Interim report
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Q3 & 9M Interim Report Three and nine-month periods ended 30 September 2026Trifork Group 2026
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2 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure 1 Letter from the CEO ........................................................................................................ 3 2 Key figures & main events ............................................................................................ 4 3 Financial review ............................................................................................................. 7 4 Statement by the Board of Directors and Executive Management ...................... 13 5 Consolidated interim financial statements of the Trifork Group .......................... 14 Main statements ............................................................................................................ 15 Notes ............................................................................................................................... 22 6 Trifork Group Structure ................................................................................................ 33 2 Contents
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1 3 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure LETTER FROM THE CEO Product-led growth drives strong Q3 The third quarter of 2026 showed continued strong growth in both revenue and profitability com- pared to the same period last year. Performance was once again driven by strong execution in Products and with public sector customers. Revenue was EURm 61 in Q3, corresponding to 28% organic growth compared to Q3 2025, and 6% if excluding EURm 11 of hardware sales related to new data centre customers. Products revenue increased organically by 96%, and 25% excluding hardware. Services revenue was flat. We intention- ally position new engagements as product-led with recurring pricing models where possible. This can weigh on Services revenue but supports higher-margin Products revenue. Following solid revenue development in the first nine months, we raise the lower end of our full-year revenue guid- ance to EURm 235-240 (previously 230-240). The main driver of growth in Products was once again our hosting and operations offering running in our own data centres in Denmark. This part of our business is expected to account for around a quarter of Group revenue on a full-year basis, and has more than doubled its revenue and earn- ings over the past two years, and we continue to see significant growth potential. The increased focus on European data sovereignty among both public bodies and private enterprises continues to support demand. We expect this trend to continue for several years as European governments and companies increasingly signal that they intend to take full ownership of, and responsibility for, their digital infrastructure. Our new Infrastruc- ture-as-a-Service offering on the Contain plat- form benefits from customers’ moving away from hyperscalers. We recorded material hardware revenues at the end of Q3 as we onboarded new, large, long-term hosting and operations agreements. Hardware is the physical equipment we install in our data cen- tres to host and operate a customer’s workloads. Because hardware revenue is recognised at the start of new contracts, or when existing ones are extended or expanded, it can make quarterly figures volatile. We therefore also communicate revenue excluding hardware to show underlying performance. Hardware is a leading indicator for recurring licence revenue, which starts when op- erations go live, typically around six months after hardware revenue is recognised. The hardware revenue in Q3 therefore supports continued strong licence-based growth in Products in 2027. The public sector continues to grow its share of total revenue and represented 56% in Q3 and 50% over the last twelve months. We recently an- nounced a new contract with the Danish Agency for Digital Government to contribute to a shared digital assistant for the public sector, together with the underlying infrastructure. The initial phase will introduce AI-powered chat functionality on borger.dk and sundhed.dk, helping citizens and businesses find information and navigate public services. We see significant potential for AI to reduce the public sector’s administrative burden, especially from repetitive tasks. I believe our ex- perience with secure, compliant and user-friend- ly solutions in highly regulated environments positions us well to compete for public-sector AI contracts in the coming years. In Q3, adj. EBITDA increased by 40% to EURm 10, equal to a margin of 17%, an improvement of two percentage points on Q3 2025. In the first nine months, adj. EBITDA increased by 31%. The Group margin improvement reflects a higher share of Products revenue. Products delivered a margin of 23% (Q3 2025: 27%) while Services recorded a margin of 16% (Q3 2025: 14%). EBITDA guidance for the year is updated to EURm 35-37 (previously 35-40). This range corresponds to 16-23% growth compared to 2025. Using an AI-first approach, combined with our considerable domain expertise, we have dra- matically expanded our product portfolio and IP. Becoming a product-led company requires substantial, deliberate investment to broaden that portfolio and to develop our markets. This invest- ment has already increased our pipeline. We are managing it with deliberate control to keep the related margins positive. The partial sale of four LabsX investments to Verdane was completed in September for a total consideration of EURm 23, of which EURm 16 was received on completion. Following this, the Ex- traordinary General Meeting approved a dividend of DKK 3.00 per share on 28 October, expected to be paid on 2 November. Our financial position re- mains robust, with net debt-to-adj. EBITDA of 0.6x at the end of Q3 and we continue to have ample capacity for bolt-on acquisitions. I look forward to welcoming investors and media to our Capital Markets Day in Copenhagen on 11 December. We will provide new insights into Trifork’s growth journey, strategy, financial devel- opment, and future ambitions. Executive Man- agement will be joined on stage by leaders from across the Group and by some of our customers. I hope to see you there. Strong organic growth of 28% (6% excl. hardware), driven by momentum in our data centre and operations offering. Jørn Larsen CEO Trifork Group Adj. EBITDA increased by 40% in Q3 and by 31% in the first nine months.
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Key Figures & main events Q3 & 9M2026 • Financial Review Financial Statements Structure Key Figures
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5 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Financial highlights and key figures (EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 12M/2025 Revenue from contracts with customers 61,009 49,312 175,336 161,901 220,852 - thereof from Products 27,722 15,713 66,496 55,638 77,695 - thereof from Services 33,269 33,572 108,794 106,208 143,123 Total revenue growth 23.7% 4.7% 8.3% 8.0% 7.2% - thereof organic 27.8% 4.7% 11.6% 6.1% 7.0% Special items -173 - -187 - 3,128 Adjusted EBITDA 10,380 7,392 25,390 19,452 30,126 - thereof from Products 6,289 4,196 15,314 9,478 16,223 - thereof from Services 5,458 4,635 14,799 13,565 19,600 Adjusted EBITDA-margin 17.0% 15.0% 14.5% 12.0% 13.6% EBIT 5,759 3,398 12,637 7,322 16,755 EBIT-margin 9.4% 6.9% 7.2% 4.5% 7.6% EBT 4,732 2,531 11,081 4,135 15,580 - thereof from investment in Labs -527 -507 -957 -1,139 1,620 Diluted earnings / share (EPS diluted - in EUR) 0.11 0.06 0.27 0.09 0.53 Investments in Labs & in associated companies 57,215 83,593 57,215 83,593 78,032 Equity attributable to the shareholders of Trifork Group AG 141,756 134,986 141,756 134,986 145,177 Return on equity (LTM) 10.0% 11.0% 10.0% 11.0% 7.4% Cash flow from operating activities 5,594 8,421 13,915 16,810 32,566 Free cash flow 2,900 7,144 2,774 13,390 27,344 Net liquidity/(debt) 1 -20,303 -36,964 -20,303 -36,964 -17,587 Cash conversion (LTM) 76.1% 91.4% 76.1% 91.4% 97.9% Average number of employees (FTE) 1,122 1,110 1,118 1,129 1,136 The financial highlights and key ratios have been prepared on the basis of the CFA Society Den - mark “Recommendations & Ratios”. "Adjusted" means adjusted for the effects of special items. For further definitions refer to page 32. 1 The market value of the treasury shares is not included in the net liquidity/(debt) calculation. As of 30 September 2026 the fair value amounted to EURm 10.9.
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6 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Main Events Third quarter In the quarter, Trifork acquired EURm 4.6 of the EURm 10.0 share buyback which runs until 31 December 2026. All shares acquired under the program will be cancelled to the benefit of Trifork's shareholders. Trifork initiated the process to cancel 2.5% of the share capital, approximately equal to the shares acquired from March until September under the existing buyback program. The cancellation process is expected to last approximately 60 days from the end of September. Once completed, the new num- ber of outstanding shares will be 19,251,277. The subsidiary Netic scaled its contracted sovereign data hosting and operations busi- ness significantly. Trifork and SAP expanded an almost 20-year collaboration with a new reseller agree- ment for SAP Customer Experience (CX). The agreement adds SAP CX to Trifork’s existing portfolio of SAP partnerships and capabilities and strengthens Trifork’s ability to help cus- tomers connect customer-facing processes with their broader business and technology landscape. Trifork announced the partial divestment of Trifork Labs portfolio assets to Verdane at a total cash consideration of EURm 22.8, above existing book values with additional earnout payments based on future portfolio performance. Trifork announced that it is structuring its financial non-strategic minority investments in LabsX, and stated that a substantial part of the LabsX book value is expected to be exited or distributed wholly or partially at attractive terms within 24 months, either on an ongoing individual basis or in one or more structured portfolio transactions. Events after the quarter ended On 28 October, the Extraordinary General Meeting approved a dividend of DKK 3.00 per share. The dividend is expected to be paid out on 2 November 2026. The EGM also mandated the Board of Directors the option to cancel up to 10% of the share capital acquired in poten- tial future buybacks, from previously 5%. The Danish Agency for Digital Government awarded Trifork’s subsidiary Nine A/S a con- tract to contribute to the development of a shared digital assistant for the public sector, together with the underlying infrastructure. The contract is part of a public-sector AI initiative led by the Danish Agency for Digital Government, aimed at making digital public services more accessible and easier for citi- zens and businesses to navigate.
