Denmark-based cBrain reported a return to growth in the first half of 2026, posting DKK 140 million in total revenue, a 6% increase from the same period last year. The company’s earnings before tax margin reached 26%, exceeding its full-year target range of 20% to 25%.
Revenue from domestic operations rose 24% to DKK 111 million, while international sales declined to DKK 29 million due to the conclusion of large license agreements in Germany. Subscription revenue, which now accounts for 63% of total revenue, grew 8% year-over-year to DKK 88 million. Gross profit margin stood at 50.2%, with a return on equity of 14% over the last 12 months.
The company’s market capitalization reached $224 million, with a trailing price-to-earnings ratio of 32.7. Shares surged 8.16% in trading, adding $5.50 to close at $72.90, though they remain 66% below their 52-week high of $201.50.
cBrain’s growth strategy centers on embedded artificial intelligence, data sovereignty, and expanding into government sectors. Chief Financial Officer Lars Møller Christiansen noted that the company is beginning to see results from its revised 2026–2028 growth plan, emphasizing AI integration as a key driver. “We think we are seeing now the initial results of our revised growth plan,” he said.
Domestic revenue growth occurred despite Denmark’s prolonged government formation period, which lasted over three months following the general election. Internationally, cBrain highlighted progress in the U.S., where it completed a five-year expansion effort, secured a contract with the State of California to reduce permitting timelines, and outperformed 50 competitors in a proof-of-concept phase.
In Europe, the company’s F2 platform was recognized by the European Commission as the most advanced environmental permitting solution among 14 countries surveyed. cBrain also anticipates a contract go-live in the City of Aarhus in early 2026.
For the full year 2026, cBrain maintained its revenue growth guidance of 10% to 15%, with EBT margin expected in the 20% to 25% range. For the second half of 2026, management projected revenue growth of at least 15%, with potential upside to 25% in a stronger scenario, while margins are expected to settle in the low 20s.
