cBrain delivers a solid EBT margin of 22% and increases dividends by 56%

Firm Announcement no. 03/2026

cBrain delivers a solid EBT margin of 22% and increases dividends by 56%

Copenhagen, February 19, 2026

cBrain is paving the way in which for a new kind of enterprise software program, constructed for presidency
cBrain^® (NASDAQ: CBRAIN) cBrain is at a strategic crossroads. Now taking the subsequent step in its long-term journey towards management within the massive and rising world marketplace for commonplace Industrial-Off-The-Shelf (COTS) software program for presidency, cBrain has introduced the subsequent progress plan, protecting 2026-2028.

In spite of 2025 outcomes, the general market alternative and the corporate ambitions stay unchanged. The 2026–2028 plan focuses on accelerating sustainable progress via scalable gross sales of commonplace software program, combining a segment-focused go-to-market method with a partner-led supply and scaling mannequin.

Market analysts estimate the worldwide authorities software program market to exceed USD 50b. This market will bear a important structural shift, as governments transfer away from advanced, custom-built IT options towards standardized platforms and (COTS) commonplace software program.

With the F2 Digital platform, cBrain is paving the way in which for a new technology of built-in enterprise software program, purpose-built for presidency operations. cBrain believes that built-in commonplace software program for presidency – straightforward to configure and designed to help digital transformation at scale – will outperform and change custom-built options and commonplace merchandise tailor-made to particular practical areas.

A key milestone for cBrain in 2025 was the completion of full AI enablement. AI is now embedded as a native, production-ready functionality throughout the F2 Digital platform, seamlessly built-in into core workflows and case processes.

This positions F2 as a totally AI-enabled COTS platform for presidency – driving greater productiveness, enhanced choice help, and scalable automation, whereas preserving standardization, transparency, and regulatory compliance. The finished AI enablement reinforces cBrain’s long-term aggressive benefit and helps the scalability and margin potential of the 2026–2028 progress plan

2025 outcomes
In 2025, income decreased by 6%, from DKK 268m to DKK 251m, in step with our December 22, 2025, expectation of roughly DKK 250m. The lower from prior yr displays the volatility related to cBrain’s strategic focus in the course of the 2023–2025 interval on constructing enterprise with massive authorities prospects. Characterised by lengthy gross sales cycles and restricted short-term predictability, this focus impacted license income in 2025 as a number of forecasted buyer tasks have been delayed.

Whereas volatility associated to massive prospects affected total progress, the underlying enterprise based mostly on long-term software program subscriptions delivered strong progress of roughly 18%. In 2025, software program subscriptions accounted for 66% of complete income, offering cBrain with a strong monetary basis and strategic flexibility.

cBrain maintains strong earnings, with earnings earlier than tax (EBT) of DKK 56m, equivalent to an EBT margin of 22%. That is above our December 22, 2025, expectation of roughly DKK 45m, equivalent to 18%. The stronger-than-expected EBT is driving by a mixture of accounting-related results throughout a number of gadgets.

The outcomes present a continued robust constructive money movement from working actions. This permits a rise in dividends and investments within the progress of the corporate.

Consequently, the Board of Administrators proposes a 56% improve within the dividend to DKK 1,00 per share in 2025, up from DKK 0,64 per share in 2024. This corresponds to a complete dividend cost of DKK 20m, in comparison with DKK 13m in 2024.

2025 developed into a yr targeted on piloting and making ready for progress
In the beginning of 2025, cBrain allotted investments to help worldwide market growth within the USA and Germany. These investments have been, nevertheless, not totally realized. As a substitute, 2025 developed into a yr targeted on piloting and making ready for a broader go-to-market method.

Investments have been made in two pilot initiatives focusing on chosen market segments – paperless ministries and environmental allowing – and in piloting collaboration with chosen companions as preparation for a partner-led technique.

This included investments into additional creating the F2 ServiceBuilder. The F2 ServiceBuilder is a key enabler for establishing a associate channel. It helps prospects in fast workflow automation whereas guaranteeing full knowledge and course of sovereignty. As well as, it opens new income alternatives throughout the present buyer base.

Whereas creating the F2 ServiceBuilder, cBrain has additionally invested in AI expertise and, within the close to time period, expects to announce embedded AI capabilities. It will additional strengthen and differentiate the
F2 ServiceBuilder providing by offering sovereignty and adaptability, enabling prospects to completely management and keep each their very own processes and AI prompts with out reliance on exterior suppliers.

In parallel, cBrain delivered a quantity of important buyer tasks that additional consolidated its market place. This included the supply of a new nationwide Danish searching license system serving roughly 200.000 customers, in addition to going stay with greater than 4.500 customers at Deutsche Rentenversicherung in Germany. Within the autumn cBrain signed a contract with Aarhus Municipality, the second largest Danish metropolis, initially supporting 5.000 customers with an choice to develop to twenty.000 customers. Additionally, in 2025 cBrain delivered a full digital grant administration resolution supporting Denmark’s largest-ever reforestation grant program.

cBrain has introduced its technique plan for 2026–2028
With the completion of the 2023–2025 plan, cBrain now takes the subsequent step in its long-term journey towards management within the massive and rising world marketplace for commonplace (COTS) software program for presidency.

The 2026–2028 plan focuses on accelerating sustainable progress via scalable gross sales of commonplace software program, pushed by chosen market segments and a partner-led go-to-market mannequin.

The worldwide market alternative
Market analysts estimate the worldwide authorities software program market to exceed USD 50 billion, pushed by continued digitalization at nationwide, regional, and native authorities ranges.

