Report (columbus interim report q1 2026)

Interim report Q1 2026

Columbus A/S | CVR no. 13 22 83 45

‌Contents

Highlights 3

From a cautious start to improving momentum 4

Key figures and ratios 6

Lower activity levels impacted Q1 performance 7

Outlook for 2026 10

Statement by management 11

Financial statements 12

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Columbus Interim report Q1 2026 2

‌Highlights

The first quarter of 2026 was characterised by a continued challenging market, particularly within larger ERP transformation projects. Activity levels gradually improved through the quarter, with a strengthening towards the end. Despite this, performance for the quarter was below our expectations, resulting in a revenue decrease of 4% and EBITDA of DKK 26m, corresponding to a margin of 6.3%. We remain focused on improving activity levels through 2026.

• Revenue decreased by 4%, amounting to DKK 418m, impacted by a slightly negative currency effect.

• EBITDA amounted to DKK 26m, compared to DKK 46m in Q1 2025.

• The EBITDA margin was 6.3%, compared to 10.7%

  in Q1 2025.

• Efficiency of 62% in Q1 2026, in line with Q1 2025, but still below expectations for the quarter.

• Cash flow from operating activities amounted to DKK -4m, compared to DKK 17m in Q1 2025, primarily driven by lower EBITDA and changes in working capital.

  Outlook 2026

  Based on the development in the first quarter of 2026, our strong pipeline and order backlog, we maintain our full year financial expectations:

• Organic revenue growth is expected to be in the range of 0-5%

• EBITDA margin is expected to be in the range of 8-10%.

  
  
  

  ‌From a cautious start to improving momentum

  After a cautious start to the year, activity levels improved gradually throughout the first quarter, supported by a strengthened pipeline and several larger project wins, positioning Columbus to convert improving demand into profitable growth already in Q2.

  driven by a decline in the Danish and Swedish markets, partly offset by growth in Norway and the US.

  Group EBITDA amounted to DKK 26m, corresponding to a margin of 6.3%. This compares to DKK 46m and a margin of 10.7% in Q1 2025 and reflects the lower activity level in the quarter, partly offset by

  continued cost discipline, a focus on profitable en-

  "We are acting on what

  we can control. Execution is stronger, the pipeline has improved, and we are

  Columbus entered 2026 with a first quarter marked by cautious market conditions, resulting in a decline in revenue compared to Q1 2025, al- though at a lower rate than seen towards the end of 2025.

  EBITDA and EBITDA margin also declined, reflecting the lower activity level, and performance for the quarter was below expectations.

  At the same time, underlying demand showed gradual improvement during the quarter, supported by several larger project wins and a strengthening of both pipeline and order intake.

  Strengthening execution and strategic positioning Our priorities remain unchanged. We continue to focus on execution quality, resource allocation and profitable engagements, while strengthening key parts of our organisation, including leadership within our core Dynamics 365 business.

  During the quarter, we strengthened our capabilities through selected strategic initiatives, including a new global supply chain partnership with SNS and a major retail win with Stadium, supporting our position within key strategic areas and enabling more scalable, end-to-end solutions.

  We also continued to support large-scale customer transformations, including recent work with Vend, a leading Nordic digital marketplace group, where we have modernised core business systems and unified data across platforms, enabling more scalable operations, improved user experiences and faster innovation.

  Balanced performance in a cautious market Group revenue amounted to DKK 418m, corresponding to a decrease of 4% compared to Q1 2025, reflecting lower activity levels, primarily

  gagements, and a reduced headcount.

  Activity remains subdued within traditional ERP-related engagements, while demand within areas such as Data & AI continues to grow. This is gradually influencing our project mix and supports our focus on profitable engagements.

  AI moving into execution

  Customers are increasingly moving from AI ambition to measurable outcomes. One example is Wausau Supply Company in the US, where we are helping reduce sales administration and improve workflows through targeted AI initiatives, starting from concrete business needs and scaling based on realised outcomes.

  During the quarter, we further reinforced AI as a clear operational priority, establishing a Group AI

  positioned to convert gradually improving demand into profitable growth in Q2."

  CEO & President

  Søren Krogh Knudsen

  Center of Excellence and a dedicated VP Group AI role, while rolling out a standardised delivery model across customer engagements, with further insights shared in our new C-bites podcast series.

  At the same time, we initiated the rollout of agentic AI, conducting a series of "Agent in a Day" workshops with customers and internal teams to accelerate adoption and identify concrete use cases.

  Based on the strong interest and early learnings, we see agentic AI as one of the most promising areas for Columbus going forward.

  We see growing customer demand for practical AI applications, and our focus is on turning this into repeatable, scalable delivery.

  What characterises Columbus today

  As we prepare for the next phase of our strategy, Columbus today is characterised by:

• A disciplined and execution-focused organisation, with a clear emphasis on profitability and quality of revenue

• A more resilient and balanced business across geographies, reducing dependency on individual markets

• A focused portfolio, where strategic areas such as Data & AI and Digital Commerce represent an increasing share of activity

• Strengthened operational governance and resource allocation, supporting improved utilisation and delivery consistency

• A scalable business model, positioned to convert improved market conditions into profitable growth.

