H1 2026 showed progress in product adoption, partner-led sales, and a stronger financial position
Company Announcement no. 11/2026 (August 19, 2026)
H1 2026 showed progress across several strategic priorities announced in the Annual Report 2025. Adoption of the Konsolidator Suite continued to increase, partner-led sales remained strong, and the refinancing of the 2L Kapital A/S loan will improve cash flow in Q4 2026. Combined with a 15% increase in CARR, 17% revenue growth, and a 75% improvement in EBITDA, these developments strengthened Konsolidator's financial position during the first half of the year.
At the beginning of 2026, Konsolidator identified two key priorities: increasing adoption of the Konsolidator Suite and strengthening the Company's financial position through refinancing of loans. During H1 2026, both initiatives progressed according to plan.
Customer adoption of the Konsolidator Suite continued to increase. Upsell reached DKK 0.8m ARR, the highest level in the Company's history, as more customers expanded their use of Konsolidator beyond consolidation by adding FP&A and Data Management modules. By the end of June, 13 customers had adopted these additional products.
Partner-driven sales continued to account for more than 40% of all new customers in H1 2026.
In June 2026, we completed the first step of the refinancing plan through a new loan agreement, improving Konsolidator’s cash position by DKK 1.0m in 2026, and DKK 2.5m in 2027 and 2028.
Revenue increased by 17% to DKK 14.3m, while EBITDA improved by 75% compared to H1 2025. Free cash flow amounted to DKK 2.1m, compared to negative DKK 2.0m in the same period last year. Free cash flow is cash flow before interest and installments on loans.
After a strong Q1 2026, new sales signings were lower in Q2. However, the lower activity level did not result in an increase in lost opportunities. The pipeline in Q2 was strong, but the decision-making process was delayed. The high number of new customer signings in July, driven by Konsolidator Iberia, indicates that several opportunities were delayed rather than lost. While ARR churn was 13.4% on June 30, 2026, the Company continues to expect full-year churn of 6-9% as the CARR churn is low at 4%. The growing adoption of additional products within the Konsolidator Suite is expected to further support customer retention in the future.
Management remains focused on increasing adoption of the Konsolidator Suite and improving Net Retention during the remainder of 2026.
Claus Finderup Grove, CEO, says: “During H1 2026, we saw encouraging progress across all of our strategic priorities. More customers are adopting additional products within the Konsolidator Suite, partner-led sales continue to grow, and the refinancing achieved in June has improved our financial flexibility. Together, these developments strengthen our foundation for resilient growth and support our ambition to restore equity.”
SaaS metrics
Konsolidator’s SaaS metrics continued to improve, with CARR increasing 15% YoY to DKK 25.9m as of June 30, 2026, and Rule of 40 improving to 21%, driven by 21% LTM revenue growth and a significantly improved EBITDA margin.
- In H1 2026, Contracted ARR (CARR) increased by DKK 1.5m compared to DKK 1.2m for H1 2025. On June 30, 2026, the total CARR amounted to DKK 25.9m, an increase of 15% compared to June 30, 2025.
- The CAC Payback Period was 22 months for H1 2026 compared to 28 months in H1 2025.
- On June 30, 2026, the ARR Churn Rate was 13.4% compared to 10.0% on June 30, 2024, while the CARR churn rate fell to 4% compared to 9.9 in H1 2025.
- The net retention summarized to 95 on June 30, 2026, compared to 96 on June 30, 2025.
Financial highlights
- Revenue in H1 2026 amounted to DKK 14.3m, compared to DKK 12.3m in H1 2025, an increase of 17% driven by increased revenue from subscription, and onboarding and consultancy
- EBITDA loss for H1 2026 amounted to DKK 0.6m compared to a loss of DKK 2.5m for H1 2025. An improvement of DKK 1.9m or 75%.
- On June 30, 2026, Konsolidator had negative equity of DKK 6.2m.
Outlook
For the remainder of 2026, our priorities are to deliver within our guidance, continue improving churn, expand partner-led sales, and increase adoption across the Konsolidator Suite. We will do so while maintaining cost discipline.
Guidance remains as follows:
- Contracted ARR DKK 27–29m
- Revenue of DKK 27–29m
- EBITDA of DKK 1–2m
Investor webinar
- An investor webinar will be held on August 19, 2026, at 12:30 (CEST). Sign up here.
Contacts
- Chair: Michael Moesgaard Andersen, mobile +45 6060 6969
- CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.com
- CFO: Jack Skov, mobile +45 2282 8845, js@konsolidator.com
Certified Adviser
Norden CEF A/S, John Norden, www.nordencef.dk
About Us
Konsolidator A/S is a cloud-based financial consolidation and reporting software provider dedicated to making group CFOs better with fast, reliable, and compliant financial data. Founded by a former CFO and an auditor, the solution eliminates manual processes and supports strategic decision-making. Built to scale with growing organizations, Konsolidator integrates seamlessly into the group’s financial ecosystem. Through the Konsolidator Suite, the company offers a financial data warehouse and FP&A capabilities besides their consolidation solution, and partners with other best-in-class tools to support a holistic finance function. Konsolidator was listed on Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL