2025-09-03
Brain+ - Strategy on track, revenue defers into 2026
Impala Nordic comments on the half-year report for H1 2025. The report is broadly in
line with expectations, showing continued progress in UK private care homes. The company maintains its
target of operational cash-flow break-even by mid-2026 and expects to achieve at least DKK 3.6m in
contracted sales.
However, the expected realized cash flow from sales in 2025 has been adjusted to DKK 3.0m due to
longer cycles from contracting to invoicing. On 2 September 2025, Brain+ expanded its agreement with
Southcare to include three additional homes, further strengthening scalability in the UK, which we
consider central to the investment case.
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