Together, these qualities form the foundation from which we expect to deliver improving results through 2026 - and reflect the Columbus we are building for the long term.

While we do not yet see a material shift in overall market conditions, Columbus today stands on a stronger operational and strategic foundation.

Achieving our expectations for 2026 will depend on a gradual normalisation of customer investment behavior, combined with our ability to convert the strengthened pipeline into revenue and maintain strict cost discipline.

With a more focused portfolio, improved cost discipline, a strengthened pipeline and increasing commercial traction within AI and digital solutions, we are well positioned to translate even modest improvements in market activity into profitable growth, as we move into Q2 and through the remainder of 2026.

I would like to thank our employees for their continued commitment and our customers and partners for their trust. We remain focused on disciplined execution and on strengthening Columbus for

long-term, sustainable value creation.

Søren Krogh Knudsen CEO & President

‌Key figures and ratios

Key ratios are calculated with balance sheet items including assets classified as held for sale.

The key figures and financial ratios above have been calculated in accordance with Danish Finance Society "Recommendations & Fi-

nancial Ratios".

Columbus Interim report Q1 2026 7

‌Lower activity levels impacted Q1 performance

Columbus reported revenue of DKK 418m in Q1 2026, a decrease of 4% compared to Q1 2025. Currency effects had a minor negative impact on revenue during the quarter.

Market uncertainty persisted in Q1, impacting both activity levels and performance. EBITDA amounted to DKK 26m in Q1 2026, corresponding to a margin of 6.3%, down from 10.7% in Q1 2025. The earnings development was below expectations, primarily due to a slow start to the year.

The revenue decline in Q1 2026 was primarily driven by a 4% decrease in service revenue, which accounted for 95% of total revenue for the quarter. In contrast, product sales increased by 8%, exceeding expectations, mainly due to strong performance in the EIM (Enterprise Information Management) Business Line.

Q1 2026 ended with a continued slowdown in Dynamics 365, our largest Business Line, with service revenue declining by 8% compared to Q1 2025. The decline reflects increased customer reluctance to initiate and commit to new large-scale IT projects.

The contribution margin decreased to 20% in Q1 2026, down from 26% in Q1 2025, driven by lower activity levels and reduced efficiency.

The contribution margin decreased to 22% in Q1 2026 from 25% in Q1 2025 but remained above the full-year 2025 contribution margin of 20%.

Service revenue split on Business Lines

DKK ´000

Q1 2026

Q1 2025

∆%

Service revenue split on Market Units

DKK ´000

Q1 2026

Q1 2025

∆%

Despite softer market conditions and ongoing rightsizing of the organization, the Business Line maintained stable operations. As a result, the contribution margin improved slightly to 12% in Q1 2026, up from 11% in Q1 2025.

We expect continued strong demand for our Data & AI expertise, supporting further enhancement and streamlining of our customers' processes and experiences.

and strong brand. EIM also delivered a solid contribution margin of 52% in Q1 2026, up from 45% in Q1 2025, supported by strong product sales.

The combined contribution margin declined from 25% in Q1 2025 to 19% in Q1 2026.

The Swedish Market Unit - our largest market - accounted for 31% of total service revenue in Q1 2026. Service revenue declined by 7% compared to Q1 2025, primarily driven by a significant slowdown in the Dynamics 365 Business Line during the quarter.

The Danish Market Unit continued to experience declining growth, with service revenue decreasing by 15% in Q1 2026 compared to Q1 2025, primarily driven by softer activity in the Dynamics 365 Business Line.

The UK Market Unit experienced a slowdown in Q1 2026, resulting in a 9% decline in service revenue

The US Market Unit reported a 9% decline in service revenue in Q1 2026 compared to Q1 2025. Operations in the US are mainly driven by the M3 and Dynamics 365 Business Lines, with Dynamics 365 delivering strong quarterly growth of 30%, supported by its global reputation for ERP implementation expertise.

Recurring revenue amounted to DKK 60m in Q1 2026, representing an increase of 5% compared to the same quarter last year. Recurring revenue accounted for 14% of total revenue, up by 1 percentage point from Q1 2025. Our Operational Service Agreement (OSA) business, branded as Evolve, remains a key strategic focus area.

Efficiency was 62% in Q1 2026, in line with the level in Q1 2025. This flat development was partly driven by customers' continued hesitation to initiate major ERP projects and by prolonged sales cycles. The

Development in recurring revenue

(DKKm)

42

60 57

45

Q1 2026 Q1 2025

Development in efficiency

(%)

As a result of continued investments in key Data & AI capabilities - including initiatives such as "Agent in a Day" - the contribution margin remained at a low level, declining to 1% in Q1 2026 from 22% in Q1 2025.

