Business
Columbus A/S : Report (columbus interim report q1 2026)
Columbus A/S : Report (columbus interim report q1
About this update from Columbus A/s
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 Find out more https://www.columbusglobal.com Webcast 7 May 2026 at 13:00 CET: WEBCAST AND PRESENTATION MATERIAL: https://ir.columbusglobal.com/news-events/calendar-and-events REGISTRATION TO ATTEND TELEPHONE CONFERENCE https://hca.videosync.fi/2026-05-07-columbus/register 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. Q1 2026 highlights 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. Positioned for gradual improvement 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. Thank you 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 DKK ´000 Q1 2026 Q1 2025 2025 Income related figures Sale of services 396,601 414,023 1,506,353 Sale of products 21,446 19,932 70,103 Total revenue 418,047 433,955 1,576,456 Recurring revenue % of total revenue 14.3% 13.0% 14.1% EBITDA 26,252 46,337 112,944 EBIT 11,998 32,554 58,415 Net financial items 1,421 -384 -11,620 Profit before tax 13,419 32,170 46,795 Profit after tax, continuing operations 10,974 26,329 21,456 Profit after tax, discontinued operations -1,619 -224 -6,644 Profit after tax 9,355 26,105 14,812 DKK ´000 31 Mar 2026 31 Mar 2025 31 Dec 2025 Balance sheet Non-current assets 825,205 862,495 834,591 Current assets 454,693 504,806 441,154 Total assets 1,279,898 1,367,301 1,275,745 Group shareholder equity 748,938 794,245 744,962 Total liabilities 530,960 573,056 530,783 Total equity and liabilities 1,279,898 1,367,301 1,275,745 DKK ´000 Q1 2026 Q1 2025 2025 Investments in tangible assets 1,787 1,769 4,056 Cash flow Cash flow from operating activities -3,528 17,216 76,907 Cash flow from investing activities -2,480 -2,073 -22,977 Cash flow from financing activities -10,618 -7,325 -56,370 Total net change in cash and cash equivalents -16,626 7,818 -2,440 Cash flow from continuing operations -15,007 8,042 4,204 Cash flow from discontinued operations -1,619 -224 -6,644 Total net change in cash and cash equivalents -16,626 7,818 -2,440 Key ratios EBITDA-margin 6.3% 10.7% 7.2% EBIT-margin 2.9% 7.5% 3.7% Equity ratio 58.5% 58.1% 58.4% Return on equity 1.2% 3.4% 2.0% Number of shares 129,726 129,276 129,276 Average number of shares 129,367 129,276 129,276 Book value of equity per share (BVPS) (DKK) 5.77 6.14 5.76 Earnings per share (EPS) from continuing operations (DKK) 0.09 0.20 0.17 Earnings per share (EPS) (DKK) 0.07 0.20 0.11 Cash flow per share (DKK) -0.03 0.13 0.59 Share price, end of period (DKK) 9.84 12.20 9.54 Average full-time employee for the period 1,438 1,516 1,495 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 Dynamics 365 233,695 253,059 -8% M3 83,888 84,814 -1% Digital Commerce 42,923 47,242 -9% Data & AI 29,413 23,950 23% EIM 6,682 4,958 35% Total sale of services 396,601 414,023 -4% Total sale of products 21,446 19,932 8% Total net revenue 418,047 433,955 -4% 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. Business Line development 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. Sweden 121,569 130,943 -7% Denmark 87,318 102,318 -15% UK 80,272 88,369 -9% Norway 68,453 54,217 26% US 26,597 29,336 -9% Other 12,149 8,575 42% GDC 243 265 -8% Total sale of services 396,601 414,023 -4% Total sale of products 21,446 19,932 8% Total net revenue 418,047 433,955 -4% The contribution margin decreased to 20% in Q1 2026, down from 26% in Q1 2025, driven by lower activity levels and reduced efficiency. M3 , our second largest Business Line, delivered a broadly flat performance in Q1 2026, with service revenue declining by 1% compared to Q1 2025. This represents a solid performance in a challenging market and reflects the strong quality of deliveries, particularly in the Swedish and US markets. 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 ∆% Digital Commerce's service revenue declined by 9% in Q1 2026 compared to Q1 2025, reflecting continued uncertainty in the UK and Norwegian retail markets, while a slight increase in activity was seen in the Swedish market. 