CBRAIN A/S
Software·CBRAIN · Nasdaq Copenhagen·Fiscal year to 31/12/2025
1 | Annual Report | 2025 cBrain A/S Kalkbrænderiløbskaj 2 DK-2100 Copenhagen Denmark CVR no. 24233359 January 1 – December 31, 202 Annual Report 2025 A Proven Platform Built for Government cBrain F2® is a fully integrated, commercial off-the-shelf (COTS) software platform built for government.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Public sector
End markets
DriverPositive impact: strengthens
“Market analysts estimate the global government software market to exceed USD 50 billion, driven by continued digitalization at national, regional, and local government levels. At the same time, the market is expected to undergo a significant structural shift toward standardized platforms and commercially available standard software.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Governments are under increasing pressure to improve efficiency and reduce costs, creating a significant opportunity to support customers through the F2 ServiceBuilder. This is further accelerated by embedded AI capabilities and growing demand for sovereignty. Establishing a dedicated large-customer unit to continue and further develop work with large strategic customers, building on the pipeline established in recent years and supporting continued product and technology innovation.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The 2026–2028 plan focuses on accelerating sustainable growth through scalable sales of standard software, driven by selected market segments and a partner-led goto-market model.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“At the same time, F2 provides full data and process sovereignty, enabling governments to modernize and scale digital operations on a stable, standardized enterprise platform.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Building on the results achieved during the previous three-year plan, the plan adopts a global approach aimed at delivering sustainable growth. The sales strategy is centered around four key objectives: Winning selected global market segments, initially focused on paperless ministries and environmental permitting.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“As the company enters its next growth cycle, cBrain has adjusted its go-to-market approach and organization to support its ambition of becoming a global leader in COTS software for government.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“cBrain's long-term growth strategy is driven by a vision to provide standardized software solutions for governments worldwide.”
Annual report 2025A · The company itself
Market
“Market analysts estimate the global government software market to exceed USD 50b. This market will undergo a significant structural shift, as governments move away from complex, custom-built IT solutions toward standardized platforms and (COTS) standard software.”
Annual report 2025A · The company itself
Market
“The decrease from prior year reflects the volatility associated with cBrain’s strategic focus during the 2023–2025 period on building business with large government customers. Characterized by long sales cycles and limited short-term predictability, this focus impacted license revenue in 2025 as several forecasted customer projects were delayed.”
Annual report 2025A · The company itself
Market
“This shift toward standard (COTS) software for government represents one of the largest untapped market opportunities of our time. cBrain intends to capitalize on this opportunity.”
Annual report 2025A · The company itself
Market
“As an alternative to traditional custom-built solutions and packaged niche software, the F2 digital COTS platform offers government organizations to fast-track enterprise digital transformation and IT modernization based on standard software and reusable, open-source process libraries. cBrain estimates the global addressable market for the F2 digital platform to exceed 50 billion USD.”
Annual report 2025A · The company itself
Market
“Recurring software revenue based on long-term government contracts constitutes two-thirds of total revenue in 2025, combined with earnings before tax (EBT) of 22%, and a strong positive cash flow.”
Annual report 2025A · The company itself
Market
“For cBrain, this agreement marks a major milestone as it represents a significant expansion of the market reach of the F2 platform solution. With cBrain F2 as the core digital platform for large city administrations, cBrain is significantly broadening its footprint within the local government and municipal sector, in Denmark as well as internationally.”
Annual report 2025A · The company itself
Market
“More than 75 Danish government organizations, including 20 of 24 ministries, use F2 as their digital platform 25 | Annual Report | 2025 cBrain delivers a new national Danish hunting license system for 200.000 hunters In 2025, cBrain delivered a new national Danish hunting license system, supporting hunters license management end-to-end, from self-service to case processing and filing.”
Annual report 2025A · The company itself
Market
“cBrain is a one-product software company serving government authorities and public institutions across five continents.”
Annual report 2025A · The company itself
Denmark
Geography
Market
“In the autumn cBrain signed a contract with Aarhus Municipality, the second largest Danish city, initially supporting 5.000 users with an option to grow to 20.000 users.”
Annual report 2025A · The company itself
Market
“Built for government, the F2 platform is standard and generic, and the large F2 solution gallery demonstrates how F2 can be deployed for large-scale IT modernization projects across the world: The Danish EPA has digitized more than 150 mission-critical processes end-toend, from grants management to permitting to inspections, all stored and maintained at the F2 Process library. During the spring of 2025, Deutsche Rentenversicherung went live on the F2 platform with more than 4.500 new users, supporting auditing and compliance. In 2025, cBrain delivered a new national Danish hunting license system, supporting hunters license management end-to-end, from self-service to case processing and filing. Fully automated, this system is now supporting 15 | Annual Report | 2025 approximately 200.000 hunters, based on App and self-services, from applications and license renewal to courses, payments, and game reporting.”