The EIM (Enterprise Information Management) Business Line, introduced in the Annual Report 2025, continued to deliver strong growth, increasing by 35% compared to the same quarter last year. The growth was driven by rapid expansion into new markets, including the UK, the US and Germany, building on Columbus' established local presence

compared to Q1 2025. Adjusted for foreign exchange effects, the decline amounted to 3%, primarily driven by lower activity in the Dynamics 365 Business Line. Despite this, the UK market outlook remains positive, and Columbus continues to benefit from its strong position as a specialised, high-quality IT consultancy.

current efficiency level is considered unsatisfactory. However, a gradual improvement was seen during Q1, and this positive trend is expected to continue in the coming quarters.

62%

Q1/26

62%

Q4/25

58%

Q3/25

63%

Q2/25

62%

Q1/25

EBITDA amounted to DKK 26m in Q1 2026, compared to DKK 46m in Q1 2025, resulting in an EBITDA margin of 6.3% versus 10.7% in Q1 2025.

The performance was below expectations, mainly reflecting weaker-than-expected contribution margins driven by margin pressure.

Profit before tax amounted to DKK 13m in Q1 2026 compared to DKK 32m in Q1 2025. The decline was primarily driven by lower-than-expected contribution margins across the Business Lines, reflecting weak efficiency levels and a slow start to the year, particularly in January.

In Q1 2026, no new events occurred in relation to discontinued operations. Costs of DKK 2m relate to expenses associated with previous divestments.

Cash flow from operating activities was negative at DKK -4m in Q1 2026, compared to DKK 17m in Q1 2025. The development was primarily driven by lower EBITDA and changes in working capital.

Equity increased by a net DKK 4m to DKK 749m as of 31 March 2026, compared to DKK 745m as of 31 December 2025, primarily reflecting retained earnings and treasury share transactions.

At the end of Q1 2026, Columbus employed an average of 1,438 FTEs, a reduction of 78 FTEs compared to Q1 2025 (1,516 FTEs). This decrease is primarily the result of a rightsizing initiative conducted in the second half of 2025, along with ongoing efforts to optimize non-productive roles.

Dynamics 365

The Royal Institution of Chartered Surveyors (RICS), a global professional body promoting international standards across real estate, construction and infrastructure, engaged Columbus to strengthen and stabilise its Dynamics 365 Finance platform. Through a six-month engagement covering selected Evolve services and application management services (AMS), RICS improved system performance, strengthened internal capabilities and reduced operational risk, restoring confidence across finance and digital teams.

READ MORE here: https://www.columbusglobal.com/insights/cases/rics-microsoft-dynamics-365-finance-ams/

The reduction in FTEs was primarily driven by lower activity levels in the Dynamics 365 and Digital Commerce Business Lines, reflecting lower revenue levels.

Selected customer wins and deliveries

M3

Stadium, one of the Nordic region's largest sports retailers, has selected Infor CloudSuite Fashion and Infor Warehouse Management System (WMS) to modernize its ERP and warehouse operations. Stadium has selected Columbus as its implementation partner to support its digital transformation journey. By working with Columbus, Stadium gains access to deep industry expertise, proven implementation capabilities, and a strong understanding of complex retail and supply chain environments.

READ MORE here: https://www.columbusglobal.com/news/stadium-selects-infor-and-columbus-to-create-a-modern-unified-commerce-and-supply-chain-platform/14911905/

‌Outlook for 2026

In 2026, we expect organic growth of 0-5% and improved EBITDA margin of 8-10% driven by enhanced efficiency and a continued focus on contract profitability. Supported by improved activity levels towards the end of Q1 and into early Q2, we see a stronger foundation for delivering on these expectations.

We continue to see strong demand for our digital advisory and services. At the same time, some caution in IT investments and a tendency to split projects into smaller phases are expected to continue throughout 2026.

Columbus will continue to expand the fast-growing Core Business Services; Data & AI and Digital Commerce and further strengthen our customer offerings. From 2026, we will also begin reporting on our Enterprise Information Management (EIM) Business Line, which has delivered significant growth in both revenue and profitability and expanded from Sweden into other Columbus markets.

The Dynamics and M3 Business Lines will continue to expand their unique IT service offerings and further increase their focus on delivering value through our Operational Service Agreements (OSA).

We have continued to optimise our organisation to adapt to a changing IT landscape and to strengthen our order pipeline.

Columbus rests on a strong foundation, anchored in a uniform operational setup across the Group.

This positions us well to continue our growth journey and maintain a clear focus on improving profitability.

Key priorities on our agenda remain:

• Continuous focus on efficiency

• Increasing use of Columbus' service centers

• Commercial excellence

• Leveraging Columbus' strong business model

The outlook is subject to the general uncertainties in our markets, such as the current macro-eco-nomic conditions, higher than normal exchange rate volatility and a continuous geopolitical

situation that may impact the general business environment.

While 2026 will not yet reflect the Group's longterm financial ambitions of 10% revenue growth and a 15% EBITDA margin, these ambitions remain unchanged. Columbus remains firmly focused on restoring sustainable growth and improving profitability, supported by disciplined execution and operational efficiency. The timeline for achieving the long-term financial ambitions is under review as part of the ongoing new strategy process. The current strategy remains in effect through 2026, and the new strategy is expected to be announced in early November 2026.

