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Q3 2026 INVESTOR PRESENTATION 30 OCTOBER 2026 Jørn Larsen Founder & Group CEO Kristian Wulf-Andersen Group CFO Charmaine Carmichael Group COO Another solid quarter in Products drives strong earnings growth
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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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- 58% revenue growth in Public sector; 56% of total revenue - Won 3 out of 4 public tenders in the last 12 months - Trifork selected to implement strategic AI on governmental level - Hired new senior leaders to accelerate public position - 40% growth in adj. EBITDA (9M: +31%) - 69% growth in EBIT (9M: +73%) - Mix-driven with higher-margin Products accounting for >1/2 of EBITDA contribution - Share buyback of EURm 4.6 executed in Q3, 80% complete to December - EURm 23 Verdane transaction from LabsX completed in September - Half of upfront proceeds to be paid as dividend on 2 November (DKK 3.00/share) - Products organic revenue increased 96% - Very strong momentum from managed services and infrastructure 3 Another quarter of strong performance in Products Continued traction with public-sector customers Thoughtful capital allocationSignificant earnings improvement Continued solid execution in Products and with public sector customers driving strong earnings growth Q3 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 15-16% margin 235-240 (prev. 230-240) 159 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. Expected depreciation & amortization: EURm 15-17 17% CAGR 19% CAGR 9-11% org. growth 16-23% growth Revenue expected in upper level of original guidance and EBITDA between EURm 35-37 9M: 25 LTM: 36 9M: 175 LTM: 234 Q3 2026 RESULTS 35-37 (prev. 35-40)
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- Growing to 50% of Group revenue - Materially faster development cycles - Enabling data and AI to flow across complex enterprises 5 Weighted towards senior consultants with business-process expertiseThe 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 - Anthropic launching a European consultancy proves that Services is required in enterprise AI adoption SERVICES Agentic delivery is invoiced, not discounted Enterprise AI adoption fuels growth across both segments, with Products leading the earnings mix Q3 2026 RESULTS
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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. Structural demand: European data sovereignty has become a top priority for public bodies and enterprises, and we expect the trend to continue in the coming years. Revenue and earnings: More than doubled in the last two years. We see significant growth potential ahead as a leading trusted vendor with a long-term track record - backed by a robust balance sheet. Expanding offering: New Infrastructure-as-a-Service on the Contain platform tapping into customer behaviour of moving away from hyperscalers. High hardware sales is a leading indicator: Hardware revenue typically converts to recurring licence revenue about four to six months later, supporting further Operations licence growth in Products in 2027. 6 High demand for sovereign data centre hosting, operations, and application management Expected to be ~1/4 of Group revenue in 2026 Recurring contracts with 5-10 years initial duration, usually extended thereafter Segment: Products
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7 STRONG GROWTH 24% Total growth 28% Organic growth 17.0% Adj. EBITDA margin +2.0 p.p. Y/Y IMPROVING PROFIT MARGIN 76% Operating cash conversion GOOD CASH GENERATION Q3 0.6x Net debt/adj. EBITDA Q2 2026: 1.1x ROBUST BALANCE SHEET A strong quarter LTM Q3 LTM 6% Organic growth ex. hardware Q3 2026 RESULTS
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8 27.7 33.3 6.3 5.5 +76% total Y/Y +96% organic Y/Y +25% organic Y/Y ex. hardware -1% total Y/Y (all organic) +50% Y/Y 23% margin +18% Y/Y 16% margin 61.0 10.4 +24% total Y/Y +28% organic Y/Y +6% organic Y/Y ex. hardware +40% Y/Y 17% margin Group total EBITDA includes central corporate costs Q3 2026 40% Y/Y growth in adj. EBITDA driven by growth in Products and improved margins in Services PRODUCTS SERVICES GROUP TOTAL REVENUE ADJ. EBITDA Q3 2026 RESULTS
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9 Adj. EBITDA contribution is calculated by excluding Labs and Other to allow for the relative comparison Continued progress on all fronts; sales mix shifting to higher- margin and recurring earnings in Products 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % Q1/2023Q3/2023Q1/2024Q3/2024Q1/2025Q3/2025Q1/2026Q3/2026 Products Services Q3: 45% REVENUE LTM LTM: 38% 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % Q1/2023Q3/2023Q1/2024Q3/2024Q1/2025Q3/2025Q1/2026Q3/2026 Q3: 54% ADJ. EBITDA CONTRIBUTION LTM LTM: 51% 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % Q1/2023Q3/2023Q1/2024Q3/2024Q1/2025Q3/2025Q1/2026Q3/2026 Products Public sector PUBLIC VS. PRIVATE REVENUE LTM Services Private sector Q3: 56% LTM: 49% Q3 2026 RESULTS
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Products margin at 25% LTM reflecting resilient margins from licences, hosting, and support and improved margins on data centre hardware 10 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 Q3/2020 Q3/2021 Q3/2022 Q3/2023 Q3/2024 Q3/2025 Q3/2026 LTM 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 Q3/2020 Q3/2021 Q3/2022 Q3/2023 Q3/2024 Q3/2025 Q3/2026 Q3 2026 RESULTS Services margin recovering on seasonally low revenue, helped by cost control and pricing Data centre hardware revenue recorded in Products 9M 2026 is EURm 16.8 vs. EURm 11.3 in 9M 2025; expected slightly higher in FY 2026 vs. FY 2025
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11 EURm 42 realized gains since IPO; EURm 112 over ten years - expecting more exits in 2027-28 -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 9M 2026 21 16 6 -4 3 59 0 0 3 2 6 NET REALIZED GAINS (EURM) INVESTMENT PORTFOLIO
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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 Q3 2026 34 55 64 54 44 41 74 29 18 13 5 24 23 19 18 16 7 2 4 2 2 1 12 Book value at EURm 57 after partial sale of four assets from LabsX to Verdane; values verified in the portfolio Unrealized gains Invested cash BOOK VALUE OF PORTFOLIO (EURM) INVESTMENT PORTFOLIO The chart shows Q3 2026 book value of EURm 58 due to rounding of numbers; the Q3 2026 book value is EURm 57.2. 5
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2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 -20 -35 -22 -18 -46 -28 4 17 13 Leverage ratio (NIBD/adj. EBITDA) NET INTEREST-BEARING DEBT (EURM) -0.6x -0.1x 0.9x 1.9x 0.6x 1.1x 0.6x A strong and flexible balance sheet enabling growth investments and shareholder returns; EURm 16 of LabsX exit proceeds received in Q3 BALANCE SHEET Treasury shares worth EUR 10.9m (30 September 2026) are not included in net debt calculation. Shares worth EURm 4.6 were acquired in Q3. 0.7x
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EURm 8 from Verdane transaction (DKK 3.00 per share, paid on 2 Nov) EURm 10 bought YTD; up to EURm 2 remaining until end of Q4 14 Investments in organic growth Net debt management Majority acquisitions 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 from Verdane transaction
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Sign up: Frederik Svanholm frsv@trifork.com 11 DECEMBER 2026 08:30 - 12:30 TRIFORK, NORDHAVN, COPENHAGEN Capital Markets Day 2026 No webcast available
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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