Core Insights - cBrain has lowered its revenue growth expectations for 2025 to a range of 0-5%, while upgrading its expected EBT margin to 24-27% [1][4][5] Revenue Performance - In the first half of 2025, cBrain reported revenue of DKK 132 million, a decrease of 5% from DKK 139 million in the same period of 2024, attributed to postponed government procurements affecting one-time software license sales [1][2] - The company initially maintained a full-year revenue growth guidance of 10-15%, expecting a recovery in the second half of the year with projected growth of 25-30% [2][4] Customer Acquisition and Projects - cBrain has successfully attracted new customers in Denmark, including projects for Aarhus Municipal and a grant management system for the Danish Secretariat for Competence Development, although significant configuration work is required, limiting revenue recognition in 2025 [3][4] - Potential projects in the US, Germany, and Africa are not expected to contribute significantly to revenue in 2025 [4] Financial Adjustments - Due to delays in international projects, cBrain has revised its revenue growth expectations for the second half of 2025 to 5-15% and for the full year to 0-5% [4] - The company planned one-time investments of approximately DKK 30 million for market initiatives in the USA and Germany but has decided to execute only a smaller portion of these investments, leading to an increase in the EBT forecast from DKK 53-70 million to DKK 64-77 million [5]