Trifork Group Ag · OMXCOP:TRIFOR
Trifork — Q3 2025 Earnings Presentation
29 slides from Trifork's earnings presentation, Oct 31, 2025
Slide 1: Q3/2025 Investor Presentation: Earnings recovery on track
31 OCTOBER 2025 Q3/2025 Investor Presentation Earnings recovery on track with solid growth from platforms
Slide 2: Presenters
PRESENTERS CEO CFO Jørn Larsen Kristian Wulf-Andersen Trifork CEO since 1996 Trifork 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 - Aarh
Slide 3: 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 4: Business Review
Q3/2025 Business Review Jørn Larsen FOUNDER & GROUP CEO 4
Slide 5: A Brief Overview
A BRIEF OVERVIEW Trifork Group Trifork Trifork Labs Profitable organic growth paired with Young, high-growth tech innovators acquisitions Inspire Build Run Private Public Companies Book value 1.8% 65.6% 32.5% 59.0% 41.0% 23 83.6 EURm REVENUE SPLIT REVENUE SPLIT Q3/2025 Q3/2025 Majority ownership, fu
Slide 6: Growth according to plan with increased earnings contribution in Q4
FINANCIAL DEVELOPMENT IN TRIFORK SEGMENT Growth according to plan with increased earnings contribution in Q4 EURm 217.5-222.5 Revenue from acquisitions 208 206 1 Adjusted EBITDA, Trifork Segment Organic revenue 35 32.0-34.5 185 2025 Guidance 2025 Guidance 32 159 29 9M: 161.9 27 115 20 106 9M: 21.0 8
Slide 7: Full-year guidance narrowed within the original range
FINANCIAL OUTLOOK Full-year guidance narrowed within the original range Trifork Group Trifork Segment Trifork Group Trifork Group revenue adj. EBITDA EBIT NIBD/adj. EBITDA EURm 217.5-222.5 EURm 32.0-34.5 EURm 16.5-19.0 No guidance Guidance 2025 Q3/2025: 1.3x 5.6% - 8.0% total growth 14.4% - 15.9% ma
Slide 8: Market update
TRIFORK SEGMENT Market update Private sector Public sector ▪︎ Continued challenging business ▪︎ Good activity, especially in digital environment similar to previous health, with more wins to be 9M: +14.0% quarters announced soon ▪︎ Business development efforts ▪︎ New EURm 20 contract with Danish sho
Slide 9: Main events in Q3
TRIFORK SEGMENT Main events in Q3 Customer highlights Organization Partnerships ▪︎ Won EURm 20 contract with Danish ▪︎ 1,110 FTEs on average (Q3/24: 1,184) ▪︎ Conference with focus on mobile Health Data Authority related to data and 1,197 employees in total (Q3/24: asset management in Houston with c
Slide 10: Strategic priorities in 2025
TRIFORK SEGMENT Strategic ACTION POINTS EXECUTION YTD priorities Run Develop and sell more products as part of repeatable Build solutions in 2025 Increase revenue per customer by cross-selling and up-selling to GTM & Pricing senior executives with focus on business value, not hours Partners Strength
Slide 11: Solid traction in platform development and IP sales
TRIFORK SEGMENT Solid traction in platform development and IP sales We co-develop platforms with customers in our core business areas, retain the IP, and resell them We extend with innovation and integrations as packaged solutions IoT R Digital Health E P Cloud Security E Operations Public A Fintech
Slide 12: Standardizing quality control with vision AI on top of SAP
Case story Industry Manufacturing Standardizing Headquartered in Nuuk, Royal Greenland A/S is a world-leading, vertically integrated quality control seafood company owned by the Government of Greenland with vision AI on In 2024, the company processed 112,500 top of SAP tonnes of Arctic and North Atl
Slide 13: Deepening our push into aviation and spatial training
Case story Industry Aviation Deepening our Existing methods of pilot and crew training are outdated, geographically restrictive, push into expensive, slow, and do not support optimal learning retention aviation and Adding our spatial training platforms and Photo rights: Trifork Group spatial trainin
Slide 14: Labs update
LABS SEGMENT Labs update Key news in Q3/2025 ▪︎ In Q3, we continued working on portfolio financing to de-risk some companies in 2025 and 2026 ▪︎ Axoniq closed a EURm 3.5 round led by Atlantic Vantage Point and Volta Ventures, with a small participation from Trifork Labs ▪︎ XCI: Trifork Labs complete
Slide 15: Portfolio is overall growing and well-financed
TRIFORK LABS Portfolio is overall growing and well-financed by own cash flows or strong co-investors Profitable for the last Expected profitable Not profitable, Not profitable, two years this year well funded funding needed within 12 months Top 5 of book value POS. 11-23 Position 6 – 10 of book valu
Slide 16: Financial Review
Q3/2025 Financial Review Kristian Wulf-Andersen GROUP CFO 16
Slide 17: Trifork Group / Trifork Segment revenue
FINANCIAL REVIEW Trifork Group / Trifork Segment revenue Q3/2025 REVENUE ▪︎ Revenue of EURm 49.3 equal to 4.7% total growth, entirely +1.9% organic Organic growth Inorganic growth +8.0% ▪︎ Danish revenue grew 7.1% to EURm 35.8 ▪︎ US revenue declined by EURm 1.2 due to timing of licenses and reduced
Slide 18: +4.7% growth in Q3 driven by sales of own platforms in Run
FINANCIAL HIGHLIGHTS IN Q3 Inspire revenue +4.7% growth in Q3 driven by sales of own Build revenue platforms in Run - all organic Run revenue Total y/y revenue growth 38% 55% 41% 21% 16% 15% 18% 18% 9% 20% 11% 10% 1% -5% -2% 2% 14% 5% 5% 60.000 EURm 0.9 50.000 +10% Y/Y 40.000 EURk EURm 33.6 -3% Y/Y
Slide 19: Trifork Segment adj. EBITDA guidance
FINANCIAL REVIEW Trifork Segment adj. EBITDA guidance 35 32.0-34.5 32 ▪︎ Implicit Q4 guidance for adj. EBITDA in Trifork Segment 29 Adjusted EBITDA, Trifork Segment 1 27 EURm 11.0-13.5 2025 Guidance ▪︎ Taking base-line from Q3 of EURm 7.9, the following Q3 20 to Q4 improvements are expected: 9M: 21.
