Trifork Group AG Reports Q2 2024 Financial Results

Trifork Group AG – Interim Financial Report

Trifork Group AG has released its interim financial report for the second quarter and half year ending 30 June 2024. During Q2 2024, the Group experienced revenue amounting to EURm 52.5, which reflects a decrease of 5.0% compared to Q2 2023, influenced largely by volatile revenues from non-core hardware and third-party licenses.

Financial Overview

The adjusted EBITDA for Trifork Group amounted to EURm 5.8, resulting in an 11.0% margin. Meanwhile, the EBIT was reported at EURm 1.9, leading to a 3.6% EBIT margin. The net income for the quarter was EURm 1.3.

Segment Performance

Within the Trifork Segment, adjusted EBITDA stood at EURm 6.3 compared to EURm 7.8 in Q2 2023, showing a margin decline to 12.0% from the previous year's 14.0%. In terms of sub-segments, Inspire revenue grew by 8.6% to EURm 2.4, while Build revenue saw a slight increase of 0.1% to EURm 37.2, maintaining an adjusted EBITDA margin of 13.0%. Run revenue, however, faced a decline of 19.2% to EURm 12.7, while the adjusted EBITDA margin was 19.2%.

Trifork Labs

In Q2 2024, Trifork Labs reported a fair value adjustment of investments totaling EURm 0.1. The book value of all minority investments reached EURm 73.4 by the end of the quarter, with EBT from Trifork Labs recorded at EURm 0.6.

CEO Insights

CEO Jørn Larsen commented on the challenges faced during the quarter, particularly highlighting that revenue levels for the first half of the year remained consistent with the previous year. He expressed optimism regarding the resurgence of engagements, particularly in the public sector in Denmark, while underlining a focus on efficiency and strategic initiatives, including further development of software products and a shift in the Cyber Protection delivery model. Trifork is also pursuing M&A opportunities and has recently announced three acquisitions with high growth potential.

Financial Outlook for 2024

The financial outlook for 2024 has been adjusted, expecting revenue between EURm 215-220. The revised projection for adjusted EBITDA in the Trifork Segment is between EURm 31-34, with EBIT estimates ranging from EURm 14-17.

Main Events of the Quarter

Inspire's conference activities showed signs of recovery, alongside successful collaborations with major tech companies. The Build segment has shown resilience with modest growth, while the Run segment observed revenue decline largely due to non-core licenses. Trifork Labs continued strategic investments in emerging digital health platforms.

Investor and Media Contacts

For further inquiries, please contact:

Investors

Frederik Svanholm, Group Investment Director & Head of Investor Relations
frsv@trifork.com, +41 79 357 7317

Media

Peter Rørsgaard, CCO Fintech & Head of Press Relations
pro@trifork.com, +45 2042 2494

About Trifork Group

Trifork is a pioneering technology partner, working with both enterprise and public sector customers across 15 countries. The company employs 1,273 individuals across 74 business units and is engaged in six major business areas including Digital Health, FinTech, and Cyber Protection. Their research and development initiatives are curated at Trifork Labs, emphasizing continued investment in technology companies.

Frequently Asked Questions

What were Trifork Group's Q2 2024 results?

Trifork Group reported Q2 revenue of EURm 52.5, a decrease from the previous year, with an adjusted EBITDA of EURm 5.8.

What is the adjusted EBITDA margin for Trifork Group?

The adjusted EBITDA margin for Q2 2024 was 11.0%.

What challenges did Trifork face in Q2 2024?

The company encountered slower growth due to delayed or stopped engagements from the previous quarters.

What is the financial outlook for Trifork Group in 2024?

Revenue is anticipated to be in the range of EURm 215-220 for 2024, along with adjusted EBITDA expectations between EURm 31-34.

What strategic initiatives is Trifork focusing on?

Trifork is focusing on software product sales, enhancing conference activities, and optimizing their Cyber Protection delivery model.

About The Author

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