12/2023・Trifork Group - Report of the second quarter and half year ending 30 June 2023

Company announcement no. 12 / 2023

Schindellegi, Switzerland – 17 August 2023
Trifork Group – Report of the second quarter and half year ending 30 June 2023

Trifork Group: 20.3% revenue growth in Q2 despite a slower market

Financial results in the second quarter of 2023

Trifork Group

• Trifork Group revenue amounted to EURm 55.2, an increase of 20.3% from Q2/2022. Organic growth was 16.3%.
• Trifork Group EBITDA amounted to EURm 7.3, corresponding to a 13.2% EBITDA margin and a growth of 19.7%.
• Trifork Group EBIT amounted to EURm 4.1, corresponding to a 7.4% EBIT margin and a growth of 36.8%.
• Trifork Group net income amounted to EURm -1.1, resulting in a basic earnings per share of EUR -0.10. The result was explained by net negative fair value adjustments in Trifork Labs, while the Trifork Segment showed satisfactory results.

Trifork Segment

• Adjusted EBITDA in the Trifork Segment amounted to EURm 7.8, an increase of 22.0% from Q2/2022. The adjusted EBITDA margin was 14.0% (Q2/2022: 13.8%).
• Sub-segments:
  • Inspire revenue declined by 1.7% to EURm 2.2 and realized an adjusted EBITDA of EURm -0.8 (Q2/2022: EURm 0.1). We increased conference and workshop activities in Q2 but revenue and earnings did not improve as much as expected. It seems that many corporates currently are reducing marketing and training costs.
  • Build revenue increased by 10.4% (all organic) to EURm 37.2 and realized an adjusted EBITDA of EURm 6.4 corresponding to a margin of 17.1% (Q2/2022: 16.9%). Growth was especially driven by Digital Health, Smart Enterprise, and Cyber Protection business areas.
  • Run revenue increased by 60.2% (41.1% organic growth) to EURm 15.8 and realized an adjusted EBITDA of EURm 3.4 corresponding to a margin of 21.7% (Q2/2022: 16.2%). Adjusted for aperiodic hardware and third-party software sales, Run revenue grew organically by 31.1%.
    

Trifork Labs

• Net financial result in Trifork Labs was EURm -3.1 (Q2/2022: EURm 0.7). The result was especially negatively affected by fair value adjustments in relation to three investments which have been fully impaired. Further, Trifork Labs participated in add-on financing rounds for Arkyn, Visikon, and Upcycling Forum.
  
  

Jørn Larsen, CEO of Trifork, comments: “With 16.3% organic revenue growth in the second quarter, we remain on track with our full-year guidance despite still seeing slower decision cycles at our customers. I am satisfied to see that all of our six business areas have been contributing to our growth in Q2 and that our largest market, Denmark, grew by 12.7% with the highest growth coming from private customers. The underlying strength comes from our culture, agile teal organization, and increased investments in business development. We have already seen an effect in the way our business units are working more strategically with sales.