Slide 1: Trifork Group Q2 2026 Investor Presentation
TRIFORK GROUP Q2 2026 INVESTOR PRESENTATION 17 AUGUST 2026 Jørn Larsen Founder & Group CEO Kristian Wulf-Andersen Group CFO Charmaine Carmichael Group COO
Slide 2: Disclaimer: Important Information
DISCLAIMER IMPORTANT INFORMATION This presentation contains forward-looking statements including, but not limited to, statements and expectations concerning expected or projected earnings, strategies, trends and developments. Forward-looking statements are statements (other than statements of histor
Slide 3: Q2 2026 Results: Solid organic growth and earnings improvement
Q2 2026 RESULTS Solid Group organic growth of 11% (adj. for hardware) and continued strong earnings improvement of 21% Another quarter of strong Continued traction with Significant earnings Thoughtful capital allocation performance in Products public-sector customers improvement - 23% organic revenu
Slide 4: Expecting similar earnings seasonality to 2025 with high pace in H2 2026
Q2 2026 RESULTS Expecting similar earnings seasonality to 2025 with high pace in H2 2026 driven by Products and cost control EURm EURm 16-33% growth 7-11% org. growth 15-17% margin Revenue from acquisitions Adj. EBITDA Organic revenue 2026 Guidance 230-240 35-40 2026 Guidance 221 208 206 33 185 30 3
Slide 5: Building a more product-driven, scalable, and higher-margin business
Q2 2026 RESULTS Building a more product-driven, scalable, and higher- margin business 2028-2030 2026-2027 1. Bigger market share with core products 2. Bolt-on M&A in core product areas 3. Higher product margins shining through 1. Refine GTM model for products 2. Develop value-based pricing 3. M&A wi
Slide 6: AI adoption favors Trifork across the domains where our expertise runs deepest
Q2 2026 RESULTS AI adoption favors Trifork — it spans the very domains where our expertise runs deepest LLMs Software takes Agents no responsibility Digital Health Security Since 1996 Regulations Financial Services User adoption Since 2004 Organized data Trifork takes Public Since 2009 Reliable work
Slide 7: Enterprise AI adoption fuels growth across both segments
Q2 2026 RESULTS Enterprise AI adoption fuels growth across both segments, with Products leading the earnings mix PRODUCTS SERVICES - Growing to 50% of Group revenue - Scaling Services T&M invoicing linked to agentic AI - Materially faster development cycles - Bundling AI-powered Services with Produc
Slide 8: Q2's growth drivers carry strong momentum into H2
Q2 2026 RESULTS Q2's growth drivers carry strong momentum into H2 Cloud operations, data Enterprise AI adoption Public sector efficiency & sovereignty & data security improved citizen services NEW CASE STORIES IN Q2 REPORT 8
Slide 9: Delivering a complex credit documenting solution in record time
Case story Industry Financial Services “The solution has strengthened our ability to deliver consistent, Delivering a complex high-quality credit advisory services while reducing complexity credit documenting for our advisors. The partnership with &money allowed us to move solution in record time qu
Slide 10: Another solid Q2 quarter
Q2 2026 RESULTS Another solid Q2 Q2 quarter, SOLID GROWTH IMPROVING PROFIT MARGIN adjusting for the 6% 9% 11% 10.8% divestment of Total growth Organic Organic growth ex. Adj. EBITDA margin growth Trifork Security hardware +1.4 p.p. Y/Y and the phasing of hardware LTM LTM sales STRONG CASH GENERATION
Slide 11: Strong revenue and earnings momentum in both Products and Services
Q2 2026 RESULTS Strong revenue and earnings momentum in both Products and Services - driving 21% earnings growth for the Group Q2 2026 PRODUCTS SERVICES GROUP TOTAL 21.5 36.7 58.2 REVENUE +4% total Y/Y +7% total Y/Y +6% total Y/Y +13% organic Y/Y (all organic) +9% organic Y/Y +23% organic Y/Y ex. ha
Slide 12: Products now generate over half of Group earnings
Q2 2026 RESULTS Products now generate over half of Group earnings, adding resilience through recurring, higher-margin contracts Products Services Products Services Public sector Private sector REVENUE ADJ. EBITDA CONTRIBUTION PUBLIC VS. PRIVATE REVENUE LTM LTM LTM 100% 100% 100% 90% 90% 90% 80% 80%
Slide 13: Q2 Products margin of 20%; Services margin at seasonal low
Q2 2026 RESULTS Q2 Products margin of 20%, led by software licenses and sovereign data solutions. Services margin at a seasonal low point, with improvement expected from cost control, pricing, bundling, and AI Revenue (left axis) Adj. EBITDA margin (right axis) Rolling 4 quarters adj. EBITDA margin
Slide 14: Portfolio realignment: LabsX and strategic investments
MINORITY INVESTMENTS Portfolio realignment: LabsX and strategic investments 14 The transaction with Verdane is subject to final legal completion
Slide 15: An attractive transaction for Trifork; sold 28% of investment assets
ANNOUNCED PORTFOLIO TRANSACTION DETAILS An attractive transaction for Trifork; sold 28% of investment assets slightly above updated book value with uncapped earn-out on top Companies included Shared upside on Price The partner in transaction future performance - Trifork and Verdane are to co- - Verd
Slide 16: Verdane deal: Net realized gains since IPO
INVESTMENT PORTFOLIO EURm 44 realized gains since IPO; EURm 114 over ten years — with disciplined exit timing NET REALIZED GAINS (EURM) 60 59 52.5 45 37.5 Pro-forma 30 23 22.5 16 15 7.5 6 6 2 3 3 0 0 0 0 -7.5 -4 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 6M 2026
Slide 17: Verdane deal: Portfolio de-risked
INVESTMENT PORTFOLIO Portfolio de-risked: EUR 23m recovered in cash from just four companies, while retaining upside exposure to both divested and retained assets BOOK VALUE OF PORTFOLIO (EURM) 90 Invested cash 19 2 23 24 Unrealized gains 74 18 67.5 64 Pro-forma 16 56 24 54 55 45 7 44 41 4 33 29 2 2
Slide 18: The Labs transaction reduces net debt gearing by 0.5x
BALANCE SHEET The Labs transaction reduces net debt gearing by 0.5x, providing significant strength and flexibility for M&A and shareholder returns; VION AI GmbH and NCIs in Nine A/S acquired in Q2 NET INTEREST-BEARING DEBT (EURM) Leverage ratio (NIBD/adj. EBITDA) -0.6x -0.1x 0.9x 1.9x 0.6x 1.1x 0.6
Slide 19: LabsX proceeds are reinvested in core Trifork, with excess capital returned
CAPITAL ALLOCATION FRAMEWORK LabsX proceeds are reinvested in core Trifork, with excess capital returned to shareholders FIRST PRIORITY SECOND PRIORITY CORE TRIFORK EXCESS CAPITAL Free cash flow from Trifork’s consolidated business EURm 8.0 from Verdane transaction EURm 4.4 bought in H1 Organic grow
Slide 20: Q&A
Q&A Digitalization as a long-term driver Innovation specialists To ask a question: Three decades of growth and profitability 1. Raise your hand by clicking the ‘Raise Hand’ button 2. Your name will be announced Full-circle business model 3. Make sure that you are unmuted 4. You can now ask your ques