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. Data & AI continued to focus on talent development to support increasing activity levels and delivered strong topline growth in Q1 2026, with service revenue increasing by 23% compared to Q1 2025, in line with expectations. 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. Development in Market Units 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 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 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) 18 42 60 57 12 45 Q1 2026 Q1 2025 Operational Service Agreements Recurring Licenses 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. The Norwegian Market Unit secured some major new contract wins, resulting in a 26% increase in service revenue in Q1 2026 compared to Q1 2025, primarily driven by the Dynamics 365 and Data & AI Business Lines. 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 development 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 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. Discontinued operations In Q1 2026, no new events occurred in relation to discontinued operations. Costs of DKK 2m relate to expenses associated with previous divestments. Cash 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 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. Employee development 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. Long-term financial ambitions 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 Executive Board Board of Directors Ib Kunøe Chairman Sven Madsen Deputy Chairman Peter Skov Hansen Per Ove Kogut Karina Kirk Ringsted Financial statements Columbus Interim report Q1 2026 12 Statement of comprehensive income 13 Balance sheet 14 Statement of changes in equity 15 Cash flow 16 Financial statements Notes 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 DKK ´000 Note Q1 2026 Q1 2025 2025 Revenue 3 418,047 433,955 1,576,456 External project costs -48,015 -46,505 -172,865 Gross profit 370,032 387,450 1,403,591 Staff expenses and remuneration 4 -306,791 -306,530 -1,138,337 Other external costs -36,989 -34,636 -145,784 Other operating income 0 53 7,532 Other operating expenses 0 0 -14,058 EBITDA 26,252 46,337 112,944 Depreciation, amortisation and impairment 5 -14,254 -13,783 -54,529 Operating profit (EBIT) 11,998 32,554 58,415 Financial income 3,862 3,485 3,847 Financial expenses -2,441 -3,869 -15,467 Profit before tax from continuing operations 13,419 32,170 46,795 Corporate tax -2,445 -5,841 -25,339 Profit after tax from continuing operations 10,974 26,329 21,456 Profit (loss) after tax from discontinued operations 10 -1,619 -224 -6,644 Profit (loss) after tax for the period 9,355 26,105 14,812 DKK ´000 Note Q1 2026 Q1 2025 2025 Items that may be reclassified subsequently to profit and loss: -2,508 Foreign exchange adjustments of subsidiaries 16,776 6,442 Other comprehensive income -2,508 16,776 6,442 Total comprehensive income for the period 6,847 42,881 21,254 Earnings per share from continuing operations of DKK 1.25 (EPS) 0.09 0.20 0.17 Earnings per share from continuing operations of DKK 1.25, diluted (EPS-D) 0.09 0.20 0.17 Earnings per share of DKK 1.25 (EPS) 0.07 0.20 0.11 Earnings per share of DKK 1.25, diluted (EPS-D) 0.07 0.20 0.11 Balance sheet DKK ´000 Note 31 Mar 2026 31 Mar 2025 31 Dec 2025 Assets Goodwill 6 648,901 653,741 649,762 Customer base 18,410 11,954 18,917 Internal applications 20,630 28,027 24,484 Development projects finalised 0 201 0 Development projects in progress 0 2,277 0 Property, plant and equipment 8,447 11,542 8,332 Right-of-use assets 87,622 97,760 90,278 Deferred tax assets 31,139 37,825 29,122 Other receivables 10,056 19,168 13,696 Total non-current assets 825,205 862,495 834,591 Trade receivables 7 299,892 313,585 271,392 Contract assets 8 9,473 12,980 9,644 Corporate tax receivables 625 282 217 Other receivables 4,947 93 6,088 Receivables from divestment of activities 10 55,245 58,642 53,998 Prepayments 32,177 30,960 31,783 Receivables 402,359 416,542 373,122 Cash 52,334 88,264 68,032 