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Financial review Q3 & 9M2026 • Key Figures Financial Statements Structure Financial Review
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Trifork Group Financial guidance General In the third quarter 2026, Trifork Group contin - ued its strategic shift to a product-led ap - proach. The results for the third quarter 2026 confirms continued growth from Products and their posi - tive impact on Group margins. Further, the achieved results do also confirm the expectations for the full year, and the initial guidance for 2026 has been narrowed within the existing range. For the full year, a slightly higher level of hardware revenues as in 2025 is expected, even if in the nine months of 2026 this was significantly higher than in the same period in 2025. Trifork Group revenue 61.0 49.3 175.3 161.9 Q3/2026 Q3/2025 9M/2026 9M/2025 Revenue of EURm 61.0 represents a total revenue growth of 23.7% compared to Q3/2025. Adjusted for the acquisition of VION AI GmbH and the de - consolidation of Trifork Security A/S, the organic growth rate was 27.8%. In Q3/2026, the subsidiary Netic recorded signif - icant hardware sales as part of new agree - ments related to sovereign data operations. Compared to prior hardware business and with the shift to a product-led approach, these transactions also resulted in a satisfactory margin contribution. If excluding the impact from hardware sales, revenue grew organically by 6.4%. Public-sector customers accounted for 56% of Q3/2026 revenue and private-sector customers for 44%, a mix influenced by significant hard - ware sales. Revenue streams and segments Products 45.4% Services 54.5% Other 0.1% Segments Q3/2026 The revenues are internally reported in two operational segments and Other. Products (delivery and operation of software products and related productized services for customers), Services (development of innovative software solutions for customers) Segment revenue shows the following results: Revenue (EURm) Q3/ 2026 Q3/ 2025 9M/ 2026 9M/ 2025 Products 27.7 15.7 66.5 55.6 Services 33.3 33.6 108.8 106.2 Other - - - 0.1 Trifork Group 61.0 49.3 175.3 161.9 Products With a revenue of EURm 27.7 the Products segment grew by 76.4%. Organically, the seg- ment revenue increased by 96.4% (acquisi- tion of VION AI GmbH and deconsolidation of Trifork Security A/S) and by 25.4% by adjust- ing for hardware sales. The growth was driven by increased focus on selling own products and productized solutions. Services With a revenue of EURm 33.3, the Services segment declined slightly by -0.9% (all or- ganic). EURm Feb 2026 Oct 2026 9M Result Revenue 230 - 240 235 - 240 175.3 Adjusted EBITDA 35 - 40 35 - 37 25.4 In Q3/2026, Trifork Group's revenue grew organically by 27.8% The financial review is presented in Euro and all amounts are in million (EURm), unless otherwise stated. Due to rounding, numbers present - ed may not add up precisely to the totals and percentages may not precisely reflect the absolute figures. 8 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure
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Even though we had substantial activities in Labs in the third quarter 2026, they do not show in the revenue of Trifork Group since the status and ownership ratio of Labs companies do not meet the requirements to be fully consolidated. Operating costs The most significant cost in the Trifork Group is personnel costs. In the third quarter 2026, total personnel costs were EURm 28.1 (Q3/2025: EURm 27.5). Personnel cost per employee have increased by 0.9% due to general cost inflation. Personnel costs as a proportion of revenue de - creased from 55.8% in the third quarter of 2025 to 46.0% in the third quarter 2026. We expect that personnel cost as a proportion of revenue will generally decline in the future. Improvements are to be driven by adopting the workforce to potential revenue fluctuations and by increased product-based revenue and the use of AI to improve productivity per employee. Full-time equivalent (FTE) 1,122 1,110 1,118 1,129 Q3/2026 Q3/2025 9M/2026 9M/2025 For the third quarter 2026, the average number of FTEs is higher by 12 compared to the same period in 2025, mainly as in the prior period the organization was re-set due to cost-saving measures/reorganization. At the end of September 2026, the total head - count within companies consolidated in the Tri - fork Group amounted to 1,199 (30/09/2025: 1,197). Development in adjusted EBITDA 10.4 7.4 25.4 19.5 Q3/2026 Q3/2025 9M/2026 9M/2025 In Q3/2026, the Trifork Group realized EURm 10.4 adjusted EBITDA * corresponding to a 40.4% increase compared to Q3/2025 and an adjusted EBITDA margin of 17.0% (Q3/2025: 15.0%). Adjusted EBITDA was divided in the following way between Trifork and Trifork Labs: Adjusted EBITDA (EURm) Q3/ 2026 Q3/ 2025 9M/ 2026 9M/ 2025 Products 6.3 4.2 15.3 9.5 Services 5.5 4.6 14.8 13.6 Labs -0.5 -0.5 -1.6 -1.5 Other -0.9 -0.9 -3.1 -2.1 Trifork Group 10.4 7.4 25.4 19.5 With a contribution of EURm 6.3 in adjusted EBIT - DA, the Products segment reported adjusted EBITDA margin of 22.7% (Q3/2025: 26.7%). In light of the substantial hardware sales in the quarter, Management is satisfied with the margin realized. However, variances due to potential investments in products may occur in the future. Trifork is continuously investing in AI training and tools and these costs should soon be surpassed by additional income from a broader and deeper offering of the Service segment as well as generally lower cost for the soft - ware development. For the third quarter 2026, the Services segment adjusted EBITDA margin stood at 16.4% (Q3/2025: 13.8%). The negative EBITDA of EURm -0.5 in Labs represents all the cost of operating it. This is an expected result given the nature of Trifork Labs and the activity level in the third quarter 2026. Part of the costs represent a variable element based on the achieved fair value increase and profits for the Labs segment. The adjusted EBITDA in the Other segment mainly represents the general corporate costs of Trifork Group. When comparing the 2026 re - sults to the previous year it is to be considered that additional costs incurred for the strategic update, including the new COO role and lower activities in the comparative period. Development in EBIT 5.8 3.4 12.6 7.3 Q3/2026 Q3/2025 9M/2026 9M/2025 In the third quarter 2026, Trifork Group realized an EBIT of EURm 5.8 (Q3/2025: EURm 3.4), which corresponds to an increase of 69.5% compared to the previous period. The EBIT-margin stands at 9.4% (Q3/2025: 6.9%). Depreciation and amortization developed as expected. Following the increased focus on product-led business, future capitalization of internally developed solutions is expected to increase the base for amortization over time. * Adjusted for special items (EURm 0.2 in Q3/2026) 9 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Trifork Group
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Net income 2.8 1.6 7.0 2.7 Q3/2026 Q3/2025 9M/2026 9M/2025 In the third quarter 2026, the Group net income was EURm 2.8 (Q3/2025: EURm 1.6). The net financial result in the period amounted to EURm -1.0, compared to EURm -0.9 in the third quarter 2025. The fair value adjustments from investments in Labs/associated companies amounted to EURm 0.0 (Q3/2025: EURm 0.0). Other elements in the total financial results were other financial expenses, net (EURm -1.3) and gains on foreign exchange (EURm 0.3). As the functional currencies of some Group com - panies differ from EUR, the currency translation adjustments (EURm -1.0) are not included in net income but in other comprehensive income. The effective tax rate for the Group was 37.1% in the first nine months 2026 (9M/2025: 35.9%). The effective tax rate is above the expected tax rate, mainly due to non-capitalization of tax losses in companies for which Trifork Group assess the utilization is not likely in the short-term. For the third quarter 2026, EURm 0.6 of the profit belongs to non-controlling interests (Q3/2025: EURm 0.4). The result corresponds to a EUR 0.11 basic and diluted earnings per share (Q3/2025: EUR 0.06). and 10.0% return on equity (Q3/2025: 11.0%). Assets and equity ASSETS Total assets increased by 6.3% from EURm 313.1 as of 31 December 2025 to EURm 332.7 as of 30 September 2026. The main contributors were Partial sales of LabsX portfolio, resulting in reduction of investments in Labs/associated companies of EURm -22.8 and recognition of cash of EURm 16.0 and financial assets of EURm 6.8. Net increase of EURm 10.6 on intangible assets, right-of-use assets and PPE (net ac- quisition of assets, amortization, depreciation and impairment). This bases mainly on the acquisition of VION AI GmbH and the building of a new data centre. Increase of current receivables and contract assets by EURm 7.4, mainly due to higher activities compared to year end. Increase of prepaid expenses and contractu- al assets of EURm 3.3 on a seasonal basis and due to products business (hosting). Additional investments in Labs of EURm 1.5. Net cash inflow of EURm 12.8. With focus on Trifork Group's product business, EURm 2.9 were capitalized on development projects in the first nine months of 2026 (FY2025: EURm 3.6). In the same period EURm 1.6 was amortized on the capitalized development proj- ects (FY2025: EURm 1.9). SHAREHOLDERS’ EQUITY 115.4 121.7 134.8 146.0 142.5 2022 2023 2024 2025 30/09/2026 As of 30 September 2026, Group equity amounts to EURm 142.5, which is a -2.4% decrease compared to 2025. The equity value is influ - enced by the acquired treasury shares from the share buy-back program that forms a negative position (30/09/2026: EURm -10.5 / 31/12/2025: EURm -3.1). A total of EURm 0.7 of the shareholders’ equity is allocated to non-controlling interests (NCI). The equity ratio (excl. NCI) at the end of September 2026 was 42.6% (2025: 46.4%). 10 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Trifork Group
