Trifork Group (TRIFOR) Q2 2026 earnings summary

Executive summary

• Achieved 11% organic group growth (excluding hardware) and 21% improvement in adjusted EBITDA compared to Q2 2025, with continued momentum in both public and private sectors.

• Products segment delivered 23% organic revenue growth (ex-hardware), now generating over half of group EBITDA and earnings, with strong AI integration and co-innovation with customers.

• Public sector revenue grew 33% year-over-year, now representing 50% of total revenue, with significant growth in e-health and sovereign data solutions.

• Strategic focus on digital health, financial services, public, aviation, and energy, with organizational changes to accelerate growth.

• Strong momentum in managed solutions for data sovereignty and AI platforms, especially in regulated and data-sovereign environments.

Financial highlights

• Q2 2026 revenue: EUR 58.2m, up 5.6% year-over-year; 6M 2026 revenue: EUR 114.3m; organic growth (excluding hardware) reached 11% in H1 2026.

• Adjusted EBITDA margin improved to 10.8%, up 1.4 percentage points year-over-year; operational cash conversion at 90%.

• Products generated 53% of group EBITDA in Q2 and 50% over the last 12 months, with product revenue at 37% of total in Q2.

• Net debt-to-adjusted EBITDA at 1.1x, reflecting a strong balance sheet; net interest-bearing debt at EUR 34.8m.

• EBIT Q2: EUR 2.2m (margin 3.8%), nearly doubled from EUR 1.1m (margin 2.1%) last year.

Outlook and guidance

• Full-year 2026 guidance maintained: revenue EUR 230–240m (7–11% organic growth), adjusted EBITDA EUR 35–40m (16–33% growth, 15–17% margin).

• Expect continued margin improvement as product business scales and services stabilize; anticipate higher margins in H2 2026, especially in services.

• Focus for H2: securing more recurring contracts and expanding Infrastructure-as-a-Service offerings.

• Hardware sales expected at least on par with 2025.