Total current assets 454,693 504,806 441,154 TOTAL ASSETS 1,279,898 1,367,301 1,275,745 DKK ´000 Note 31 Mar 2026 31 Mar 2025 31 Dec 2025 Equity and liabilities Share capital 9 162,158 161,595 161,595 Treasury Stock 9 -17,773 0 -11,946 Reserves on foreign currency translation -69,795 -56,953 -67,287 Retained profit 674,348 689,603 662,600 Equity 748,938 794,245 744,962 Deferred tax liabilities 166 1,830 165 Other provisions 829 829 829 Contingent consideration 0 5,100 0 Debt to credit institutions 76,000 76,000 76,000 Lease liabilities 64,562 76,132 68,390 Total non-current liabilities 141,557 159,891 145,384 Debt to credit institutions 40,000 40,000 40,000 Contract liabilities 8 6,264 5,919 9,223 Trade payables 51,074 60,772 46,956 Corporate tax payables 4,092 6,091 9,265 Other payables 224,009 236,029 218,421 Accruals and deferred income 34,996 37,868 33,706 Lease liabilities 28,968 26,486 27,828 Total current liabilities 389,403 413,165 385,399 Total liabilities 530,960 573,056 530,783 TOTAL EQUITY AND LIABILITIES 1,279,898 1,367,301 1,275,745 Statement of changes in equity DKK ´000 Share capital Treasury Stock Reserves on foreign currency translation Retained profits Equity Q1 2026 Balance at 1 Jan 2026 161,595 -11,946 -67,287 662,600 744,962 Profit after tax 0 0 0 9,355 9,355 Currency adjustments of investments in subsidiaries 0 0 -2,508 0 -2,508 Total comprehensive income 0 0 -2,508 9,355 6,847 Capital increase 563 0 0 2,340 2,903 Share-based payment 0 0 0 53 53 Purchase of treasury stock 0 -5,827 0 0 -5,827 Balance at 31 Mar 2026 162,158 -17,773 -69,795 674,348 748,938 DKK ´000 Share capital Treasury Stock Reserves on foreign currency translation Retained profits Equity Q1 2025 Balance at 1 Jan 2025 161,595 0 -73,729 663,348 751,214 Profit after tax 0 0 0 26,105 26,105 Currency adjustments of investments in subsidiaries 0 0 16,776 0 16,776 Total comprehensive income 0 0 16,776 26,105 42,881 Share-based payment 0 0 0 150 150 Balance at 31 Mar 2025 161,595 0 -56,953 689,603 794,245 Share Treasury Reserves on foreign currency transla- Retained DKK ´000 capital Stock tion profits Equity 2025 Balance at 1 Jan 2025 161,595 0 -73,729 663,348 751,214 Profit after tax 0 0 0 14,812 14,812 Currency adjustments of investments in subsidiaries 0 0 6,442 0 6,442 Total comprehensive income 0 0 6,442 14,812 21,254 Share-based payment 0 0 0 600 600 Payment of dividend 0 0 0 -16,160 -16,160 Purchase of treasury stock 0 -11,946 0 0 -11,946 Balance at 31 Dec 2025 161,595 -11,946 -67,287 662,600 744,962 Cash flow DKK ´000 Note Q1 2026 Q1 2025 2025 Operating profit (EBIT) 11,998 32,554 58,415 Non-recurring income and expenses from acquisitions 0 0 -4,341 Depreciation, amortisation and impairment 5 14,254 13,783 54,529 Cost of incentive scheme 53 150 600 Changes in net working capital -18,064 -15,325 -1,297 Cash flow from primary activities 8,241 31,162 107,906 Interest received, etc. 718 990 3,439 Interest paid, etc. -2,443 -3,983 -14,266 Corporate tax paid -10,044 -10,953 -20,172 Cash flow from operating activities -3,528 17,216 76,907 Investments in development projects 0 -923 1,355 Acquisition of tangible assets -1,787 -1,769 -4,056 Acquisition of intangible assets 0 0 -17,072 Disposal of tangible assets 1 5 87 Payments for financial assets 925 838 3,353 Disposal of activities 10 -1,619 -224 -6,644 Cash flow from investing activities -2,480 -2,073 -22,977 DKK ´000 Note Q1 2026 Q1 2025 2025 Proceeds from capital increase/warrants exercised 2,903 0 0 Overdraft facilities 0 -1 0 Repayment of lease liabilities -7,694 -7,324 -28,264 Treasury Stock 9 -5,827 0 -11,946 Dividends paid 0 0 -16,160 Cash flow from financing activities -10,618 -7,325 -56,370 Cash flow from continuing operations -15,007 8,042 4,204 Cash flow from discontinued operations 10 -1,619 -224 -6,644 Total net change in cash and cash equivalents -16,626 7,818 -2,440 Cash funds at the beginning of the period 68,032 79,223 79,223 Exchange rate adjustments 928 1,223 -8,751 Cash funds at the end of the period 52,334 88,264 68,032 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