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Cash flow and cash position OPERATING ACTIVITIES In the third quarter 2026, net cash flows from operating activities amounted to EURm 5.6 (Q3/2025: EURm 8.4). Although having a higher EBITDA compared to prior year, the increase in net working capital reduced the cash flow (especially due to hardware sales where pay - ments were not received end of Q3). However, a signifant amount of outstanding invoices as of 30 September 2026 were collected in October 2026. Overall, this negatively influenced LTM cash conversion for the quarter. As per 30 September 2026, it stood at 76.1% (Q3/2025: 91.4%). INVESTING ACTIVITIES Cash flows from investing activities amounted to EURm 17.3 (Q3/2025: EURm -0.4). The main contributors were Proceeds for partial sale of a LabsX portfolio of EURm 16.0 New Labs investment for EURm -0.3 and divi- dends received for EURm 0.4 Net sales of fixed and intangible assets of EURm 2.0 (mainly due to a sale and lease- back transaction) Earn-out payment of EURm -0.6 for prior acquisitions FINANCING ACTIVITIES Cash flows from financing activities amounted to EURm 2.9 (Q3/2025: EURm -7.2). The main contributors were Net new borrowings of EURm 11.3 Purchase of treasury shares for EURm -4.6 Lease payments of EURm -2.7 Interest paid of EURm -1.0 Due to the notional cash pooling agreement, the borrowings increase as the acquisitions of treasury shares and financing of net working capital was made through other Group compa - nies than the proceeds from the Labs diveste - ments were received. CASH POSITION As of 30 September 2026, Trifork Group had a net interest bearing debt position of EURm 20.3 (2025: EURm 17.6) and net-interest-bear- ing-debt-to-adjusted EBITDA ratio of 0.6x (2025: 0.5x). Further, it held treasury shares with a market value of EURm 10.9 as of 30 September 2026 (2025: EURm 2.8). Operating Investing Financing Total 5.6 8.4 17.3 -0.4 2.9 -7.2 25.6 0.7 Trifork Group - development in Cash Flow (EURm) Q3/2026 Q3/2025 11 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Trifork Group
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Labs Segment General The Labs segment supports Trifork Group's culture, innovation efforts, and commercial strategy, with a current focus on strategic partnerships and enterprise joint ventures that generate strong synergies with Trifork's core business. In Q1/2026, Executive Management initiated a strategic review of Trifork Labs, which resulted in a partial divestment of a portfolio of selected investments in Q3/2026. Further, it divides its minority investments in a LabsX sections, which focuses on the value gen - eration of the minority investments, and its stra - tegic investments in &money ApS, Bluespace Ventures AG, Replik A/S, and Wingmen Security A/S. Trifork Group applies a conservative approach to fair value assessment. Negative adjustments are made immediately when a company is not tracking its plan across growth, cash flow, or financing. Positive adjustments are only rec - ognized upon completion of a new investment round led by an external investor at a higher valuation, or, for profitable companies, upon re - ceipt of an approved financial report support - ing a higher DCF value. Development in EBITDA/EBIT and EBT The financial focus for the Trifork Labs segment is to increase the value of the capital invested* and channel tangible revenue or cost synergies to the Trifork segment. EBITDA/EBIT of EURm -0.5 were at the expected level (Q3/2025: EURm -0.5) as this represents the management cost for the Labs segment, part of which is variable in relation to the annual fair value adjustments. The fair value adjustments from investments in Labs/associated companies and the financial result amounted to EURm 0.0 (Q3/2025: EURm 0.0). Net realized gains 3.4 -4.0 6.1 16.0 21.1 2022 2023 2024 2025 9M/2026 Realized gains In the nine months 2026, realized gains com - prise EURm 0.5 (dividend income), EURm 0.8 from an exit in 2025 (escrow) and EURm 19.8 from its partial divestment of a distinct LabsX portfolio in Q3/2026 that was converted into cash and financial assets. Book value of the Labs portfolio (non-current) 16.2 17.7 19.1 22.9 23.6 44.1 54.2 64.1 55.1 33.6 2022 2023 2024 2025 30/09/2026 Invested cash Unrealized gains At the end of Q3/2026, the total booked value of investments in the current active Labs compa - nies amounted to EURm 57.2. Of this, EURm 23.6 was registered as invested cash and EURm 33.6 as accumulated unrealized gains (incl. re-in - vested gains from deconsolidated Trifork Group companies). The charts/information include the develop - ment of values from investments in Labs and in associated companies. * Trifork Labs did not consolidate any of the investments since the status and ownership ratio of the investments does not meet the requirements. Therefore, no revenue is generated by Trifork Labs and EBITDA/EBIT only show the cost of running the investment activities. 12 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure
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Statement by the Board of Directors and Executive Management Today, the Board of Directors and the Executive Management have considered and approved the interim report of Trifork Group AG for the financial periods 1 July to 30 September 2026 and 1 January to 30 September 2026. The interim report includes consolidated interim financial statements prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated interim financial statements do not include all the information and disclo - sures required in the annual financial state - ments, and should be read in conjunction with the Group’s annual financial statements as of 31 December 2025. The accounting policies applied in the con - solidated interim financial statements are consistent with the consolidation and measure - ment principles disclosed in the consolidated financial statements 2025. In our opinion, the consolidated interim finan - cial statements give a true and fair view of the Group’s financial position on 30 September 2026 and of the results of the Group’s opera - tions and cash flows for the financial periods 1 July to 30 September 2026 and 1 January to 30 September 2026. In our opinion, the management’s review includes a true and fair review of the develop - ment in the Group’s operations and financial matters, the results for the period, and the position as a whole for the entities included in the consolidated interim financial statements, as well as a review of the more significant risks and uncertainties faced by the Group and the parent company. The consolidated interim financial statements have not been audited nor reviewed by the company’s independent auditor. Schindellegi, 30 October 2026 Anja Monrad Chairperson Lars Stugemo Vice-Chairperson Erik Jakobsen Board member Danny Lange Board member Geeta Schmidt Board member Anne Templeman-Jones Board member Jørn Larsen CEO Kristian Wulf-Andersen CFO Charmaine Carmichael COO 4 13 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure 13
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Trifork Group Consolidated Interim Financial Statements Q3 & 9M/2026 Q3 & 9M2026 • Key Figures Financial Review Structure Financial Statements
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15 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Contents 1 Consolidated Interim Income Statement ........................................................... 16 2 Consolidated Interim Statement of Comprehensive Income ...................... 17 3 Consolidated Interim Statement of Financial Position ................................... 18 4 Consolidated Interim Statement of Changes in Shareholders' Equity ...... 19 5 Consolidated Interim Statement of Cash Flows .............................................. 20 6 Notes to the Consolidated Interim Financial Statements ............................. 22 Consolidated Interim Financial Statements 15
