Trifork Group (TRIFOR) Q1 2026 earnings summary

Executive summary

• Achieved 8% adjusted organic growth and 27% growth in adjusted EBITDA year-over-year for Q1 2026, driven by strong product-led transition and cost control.

• Public sector revenue grew 8% year-over-year, now representing 45% of total revenue, up from 40% in Q1 2025.

• Strategic review of Labs portfolio is ongoing, with discussions about structured exit opportunities and potential divestments.

• Strategic initiatives included a new data center, sovereign AI/data solutions, and the acquisition of VION AI to strengthen the aviation business.

• Guidance for 2026 is maintained: group revenue expected at EUR 230–240 million, with 7–11% organic growth and adjusted EBITDA EUR 35–40 million.

Financial highlights

• Q1 2026 revenue was EUR 56.1M, a decline of 2.4% year-over-year; organic growth was 0.2% including hardware, 8.3% excluding hardware.

• Adjusted EBITDA reached EUR 8.7M (up 26.9%), with a margin of 15.5% (up 3.6 p.p. year-over-year).

• EBIT increased to EUR 4.7M (Q1 2025: EUR 2.8M), margin 8.4%.

• Net income was EUR 3.6M (Q1 2025: EUR 0.9M); EPS EUR 0.15 (Q1 2025: EUR 0.03).

• Operating cash conversion reached 89%, and net debt to adjusted EBITDA was 0.7x at quarter-end.

Outlook and guidance

• 2026 guidance maintained: group revenue expected at EUR 230–240 million, with 7–11% organic growth year-over-year.

• Adjusted EBITDA guidance of EUR 35–40 million, representing 15–17% margin and 16–33% growth year-over-year.

• Hardware sales expected to remain at least at 2025 levels.