Slide 1: Good progress towards a product-led future
6 MAY 2025 2025 Q1 Investor Presentation Good progress towards a product-led future Photo: NorSea Denmark
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: Presenters
PRESENTERS CEO CFO Jørn Larsen Kristian Wulf-Andersen CEO since 1996 CFO since 2007 Year of birth 1966 Year of birth 1971 Nationality Danish Nationality Danish Educational background Mechanical engineering degree - Civil engineering Educational background Bachelor in Economics - Aarhus Business Scho
Slide 4: Q1 2025 Business Review
Q1 2025 Business Review Jørn Larsen FOUNDER & GROUP CEO 4
Slide 5: Trifork Group: A Brief Overview
A BRIEF OVERVIEW Trifork Group Trifork Trifork Labs Profitable organic growth paired with Tech innovators with synergies to acquisitions Trifork segment Inspire Build Run Private Public Companies Book value 1% 67% 32% 59% 41% 24 82.7 EURm REVENUE SPLIT REVENUE SPLIT Q1/2025 Q1/2025 Majority ownershi
Slide 6: Growth according to plan with back-end loaded cost savings in 2025
FINANCIAL DEVELOPMENT IN TRIFORK SEGMENT Growth according to plan with back-end loaded cost savings in 2025 EURm 215-225 Revenue from acquisitions 208 206 Adjusted EBITDA, Trifork Segment 1 32-37 Organic revenue 35 185 2025 Guidance 2025 Guidance 32 159 29 27 115 20 106 87 13 11 57.5 7.4 2007 2009 2
Slide 7: Highlights in Q1
FINANCIAL HIGHLIGHTS IN Q1 Inspire revenue 14.1% growth in Q1 and 5.9% excl. Build revenue hardware and third-party licenses in Run Run revenue Total y/y revenue growth 38% 55% 41% 21% 16% 15% 18% 18% 9% 20% 11% 10% 1% -5% -2% 2% 14% 60,000 EURm 0.7 50,000 40,000 EURm 38.3 EURk 30,000 20,000 10,000
Slide 8: Guidance maintained
2025 GUIDANCE AND MID-TERM TARGETS Guidance maintained Trifork Group Trifork Segment Trifork Group Trifork Group revenue adj. EBITDA EBIT NIBD/adj. EBITDA EURm 215-225 EURm 32-37 EURm 14.5-19.5 No guidance Guidance 2025 Q1/2025: 1.4x 4.4% to 9.3% total growth 14.2% - 17.2% margin 6.4% - 9.1% margin
Slide 9: Trifork Segment: Main events in Q1
TRIFORK SEGMENT Main events in Q1 Inspire Build Run ▪︎ Focus on pilots/POCs of products ▪︎ Adj. EBITDA margin of 15.2% ▪︎ Revenue increased by 68.5% in Q1 (Q1 2024: 15.7%) ▪︎ Focus on planning of the profitable ▪︎ Excluding effect from hardware and GOTO Copenhagen & YOW! Australia ▪︎ US revenue doub
Slide 10: Trifork Segment: Main events in Q1
TRIFORK SEGMENT Main events in Q1 Customer highlights Organization Partnerships ▪︎ Won a hosting tender with SBSYS (41 ▪︎ 1,150 FTEs on average (Q1 24: 1,169) and ▪︎ Keynote with Arbejdernes Landsbank Danish municipalities and two 1,215 employees in total (Q1 24: 1,275) at a Danish AI conference, re
Slide 11: Strategic priorities in 2025
TRIFORK SEGMENT Strategic ACTION POINTS EXECUTION IN Q1 priorities Run Develop and sell more products and platforms as part of Build solutions that can be repeated in 2025 Increase revenue per customer by cross-selling and up-selling to GTM & Pricing senior executives with focus on business value, n
Slide 12: Focusing more on products and platforms to support growth
TRIFORK SEGMENT Focusing more on products and platforms to support growth, margins, and Process optimization customer loyalty FastPlan for SAP FastWork for SAP Aviation Product Suite Spatial Computing Platform AI enablement Corax AI Corax Twin Platform Vision AI Quality Control Foundational infrastr