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16 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Consolidated Interim Income Statement for the three and nine-month periods ended 30 September 2026 (in EURk) Notes Q3/2026 Q3/2025 9M/2026 9M/2025 12M/2025 Revenue from contracts with customers 1/2 61,009 49,312 175,336 161,901 220,852 Rental income 82 75 332 225 325 Other operating income 59 453 260 1,208 4,445 Operating income 61,150 49,840 175,928 163,334 225,622 Cost of goods and services purchased -16,718 -9,395 -39,916 -34,940 -46,267 Personnel costs -28,067 -27,527 -92,579 -91,319 -121,825 Other operating expenses 3 -6,158 -5,526 -18,230 -17,623 -24,276 Operating expenses - 5 0 , 9 4 3 - 4 2 , 4 4 8 - 1 5 0 , 7 2 5 - 1 4 3 , 8 8 2 - 1 9 2 , 3 6 8 Earnings before financial items, tax, depreciation, amortization and impairment 10,207 7,392 25,203 19,452 33,254 Depreciation, amortization and impairment 4 -4,448 -3,994 -12,566 -12,130 -16,499 Earnings before financial items and tax 5,759 3,398 12,637 7,322 16,755 Fair value adjustments on investments in Labs 10.B -46 43 27 -817 -399 Share of result from associated companies 7 - - 1,052 1,442 4,908 Other financial income 61 337 254 862 891 Other financial expenses 5 -1,318 -1,147 -3,096 -3,500 -5,009 Result on foreign exchange 276 -100 207 -1,174 -1,566 Financial result - 1 , 0 2 7 - 8 6 7 - 1 , 5 5 6 - 3 , 1 8 7 - 1 , 1 7 5 Earnings before tax 4,732 2,531 11,081 4,135 15,580 Income tax expense -1,966 -902 -4,113 -1,484 -3,720 Net income 2,766 1,629 6,968 2,651 11,860 Attributable to shareholders of Trifork Group AG 2,151 1,235 5,320 1,766 10,300 Attributable to non-controlling interests 615 394 1,648 885 1,560 Earnings per share of Trifork Group AG, basic (in EUR) 6 0.11 0.06 0.28 0.09 0.53 Earnings per share of Trifork Group AG, diluted (in EUR) 6 0.11 0.06 0.27 0.09 0.53
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17 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Consolidated Interim Statement of Comprehensive Income for the three and nine-month periods ended 30 September 2026 (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 12M/2025 Net income 2,766 1,629 6,968 2,651 11,860 Items that may be reclassified to profit or loss, after tax Currency translation adjustment for foreign operations -977 -67 -670 145 238 Currency translation adjustment reclassified to profit and loss - - - - -1 Items that will not be reclassified to profit or loss, after tax Remeasurements of the net defined benefit liabilities 173 -89 52 132 379 Other comprehensive income - 8 0 4 - 1 5 6 - 6 1 8 277 616 Total comprehensive income 1,962 1,473 6,350 2,928 12,476 Attributable to shareholders of Trifork Group AG 1,355 1,099 4,707 2,074 10,912 Attributable to non-controlling interests 607 374 1,643 854 1,564
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18 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Consolidated Interim Statement of Financial Position as at 30 September 2026 Assets (in EURk) Notes 30/09/2026 31/12/2025 30/09/2025 Liabilities and shareholders' equity (in EURk) Notes 30/09/2026 31/12/2025 30/09/2025 Intangible assets 92,698 89,324 89,812 Share capital 1,663 1,663 1,663 Right-of-use assets 49,269 42,830 44,021 Treasury shares 8.B -10,475 -3,134 -5,709 Property, plant and equipment 7,258 6,445 6,629 Retained earnings 148,091 143,495 135,971 Investments in Labs 10.B 57,148 68,190 77,214 Currency translation adjustments 2,477 3,153 3,061 Investments in associated companies 7 67 9,842 6,379 Equity attributable to shareholders of Trifork Group AG 141,756 145,177 134,986 Other non-current financial assets 9.A 12,796 5,084 5,517 Deferred tax assets 402 322 814 Non-controlling interests 709 850 928 Total non-current assets 219,638 222,037 230,386 Total shareholders' equity 142,465 146,027 135,914 Trade receivables 39,625 35,634 34,455 Non-current financial liabilities 9.B 61,107 61,540 70,578 Contract assets 12,041 8,618 9,585 Other non-current liabilities 3,225 3,222 3,472 Other current financial assets 9.A 364 315 - Deferred tax liabilities 3,635 3,989 4,536 Other current receivables 747 1,650 707 Total non-current liabilities 67,967 68,751 78,586 Current tax assets 408 319 689 Prepaid expenses 6,146 3,828 5,435 Current financial liabilities 9.B 83,643 62,863 66,336 Work in progress 1,212 218 1,253 Trade payables 8,540 6,593 5,539 Investments in Labs 10.B - 769 - Contract liabilities 8,018 10,726 9,284 Cash and cash equivalents 52,474 39,672 29,752 Current tax liabilities 6,354 2,339 2,456 Total current assets 113,017 91,023 81,876 Other current liabilities 15,668 15,761 14,147 Total current liabilities 122,223 98,282 97,762 Assets 332,655 313,060 312,262 Total liabilities 190,190 167,033 176,348 Total shareholders' equity and liabilities 332,655 313,060 312,262
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19 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Consolidated Interim Statement of Changes in Shareholders' Equity for the nine-month period ended 30 September 2026 (in EURk) Share capital Treasury shares Retained earnings Currency translation adjustments Equity attributable to the shareholders of Trifork Group AG Non-controlling interests Total equity 1 January 2025 1,663 - 5 , 9 5 7 135,143 2,941 133,790 1,034 134,824 Net income - - 1,766 - 1,766 885 2,651 Other comprehensive income - - 112 196 308 -31 277 Total comprehensive income - - 1,878 196 2,074 854 2,928 Capital increase in Group companies - - -10 - - 1 0 10 - Dividends - - - - - -1,613 - 1 , 6 1 3 Transactions with treasury shares - -1,603 - - - 1 , 6 0 3 - - 1 , 6 0 3 Changes in liabilities towards non-controlling interests - - -362 -76 - 4 3 8 628 190 Share-based payments - 1,851 -678 - 1,173 15 1,188 30 September 2025 1,663 - 5 , 7 0 9 135,971 3,061 134,986 928 135,914 1 January 2026 1,663 - 3 , 1 3 4 143,495 3,153 145,177 850 146,027 Net income - - 5,320 - 5,320 1,648 6,968 Other comprehensive income - - 45 -658 -613 -5 -618 Total comprehensive income - - 5,365 - 6 5 8 4,707 1,643 6,350 Capital increase in Group companies - - -9 - - 9 9 - Dividends - - - - - -1,439 - 1 , 4 3 9 Transactions with treasury shares - -8,935 -20 - - 8 , 9 5 5 - - 8 , 9 5 5 Changes in liabilities towards non-controlling interests - - 8 -18 - 1 0 -345 - 3 5 5 Share-based payments - 1,594 -748 - 846 -9 837 30 September 2026 1,663 - 1 0 , 4 7 5 148,091 2,477 141,756 709 142,465
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20 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Consolidated Interim Statement of Cash Flows for the three and nine-month periods ended 30 September 2026 1 During the review of dividends received, reclassifications were made to ensure uniformity of disclosures. (in EURk) Notes Q3/2026 Q3/2025 9M/2026 9M/2025 12M/2025 Net income 2,766 1,629 6,968 2,651 11,860 Adjustments for: Depreciation, amortization and impairment 4 4,448 3,994 12,566 12,130 16,499 Non-cash other operating income -10 -204 -162 -829 -838 Fair value adjustment from investments in Labs 10.A 46 -43 -27 817 399 Share of result from associated companies - - -1,052 -1,442 -4,908 Other financial result 981 910 2,635 3,812 5,684 Income taxes 1,966 902 4,113 1,484 3,720 Other non-cash items 222 210 817 1,183 -1,493 Changes in net working capital -5,024 1,408 -11,110 -2,433 4,097 Income taxes paid/reimbursement received 199 -385 -833 -563 -2,454 Cash flow from operating activities 5,594 8,421 13,915 16,810 32,566 Acquisition of Group companies, net of cash acquired - - -1,062 - - Acquisition of Group companies, settlement of contingent consideration 10.D -622 - -1,024 -1,092 -1,092 Disposal / loss of control of a Group company, net of cash disposed - - - - -397 Purchase of intangible assets -1,899 -1,058 -3,716 -2,471 -3,627 Purchase of property, plant and equipment -795 -219 -7,425 -949 -1,595 Sale of property, plant and equipment 4,712 16 4,746 3,329 3,554 Sale of investments in associates companies 7/10.A 5,165 - 5,165 - - Dividends received from associates companies 7 345 - 345 590 1 590 Purchase of investments in Labs 10.B -267 -500 -1,532 -1,560 -3,228 Sale of investments in Labs 10.A 10,810 1,248 11,587 7,886 19,730 Dividends received from investments in Labs 10.B 76 - 130 397 1 553 Investment in financial assets -281 -103 -914 -940 -967 Proceeds from financial assets 38 163 258 165 206 Interest received 3 8 14 126 127 Cash flow from investing activities 17,285 - 4 4 5 6,572 5,481 13,854
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21 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Consolidated Interim Cash Flow Statement (continued) for the three and nine-month periods ended 30 September 2026 (in EURk) Notes Q3/2026 Q3/2025 9M/2026 9M/2025 12M/2025 Proceeds from borrowings 12,687 - 27,152 8,086 8,086 Repayment of borrowings -1,405 -4,083 -11,734 -15,635 -25,160 Payment of lease liabilities -2,744 -1,994 -6,830 -6,109 -8,008 Interest paid -1,005 -1,160 -2,628 -3,596 -4,703 Acquisition of non-controlling interests 8.A - - -3,261 - -1,535 Purchase of treasury shares 8.B -4,598 - -9,022 -1,603 -1,721 Sale of treasury shares 8.B - 70 - - Dividends paid - - -1,439 -1,613 -1,670 Cash flow from financing activities 2,935 - 7 , 2 3 7 - 7 , 6 9 2 - 2 0 , 4 7 0 - 3 4 , 7 1 1 Exchange differences on cash and cash equivalents -172 -35 7 -283 -251 Change in cash and cash equivalents 25,642 704 12,802 1,538 11,458 Cash and cash equivalents at the beginning of the period 26,832 29,048 39,672 28,214 28,214 Cash and cash equivalents at the end of the period 52,474 29,752 52,474 29,752 39,672
