Trifork Group (TRIFOR) Q4 2025 earnings summary

Executive summary

• Achieved strong product-led transition with 27% revenue growth in Products and high demand for managed sovereign data solutions, especially in healthcare and public sector contracts.

• Revenue for 2025 reached EUR 220.9M, up 7.3% year-over-year, with organic growth at 7.2%.

• Adjusted EBITDA for 2025 was EUR 33.3M, a 35% increase from the prior year, with margin rising to 15.1%.

• Cost control initiatives led to a 3.5 percentage point margin recovery, strong cash conversion, and a robust balance sheet.

• Free cash flow improved to EUR 27.3M for 2025, up from EUR 11.4M in 2024.

Financial highlights

• Q4 2025: 5% total revenue growth, 9% organic growth, and 18.1% adjusted EBITDA margin (+3.5 p.p. YoY).

• FY 2025: 7% total and organic revenue growth, 13.6%–15.1% group adjusted EBITDA margin, and 23%–35% YoY EBITDA increase.

• Operating cash conversion at 98% and net debt/adj. EBITDA at 0.6x (down from 1.3x in 9M 2025).

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

• Free cash flow conversion reached 97.9% for 2025.

Outlook and guidance

• 2026 guidance: Group revenue EUR 230–240m (6.7–11.3% organic growth YoY), group adj. EBITDA EUR 35–40m (14.6–17.4% margin, 16.2–32.8% growth YoY).

• Management notes seasonality in both Products and Services, with higher revenue and profit in the first half of the year.

• Continued focus on product growth, cost control, and capital reallocation to core business and buybacks.