25/2024・Trifork Group AG – Interim report for the quarter ending 31 March 2024 - Seite 2

Comment from CEO Jørn Larsen:
”The business environment continued at a slow pace in the first quarter, as expected. We scaled our marketing activities with strategic partners up significantly in the quarter as part of our strategy of increasing business development efforts in the current business climate. We moved closer to partners such as Apple, SAP, and NVIDIA and received wide public interest for our groundbreaking Apple Vision Pro solutions. We look forward to revealing more cutting-edge solutions in the coming quarters. Several short-term factors, such as the Easter effect and onboarding cost of new Cloud customers, played into making the quarter appear unimpressive from a financial standpoint. We are progressing on our strategic initiatives for 2024, which include selling more of our own software products and platforms, getting our conference activities to run better, and reorganizing our teams and delivery model in Cyber Protection. We look forward to sharing more details about this and our overall strategic and financial aspirations at our Capital Markets Day on 29 May in Copenhagen. Our overall expectation is still that we will show healthy growth and profits for the full year of 2024 and therefore we maintain our guidance.”


Financial outlook for 2024 is unchanged from the initial guidance given on 28 February:

• Revenue is expected to be in the range of EURm 230-240 equal to 10.6-15.4% growth
• Organic revenue growth is expected in the range of 9.7-14.5%
• Adjusted EBITDA in Trifork Segment is expected in the range of EURm 38.0-42.0
• EBIT in Trifork Group is expected to be in the range of EURm 21.5-25.5.

Main events in Q1 2024

• Inspire
  In Q1, Trifork continued to create and publish new tech content to our YouTube channel GOTO and on Instagram. In the quarter, we got 3.5 million views and increased subscribers by more than 300,000 to a total of 882,000. We are now close to our internal target of getting 1 million subscribers. The number of accumulated video views at the end of the quarter was 66 million. We initiated a reorganization to create a more robust platform and to reduce the EBITDA loss in the current softer market environment for employee training and product marketing. We held many workshops during the quarter with focus on Apple Vision Pro and Vision AI. As usual, there was little conference activity in the first quarter due to seasonality.