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22 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Contents Notes to the Consolidated Interim Financial Statements I General information ............................................................................................................... 23 II Basis of preparation and changes in accounting policies ............................................... 23 III Seasonality of the business .................................................................................................. 24 IV Management estimates, assumptions and judgments ................................................... 24 V Changes in the scope of consolidation .............................................................................. 24 1 Segment information ............................................................................................................. 25 2 Revenue from contracts with customers ............................................................................ 27 3 Other operating expenses ..................................................................................................... 27 4 Depreciation, amortization and impairment ...................................................................... 27 5 Other financial expenses ....................................................................................................... 27 6 Earnings per share ................................................................................................................. 28 7 Investments in associated companies ............................................................................... 28 8 Shareholders' equity ............................................................................................................. 28 9 Financial assets and liabilities .............................................................................................. 29 10 Financial instruments at fair value through profit and loss .............................................. 29 11 Other information on selected items of the financial position and cash flows .............. 31 12 Events after the reporting period .......................................................................................... 31 22
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23 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Notes Notes to the Consolidated Interim Financial Statements I. General information Trifork Group AG (“the Company”) is a company incorporated in Switzerland with its registered offices at Neuhofstrasse 10, 8834 Schindellegi (Feusisberg). The Company is the parent company of Trifork Group (“Group”). The consolidated interim financial statements are presented in Euro and all amounts are in thousand (EURk), unless otherwise stated. Due to rounding, numbers presented throughout this report may not add up precisely to the to - tals and percentages may not precisely reflect the absolute figures. The registered shares of the Company are trad - ed at NASDAQ Copenhagen (TRIFOR). II. Basis of preparation and changes in accounting policies A. Basis of preparation The consolidated interim financial statements for the three and nine-month periods ending 30 September 2026 have been prepared in accor- dance with IAS 34 Interim Financial Reporting. The consolidated interim financial statements do not include all the information and disclo - sures required in the annual financial state - ments and should be read in conjunction with the Group’s annual financial statements as of 31 December 2025. B. Changes in accounting policies The accounting policies applied in the con - solidated interim financial statements are consistent with the consolidation and measure - ment principles disclosed in the consolidated financial statements 2025. Minor changes in IFRS became effective as of 1 January 2026 but are not relevant for the Group or did not have an impact on these financial statements. C. Translation of foreign operations The following exchange rates are used for the translation into EUR for the Group’s most rele - vant currencies: Exchange rates at period end Average exchange rates for the period Unit 30/09/2026 31/12/2025 30/09/2025 9M/2026 12M/2025 9M/2025 DKK 1 0.1338 0.1339 0.1340 0.1338 0.1340 0.1340 CHF 1 1.0551 1.0737 1.0679 1.0829 1.0672 1.0646 GBP 1 1.1701 1.1460 1.1450 1.1581 1.1678 1.1763 USD 1 0.8807 0.8511 0.8517 0.8610 0.8871 0.8963
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24 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Notes III. Seasonality of the business The Products segment focuses on product de- liveries to customers. Trifork Group expects here - beside the generally anticipated growth of the segment - an ongoing delivery, including rather order driven than seasonal effects (e.g. new or- ders may be placed at any point in time and no seasonal patterns are observed). However and with regard to installations, to a certain limit, a seasonal effect can be observed as holiday and vacation season limit revenues and profitability in the second and third quarter (identical to the Services segment). Further, the Products segment also includes revenues from conferences, that are not evenly split over the year. Whereas the first and third quarter see low conference activities, the second (YOW! Tech Leaders Summits, Lambda days) and the fourth quarter (GOTO Copen - hagen, YOW! Conferences, Code Beam series) drive the revenue. The Services segment is the largest in Trifork Group. The main source for revenue in this segment is the hours invested in customer product development. Most often, the first and last quarter of the year will contribute more to revenue and profit, due to a higher amount of personnel absences (holidays and summer vacation) in the second and third quarter of the year. Therefore, seasonal effects must be considered when forming expectations for the full financial year. IV. Management estimates, assumptions and judgments The preparation of the consolidated interim financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period and the amount of income and expenses during the reporting period. If these estimates, assumptions and judgments – made by management to the best of their knowledge as of the reporting date – prove to differ significantly from the actual circumstanc - es at a later point in time, the original estimates, assumptions and judgments are adjusted in the reporting period in which the circumstances change. Reference is made to Note 1.3 of the Group’s financial statements 2025 for a more detailed description of the accounts, where significant management estimates, assumptions and judgments primarily are used. No significant changes in estimates occurred in the period to 30 September 2026. Refer to Note 10 for information on adjustments to fair values of investments in Labs, financial assets and contingent consideration liabilities. V. Changes in the scope of consolidation VION AI GMBH As per end of April 2026, the Group acquired control (100% of share capital) of VION AI GmbH, Berlin (“VION AI”). The provisionally assessed fair values of assets identified and liabilities assumed as at acquisi - tion date are as follows: (in EURk) VION AI Intangible assets 626 Property, plant and equipment 1 Trade receivables 9 Cash and cash equivalents 99 Other current assets 13 Deferred tax liabilities -189 Other non-current liabilities -69 Current liabilities -53 Net assets acquired, attributable to shareholders of Trifork Group AG 437 Goodwill 3,363 Purchase price 3,800 of which contingent consideration 2,639 of which cash consideration 1,161 Cash and cash equivalents acquired -99 Net outflow of cash and cash equivalents 1,062 Development projects of EURk 525 and custom - er relationships of EURk 101 have been recog - nized as intangible assets and are amortized over an estimated useful life of 5 years. Goodwill of EURk 3,363 represents the expertise of VION AI in its specific field of action in aviation and assumed synergies and is not tax deductible. The contingent consideration amounts to 10% of the VION AI revenues in the years 2027, 2028, 2029 without a cap. Based on business planning for the product, per acquisition date Trifork Group assesses the amount to EURk 2,678, ap - plying a discount rate of 4.1%. In the first nine months 2026, VION AI contribut - ed revenue of EURk 35 and earnings before tax of EURk -11 to Trifork Group. If the acquisition had taken place on 1 January 2026, the total revenue of the Trifork Group would have been EURk 35 higher and the earnings before tax for the peri - od would have decreased by EURk 554. Transaction costs (external lawyer costs) relat - ed to the acquisition amount to EURk 14 and are included in other operating expenses. In the third quarter 2026, VION AI was absorbed by Trifork Germany GmbH.
