Slide 1: 2025 Q2 Investor Presentation: Evolving from services to product-led solutions
19 AUGUST 2025 2025 Q2 Investor Presentation Evolving from services to product-led solutions
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 histor
Slide 4: Q2 2025 Business Review
Q2 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 1.9% 64.5% 33.6% 60.3% 39.7% 23 84.4 EURm REVENUE SPLIT REVENUE SPLIT Q2/2025 Q2/2025 Majority ownership, fu
Slide 6: Growth according to plan with backloaded cost savings in 2025
FINANCIAL DEVELOPMENT IN TRIFORK SEGMENT Growth according to plan with backloaded 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 H1: 112.6 87 13 11 H1: 13.1 2007 2
Slide 7: 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 Q2/2025: 1.6x 4.4% to 9.3% total growth 14.2% - 17.2% margin 6.4% - 9.1% margin
Slide 8: Segment update in Q2
TRIFORK SEGMENT Segment update in Q2 Inspire Build Run ▪︎ Substantially reduced conference ▪︎ Continued challenging business ▪︎ 51.6% Y/Y growth and 18.4% if excluding activities in the quarter environment in private sector effect from hardware and third-party licenses ▪︎ Planning to be close to EBI
Slide 9: Main events in Q2
TRIFORK SEGMENT Main events in Q2 Customer highlights Organization Partnerships ▪︎ Won EURm 3.9 contract with Danish ▪︎ Hired Charmaine Carmichael as COO ▪︎ Moving closer to Splunk and Cisco Agency for Digital Government related to drive product strategy with announced transaction with to Digital Id
Slide 10: Strategic priorities in 2025
TRIFORK SEGMENT Strategic ACTION POINTS EXECUTION IN Q2 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 Streng
Slide 11: GTM model targeting +50% of revenue from products
TRIFORK SEGMENT GTM model targeting +50% of revenue from products Ride-along Conferences Workshops Run Run Build Build Own products Partner products Product-led services Other services - Targeted hiring, fast ramp-up - Ecosystem access - Stronger competitive position - Cross-selling - Defined sales
Slide 12: Aviation - showcase of a focused sales strategy
PRODUCT CENTRIC GTM-MODEL Aviation - showcase of a focused sales strategy PRODUCTS 16 front-end app 3 app enablers modules Cloud-based backend Spatial crew training 69 Target airlines platform 33 Active dialogues ▪︎ Attended aviation summit in New Delhi with leading airlines and airports Preparing f
Slide 13: Labs update
TRIFORK LABS Labs update Key news in Q2 ▪︎ In Q2, we continued working on portfolio financing to de-risk some companies in 2025 and 2026 ▪︎ Dawn Health (a Trifork spinoff) announced the succesful raise of EURm 11.5 in equity financing. The round was led by Chr. Augustinus Fabrikker and EIFO with a s
Slide 14: 81% of total book value is profitable or has cash runway of +12 months
TRIFORK LABS 81% of total book value is profitable or has cash runway of +12 months Profitable for the last Expected profitable Not profitable, Not profitable yet, two years this year well funded funding round within 12 months Top 5 of book value POS. 11-23 Position 6 – 10 of book value 7.2% AxonIQ
Slide 15: Q2 2025 Financial Review
Q2 2025 Financial Review Kristian Wulf-Andersen GROUP CFO 15
Slide 16: Growth according to plan with backloaded cost savings in 2025
FINANCIAL DEVELOPMENT IN TRIFORK SEGMENT Growth according to plan with backloaded 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 H1: 112.6 87 13 11 H1: 13.1 2007 2
Slide 17: Trifork Group / Trifork Segment revenue
FINANCIAL REVIEW Trifork Group / Trifork Segment revenue Q2/2025 REVENUE ▪︎ Revenue of EURm 55.1 equal to 5.1% total growth of which 2.9% was organic and 2.2% was inorganic Organic growth Inorganic growth ▪︎ Less revenue from Inspire due to decision to reduce activities +2.8% focusing on profitable
Slide 18: Highlights in Q2: 5.1% growth
