Slides
Page 1
31 OCTOBER 2025 Earnings recovery on track with solid growth from platforms Q3/2025 Investor Presentation
Page 2
2 CEO Jørn Larsen Trifork CEO since 1996 Year of birth 1966 Nationality Danish Educational background Mechanical engineering degree - Civil engineering degree in Computer Science - University of Aalborg Professional background Serial tech entrepreneur From 1996: Founder and CEO of Trifork 1994-1995: Project Manager with Dator 1984-1989: Technical Naval engineer with Maersk Other directorships and executive roles Member of the Board of Directors of Dawn Health A/S, &Money ApS, Bluespace Ventures AG, XCI A/S (all Trifork Labs companies) Trifork ownership 18.6% Nationality Trifork CFO since 2007 Year of birth 1971 Danish Educational background Bachelor in Economics - Aarhus Business School, Denmark Professional background 1997-2007: Co-founder and CFO of the IT infrastructure company Interprise Consulting (acquired by Trifork) 1996-1999: IT consultant at Siemens Business Services 1989-2000: Officer at the Royal Danish Airforce Other directorships and executive roles None Trifork ownership 1.4% CFO Kristian Wulf-Andersen PRESENTERS
Page 3
3 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 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.
Page 4
Q3/2025 Business Review 4 Jørn Larsen FOUNDER & GROUP CEO
Page 5
Trifork Group Inspire 1.8% Build 65.6% Run 32.5% Private 59.0% Public 41.0% Companies 23 Book value 83.6 EURm Trifork Profitable organic growth paired with acquisitions Trifork Labs Young, high-growth tech innovators Q3/2025 Q3/2025REVENUE SPLIT REVENUE SPLIT Majority ownership, fully consolidated in Group P&L Minority ownership, not consolidated Financial assets on balance sheet Cash proceeds and valuation changes reflected in Group EBT 5 Revenue splits in 9M/2025 / Trifork Labs book value as of 30 September 2025 A BRIEF OVERVIEW
Page 6
2007 2009 2011 2013 2015 2017 2019 2021 2023 2025G FINANCIAL DEVELOPMENT IN TRIFORK SEGMENT Growth according to plan with increased earnings contribution in Q4 Revenue from acquisitions Organic revenue 87 106 115 159 185 208 Trifork has generally recorded zero or proportionately very small adjustments to EBITDA in the past. Zero special items recorded in 9M/2025.1) 206 2025 Guidance 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025G 29 32 35 20 13 11 32.0-34.5 Adjusted EBITDA, Trifork Segment 2025 Guidance EURm 1 217.5-222.5 27 6 9M: 161.9 9M: 21.0
Page 7
7 FINANCIAL OUTLOOK Guidance 2025 Trifork Group revenue EURm 217.5-222.5 Trifork Segment adj. EBITDA Trifork Group EBIT EURm 32.0-34.5 5.6% - 8.0% total growth 14.4% - 15.9% margin 7.4% - 8.7% margin Mid-term target 10-15% annual growth 16-20% 5-10% organic growth 1.5x May temporarily exceed depending on M&A opportunities 10-14% Trifork Group NIBD/adj. EBITDA 2024-2026 CAGR 2026 2026 2024-2026 No guidance Q3/2025: 1.3x EURm 16.5-19.0 4.2% - 6.6% organic growth Inorganic growth in 2025 is estimated at EURm 2.9. The deconsolidation of Trifork Security is expected to reduce FY 2025 revenue by approx. EURm -1 and increase EBIT by EURm 3, with no effect on adj. EBITDA. Full-year guidance narrowed within the original range
Page 8
8 ▪︎ Continued challenging business environment similar to previous quarters ▪︎ Business development efforts showing encouraging signs, paving the way for continued revenue growth ▪︎ Good activity, especially in digital health, with more wins to be announced soon ▪︎ New EURm 20 contract with Danish Health Data Authority related to sovereign cloud operations ▪︎ Swiss public health framework agreement won in Q2 is already leading to concrete work requests Private sector Public sector 41.0% of revenue59.0% of revenue Revenue distribution based on 9M/2025 TRIFORK SEGMENT Market update 9M: +4.2% 9M: +14.0%