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25 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Note 1 NOTE 1 Segment information The business and operations of the Trifork Group comprise of the four main segments, Products, Services, Labs and other. Their results are reported to the Executive Management (Chief operating decision maker) for perfor - mance measurement and resource allocation and represent operating segments. The results of the segments are monitored by the Executive Management at the level of earn - ings before financial items, taxes, depreciation and amortization (Products, Services and other) and of EBT (Labs). PRODUCTS These activities of Trifork Group comprise main - ly the following: Licensing of self-developed software products Operating of software products and provid - ing hosting services Software developer conferences SERVICES The “Services” activities include the devel- opment of innovative software in customer projects (private and public). Q3/2026 (in EURk) Products Services Labs Other Elimination Total Revenue - from external customers 27,722 33,269 - 18 - 61,009 - from other segments - - - 515 -515 - Total segment revenue 27,722 33,269 - 533 - 5 1 5 61,009 Earnings before financial items, tax, depreciation and amortization 6,289 5,458 - 5 1 9 - 1 , 0 2 1 - 10,207 Depreciation and amortization -2,068 -1,951 - -429 - -4,448 Earnings before financial items and tax 4,221 3,507 - 5 1 9 - 1 , 4 5 0 - 5,759 Financial result - - -8 -1,019 - -1,027 Earnings before tax (EBT) 4,221 3,507 - 5 2 7 - 2 , 4 6 9 - 4,732 Other segment information Cost of goods and services purchased -10,507 -5,995 - -216 - -16,718 Personnel costs -7,114 -18,495 - -2,458 - -28,067 Average number of employees 231 781 2 108 - 1,122 Q3/2025 (in EURk) Products Services Labs Other Elimination Total Revenue - from external customers 15,713 33,572 - 27 - 49,312 - from other segments - - - 507 -507 - Total segment revenue 15,713 33,572 - 534 - 5 0 7 49,312 Earnings before financial items, tax, depreciation and amortization 4,196 4,635 - 5 0 9 - 9 3 0 - 7,392 Depreciation and amortization -1,526 -2,130 - -338 - -3,994 Earnings before financial items and tax 2,670 2,505 - 5 0 9 - 1 , 2 6 8 - 3,398 Financial result - - 2 -869 - -867 Earnings before tax (EBT) 2,670 2,505 - 5 0 7 - 2 , 1 3 7 - 2,531 Other segment information Cost of goods and services purchased -4,594 -4,659 - -142 - -9,395 Personnel costs -6,356 -18,669 - -2,502 - -27,527 Average number of employees 246 773 2 89 - 1,110
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26 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Note 1 NOTE 1 Segment information (continued) LABS Labs is focused on founding new tech start - ups and investing in selected tech companies that are at the forefront of the technological development with new and innovative software products. For internal management reporting and perfor - mance measurement, all Labs investments are monitored on a fair value basis with changes recognized in profit or loss and thus presented as such in the segment reporting. OTHER Other comprises mainly general corporate activities and costs not allocated to Products, Services or Labs. As disclosed in the annual report 2025, the seg - ments of Trifork Group were restructured in the fourth quarter 2025. The comparative informa - tion was adjusted accordingly. 9M/2025 (in EURk) Products Services Labs Other Elimination Total Revenue - from external customers 55,638 106,208 - 55 - 161,901 - from other segments - - - 1,531 -1,531 - Total segment revenue 55,638 106,208 - 1,586 - 1 , 5 3 1 161,901 Earnings before financial items, tax, depreciation and amortization 9,478 13,565 - 1 , 5 3 9 - 2 , 0 5 2 - 19,452 Depreciation and amortization -4,517 -6,585 - -1,028 - -12,130 Earnings before financial items and tax 4,961 6,980 - 1 , 5 3 9 - 3 , 0 8 0 - 7,322 Financial result - - 400 -3,587 -3,187 Earnings before tax (EBT) 4,961 6,980 - 1 , 1 3 9 - 6 , 6 6 7 - 4,135 Other segment information Cost of goods and services purchased -20,181 -14,481 - -278 - -34,940 Personnel costs -20,884 -62,636 - -7,799 - -91,319 Average number of employees 249 789 2 89 - 1,129 9M/2026 (in EURk) Products Services Labs Other Elimination Total Revenue - from external customers 66,496 108,794 - 46 - 175,336 - from other segments - - - 1,565 -1,565 - Total segment revenue 66,496 108,794 - 1,611 - 1 , 5 6 5 175,336 Earnings before financial items, tax, depreciation and amortization 15,314 14,799 - 1 , 5 8 0 - 3 , 3 3 0 - 25,203 Depreciation and amortization -5,273 -6,216 - -1,077 - -12,566 Earnings before financial items and tax 10,041 8,583 - 1 , 5 8 0 - 4 , 4 0 7 - 12,637 Financial result - - 623 -2,179 -1,556 Earnings before tax (EBT) 10,041 8,583 - 9 5 7 - 6 , 5 8 6 - 11,081 Other segment information Cost of goods and services purchased -21,953 -17,293 - -670 - -39,916 Personnel costs -21,262 -63,318 - -7,999 - -92,579 Average number of employees 229 783 2 104 - 1,118
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27 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Notes 2-5 NOTE 2 Revenue from contracts with customers A. Revenue streams (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Products: 27,722 15,713 66,496 55,638 - Licenses, hosting and support 15,467 13,869 46,237 41,321 - Conferences 1,018 868 3,420 2,991 - Hardware 11,237 976 16,839 11,326 Services 33,269 33,572 108,794 106,208 Other 18 27 46 55 Total revenue from contracts with customers 61,009 49,312 175,336 161,901 B. Revenue by geographical area (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Denmark 48,323 35,780 133,690 114,286 Switzerland 3,846 4,508 12,324 13,425 USA 2,092 2,426 7,552 9,416 Netherlands 1,916 1,649 5,512 4,976 UK 1,397 1,711 4,744 5,292 Other 3,435 3,238 11,514 14,506 Total revenue from contracts with customers 61,009 49,312 175,336 161,901 C. Revenue by sectors (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Private 26,770 27,697 87,183 95,551 Public 34,239 21,615 88,153 66,350 Total revenue from contracts with customers 61,009 49,312 175,336 161,901 D. Timing of revenue recognition (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Goods and services transferred at a point in time 11,409 4,029 18,223 13,738 Services transferred over time 49,600 45,283 157,113 148,163 Total revenue from contracts with customers 61,009 49,312 175,336 161,901 NOTE 3 Other operating expenses (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Sales and marketing expenses -617 -623 -2,006 -2,093 Service cost for leased property -959 -932 -2,864 -3,546 Administration expenses -4,566 -3,971 -13,341 -11,968 Others -16 - -19 -16 Total other operating expenses - 6 , 1 5 8 - 5 , 5 2 6 - 1 8 , 2 3 0 - 1 7 , 6 2 3 NOTE 4 Depreciation, amortization and impairment (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Depreciation of property, plant and equipment -721 -625 -1,881 -1,881 Depreciation of right-of-use assets -2,301 -2,067 -6,544 -6,346 Amortization of intangible assets -1,426 -1,302 -4,141 -3,903 Total depreciation, amortization and impairment - 4 , 4 4 8 - 3 , 9 9 4 - 1 2 , 5 6 6 - 1 2 , 1 3 0 NOTE 5 Other financial expenses (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Interest expenses -1,014 -1,147 -2,786 -3,496 - of which lease interest -609 -599 -1,724 -1,867 - of which net interest for defined benefit plans -4 -4 -12 -12 Fair value adjustments on contingent consideration liabilities -170 - -170 - Impairment loss on other financial assets -134 - -140 -4 Total other financial expenses - 1 , 3 1 8 - 1 , 1 4 7 - 3 , 0 9 6 - 3 , 5 0 0
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28 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Notes 6-8 NOTE 6 Earnings per share (in EURk) Q3/2026 Q3/2025 9M/2026 9M/2025 Net income attributable to the shareholders of Trifork Group AG 2,151 1,235 5,320 1,766 Weighted average number of shares issued 19,744,899 19,744,899 19,744,899 19,744,899 Weighted average number of treasury shares -653,070 -361,581 -455,280 -328,879 Number of shares used for calculating basic earnings per share 19,091,829 19,383,318 19,289,619 19,416,020 Average number of shares from outstanding RSU 129,680 176,822 143,263 178,507 Number of shares used for calculating diluted earnings per share 19,221,509 19,560,140 19,432,882 19,594,527 Earnings per share of Trifork Group AG, basic (in EUR) 0.11 0.06 0.28 0.09 Earnings per share of Trifork Group AG, diluted (in EUR) 0.11 0.06 0.27 0.09 NOTE 7 Investments in associated companies (in EURk) 2026 2025 1 January 9,842 5,532 Acquisitions 67 - Disposals -7,379 - Share of results from associated companies 1,052 1,442 Transfer -3,162 - Dividends received -345 -590 Exchange differences -8 -5 30 September 67 6,379 As of 22 September 2026, Trifork Group disposed 70% of its investment in Appdictive ApS for EURk 5,165 in cash and EURk 2,214 as deferred payment. As a further part of this transaction, the remaining investment was transferred to "Investments in Labs". For additional details, refer to Note 10.A and 10.C. As of 30 September 2026, the investment in associated companies comprise of the invest - ment in Sundhedspartneren ApS. NOTE 8 Shareholders’ equity A. Non-controlling interests In the second quarter of 2026, Trifork Group acquired 3.7% of the shares in Nine A/S for EURk 3,261 as a minority shareholder executed its put-option. The total shareholding in the com - pany is at 93.7%. In the first nine months 2026, the Trifork Group remunerated employees in shares of a Group company which slightly increased the non-controlling interests by EURk 9 (9M/2025: EURk 10). B. Transactions with treasury shares Number of shares Total amount (in EURk) 1 January 2025 312,383 5,957 Acquisitions 133,524 1,603 Conversion of RSU -73,140 -1,564 Salary paid in treasury shares -13,417 -287 30 September 2025 359,350 5,709 1 January 2026 229,435 3,134 Acquisitions 689,568 9,025 Disposal -5,570 -90 Conversion of RSU -90,375 -1,396 Salary paid in treasury shares -13,758 -198 30 September 2026 809,300 10,475 Trifork Group initiated a share buy-back pro - gram of up to EURm 10.0 starting from 2 March 2026. In the first nine months 2026, 542,884 shares for EURk 7,250 were acquired under the program. Trifork Group conducted a share buy-back program from 23 December 2025 to 26 February 2026. In the first quarter 2026, 146,684 shares for EURk 1,775 were acquired under the program. Trifork Group conducted a share buy-back pro - gram from 4 March to 30 June 2025. In the first six months 2025, 133,524 shares for EURk 1,603 were acquired under the program. For the period 1 January – 30 September 2026, the impact of the transactions with treasury shares (excl. treasury shares utilized for em - ployee remuneration) in retained earnings is EURk -20 (9M/2025: EURk 0).