Slide 20: Trifork Segment - Performance
FINANCIAL REVIEW Trifork Segment - Performance Q3/2025 ADJUSTED EBITDA ▪︎ Adj. EBITDA of EURm 7.9, equal to margin of 16.0% (Q3/2024: 12.3%) Growth Margin +17.1% ▪︎ Margin in the first nine months of 2025 increased despite high pre-sales activities ▪︎ Increased contribution from cost savings initiat
Slide 21: Trifork Group - Performance
FINANCIAL REVIEW Trifork Group - Performance Q3/2025 EBIT ▪︎ EBIT margin 6.9% (Q3/2024: 2.4%) impacted by same factors as adj. EBITDA Growth Margin ▪︎ Slightly decreased depreciations/amortizations due to optimization of office space and reduced M&A activities +63.8% +201.2% 4.5% 3.0% 6.9% 2.4% 21
Slide 22: Trifork Segment - Inspire
FINANCIAL REVIEW Trifork Segment - Inspire Q3/2025 REVENUE ADJUSTED EBITDA ▪︎ Revenue EURm 0.9 in Q2 (+9.7%), seasonally a slow quarter for conferences ▪︎ Adj. EBITDA EURm -0.6 (Q3/2024: EURm -0.6) -19.8% ▪︎ Resized the organization, reduced activities and implemented improved cost control procedure
Slide 23: Trifork Segment - Build
FINANCIAL REVIEW Trifork Segment - Build Q3/2025 REVENUE ADJUSTED EBITDA ▪︎ EURm 33.6 revenue (-2.7%) Inorganic growth Margin ▪︎ Some switching effect from Build to Run as we productize more services +2.6% -3.9% ▪︎ Adj. EBITDA margin of 13.8% (Q3/2024: 11.3%) -8.5% ▪︎ Improvement from higher utiliza
Slide 24: Solid Q3 momentum in Run with higher earnings than Build
Revenue (left axis) FINANCIAL REVIEW Adj. EBITDA (right axis) Solid Q3 momentum in Run with higher earnings than Build Run Build Platforms (recurring) Innovation (projects) 40.000 9000 40.000 9.000 35.000 8000 35.000 8.000 7000 7.000 30.000 30.000 EURk 6000 6.000 25.000 25.000 5000 5.000 20.000 20.0
Slide 25: Trifork Segment - Run
FINANCIAL REVIEW Trifork Segment - Run Q3/2025 REVENUE ADJUSTED EBITDA ▪︎ Revenue of EURm 14.8 Margin ▪︎ 25.3% growth on revenue from own platforms +48.8% +44.1% ▪︎ Adj. EBITDA margin of 32.2% (Q3/2024: 33.5%) 21.3% ▪︎ Investments in product-driven organization reduce margins in the +22.4% 22.0% sho
Slide 26: 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 18.9 32.2 20.000 17.500 15.000 EURk 12.500 10.000 7.500 5.000
Slide 27: 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 28: Cash Flow & Financial Position
FINANCIAL REVIEW Cash Flow & Financial Position Q3/2025 NET INTEREST-BEARING DEBT ▪︎ Operating cash flow of EURm 8.4 (Q3/24: 4.9) Leverage ratio (NIBD/adj. EBITDA) -0.6x ▪︎ Investing activities of EURm -0.4 (Q3/24: -6.0) ▪︎ Financing activities of EURm -7.2 (Q3/24: -3.5) -0.1x ▪︎ Net interest-bearin
Slide 29: Q&A
Q&A Long-term external growth drivers Software innovation specialists To ask a question: 1. Raise your hand by clicking the ‘Raise Hand’ button Three decades of resilient growth and profitability 2. Your name will be announced 3. Make sure that you are unmuted Full-circle and low-risk business model