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Jørn Larsen Founder & Group CEO TRIFORK GROUP ɾ Q2 2026 INVESTOR PRESENTATION ɾ 17 AUGUST 2026 Kristian Wulf-Andersen Group CFO Charmaine Carmichael Group COO
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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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- 33% revenue growth in Public sector; now 50% of revenue - Won 3 out of 4 public tenders in the last 12 months - 2/3 of public tender pipeline is in Denmark - Busy H2 with good tender activity - 21% growth in Group adj. EBITDA - AI tool cost in process of being included in T&M deliveries - Flat FTE count vs. Q2 2025 due to AI advantages - Share buyback of EURm 2.0 executed in Q2, total of EURm 10 planned from March to December - In July, announced partial divestment of Trifork Labs assets to Verdane for EURm 23 - Proposed dividend of DKK 3/ share subject to completion - 23% organic revenue growth in Products adjusted for hardware sales - Very strong momentum from Netic’s managed solutions in data sovereignty (~1/5 of Group revenue) - Corax data and AI platforms - Trifork Health Platform 3 Another quarter of strong performance in Products Continued traction with public-sector customers Thoughtful capital allocationSignificant earnings improvement Solid Group organic growth of 11% (adj. for hardware) and continued strong earnings improvement of 21% Group adj. organic growth excludes hardware sales Q2 2026 RESULTS
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2017 2018 2019 2020 2021 2022 2023 2024 2025 2026G Revenue from acquisitions Organic revenue 185 208 206 2026 Guidance 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026G 27 30 33 30 Adj. EBITDA 2026 Guidance EURm 221 25 4 15-17% margin 230-240 159 35-40 EURm 115 106 87 64 18 16 10 7 Forward-looking guidance includes effects from previously announced acquisitions and divestments, but not from any potential future transactions. Hardware sales expected at least on same level as 2025 Expected depreciation & amortization: EURm 15-17 17% CAGR 19% CAGR 7-11% org. growth 16-33% growth Expecting similar earnings seasonality to 2025 with high pace in H2 2026 driven by Products and cost control H1: 15 LTM: 33 H1: 114 LTM: 222 Q2 2026 RESULTS
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5 Product Culture Development Process Development Market Development 2026-2027 2028-2030 1. Refine GTM model for products 2. Develop value-based pricing 3. M&A with priority to productized business 4. Strengthen divisional leadership 1. Bigger market share with core products 2. Bolt-on M&A in core product areas 3. Higher product margins shining through Building a more product-driven, scalable, and higher- margin business Q2 2026 RESULTS
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Security Regulations User adoption Organized data Reliable workflows Cost management Contextual learning Trusted integrations Scalable infrastructure 6 LLMs Agents AI adoption favors Trifork — it spans the very domains where our expertise runs deepest Trifork takes responsibility Software takes no responsibility Q2 2026 RESULTS Since 2015 Since 2010 Since 2009 Since 2004 Since 1996 Digital Health Financial Services Public Aviation Energy
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- Growing to 50% of Group revenue - Materially faster development cycles - Enabling data and AI to flow across complex enterprises 7 Q2 2026 RESULTS Weighted towards senior consultants with business-process expertise The engineering capacity to grow is already in place PRODUCTS Higher margin and lower risk than fixed-price Services - Scaling Services T&M invoicing linked to agentic AI - Bundling AI-powered Services with Products strengthens pricing power SERVICES Agentic delivery is invoiced, not discounted Enterprise AI adoption fuels growth across both segments, with Products leading the earnings mix
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8 Q2's growth drivers carry strong momentum into H2 Cloud operations, data sovereignty & data security NEW CASE STORIES IN Q2 REPORT Public sector efficiency & improved citizen services Enterprise AI adoption Q2 2026 RESULTS
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Credit advisors at Nykredit, Denmark's largest lender, navigate a rule-intensive process from dialogue to decision Domain complexity and limited digital tooling made the process less efficient than it needed to be &money and Trifork took a platform-first approach, building the Credit Rule Engine as a modular add-on to Nykredit's existing &money Engage platform Real-time creditworthiness feedback, automatic calculations, and direct source data keep advisors' information accurate and current Trifork's Corax AI platform provides AI-assisted support in the credit process 9 Case story Delivering a complex credit documenting solution in record time TESTS ON PEAK DAYS TESTS PER YEAR Industry Financial Services “The solution has strengthened our ability to deliver consistent, high-quality credit advisory services while reducing complexity for our advisors. The partnership with &money allowed us to move quickly, align business and technology priorities, and deliver a business-critical platform significantly ahead of schedule.” Casper Kidmose First Vice President Digital Bank Nykredit 4/5>1k Advisors onboarded Satisfaction score In partnership with
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10 SOLID GROWTH 6% Total growth 9% Organic growth 10.8% Adj. EBITDA margin +1.4 p.p. Y/Y IMPROVING PROFIT MARGIN 90% Operating cash conversion STRONG CASH GENERATION Q2 1.1x Net debt/adj. EBITDA Q1 2026: 0.7x ROBUST BALANCE SHEET Another solid quarter, adjusting for the divestment of Trifork Security and the phasing of hardware sales LTM Q2 LTM 11% Organic growth ex. hardware Q2 2026 RESULTS