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29 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Notes 9-10 NOTE 9 Financial assets and liabilities A. Financial assets (in EURk) Notes 30/09/2026 31/12/2025 Loans to Labs investments 3,505 2,426 Deposits for lease agreements 1,948 1,989 Deposits for customer agreements 841 984 Financial assets not related to the Labs portfolio transaction 6,294 5,399 Deferred sales price 10.C 5,527 - Earn-out consideration 10.C 1,339 - Financial assets related to the Labs portfolio transaction 6,866 - Total financial assets, as presented in the statement of financial position 13,160 5,399 - of which non-current 12,796 5,084 - of which current 364 315 B. Financial liabilities (in EURk) 30/09/2026 31/12/2025 Borrowings from financial institutions 72,777 57,259 Lease liabilities 51,934 45,916 Others 303 357 Financial liabilities related to financing activities 125,014 103,532 Contingent considerations 4,088 2,295 Redemption amount of put-options 15,648 18,576 Financial liabilities related to business combination and acquisition of non-controlling interests 19,736 20,871 Total financial liabilities, as presented in the statement of financial position 144,750 124,403 - of which non-current 61,107 61,540 - of which current 83,643 62,863 For further details on contingent consideration liabilities, refer to Note 10.D. For additional details on the redemption amount of put-options, refer to Note 8.A. NOTE 10 Financial instruments at fair value through profit and loss A. Labs portfolio transaction PARTIAL DIVESTMENT OF LABS PORTFOLIO On 22 September 2026, Trifork Group completed a partial divestment of its Labs portfolio through a structured transaction with the third-party financial investor Verdane. As part of the trans - action, dedicated holding companies were established, to which certain Labs portfolio investments, including the investment in the associate Appdictive ApS, were transferred. Under the governance structure established as part of the transaction, Trifork Group and the third-party investor each hold rights to, and economic exposure to, designated portions of the investments held by the newly estab - lished holding companies. Accordingly, Trifork Group accounts for the transaction as a partial disposal of the underlying investments, with all retained investments measured at fair value through profit or loss ("FVTPL"). The transaction resulted in the disposal of Tri - fork Group's entire shareholding in XCI Holding A/S, 75% in Axoniq B.V., 70% in Appdictive ApS and 10% in Dawn Holding ApS. The total consideration comprises an upfront cash payment of EURk 15,963 (of which EURk 5,165 relate to the disposal of an associated compa- ny and EURk 10,798 to investments in Labs) and a deferred cash consideration of EURk 6,841. In addition, the agreement includes contingent earn-out payments linked to the future value de- velopment of the underlying investments, which may result in additional consideration receiv - able by Trifork Group (refer to Note 10.C). TRANSFER OF INVESTMENT IN APPDICTIVE APS As a consequence of the transaction and the resulting ownership and governance structure, Trifork Group transferred its retained investment in Appdictive ApS from "Investments in associ - ates", accounted for using the equity method, to "Investments in Labs", measured at FVTPL. Prior to the transaction, the investment in Appdictive ApS was accounted for using the equity method, as Trifork Group had not elected to apply FVTPL measurement upon initial rec - ognition of the investment. However, Appdictive ApS's underlying investment in Frameo ApS was already measured at FVTPL. Consequently, the carrying amount of Appdictive ApS under the equity method was primarily driven by changes in the fair value of its investment in Frameo ApS. As a result, the change in measurement basis did not give rise to any impact on the consol - idated income statement at the transaction date.
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30 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Note 10 NOTE 10 Financial instruments at fair value through profit and loss (continued) B. Investments in Labs (in EURk) 2026 2025 Level 3 - Total Level 1 Level 3 Total 1 January 68,959 52 84,178 84,230 Acquisitions 1,532 - 2,122 2,122 Transfer 3,162 - - Disposals -16,240 -61 -7,825 -7,886 Fair value adjustments 27 9 -826 -817 Dividends received -130 - -397 -397 Exchange differences -162 - -38 -38 30 September 57,148 - 77,214 77,214 9M/2026 Acquisitions: Additional shares in Replik A/S and new investment in WEGsol ApS Transfer: EURk 3,162 were added from “invest- ments in associated companies”. For further details, refer to Note 10.A Disposal: Proceeds from its partial sale (2025) of its investment in XCI Holding A/S for EURk 789 and for the the Labs portfolio transaction (EURk 15,451 - for further details, refer to Note 10.A and C.) Net fair value adjustments (Level 3): Dilution effect from a financing round (EURk -630), updated business plans (EURk -279), valu- ations by third-parties (EURk 377), dividend income (EURk 130) and foreign exchange conversion of investments held in other cur- rencies (EURk 429) Dividends: Ordinary dividends from two investments 9M/2025 Acquisitions: Additional investments within internal financing rounds in AxonIQ B.V., Dawn Holding ApS and ExSeed Ltd., of which EURk 1,560 in cash and EURk 562 by conversion of convertible loans Disposal: Proceeds from its partial sale of its investment in XCI Holding A/S for EURk 7,825 and sale of shares held in Implantica AG. Fair value adjustments (Level 3): Dilution effect from financing round (EURk -402), updated business plans (EURk 293), dividend income (EURk 397) and foreign exchange conversion of investments held in other cur- rencies (EURk -1,115) Dividends: Ordinary dividends from two investments The fair value of Level 3 investments is derived from DCF-valuation models or recent transac - tions (new capital investments by third parties). There were no transfers between fair value measurements levels in 2026 and 2025 and the entire Level 1 investment was disposed of in 2025. The maximum values at risk for Trifork Group are the total amounts of the individual investments. C. Financial assets from the Labs portfolio transaction - Level 3 (in EURk) 2026 2025 1 January - - Additions from Labs port - folio transaction 6,867 - Exchange differences -1 - 30 September 6,866 - On 22 September 2026, Trifork Group completed a partial divestment of its Labs portfolio. The transaction consideration includes deferred and contingent payments, which are subject to future cash recoveries and the achievement of specified contractual milestones. DEFERRED PURCHASE PRICE The transaction includes deferred cash consid- eration of EURk 6,841, which becomes payable once the buyer has recovered its initial cash payment of EURk 15,963 through proceeds from the acquired investments (incl. dividends, capital repayments, disposal proceeds and liquidation distributions). The fair value of the deferred consideration receivable amounts to EURk 5,527. EARN-OUT CONSIDERATION Trifork Group is entitled to additional earn- out payments, potentially payable in multiple instalments, depending on the future proceeds realized by the buyer from the investment port - folio. Under the contractual arrangement, Trifork Group participates in a defined percentage of proceeds once the buyer achieves specified return multiples on its initial cash investment. Based on the expected future performance of the underlying investments, Trifork Group as - sesses the probability of reaching the first and second contractual thresholds as relatively low and low, respectively. The earn-out arrange - ment is not subject to a contractual time limit or maximum payment cap. The fair value of the contingent consideration receivable amounts to EURk 1,339. ADDITIONAL CONTINGENT PURCHASE PRICE Until 30 April 2027, Trifork Group may become entitled to additional consideration if a qualify - ing share transaction occurs in certain portfolio investments. The entitlement is triggered if existing shareholders dispose of a shareholding at least equivalent to the buyer's direct or indi - rect ownership interest at a valuation exceeding Trifork Group's valuation at the time of disposal of the respective investment. Given the limited assessment period and the conditions required to trigger a payment, the fair value of this contingent consideration re - ceivable has been assessed at EUR 0. The fair values of the deferred and contingent consideration receivables were determined us - ing probability-weighted discounted cash flow models, reflecting the expected timing, amount and likelihood of future payments.
