In connection with Agillic's H1 2026 report, we have updated our investment case on the company.

The half-year confirms the profitability trajectory established in 2025. EBITDA rose 52% to DKK 5.0m at a 17% margin, driven by an 8% lower cost base and a stronger revenue mix as low-margin transaction revenue declined. Headcount was unchanged, so the margin expansion reflects genuine operating leverage rather than one-off cost actions.

Growth is where the proof is still pending. ARR from subscriptions grew 5% year-on-year but was broadly flat against year-end 2025, and Agillic now expects ARR from subscriptions to grow DKK 3-6m in H2 to reach full-year guidance. Management points to the current pipeline, which it describes as stronger than a year ago and concentrated in the prioritised verticals, and to a new product functionality due for launch this autumn. Delivering that H2 ramp is the key catalyst for the case.

Our updated investment case covers the key investment reasons and risks as well as valuation perspectives against a peer group of Danish listed SaaS companies.

The thesis centres on the Nordic strategy under CEO Christian Samsø, where local presence, a focused sales organisation and GDPR-compliant, EU-based infrastructure continue to land new logos in compliance-heavy verticals such as banking, insurance, NGOs and sports. Agillic's own use of AI is the clearest evidence of scalability, with AI agents now working across sales, marketing, client management and development, freeing capacity for pipeline rather than headcount. The offsetting factor is that gross wins have not yet translated into net ARR growth, as client count is broadly unchanged and sales cycles remain prolonged, with larger deals now taking six to twelve months.

The key risks are the highly competitive market with large, mature incumbents, where limited capital constrains the pace of platform development, the back end loaded guidance, and the possibility that refinancing of debt is still needed. Free cash flow was negative in H1 as operating cash flow was absorbed by continued platform investment, although management notes that cash generation is heavily weighted towards the fourth quarter.

From a valuation perspective, Agillic trades at a significant discount to the Danish SaaS peer median on EV/ARR, but adjusted for growth the multiple sits above the peer median, meaning the discount is largely explained by the growth gap rather than by profitability being overlooked. On earnings multiples, Agillic trades broadly in line with peers, so the earnings multiple offers limited valuation support on its own. A return to higher ARR growth, supported by improving net retention, remains the most direct path to narrowing the discount to the sector.

For further insights into the H1 2026 results, the drivers behind the H2 expectations and how Agillic is applying AI, you can watch the event we hosted with CEO Christian Samsø: https://www.inderes.dk/videos/agillic-praesentation-af-halvarsrapporten-for-h1-2026

Disclaimer: HC Andersen Capital receives payment from Agillic for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, 08:00, 24/08-2026.