exchange gains. Discontinued operations In Q3 2026, no new events occurred in relation to discontinued operations. Costs of DKK 1m relate to expenses associated with previous divestments. Cash flow Cash flow from operating activities was positive at DKK 55m in Q3 2026, compared to DKK 7m in Q3 2025. This development was primarily driven by changes in working capital, particularly lower trade receivables. Equity Equity decreased by a net DKK 31m to DKK 714m as of 30 September 2026, compared to DKK 745m as of 31 December 2025, primarily reflecting retained earnings, currency adjustments of investments in subsidiaries, dividend paid and treasury share trans- actions. Employee development At the end of Q3 2026, Columbus employed an av- erage of 1,429 FTEs, a decrease of 56 FTEs com- pared to Q3 2025 (1,485 FTEs). This decrease is pri- marily the result of a rightsizing initiative conducted in the first half of 2026, along with ongoing efforts to optimise non-productive roles. The reduction in FTEs was primarily driven by lower activity levels in the Dynamics 365 and Digital Com- merce Business Lines, reflecting lower revenue lev- els. Selected customer wins and deliveries Dynamics 365 The Senator Group, which is a family-owned business and one of the world’s largest office furniture manufacturers, partnered with Columbus to move its desking oper- ations from an in-house developed platform to Microsoft Dynamics 365 Finance and Supply Chain Management. The first desking phase is now live, reducing risk, supporting more consistent processes and preparing the business for the next stage of automation and growth. READ MORE here: https://www.columbusglobal.com/partners/microsoft-dynam- ics-365-partner/microsoft-dynamics-365-supply-chain-management/the-senator- group-dynamics-365/ Dynamics 365 Vend Marketplaces (Vend) is a leading Nordic operator of online marketplaces, covering key verticals such as mobility, eCommerce, real estate, and job market- places. Vend and Columbus collaborated as one team, tackling a wave of chal- lenges in a major CRM and ERP project across multiple companies and locations. The project enabled Vend to consolidate its systems, automate key business pro- cesses, and embrace data-driven decision-making. With Microsoft Dynamics 365 ERP and CRM applications, Vend’s operating companies now share data and sys- tems, and drive greater success. READ MORE here: https://www.columbusglobal.com/partners/microsoft-dynam- ics-365-partner/microsoft-dynamics-365-finance/vend-modernises-market- places-with-dynamics-365/
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Outlook for 2026 Columbus Interim report Q3 2026 11 Columbus has seen improved activity levels and a return to revenue growth in both Q2 and Q3. How- ever, low activity in the first half of 2026 and a ma- jor restructuring completed in Q3 2026 have im- pacted profitability during the year. Consequently, we adjusted our EBITDA margin guidance and narrowed our organic revenue growth guidance for the full year 2026 as an- nounced on 22 October 2026 in Company release no. 65/2026. We now expect organic revenue growth in the range of 2-3% and an EBITDA margin of approximately 6% in 2026, driven by enhanced efficiency and a continued focus on contract prof- itability. The restructuring was undertaken to align our competencies and capacity with AI-driven de- livery models and to mobilise for the capabilities re- quired to execute our new strategy. We continue to see strong demand for our digital advisory and services. At the same time, cautious IT investments and a tendency to split projects into smaller phases are expected to continue through- out 2026. Columbus will continue to expand the business ser- vices; Data & AI and Digital Commerce and further strengthen our customer offerings. Enterprise In- formation Management (EIM), introduced as a sep- arate reporting Business Line in 2026, has delivered significant growth in both revenue and profitability and expanded from Sweden into other Columbus markets. The Dynamics 365 and M3 Business Lines will con- tinue to expand their unique IT service offerings and further increase their focus on delivering value through our Operational Service Agreements (OSA). Columbus has a strong foundation, anchored in a uniform operational setup across the Group. This positions us well to continue our growth jour- ney and maintain a clear focus on improving profit- ability. Key priorities on our agenda remain: • Continuous focus on efficiency • Increasing use of Columbus’ service centers • Commercial excellence • Leveraging Columbus’ strong business model The outlook is subject to the general uncertainties in our markets, including current macroeconomic conditions, higher-than-normal exchange rate vola- tility and continued geopolitical uncertainty, which may impact the general business environment. Financial ambitions for 2029 With ASTRA 29, Columbus aims to build a more scalable business model, supported by AI-enabled productivity, reusable intellectual property, new commercial models and a growing share of recur- ring revenue. These initiatives are expected to support stronger profitability and form the basis for our long-term financial ambitions for 2029: • Revenue: DKK 2bn • EBITDA: DKK 300m • Recurring revenue as share of total revenue: 20% Outlook for 2026 Outlook 2026 Organic revenue growth 2-3% EBITDA margin ~6%