On the similar time, the market is predicted to bear a important structural shift towards standardized platforms and commercially out there commonplace software program. This shift towards commonplace (COTS) software program for presidency represents one of the most important untapped market alternatives of our time.

cBrain intends to capitalize on this chance. Over greater than 20 years and 600.000 hours, cBrain has invested in constructing the built-in F2 platform, which is uniquely positioned to serve this rising market. F2 has been confirmed with authorities prospects worldwide and constructing on robust buyer references in Denmark and internationally, cBrain goals to take a world management place on this new market.

Scaling via commonplace (COTS) software program gross sales
Through the earlier progress cycle, 2023–2025, cBrain’s main progress driver was constructing enterprise with massive prospects, usually targeted on configuring particular person options. This method was important to drive product and expertise growth, however it is usually characterised by lengthy gross sales cycles and restricted predictability, which impacted license income in 2025 as forecasted tasks have been delayed.

Constructing on early successes and investments made throughout 2025, together with associate collaboration and the piloting of a segment-driven go-to-market method, cBrain is effectively ready to enter the subsequent progress cycle and spend money on market and gross sales growth.

The gross sales technique is centered round 4 key aims:

• Profitable chosen world market segments, initially targeted on paperless ministries and environmental allowing. Extra segments shall be added over time; for instance, the contract with Aarhus Municipality – Denmark’s second largest municipality – is predicted to open a new market phase by positioning F2 as a commonplace software program platform for native authorities.
• Accelerating the F2-for-Companions technique. Over the previous two years, cBrain has invested considerably within the F2 ServiceBuilder, which now allows scalable partner-led supply and world attain with out proportional progress in inside capability.
• Increasing enterprise throughout the present buyer base, pushed by AI-enabled course of automation and sovereignty. Governments are beneath rising strain to enhance effectivity and scale back prices, creating a important alternative to help prospects via the F2 ServiceBuilder. That is additional accelerated by embedded AI capabilities and rising demand for sovereignty.
• Establishing a devoted large-customer unit to proceed and additional develop work with massive strategic prospects, constructing on the pipeline established in recent times and supporting continued product and expertise innovation.

Brief-term monetary outlook
With the 2026–2028 plan, cBrain has initiated market investments and organizational growth to help the gross sales technique.

Whereas investments and organizational adjustments are anticipated to impression the enterprise within the quick time period, cBrain expects to see preliminary constructive results from these investments made throughout 2025. Consequently, cBrain forecasts income of DKK 275–290m in 2026, equivalent to natural income progress of 10–15%, with an EBT margin of 20–25%.

The 2026 forecast is predicated on income progress pushed by enlargement inside chosen market segments, working immediately and with companions, in addition to elevated gross sales to present prospects.

The shift towards partner-led gross sales is predicted to speed up all through the 2026–2028 interval as associate coaching and help buildings are additional developed.

In parallel, cBrain continues to develop its pipeline of potential massive prospects. Whereas this represents a important income upside, it’s characterised by lengthy gross sales cycles and restricted predictability, as demonstrated by income progress of 27% from 2022 to 2023 and a income decline of 6% from 2024 to 2025.

Because of this volatility, solely restricted income from new massive buyer contracts has been included within the short-term monetary forecast. Bigger contract wins subsequently characterize upside potential for the 2026 income outlook and past.

From custom-built programs to a new class of enterprise software program for presidency
Whereas many distributors have targeted on creating commonplace merchandise tailor-made to particular practical areas, cBrain is pioneering a new class of totally built-in enterprise platforms purpose-built for presidency.

Much like the shift a long time in the past when built-in Enterprise Useful resource Planning (ERP) programs changed fragmented monetary level options, cBrain is paving the way in which for a new technology of built-in enterprise software program for presidency operations. cBrain believes that built-in commonplace software program for presidency – straightforward to configure and designed to help digital transformation at scale – will outperform and change each custom-built options and commonplace merchandise tailor-made to particular person practical areas.

Authorities organizations in the present day face substantial transition prices as they modernize operations venture by venture utilizing conventional custom-built options and remoted level programs.

In its place, the F2 platform represents a new class of enterprise software program purpose-built for presidency. F2 is a totally digital platform that allows governments to digitize and configure a number of practical areas in parallel – with out modifying the usual software program – utilizing the no-code F2 ServiceBuilder and the open supply Course of Library.

The built-in F2 platform delivers out of the field a new kind of totally built-in commonplace (COTS) software program for presidency, protecting all core operational wants: companies supporting case administration and workflows, self-services for residents and firms, base registries, and mass-operation performance enabling high-scale processing throughout massive case volumes, communications, and monetary operations.

Confirmed and deployed by authorities organizations worldwide
cBrain enters the subsequent progress cycle based mostly on a robust buyer reference place. As we speak, the Danish ministries and greater than 75 Danish authorities organizations use F2 as their digital platform.

Internationally, F2 has been efficiently deployed by authorities organizations throughout 5 continents, together with the Emirates, Germany, Ghana, Guyana, Kenya, Romania, Thailand, the UK, and the USA.

This demonstrates that governments all over the world function in keeping with the identical basic rules of forms and that digital authorities finest practices might be efficiently reused and tailored internationally.

With the 2026–2028 plan, constructing on a distinctive product basis and a robust buyer reference base, cBrain has now taken the subsequent step in a long-term journey towards management within the fast-emerging world marketplace for commonplace (COTS) software program for presidency.

Finest regards

Per Tejs Knudsen, CEO

Inquiries relating to this Firm Announcement could also be directed to 

Lars Møller Christiansen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 24429300