Slide 1: Trifork Group Annual & Q4 Results 2025
TRIFORK GROUP ・ ANNUAL & Q4 RESULTS 2025 ・ 27 FEBRUARY 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 hist
Slide 3: Q4 in summary
ANNUAL & Q4 RESULTS 2025 Q4 in summary Strong delivery on More Labs exits Solid public sector traction Good cost control product-led transition driving share buybacks - 27% revenue growth in - Delivery on previously won - Cost savings initiatives shining - Sold EURm 12 worth of stake in Products fra
Slide 4: Organic growth of 7% in 2025 and 9% in Q4; continued solid earnings recovery expected in 2026
ANNUAL & Q4 RESULTS 2025 Organic growth of 7% in 2025 and 9% in Q4; continued solid earnings recovery expected in 2026 EURm EURm 16-32% growth 7-11% org. growth Revenue from acquisitions 7% org. growth Group adj. EBITDA 15-17% margin Organic revenue 2026 Guidance 14% 230-240 margin 35-40 2026 Guidan
Slide 5: Local presence combined with global delivery across five core industries
ANNUAL & Q4 RESULTS 2025 Local presence combined with global delivery across five core industries 1148 EMPLOYEES 16 COUNTRIES 5 CORE INDUSTRIES 5
Slide 6: Tailwind from external growth areas
ANNUAL & Q4 RESULTS 2025 Tailwind from Sovereign data hosting & managed solutions XR adoption external growth areas Enterprise AI adoption Public sector efficiency 6
Slide 7: A scalable assessment platform for data-driven education
Case story Industry Public administration “IBE’s services are essential because A scalable assessment they transform educational data into platform for data- reliable, comparable insights that enable evidence-based system governance driven education while reducing teacher workload and improving lear
Slide 8: Scaling public digital services on a secure sovereign foundation
Case story Industry Public administration “It has been crucial for us to find a Scaling public digital partner who not only understands the services on a secure technicalities behind Kubernetes but also takes responsibility for the entire sovereign foundation ecosystem surrounding our applications,
Slide 9: Connecting an entire nation's healthcare data
Case story Industry Digital health Public administration “Through this national program, the Ministry of Health is strengthening Connecting an entire Oman’s digital health infrastructure to ensure interoperability, nation’s healthcare financial sustainability, and improved patient safety. Our collab
Slide 10: Significant progress with our transition to becoming a product-led business
ANNUAL & Q4 RESULTS 2025 Significant progress with our transition to becoming a product-led business Revenue split Products Services Public Private 2024 27% 73% 38% 62% Products Services Public Private 2025 65% 35% 42% 58% 50% product target Increase services attached to own products 10 In Q4 2025,
Slide 11: Our business development efforts are paying off as we land more new customers
ANNUAL & Q4 RESULTS 2025 Our business development efforts are paying off as we land more new customers, while having maintained existing long-term relationships - The customer base is well diversified, and CUSTOMER DISTRIBUTION OF GROUP REVENUE diversifies further as revenue grows 2021 10% 29% 12% 5
Slide 12: Building a more product-driven, scalable, and commercially focused organization
ANNUAL & Q4 RESULTS 2025 Building a more product-driven, scalable, and commercially focused organization 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-base
Slide 13: Group financial performance was solid in Q4 and FY 2025
ANNUAL & Q4 RESULTS 2025 Group financial Q4 Q4 performance SOLID REVENUE GROWTH NORMALIZING PROFIT MARGIN was solid in Q4 5% 18.1% and FY 2025 Total growth Adj. EBITDA margin 9% +3.5 p.p. Y/Y Organic growth LTM LTM STRONG CASH GENERATION ROBUST BALANCE SHEET 98% 0.6x Net debt/adj. EBITDA Operating c
Slide 14: Updated segmentation due to product-led business model; solid Q4 performance
ANNUAL & Q4 RESULTS 2025 Updated segmentation due to product-led business model; solid Q4 performance in Products and margin improvement in Services Q4 2025 PRODUCTS SERVICES GROUP TOTAL 22.1 36.9 59.0 Revenue +5% total Y/Y 27% increase Y/Y -5% decline Y/Y +9% organic Y/Y 6.7 6.0 10.7 Adj. EBITDA 30
Slide 15: FY 2025 showed satisfactory performance overall with Products cannibalizing Services
ANNUAL & Q4 RESULTS 2025 FY 2025 showed satisfactory performance overall with Products ‘cannibalizing’ slightly on Services as we transition FY 2025 PRODUCTS SERVICES GROUP TOTAL LATEST GUIDANCE 31 OCTOBER 2025 77.7 143.1 220.9 217.5-222.5 Revenue +7% total Y/Y 38% increase Y/Y -4% decline Y/Y +7% o
Slide 16: Absolute EBITDA from Products exceeded Services in H2 2025
ANNUAL & Q4 RESULTS 2025 Absolute EBITDA from Products exceeded Services in H2 2025; Services margin in recovery after cost initiatives Revenue (left axis) Adj. EBITDA margin (right axis) Rolling 4 quarters adj. EBITDA margin (right axis) PRODUCTS SERVICES 40.000 0,35 40.000 35 % 35.000 0,3 35.000 3
Slide 17: Expecting continued solid financial performance in 2026
ANNUAL & Q4 RESULTS 2025 Expecting continued solid financial performance in 2026 driven by Products growth and cost control 2026 GUIDANCE Group revenue Group adj. EBITDA 230-240 = 6.7 - 11.3% 35-40 = 14.6 - 17.4% 16.2 - 32.8% EURm Organic growth EURm Margin Growth Y/Y Y/Y Expected D&A: EURm 15-17 17
Slide 18: Trifork Labs update: 97% of book value profitable or funded
TRIFORK LABS UPDATE 97% of total book value is profitable or funded for a least 12 months, backed by strong investors ALPHABETIC ORDER CO-OWNERS EURm 78 Profitable Arkyn Studios Business Angels 1 Field and factory SaaS on top of SAP Not profitable yet, POSITION 11-24 11% well funded Not profitable y
Slide 19: Sold EURm 12 from XCI in Q4 at book value; evaluating options
TRIFORK LABS UPDATE Sold EURm 12 from XCI in Q4 at the existing book value; evaluating options to realize more values in 2026 to bring down exposure and reallocate capital to core business M&A and buybacks BOOK VALUE (EURM) NET REALIZED GAINS (EURM) 90 EXIT PROCEEDS, DIVIDENDS & IMPAIRMENTS INCLUDED
Slide 20: Continued good operational performance in Labs Top 10
TRIFORK LABS UPDATE Continued good operational performance in Labs Top 10 REVENUE (EURM) ARR (EURM) EBITDA (EURM) Growth Margin 2.1x 2.9x 21% 19% 110 60 20 20,1 20 60 19,6 103,7 60 18 20 99 104 54 93,1 16 88 93 48 47 47 14 77 42 73 12 14% 66 73 36 37 37 10 9,9 55 30 10 8 44 50,3 50 24 6 33 18 21 21
Slide 21: 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