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Statement by management Columbus Interim report Q3 2026 12 We have today considered and approved the in- terim financial report for the period 1 January 2026 – 30 September 2026 for Columbus A/S. The interim financial report has been prepared in accordance with IAS 34 and additional Danish in- terim reporting requirements for listed companies. The interim financial report is unaudited and has not been reviewed by the Company’s auditor. We consider the accounting policies applied to be appropriate to the effect that the interim financial report gives a true and fair view of the Group’s assets, liabilities and financial position at 30 Sep- tember 2026, and of the results of the Group’s op- erations and cash flows during the first nine months of 2026. We consider the management report to give a true and fair view of the development in the Group’s business activities and financial situation, the finan- cial result for the period and the Group’s financial position as a whole together with a true and fair description of the significant risks and uncertainty factors which the Group faces. Statement by management Ballerup, 5 November 2026 Executive Board Søren Krogh Knudsen CEO & President Brian Iversen Group CFO Board of Directors Ib Kunøe Chairman Sven Madsen Deputy Chairman Peter Skov Hansen Per Ove Kogut Karina Kirk Ringsted
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Columbus Interim report Q3 2026 13 Statement of comprehensive income 14 Balance sheet 15 Statement of changes in equity 16 Cash flow 17 Notes Note 1 - Material accounting principles 18 Note 2 - Material accounting judgements and estimates 18 Note 3 - Segment data 19 Note 4 - Staff expenses and remuneration 25 Note 5 - Other operating income and expenses 25 Note 6 - Depreciation, amortisation and impairment 26 Note 7 - Goodwill 27 Note 8 - Trade receivables 28 Note 9 - Contract assets and contract liabilities 29 Note 10 - Discontinued operations 29 Note 11 - Capital structure 30 Note 12 - Related parties 31 Note 13 - Events after the reporting period 31 Key figures, ratios and Alternative Performance Measures 32 Financial statements Financial statements Columbus Interim report Q3 2026 13
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Financial statements Columbus Interim report Q3 2026 14 Statement of comprehensive income DKK ´000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Revenue 3 367,166 347,144 1,204,972 1,190,986 1,576,456 External project costs -36,513 -36,582 -130,222 -128,164 -172,865 Gross profit 330,653 310,562 1,074,750 1,062,822 1,403,591 Staff expenses and remuneration 4 -257,162 -255,151 -878,356 -867,751 -1,138,337 Other external costs -35,575 -31,399 -115,551 -106,421 -145,784 Other operating income 0 3,870 0 3,870 7,532 Other operating expenses 5 -20,188 -12,263 -20,188 -14,264 -14,058 EBITDA 17,728 15,619 60,655 78,256 112,944 Depreciation, amortisation and impair- ment 6 -13,204 -13,669 -41,192 -41,356 -54,529 Operating profit (EBIT) 4,524 1,950 19,463 36,900 58,415 Financial income 3,152 690 5,423 2,518 3,847 Financial expenses -2,162 -2,253 -7,448 -10,695 -15,467 Profit before tax from continuing oper- ations 5,514 387 17,438 28,723 46,795 Corporate tax -1,103 -5,991 -3,488 -15,478 -25,339 Profit after tax from continuing opera- tions 4,411 -5,604 13,950 13,245 21,456 Profit (loss) after tax from discontinued operations 10 -571 -4,033 -5,247 -5,617 -6,644 Profit (loss) after tax for the period 3,840 -9,637 8,703 7,628 14,812 DKK ´000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Items that may be reclassified subse- quently to profit and loss: Foreign exchange adjustments of sub- sidiaries -6,351 -1,177 -11,238 -2,582 6,442 Other comprehensive income -6,351 -1,177 -11,238 -2,582 6,442 Total comprehensive income for the period -2,511 -10,814 -2,535 5,046 21,254 Earnings per share from continuing op- erations of DKK 1.25 (EPS) 0.03 -0.04 0.11 0.10 0.17 Earnings per share from continuing op- erations of DKK 1.25, diluted (EPS-D) 0.03 -0.04 0.11 0.10 0.17 Earnings per share of DKK 1.25 (EPS) 0.03 -0.07 0.07 0.06 0.11 Earnings per share of DKK 1.25, diluted (EPS-D) 0.03 -0.07 0.07 0.06 0.11
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Financial statements Columbus Interim report Q3 2026 15 Balance sheet DKK ´000 Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Goodwill 7 640,713 642,929 649,762 Customer base 16,516 10,162 18,917 Internal applications 14,024 22,993 24,484 Development projects finalised 0 56 0 Development projects in progress 4,134 0 0 Property, plant and equipment 8,925 8,962 8,332 Right-of-use assets 76,302 96,134 90,278 Deferred tax assets 35,829 36,549 29,122 Other receivables 10,262 10,003 13,696 Total non-current assets 806,705 827,788 834,591 Trade receivables 8 302,485 284,664 271,392 Contract assets 9 8,656 7,902 9,644 Corporate tax receivables 267 134 217 Other receivables 4,422 5,378 6,088 Receivables from divestment of activities 10 54,794 54,043 53,998 Prepayments 35,236 35,439 31,783 Receivables 405,860 387,560 373,122 Cash 35,496 57,894 68,032 Total current assets 441,356 445,454 441,154 Total Assets 1,248,061 1,273,242 1,275,745 DKK ´000 Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity and liabilities Share capital 11 160,000 161,595 161,595 Treasury Shares 11 -10,497 -7,952 -11,946 Reserves on foreign currency translation -78,525 -76,311 -67,287 Retained profit 642,798 655,266 662,600 Equity 713,776 732,598 744,962 Deferred tax liabilities 169 1,751 165 Other provisions 829 829 829 Contingent consideration 0 3,511 0 Debt to credit institutions 76,000 76,000 76,000 Lease liabilities 52,625 75,232 68,390 Total non-current liabilities 129,623 157,323 145,384 Debt to credit institutions 57,274 40,000 40,000 Contract liabilities 9 4,270 4,870 9,223 Trade payables 34,790 38,752 46,956 Corporate tax payables 5,412 9,496 9,265 Other payables 237,221 228,563 218,421 Accruals and deferred income 36,507 35,117 33,706 Lease liabilities 29,188 26,523 27,828 Total current liabilities 404,662 383,321 385,399 Total liabilities 534,285 540,644 530,783 Total Equity and Liabilities 1,248,061 1,273,242 1,275,745
