The first nine months confirm the profitability trajectory established in 2025. EBITDA rose 38% to DKK 7.6m at an 18% margin, driven by a lower cost base and a stronger revenue mix as low-margin transaction revenue declined 39% while subscription revenue grew 3%. Headcount was unchanged, and the recurring revenue ratio reached 93%. The clearest signal came on 22 October, when Agillic raised its EBITDA margin guidance to 15-20% from 12-18% at the same time as it cut ARR growth guidance to 3-6% from 5-10%. Raising the margin while lowering the topline points to structural operating leverage rather than one-off cost actions.

Growth is where the proof is still pending, and the H2 ramp we flagged in August did not materialise. ARR from subscriptions reached DKK 57.1m at the end of Q3, up 2% year-on-year but only DKK 0.4m higher than at the start of the year. The revised guidance implies DKK 1-3m of net new ARR in Q4 alone. Management points to a strengthened pipeline, two new clients signed in early October, and the renewal-heavy fourth quarter, where more than a third of the client base renews. The issue is timing in client decision processes rather than client losses, with several deals pushed into Q4 and 2027 as more stakeholders are drawn into MarTech decisions. 

The most important structural change since our last update is the acquisition of Arrigoo, now branded Agillic CDP. The CDP captures and cleans customer data before it reaches the marketing automation platform, while Agillic acts on it through one unified interface, and the integration is already complete. Commercially it opens two routes: cross sell into the existing base of 114 clients, where several already run both systems, and standalone sales at a lower price point, reaching a segment Agillic could not address before.

Our updated investment case covers the key investment reasons and risks as well as valuation perspectives against a peer group of Danish listed SaaS companies.

The thesis continues to centre on the Nordic strategy under CEO Christian Samsø, but the competitive framing has sharpened. The market is mature and consolidating, with the largest global vendors holding close to half of it, so Agillic competes on focus, compliance and depth in selected verticals rather than scale. EU-based infrastructure and GDPR-compliant technology remain the clearest differentiator against US-based competitors, and the CDP extends that argument to the data layer. Where the case previously rested on new logo wins alone, the CDP now gives a second route to growth through cross sell into the installed base. Agillic’s own use of AI remains the clearest evidence of scalability, with agents supporting product specification, client management and support, freeing capacity for pipeline rather than headcount, while composable AI in the platform lets clients connect any LLM within a compliant setup.

The key risks are the highly competitive market with large, well capitalised global players, where ongoing consolidation raises the bar for smaller niche vendors, the concentration of the remaining ARR growth in a single quarter, and prolonged sales cycles. Capital remains the constraint on how fast Agillic can move against larger competitors, with cash of DKK 0.6m at the end of Q3 and borrowings of DKK 24.2m, although the balance sheet was strengthened by a directed share issue of approximately DKK 5.0m and a new EIFO facility of up to DKK 5.0m.

From a valuation perspective, Agillic trades at 1.6x EV/ARR (2026E) against a Danish SaaS peer median of 3.8x, but adjusted for growth the multiple of 0.37x sits above the peer median of 0.15x, so the discount could be explained by the growth gap rather than by profitability being overlooked. On earnings multiples, Agillic trades at approximately 9.4x EV/EBITDA versus a peer median of 11.8x. A return to higher ARR growth rates, supported by improving net retention, remains the most direct path to narrowing the discount to the sector. 

For further insights into the Q3 2026 results, the revised guidance and the role of the CDP, you can watch the event we hosted with CEO Christian Samsø: https://www.inderes.dk/videos/agillic-praesentation-af-kvartalsrapporten-for-q3-2026

Disclaimer: HC Andersen Capital receives payment from Agillic for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis and Victor Skriver, 11:00, 27/10-2026.