Q2 2026 Trifork Group AG Earnings Call

August 17, 2026

Speaker #1: It's for 2026. My name is Felix Svanholm, Group Investment Director at Trifork. Today, our group management team will be providing a presentation of approximately 30 minutes, followed by a Q&A.

Frederik Svanholm: for 2026. My name is Frederik Svanholm, Group Investment Director at Trifork. Today, our group management team will be providing a presentation of approximately 30 minutes, followed by a Q&A. We got 1 hour in total. Before we start, a bit of practical information. I would like to inform you that this presentation is recorded and will be made available in its full length on our IR webpage later today. Second, I would like to inform you that if you want to download the slides for today's call, you will be able to find them on the front page of the website. Third, we invite you to ask questions and engage with management after the presentation. Before we get started, we have to present this disclaimer to you. Okay, let's jump to the presentation and I will hand over to Group CEO, Jørn Larsen. Jørn, please go ahead.

Frederik Svanholm: For 2026. My name is Frederik Svanholm, Group Investment Director at Trifork. Today, our group management team will be providing a presentation of approximately 30 minutes, followed by a Q&A. We got 1 hour in total. Before we start, a bit of practical information. I would like to inform you that this presentation is recorded and will be made available in its full length on our IR webpage later today. Second, I would like to inform you that if you want to download the slides for today's call, you will be able to find them on the front page of the website. Third, we invite you to ask questions and engage with management after the presentation. Before we get started, we have to present this disclaimer to you. Okay, let's jump to the presentation and I will hand over to Group CEO, Jørn Larsen. Jørn, please go ahead.

Speaker #1: We have one hour in total. Before we start, a bit of practical information: I would like to inform you that this presentation is being recorded and will be made available in its full length on our IR web page later today.

Speaker #1: Second, I would like to inform you that if you want to download the slides for today's call, you'll be able to find them on the front page of the website.

Speaker #1: Third, we invite you to ask questions and engage with management after the presentation. Before we get started, we have to present this disclaimer to you.

Speaker #1: Okay, let's jump to the presentation, and I'll hand over to Group CEO Jorn Larsen. Jorn, please go ahead.

Jørn Larsen: Thank you, everyone. Thank you, Frederik. I am actually very happy about what we announced this morning. We are looking forward to take you through the highlights of our Q2, and also what we can say about the near future. First of all, we are back into double-digit organic growth. It is still a modest double-digit organic growth. I believe we can do better. If you remember what I have been saying the past quarters about that we have an underlying growth of things we want to focus on, because of the large changes and disruptions globally, there are also things that we have abandoned doing business in.

Speaker #2: Thank you, everyone. Thank you, Frederik. I'm actually very happy about what we announced this morning, and we are looking forward to taking you through the highlights of our Q2, as well as what we can say about the near future.

Speaker #2: So, first of all, we are back into double-digit organic growth. It's still a modest double-digit organic growth. I believe we can do better. And if you remember what I've been saying the past quarters, about that we have an underlying growth of things we want to focus on.

Speaker #2: But because of the large changes and disruptions globally, there are also things that we have abandoned doing business in. And as you can see, and have followed over the past quarters, we have maintained growth.

Jørn Larsen: As you can see and have followed over the past quarters, we have maintained growth. We believe that once we are finished removing the parts that we do not want to continue doing business on, then we will see higher organic growth. At this point in time, I see a lot of market opportunities for Trifork in public. Public in Denmark, in Canada, in Spain, in Switzerland, some of our main markets. Of course, we need to be set up for this, and we need to have the right organization to execute on it. I see a lot at the same time, a lot of market possibilities for private sector. I do not want you to overanalyze public/private growth or not, because first of all, Trifork is an organization of people and now also agents. We welcome all our AI agents to the company.

Speaker #2: And we believe that once we are finished removing the parts that we don't want to continue doing business on, then we will see higher organic growth.

Speaker #2: Because at this point in time, I see a lot of market opportunities for Trifork in public—public in Denmark, in Canada, in Spain, in Switzerland.

Speaker #2: Some of our main markets. But of course, we need to be set up for this, and we need to have the right organization to execute on it.

Speaker #2: I see a lot, at the same time, a lot of market possibilities for the private sector. So I don't want you to overanalyze public versus private growth or not.

Speaker #2: Because, first of all, Trifork is an organization of people—and now also agents. We welcome all our AI agents to the company. But first and foremost, it’s the people we have.

Jørn Larsen: First and foremost, the people we have, we cannot just change them from 1 day to the next. If they are in 1 quarter, very focused on public, and we see also opportunities on private, then we need to grow that organization, the AI organization, and the real people organization to take advantage of it. It is not like a switch you can push. That is the intro remarks. What you see here in the first box is that I am very happy to see that our growth in products is maintaining. We are still at the very beginning of having a substantial product business at Trifork. We have a number of very promising products. Products we have been able to build because of our customers have been willing to co-innovate with us, but also because of AI, that now we can build IP and products faster.

Speaker #2: We cannot just change them from one day to the next. So, if they are in one quarter very focused on public, and we also see opportunities on private, then we need to grow that organization—the AI organization and the real people organization—to take advantage of it.

Speaker #2: It's not like a switch you can push. So, those are the intro remarks. What you see here in the first box is that I'm very happy to see that our growth in products is maintaining.