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Financial statements Columbus Interim report Q3 2026 16 Statement of changes in equity DKK ´000 Share capital Treasury shares Reserves on foreign currency translation Retained profits Equity YTD 2026 Balance at 1 January 2026 161,595 -11,946 -67,287 662,600 744,962 Profit after tax 0 0 0 8,703 8,703 Currency adjustments of invest- ments in subsidiaries 0 0 -11,238 0 -11,238 Total comprehensive income 0 0 -11,238 8,703 -2,535 Capital increase 563 0 0 2,340 2,903 Share-based payment 0 0 0 160 160 Payment of dividend 0 0 0 -16,216 -16,216 Receipt of dividend on treasury shares 0 0 0 250 250 Purchase of treasury shares 0 -15,748 0 0 -15,748 Cancellation of shares -2,158 17,197 0 -15,039 0 Balance at 30 September 2026 160,000 -10,497 -78,525 642,798 713,776 DKK ´000 Share capital Treasury shares Reserves on foreign currency translation Retained profits Equity YTD 2025 Balance at 1 January 2025 161,595 0 -73,729 663,348 751,214 Profit after tax 0 0 0 7,628 7,628 Currency adjustments of invest- ments in subsidiaries 0 0 -2,582 0 -2,582 Total comprehensive income 0 0 -2,582 7,628 5,046 Share-based payment 0 0 0 450 450 Payment of dividend 0 0 0 -16,160 -16,160 Purchase of treasury shares 0 -7,952 0 0 -7,952 Balance at 30 September 2025 161,595 -7,952 -76,311 655,266 732,598 DKK ´000 Share capital Treasury shares Reserves on foreign cur- rency transla- tion Retained profits Equity 2025 Balance at 1 Jan 2025 161,595 0 -73,729 663,348 751,214 Profit after tax 0 0 0 14,812 14,812 Currency adjustments of invest- ments in subsidiaries 0 0 6,442 0 6,442 Total comprehensive income 0 0 6,442 14,812 21,254 Share-based payment 0 0 0 600 600 Payment of dividend 0 0 0 -16,160 -16,160 Purchase of treasury shares 0 -11,946 0 0 -11,946 Balance at 31 Dec 2025 161,595 -11,946 -67,287 662,600 744,962
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Financial statements Columbus Interim report Q3 2026 17 Cash flow DKK ´000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Operating profit (EBIT) 4,524 1,950 19,463 36,900 58,415 Non-recurring income and expenses from acquisitions 0 0 0 0 -4,341 Depreciation, amortisation and impair- ment 6 13,204 13,669 41,192 41,356 54,529 Cost of incentive scheme 53 150 160 450 600 Changes in net working capital 41,873 -1,624 -27,554 -12,289 -1,297 Cash flow from primary activities 59,654 14,145 33,261 66,417 107,906 Interest received, etc. 336 789 1,801 2,650 3,439 Interest paid, etc. -2,161 -3,147 -7,454 -10,808 -14,266 Corporate tax paid -3,196 -4,542 -14,095 -15,838 -20,172 Cash flow from operating activities 54,633 7,245 13,513 42,421 76,907 Investments in development projects -2,233 2,277 -4,134 1,355 1,355 Acquisition of tangible assets -2,141 -456 -5,526 -3,123 -4,056 Acquisition of intangible assets 0 -2,277 0 -2,277 -17,072 Disposal of tangible assets 11 17 9 55 87 Payments for financial assets 934 838 2,794 2,515 3,353 Acquisition of activities 0 -1,633 0 -1,633 0 Disposal of activities 10 -571 -4,033 -5,247 -5,617 -6,644 Cash flow from investing activities -4,000 -5,267 -12,104 -8,725 -22,977 DKK ´000 Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Proceeds from capital increase/war- rants exercised 0 0 2,903 0 0 Overdraft facilities -29,710 1 17,274 0 0 Repayment of lease liabilities -7,550 -6,950 -22,948 -21,537 -28,264 Treasury shares 11 -3,784 -7,833 -15,749 -7,952 -11,946 Dividends paid 0 0 -16,216 -16,160 -16,160 Dividends received from treasury shares 0 0 250 0 0 Cash flow from financing activities -41,044 -14,782 -34,486 -45,649 -56,370 Cash flow from continuing operations 10,160 -8,771 -27,830 -6,336 4,204 Cash flow from discontinued opera- tions 10 -571 -4,033 -5,247 -5,617 -6,644 Total net change in cash and cash equivalents 9,589 -12,804 -33,077 -11,953 -2,440 Cash funds at the beginning of the pe- riod 25,210 71,783 68,032 79,223 79,223 Exchange rate adjustments 697 -1,085 541 -9,376 -8,751 Cash funds at the end of the period 35,496 57,894 35,496 57,894 68,032
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Financial statements Columbus Interim report Q3 2026 18 Basis of preparation The consolidated interim financial report is prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure re- quirements for interim reports of listed companies. The consolidated interim financial report covers the period from 1 January 2026 to 30 September 2026 and is pre- sented in thousand Danish kroner (DKK). The accounting policies applied in the consolidated in- terim financial report are unchanged compared to the consolidated financial report 2025. No new standards or amendments have impacted the accounting policies during the interim period. For information on the de- tailed accounting policies, reference is made to the An- nual Report for 2025. New accounting standards IASB has issued new and amended standards and in- terpretations which have not yet been effective and therefore also not yet been implemented in the consol- idated interim financial statements. Columbus Group expects to implement these new standards and amendments when they take