Trifork Group announces revenue growth of 55% in Q2 and 46%


Company announcement no. 25/2021
Schindellegi, Switzerland – August 24, 2021

Trifork Group – Report for the quarter ending June 30, 2021

Trifork The Group announces a growth in its turnover of 55% in Q2 and 46% in the first half of 2021, reduces the annual forecast in the high end.

Second quarter 2021

  • The turnover of the Trifork group in the second quarter of 2021 amounted to 39.9 million euros, 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 the Trifork Build and Run. sub-segments, while inorganic growth mainly resulted from the acquisition of Nine.
  • Adjusted EBITDA of the Trifork segment in the second quarter of 2021 amounted to 7.3 million euros, an increase of 91.8% compared to 3.8 million euros in the second quarter of 2020, which corresponds to at an adjusted EBITDA margin of 18.4%, compared to 14.8%.
  • At the end of the second quarter of 2021, the Inspire sub-segment reached a cumulative 25 million views on the Youtube channel GOTO since its inception, an increase of over 9 million views since the end of June 2020. In the second quarter of 2021 , Trifork Inspire’s turnover decreased by 33.1%, from 0.6 MEUR to 0.4 MEUR. The Trifork Build sub-segment recorded a revenue increase of 65.8% to EUR 30.6 million, compared to EUR 18.5 million, of which 23.7% organic and an adjusted EBITDA margin of 17.9% , while the Run sub-segment recorded a 33.4% increase in sales, fully organic, to 8.8 million euros, corresponding to an adjusted EBITDA margin of 23.5%.
  • Adjusted EBIT of the Trifork Group for the second quarter of 2021 was 3.9 million euros, compared to 1.5 million euros, reflecting an adjusted EBIT margin of 9.9%.
  • The positive fair value adjustment on Trifork Labs investments amounted to € 1.0 million in the second quarter of 2021, compared to € 0.9 million in the second quarter of 2020.
  • The Trifork Group’s net income in Q2 2021 amounted to € 3.7 million, compared to € 1.4 million in Q2 2020.

First semester 2021

  • The turnover of the Trifork group in the first half of 2021 increased by 46.1% to 79.3 million euros. Organic growth amounted to 17.7%.
  • In H1 2021, the adjusted EBITDA of the Trifork segment amounted to 15.0 million euros, an increase of 86.5% compared to H1 2020 and a corresponding adjusted EBITDA margin of 18.9% , compared to 14.8% in H1 2020. EBITDA was adjusted in H1 2021 by EURm 1.9 linked to the IPO on Nasdaq Copenhagen in May 2021.
  • In the first half of 2021, Trifork Inspire’s revenue decreased by 45.2%, from 1.3 million euros to 0.7 million euros. In the same period, the Build revenue of the Trifork sub-segment amounted to EUR 61.2 million, an increase of 52.3% compared to EUR 40.2 million and a corresponding adjusted EBITDA margin of 22.1%; and first-half Run sub-segment revenue was € 17.3 million, up 36.6%. compared to € 12.7 million in H1 2020, corresponding to an EBITDA margin of 20%.
  • The Trifork Group adjusted EBIT for the first half of 2021 of 8.3 million euros, compared to 3.5 million euros, corresponding to an adjusted EBIT margin of 10.4%.
  • The net profit of the Trifork Group in the first half of 2021 increased to 6.4 million euros compared to 2.9 million euros in the first half of 2020.

“I am delighted with our commercial results, which reflect both strong organic and acquisitive growth in sales and improved profitability. I am grateful to our customers for making this possible by inviting us to help them change their world with software, and to our colleagues for their tremendous efforts to achieve these results in a challenging environment ”, said Jørn Larsen, CEO of Trifork, and continues: “I am happy about our successful IPO on the Nasdaq Copenhagen and look forward to having an inspiring dialogue with our investors and thank them for their confidence in Trifork as a software provider. innovative. I’m also very happy that the audience for our GOTO Youtube videos is growing rapidly and has now reached 25 million views.

