Fiscal 2025-26 was another strong year for Stibo Systems, reflecting continued execution of our strategy and the increasing impact of investments made in recent years. We delivered solid financial performance while further strengthening our position in a market that continues to evolve rapidly.
As AI reshapes how businesses operate, one thing has become increasingly clear: trusted master data is no longer a back-office concern. It is a strategic foundation for competitive advantage. Organizations are recognizing that the effectiveness of AI, and their ability to scale it, depends on the quality, governance and accessibility of their data.
Throughout the year, we remained focused on translating this insight into tangible value for our customers. We continued to enhance our AI-powered software-as-a-service (SaaS) platform, expand capabilities and support customers in building trusted, scalable data foundations that enable better decision-making and more efficient operations.
“We see MDM playing an increasingly central role in enterprise architecture. It is becoming a key capability for controlling trusted, governed and contextualized data across the organization – powering AI, intelligent operations and differentiated decision-making.”
In a market characterized by increasing consolidation, our position as the largest independent provider of master data management (MDM) solutions remains a key differentiator. Our independence allows us to maintain neutrality across technology ecosystems, provide long-term platform stability and remain focused on helping customers create value from trusted data. We believe this flexibility is increasingly important as organizations navigate complex and evolving data environments.
At the same time, we continued to strengthen how we operate. Across the business, we are embedding AI into core processes to improve efficiency, speed and scalability – from product development to commercial and support functions. This ongoing focus on execution enables us to respond more effectively to customer needs while driving continuous improvement.
As we close the fiscal year and look ahead, we see sustained momentum driven by structural market trends. The convergence of AI adoption and growing data complexity is reinforcing the importance of trusted data foundations. We believe Stibo Systems is well positioned to support this development and continue delivering long-term value to our customers.
During the fiscal year, Stibo Systems was recognized as a leader by leading industry analysts:
These recognitions reflect both the strength of our platform and the increasing strategic importance of master data in enterprise environments.
We continue to see growing demand in customer MDM, where organizations are investing in trusted customer data as a foundation for AI, personalization and enterprise decision-making. More broadly, the market is shifting from AI experimentation toward operational deployment, increasing the need for reliable, governed and accessible data.
We view this as a structural development that aligns closely with our focus as a dedicated MDM provider. The progress our customers and partners are making in leveraging trusted data is an important driver of this momentum.
Our performance this year reflects the continued execution of our long-term strategy and the benefits of sustained investments in our SaaS transformation, product innovation, and go-to-market capabilities.
Fiscal 2025-26 was a strong year for Stibo Systems, characterized by continued SaaS growth, margin expansion, and increasing enterprise adoption of our MDM platform. We delivered revenue of DKK 1,311 million, corresponding to growth of 6.0% year-over-year, while SaaS revenue grew by 17.0%. This development was achieved despite headwinds from a weakened U.S. dollar, which had a dampening effect on reported growth.
Our EBITDA margin increased to 18.1%, up from 15.6% last year, demonstrating our ability to scale the business efficiently while maintaining a clear focus on profitability.
Order intake increased year-over-year, supported by several large enterprise contracts, including the largest contract in the company’s history. This reflects continued strong demand for our platform and provides a solid foundation for future growth.
Within the customer data domain, we saw continued momentum driven by expansion in key industries such as financial services and pharmaceuticals, supported by a focused and disciplined go-to-market approach. The significant increase in non-renewal Customer Experience Data Cloud adoption highlights how organizations are increasingly prioritizing trusted customer data as a foundation for AI and enterprise-wide decision-making.
We also continued to make strong progress on our SaaS journey. By year-end, 77% of our customer base was operating on our SaaS platform, reflecting a high level of migration activity combined with continued customer commitment. This transition strengthens the resilience and scalability of our business model.
Our Partner 360 program contributed meaningfully to pipeline development and revenue generation, with approximately 40% of new and expanding business involving partner engagement. This highlights the growing importance of our partner ecosystem in delivering value to customers and supporting our growth ambitions.
Looking ahead, we remain focused on building on this momentum. While maintaining our disciplined approach to profitability, we expect continued progress in both revenue and earnings, supported by our strategic priorities and a growing SaaS base, while recognizing the continued uncertainty related to macroeconomic conditions and foreign exchange movements.
Over the past year, we have remained focused on executing our long-term innovation strategy – positioning MDM for an environment where data is increasingly operationalized and central to business decision-making.
Our approach to innovation starts with trusted data. During the year, we continued to invest in capabilities that enable organizations to govern, enrich, and activate data across the enterprise. Building on this foundation, we introduced new AI-powered functionality, including ProductGen AI, designed to enhance how enterprises create, manage, and scale product content. Early customer adoption confirms the relevance of these capabilities in supporting more efficient and data-driven operations.