Outlook 2026

Organic revenue growth

0-5%

EBITDA margin

8-10%

‌Statement by management

We have today considered and approved the interim financial report for the period 1 January 2026 - 31 March 2026 for Columbus A/S.

The interim financial report has been prepared in accordance with IAS 34 and additional Danish interim reporting requirements for listed companies. The interim financial report is unaudited and has not been reviewed by the Company's auditor.

We consider the accounting policies applied to be appropriate to the effect that the interim financial report gives a true and fair view of the Group's assets, liabilities and financial position at 31 March 2026, and of the results of the Group's operations and cash flows during the first three months

of 2026.

We consider the management report to give a true and fair view of the development in the Group's business activities and financial situation, the financial result for the period and the Group's financial position as a whole together with a true and fair description of the significant risks and uncertainty factors which the Group faces.

Ballerup, 7 May 2026

Søren Krogh Knudsen

CEO & President

Brian Iversen

Group CFO

Ib Kunøe

Chairman

Sven Madsen

Deputy Chairman Peter Skov Hansen

Per Ove Kogut Karina Kirk Ringsted

Statement of comprehensive income 13

Balance sheet 14

Statement of changes in equity 15

Cash flow 16

‌Financial statements

Columbus Interim report Q1 2026 12

Note 1 - ..........Material accounting principles 17

Note 2 - ..Material accounting judgements and estimates 17

Note 3 - ..........Segment data 18

Note 4 - ..........Staff expenses and remuneration 22

Note 5 - ..........Depreciation, amortisation and impairment 22

Note 6 - ..Goodwill 23

Note 7 - ........Trade receivables 24

Note 8 - ..Contract assets and contract liabilities 25

Note 9 - .......... Capital structure 25

Note 10 - ..........Discontinued operations 26

Note 11 - ..............Related parties 26

Note 12 - ..............Events after balance sheet date 27

..............Key figures, ratios and Alternative Performance Measures 28

‌Statement of comprehensive income

‌Balance sheet

‌Statement of changes in equity

‌Cash flow

• NOTE 1

  ‌. Material accounting principles

• NOTE 2

  ‌..Material accounting judgements and estimates

  Basis of preparation

  The consolidated interim financial report is prepared in accordance with IAS 34, Presentation of Interim Financial Reporting, as approved by the EU, and additional Danish disclosure requirements for interim reports of listed companies. The consolidated interim financial report covers the period from 1 January 2026 to 31 March 2026 and is presented in thousand Danish kroner (DKK).

  The accounting policies applied in the consolidated interim financial report are unchanged compared to the consolidated financial report 2025. No new standards or amendments have impacted the accounting policies during the interim period. For information on the detailed accounting policies, reference is made to the Annual Report for 2025.

  New accounting standards

  IASB has issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated interim financial statements. Columbus Group expects to implement these new standards and amendments when they take effect and become mandatory. The standard mentioned below, is expected to have a material effect on the consolidated interim financial statements when applied.

  IFRS 18 will be effective for periods beginning on 1 January 2027, with earlier application permitted. The standard is endorsed by the EU. The standard will introduce new categories and line items within the statement of financial performance. New explanatory notes, defined as management-defined performance measures, will also be implemented.

  The analysis of the impact of IFRS 18 on the consolidated financial statement is currently being performed, thus the impact of the standard has yet to be determined. A preliminary conclusion is expected to be reached in Q2. Early adoption of IFRS 18 is not expected.

  In preparing the consolidated interim financial statements, Management makes various accounting judgements and estimates that affect the reported amounts and disclosures in the consolidated financial statements and in the notes to the statements. These are based on professional experience, historical data and other factors available to Management at the time of reporting.

  By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the effects of any changes are recognised in the relevant period.

  For detailed information on the material accounting judgements and estimates, reference is made to the Annual Report for 2025. The material accounting judgements and estimates for the interim period are listed below.

  Estimate of utilisation of deferred tax assets

  Deferred tax assets are recognised for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realised in which the losses and the difference values can be utilised. Determining the amount that can be recognised for deferred tax assets is based on Management's estimate of future taxable profits. At 31 March 2026, the carrying value of recognised deferred tax was DKK 29.2m, which is estimated to be realised in the foreseeable future (5 years or less).

  Estimate of expected credit loss of Receivables from divestment of activities

  Receivables from divestment are impaired. The expected credit loss has been calculated based on multiple weighted scenarios. The scenarios are based on the available information which mainly relates to the expected ruling of the upcoming court case and the buy-ers' ability to meet their financial obligation. Refer to note 10 - Discontinued operations.

  Estimate of recoverable amount of goodwill

  Goodwill is tested when indications of impairment arise during an interim period. The impairment test is based on the Value-in-Use model and is performed based on updated forecasts and assumptions. The most significant assumptions applied are the growth in the BL contribution and WACC. See note 6 - Goodwill for a detailed description of the assumptions used in the estimate.

