Agillic (One-pager) - Strategic reset bearing fruit as earnings momentum continues into 2026
Summary
- Agillic's 2025 annual report shows EBITDA at DKK 8.4 million, exceeding guidance, with a 5% increase in ARR from subscriptions to DKK 56.7 million.
- For 2026, Agillic forecasts ARR growth of 5-10%, an EBITDA margin of 12-18%, and positive free cash flow.
- The strategic focus on Nordic markets and a streamlined sales organization is yielding results, with continued earnings momentum and expected margin expansion into 2026.
- Agillic's valuation, with a 2026E EV/EBITDA of approximately 11x, suggests a shift in investor focus from ARR to earnings multiples, where it trades at a discount compared to Danish SaaS peers.
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Agillic today publishes its full 2025 annual report. EBITDA came in at DKK 8.4 million - above the high end of guidance - while ARR from subscriptions grew 5% to DKK 56.7 million. For 2026, the company guides for ARR growth of 5-10%, an EBITDA margin of 12-18%, and positive free cash flow.
In connection with the annual report, we have updated our Investment Case One-pager for Agillic.
The key conclusions are that the strategic shift toward Nordic core markets and a more focused sales organization appears to be delivering, and that earnings momentum continues into 2026 with further margin expansion expected. With 2026E EV/EBITDA of approximately 11x - and positive free cash flow in sight - investor focus may begin to shift from ARR multiples toward earnings multiples, where Agillic still trades at a significant discount to the Danish SaaS peer group.
In the One-pager, you can read about the investment case and the strategic drivers behind the results, key investment risks including capital structure and competitive dynamics, a comparison with the Danish SaaS peer group across ARR multiples, growth, and profitability, as well as valuation trends in the Danish and US SaaS markets.
For further insight into the 2025 results and the expectations for 2026 you can watch the management presentation of the results here: https://www.inderes.dk/videos/agillic-praesentation-af-arsregnskabet-for-2025
Disclaimer: HC Andersen Capital receives payment from Agillic for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, 15:15, 26-02-2026.