Page 9
9 ▪︎ Won EURm 20 contract with Danish Health Data Authority related to data center operations ▪︎ Continued strong momentum in digital health with new framework agreement in Greenland and a Swiss integration to Compassana ▪︎ Significant extensions of work with e.g. public transport provider and a Swiss insurance company ▪︎ 1,110 FTEs on average (Q3/24: 1,184) and 1,197 employees in total (Q3/24: 1,278) ▪︎ LTM employee turnover was 19.4% (Q3/24: 19.5%) with 5.9% impact from reorganization and redundancies ▪︎ Sick leave was 2.6% (Q3/24: 3.3%) ▪︎ Average age 40.7 (Q3/24: 39.7) Customer highlights Organization ▪︎ Conference with focus on mobile asset management in Houston with Labs company Arkyn ▪︎ Sold 51% of Trifork Security to Wingmen Solutions - awarded “Partner of the Year, Denmark” together by Cisco & Splunk Partnerships Main events in Q3 TRIFORK SEGMENT
Page 10
10 Develop and sell more products as part of repeatable Build solutions Increase revenue per customer by cross-selling and up-selling to senior executives with focus on business value, not hours Strengthen business development with global tech companies Acquisitions and divestments in Trifork Segment AI and spatial computing being a significant growth driver Strategic priorities in 2025 ACTION POINTS EXECUTION YTD Run GTM & Pricing Partners Tech M&A TRIFORK SEGMENT
Page 11
TRIFORK SEGMENT Solid traction in platform development and IP sales We extend with innovation and integrations Manufacturing Public AdminFintech Aviation AI Engineering Platforms Cloud Operations Digital Health Energy We co-develop platforms with customers in our core business areas, retain the IP, and resell them as packaged solutions EURM 39 YTD REVENUE FROM OWN PLATFORMS +26% INCREASE Y/Y EURM 106 YTD REVENUE FROM BUILD -4% DECLINE Y/Y Security AI adoption Spatial computing IoT Novel complete solutions R E P E A T 11
Page 12
Standardizing quality control with vision AI on top of SAP Headquartered in Nuuk, Royal Greenland A/S is a world-leading, vertically integrated seafood company owned by the Government of Greenland In 2024, the company processed 112,500 tonnes of Arctic and North Atlantic seafood across 49 factories in Greenland, Canada, and Germany As a long-term technology partner, Trifork was engaged to develop a user-friendly quality assessment solution for frozen prawns — combining engineering, Vision AI, and software on SAP Business Technology Platform Our solution classifies prawns based on shape, size, and color and collects data into SAP to support decision making Higher consistency with fewer errors in quality control Case story 12 #1 Significant time and cost savings potential #2 Increased ability to offer differentiated product pricing #3 Industry Manufacturing
Page 13
Deepening our push into aviation and spatial training Existing methods of pilot and crew training are outdated, geographically restrictive, expensive, slow, and do not support optimal learning retention Adding our spatial training platforms and capabilities onto existing and new customer relationships in aviation We have already delivered flight crew safety training on the Apple Vision Pro In Q3, we were engaged by a global training provider to extend our spatial training platform to pilot training Read the case story with Lufthansa Aviation Training here Case story 13 Learn more Industry Aviation Photo rights: Trifork Group Photo rights: Trifork Group Photo rights: Trifork Group
Page 14
14 LABS SEGMENT ▪︎ 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 completed an additional exit of 0.9% of the shares ▪︎ ExSeed Health was admitted to 510(k) FDA review for its home test — expected decision in Q1 ▪︎ Frameo’s owners hired an M&A advisor to explore a potential divestment of minority shares. Frameo crossed 18m app downloads and 1.8 billion photos and videos shared by its users. ▪︎ Dawn Health launched Nelia with Novartis - a digital companion app for patients with rare kidney diseases ▪︎ Promon was recognized in Gartner’s Hype CycleTM for application security Key news in Q3/2025 Labs update
