Q2 shaped by market caution – strategy execution drives resilience

In Q2 2025, Columbus navigated in a market characterized by continued caution and slower decision-making, particularly in the Nordics. Revenue decreased by 4% to DKK 410m, and the EBITDA margin ended at 4.0%. Q2 performance was below expectations, and 2025 guidance was adjusted to reflect market conditions, with growth expected to return in the second half of the year.

Despite the challenging environment, Columbus maintained focus on its New Heights strategy, advancing key initiatives in areas such as AI. The quarter was marked by mixed momentum across markets, with strong performance in the UK and US offset by continued caution in the Nordics.

Revenue in Q2 2025 was DKK 410m, representing a decrease of 4%, and EBITDA was DKK 16m, corresponding to a margin of 4.0%. For H1 2025, revenue totaled DKK 844m, down 3% from H1 2024, and EBITDA was DKK 63m, corresponding to a margin of 7.4%.

“Columbus’ resilience is underpinned by a scalable delivery model, strong customer relationships, and disciplined execution. While the market has been cautious in the first half of 2025, we are now seeing early signs of renewed activity, with postponed projects gradually returning and the pipeline strengthening,” says CEO Søren Krogh Knudsen.

Given the current market conditions, 2025 guidance was on 16 July 2025 realigned (Company release no. 11/2025) to revenue of around DKK 1.7bn in line with 2024 and an EBITDA margin of 7–9%, thus revenue growth is expected in the second half of 2025. To strengthen near-term earnings and long-term competitiveness, Columbus will also launch a profitability improvement program in Q3 2025.

The strategic review initiated in January was concluded with no changes to the ownership structure, reflecting a slower M&A environment and valuation levels, while Columbus remains positioned for selective acquisitions supported by strong cash flow.

Key figures Q2 2025

• Revenue: DKK 410m (Q2 2024: DKK 427m), corresponding to a decrease of 4%
• EBITDA: DKK 16m (Q2 2024: DKK 30m), corresponding to a decrease of 47%
• EBITDA margin: 4.0% (Q2 2024: 7.0%)
• CFFO: DKK 18m (Q2 2024: DKK 16m)
  
  

Highlights YTD 2025
*adjusted for the M3CS legal case in Q1 2024 

• Revenue: DKK 844m (YTD 2024: DKK 871m), corresponding to a decrease of 3%
• EBITDA*: DKK 63m (YTD 2024: DKK 65m), corresponding to a decrease of 3%
• EBITDA margin*: 7.4% (YTD 2024: 7.5%)
• CFFO: DKK 35m (YTD 2024: DKK 39m)

 

Guidance 2025

• Revenue: in line with 2024, i.e., approximately DKK 1.7bn
• EBITDA margin: 7-9%

Read the full Interim Report Q2 2025 here: https://ir.columbusglobal.com/static-files/6a3561fa-e206-4e11-91a0-8c5a30874d61