Group 1 - Aarhus Municipality intends to award a contract to cBrain for a new digital case and document management platform [1] - Aarhus is Denmark's second-largest municipality with over 375,000 residents and approximately 28,000 employees, making it the largest workplace in Jutland [2] - The tender process is currently in a standstill period [2]

Core Viewpoint - cBrain is advancing its global growth strategy in the Commercial Off-The-Shelf (COTS) software for government sector, focusing on long-term leadership and market expansion [1][2][59] Financial Performance - Revenue for the first half of 2025 is DKK 132 million, down 5% from DKK 139 million in the same period of 2024 [4] - Software revenue decreased by 10% to DKK 100 million, primarily due to a 58% decline in one-time software licenses [5] - Services revenue increased by 15% to DKK 32 million, while recurring revenue from subscriptions grew by 24%, now representing 61% of total revenue [5][6] - The company maintains its full-year guidance, expecting revenue growth of 10-15% with an EBT margin of 18-23% [9] Strategic Focus - cBrain aims to lead the COTS software for government industry, refining its strategy to balance large account customers with niche market leadership [2] - The F2 platform is designed to be a fully integrated solution for government needs, allowing easy configuration without modifying core software [3] Market Opportunities - The global COTS for government market is seen as significant, with cBrain focusing on long-term growth despite short-term performance impacts [12] - The company is establishing a strong reference position in the Paperless Ministry market, leveraging Denmark's top ranking in the UN E-Government Survey [14] International Expansion - cBrain is actively pursuing international projects, with notable initiatives in Kenya and plans to expand into the U.S., Germany, UAE, and Africa [9][17][20] - The collaboration with the UNDP aims to accelerate digital transformation in Africa, aligning with the UNDP Digital Offer for Africa strategy [50][52] Technological Advancements - The F2 platform supports digital sovereignty by allowing governments to use multiple editing tools while ensuring data integrity [24][26] - cBrain is integrating AI into the F2 platform to enhance government operations, ensuring security and data sovereignty [56][58] Recent Developments - cBrain has successfully implemented the F2 Paperless Ministry solution in various Danish municipalities, demonstrating rapid deployment capabilities [41][43] - The company is also focusing on environmental permitting as a key vertical, aligning with new U.S. federal standards for digital permitting [31][33]

Core Insights - cBrain is positioned as a first-mover in supporting new U.S. federal standards for environmental permitting, as defined by the White House Council on Environmental Quality (CEQ) [1][6] - The company has developed a fully digital permitting solution that enhances quality and transparency while reducing case processing times [2][6] - The growing global emphasis on environmental assessment and permitting presents a significant market opportunity for cBrain [3][4] Company Strategy - cBrain has identified environmental permitting as a key international vertical in its expanded growth strategy, aiming to establish a leading global position with its cBrain F2 Environmental Permitting solution [4] - A dedicated team has been formed to support the international scaling of the F2 Environmental Permitting solution, viewing it as a strategic entry point into the U.S. market [4][6] Regulatory Context - In April 2025, the White House issued an Executive Order for federal agencies to adopt digital technologies for environmental permitting, followed by the CEQ's release of a Permitting Technology Action Plan [5] - cBrain quickly aligned its F2 Environmental Permitting solution with these new federal data standards, demonstrating the adapted solution to U.S. federal authorities in July 2025 [6]

Group 1 - cBrain has signed an agreement with Aalborg Municipality to implement the F2 Paperless Government Platform, joining Copenhagen and Aarhus in this initiative [1][5] - The F2 platform will be delivered to the Urban and Rural Affairs Department in Aalborg, covering areas such as urban development and infrastructure, with implementation expected within 6–8 weeks and a go-live planned for September/October 2025 involving 150 users [2][3] - The F2 platform underwent a comprehensive screening process to ensure it aligns with Aalborg's IT architecture principles, including GDPR compliance and operational reliability [3] Group 2 - The F2 platform supports various functions such as executive decision-making and case management, with Copenhagen currently having the largest deployment of over 3,000 users [4] - The agreement with Aalborg signifies a significant business development for cBrain, indicating the growing adoption of the F2 platform by large local government organizations [5] - Denmark's consistent ranking as number one in the UN Global E-Government Index highlights the international reference value of the F2 platform's adoption by the three largest municipalities, supporting cBrain's global growth strategy [6]