Annual report 2025A · The company itself
Market
“ The Danish tax uses F2 as the digital platform tax for managing dividend returns. With a huge number of transactions, the system pays out many billions of dividends, based on self-service applications and automated case processing. The Ministry of Finance in the UAE uses the F2 platform in several instances.”
Annual report 2025A · The company itself
Market
“Proven and deployed by government organizations worldwide cBrain enters the next growth cycle based on a strong customer reference position. Today, the Danish ministries and more than 75 Danish government organizations use F2 as their digital platform.”
Annual report 2025A · The company itself
Geography
“Revenue in Denmark totaled DKK 181m, compared to DKK 178m in 2024, representing 72% of total revenue, reflecting stable growth.”
Annual report 2025A · The company itself
Geography
“With cBrain F2 as the core digital platform for large city administrations, cBrain is significantly broadening its footprint within the local government and municipal sector, in Denmark as well as internationally.”
Annual report 2025A · The company itself
Europe
Geography
Market
“This included the delivery of a new national Danish hunting license system serving approximately 200.000 users, as well as going live with more than 4.500 users at Deutsche Rentenversicherung in Germany.”
Annual report 2025A · The company itself
Geography
“2025 evolved into a year focused on piloting and preparing for growth At the beginning of 2025, cBrain allocated investments to support international market development in the USA and Germany. These investments were, however, not fully realized. Instead, 2025 evolved into a year focused on piloting and preparing for a broader go-to-market approach.”
Annual report 2025A · The company itself
Geography
“International revenue amounted to DKK 70m, compared to DKK 90m in 2024, representing 28% of total revenue. The change in international revenue is primarily attributable to timing of license deliveries.”
Annual report 2025A · The company itself
Geography
“In parallel cBrain delivered first projects working with partners in both Europe and Africa.”
Annual report 2025A · The company itself
Geography
“More than one-third of our revenue now comes from international markets, supported by strategic collaborations such as our partnership with UNDP in Africa, our cooperation with Elm in Saudi Arabia, and our joint venture in India.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“A key milestone for cBrain in 2025 was the completion of full AI enablement. AI is now embedded as a native, production-ready capability across the F2 Digital platform, seamlessly integrated into core workflows and case processes. This positions F2 as a fully AI-enabled COTS platform for government - driving higher productivity, enhanced decision support, and scalable automation, while preserving standardization, transparency, and regulatory compliance.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“While developing the F2 ServiceBuilder, cBrain has also invested in AI technology and, in the near term, expects to announce embedded AI capabilities. This will further strengthen and differentiate the F2 ServiceBuilder offering by providing sovereignty and flexibility, enabling customers to fully control and maintain both their own processes and AI prompts without reliance on external providers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In 2025 cBrain delivered an AI based solution for the ministry, to support the new Peppol electronic invoicing standards. In the autumn 2025, cBrain signed a contract with Aarhus Municipality to adapt the F2 platform for local government.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“To maintain the lead cBrain continues to intensify and target investments in R&D and in positioning cBrain. Development also includes a strong focus on integrating AI into the platform, including the Service builder.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Asia and emerging markets
Geography
Market
“This includes OECD reporting, supporting more than 350 users across 25 entities, with English and Arabic language self-service. In 2025 cBrain delivered an AI based solution for the ministry, to support the new Peppol electronic invoicing standards. In the autumn 2025, cBrain signed a contract with Aarhus Municipality to adapt the F2 platform for local government.”
Annual report 2025A · The company itself
Geography
“International revenue amounted to DKK 70m, compared to DKK 90m in 2024, representing 28% of total revenue. The change in international revenue is primarily attributable to timing of license deliveries.”
Annual report 2025A · The company itself
Geography
“More than one-third of our revenue now comes from international markets, supported by strategic collaborations such as our partnership with UNDP in Africa, our cooperation with Elm in Saudi Arabia, and our joint venture in India.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“This included investments into further developing the F2 ServiceBuilder. The F2 ServiceBuilder is a key enabler for establishing a partner channel. It supports customers in rapid workflow automation while ensuring full data and process sovereignty.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Over the past two years, cBrain has invested significantly in the F2 ServiceBuilder, which now enables scalable partner-led delivery and global reach without proportional growth in internal capacity. Expanding business across the existing customer base, driven by AI-enabled process automation and sovereignty.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Ready to use out of the box, F2 is configured - rather than custom-built - to meet customer-specific legal, organizational, and process requirements, without modifying the standard software. This ensures fast deployment, lower implementation risk, and long-term sustainability.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Contract manufacturers as a business (EMS, CMO, CRO)
End markets
StrategyPositive impact: strengthens
“The F2 ServiceBuilder is a highly efficient no-code configuration tool that enables customers and partners to configure and maintain the F2 platform according to their individual requirements. This supports process sovereignty and is a key enabler of the F2-for-partners strategy, allowing scalable growth through a partner ecosystem.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Leveraging these architectural advantages, cBrain has begun establishing a partner channel in which certified partners take responsibility for the delivery and configuration of F2 solutions. This enables cBrain to scale globally without being constrained by internal organizational capacity, while maintaining the benefits of standard software.”
Annual report 2025A · The company itself
Chains in: Biotech and drug development strengthens
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Cyber-attacks, including breaches of confidentiality through unauthorized access to networks and customer data, pose an increased reputational and financial risk.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Mitigation cBrain’s development and product strategy is based on controlling the value chain itself. The standard platform F2 is developed by highly educated and trained software engineers with a focus on the world market.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“Environmental permitting is a critical element of the green transition and the global effort to combat climate change.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Collaboration is essential to addressing climate and environmental challenges. By building partnerships with clients, public bodies, industry organizations, NGOs, and international institutions, cBrain contributes to scaling solutions that support sustainable development.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Subscription models
Technology
StrategyPositive impact: strengthens
“While volatility related to large customers affected overall growth, the underlying business based on long-term software subscriptions delivered solid growth of approximately 18%. In 2025, software subscriptions accounted for 66% of total revenue, providing cBrain with a solid financial foundation and strategic flexibility. cBrain maintains solid earnings, with earnings before tax (EBT) of DKK 56m, corresponding to an EBT margin of 22%.”
Annual report 2025A · The company itself
Market
“Within software sales 84% consist of subscriptions. Revenue from software subscriptions amounted to DKK 166m in 2025, representing 66% of total revenue. This represents growth of 18% compared to 2024 where software subscription revenue totaled DKK 141m.”
Annual report 2025A · The company itself
Construction
End markets
Market
“Through this project, cBrain will extend the F2 digital platform, positioning F2 as a strong offering for local government and cities, thereby adding a new market segment.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“Building on the strong financial foundation, the three-year growth plan for 2026–2028 will shift the focus toward growth through selected market segments and working with partners. In parallel, cBrain will expand its business with existing customers through a broader approach, seeking growth across the entire large customer base rather than concentrating on a limited number of selected customers.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“The geopolitical situation, continued war in Europe, political instability in many countries, as well as economic risks preoccupy politicians and can draw focus and investments away from modernizing the public sector through digitizing.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“COTS software offers a faster, more efficient alternative to custom-built IT solutions, reducing costs and risks.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“The geopolitical situation, continued war in Europe, political instability in many countries, as well as economic risks preoccupy politicians and can draw focus and investments away from modernizing the public sector through digitizing.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“cBrain fails to foresee and mitigate risks related to entering new markets especially outside Europe and US, including risks of compromising cBrain’s values and culture and thereby facing reputational and financial risks. Cause cBrain is increasingly entering into new markets, where business and commercial conditions are different and sometimes challenging.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Total expenses for 2025 amounted to DKK 195m, compared to DKK 182m in 2024, representing an increase of DKK 13m (+7%). The change is mainly due to growth in employee base and international business development.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“cBrain’s growth depends on attracting and retaining new talent and skilled employees. Cause cBrain’s possibilities for hiring talented people depend on multiple factors including salary, workplace culture and reputation for innovation.”
Annual report 2025A · The company itself
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Fail to execute strategy and build partner channels Fail to retain and attract talent Cyber Attack Competitors build standard platform similar to F2 Legal risks entering new geographical markets Mitigation Sharpening cBrain’s value proposition to customers, highlighting the gains of digitizing government using standard software, including efficiency gains, low risk, rapid implementation through configuration, and speed of action in permitting.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
United States
Geography
Geography
“2025 evolved into a year focused on piloting and preparing for growth At the beginning of 2025, cBrain allocated investments to support international market development in the USA and Germany. These investments were, however, not fully realized. Instead, 2025 evolved into a year focused on piloting and preparing for a broader go-to-market approach.”
Annual report 2025A · The company itself
Geography
“Initially, cBrain has focused on the U.S. market, where the company is among the first vendors to support the new national standards for digital environmental permitting.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Carbon emissions from our operations have a negative impact on climate change by increasing greenhouse gases in the atmosphere, thereby intensifying global warming.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Latin America
Geography
Geography
“More than one-third of our revenue now comes from international markets, supported by strategic collaborations such as our partnership with UNDP in Africa, our cooperation with Elm in Saudi Arabia, and our joint venture in India.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.25 bn DKK |
| Revenue growth vs. the year before, same method | -6.2 % |
| EBITDA reported by the company | 0.09 bn DKK |
| Net debt debt incl. leasing minus cash | Net cash 0.01 bn DKK |
| Diluted EPS per share | 2.16 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.