effect and become man- datory. The standard mentioned below is expected to have a material effect on the consolidated interim fi- nancial statements when applied. IFRS 18 will come into effective for periods beginning on 1 January 2027, with earlier application permitted. The standard is endorsed by the EU. The standard will introduce new categories and line items within the statement of comprehensive income. New explanatory notes, that explains management-defined perfor- mance measures, are required. The analysis of the impact of the implementation of IFRS 18 on the consolidated financial statement is cur- rently being finalised, thus the full impact of the stand- ard has yet to be determined. The preliminary conclusion indicates that the impact primarily related to changes in the presentation of fi- nancial income and expense within the statement of comprehensive income. The financial income and expenses is expected to be disaggregated and presented within their respective categories, operation, investment and financing. The monetary effect has yet to be determined. Early adop- tion of IFRS 18 is not expected. In preparing the consolidated interim financial state- ments, Management makes various accounting judge- ments and estimates that affect the reported amounts and disclosures in the consolidated financial state- ments and in the notes to the statements. These are based on professional experience, historical data and other factors available to Management at the time of reporting. By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period. For detailed information on the material accounting judgements and estimates, reference is made to the Annual Report for 2025. The material accounting judgements and estimates for the interim period are listed below. Estimate of utilisation of deferred tax assets Deferred tax assets are recognised for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realised in which the losses and the difference values can be utilised. Determining the amount that can be recognised for deferred tax assets is based on Management’s estimate of future taxable profits. At 30 September 2026, the carrying value of recognised deferred tax was DKK 35.8m, which is estimated to be realised in the foreseeable future (5 years or less). Estimate of expected credit loss of Receivables from divestment of activities Receivables from divestment are impaired. The ex- pected credit loss has been calculated based on multi- ple weighted scenarios. The scenarios are based on the available information which mainly relates to the ex- pected ruling of the upcoming court case and the buy- ers' ability to meet their financial obligation. Refer to note 10 – Discontinued operations. Estimate of recoverable amount of goodwill Goodwill is tested when indications of impairment arise during an interim period. The impairment test is based on the Value-in-Use model and is performed based on most reason updated forecasts and management as- sumptions. The significant assumptions applied are the growth in the BL contribution and WACC. See note 7 - Goodwill for a detailed description of the assumptions used in the estimate. Estimate of revenue recognition of fixed price con- tracts The stage of completion, forming the basis for the cur- rent recognition of revenue at the Group, uses the pro- duction method of contracts. The stage of completion is determined on the basis of the relationship between the number of hours spent in relation to recent total estimate of number of hours. The degree of comple- tion is assessed regularly by the responsible employ- ees, and the projects are closely monitored by man- agement, and further adjustments are made to the stage of completion, etc., if deemed necessary. The group has a limited number of fixed price projects, which generally reduces the risk related to this. ● NOTE 1 Material accounting principles ● NOTE 2 Material accounting judgements and estimates
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Financial statements Columbus Interim report Q3 2026 19 In order to support decisions about allocation of re- sources and assessment of performance of the seg- ments, the Group’s management reporting to the Ex- ecutive Board is based on the above grouping of oper- ating segments. Management monitors the business, primarily based on the Business Lines and secondarily on the geographical segments. Information about the Group’s Business Lines is stated below. The Group operates under a global operating model, with strategic Business Lines as the primary driver for decision-making. Market Units serve as a secondary driver, primarily used for assessing market strategies and maintaining customer relations. The Business Lines relate to the type of services and products that are delivered, and comprise of Dynamics 365, M3, Digital Commerce, Data & AI and EIM. Market Units comprise of significant geographical mar- kets that the Group operates in. Management uses the Market Units to assess market conditions and perfor- mance on revenue only. The operating segments are measured from revenue to contribution, as this represents a significant part of the operation of the segments. The balance sheet is only presented in the reporting for the legal entities. Costs related to functions necessary to support the business are classified as Enabling Functions and com- prise of all costs not directly related to a specific Busi- ness Line, including costs related to facility, marketing, finance, people, legal and management. Enabling Func- tions mostly operate as global teams, servicing across Business Lines and geography. Income and costs recognised in comprehensive income, which are not di- rectly related to a Business Line, are included in Ena- bling functions, i.e. legal cases and M&A activities. Business Lines Revenue Split YTD 2026 Business Lines Revenue Split YTD 2025 % 60% 20% 10% 7% 3% Dynamics 365 M3 Digital Commerce Data & AI EIM 61%20% 11% 6% 2% Dynamics 365 M3 Digital Commerce Data & AI EIM ● NOTE 3 Segment data Strategic Business Lines Market Units Global Delivery Centers (GDC) Dynamics 365 M3 Digital Commerce Data & AI EIM Sweden Denmark UK Norway US Other Poland Czech Republic India
