olivLaw · European equity research
Agillic A/S AGILC.CO
Denmark · Nasdaq Copenhagen · Vertical: Listed companies from Denmark
Agillic is a Danish software company in the MarTech sector, offering an EU-hosted SaaS marketing automation and personalisation platform to Nordic clients. It reported total revenue of DKK 58.4 million in 2025 and is focused on profitable growth in 2026, against a backdrop of intense competition and tight liquidity.
At the close of 06 Nov 2026, Agillic A/S (AGILC.CO) stock was 6.15 DKK (+0.00% on the day), with market capitalisation 67.7 m DKK, beta -0.04, 52-week range 5.95–7.40 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.4
- neutral
- Bollinger (20, 2)
- 5.90 – 6.30
- in the upper half of the band · %B 0.62 · band width 6.7%
- SMA 50 / 200
- 6.24 / 6.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −0.6% | +2.3 pp | — |
| 3 months | −0.8% | −4.2% | +3.4 pp | — |
| 6 months | −10.9% | +4.3% | −15.2 pp | — |
| Year to date | −12.8% | +7.5% | −20.3 pp | — |
| 1 year | −12.8% | +9.9% | −22.7 pp | −6.6% |
| 3 years | unavailable | +49.8% | unavailable | +3.6% |
| 5 years | −76.2% | +42.8% | −119.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 64.7 m | 60.2 m | 58.4 m |
| Revenue YoY | unavailable | −6.9% | −2.9% |
| Net income | -27.5 m | -3.3 m | -7.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.52 | -0.30 | -0.64 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -42.5% | -5.4% | -12.1% |
| Free cash flow | -6.5 m | 12.2 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 m DKK
- Financial debt
- 19.1 m DKK
- Net debt
- 17.7 m DKK
- Equity
- -28.5 m DKK
- Total assets
- 34.7 m DKK
- Debt / equity
- unavailable
- Current ratio
- 0.09x
- ROE
- unavailable
- ROA
- -17.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (DKK)
Margins
Income statement · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 64.7 m | 60.2 m | 58.4 m | esef· 09 Apr 2026verified |
| Gross profit | 52.2 m | 48.8 m | 48.4 m | esef· 09 Apr 2026verified |
| Operating income | -11.4 m | -12.2 m | -4.6 m | esef· 09 Apr 2026verified |
| Depreciation & amortisation | 13.3 m | 13.2 m | 13.0 m | esef· 09 Apr 2026verified |
| EBITDA | 1.9 m ≈ | 1.0 m ≈ | 8.4 m ≈ | esef· 09 Apr 2026derived |
| Interest expense | 4.1 m | 3.3 m | 2.3 m | esef· 09 Apr 2026verified |
| Pre-tax income | -15.2 m | -13.4 m | -6.8 m | esef· 09 Apr 2026verified |
| Income tax | 12.3 m | -10.1 m | 222.0 k | esef· 09 Apr 2026verified |
| Net income | -27.5 m | -3.3 m | -7.1 m | esef· 09 Apr 2026verified |
| Diluted EPS | -2.52 | -0.30 | -0.64 | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.8 m | 6.4 m | 1.4 m | esef· 09 Apr 2026verified |
| Current assets | 14.1 m | 9.6 m | 3.7 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | — | 3.7 m | 2.4 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 31.5 m | 30.3 m | — | esef· 15 Apr 2025verified |
| Total assets | 47.2 m | 44.2 m | 34.7 m | esef· 09 Apr 2026verified |
| Long-term debt | 17.2 m | 12.3 m | 19.1 m | esef· 09 Apr 2026verified |
| Current liabilities | 47.3 m | 48.4 m | 39.4 m | esef· 09 Apr 2026verified |
| Total liabilities | 67.4 m | 66.5 m | 63.2 m | esef· 09 Apr 2026verified |
| Equity | -20.2 m | -22.3 m | -28.5 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 10.9 m | 10.9 m | 11.0 m | esef· 09 Apr 2026derived |
Cash flow · DKK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.5 m | 12.2 m | — | esef· 15 Apr 2025verified |
| Capex | 0 | 0 | — | esef· 15 Apr 2025verified |
| Free cash flow | -6.5 m ≈ | 12.2 m ≈ | — | esef· 15 Apr 2025derived |
| Investing cash flow | -11.7 m | -10.9 m | -9.4 m | esef· 09 Apr 2026verified |
| Financing cash flow | 20.7 m | -5.9 m | -458.0 k | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 67.7 m DKK
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -12.1% | 13 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.1x | 54 (on a fixed band) | 23% |
| Interest coverage · Balance sheet | -2.0x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 10.2x | 44 (on a fixed band) | 23% |
| FCF yield · Valuation | 18.1% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet27/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation69/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGILLIC A/S (AGILC.CO). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 58.4 m DKK in 2025; YoY growth -2.9%; net margin -12.1%; net debt/EBITDA 2.1x.
The estimated value range is 8.47–14.06 DKK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 10.06 DKK, the price of 6.15 DKK leaves a potential of 63.6% (value / price − 1) and a margin of safety of 38.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 18.1%
- The price is below the estimated value range
What contradicts it
- Net margin: -12.1%
- Interest coverage: -2.0x
- Current ratio: 0.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 69.4 bn | 13.3 | 133.4% | 16.1% | unavailable | +17% / −2% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for AGILC.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (DKK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Agillic is a Danish software company in the MarTech sector, offering an EU-hosted SaaS marketing automation and personalisation platform to Nordic clients. It reported total revenue of DKK 58.4 million in 2025 1 and is focused on profitable growth in 2026, against a backdrop of intense competition and tight liquidity.