Core Viewpoint - cBrain has appointed Lars Møller Christiansen as the new CFO, effective August 1, 2025, succeeding Ejvind Jørgensen who has served for nine years [1][2]. Group 1: Leadership Transition - Lars Møller Christiansen will take over as CFO from Ejvind Jørgensen, who will remain with the company in a different capacity after a transition period [2]. - Ejvind Jørgensen has been with cBrain for nine years and will continue to be part of the company's journey [2]. Group 2: New CFO's Background - Lars Møller Christiansen has over 24 years of experience in the Danish government, focusing on financial management and digitization [3]. - He previously served as Deputy Director at the Environmental Protection Agency, where he was responsible for financial management and digitization [1][3]. - Lars is recognized as a digital front runner with extensive knowledge in eGovernment, which aligns with cBrain's international growth strategy [3]. Group 3: Vision and Goals - Lars emphasizes the importance of digital decision-making processes for accelerating the green transition and expresses enthusiasm for contributing to cBrain's climate and environmental goals [4].

Core Insights - The Kenyan government plans to implement the Danish F2 digital platform across all government departments to transition to a paperless working environment [1][2] - The initiative aims to enhance transparency and accountability in the public service, ensuring efficient service delivery through clear and auditable processes [3] - The F2 platform, developed in collaboration with the Danish government, is already in use by various Danish ministries and over 75 government organizations [4] Company and Industry Summary - cBrain is contributing its technology to the Kenyan government's strategic collaboration for the F2 platform rollout [2] - The F2 platform is a commercial off-the-shelf (COTS) solution designed specifically for government use, facilitating fast, scalable, and legally compliant digital operations [5] - The platform has been deployed by government authorities across five continents, supporting public sector workflows and compliance needs [5]

Core Insights - cBrain is adjusting its growth strategy to capitalize on the rapid shift towards Commercial Off-The-Shelf (COTS) government software, aiming to lead in two new global solution niches: Paperless Ministry and Environmental Permitting [1][11]. Group 1: Growth Strategy - The company is extending its growth strategy by focusing on two market niches with global potential, leveraging its strong financial position to build dedicated units for these areas [2][13]. - cBrain's long-term growth strategy is centered on serving large government clients, ensuring sustainable growth through long-term software subscriptions, and accelerating international growth via the F2-for-Partners concept [12]. Group 2: Market Development - cBrain has successfully developed its F2 Digital platform in Denmark and internationally, with significant projects including the F2 solution for the Danish Ministry of Resilience and Preparedness, which was ready to go live in just three weeks [3][15]. - The F2 platform has been successfully implemented in various agencies, including the Danish Energy Agency, where it automated nearly 70% of applications for a subsidy program [4][10]. Group 3: International Expansion - cBrain is expanding its presence in Germany and Romania, with successful deployments of the F2 platform for public pensions and a new national platform for citizen pensions, respectively [5][6]. - The company is testing its Paperless Ministry initiative in Europe and Africa, with a pilot project in Kenya demonstrating the rapid deployment of the solution [18][19]. Group 4: Environmental Permitting Initiative - cBrain is positioning its F2 Environmental Permitting solution as a strategic offering, responding to the growing importance of environmental assessments in infrastructure projects [20][21]. - The company has collaborated with the Danish Environmental Protection Agency to develop a solution that streamlines the permitting process, which has been recognized in a White House report as an effective tool [22][23]. Group 5: Financial Guidance - cBrain maintains its financial guidance for 2025, expecting revenue growth of 10-15% and Earnings Before Tax (EBT) of 18-23% [25]. - The company has allocated approximately 4 million Euro for one-time costs related to market expansion, which are included in the financial outlook for 2025 [27].