  Estimate of revenue recognition of fixed price contracts

  The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship between the number of hours spent in relation to recent total estimate of number of hours. The degree of completion is assessed regularly by the responsible employees, and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. The group has a limited number of fixed price projects, which generally reduces the risk related to this.

• NOTE 3

  ‌. Segment data

  Strategic Business Lines Market Units Global Delivery Centers (GDC)

  Business Lines Revenue Split

  Business Lines Revenue Split

  Dynamics 365 M3

  Digital Commerce Data & AI

  EIM

  Sweden Denmark UK

  Norway US

  Other

  Poland

  Czech Republic India

  YTD 2026

  %

  10%

  21%

  7% 3%

  YTD 2025

  %

  6% 2%

  11%

  In order to support decisions about allocation of resources and assessment of performance of the segments, the Group's management reporting to the Executive Board is based on the above grouping of operating segments.

  Management monitors the business, primarily based on the Business Lines and secondarily on the geographical segments. Information about the Group's Business Lines is stated below.

  The Group operates under a global operating model, with strategic Business Lines as the primary driver for decision-making. Market Units serve as a secondary driver, primarily used for assessing market strategies and maintaining customer relations.

  The Business Lines relate to the type of services and products that are delivered, and comprise of Dynamics 365, M3, Digital Commerce, Data & AI and EIM.

  Market Units comprise of significant geographical markets that the Group operates in. Management uses the Market Units to assess market conditions and performance on revenue only.

  The operating segments are measured from revenue to contribution, as this represents a significant part of the operation of the segments. The balance sheet is measured for legal entities only.

  Costs related to functions necessary to support the business are classified as Enabling Functions and comprise of all costs not directly related to a specific Business Line, including costs related to facility, marketing, finance, people, legal and management. Enabling Functions mostly operate as global teams, servicing across Business Lines and geography. Income and costs recognised in the profit and loss, which are not directly related to a Business Line, are included in Enabling functions, i.e. legal cases and M&A activities.

  Dynamics 365
  
  M3
  
  Digital Commerce
  
  Data & AI
  
  EIM
  
  

  59%

  20%

  Dynamics 365
  
  M3
  
  Digital Commerce
  
  Data & AI
  
  EIM
  
  

  61%

• NOTE 3

  Segment data, continued

  DKK ´000	Services	Products	Total revenue	Ext. project costs	Staff expenses	Other External	Other operating	Total direct cost	Contribution	CM %	Avg. FTE
  Q1 2026
  Dynamics 365	233,695	12,560	246,255	-28,511	-163,639	-5,869	0	-198,019	48,236	20%	709
  M3	83,888	3,923	87,811	-12,559	-52,071	-3,696	0	-68,326	19,485	22%	254
  Digital Commerce	42,923	157	43,080	-4,440	-31,077	-2,401	0	-37,918	5,162	12%	160
  Data & AI	29,413	10	29,423	-1,738	-25,972	-1,507	0	-29,217	206	1%	104
  EIM	6,682	4,796	11,478	-604	-4,403	-550	0	-5,557	5,921	52%	22
  Total	396,601	21,446	418,047	-47,852	-277,162	-14,023	0	-339,037	79,010	19%	1,249
  Enabling Functions				-163	-29,629	-22,966	0		-52,758		189
  Total				-48,015	-306,791	-36,989	0				1,438
  EBITDA									26,252

  DKK ´000	Services	Products	Total revenue	Ext. project costs	Staff expenses	Other External	Other operating	Total direct cost	Contribution	CM %	Avg. FTE
  Q1 2025
  Dynamics 365	253,059	13,207	266,266	-23,022	-166,762	-6,355	0	-196,139	70,127	26%	772
  M3	84,814	2,367	87,181	-14,556	-48,252	-2,386	0	-65,194	21,987	25%	243
  Digital Commerce	47,242	600	47,842	-5,673	-33,865	-2,846	0	-42,384	5,458	11%	190
  Data & AI	23,950	40	23,990	-1,706	-16,166	-948	0	-18,820	5,170	22%	80
  EIM	4,958	3,718	8,676	-368	-3,989	-398	0	-4,755	3,921	45%	23
  Total	414,023	19,932	433,955	-45,325	-269,034	-12,933	0	-327,292	106,663	25%	1,308
  Enabling Functions				-1,180	-37,496	-21,703	53		-60,326		208
  Total				-46,505	-306,530	-34,636	53				1,516
  EBITDA									46,337