Slide 13: Enabling AI
FEATURED PRODUCTS & PLATFORMS “The speed and ease of the process were essential, and the result has lifted a significant workload from our team, allowing us to focus on our raison d’être – supporting impactful initiatives. With Corax, Trifork has delivered an effective solution of great value with m
Slide 14: Aviation products gaining speed
FEATURED PRODUCTS & PLATFORMS Aviation products gaining speed PRODUCTS Optimized scheduling Flight crew apps Peer2Peer communication Spatial crew training 4 customers 9 framework agreements 1 customer 5 other active dialogues 1 framework agreement 13 other target accounts 3 other active dialogues 1
Slide 15: Fieldwork products a key focus area
FEATURED PRODUCTS & PLATFORMS OUR APPS TODAY Fieldwork products aUser-friendly key focus for asset area apps maintenance on top of SAP Randall Grogan Senior director, SAP & Financial Applications, Intuitive and user-friendly mobile apps with real-time SAP Energy transfer data interaction Easily adop
Slide 16: Labs update
TRIFORK LABS Labs update Key news from Trifork Labs ▪︎ In Q1, we continued working on portfolio financing to de-risk some companies in 2025 and 2026 ▪︎ On May 5th, Dawn Health (a Trifork spinoff) announced the succesful raise of EURm 11.5 in equity financing. The round was led by Chr. Augustinus Fab
Slide 17: Labs companies are overall well-funded and growing
TRIFORK LABS Labs companies are overall well-funded and growing Profitable for the last Not profitable yet, Not profitable yet, Expected profitable this year two years well funded funding round within 12 months Top 5 of book value POS. 11-24 Position 6 – 10 of book value 7.3% AxonIQ Arkyn Studios So
Slide 18: Q1 2025 Financial Review
Q1 2025 Financial Review Kristian Wulf-Andersen GROUP CFO 18
Slide 19: Highlights in Q1
FINANCIAL HIGHLIGHTS IN Q1 Inspire revenue 14.1% growth in Q1 and 5.9% excl. Build revenue hardware and third-party licenses in Run Run revenue Total y/y revenue growth 38% 55% 41% 21% 16% 15% 18% 18% 9% 20% 11% 10% 1% -5% -2% 2% 14% 60,000 EURm 0.7 50,000 40,000 EURm 38.3 EURk 30,000 20,000 10,000
Slide 20: Trifork Group / Trifork Segment revenue
FINANCIAL REVIEW Trifork Group / Trifork Segment revenue Q1/2025 REVENUE ▪︎ Revenue of EURm 57.5 equal to 14.1% total growth of which 10.8% was organic and 3.5% was inorganic Organic growth Inorganic growth ▪︎ Stronger momentum in Denmark with growth of 18.8% with Danish private sector growth of 14.
Slide 21: Cost savings program progressing well
FINANCIAL REVIEW Cost savings program progressing well ▪︎ In Q3 2024, we announced the cost savings program with the Adjusted EBITDA, Trifork Segment 1 32-37 ambition to reduce overall annual cost by around EURm 10 35 2025 Guidance compared to the 2024 activity level 32 - 10% temporary reduction in
Slide 22: Trifork Segment - Performance
FINANCIAL REVIEW Trifork Segment - Performance Q1/2025 ADJUSTED EBITDA ▪︎ Adj. EBITDA of EURm 7.4, equal to margin of 12.8% (Q1/2024: 11.6%) Growth ▪︎ Cost savings program starting to take effect but did also still Margin have additional costs in Q1 ▪︎ Improved margins in Run vs. Q1 last year 26.3%
Slide 23: Trifork Group - Performance
