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Analyst Comment

Columbus: 2024 results in line with preliminary numbers

By Michael FriisHead of Equities
13.03.2025, 11.41
Columbus

This morning, Columbus announced its annual report for 2024. The numbers were in line with the preliminary results in January. This implies that revenue was DKK 1,659m in 2024, corresponding to a growth rate of 8% (organic growth of 7%). In 2024, EBITDA amounted to DKK 153m, corresponding to an EBITDA margin of 9.2% and 30% growth.

The largest business line, Dynamics, delivered a high growth rate of 11%, and the second largest business line, M3, grew by 6%. The third largest business line, Digital Commerce, was the most challenged, especially due to the Swedish market, implying that the business line declined by 8%.

The positive development in EBITDA was positively affected by other operating income of DKK 29.8m, which includes DKK 22.1m from the M3CS case in Sweden.

The important KPI, efficiency, had an average of 62% in 2024, slightly lower than 63% in 2023. In 2024, Columbus also implemented different initiatives to improve efficiency. The drop in efficiency is primarily in the Digital Commerce and Security business lines, and it is also explained by some postponements of new contracts due to the uncertain business environment. Moreover, Columbus welcomed 40 new young professionals, which is the largest group ever, yet it is important to attract talent for future growth.   

Columbus also maintains its 2025 outlook, which was announced on 17 January 2025. This implies an organic revenue growth of 7-9% and an EBITDA margin of 10-12%. The company states that the first part of 2025 has delivered as expected, although also saying that they see 2025 as a continuation of 2024,  where there was some reluctance regarding  IT investments, and customers divide projects up into “smaller bites”.

Regarding the company’s strategic review announced in January 2025, there is nothing new about this in the annual report.

Tomorrow at 10:00, Columbus will present the results and comment on the 2025 expectations. Sign up and ask your questions here: https://www.inderes.dk/videos/columbus-2024-annual-report-presentation

Disclaimer: HC Andersen Capital receives payment from Columbus for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis 11:42, 13 March 2025 .

Columbus

12.3DKK12.03.2025, 17.20

Columbus is a global IT services and consulting company, specializing in digital transformation with a focus on the manufacturing, retail & distribution, food & beverage, and life science industries. Headquartered in Denmark and with offices and partners across regions, Columbus advises, implements, and manages IT solutions within areas such as Cloud ERP, Digital Commerce, Data & AI, Customer Experience & Engagement, and Security.

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