• NOTE 3

  ..Segment data, continued

  DKK ´000	Services	Products	Total revenue	Ext. project costs	Staff expenses	Other External	Other operating	Total direct cost	Contribution	CM %	Avg. FTE
  2025
  Dynamics 365	899,147	48,620	947,767	-87,829	-602,053	-25,660	-9,567	-725,109	222,658	23%	758
  M3	321,547	3,637	325,184	-54,929	-191,549	-12,931	0	-259,409	65,775	20%	245
  Digital Commerce	173,384	1,322	174,706	-18,876	-123,329	-10,586	-474	-153,265	21,441	12%	177
  Data & AI	90,992	408	91,400	-6,549	-73,229	-3,388	-189	-83,355	8,045	9%	88
  EIM	21,283	16,116	37,399	-1,361	-17,630	-1,956	0	-20,947	16,452	44%	23
  Total	1,506,353	70,103	1,576,456	-169,544	-1,007,790	-54,521	-10,230	-1,242,085	334,371	21%	1,291
  Enabling Functions				-3,321	-130,547	-91,263	3,704		-221,427		204
  Total EBITDA				-172,865	-1,138,337	-145,784	-6,526		112,944		1,495

• NOTE 3

  Segment data, continued

  DKK ´000	Sweden	Denmark	UK	Norway	US	Other	GDC	Eliminations	Total
  Q1 2026
  Sales of services	121,569	87,318	80,272	68,453	26,597	12,149	243	0	396,601
  Sales of products	8,206	4,304	5,358	2,337	1,241	0	0	0	21,446
  Total revenue from own markets	129,775	91,622	85,630	70,790	27,838	12,149	243	0	418,047
  Total revenue from group companies	16,094	10,921	5,365	2,104	3,384	2,864	31,347	-72,079	0
  Total revenue	145,869	102,543	90,995	72,894	31,222	15,013	31,590	-72,079	418,047
  Average number of FTE	367	312	220	154	54	41	290	0	1,438
  Q1 2025
  Sales of services	130,943	102,318	88,369	54,217	29,336	8,575	265	0	414,023
  Sales of products	6,488	5,517	4,192	2,341	1,394	0	0	0	19,932
  Total revenue from own markets	137,431	107,835	92,561	56,558	30,730	8,575	265	0	433,955
  Total revenue from group companies	13,066	15,101	7,089	4,540	3,395	2,581	32,150	-77,922	0
  Total revenue	150,497	122,936	99,650	61,098	34,125	11,156	32,415	-77,922	433,955
  Average number of FTE	403	333	207	164	42	40	327	0	1,516
  2025
  Sales of services	483,948	367,435	322,871	195,010	98,984	37,008	1,097	0	1,506,353
  Sales of products	20,593	22,176	12,428	9,201	5,705	0	0	0	70,103
  Total revenue from own markets	504,541	389,611	335,299	204,211	104,689	37,008	1,097	0	1,576,456
  Total revenue from group companies	54,588	53,379	22,279	14,392	10,912	10,972	130,143	-296,665	0
  Total revenue	559,129	442,990	357,578	218,603	115,601	47,980	131,240	-296,665	1,576,456
  Average number of FTE	393	327	210	160	46	40	319	0	1,495

• NOTE 4

  ‌. Staff expenses and remuneration

• NOTE 5

  ‌. Depreciation, amortisation and impairment

  DKK ´000	Q1 2026	Q1 2025	2025
  Staff expenses
  Salary and wages	250,590	254,940	980,064
  Other social security costs	37,963	34,847	135,652
  Other staff expenses	18,185	16,593	28,089
  Share-based payment	53	150	600
  Total staff expenses	306,791	306,530	1,144,405
  Employee costs capitalised as intangible assets	0	0	-6,068
  Total staff expense and remuneration	306,791	306,530	1,138,337
  Average number of FTEs	1,438	1,516	1,495

  DKK ´000	Q1 2026	Q1 2025	2025
  Depreciation	9,301	9,431	36,675
  Amortisation	4,953	4,352	17,854
  Total depreciation, amortisation and impairment	14,254	13,783	54,529

  ‌..Goodwill
  			Key assumptions - 31 Mar 2026	Forecast	Projection	Terminal
  			Revenue Growth	6%	8%	2%
  			EBITDA-margin	3%	4% - 9%	9%
  			Tax rate	22%	22%	22%
  			Average reinvestment of cash flow from operations	50%	30% - 13%	13%
  			WACC	9.9%	9.9%	9.9%
  An indication of impairment has been observed within	The most significant uncertainties are connected to		Key assumptions - 31 Dec 2025	Forecast	Projection	Terminal
  the Digital Commerce Business Line, as the perfor- mance realised in the first quarter of 2026 deviates	the determination of discount rates, growth rates and expected changes in costs in the budget and terminal	Revenue Growth		9%	8%	2%
  from budget. No indications have been observed within	periods.	EBITDA-margin		5%	11% - 17%	17%
  the other Business Lines.		Tax rate		22%	22%	22%

  • NOTE 6

  An impairment test has been prepared to test the carrying amount of the Digital Commerce Business Line. The result of the impairment displayed a narrow headroom; no impairment is recognised in the first quarter of 2026.

  Future Cash flows

  The impairment test is a Value-in-Use test based on an updated forecast prepared for the remaining three quarters of 2026. The forecast is based on a bottom-up process. The key assumptions for the forecast are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general development in cost.