Page 15
Position 6 – 10 of book value ALPHABETIC ORDER Arkyn Studios Field and factory SaaS on top of SAP C4 Media Software media and conferences Develco Innovative electronics and embedded software ExSeed Health Software as medical device for fertility testing POS. 6–10 19.7% POS. 11-23 7.1% TOP 5 73.2% BOOK VALUE Top 5 of book value ALPHABETIC ORDER Axoniq Software development framework Bluespace Ventures Swiss digital health ecosystem Dawn Health Regulated software for pharma and medtech XCI Cyber crime investigation Profitable for the last two years Expected profitable this year Not profitable, funding needed within 12 months Portfolio is overall growing and well-financed by own cash flows or strong co-investors 15 Not profitable, well funded TRIFORK LABS 30 SEPTEMBER 2025 EUR 83.6m Frameo Digital photo frame platform Promon Cyber protection for apps
Page 16
16 Kristian Wulf-Andersen GROUP CFO Q3/2025 Financial Review
Page 17
+8.0% +1.9% FINANCIAL REVIEW 17 REVENUEQ3/2025 ▪︎ Revenue of EURm 49.3 equal to 4.7% total growth, entirely organic ▪︎ Danish revenue grew 7.1% to EURm 35.8 ▪︎ US revenue declined by EURm 1.2 due to timing of licenses and reduced activity in backend services ▪︎ Swiss revenue grew by EURm 0.6 with good traction in Aviation and Digital Health platforms ▪︎ UK revenues stabilized and growth is now expected to materialize ▪︎ As usual, no revenues recorded in Trifork Labs companies are included as Trifork Group revenue Organic growth +4.7% Inorganic growth Trifork Group / Trifork Segment revenue
Page 18
18 10.000 20.000 30.000 40.000 50.000 60.000 Q2/2020 Q4/2020 Q2/2021 Q4/2021 Q2/2022 Q4/2022 Q2/2023 Q4/2023 Q2/2024 Q4/2024 Q2/2025 38% 55% 41% 21% 16% 15% 18% 18% 20%9% 11% 10% Inspire revenue Build revenue Run revenue Total y/y revenue growth 1% -5% -2% 2% EURk EURm 0.9 +10% Y/Y EURm 33.6 -3% Y/Y EURm 14.8 +27% Y/Y 14% FINANCIAL HIGHLIGHTS IN Q3 +4.7% growth in Q3 driven by sales of own platforms in Run - all organic 5% 5%
Page 19
19 Trifork Segment adj. EBITDA guidance ▪︎ Implicit Q4 guidance for adj. EBITDA in Trifork Segment EURm 11.0-13.5 ▪︎ Taking base-line from Q3 of EURm 7.9, the following Q3 to Q4 improvements are expected: - Inspire: EURm 0.6-1.0 from conferences - Build: EURm 1.5-2.0 from more workdays and increased utilization - Run: EURm 1.0-1.5 from ramp-up of activity and profitability in cloud contracts - Cost savings: EURm 0.5-1.0 from vacated office leases and other general cost reductions FINANCIAL REVIEW 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025G 29 32 35 20 13 11 32.0-34.5 Adjusted EBITDA, Trifork Segment 2025 Guidance 1 27 Trifork has generally recorded zero or proportionately very small adjustments to EBITDA in the past. Zero special items recorded in 9M/2025.1) 9M: 21.0 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 est. 26 % 30 % 34 % 33 % 34 - 39% Q4’s share of full-year Segment adj. EBITDA
Page 20
+17.1% +36.0% FINANCIAL REVIEW 20 Q3/2025 ▪︎ Adj. EBITDA of EURm 7.9, equal to margin of 16.0% (Q3/2024: 12.3%) ▪︎ Margin in the first nine months of 2025 increased despite high pre-sales activities ▪︎ Increased contribution from cost savings initiatives, e.g. with office leases vacated in September, and controlled hiring of new employees - full effect in 2026 ADJUSTED EBITDA Growth Margin 16.0% 12.0% Trifork Segment - Performance 12.3% 13.0%
Page 21
