Slides
Page 1
INVESTOR PRESENTATION · COPENHAGEN · JANUARY 2025 Jørn Larsen FOUNDER & GROUP CEO A Pioneering Technology Partner
Page 2
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.
Page 3
Local presence combined with global delivery capabilities across five core industries 1197EMPLOYEES 16COUNTRIES 3 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK 5CORE INDUSTRIES
Page 4
Products 33% Services 67% Private 59% Public 41% 4 Revenue splits in 9M/2025 Undergoing transformation to a product-led business with a balanced public/private exposure INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Revenue split
Page 5
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. Pioneering meaningful change for 30 years INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 6
6 Organization We attract diverse talents and experienced specialists, all driven by curiosity about tech IT-professionals ranked the 60 largest Danish IT employers in 2025 1197 EMPLOYEES 55 NATIONALITIES 24% WOMEN 41 AVERAGE AGE Survey by Ingeniørens “IT-profilanalyse 2025” 14% AVG. 12M EMPLOYEE TURNOVER SINCE 2023 (18% INCL. REORGANIZATIONS) INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK -Agile employer: Trifork #1 -Employer brand in “Consulting & Services”: Trifork #2 -Job interest: Trifork #3
Page 7
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 Staying ahead by mastering new technologies early INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 8
Combining deep industry expertise with industry-agnostic products and services 8 Since 2015 Since 2010Since 2009Since 2004Since 1996 Digital Health Financial Services Public Aviation Energy Spatial computing Enterprise mobility AI Digital twin Cloud INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Core product areas Technologies
Page 9
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. 9 Industry Aviation Photo rights: Trifork Group Photo rights: Trifork Group EXAMPLE OF PRODUCT DEVELOPMENT STRATEGY
Page 10
Building a more product-driven, scalable, and commercially focused organization 10 Product Culture Development Process Development Market Development 2025 2026-2027 2028-2030 1.Accelerate product culture 2.Strengthen sales execution 3.Focused industry divisions INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 11
Building a more product-driven, scalable, and commercially focused organization 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 1.Develop value-based pricing 2.M&A with product exposure 3.Strengthen divisional leadership INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 12
Building a more product-driven, scalable, and commercially focused organization 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 1.Material market share with core products 2.Bolt-on M&A in core product areas 3.Higher product margins shining through INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 13
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 30-33Group adj. EBITDA 2025 Guidance EURm 218-223 25 13 9M: 162 9M: 1918 Stronger performance ahead driven by product- led revenue and effects from cost savings INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Adj. EBITDA guidance shown on Group level, i.e. including the cost of running Trifork Labs (EURm 2). No special items have been adjusted for in 9M 2025. 13.5-14.9% margin6-8% total growth
Page 14
14 Solid momentum in Products; Services margin expected to recover Revenue (left axis) Adj. EBITDA (right axis) Services 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 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 Products 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 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK Trifork is undergoing a change of reporting segmentation: “Run” becomes Products, and “Build” becomes Services.
Page 15
Security Compliance Organized data Reliable workflows Cost management Contextual learning Trusted integrations Scalable infrastructure15 LLMs Enterprise AI adoption still at an early stage and needs significant expertise to scale responsibly INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 16
16 Trifork 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 -Expecting continued deleverage in Q4 -Acquisitions to be resumed after a quiet 2025 Continued disciplined M&A in the coming years INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 17
Growth supported by underlying trends but we still see some hesitation in private sector Sovereign data hosting Digital government Rising cybercrime AI adoption XR adoption Healthcare efficiency 17 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK
Page 18
Digitalization as a long-term driver Full-circle business model Innovation specialists Three decades of growth and profitability Agile organization and strong employer brand Enabling customers to become sustainable Successful and profitable innovation model We change the world with software. Q&A
Page 19
Trifork Labs APPENDIX
Page 20
Update on Trifork Labs Companies 23 Book value 84 EURm Product R&D Strategic collaborations Spin-offs External innovators Minority ownership, not consolidated Financial assets on balance sheet Cash proceeds and valuation changes booked as financial income Conservative valuation framework (explained in annual report) Legaltech collaboration Security JV (spin-off) Two strategic additions in Q4Portfolio as of Q3 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK · LABS One partial exit in Q4 Sold 8.4% to ATP Still own 5.0% 230x MOIC incl. dividends since 2018
Page 21
Strong track record of exits 21 Trifork Labs co-founded the company with 33% ownership. Latest valuation indications have been around USDbn 2.5, having raised USDm 537 in funding in total. Trifork Labs co-founded the company with 49% ownership. Humio raised capital from international VC funds and was sold to Crowdstrike for USDm 400 in December 2020. Today, ARR is USDm 500 and Humio is a top three growth vector for Crowdstrike. Trifork Labs was an early investor with a ~2% stake. Trifork worked closely in the early days developing Tradeshift’s platform. Latest valuation indications in the secondary market have been around USDbn 1.9, having raised USDbn 1.2 in funding in total. Trifork co-founded the company with 20% ownership. We still own 5%. No further capital raised since founding. Total return of ~230x including dividends, so far. EXIT 2014 & 2015 ENTRY 2011 EXIT 2018 CO-FOUNDED 2014 EXIT 2018 & 2020 CO-FOUNDED 2016 Sources: CB Insights & Chainalysis SOME OF OUR LARGER HISTORICAL EXITS: EXIT 2024 & 2025 CO-FOUNDED 2018 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK · LABS
Page 22
CO-INVESTORS Solid operational performance and comfortable funding runway across the portfolio 22 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 TOP 5 OF BOOK VALUE 0 0.25 0.5 0.75 1 20% 30 SEPT 2025 EURm 84 BOOK VALUE 73% POSITION 11-23 POSITION 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 Founders - Process ongoing INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK · LABS
Page 23
Significant realized gains since 2016; more exits likely in 2026, providing cash for majority acquisitions, buybacks, and debt reduction 23 INVESTMENTS (EURM) Accumulated realized gains since 2016 Invested cash in current portfolio Unrealized gains in current portfolio EURm 84 book value 26.667 53.333 80 106.667 133.333 160 2021 2022 2023 2024 9M 2025 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK · LABS EBT FROM LABS (EURM) 0 5 10 15 20 25 30 35 40 2016201720182019202020212022202320249M/ 2025 -1 10 10 9 39 3 4 5 Average 10 13 -1
Page 24
-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 24 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 INTRO · DNA · BUSINESS MODEL · STRATEGY · PERFORMANCE · OUTLOOK · LABS