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31 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Notes 10-12 NOTE 10 Financial instruments at fair value through profit and loss (continued) Significant unobservable inputs include the expected timing and amount of future cash recoveries, the probability of achieving the contractual performance thresholds and the discount rates applied, reflecting the relevant expected risk-free rates. Trifork Group's maximum exposure to credit risk in relation to these financial assets is limited to their respective carrying amounts. D. Contingent considerations liabilities relat- ed to business combinations - Level 3 (in EURk) 2026 2025 1 January 2,295 4,117 Additions from business combinations 2,639 - Settlements -1,024 -1,092 Fair value adjustments 170 -649 Exchange differences 8 -80 30 September 4,088 2,296 As of 30 September 2026, the liability consists of contingent considerations related to earn-out payments for the acquisitions of VION AI GmbH, Sapere Group, Chapter 5 A/S and Spantree Technology Group LLC (2025: Sapere Group, Chapter 5 A/S and Spantree Technology Group LLC). Earn-out payments become due to the sellers if the acquired companies meet operational targets (revenue, EBITDA, EBIT and/or customer retention) in the periods (usually three years) subsequent to change of control. As the contingent consideration for the earn- out payments for the acquisition of VION AI GmbH is not capped (refer to Note V.), the maximum amount of the remaining earn-out payments cannot be quantified. Considering business planning, Trifork Group expects a cash outflow of EURk 2,980 in the upcoming periods (undiscounted amount). For the operational results achieved in 2025, Trifork Group paid out earn-outs of EURk 1,024 in 2026 (2025: EURk 1,092). NOTE 11 Other information on selected items of the financial position and cash flows A. Trade receivables For defined customer engagements, a Trifork Group company invoiced its product deliveries (incl. hardware) for EURk 5,596 in Q3/2026. As these invoices were not due as per 30 Septem - ber 2026, they lead to additional open trade receivables. The customers paid the outstand - ing amounts in full in October 2026, resulting in the normalization of trade receivables. The same transaction also is responsible for the significantly negative amount of "changes in net working capital" in the cash flow statement, as the delivered items were already paid. With the received cash, this position normalizes. B. Contract assets Contract assets amounting to EURk 6,380 relate to specific customer engagements with one large enterprise and public-sector customers. These balances arise from contractual billing arrangements explicitly agreed upon with the respective customers and follow the payment plans. As of the date of this report, EURk 875 of these contract assets had subsequently been invoiced. C. Sale and lease-back The Group company Netic A/S built a new data center for its customer business. For the financing of this asset, it entered into a sale and lease-back transaction with a third-party for an amount of EURk 4,239, which has a correspond - ing impact on the right-of-use assets and the investing cash flow. The leasing of the data center started as of 1 August 2026. NOTE 12 Events after the reporting period On 30 September 2026, the Board of Directors initiated the legal process to cancel 2.5% of the share capital of Trifork Group AG in accordance with the authorization under the existing capital band. Once completed, the new number of outstanding shares will be 19,251,277. On 28 October 2026, the Extraordinary General Meeting approve a dividend distribution of EUR 0.4/share (DKK 3.00). The dividend is expected to be paid out on 2 November 2026. The Q3 & 9M/2026 consolidated interim finan - cial statements were approved and released for publication by the Board of Directors on 30 October 2026.
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32 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure Ratios and Key Figures The financial highlights have been prepared on the basis of the CFA Society Denmark “Recommendations & Financial Ratios”, using the following definitions: EBITDA margin EBIT margin Free cash flow Equity ratio Return on equity Diluted earnings per share (EPS diluted) Cash conversion1 Earnings before financial items, taxes, depreciation and amortization x 100 Revenue Earnings before financial items and taxes x 100 Revenue Cash flow from operations Capex Equity excl. NCI x 100 Total assets Net income excl. NCI x 100 Average equity excl. NCI Net income excl. NCI Average number of shares diluted Cash flow from operations Earnings before financial items, taxes, depreciation and amortization 1 Please notice that tax payments are included in the cash flow from operations whereas EBITDA does not include tax payments. In average over time the cash conversion ratio will thus be below 100%.
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Structure Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure
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34 Q3 & 9M2026 • Key Figures Financial Review Financial Statements Structure 100.0% Chapter 5 A/S 100.0% CodeNode ApS 88.0% Netic A/S 93.7% Nine A/S 81.4% Testhuset A/S 100.0% Tri%C12ork Digital Health A/S 100.0% Tri%C12ork Smart Enterprise A/S 50.1% SAPBasis ApS 77.4% Sapere Group ApS 61.0% Sapere Ad%C207isory ApS 60.0% IBE AG 50.0% Sundhedspartneren ApS 100.0% Tri%C12ork AG 100.0% Vilea Austria GmbH 100.0% Erlang Solutions Ltd. 100.0% Erlang Solutions Hungary %C163%C12t. 100.0% Erlang Solutions AB 100.0% Erlang Solutions Inc. 100.0% Erlang Solutions SP 100.0% Tri%C12ork Ltd. 100.0% Code Node Ltd. 100.0% Tri%C12ork B.V 100.0% The Per%C12ect App Ltd. 100.0% Tri%C12ork Eindho%C207en B.V 100.0% Tri%C12ork Academy Inc. 95.0% Tri%C12ork US Inc. 70.0% Spantree Technology Group LLC 100.0% Tri%C12ork Canada Inc. 100.0% Tri%C12ork Academy and So%C12tware Solutions SL 95.0% Tri%C12ork Portugal LDA 100.0% Tri%C12ork Academy Pty Ltd. 100.0% Tri%C12ork SPC 100.0% Tri%C12ork Germany GmbH 100.0% 100.0% 100.0% Tri%C12ork A/S Duckwise ApS Strongminds ApS * Tri%C12ork subsidiary Tri%C12ork associated Tri%C12ork Labs subsidiary Tri%C12ork Labs in%C207estment (fully impaired investments are excluded) Investments held through intermediary holding companies. Percentage represent ultimate shareholding of Trifork Group in the investments. Tri%C12ork Group AG 100.0% Tri%C12ork Labs AG 100.0% Tri%C12ork Labs ApS 25.0% &Money ApS 14.3% Bluespace Ventures AG 1.8% Frameo ApS * 44.4% Arkyn Studios Ltd. 4.6% AxonIQ B.V * 9.8% C4Media Inc. 21.6% Dawn Holding ApS * 40.0% De%C207elco A/S 21.0% Dryp A/S 26.7% ExSeed Ltd. 13.8% Fauna ApS 49.0% Grantet ApS 5.4% Promon A/S 20.0% Replik A/S 22.4% Coco Care ApS 48.9% SIA Connect ApS 49.9% TSB X ApS 18.8% TSBone ApS 35.7% TSBThree ApS 22.7% Upcycling Forum ApS 28.0% Visikon ApS 5.1% WEGsol ApS 41.5% Wingmen Security A/S
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TRIFORK GROUP AG Neuhofstrasse 10 8834 Schindellegi Switzerland CHE-474.101.854 Denmark Aalborg Aarhus Copenhagen Esbjerg Switzerland Schindellegi Zurich The Netherlands Amsterdam Eindhoven Germany Berlin Hamburg Austria Vienna Spain Palma Barcelona Hungary Budapest Portugal Lisbon Sweden Stockholm Poland Krakow United Kingdom London Latvia Riga Canada Toronto United States Chicago Palo Alto Seattle Australia Brisbane Oman Muscat