13/2026・Trifork Group: 2025 annual report and interim report for the quarter ending 31 December 2025

Core Insights - Trifork Group reported a full-year revenue growth of 7.2% for 2025, with an adjusted EBITDA margin of 13.6%, indicating strong performance in the fourth quarter and a positive outlook for 2026 [1][2][5] Financial Performance - Total revenue for 2025 reached EURm 220.9, up from the previous year, with organic growth at 7.0% driven by increased public sector demand and successful product-led engagements [5] - Adjusted EBITDA for 2025 was EURm 30.1, reflecting a margin improvement from 11.9% in 2024 to 13.6% in 2025, attributed to revenue growth and cost savings [5] - EBIT for 2025 amounted to EURm 16.8, with a margin increase from 4.0% in 2024 to 7.6% in 2025, positively impacted by the deconsolidation of Trifork Security [5] - Cash conversion improved significantly to 97.9% in 2025, up from 74.3% in 2024, due to higher profitability and lower net working capital [5] Segment Performance - The Products segment saw a revenue increase of 37.6% to EURm 77.7, with an adjusted EBITDA margin of 20.9%, up from 17.0% in 2024 [5][12] - Services revenue declined by 4.1% to EURm 143.1, with a stable adjusted EBITDA margin of 13.7% [12] - In Q4 2025, total revenue was EURm 59.0, marking a 5.3% increase year-over-year, with organic growth at 9.4% [12] Strategic Initiatives - A share buyback program of up to DKKm 75 (approximately EURm 10) will be initiated to redistribute excess cash to shareholders [9] - A strategic review of options for Trifork Labs is underway, exploring potential divestments or portfolio-level transactions to optimize capital allocation [10][11] Future Outlook - For 2026, the company expects group revenue to be in the range of EURm 230-240, indicating total growth of 4.1-8.7%, with organic growth projected between 6.7-11.3% [12]