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Financial statements Columbus Interim report Q3 2026 20 ● NOTE 3 Segment data, continued DKK ´000 Services Products Total revenue Ext. project costs Staff expenses Other ext. cost Other operating Total direct cost Contribution CM % Avg. FTE Q3 2026 Dynamics 365 211,823 12,374 224,197 -20,422 -132,008 -6,055 -6,062 -164,547 59,650 27% 697 M3 70,795 994 71,789 -10,084 -44,083 -3,636 -4,488 -62,291 9,498 13% 257 Digital Commerce 34,323 334 34,657 -3,738 -23,598 -1,964 -2,200 -31,500 3,157 9% 156 Data & AI 24,010 118 24,128 -1,626 -19,363 -725 -3,138 -24,852 -724 -3% 107 EIM 7,639 4,756 12,395 -581 -5,837 -430 -243 -7,091 5,304 43% 28 Total 348,590 18,576 367,166 -36,451 -224,889 -12,810 -16,131 -290,281 76,885 21% 1,245 Enabling Functions -62 -32,273 -22,765 -4,057 -59,157 184 Total -36,513 -257,162 -35,575 -20,188 1,429 EBITDA 17,728 DKK ´000 Services Products Total revenue Ext. project costs Staff expenses Other ext. cost Other operating Total direct cost Contribution CM % Avg. FTE Q3 2025 Dynamics 365 195,969 13,427 209,396 -19,137 -133,352 -4,745 -9,564 -166,798 42,598 20% 755 M3 71,672 97 71,769 -11,343 -43,535 -2,741 0 -57,619 14,150 20% 242 Digital Commerce 37,867 222 38,089 -4,164 -27,272 -2,103 -474 -34,013 4,076 11% 171 Data & AI 18,867 130 18,997 -1,005 -16,008 -696 -189 -17,898 1,099 6% 88 EIM 4,769 4,124 8,893 -278 -3,359 -275 0 -3,912 4,981 56% 22 Total 329,144 18,000 347,144 -35,927 -223,526 -10,560 -10,227 -280,240 66,904 19% 1,278 Enabling Functions -655 -31,625 -20,839 1,834 -51,285 207 Total -36,582 -255,151 -31,399 -8,393 1,485 EBITDA 15,619
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Financial statements Columbus Interim report Q3 2026 21 ● NOTE 3 Segment data, continued DKK ´000 Services Products Total revenue Ext. project costs Staff expenses Other ext. cost Other operating Total direct cost Contribution CM % Avg. FTE YTD 2026 Dynamics 365 681,925 39,565 721,490 -75,334 -461,368 -20,221 -6,061 -562,984 158,506 22% 701 M3 235,553 5,273 240,826 -34,786 -151,219 -11,138 -4,488 -201,631 39,195 16% 255 Digital Commerce 120,595 1,439 122,034 -12,490 -86,026 -6,665 -2,200 -107,381 14,653 12% 157 Data & AI 84,303 268 84,571 -5,464 -70,734 -3,158 -3,138 -82,494 2,077 2% 106 EIM 21,741 14,310 36,051 -1,855 -17,011 -1,503 -243 -20,612 15,439 43% 25 Total 1,144,117 60,855 1,204,972 -129,929 -786,358 -42,685 -16,130 -975,102 229,870 19% 1,244 Enabling Functions -293 -91,998 -72,866 -4,058 -169,215 186 Total -130,222 -878,356 -115,551 -20,188 1,430 EBITDA 60,655 DKK ´000 Services Products Total revenue Ext. project costs Staff expenses Other ext. cost Other operating Total direct cost Contribution CM % Avg. FTE YTD 2025 Dynamics 365 682,758 39,424 722,182 -64,807 -464,709 -18,539 -9,564 -557,619 164,563 23% 762 M3 240,258 2,893 243,151 -40,687 -140,415 -8,871 0 -189,973 53,178 22% 241 Digital Commerce 132,026 1,158 133,184 -14,536 -95,331 -7,604 -474 -117,945 15,239 11% 181 Data & AI 64,868 314 65,182 -4,376 -50,982 -2,535 -189 -58,082 7,100 11% 83 EIM 15,513 11,774 27,287 -989 -12,511 -1,262 0 -14,762 12,525 46% 23 Total 1,135,423 55,563 1,190,986 -125,395 -763,948 -38,811 -10,227 -938,381 252,605 21% 1,290 Enabling Functions -2,769 -103,803 -67,610 -167 -174,349 207 Total -128,164 -867,751 -106,421 -10,394 1,497 EBITDA 78,256
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Financial statements Columbus Interim report Q3 2026 22 ● NOTE 3 Segment data, continued DKK ´000 Services Products Total revenue Ext. project costs Staff expenses Other ext. cost Other operating Total direct cost Contribution CM % Avg. FTE 2025 Dynamics 365 899,147 48,620 947,767 -87,829 -602,053 -25,660 -9,567 -725,109 222,658 23% 758 M3 321,547 3,637 325,184 -54,929 -191,549 -12,931 0 -259,409 65,775 20% 245 Digital Commerce 173,384 1,322 174,706 -18,876 -123,329 -10,586 -474 -153,265 21,441 12% 177 Data & AI 90,992 408 91,400 -6,549 -73,229 -3,388 -189 -83,355 8,045 9% 88 EIM 21,283 16,116 37,399 -1,361 -17,630 -1,956 0 -20,947 16,452 44% 23 Total 1,506,353 70,103 1,576,456 -169,544 -1,007,790 -54,521 -10,230 -1,242,085 334,371 21% 1,291 Enabling Functions -3,321 -130,547 -91,263 3,704 -221,427 204 Total -172,865 -1,138,337 -145,784 -6,526 1,495 EBITDA 112,944
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Financial statements Columbus Interim report Q3 2026 23 ● NOTE 3 Segment data, continued DKK ´000 Sweden Denmark UK Norway US Other GDC Eliminations Total Q3 2026 Sales of services 96,656 73,476 78,464 59,926 27,697 11,737 634 0 348,590 Sales of products 6,262 5,845 1,979 2,812 1,678 0 0 0 18,576 Total revenue from own markets 102,918 79,321 80,443 62,738 29,375 11,737 634 0 367,166 Total revenue from group companies 10,173 13,409 7,740 1,468 4,032 2,689 31,582 -71,093 0 Total revenue 113,091 92,730 88,183 64,206 33,407 14,426 32,216 -71,093 367,166 Average number of FTE 356 301 226 150 58 45 293 0 1,429 DKK ´000 Sweden Denmark UK Norway US Other GDC Eliminations Total Q3 2025 Sales of services 99,235 80,892 77,519 38,930 22,239 10,006 323 0 329,144 Sales of products 4,230 7,393 3,346 1,655 1,376 0 0 0 18,000 Total revenue from own markets 103,465 88,285 80,865 40,585 23,615 10,006 323 0 347,144 Total revenue from group companies 11,285 11,606 4,394 2,713 2,743 2,967 30,583 -66,291 0 Total revenue 114,750 99,891 85,259 43,298 26,358 12,973 30,906 -66,291 347,144 Average number of FTE 389 326 211 157 48 40 314 0 1,485