Main events in H1 2021

  • In the second quarter, Trifork established Trifork Operation AG in Switzerland and entered into a new hosting agreement with a Tier 4 data center, with the clear strategic intention of offering our existing and new customers “Run” services. in the most modern and secure environment.
  • In the second quarter, Trifork also finalized the acquisition of Vilea, a Swiss-based IT company specializing in the design and delivery of bespoke business mobile applications. Combining Trifork’s ecosystem of technological skills, Vilea’s talented team and its solid reputation in engineering and developing user-centric enterprise applications, the acquisition will further strengthen Trifork’s position in the market. Swiss market.
  • In the second quarter, Trifork Labs continued its active investment strategy and increased its investments in new Fintech startups Kashet, a new first challenger mobile bank in Switzerland, as well as in a joint venture Fintech startup (& Money), co-owned by three mid- sized banks. Trifork plays a central role in the innovation and development process of both companies and the two startups work closely with Trifork’s business units to innovate and improve their products.
  • Neuf, acquired by Trifork in September 2020, has been successfully integrated. Nine reinforced Trifork’s strong position in the Danish public sector and the significant synergies and growth resulting from the acquisition have already materialized.
  • Trifork has launched a new cybersecurity unit with Netic, which is part of the Trifork group, transforming its security business into a new specialized unit called Trifork Security. IBM presented us with its Global Security Excellence Award as the only company in the world in 2021. A sharp increase in threat levels and a corresponding demand for cybersecurity in the market has been a key factor in the establishment.
  • Trifork and Modularbank, a cloud-native core banking solution, have entered into an integration partnership, strengthening the banking and fintech offerings of both companies. Trifork will leverage its extensive experience in building innovative fintech solutions to develop additional functionality to Modularbank’s core banking platform and support financial sector clients throughout the implementation process.

Financial outlook for 2021
Trifork reduces the revenue target for the full year 2021 to 145-150 MEUR from 140-150 MEUR, which includes organic revenue growth of 12.5-15%. The adjusted EBITDA target for the Trifork segment (excluding Trifork Labs and special items) is reduced to € 26.0-28.5 million from € 23.7-28.5 million. The Trifork group’s EBIT target remains unchanged at 12.8-14.8 million euros.

In line with Trifork’s value creation strategy, the opportunity to bring in a new strategic investor in our subsidiary Dawn Health is being assessed. This company is a fast growing business unit with the potential to become a Trifork Labs company. We see an opportunity to accelerate growth even further by injecting additional capital from an outside investor into Dawn Health and focusing on product development. With an external investor, the company will be deconsolidated from the Trifork group and reported as a Trifork Labs company.

The Q2-2021 interim report can be downloaded from the Trifork investor pages at:

Trifork will host a presentation of Q2 2021 results today, August 24 at 10:30 a.m. in a live webcast accessible under the following link:

A recording will be made available on our website. Please visit for more information.

For more information please contact:

Dan Dysli, Head of Investor Relations, +41 79 421 6299

Peter Rørsgaard, Marketing Director of Trifork, +45 2042 2494

On Trifork
Trifork Group, headquartered in Schindellegi, Switzerland, with offices in more than 11 countries in Europe and North America, is an international IT group focused on the development of innovative software solutions. The group was founded in Denmark in 1996 and today has over 900 employees in 57 business units, focusing on three vertical business areas: digital health, FinTech and smart buildings and three horizontal: cloud operations , cyber protection and the intelligent enterprise. Trifork optimizes the activity of its customers by offering efficient and user-friendly digital solutions. As part of its innovation program, Trifork produces technical content in collaboration with hundreds of technical experts from leading universities and startups. With the GOTO brand and its YouTube tech channel, Trifork serves a global tech community of over 240,000 people and with 25 million views since its inception. Trifork’s R&D is anchored in the Trifork Labs, where Trifork co-founded and continuously develops IT start-ups. Startups provide technology that Trifork uses to produce innovative solutions for customers. Find out more at

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