Financial Reports

Third quarter 2021 report

Revenue

  • Revenue of Trifork Group (“Trifork”) in the third quarter of 2021 was EURm 36.9, an increase of 41.0% compared to the same period in 2020. Organic growth amounted to 24.5% and was driven by the public sector, Fintech in the UK as well as a general increase in Cyber Protection activity in Build and Run sub-segments, while inorganic growth resulted primarily from the acquisitions of Nine in September 2020 and Vilea in May 2021.

Adjusted EBITDA

  • Trifork segment adjusted EBITDA in Q3 2021 amounted to EURm 6.2, an increase of 36.3% from EURm 4.6 in Q3 2020, corresponding to an adjusted EBITDA margin of 16.9%.

Sub-segments

  • By the end of October 2021, the Inspire sub-segment reached a cumulative 26.8 million views on the GOTO Youtube channel since inception, an increase of 10.0 million views over the last twelve months. In Q3 2021, Trifork sub-segment Inspire revenue increased by 113.9 % from EURm 0.3 to EURm 0.6.
  • Trifork sub-segment Build recorded a revenue increase of 53.5% to EURm 29.8, up from EURm 19.4, thereof 31.4% organic and an adjusted EBITDA margin of 20.9%.
  • Sub-segment Run recorded a revenue increase of 1.5% to EURm 6.4, corresponding to an adjusted EBITDA margin of 22.6%.

Adjusted EBIT

  • Trifork Group adjusted EBIT for Q3 2021 increased by 52.2% from EURm 2.1 to EURm 3.1 reflecting a 8.5% adjusted EBIT margin.

EBIT

  • Trifork Group EBIT for Q3 2021 amounted to EURm 3.1, an increase of of 60.6% from Q3 2020.

Trifork Labs

  • EBT in Trifork Labs amounted to EURm 0.1 in Q3 2021, compared to EURm -0.2 in Q3 2020.

Net Income

  • Trifork Group Q3 2021 net income amounted to EURm 1.8, up from EURm 1.0 in Q3 2020.

Financial results for 2020

Revenue

  • 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.

EBITDA

  • 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.