  The following 4-year projection period is based on assumptions for the main revenue, Services revenue. The projection is based on management expectations on market and business development.

  DKK ´000	31 Mar 2026	31 Mar 2025	31 Dec 2025
  Business Line
  Dynamics 365	350,537	353,178	349,723
  M3	158,902	159,418	159,982
  Digital Commerce	117,801	119,137	118,516
  Data & AI	16,041	16,208	15,923
  EIM	5,620	5,800	5,618
  Carrying amount end of period	648,901	653,741	649,762

  Average reinvestment of cash flow from operations	41%	14% - 7%	7%
  WACC	9.4%	9.4%	9.4%

  The table details the key assumptions used in the impairment test for the Digital Commerce Business Line.

• NOTE 7

  ‌. Trade receivables

  DKK ´000	31 Mar 2026	31 Mar 2025	31 Dec 2025
  Receivables start of period	273,920	273,423	273,423
  Change in receivables during the period	28,162	41,429	497
  Receivables at end of period	302,082	314,852	273,920
  Provisions for bad debt start of period	2,528	876	876
  Change in provisions for bad debt during the period	-65	394	1,825
  Loss realised during the period	-273	-3	-173
  Provisions for bad debt end of period	2,190	1,267	2,528
  Carrying amount end of period	299,892	313,585	271,392
  DKK ´000	31 Mar 2026	31 Mar 2025	31 Dec 2025
  Age of receivables (gross):
  Not due	266,471	248,205	193,503
  0-30 days	30,611	61,146	66,428
  30-60 days	2,065	1,858	8,497
  61-90 days	444	1,120	2,344
  91-180 days	863	1,813	1,909
  181-270 days	949	318	496
  270-360 days	474	239	448
  Above 360 days	205	153	295
  Total	302,082	314,852	273,920

  DKK ´000	31 Mar 2026	31 Mar 2025	31 Dec 2025
  Age of impairment:
  Not due	0	21	10
  0-30 days	62	128	143
  30-60 days	30	18	101
  61-90 days	106	54	94
  91-180 days	690	476	1,189
  181-270 days	759	255	397
  271-360 days	379	192	358
  Over 360 days	164	123	236
  Total	2,190	1,267	2,528
  DKK ´000	31 Mar 2026	31 Mar 2025	31 Dec 2025
  Provision matrix:
  Not due	0%	0%	0%
  0-30 days	0%	0%	0%
  30-60 days	2%	1%	1%
  61-90 days	30%	6%	5%
  91-180 days	100%	33%	78%
  181-270 days	100%	100%	100%
  271-360 days	100%	100%	100%
  Over 360 days	100%	100%	100%

• NOTE 8

  DKK ´000	31 Mar 2026	31 Mar 2025	31 Dec 2025
  Balance at start of period	421	-2,094	-2,094
  Changes contract assets during the period	3,374	13,623	9,506
  Changes on account billing and prepayments during the period	-586	-4,468	-6,991
  Balance at end of period	3,209	7,061	421
  Work in progress	36,694	37,437	33,320
  On account billing and prepayments	-33,485	-30,376	-32,899
  Balance at end of period	3,209	7,061	421
  The net value is included in the balance as follows:
  Contract assets	9,473	12,980	9,644
  Contract liabilities	-6,264	-5,919	-9,223
  Balance at end of period	3,209	7,061	421

  ‌..Contract assets and contract liabilities

• NOTE 9

  Share Capital	Number of shares	Share Capital
  Balance at 1 January 2025	129,276,264	161,595,330
  Balance at 31 March 2025	129,276,264	161,595,330
  Balance at 31 December 2025	129,276,264	161,595,330
  Capital increase	450,000	562,500
  Balance at 31 March 2026	129,726,264	162,157,830

  ‌. Capital structure

  Treasury shares	Number of shares	DKK '000
  Balance at 1 January 2025	0	0
  Balance at 31 March 2025	0	0
  Acquisition of shares	1,193,636	11,946
  Balance at 31 December 2025	1,193,636	11,946
  Acquisition of shares	590,900	5,827
  Balance at 31 March 2026	1,784,536	17,773

  The share capital consists of 129,726,264 shares of DKK 1,25, corresponding to DKK 162,158k (nom.). The shares are not divided into classes, and no shares have any special rights. The share capital is fully paid up.

  In March 2026 the Company increased the capital by 450,000 shares of DKK 1,25, corresponding to DKK

  562.500 (nom.) as a result of an exercised warrant program.

• NOTE 10

  ‌. Discontinued operations

• NOTE 11

  ‌. Related parties

  DKK ´000	Q1 2026	Q1 2025	2025
  Gain (loss) on disposal of subsidiaries	0	0	0
  Recirculation of historical currency adjustments	0	0	0
  Transaction costs related to disposal	-1,619	-224	-6,644
  Total gain (loss) on divestment of discontinued operations	-1,619	-224	-6,644

  Discontinued operations in 2026

  There have not been any discontinued operations in 2026. The transaction costs are related to previous disposals.

