Columbus: FY 2025 in line with preliminary results – returns to growth in 2026
Oversigt
- Columbus' 2025 Annual Report shows revenue of DKK 1,576m, a 5% decline, with an EBITDA margin of 7.2%, slightly improving to 7.6% when adjusted for other operating income/expenses.
- For 2026, Columbus anticipates revenue growth of 0-5% and an EBITDA margin of 8-10%, supported by strong demand for digital services and a robust order pipeline.
- The "New Heights" strategy's long-term goals of 10% revenue growth and a 15% EBITDA margin remain, but the timeline is under review, with a new strategy expected in early November 2026.
- Geographically, the Nordics saw an 8% decline in 2025, while the UK and US grew by 2% and 18%, respectively, highlighting Columbus' diversified geographical footprint.
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This morning, Columbus released its Annual Report for 2025. The final figures are in line with the preliminary results announced in January, with revenue of DKK 1,576m (-5%) and an EBITDA margin of 7.2% (2024: 9.2%). Adjusted for other operating income/expenses, the underlying EBITDA margin improved slightly to 7.6% (2024: 7.4%).
For 2026, Columbus guides revenue growth of 0-5% and an EBITDA margin of 8-10%. This represents a return to growth after a challenging 2025 and continued margin expansion. The guidance is supported by several factors: strong demand for digital advisory and services, a strengthened order pipeline despite 2025 headwinds, and notably, the signing of one of Columbus' largest contracts to date towards the end of 2025, which commenced in early 2026. In Norway, Dynamics 365 closed the year with a strong pipeline for 2026. Management does note that some customer reluctance in IT investments will likely persist, with projects being divided into "smaller bites."
Regarding the "New Heights" strategy, Columbus confirms that the long-term financial ambitions of 10% revenue growth and 15% EBITDA margin remain unchanged,but will not be achieved by the end of 2026 as originally planned. The timeline is under review as part of an ongoing strategy process, with a new strategy expected to be announced in early November 2026.
By Business Line, the largest segment Dynamics 365 (60% of revenue) declined 8%, reflecting prolonged decision-making and delays in larger Cloud ERP projects. M3 (21% of revenue) delivered flat performance, demonstrating stability in a challenging market. Digital Commerce (11% of revenue) declined 4%, particularly affected by weakness in the retail sector. On the positive side, Data & AI (6% of revenue) grew 3%, driven by organisations embarking on their AI journey and investing in data platforms. A notable highlight is Enterprise Information Management (EIM), which delivered 40% growth and will become a standalone Business Line from 2026.
Geographically, performance varied significantly in 2025. The Nordics declined 8%, with Denmark (-11%) and Norway (-14%) most affected, while Sweden was more moderate at -5%. In contrast, UK grew 2% and US grew 18%, demonstrating the value of Columbus' diversified geographical footprint.
Looking ahead, Columbus highlights key priorities including continuous focus on efficiency, increased use of service centers, commercial excellence, and leveraging of the business model.
Later today we host an analyst call with the company. Focus here will be on what support the return to growth in 2026 and indications on the timeline for achieving the "New Heights" strategy, although this will probably have to await the new strategy. Also focus will be on the high growth in the Data & AI and Enterprise Information Management (EIM), and whether that gives any clues to the future in a world where AI will have disruptive power.
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https://www.inderes.dk/videos/columbus-presentation-of-annual-report-2025
Disclaimer: HC Andersen Capital receives payment from Columbus for a Digital IR subscription agreement. /Michael Friis, 09:40 - 12 March 2026.