SWOT
Strengths
- Proprietary platform built on EU-based infrastructure, with a focus on GDPR compliance and digital sovereignty 1.
- SaaS model with recurring revenue and advance payments, giving visibility into future revenue 1.
- Network of certified partners in the Nordics that extends implementation and sales capacity 1.
Weaknesses
- Small scale and limited liquidity at the end of 2025, with dependence on the credit facility and advance payments 1.
- Short-term borrowings and dependence on one main financing partner, which may limit financial flexibility 1.
- The gap between accounting revenue and ARR can make the company's performance harder to read quickly 1.
Opportunities
Risks
- Limited liquidityhigh
At the end of 2025 the company reported very low cash and limited undrawn credit facilities. The 2026 liquidity plan assumes target ARR growth and repayment of maturing debt, and a shortfall could create financing pressure.
- Intense competitionmedium
International and emerging vendors could slow client acquisition or affect pricing, which could reduce ARR growth.
- Attracting technical talentmedium
A shortage of back-end and front-end programmers could limit innovation capacity and the pace of platform development.
- Cybersecurity and datahigh
As a SaaS provider the company could be targeted by cyberattacks or security incidents, with impact on clients and reputation.
- Currency risklow
The largest currency exposure is to Norwegian krone, and exchange-rate movements could affect results and cash flows, although the company seeks to balance incoming and outgoing payments.
Investment thesis
What would need to be true (bull case)
- If Agillic meets its ARR growth guidance and improves its EBITDA margin, it could show that the SaaS model can become profitable at greater scale.
- Dedicated EU infrastructure and a focus on GDPR could attract clients who need digital sovereignty, an advantage in an increasingly regulated market.
- Investment in AI and new products could generate productivity gains and opportunities to expand relationships with existing clients.
What would break the thesis
- The liquidity position at the end of 2025 is very tight, and if growth slows, the company could need additional financing.
- Competition from much larger vendors could hinder new client acquisition or reduce pricing power.
- If difficulties in recruiting programmers persist, product development could slow and the technological edge could erode over time.
What to watch
- Delivery of the 2026 guidance for ARR subscriptions growth and EBITDA margin2026
- Development of the cash position and repayment of maturing debt1 January 2027
- Quarterly results and trading statements for Q1 and Q3Q1 2026
- Annual results and guidance for the following year25 February 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Agillic develops a SaaS platform that helps organisations turn personalisation into data-driven customer experiences, with emphasis on customer lifetime value and GDPR compliance. The business model combines an annual licence for platform access with a fee for transactions sent, and clients typically pay the full annual amount upfront when signing 1. Revenue is recognised proportionally over the subscription period, so ARR and accounting revenue can develop differently over time.
Segments
SaaS subscriptions (ARR)
Recurring subscription revenue, measured as ARR, reached DKK 56.7 million in 2025 1. The company expects ARR from subscriptions to grow by 5-10% in 2026 compared with 2025 1, and this trajectory is central to its strategy.
Implementation partners
Agillic works with a broad network of partners across the Nordics that are certified to implement and integrate the platform. The partners help clients design and execute customer engagement strategies, extending sales and delivery capacity without a proportional increase in internal headcount 1.
Operations and EU hosting
The company runs exclusively on proprietary, EU-based infrastructure, and backups are distributed across several EU locations 1. This supports clients' digital sovereignty and differentiates the offering from providers outside Europe.
Market context
Agillic operates in the Nordic MarTech market, where marketing automation and personalisation are becoming more widespread. The source describes the market as characterised by large international vendors investing heavily in market share, alongside fast-growing emerging vendors with innovative solutions 1. Demand for personalisation remains relevant, but competitive pressure and regulatory requirements could influence how quickly clients buy.
The company cites regulations such as GDPR, ePrivacy, DMA, the EU AI Act, NIS2 and DORA as context for demand for compliant, EU-hosted solutions 1. If these requirements become stricter, they could favour providers with dedicated European infrastructure.
Trends
- EU digital sovereignty demandtailwind
European clients increasingly look for solutions hosted and processed in the EU, and Agillic builds its offering on this premise. If the trend accelerates, it could support the acquisition of new clients.
- Artificial intelligence in operationsmixed
The company is investing in AI-based tools for internal processes, feature development and its delivery model. This could bring productivity gains, but it requires continuous investment and new skills.
- Competitive pressure in MarTechheadwind
Large international vendors and fast-growing emerging players increase competitive intensity, which could slow client acquisition or push pricing down. The source indicates this pressure is monitored continuously.
- Technical talent recruitmentheadwind
Back-end and front-end programmers are hard to attract and retain, and a shortage could affect innovation capacity and growth. The company responds with recruitment efforts and an attractive working environment.
Competitive position
Agillic competes with large international MarTech vendors that have substantial resources for sales and marketing, and with fast-growing emerging vendors offering innovative solutions 1. The company differentiates through a unique marketing automation platform, client success services and exclusively EU-based hosting 1.
To limit the impact of competition, the company aims to keep developing its platform, invest in client success, sales and marketing, and expand its commercial organisation in 2026 1. European localisation and data sovereignty are key arguments in the Nordic market.
- Large international MarTech vendors
The source does not name specific firms but describes these competitors as investing heavily in market share and in sales and marketing resources 1.
- Emerging MarTech vendors
Fast-growing companies with innovative solutions, identified in the source as a separate category of competitors 1.
- Nordic implementation partners
The certified partner network could also act as indirect competition if clients choose alternative implementations 1.
- Global marketing automation platforms
Global solutions may compete on personalisation features, though the source does not detail them individually 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Agillic A/S · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.