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27 NOVEMBER 2025 · DANSKE BANK WINTER SEMINAR · COPENHAGEN Jørn Larsen FOUNDER & GROUP CEO A Pioneering Technology Partner
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2 DISCLAIMER ɾ 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 historical fact) relating to future events and Trifork's expected, anticipated or planned financial and operational performance. The words ‘may’, ‘will’, ‘will continue’, ‘should’, ‘expect’, ‘foresee’, ‘anticipate’, ‘believe’, ‘estimate’, ‘plan’, 'project', ‘predict’, ‘intend’, 'guidance' and 'outlook' or variations of these words, including negatives thereof, as well as other statements regarding matters that are not historical fact or regarding future events or prospects, constitute forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Trifork has based these forward-looking statements on its current views with respect to future events and financial performance. These views involve a number of risks and uncertainties, which could cause actual results to differ materially from those predicted in the forward- looking statements and from the past performance of Trifork. Although Trifork believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the industry in general or Trifork in particular. As a result, forward-looking statements should not be relied on as a prediction of actual results. Trifork undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.
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Local presence combined with global delivery capabilities 1197EMPLOYEES 16COUNTRIES 3 INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK
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Products 33% Services 67% Private 59% Public 41% Revenue split 4 Revenue splits in 9M/2025 INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Trifork at a glance
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5 DNA We operate at the forefront of innovation and are often among the first to explore new technologies and methods. We work closely with customers and take responsibility as a long- term technology partner invested in mutual success. INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Pioneering meaningful change for 30 years
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6 Market We tackle complex challenges for enterprises and public authorities in Europe and North America. INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Pioneering meaningful change for 30 years
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7 SPATIAL COMPUTING VISION AI DIGITAL TWIN ENTERPRISE MOBILITY COMPETITIVE EDGE SELL PACKAGED SOFTWARE & SOLUTIONS AGENTIC AI NEW INNOVATION WITH FIRST-MOVING CUSTOMERS THE NEXT BIG THING Trifork’s capabilities (examples) Customers’ capabilities & adoption CLOUD INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Staying ahead by mastering new technologies early
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Combining deep industry expertise with industry-agnostic products and services 8 Since 2015 INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Technologies Core product areas Since 2010Since 2009Since 2004Since 1996 Digital Health Financial Services Public Aviation Energy Spatial computing Enterprise mobility AI Digital twin Cloud
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Security Compliance Organized data Reliable workflows Cost management Contextual learning Scalable infrastructure 9 LLMs INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Enterprise AI adoption still at an early stage
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Extending push into aviation with spatial training We have already delivered flight crew safety training on the Apple Vision Pro to Lufthansa Recently announced new partnership with Loft Dynamics. Trifork to build technology for Loft and sell the solution to airlines. 10 Industry Aviation Photo rights: Trifork Group Photo rights: Trifork Group EXAMPLE OF PRODUCT DEVELOPMENT STRATEGY
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Building a more product-driven, scalable, and commercially focused organization INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK 11 Product Culture Development Process Development Market Development 2025 2026-2027 2028-2030 1.Accelerate product culture 2.Strengthen sales execution 3.Focused industry divisions
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Building a more product-driven, scalable, and commercially focused organization INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK 12 Product Culture Development Process Development Market Development 2025 2026-2027 2028-2030 1.Accelerate product culture 2.Strengthen sales execution 3.Focused industry divisions 1.Develop value-based pricing 2.M&A with product exposure 3.Strengthen divisional leadership
