Trifork Group Ag · OMXCOP:TRIFOR
Trifork — Q3 2026 Earnings Presentation
16 slides from Trifork's earnings presentation, Oct 30, 2026
Slide 1: Another solid quarter in Products drives strong earnings growth
Q3 2026 INVESTOR PRESENTATION 30 OCTOBER 2026 Another solid quarter in Products drives strong earnings growth Jørn Larsen Kristian Wulf-Andersen Charmaine Carmichael Founder & Group CEO Group CFO 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: Continued solid execution in Products and with public sector customers
Q3 2026 RESULTS Continued solid execution in Products and with public sector customers driving strong earnings growth Another quarter of strong Continued traction with Significant earnings Thoughtful capital allocation performance in Products public-sector customers improvement - Products organic re
Slide 4: Revenue expected in upper level of original guidance and EBITDA between EURm 35-37
Q3 2026 RESULTS Revenue expected in upper level of original guidance and EBITDA between EURm 35-37 EURm 9-11% org. growth EURm 16-23% growth 15-16% margin Revenue from acquisitions Adj. EBITDA Organic revenue 235-240 2026 Guidance (prev. 230-240) 35-37 2026 Guidance (prev. 35-40) 221 208 206 33 185
Slide 5: Enterprise AI adoption fuels growth across both segments
Q3 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 6: High demand for sovereign data centre hosting, operations, and application management
Segment: Products High demand for sovereign data centre hosting, operations, and application management A large growth driver in Products: Danish sovereign operations through our own data centres, in customers’ own infrastructure, or public cloud with our Contain platform core to our offering. Struc
Slide 7: A strong quarter
Q3 2026 RESULTS A strong quarter Q3 Q3 STRONG GROWTH IMPROVING PROFIT MARGIN 24% 28% 6% 17.0% Total growth Organic Organic Adj. EBITDA margin growth growth ex. hardware +2.0 p.p. Y/Y LTM LTM GOOD CASH GENERATION ROBUST BALANCE SHEET 76% 0.6x Net debt/adj. EBITDA Operating cash conversion Q2 2026: 1.
Slide 8: 40% Y/Y growth in adj. EBITDA driven by growth in Products and improved margins
Q3 2026 RESULTS 40% Y/Y growth in adj. EBITDA driven by growth in Products and improved margins in Services Q3 2026 PRODUCTS SERVICES GROUP TOTAL 27.7 33.3 61.0 REVENUE +76% total Y/Y -1% total Y/Y +24% total Y/Y +96% organic Y/Y (all organic) +28% organic Y/Y +25% organic Y/Y ex. hardware +6% organ
Slide 9: Continued progress on all fronts; sales mix shifting to higher-margin earnings
Q3 2026 RESULTS Continued progress on all fronts; sales mix shifting to higher- margin and recurring earnings in Products 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 10: Products margin at 25% LTM; Services margin recovering
Q3 2026 RESULTS Products margin at 25% LTM reflecting Services margin recovering on resilient margins from licences, seasonally low revenue, helped by hosting, and support and improved cost control and pricing margins on data centre hardware Revenue (left axis) Adj. EBITDA margin (right axis) LTM ad
Slide 11: EURm 42 realized gains since IPO; expecting more exits in 2027-28
INVESTMENT PORTFOLIO EURm 42 realized gains since IPO; EURm 112 over ten years - expecting more exits in 2027-28 NET REALIZED GAINS (EURM) 60 59 52,5 45 37,5 30 22,5 21 16 15 7,5 6 6 2 3 3 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 9M 2026 11
Slide 12: Book value at EURm 57 after partial sale of four assets from LabsX to Verdane
INVESTMENT PORTFOLIO Book value at EURm 57 after partial sale of four assets from LabsX to Verdane; values verified in the portfolio 90 BOOK VALUE OF PORTFOLIO (EURM) 64 Invested cash 55 74 Unrealized gains 54 67,5 44 34 45 41 29 23 24 22,5 18 18 19 13 16 51 5 2 2 4 2 7 0 FY 2016 FY 2017 FY 2018 FY
Slide 13: A strong and flexible balance sheet enabling growth investments and shareholder returns
BALANCE SHEET A strong and flexible balance sheet enabling growth investments and shareholder returns; EURm 16 of LabsX exit proceeds received in Q3 NET INTEREST-BEARING DEBT (EURM) Leverage ratio (NIBD/adj. EBITDA) -0.6x -0.1x 0.9x 1.9x 0.6x 0.7x 1.1x 0.6x 17 4 -28 -46 -18 -22 -35 -20 2021 2022 202
Slide 14: LabsX proceeds are reinvested in core Trifork, with excess capital returned to shareholders
CAPITAL ALLOCATION FRAMEWORK LabsX proceeds are reinvested in core Trifork, with excess capital returned to shareholders FIRST PRIORITY SECOND PRIORITY TRIFORK EXCESS CAPITAL Free cash flow from Trifork’s consolidated business EURm 8 from Verdane transaction EURm 10 bought YTD; Investments in Share
Slide 15: Capital Markets Day 2026
Capital Markets Day 2026 11 DECEMBER 2026 08:30 - 12:30 TRIFORK, NORDHAVN, COPENHAGEN Sign up: Frederik Svanholm [email protected] No webcast available
Slide 16: 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