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11 21.5 36.7 4.3 3.8 +4% total Y/Y +13% organic Y/Y +23% organic Y/Y ex. hardware +7% total Y/Y (all organic) +32% Y/Y 20% margin +22% Y/Y 10% margin 58.2 6.3 +6% total Y/Y +9% organic Y/Y +11% organic Y/Y ex. hardware +21% Y/Y 11% margin Group total EBITDA includes central corporate costs Q2 2026 Strong revenue and earnings momentum in both Products and Services - driving 21% earnings growth for the Group Q2 2026 RESULTS PRODUCTS SERVICES GROUP TOTAL REVENUE ADJ. EBITDA
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12 Adj. EBITDA contribution is calculated by excluding Labs and Other to allow for the relative comparison Products now generate over half of Group earnings, adding resilience through recurring, higher-margin contracts Q2 2026 RESULTS 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2/2023Q4/2023Q2/2024Q4/2024Q2/2025Q4/2025Q2/2026 Products Services Q2: 37% REVENUE LTM LTM: 34% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2/2023Q4/2023Q2/2024Q4/2024Q2/2025Q4/2025Q2/2026 Q2: 53% ADJ. EBITDA CONTRIBUTION LTM LTM: 50% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2/2023Q4/2023Q2/2024Q4/2024Q2/2025Q4/2025Q2/2026 Products Public sector PUBLIC VS. PRIVATE REVENUE LTM Services Private sector Q2: 50% LTM: 46%
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Q2 Products margin of 20%, led by software licenses and sovereign data solutions. Services margin at a seasonal low point, with improvement expected from cost control, pricing, bundling, and AI 13 Revenue (left axis) Adj. EBITDA margin (right axis) 0% 5% 10% 15% 20% 25% 30% 35% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Q2/2020 Q2/2021 Q2/2022 Q2/2023 Q2/2024 Q2/2025 Q2/2026 Rolling 4 quarters adj. EBITDA margin (right axis) PRODUCTS SERVICES 0% 5% 10% 15% 20% 25% 30% 35% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Q2/2020 Q2/2021 Q2/2022 Q2/2023 Q2/2024 Q2/2025 Q2/2026 Q2 2026 RESULTS
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14 MINORITY INVESTMENTS Portfolio realignment: LabsX and strategic investments The transaction with Verdane is subject to final legal completion
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- Verdane pays EURm 22.8 in cash for the exposure to the four companies (52% of combined book values of the four assets) - Priced 2% above book - Majority of Labs book values once again validated by external investors - EURm 16.0 to be received upfront in cash in Q3; remaining EURm 6.8 cash is expected paid later subject to timing of exit proceeds - Additional earn-out structure based on future transactions and exit proceeds from the portfolio - Uncapped earn-out mechanism (Trifork retains a ‘unicorn insurance’ from the sold assets) - Trifork also retains upside through continued co- ownership of Axoniq, Dawn Health, and Frameo - Verdane is an independent European investment firm, with more than EUR 10 billion in raised fund capital - Large and experienced growth stage investor in software companies - 180 professionals - Investing from EUR 2 billion Freya XII fund (closed 2025) - Trifork and Verdane are to co- own three companies (Axoniq, Dawn Health, and Frameo) in a new HoldCo structure. - Verdane also buys all of Trifork’s remaining shares in XCI (5%), thus concluding a triple-digit return multiple in XCI since 2018 15 Companies included in transaction Price The partnerShared upside on future performance An attractive transaction for Trifork; sold 28% of investment assets slightly above updated book value with uncapped earn-out on top ANNOUNCED PORTFOLIO TRANSACTION DETAILS The transaction with Verdane is subject to final legal completion
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16 EURm 44 realized gains since IPO; EURm 114 over ten years — with disciplined exit timing -7.5 0 7.5 15 22.5 30 37.5 45 52.5 60 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 6M 2026 6M + Verdane deal 23 0 16 6 -4 3 59 0 0 3 2 6 NET REALIZED GAINS (EURM) Pro-forma INVESTMENT PORTFOLIO The transaction with Verdane is subject to final legal completion
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0 22.5 45 67.5 90 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Q2 2026 Q2 + Verdane deal 24 24 23 19 18 16 7 2 4 2 2 1 33 56 55 64 54 44 41 74 29 18 13 5 17 Portfolio de-risked: EUR 23m recovered in cash from just four companies, while retaining upside exposure to both divested and retained assets Unrealized gains Invested cash BOOK VALUE OF PORTFOLIO (EURM) INVESTMENT PORTFOLIO Pro-forma The transaction with Verdane is subject to final legal completion
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2021 2022 2023 2024 2025 Q2 2026 Q2 2026 + upfront cash from Verdane deal -8.0 -18.8 -34.8 -17.6 -45.9 -28.3 3.7 17.1 18 Leverage ratio (NIBD/adj. EBITDA) NET INTEREST-BEARING DEBT (EURM) -0.6x -0.1x 0.9x 1.9x 0.6x 1.1x 0.6x The Labs transaction reduces net debt gearing by 0.5x, providing significant strength and flexibility for M&A and shareholder returns; VION AI GmbH and NCIs in Nine A/S acquired in Q2 BALANCE SHEET Allocation of proposed extraordinary dividend of DKK 3.00/share 0.8x Pro-forma Treasury shares worth EUR 6.1m (30 June 2026) are not included in net debt calculation. The transaction with Verdane is subject to final legal completion
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Proposed EURm 8.0 from Verdane transaction (DKK 3.00/share) EURm 4.4 bought in H1 EURm 7.4 to be bought in H2 19 Organic growth Net debt management Majority acquisitions CORE TRIFORK Share buybacks Free cash flow from Trifork’s consolidated business LabsX proceeds are reinvested in core Trifork, with excess capital returned to shareholders CAPITAL ALLOCATION FRAMEWORK Proceeds from LabsX (financial investments) EXCESS CAPITAL FIRST PRIORITY SECOND PRIORITY Dividends Strategic minority investments supporting core Trifork EURm 8.0 from Verdane transaction
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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 and to digitize responsibly 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