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Analyst Comment

Columbus: 2025 guidance downgraded as client decision-making delayed in Q2

By Philip CoombesEquity Research Analyst
Columbus

Columbus A/S has revised its full-year 2025 guidance downward amid continued macroeconomic headwinds and weaker-than-expected project activity in the first half. The company now expects revenue to remain flat YoY at around DKK 1.7bn, compared to the previous organic growth target of 7–9%, which had implied DKK 1,776–1,809m in 2025 revenue.

At the same time, Columbus cut its EBITDA margin guidance to 7–9%, from the earlier 10–12% range. This implies a mid-point EBITDA of ~DKK 136m, approximately 30% below the DKK ~197m midpoint from the previous guidance. The downgrade relates to softer-than-expected sales momentum as customers delay IT investment decisions and extend procurement cycles.

The company’s “New Heights” ambitions for 2026, which aim for 10% CAGR from 2024-26 and an EBITDA margin of 15% by the end of 2026, appear more challenging following the revised outlook. While the press release does not address these long-term targets, they would now imply a 2026E revenue growth of 18% with EBITDA margin improvement of 7 percentage points (120% growth y/y). However, if delayed projects are executed in late 2025 or early 2026, the longer-term impact may be lessened.

Columbus is expected to release its Q2 2025 interim report on 21 August 2025. On 25 August 2025, Columbus management will present the Q2 2025 results and discuss the new outlook. Sign up for the event here: https://www.inderes.dk/videos/columbus-presentation-of-interim-report-q2-2025

Disclaimer: HC Andersen Capital receives payment from Columbus for a DigitalIR/corporate visibility subscription agreement / Philip Coombes 21:33

Columbus is an international consultancy headquartered in Denmark with more than 1,500 employees and 1,100 customers worldwide. Columbus delivers digital solutions supporting business-critical processes across industries such as Manufacturing, Retail, Food & Beverage, and Life Science. Services include Cloud Services, Data & AI, ERP, CRM, Digital Commerce, 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. The company serves more than 1,100 customers worldwide.

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