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Financial statements Columbus Interim report Q3 2026 24 ● NOTE 3 Segment data, continued DKK ´000 Sweden Denmark UK Norway US Other GDC Eliminations Total YTD 2026 Sales of services 341,512 243,513 237,048 203,249 82,321 34,860 1,614 0 1,144,117 Sales of products 20,192 16,111 11,762 8,094 4,696 0 0 0 60,855 Total revenue from own markets 361,704 259,624 248,810 211,343 87,017 34,860 1,614 0 1,204,972 Total revenue from group companies 42,528 40,998 20,221 5,281 10,293 9,401 94,879 -223,601 0 Total revenue 404,232 300,622 269,031 216,624 97,310 44,261 96,493 -223,601 1,204,972 Average number of FTE 360 306 223 151 57 43 290 0 1,430 DKK ´000 Sweden Denmark UK Norway US Other GDC Eliminations Total YTD 2025 Sales of services 364,469 277,325 245,203 142,418 77,946 27,228 834 0 1,135,423 Sales of products 15,630 18,005 10,202 6,976 4,750 0 0 0 55,563 Total revenue from own markets 380,099 295,330 255,405 149,394 82,696 27,228 834 0 1,190,986 Total revenue from group companies 38,853 41,612 17,073 11,231 7,844 8,315 96,572 -221,500 0 Total revenue 418,952 336,942 272,478 160,625 90,540 35,543 97,406 -221,500 1,190,986 Average number of FTE 397 327 207 160 44 40 322 0 1,497 DKK ´000 Sweden Denmark UK Norway US Other GDC Eliminations Total 2025 Sales of services 483,948 367,435 322,871 195,010 98,984 37,008 1,097 0 1,506,353 Sales of products 20,593 22,176 12,428 9,201 5,705 0 0 0 70,103 Total revenue from own markets 504,541 389,611 335,299 204,211 104,689 37,008 1,097 0 1,576,456 Total revenue from group companies 54,588 53,379 22,279 14,392 10,912 10,972 130,143 -296,665 0 Total revenue 559,129 442,990 357,578 218,603 115,601 47,980 131,240 -296,665 1,576,456 Average number of FTE 393 327 210 160 46 40 319 0 1,495
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Financial statements Columbus Interim report Q3 2026 25 The redundancy primarily related to organisational adjustments. DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Staff expenses Salary and wages 239,142 238,686 749,256 743,887 980,064 Other social security costs 30,888 27,940 107,351 100,806 135,652 Other staff expenses -10,688 -11,625 25,723 22,608 28,089 Share-based payment 53 150 160 450 600 Total staff expenses 259,395 255,151 882,490 867,751 1,144,405 Employee costs capitalised as intangible assets -2,233 0 -4,134 0 -6,068 Total staff expense and remuneration 257,162 255,151 878,356 867,751 1,138,337 Average number of FTEs 1,429 1,485 1,430 1,497 1,495 ● NOTE 4 Staff expenses and remuneration DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Other operating income Unachieved earn-out 0 1,373 0 1,373 4,341 Legal cases 0 2,497 0 2,497 3,191 Total Other operating income 0 3,870 0 3,870 7,532 Other operating expenses Redundancy cost 20,188 11,304 20,188 11,304 11,303 Strategic review 0 959 0 2,960 2,755 Total Other operating expenses 20,188 12,263 20,188 14,264 14,058 Other operating income & expenses, net -20,188 -8,393 -20,188 -10,394 -6,526 ● NOTE 5 Other operating income and expenses
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Financial statements Columbus Interim report Q3 2026 26 ● NOTE 6 Depreciation, amortisation and impairment DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Depreciation 9,043 9,091 27,372 28,064 36,675 Amortisation 4,161 4,578 13,820 13,292 17,854 Total depreciation, amortisation and impairment 13,204 13,669 41,192 41,356 54,529
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Financial statements Columbus Interim report Q3 2026 27 An indication of impairment continues to be observed within Digital Commerce as the performance realised in the first three quarters of 2026 remains below budget. An impairment test has been performed to assess the carrying amount of the Business Line. The impairment test confirms a positive headroom and supports the re- coverability of the carrying amount. Consequently, no impairment has been recognised as of the end of Q3 2026. No indications of impairment have been identi- fied withing the other Business Lines. Future Cash flows The impairment test is a Value-in-Use test based on an updated forecast prepared for the remaining quarter of 2026. The forecast is based on a bottom-up pro- cess. The key assumptions for the forecast are ex- pected development in efficiency (number of chargea- ble hours compared to total hours) resulting in revenue growth and gross profits from sale of software as well as the general development in cost. The most significant uncertainties are related to the determination of discount rates, growth rates and ex- pected changes in costs in the projection and terminal period. The following 4-year projection period is based on as- sumptions for the main revenue, Service revenue. The projection is based on management expectations on market and business development. The table details the key assumptions used in the im- pairment test for the Digital Commerce Business Line. ● NOTE 7 Goodwill DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Business Line Dynamics 365 348,333 347,284 349,723 M3 155,664 157,616 159,982 Digital Commerce 115,090 116,533 118,516 Data & AI 16,063 15,904 15,923 EIM 5,563 5,592 5,618 Carrying amount end of period 640,713 642,929 649,762 Key assumptions 30 Sep 2026 (Digital Commerce Business Line) Forecast Projection Terminal Revenue Growth 0% 9% 2% EBITDA margin 1% 2% - 8% 8% Tax rate 22% 22% 22% Average reinvestment of cash flow from operations 20% 25% - 7% 7% WACC 9.7% 9.7% 9.7% Key assumptions 31 Dec 2025 (Digital Commerce Business Line) Forecast Projection Terminal Revenue Growth 9% 8% 2% EBITDA margin 5% 11% - 17% 17% Tax rate 22% 22% 22% Average reinvestment of cash flow from operations 41% 14% - 7% 7% WACC 9.4% 9.4% 9.4%