+63.8% 4.5% 3.0% FINANCIAL REVIEW 21 Q3/2025 ▪︎ EBIT margin 6.9% (Q3/2024: 2.4%) impacted by same factors as adj. EBITDA ▪︎ Slightly decreased depreciations/amortizations due to optimization of office space and reduced M&A activities EBIT Growth Margin Trifork Group - Performance +201.2% 6.9% 2.4%
Page 22
-19.8% FINANCIAL REVIEW 22 Q3/2025 ▪︎ Revenue EURm 0.9 in Q2 (+9.7%), seasonally a slow quarter for conferences ▪︎ Adj. EBITDA EURm -0.6 (Q3/2024: EURm -0.6) ▪︎ Resized the organization, reduced activities and implemented improved cost control procedures in 2025 ▪︎ Expected positive result in Q4/2025 in which major conference activities take place Trifork Segment - Inspire ADJUSTED EBITDAREVENUE +9.7%
Page 23
13.4% -8.5% 12.8% -3.9% +2.6% FINANCIAL REVIEW 23 Q3/2025 ▪︎ EURm 33.6 revenue (-2.7%) ▪︎ Some switching effect from Build to Run as we productize more services ▪︎ Adj. EBITDA margin of 13.8% (Q3/2024: 11.3%) ▪︎ Improvement from higher utilization and cost savings taking effect Trifork Segment - Build 11.3% +18.8% 13.8% Inorganic growth ADJUSTED EBITDA Margin REVENUE -2.7%
Page 24
24 Solid Q3 momentum in Run with higher earnings than Build Revenue (left axis) Adj. EBITDA (right axis) Build Innovation (projects) 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.0005.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 Q1/2020 Q3/2020 Q1/2021 Q3/2021 Q1/2022 Q3/2022 Q1/2023 Q3/2023 Q1/2024 Q3/2024 Q1/2025 Q3/2025 Run Platforms (recurring) 1000 2000 3000 4000 5000 6000 7000 8000 9000 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 Q1/2020 Q3/2020 Q1/2021 Q3/2021 Q1/2022 Q3/2022 Q1/2023 Q3/2023 Q1/2024 Q3/2024 Q1/2025 Q3/2025 EURk FINANCIAL REVIEW
Page 25
+27.3% +48.8% FINANCIAL REVIEW 25 Trifork Segment - Run Q3/2025 ▪︎ Revenue of EURm 14.8 ▪︎ 25.3% growth on revenue from own platforms ▪︎ Adj. EBITDA margin of 32.2% (Q3/2024: 33.5%) ▪︎ Investments in product-driven organization reduce margins in the short term but increase margins long term due to positive scale effects +22.4% 33.5% 32.2% ADJUSTED EBITDA Margin REVENUE +44.1% 22.0% 21.3%
Page 26
FINANCIAL REVIEW 26 Trifork Segment - Run 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 security Licenses and support Third-party licenses Hardware Adj. EBITDA margin (%) 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 16.4 23.5 22.6 28.3 12.1 16.2 19.0 20.1 21.721.1 23.2 31.2 13.1 19.2 33.5 31.015.7 20.6 22.7 28.5 15.0 18.9 32.2
Page 27
FINANCIAL REVIEW 27 Labs Segment - Performance & Position EBT (EURM) INVESTMENTS (EURM) Invested unrealized gains from deconsolidation of Group companies Accumulated net exit proceeds and dividends (1) (1) Invested cash in current portfolio Accumulated unrealized gains -5 0 5 10 15 20 25 30 35 40 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M/ 2025 -0.8 9.7 9.8 9.0 39.2 3.3 4.4 4.9 Average 10.3 13.3 EURm 83.6 book value -1.1
Page 28
FINANCIAL REVIEW 28 Q3/2025 ▪︎ Operating cash flow of EURm 8.4 (Q3/24: 4.9) ▪︎ Investing activities of EURm -0.4 (Q3/24: -6.0) ▪︎ Financing activities of EURm -7.2 (Q3/24: -3.5) ▪︎ Net interest-bearing debt of EURm -37.0 - 1.3x net interesting-bearing debt to adj. EBITDA - Expecting continued deleverage in Q4 - Treasury shares worth EURm 3.9 not included in calculation of NIBD as of 30 September 2025 Cash Flow & Financial Position Leverage ratio (NIBD/adj. EBITDA) NET INTEREST-BEARING DEBT -0.6x -0.1x 0.9x 1.9x 1.3x
Page 29
Long-term external growth drivers Full-circle and low-risk business model Software innovation specialists Three decades of resilient growth and profitability Effective and agile teal organization Enabling customers to become sustainable Successful and profitable innovation model We change the world with software. Q&A To ask a question: 1. Raise your hand by clicking the ‘Raise Hand’ button 2. Your name will be announced 3. Make sure that you are unmuted 4. You can now ask your question