Trifork Group (TRIFOR) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 23.7% YoY to EUR 61.0m; organic growth was 27.8%, or 6.4% excluding hardware. Adjusted EBITDA increased 40.4% to EUR 10.4m, with a 17.0% margin.

• Products-led growth, especially sovereign hosting and operations, supported stronger margins and recurring revenue; public-sector demand remained strong.

• FY 2026 revenue guidance rose at the lower end to EUR 235–240m; adjusted EBITDA guidance narrowed to EUR 35–37m.

Financial highlights

• Q3 revenue was EUR 61.0m, up 23.7% reported and 27.8% organically; organic growth excluding hardware was 6.4%.

• Q3 adjusted EBITDA was EUR 10.4m, up 40.4% YoY; 9M adjusted EBITDA was EUR 25.4m versus EUR 19.5m.

• 9M EBIT was EUR 12.6m versus EUR 7.3m; Q3 net income was EUR 2.8m versus EUR 1.6m.

• 9M diluted EPS was EUR 0.27 versus EUR 0.09; Q3 diluted EPS was EUR 0.11 versus EUR 0.06.

• Operating cash flow was EUR 5.6m in Q3 and EUR 13.9m in 9M, versus EUR 8.4m and EUR 16.8m, respectively, a year earlier.

Outlook and guidance

• FY 2026 revenue guidance is EUR 235–240m, versus prior guidance of EUR 230–240m; organic growth outlook is 9–11%.

• FY 2026 adjusted EBITDA guidance is EUR 35–37m, versus prior EUR 35–40m; stated growth outlook is 16–23% and margin 15–16%.

• Guidance includes announced acquisitions and divestments, excludes potential future transactions, and assumes depreciation and amortization of EUR 15–17m.

• Hardware revenue is expected to be slightly higher in 2026 than in 2025; Q3 hardware sales support expected strong Products license growth in 2027 as contracts go live, typically four to six months after installation.

• Hosting and operations are expected to represent ~1/4 of FY revenue; personnel costs as a share of revenue are expected to decline through product mix, workforce flexibility and AI productivity gains.