Columbus returns to growth in Q2 as customer activity picks up

Columbus delivered 2% revenue growth in the second quarter of 2026 supported by strong demand within Data & AI and Enterprise Information Management. Activity levels improved during the quarter, strengthening Columbus’ position going into the second half of the year.

“The improving momentum towards the end of the first quarter continued into Q2, where we returned to revenue growth and saw stronger customer activity. Profitability is not yet where we want it to be, but we are encouraged by the development in our pipeline and remain focused on improving efficiency and project profitability,” says CEO & President Søren Krogh Knudsen.

Return to revenue growth
Revenue in Q2 2026 was DKK 420m (Q2 2025: DKK 410m), representing an increase of 2%, impacted by a slightly positive currency effect.

Service revenue growth was driven by strong demand within Data & AI and Enterprise Information Management, which grew by 40% and 28%, respectively. Dynamics 365 also delivered growth of 1%, while M3 and Digital Commerce declined by 3% and 8%, respectively.

Across geographies, Norway and Germany delivered strong service revenue growth of 52% and 37%, respectively, while service revenue declined by 8% in Sweden and 12% in Denmark. In the UK, service revenue decreased by 1%, however, adjusted for foreign exchange effect, service revenue grew by 4% in the UK.

EBITDA amounted to DKK 17m (Q2 2025: DKK 16m), corresponding to an EBITDA margin of 4.0%, unchanged from Q2 2025. Profitability remained below ambitions, but operational efficiency improved to 65% from 63% in Q2 2025 as Columbus continued to maintain cost discipline and focus on profitable engagements.

AI moving into core business processes
Customer demand for practical AI applications continued to grow during the quarter. Columbus strengthened its capabilities through new partnerships and customer engagements, including the first phase of an AI-first transformation with Felleskjøpet Agri in Norway.

“AI is increasingly becoming part of our customers’ core business processes. Our focus is on turning this potential into practical solutions that improve efficiency and create measurable business value,” says Søren Krogh Knudsen.

Outlook for 2026 maintained
Columbus expects the improving activity level to continue into the second half of 2026 and maintains its full-year expectations of organic revenue growth of 0-5% and an EBITDA margin of 8-10%.

Key figures Q2 2026

• Revenue: DKK 420m (Q2 2025: DKK 410m), an increase of 2%
• EBITDA: DKK 17m (Q2 2025: DKK 16m)
• EBITDA margin: 4.0% (Q2 2025: 4.0%)
• CFFO: DKK -38m (Q2 2025: DKK 18m)

Highlights YTD 2026

• Revenue: DKK 838m (YTD 2025: DKK 844m), corresponding to a decrease of 1%
• EBITDA: DKK 43m (YTD 2025: DKK 63m), corresponding to a decrease of 31%
• EBITDA margin: 5.1% (YTD 2025: 7.4%)
• CFFO: DKK -41m (YTD 2025: DKK 35m)

Read the Interim Report Q2 2026 here: https://storage.googleapis.com/inderes-widgets-prod-assets/columbus/attachments/ec968baf-965d-4f29-925b-f6df64b49d55/columbus-interim-report-q2-2026.pdf