Company Announcement no. 09/2026
cBrain returns to growth and expects more than 15% growth in H2 2026
Copenhagen, August 20, 2026
We have returned to growth
"The first half of 2026 marked an important turning point for cBrain (NASDAQ: CBRAIN). After a period of strategic investments and adding market segment focus, we have returned to growth and expect revenue growth of more than 15% in the second half of the year."
During the first half of 2025 and the second half of 2025, cBrain reported that revenue declined 5% and 8%, respectively. The period coincided with implementation of a revised growth strategy, including increased focus on selected market segments and investments in embedded artificial intelligence in the F2 platform. cBrain is now beginning to see the results of these strategic investments.
The first half of 2026 was affected by the longest government formation process in Danish history, which impacted project activity during the second quarter and negatively affected revenue. Despite these circumstances, cBrain returned to growth, reporting revenue growth of 6% in the first half of 2026. Revenue increased to DKK 140 million, compared to DKK 132 million in the first half of 2025.
Profitability remained strong, with earnings before tax (EBT) of DKK 36 million and an EBT margin of 26%. This drives a strong cash flow and reflects the scalability of the business model. EBITDA amounted to DKK 51 million for the first half of 2026, corresponding to an EBITDA margin of 37%.
Total software revenue amounted to DKK 107 million. Of this, subscription revenue amounted to DKK 88 million, corresponding to 63% of total revenue and demonstrating the strength of cBrain's recurring business model.
In Denmark, cBrain is currently delivering one of its largest F2 projects to date for the City of Aarhus, Denmark's second-largest municipality. With approximately 5.000 expected users, the project represents an important milestone in demonstrating the scalability of the F2 platform. cBrain expects the project to form the basis for future expansion into local government, which the company believes could become a significant new market segment over time.
Germany delivered stable revenue during the period. Our current priority is the successful deployment of the F2 platform to a large number of users across ongoing customer engagements. Successful implementation of these projects will further strengthen cBrain's position in the German market and provide an important platform for continued growth.
One of the most encouraging developments during the first half of 2026 is that the U.S. market is now beginning to open for cBrain. During the spring, we initiated a proof of concept with the State of California and in Washington, D.C. Together, these projects demonstrate how the combination of AI and environmental permitting creates new opportunities for cBrain in the world's largest software market.
cBrain maintains full-year guidance
Following the completion of the Danish government formation process, cBrain has experienced increasing activity levels among Danish public sector customers throughout June and into the summer period.
Based on current activity levels and reporting 6% growth in first half 2026, cBrain expects revenue growth to be above 15% in the second half of 2026 compared to second half 2025. cBrain therefore maintains its full-year guidance of 10-15% revenue growth and earnings before taxes margin (EBT-margin) of 20-25%.
AI is becoming a growth driver
"We believe AI represents a defining moment for government digitalization. For cBrain, AI is not a separate product initiative but a product transformation, as we are embedding AI functionality across the entire F2 platform."
cBrain considers artificial intelligence a defining moment for government digitalization, with significant implications for the F2 software platform, customer requirements and future market opportunities.
In March 2026, cBrain announced embedded agentic AI in the F2 platform. The announcement marked a major strategic milestone and enables AI capabilities across the entire F2 platform through a suite of new AI-enabled products.
One of the first products launched under this strategy is the F2 AI Task Specialist.
F2 AI Task Specialist extends the F2 Service Builder framework and enables customers and partners to configure AI-driven processes directly within the F2 platform. Rather than relying on custom development projects, customers and partners can configure AI-supported tasks, controlled and fully compliant, as part of their business processes.
The first sales of the new AI products have now been completed. Combined with cBrain's focus on selected market segments, the company believes AI can become an important driver of future international growth.
Progress in the United States
"We are seeing increasing evidence that the combination of AI and environmental permitting can create a unique international growth opportunity for cBrain."
Environmental permitting is one of the market segments selected by cBrain as part of its international growth strategy. The company is encouraged by developments in the United States, where the combination of AI and environmental permitting has generated significant market interest.
In February 2026, cBrain announced an informal Proof of Concept (PoC) with the State of California. In August, the Governor's Office of Land Use and Climate Innovation in California (US) contracted with cBrain to deliver a solution through California's SLP framework for software acquisition. The aim is to reduce permitting and environmental review timelines.
In parallel, cBrain has initiated a federal pilot project in Washington, D.C., also focused on environmental permitting.
These activities demonstrate how cBrain's investments in AI and its focused market segment strategy reinforce each other. AI increases the value proposition, while environmental permitting provides a clearly defined market opportunity where cBrain already has strong references and domain expertise.
Building a global position within environmental permitting
"Recognition from both the United States and Europe gives us confidence that cBrain is building a leading international position within digital environmental permitting."
Environmental permitting continues to be one of cBrain's most important strategic priorities.
In 2024, the F2 platform was highlighted in a report from the White House Council on Environmental Quality to the U.S. Congress as a reference solution for digital environmental permitting.
In June 2026, the European Commission published a report highlighting environmental permitting as a critical enabler of economic growth and competitiveness in Europe.
The report emphasizes the importance of improving permitting processes to accelerate investments and support economic development. F2 was identified as one of the study's five best-practice digital permitting platforms and is described as an advanced end-to-end permitting solution leveraging AI.
These recognitions support cBrain's ambition to establish a global leadership position within digital environmental permitting and strengthen the company's belief that environmental permitting can become an important international growth driver.
Looking ahead
"We enter the second half of 2026 with increasing customer activity, new AI products in the market and a stronger international position than ever before."
The past eighteen months have been characterized by strategic investments, organizational adjustments and adding market segment focus.
Today, cBrain is beginning to see the results of those investments.
The company has returned to growth. Customer activity in Denmark has increased following the government formation process. Our German business remains stable while supporting large-scale deployments. New AI products have been introduced to the market. Environmental permitting is generating opportunities in the United States, while recognition from both U.S. and European institutions continues to strengthen cBrain's international position.
Together, these developments support cBrain's expectation of revenue growth of more than 15% in the second half of 2026 and the company's full-year guidance of 10-15% revenue growth, while maintaining high earnings.
Best regards
Per Tejs Knudsen, CEO
Inquiries regarding this Company Announcement may be directed to
Lars Møller Christiansen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 24429300