We also expanded our ecosystem through native integration with Microsoft Fabric, reinforcing our commitment to open and modern data architectures, and enabling customers to seamlessly leverage trusted master data across AI and analytics workflows.
At the same time, we continued to attract new enterprise customers across key industries, reflecting sustained demand for robust, AI-ready data foundations.
These developments are a natural extension of our strategic priorities and ongoing investments in product innovation, platform scalability, and go-to-market capabilities – positioning us well to support our customers’ evolving data and AI agendas.
“Our performance reflects the continued execution of our strategy and the impact of sustained investments in our SaaS transition and innovation agenda. We delivered revenue of DKK 1,311 million, corresponding to growth of 6.0% year-over-year, while SaaS revenue increased by 17.0%. At the same time, our EBITDA margin improved to 18.1% from 15.6% last year, demonstrating our ability to scale efficiently while maintaining a clear focus on profitability.”
Enterprise transformation is widely discussed, but delivering consistent results at scale requires disciplined execution. Over the past year, we have continued to operationalize our strategy, translating strategic priorities into tangible improvements across the business.
As part of this, we further aligned our product organization to ensure that innovation efforts are closely linked to clear commercial priorities. This enables us to focus development resources on areas with the strongest impact on growth and customer value.
At the same time, we have continued to embed AI across our operating model in a structured and targeted way. Rather than a one-off initiative, AI adoption is becoming an integrated part of how teams work – supporting more efficient workflows, faster execution, and more consistent decision-making.
This is already delivering measurable improvements. In our marketing organization, AI-enabled processes have strengthened demand generation and qualification. Across more than 40 use cases – from lead management and content creation to search optimization – we have seen a 32% increase in Sales Accepted Lead (SAL) quality at handoff.
Similarly, in support and development, AI is contributing to improved efficiency and scalability. Investigation time for support tickets has been reduced by 47%, while more than 85% of AI-assisted code suggestions are accepted in development – enhancing delivery capacity and allowing teams to focus on higher-value activities.
These results reflect a continued evolution of our operating model. By systematically embedding scalable processes, data-driven decision-making, and AI-enabled capabilities, we are strengthening our ability to execute efficiently and consistently as we grow.
Sustainability remains an integral part of how we operate and grow. Over the past year, we have continued to make steady progress across our environmental and social priorities, reinforcing our belief that trusted data is essential not only for better business outcomes, but also for responsible and sustainable development.
Since launching our sustainability program three years ago, we have reduced our environmental footprint by 19% and strengthened employee engagement through increased participation in company-wide volunteer initiatives.
These developments reflect a consistent and structured approach to sustainability, embedded in our operations and aligned with our long-term strategy.
Our performance reflects the continued execution of our strategy and the strength of our underlying business model. As the MDM market evolves and consolidates, we see a growing opportunity for independent, focused providers like Stibo Systems – particularly as organizations reassess their long-term data strategies and technology partnerships.
In fiscal 2026-27, we will continue to build on this foundation through disciplined execution of our Vision 2028 strategy. Resulting in a projected revenue in the range of DKK 1,375-1,515 million and EBITDA between million 260-295 DKK, before special items.
This year also marks Stibo Systems’ 50th anniversary – an important milestone that reflects our heritage and long-standing commitment to innovation. We see this as both a point of reference and an opportunity to further strengthen our position going forward.
As AI continues to reshape how organizations operate, the importance of trusted data is becoming increasingly clear. We believe this structural shift reinforces the role of MDM as a critical foundation for enterprise decision-making, representing a meaningful and sustained opportunity for both our customers and Stibo Systems.
As a foundation-owned company, our independence enables us to maintain a long-term perspective – investing with discipline, staying focused on our strategic priorities, and supporting customers in unlocking value from trusted data. In a market characterized by ongoing consolidation, this consistency remains a key differentiator.
We continue to see demand not only for our technology, but also for the expertise, stability, and long-term partnership we provide. This positions us well to support customers as they navigate an increasingly complex data and AI landscape.
We remain grateful to our customers and partners for their continued collaboration and trust, and to our employees for their dedication and professionalism. Together, we will continue to execute on the opportunities ahead.
Adrian Carr and Thomas Møgelmose
*Gartner, Magic Quadrant for Master Data Management Solutions, Stephen Kennedy, Lyn Robison, et al., 6 April 2026. GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and/or its affiliates. Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose.
**Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. This report is part of a broader collection of Forrester resources, including interactive models, frameworks, tools, data, and access to analyst guidance. For more information, read about Forrester’s objectivity here: https://www.forrester.com/about-us/objectivity/