Financial Reports

Second quarter 2021 report


  • Revenue of Trifork Group in the the second quarter of 2021 was EURm 39.9, an increase of 54.9% compared to the same period in 2020. Organic growth amounted to 24.8% and was driven by the Public sector and Fintech in both the Trifork Build and Run sub-segments, whereas inorganic growth primarily resulted from the acquisition of Nine.

Adjusted EBITDA

  • Trifork segment adjusted EBITDA in Q2 2021 amounted to EURm 7.3 an increase of 91.8% from EURm 3.8 in Q2 2020, corresponding to an adjusted EBITDA margin of 18.4%, up from 14.8%.


  • In Q2 2021, Trifork Inspire revenue decreased by 33.1% from EURm 0.6 to EURm 0.4.
  • Trifork Build recorded a revenue increase of 65.8% to EURm 30.6, from EURm 18.5, therereof 23.7% organic and an adjusted EBITDA margin of 17.9%.
  • Trifork Run recorded a revenue increase of 33.4%, entirely organic, to EURm 8.8, corresponding to an adjusted EBITDA margin of 23.5%.

Adjusted EBIT

  • Trifork Group adjusted EBIT for Q2 2021 was EURm 3.9, up from EURm 1.5 reflecting a 9.9% adjusted EBIT margin.


  • Trifork Group EBIT for Q2 2021 was EURm 3.9, up from EURm 1.5 reflecting a 9.7% EBIT margin.

Trifork Labs

  • Positive fair value adjustment on Trifork Labs investments amounted to EURm 1.0 in Q2 2021, compared to EURm 0.9 in Q2 2020.

Net Income

  • Trifork Group Q2 2021 net income amounted to EURm 3.7, up from EURm 1.4 in Q2 2020.

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.