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Financial statements Columbus Interim report Q3 2026 28 DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Receivables at 1 Jan 2026 273,920 273,423 273,423 Change in receivables during the period 30,519 12,482 497 Receivables at 30 Sep 2026 304,439 285,905 273,920 Provisions for bad debt at 1 Jan 2026 2,528 876 876 Change in provisions for bad debt during the period 1,197 511 1,825 Loss realised during the period -1,771 -146 -173 Provisions for bad debt at 30 Sep 2026 1,954 1,241 2,528 Carrying amount at 30 Sep 2026 302,485 284,664 271,392 DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Age of receivables (gross): Not due 280,512 259,477 193,503 0-30 days 14,786 13,943 66,428 30-60 days 4,110 8,236 8,497 61-90 days 314 2,217 2,344 91-180 days 3,769 893 1,909 181-270 days 345 586 496 270-360 days 140 386 448 Above 360 days 463 167 295 Total 304,439 285,905 273,920 ● NOTE 8 Trade receivables DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Age of impairment: Not due 0 41 10 0-30 days 30 28 143 30-60 days 49 99 101 61-90 days 13 90 94 91-180 days 1,103 180 1,189 181-270 days 276 360 397 271-360 days 112 309 358 Over 360 days 371 134 236 Total 1,954 1,241 2,528 DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Provision matrix: Not due 0% 0% 0% 0-30 days 0% 0% 0% 30-60 days 1% 2% 1% 61-90 days 5% 5% 5% 91-180 days 37% 25% 78% 181-270 days 100% 77% 100% 271-360 days 100% 100% 100% Over 360 days 100% 100% 100%
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Financial statements Columbus Interim report Q3 2026 29 Discontinued operations in 2026 There have not been any discontinued operations in 2026. The transaction costs are related to previous disposals. Receivables from divestments of activities On 1 November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The business activity is consequently classified as discon- tinued operations in 2021. The transaction was settled partly in cash at the transaction date (USD 8,000k), and partly as deferred consideration which was due in Q2 2022 (USD 8,500k), corresponding to DKK 54,794k. The buyer has withheld payment of the deferred con- sideration with reference to asserted claims relating to the acquired business. Columbus disputes the asserted claims and has demanded release of the deferred con- sideration together with interest for late payment since 2022. The matter remains subject to legal proceedings and is expected to be resolved in court during the first quar- ter of 2027. Columbus expects a favorable outcome in court. At 30 September 2026, the receivable is considered to be impaired, as a legal dispute over the right to pay- ment under the APA is ongoing. Expected credit losses have been measured using multiple probabil- ity‑weighted scenarios. The scenarios reflect all availa- ble information, including expectations regarding the court ruling and the buyer's ability to settle any out- standing amount. No credit loss has been recorded and the deferred consideration is recorded at USD 8,500k, correspond- ing to DKK 54,794k (Q3 2025: USD 8,500k / DKK 54,043k). ● NOTE 9 Contract assets and contract liabilities ● NOTE 10 Discontinued operations DKK ´000 30 Sep 2026 30 Sep 2025 31 Dec 2025 Balance at 1 Jan 2026 421 -2,094 -2,094 Changes contract assets during the period -1,915 13,891 9,506 Changes on account billing and prepayments during the period 5,880 -8,765 -6,991 Balance at 30 Sep 2026 4,386 3,032 421 Work in progress 31,405 37,705 33,320 On account billing and prepayments -27,019 -34,673 -32,899 Balance at 30 Sep 2026 4,386 3,032 421 The net value is included in the balance as follows: Contract assets 8,656 7,902 9,644 Contract liabilities -4,270 -4,870 -9,223 Balance at 30 Sep 2026 4,386 3,032 421 DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Gain (loss) on disposal of subsidiaries 0 0 0 0 0 Recirculation of historical currency adjustments 0 0 0 0 0 Transaction costs related to disposal -571 -4,033 -5,247 -5,617 -6,644 Total gain (loss) on divestment of discontinued operations -571 -4,033 -5,247 -5,617 -6,644
