Trifork Group (TRIFOR) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of EUR 221 million in 2025, reflecting 7.2% year-over-year growth and up to 9.4% organic growth, driven by a product-led strategy and strong demand for data, AI, and healthcare solutions.

• Product revenue rose 27% in Q4 and 38% for the year, with Products outpacing Services and strong public sector traction, including a new digital therapy contract in Denmark.

• Margin improvement of 3.5 percentage points in Q4, with adjusted EBITDA for 2025 reaching up to EUR 33.3 million, a 35% increase, and strong operational cash flow conversion of 98%.

• Announced EUR 10 million share buyback program, completed EUR 2 million buyback, and divested EUR 12 million stake in XCI to support capital allocation.

• Strengthened employer brand, ranking among the top consulting and services employers in Denmark.

Financial highlights

• Adjusted EBITDA margin reached 18.1% in Q4 and up to 15.1% for the year, with group adjusted EBITDA for the year up to EUR 33.3 million.

• Operational cash flow conversion was 98% for the year, with free cash flow improving to EUR 27.3 million.

• Net Debt to EBITDA ratio at 0.6 at year-end, with net liquidity improving to EUR -17.6 million.

• Product segment delivered a 38% revenue increase for the year and a 30.6% margin in Q4.

• EBIT for 2025 was EUR 16.8 million, with an EBIT margin of 7.6%.

Outlook and guidance

• 2026 revenue guidance set at EUR 230–240 million, representing 6–11.3% organic growth, with adjusted EBITDA guidance of EUR 35–40 million and margin of 14.6–17.4%.

• Targeting continued margin improvement and aiming for product revenue to reach 50% of total revenue over time.

• Management notes seasonality in both Products and Services, with higher revenue and profit typically in the first two quarters.