Financial Reports

First quarter 2021 report


  • In Q1-2021, Trifork Group revenues reached EURm 39.4, an increase of 38.2% compared to Q1-2020. The revenue growth was comprised of 26.8% inorganic growth from the most recent acquisition of Nine and 11.4% organic growth, where strong revenue was primarily driven by Digital Health and Smart Enterprise.


  • The Trifork segment adjusted EBITDA in Q1-2021 was EURm 7.7 (excluding special items of EURm 1.8), an increase of 81.7% compared to Q1-2020. The adjusted EBITDA margin in the period was 19.5% up from 17.5% last year.


  • The Trifork segment adjusted EBITA in Q1-2021 was EURm 5.8, an increase of 111.1% from Q1-2020, corresponding to an adjusted EBITA-margin of 14.8%.


  • Q1-2021 adjusted EBIT of the Trifork segment increased to EURm 4.9 from EURm 2.0 in Q1-2020. This corresponds to an adjusted EBIT-margin of 12.4%.

Financial results for 2020


  • In full-year 2020, the Trifork Group achieved revenues of EURm 115.4, an increase of 8.4% from 2019.
  • Adjusted for the deconsolidation of two business units in 2019, the growth rate was 13.8%, whereof 2.6% was organic and 11.2% acquisitional growth.
  • Disregarding the Inspire segment, which was impacted by Covid-19, the adjusted growth in Build and Run totaled 21.5%, whereof 9.3% was organic and 12.2% acquisitional growth.


  • The Trifork segment adjusted EBITDA (excluding special items) for 2020 increased by 22.5% to EURm 20.2, corresponding to an adjusted EBITDA margin of 17.5%.

Net income

  • Net income for 2020 increased significantly to EURm 44.7, up from EURm 16.3 in 2019, primarily due to the fair value adjustment of the Labs investment in Humio of EURm 37.8.
  • Trifork Labs, where Trifork co-founds and invests in innovative technology startups as part of the overall R&D activities, saw an extraordinary strong performance due to the successful exit of Humio agreed in December 2020.