  Receivables from divestments of activities

  On 1 November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The business activity is consequently classified as discontinued operations in 2021. The transaction was settled

  partly in cash at the transaction date (USD 8,000k), and partly as deferred consideration which was due in Q2 2022 (USD 8,500k), corresponding to DKK 55,245k.

  The buyer has withheld payment of the deferred consideration with reference to asserted claims relating to the acquired business. Columbus disputes the asserted claims and has demanded release of the deferred consideration together with interest for late payment in 2022.

  The matter remains subject to legal proceedings and is expected to be resolved in court during the third quarter of 2026. Columbus expects a favorable outcome in court.

  At 31 March 2026, the receivable is considered to be impaired, as a legal dispute over the right to payment under the APA is ongoing. Expected credit losses have been measured using multiple probability-weighted scenarios. The scenarios reflect all available information, including expectations regarding the court ruling and the buyer's ability to settle any outstanding amount.

  No impairment has been recorded and the deferred consideration is recorded at USD 8,500k, corresponding to DKK 55,245k (2025: USD 8,500k / DKK 53,998k).

  DKK ´000	Q1 2026	Q1 2025
  Net sales
  Atea	69	1,374
  X-Yachts A/S	450	433
  Total	519	1,807
  Net purchase	-4,071	-3,394
  Atea
  Total	-4,071	-3,394

  Related parties with significant influence ATEA (Lautrupvang 6, 2750 Ballerup)

  Consolidated Holdings A/S has significant influence in ATEA, and certain dual roles in the management are filled by the same persons in ATEA and the Columbus Group. Transactions with the company are made on an arm's length basis.

  X-Yachts A/S (Fjordagervej 21, 6100 Haderslev) Consolidated Holdings A/S has a significant influence in X-Yachts A/S and certain roles in the management are filled by the same people in X-Yachts and Columbus Group. Transactions with X-Yachts A/S were made on arm's length.

  Exercise of warrant under the Incentive schemes During the first quarter of 2026, a member of the Executive Board of Columbus A/S exercised 450,000 warrants at an exercise price of DKK 6.45 per warrant, resulting in total proceeds of DKK 2,903k. Consequently, 450,000 new shares with a nominal value of DKK 1.25 per share were issued.

• NOTE 12

  ‌. Events after balance sheet date

  To this date, no events have occurred after the balance sheet date, which would influence the evaluation of this report.

  Dividend recommended by the directors, to be paid on 28 April 2026 amounts to DKK 0.125 per share.

  At the Annual General Meeting, the shareholders resolved to reduce the share capital by a nominal amount of DKK 2,157,830, from DKK 162,157,830 to DKK 160,000,000, corresponding to cancellation of 1,726,264 treasury shares of a nominal value of

  DKK 1.25 per share. The resolution has been filed with the Danish Business Authority, and upon expiry of the mandatory four-week period during which the Com-pany's creditors may submit claims, the capital reduction will be completed.

• NOTE

‌. Key figures, ratios and Alternative Performance Measures

Key figures and ratios

Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33.

EBITDA margin

Earnings before interest, tax, depreciations and amortisations (EBITDA)

Net revenue

Alternative Performance Measures Recurring Revenue

Recurring Revenue includes Operational Service Agreements and Recurring Licenses.

Other ratios are calculated in accordance with the Danish Finance Society "Recommendations & Financial Ratios". The financial ratios stated are calculated as follows:

Operating margin Operating profit (EBIT)

Net revenue

Return on equity Profit after tax and excl. minority interests Average equity excl. minority interests

Equity excl. minority interests

Recurring revenue does not necessarily mean a binding contractual agreement. However, recurring revenue is defined as revenue with a high degree of certainty for renewal >95%.

The purpose of defining Recurring Revenue is to

Equity ratio

Earnings per share (EPS)

Book value per share (BVPS)

Total equity and liabilities

Profit after tax and excl. minority interests Average number of shares

Equity excl. minority interests end of year x 100 Number of shares end of year

express a level of predictability in the revenue. The higher degree of Recurring Revenue in pct. of total revenue - the more predictable is the Columbus revenue

x f going forward.

Efficiency

x f Efficiency is calculated as all invoiced customer hours divided by available customer hours. Available cus-

Cash flow per share Cash flow from operations x f Average number of diluted shares

Theoretical rate

tomer hours are calculated as normal work schedule hours for all productive employees, less hours for holiday and parental leave.

Adjustment factor (f)

Listed price of stock the day before the subscription and/or stock right cease

Constant currency growth

Growth is measured in constant currency by converting actual figures in local currency to DKK with the

Recurring Revenue % of total revenue Recurring revenue Net revenue

historical exchange rate for the given currency. When measuring for a period, the average historical exchange rate is used. Growth is measured based on

the actual historical figure compared to the calculated constant currency figure.

Columbus A/S

Lautrupvang 6

DK- 2750 Ballerup Denmark Tel.: +45 70 20 50 00

https://www.columbusglobal.com/ CVR no. 13 22 83 45