Trifork posts €61 million in third-quarter revenue and raises 2026 forecast floor
Key Facts
Trifork reported revenue of €61.0 million in the third quarter of 2026, up 24% from the same period in 2025, while organic growth reached 28%, according to its interim report published on October 30. The company said organic growth was 6% when adjusted for the timing of hardware sales, highlighting the effect of those sales on reported revenue growth. Adjusted earnings before interest, taxes, depreciation and amortization were €10.4 million, up 40% year on year. The margin on those earnings rose to 17% from 15% in the third quarter of 2025. The improvement in profitability accompanied mixed performance across the Products and Services segments and revised ranges for full-year financial guidance.
Products was the main driver of revenue, with sales up 76% to €27.7 million. Organic growth was 96%, but fell to 25% after adjusting for the effect of hardware, the company said. By contrast, the segment's adjusted earnings before interest, taxes, depreciation and amortization margin declined to 23% from 27% a year earlier. Services revenue fell 1% to €33.3 million, all of it organic. Despite the revenue decline, the segment's adjusted earnings margin rose to 16% from 14% in the corresponding quarter of 2025.
The company linked Products growth to the products themselves and execution with public-sector customers, and said hosting and operations at its data centers in Denmark were the main driver of growth in the segment. Trifork expects hosting and operations to account for about a quarter of group revenue in fiscal 2026. It added that revenue and earnings from this activity have more than doubled over the past two years. Public-sector customers accounted for 56% of third-quarter revenue, up from 50% in the second quarter of 2026. Chief Executive Jørn Larsen said Products contributed more than half of earnings before interest, taxes, depreciation and amortization over the past twelve months, compared with about a third a year earlier.
Larsen also noted that earnings before interest and taxes rose 73% in the first nine months of 2026, while earnings per share increased 200% over the same period. These figures show an improvement in the company's results over the nine months, alongside a larger contribution from Products to earnings over the past twelve months. But quarterly performance was uneven: strong Products growth came alongside a slight decline in Services revenue and a lower Products margin compared with the corresponding period. The effect of the timing of hardware sales also remained clear in the gap between reported organic revenue growth and growth adjusted for that effect. The company did not say that its annual guidance revision resulted from improved operational efficiency.
Trifork narrowed its 2026 revenue forecast to €235–240 million from €230–240 million previously, raising the lower end while leaving the upper end unchanged. It also raised its expected organic growth range to 9–11% from 7–11%. By contrast, the company lowered the upper end of its adjusted earnings before interest, taxes, depreciation and amortization forecast to €37 million, putting the range at €35–37 million instead of €35–40 million. The expected margin range fell to 15–16% from 15–17%. The update therefore combines a higher floor for revenue and organic growth forecasts with lower ceilings for earnings and margin.
The company announced a special distribution of 3.00 Danish kroner per share, saying the partial divestment of LabsX investment assets to Verdane made the distribution possible. It is scheduled to be paid on November 2, 2026. Trifork also scheduled its third-quarter results presentation and question-and-answer session for October 30, 2026, at 11:00 Central European Time. It also announced a Capital Markets Day in Copenhagen on December 11, 2026. These are the next dates the company announced for shareholders following the quarterly results and annual guidance update.