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Financial statements Columbus Interim report Q3 2026 30 The share capital consists of 128,000,000 shares of DKK 1,25, corresponding to DKK 160,000k (nom.). The shares are not divided into classes, and no shares have any special rights. The share capital is fully paid in. In March 2026 the Company increased the capital by 450,000 shares of DKK 1,25, corresponding to DKK 562.500 (nom.) as a result of an exercised warrant pro- gram. In April 2026 the Company paid dividend of DKK 0.125 per share, a total of DKK 16,216k, was paid to the share- holders. In May 2026 the Company decreased the capital by 1,726,264 shares of DKK 1.25, corresponding to DKK 2,157,830 (nom.). Number of shares Share Capital DKK '000 Number of Treasury shares Treasury shares DKK '000 YTD 2026 Balance at 1 Jan 2026 129,276,264 161,595 1,193,636 11,946 Capital increase 450,000 563 0 0 Cancellation of shares -1,726,264 -2,158 -1,726,264 -17,197 Acquisition of shares 0 0 1,593,332 15,748 Balance at 30 Sep 2026 128,000,000 160,000 1,060,704 10,497 Number of shares Share Capital DKK '000 Number of Treasury shares Treasury shares DKK '000 YTD 2025 Balance at 1 Jan 2025 129,276,264 161,595 0 0 Acquisition of shares 0 0 786,059 7,952 Balance at 30 Sep 2025 129,276,264 161,595 786,059 7,952 ● NOTE 11 Capital structure Number of shares Share Capital DKK '000 Number of Treasury shares Treasury shares DKK '000 2025 Balance at 1 Jan 2025 129,276,264 161,595 0 0 Acquisition of shares 0 0 1,193,636 11,946 Balance at 31 Dec 2025 129,276,264 161,595 1,193,636 11,946
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Financial statements Columbus Interim report Q3 2026 31 Related parties with significant influence ATEA (Lautrupvang 6, 2750 Ballerup) Consolidated Holdings A/S has significant influence in ATEA, and certain dual roles in the management are filled by the same persons in ATEA and the Columbus Group. Transactions with the company are made on an arm's length basis. X-Yachts A/S (Fjordagervej 21, 6100 Haderslev) Consolidated Holdings A/S has a significant influence in X-Yachts A/S and certain roles in the management are filled by the same people in X-Yachts and Colum- bus Group. Transactions with X-Yachts A/S were made on arm’s length. Exercise of warrant under the Incentive schemes During 2026, a member of the Executive Board of Co- lumbus A/S exercised 450,000 warrants at an exercise price of DKK 6.45 per warrant, resulting in total pro- ceeds of DKK 2,903k. Consequently, 450,000 new shares with a nominal value of DKK 1.25 per share were issued. The interim financial report was authorised for issue by the Board of Directors on 5 November 2026. No events have occurred, until this date, which would influence the evaluation of this report. ● NOTE 12 Related parties DKK ´000 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Net sales Atea 29 210 220 2,546 3,738 X-Yachts A/S 1,021 598 1,898 1,930 1,988 Total 1,050 808 2,118 4,476 5,726 Net purchase Atea -5,005 -4,015 -13,584 -11,705 -23,025 Total -5,005 -4,015 -13,584 -11,705 -23,025 ● NOTE 13 Events after the reporting period
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Financial statements Columbus Interim report Q3 2026 32 Key figures and ratios Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. Other ratios are calculated in accordance with the Danish Finance Society “Recommendations & Financial Ratios”. The financial ratios stated are calculated as follows: Alternative Performance Measures Recurring Revenue Recurring Revenue includes Operational Service Agreements and Recurring Licenses. Recurring revenue does not necessarily mean a binding contractual agreement. However, recurring revenue is defined as revenue with a high degree of certainty for renewal >95%. The purpose of defining Recurring Revenue is to express a level of predictability in the revenue. The higher degree of Recurring Revenue in pct. of total rev- enue – the more predictable is the Columbus revenue going forward. Efficiency Efficiency is calculated as all invoiced customer hours divided by available customer hours. Available cus- tomer hours are calculated as normal work schedule hours for all productive employees, less hours for holi- day and parental leave. Constant currency growth Growth is measured in constant currency by convert- ing actual figures in local currency to DKK with the historical exchange rate for the given currency. When measuring for a period, the average historical exchange rate is used. Growth is measured based on the actual historical figure compared to the calculated constant currency figure. ● NOTE Key figures, ratios and Alternative Performance Measures EBITDA margin Earnings before interest, tax, depreciations and amortisations (EBITDA) Net revenue Operating margin Operating profit (EBIT) Net revenue Return on equity Profit after tax and excl. minority interests Average equity excl. minority interests Equity ratio Equity excl. minority interests Total equity and liabilities Earnings per share (EPS) Profit after tax and excl. minority interests x f Average number of shares Book value per share (BVPS) Equity excl. minority interests end of year x 100 x f Number of shares end of year Cash flow per share Cash flow from operations x f Average number of diluted shares Adjustment factor (f) Theoretical rate Listed price of stock the day before the subscrip- tion and/or stock right cease Recurring Revenue % of total revenue Recurring revenue Net revenue
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Financial statements Columbus Interim report Q3 2026 33 Columbus A/S Lautrupvang 6 DK- 2750 Ballerup Denmark Tel.: +45 70 20 50 00 www.columbusglobal.com/ CVR no. 13 22 83 45 Columbus is an international consultancy headquartered in Denmark with more than 1,400 employees and 1,100 custom- ers worldwide. Columbus delivers digital solutions supporting business-critical processes across industries such as Man- ufacturing, Retail, Food & Beverage, and Life Science. Services include Cloud Services, Data & AI, ERP, CRM, Digital Com- merce, and Cybersecurity. Columbus has a local presence in the Nordics, the United Kingdom, and the United States – and global delivery – and is positioned to drive digital transformation and enable scalable growth.