Trifork Group (TRIFOR) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of EUR 221 million in 2025, reflecting 7–7.2% year-over-year growth and up to 9.4% organic growth, driven by a product-led strategy and strong demand for AI, data storage, and healthcare platforms.

• Product revenue increased 27% in Q4 and 38% for the year, with product revenue share rising from 27% to 35% of total revenue.

• Margin improvement of 3.5 percentage points in Q4, supported by cost control and operational discipline, with adjusted EBITDA for 2025 rising up to 35% to EUR 33.3 million.

• Major public sector wins, including a nationwide digital therapy contract in Denmark and expansion in Oman and Switzerland.

• Announced EUR 10 million share buyback program, with EUR 2 million already completed, and divestment of EUR 12 million stake in XCI.

Financial highlights

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

• Operational cash flow conversion was 98% for the full 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 30.6% margin in Q4 and 21% for the year, up 69–70% year-over-year.

• 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 group adjusted EBITDA guidance of EUR 35–40 million and margin target of 14.6–17.4%.

• Long-term ambition to reach 50% product revenue share remains unchanged.

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