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Building a more product-driven, scalable, and commercially focused organization INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK 13 Product Culture Development Process Development Market Development 2025 2026-2027 2028-2030 1.Accelerate product culture 2.Strengthen sales execution 3.Focused industry divisions 1.Develop value-based pricing 2.M&A with product exposure 3.Strengthen divisional leadership 1.Material market share with core products 2.Bolt-on M&A in core product areas 3.Higher product margins shining through
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2007 2009 2011 2013 2015 2017 2019 2021 20232025G Revenue from acquisitions Organic revenue 115 159 185 208206 2025 Guidance 2007 2009 2011 2013 2015 2017 2019 2021 20232025G 27 30 33 30-32.5Group adj. EBITDA 2025 Guidance EURm 217.5-222.5 25 14 9M: 162 9M: 1918 Group adj. EBITDA guidance includes the cost of running Trifork Labs (approx. EURm 2 annually) INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Stronger performance ahead driven by product revenue and effects from cost savings
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10-15% total annual revenue growth 15 Revenue splits in 9M/2025 2025 a recovery year with product strategy increasingly visible in quarterly performance Financial targets (set in February 2025) 5-10% organic revenue growth 10-14% EBIT margin in 2026 6-8% total revenue growth 4-7% organic revenue growth 7-9% EBIT margin INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK 2025 guidance
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16 Founded 1996 Delta Software A/S Interprise Consulting A/S 2007 2011 Erlang Solutions Ltd. 2012 Orange11 B.V. Open Credo Ltd. 2015 2021 Vilea GmbH StrongMinds ApS IBE AG Chapter 5 A/S 2023 2024 Spantree LLC Sapere Group ApS Marstrand Innovation A/S 2013 2016 2022 YOW! Conferences 2018 Invokers A/S Testhuset A/S 2020 Nine A/S SAPBASIS ApS Netic A/S 2014 Duckwise ApS Net debt at 1.3x EBITDA and expecting continued deleverage in Q4 INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Continued disciplined M&A in the coming years
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INTRO · DNA · BUSINESS MODEL · STRATEGY · OUTLOOK Overall, still soft demand in private sector but we currently see solid growth from key underlying trends Sovereign data hosting Digital government Rising cybercrime AI adoption XR adoption Healthcare efficiency 17
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Digitalization as a long-term driver Full-circle business model Innovation specialists Three decades of growth and profitability Agile organization Enabling customers to become sustainable Successful and profitable innovation model We change the world with software. Thank you! 13 January Trifork Labs investor event @ Danske Bank Sign up via Danske Bank
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Appendix
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20 Productized revenue development 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 Q1/2020 Q3/2020 Q1/2021 Q3/2021 Q1/2022 Q3/2022 Q1/2023 Q3/2023 Q1/2024 Q3/2024 Q1/2025 Q3/2025 Hosting and securityLicenses and support Third-party licenses Hardware In Q3 2025, some hosting revenue was reclassified to licenses based on our Contain platform Before Q1 2022, “Third-party licenses” were reported as part of “Licenses and support” EURk PRODUCTS (RUN)
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CO-INVESTORS Portfolio is growing, overall well-financed, and exits are likely in 2026 21 TRIFORK LABS Axoniq Software development framework Bluespace Ventures Swiss digital health ecosystem Dawn Health Regulated apps for pharma patients XCI Cyber crime investigation Frameo Digital photo frame platform INVESTMENTS (EURM)TOP 5 OF BOOK VALUE Accumulated net exit proceeds and dividends since 2016 Invested cash in current portfolio Accumulated unrealized gains EURm 84 book value 26.667 53.333 80 106.667 133.333 160 2021 2022 2023 2024 9M 2025 0 0.25 0.5 0.75 1 20% 30 SEPT 2025 EURm 84 BOOK VALUE 73% 11-23 6-10 TOP 5 7% Profitable for the last two years Not profitable yet, well funded Not profitable yet, financing within 12 months ALPHABETIC ORDER
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-2 0 2 4 6 8 10 12 14 16 18 20 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 300 350 400 450 500 550 +50% 457 337 507 Strong operational performance in Labs Top 10 22 0 10 20 30 40 50 60 70 80 90 100 EURm 49.5 72.2 REVENUE Top 10 20222023 Growth -2 0 2 4 6 8 10 12 14 16 18 20 9.8 Top 10 EBITDA 13.6% Margin -2.4% EURm EMPLOYEES # For information purposes only. Labs companies are not consolidated in Trifork’s reporting of revenue, EBITDA, and FTEs. The numbers are based on reported, but not yet audited, financials. Growth 2024 99.3 +100% 202220232024 Weighted by current Labs ownership % 8.7 11.4 14.4 +67% 202220232024 202220232024 18.1% -1.2 18.0 Weighted by current Labs ownership % -0.2 -1.5%-19.7% 1.4% -1.7 0.2 202220232024 Top 10 TRIFORK LABS