FINANCIAL HIGHLIGHTS IN Q2 Inspire revenue 5.1% growth in Q2 and -3.9% 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% 5% 60,000 EURm 1.4 -40% Y/Y 50,000 40,000 EURk EURm 34.3 -8% Y/Y 3
Slide 19: Cost savings program backloaded in 2025
FINANCIAL REVIEW Cost savings program backloaded in 2025 ▪︎ In Q3 2024, we announced the cost savings program with Adjusted EBITDA, Trifork Segment 1 32-37 the ambition to reduce overall annual cost by around 35 2025 Guidance EURm 10 compared to the 2024 activity level 32 ▪︎ Cost savings program pro
Slide 20: Investing in product GTM to obtain higher revenue and margins long-term
TRIFORK SEGMENT Investing in product GTM to obtain higher revenue and margins long-term We are investing more in the short term: ADJ. EBITDA MARGIN, TRIFORK SEGMENT - New product development and product extensions 21% - Market intelligence 20% - Product organization (sales, customer success) 19% Hig
Slide 21: Trifork Segment - Performance
FINANCIAL REVIEW Trifork Segment - Performance Q2/2025 ADJUSTED EBITDA ▪︎ Adj. EBITDA of EURm 5.7, equal to margin of 10.4% (Q2/2024: 11.9%) Growth Margin ▪︎ Margin in first half of 2025 on par with last year despite high pre-sales activities ▪︎ Incurred additional one-off costs in H1 related to cos
Slide 22: Trifork Group - Performance
FINANCIAL REVIEW Trifork Group - Performance Q2/2025 EBIT ▪︎ EBIT margin 2.1% (Q2/2024: 3.6%) 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 23: Trifork Segment - Inspire
FINANCIAL REVIEW Trifork Segment - Inspire Q2/2025 REVENUE ADJUSTED EBITDA ▪︎ Revenue EURm 1.4 in Q2 (-40.1%) ▪︎ Adj. EBITDA EURm -0.4 (Q2/2024: EURm 0.0) ▪︎ Resized the organization, reduced activities and implemented improved cost control procedures in 2025 to ensure improvement in -27.7% earnings
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 Q2/2020 Q4/2020 Q2/2021 Q4/2021 Q2/2022 Q4/2022 Q2/2023 Q4/2023 Q2/2024 Q4/2024 Q2/2025 24
Slide 25: Trifork Segment - Build
FINANCIAL REVIEW Trifork Segment - Build Q2/2025 REVENUE ADJUSTED EBITDA ▪︎ EURm 34.4 revenue (-7.8%) Inorganic growth Margin ▪︎ Adj. EBITDA margin of 9.1% (Q2/2024: 13.0%), weighed down by pre-sales investments for large tenders and projects ▪︎ Last quarter with negative impact from +3.8% customer
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 Q2/2020 Q4/2020 Q2/2021 Q4/2021 Q2/2022 Q4/2022 Q2/2023 Q4/2023 Q2/2024 Q4/2024 Q2/2025 26
Slide 27: Trifork Segment - Run
FINANCIAL REVIEW Trifork Segment - Run Q2/2025 REVENUE ADJUSTED EBITDA ▪︎ Revenue of EURm 19.3 Margin ▪︎ 18.4% growth on sales of own licenses (IP) and support ▪︎ Adj. EBITDA margin of 18.9% (Q2/2024: 19.2%) +59.4% ▪︎ Investments in product development +65.9% and product driven organization +49.6% r
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 Q2/2020 Q4/2020 Q2/2021 Q4/2021 Q2/2022 Q4/2022 Q2/2023 Q4/2023 Q2/2024 Q4/2024 Q2/2025 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% 18.9% 20,000 17,500 15,000 EURk 12,500 10,00
Slide 30: 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 31: Cash Flow & Financial Position
FINANCIAL REVIEW Cash Flow & Financial Position Q2/2025 NET INTEREST-BEARING DEBT ▪︎ Operating cash flow of EURm 1.1 (Q2/24: 3.6) Leverage ratio (NIBD/adj. EBITDA) -0.6x ▪︎ Investing activities of EURm -1.3 (Q2/24: -5.0) ▪︎ Financing activities of EURm -3.3 (Q2/24: -1.0) -0.1x ▪︎ Net interest-bearin
Slide 32: Q&A
Q&A Long-term external growth drivers Software innovation specialists To ask a question: Three decades of resilient growth and profitability 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
Slide 33: Thank you! Case stories from the half-year report
Thank you! Case stories from the half-year report GOCOLLECTIVE DANISH AGENCY FOR DIGITAL GOVERNMENT SWISSCOM Digitalizing maintenance processes with Developing Denmark’s digital identity wallet Secure digital signatures at scale Arkyn and SAP BTP PFA CONTAIN BY NETIC &MONEY Faster access to treatmen