FINANCIAL REVIEW Trifork Group - Performance Q1/2025 EBIT ▪︎ EBIT margin 4.9% (Q1/2024: 2.8%) impacted by same factors as adj. EBITDA Growth Margin ▪︎ Slightly increased depreciations/amortizations from Spantree and Sapere acquisitions, new office buildings, and from previously capitalized product d
Slide 24: Trifork Segment - Inspire
FINANCIAL REVIEW Trifork Segment - Inspire Inspire revenue Inspire adj. EBITDA 4,000 3,000 EURk 2,000 1,000 0 -1,000 Q1/2020 Q3/2020 Q1/2021 Q3/2021 Q1/2022 Q3/2022 Q1/2023 Q3/2023 Q1/2024 Q3/2024 Q1/2025 24
Slide 25: Trifork Segment - Inspire
FINANCIAL REVIEW Trifork Segment - Inspire Q1/2025 REVENUE ADJUSTED EBITDA ▪︎ Revenue EURm 0.7 in Q1 (+25.0%) ▪︎ Adj. EBITDA EURm -0.8 (Q1 2024: EURm -1.0) ▪︎ Resized the organization, implemented improved cost control procedures and reduced activities in 2025 to ensure improvement in earnings in 20
Slide 26: Trifork Segment - Build
FINANCIAL REVIEW Trifork Segment - Build Build revenue (left) Build adj. EBITDA (right) 40,000 9,000 35,000 8,000 7,000 30,000 6,000 EURk 25,000 5,000 20,000 4,000 15,000 3,000 10,000 2,000 5,000 1,000 0 0 Q1/2020 Q3/2020 Q1/2021 Q3/2021 Q1/2022 Q3/2022 Q1/2023 Q3/2023 Q1/2024 Q3/2024 Q1/2025 26
Slide 27: Trifork Segment - Build
FINANCIAL REVIEW Trifork Segment - Build Q1/2025 REVENUE ADJUSTED EBITDA ▪︎ EURm 38.3 revenue (-1.2%) Inorganic growth Margin ▪︎ Adj. EBITDA margin of 15.2%, weighed down by presales investments for large tenders and project +4.5% ▪︎ Revenue and EBITDA declined partly due to comparison with Q1 2024
Slide 28: Trifork Segment - Run
FINANCIAL REVIEW Trifork Segment - Run Run revenue (left) Run adj. EBITDA (right) 20,000 5,000 17,500 4,000 15,000 EURk 12,500 3,000 10,000 2,000 7,500 5,000 1,000 2,500 Q1/2020 Q3/2020 Q1/2021 Q3/2021 Q1/2022 Q3/2022 Q1/2023 Q3/2023 Q1/2024 Q3/2024 Q1/2025 28
Slide 29: Trifork Segment - Run
FINANCIAL REVIEW Trifork Segment - Run Hosting and security Licenses and support Third-party licenses Hardware Adj. EBITDA margin 15.7% 20.6% 22.7% 28.5% 16.4% 23.5% 22.6% 28.3% 12.1% 16.2% 19.0% 20.1% 21.1% 21.7% 23.2% 31.2% 13.1% 19.2% 33.5% 31.0% 15.0% 20,000 17,500 15,000 EURk 12,500 10,000 7,50
Slide 30: Trifork Segment - Run
FINANCIAL REVIEW Trifork Segment - Run Q1/2025 REVENUE ADJUSTED EBITDA ▪︎ Revenue of EURm 18.5 Margin ▪︎ 33.9% growth on sales of own licenses (IP) and support ▪︎ Adj. EBITDA margin of 15.0% (Q1/2024: 13.1%) +68.5% ▪︎ Seasonally the lowest-margin quarter of the year +93.7% 15.0% 13.1% 30
Slide 31: Labs Segment - Performance & Position
FINANCIAL REVIEW Labs Segment - Performance & Position EBT (EURM) INVESTMENTS (EURM) Accumulated net exit proceeds and dividends Accumulated unrealized gains Invested unrealized gains from deconsolidation of Group companies Invested cash in current portfolio 39.2 40 35 30 25 20 15 13.3 9.7 9.8 9.0 A
Slide 32: Cash Flow & Financial Position
FINANCIAL REVIEW Cash Flow & Financial Position Q1/2025 NET INTEREST-BEARING DEBT ▪︎ Operating cash flow of EURm 7.3 (Q1/24: 1.9) Leverage ratio (NIBD/adj. EBITDA) -0.6x ▪︎ Investing activities of EURm 7.2 (Q1/24: -1.7) ▪︎ Financing activities of EURm -9.9 (Q1/24: -4.7) -0.1x ▪︎ Net interest-bearing
Slide 33: Q&A
Q&A Long-term external growth drivers Software innovation specialists To ask a question: Three decades of resilient growth and margins 1. Raise your hand by clicking the ‘Raise Hand’ button 2. Your name will be announced Full-circle and low-risk business model 3. Make sure that you are unmuted 4. Yo