Speaker #2: We are still at the very beginning of having a substantial product business at Trifork. We have a number of very promising products—products we have been able to build because our customers have been willing to co-innovate with us.

Speaker #2: But also because of AI. Now we can build IP and products faster, but you can only build the right products if you know what those products should do for the world.

Jørn Larsen: But you can only build the right products if you know what those products should do for the world. Also, for the past quarters, we have seen a strong momentum in Serenity that Europe, Canada, Australia, other places want to take more control. They see that we cannot just leave all our data in the hybrid cloud, in the cloud outside our control. There is also demand for a lot of new data because AI needs data. So we also see a net growth in data globally. A lot of that new data will be situated in Europe and in our managed service centers. So operation shows good traction, and I believe it will continue to do for the next quarters.

Speaker #2: Also, for the past quarters, we have seen a strong momentum in serenity. Europe, Canada, Australia, and other places want to take more control. They see that we cannot just leave all our data in the hypercloud— in the cloud outside our control.

Speaker #2: But there is also demand for a lot of new data, because AI needs data. So we also see a net growth in data globally.

Speaker #2: And a lot of that new data will be saturated in Europe and in our managed service centers. So, operations show good traction, and I believe it will continue to do so for the next quarters.

Speaker #2: Then we have, on top of, you can say, the hardware, the infrastructure. We have CoreX Data, we have CoreX AI. But we also have AI in all our products.

Jørn Larsen: Then we have on top of, you can say the hardware, the infrastructure, we have Corax Data, we have Corax AI, but we also have AI in all our products, such as our Trifork Health Platform and other products. So really strong message for our product, but still early days. Then we saw in Q2 a strong pull in public sector, and especially in Denmark. We have a good track record for winning the things we believe we can win, so we also have to be careful not to waste resources, because that has a cost effect on P&L. So we choose very carefully what we bid on, and we win a lot of the ones we bid on.

Speaker #2: Such as our Trifork Health platforms and other products. So, really strong message for our product, but still early days. Then we saw in Q2 a strong pull in the public sector.

Speaker #2: And especially in Denmark, we have a good track record for winning the things we believe we can win. So we also have to be careful not to waste resources.

Speaker #2: Because that has a cost effect on P&L, we choose very carefully what we bid on. And we bid on, and we win, a lot of the ones we bid on.

Speaker #2: And, as you probably know, Denmark is still a large part of our market. And there was actually a period where we didn't have a government.

Jørn Larsen: So Denmark is still a large part of our market, and there was actually a period where we didn't have a government, and where there were election and uncertainty, and where the government and the agencies couldn't really put out tenders. So I'm even more happy that we actually were able to win business in that quarter that was quite challenged with these things. Now, we also see that we have been able to improve our earnings since last quarter, or since Q2 last year, and we believe there is still a good potential. So when we get more scale in products, we also improve margins. As I said, there are still areas of business that we don't want to be in anymore, and there are still some trailing costs there, but Kristian will talk more about that.

Speaker #2: And where there were elections, and uncertainty, and where the government and the agencies couldn't really put out tenders. So I'm even more happy that we actually were able to win business in that quarter that was quite challenged with these things.

Speaker #2: Now, we also see that we have been able to improve our earnings since last quarter, or since the second quarter last year. And we believe there is still good potential.

Speaker #2: So, when we get more scale in products, we also improve margins. And as I said, there are still areas of the business that we don't want to be in anymore.

Speaker #2: And there are still some trailing costs there, but Christian will talk more about that. I would also say that you shouldn't expect Trifork to be half in size in people just because we have AI.

Jørn Larsen: And I would also say that you shouldn't expect Trifork to be half in size in people just because we have AI. We'd rather grow and accelerate our revenues. Because you cannot just send an agent to be an AI consultant at one of our customers and helping them to adopt AI. That need to be highly skilled people, architects, and business developers, and people who really know about technology and business. So, over the next one or two, three years, I still see Trifork grow, but we should grow revenue faster than amount of people, of course. We have been very thoughtful about capital allocation, so we have committed to our share buyback program that is going at full speed. We cannot deploy more under the rules and regulations that we are in than we do now.

Speaker #2: We'd rather grow and accelerate our revenues, because you cannot just send an agent to be an AI consultant at one of our customers and help them to adopt AI.

Speaker #2: Those need to be highly skilled people—architects, business developers, and people who really know about technology and business. So, over the next one, two, or three years, I still see Trifork growing, but we should grow revenue faster than the number of people, of course.

Speaker #2: We have been very thoughtful about capital allocation. So, we have committed to our share buyback program that is going at full speed. We cannot deploy more under the rules and regulations that we are in than we do now.

Speaker #2: So that's also why we have decided to pay out a dividend of three Danish kroner per share from the proceeds of the Vedane deal.

Jørn Larsen: So that is also why we have decided to pay out a dividend of 3 DKK per share from the proceeds on the Verdane deal. Let us move on. Having said all this, here you see in the context of the former years. As Kristian will go into detail about, I know that some of you are concerned about will we make our guidance for profit and EBITDA this year. But we believe that we are on a good track to do so with the information we have now. As you can see, it is actually the first time in a long time we have been, you can say, almost ahead in regards to revenue. So there we are underlying ahead if we compare to H1 the past five years, and I have been looking at those numbers.

Speaker #2: Okay, let's move on. So, having said all this, here you see it in the context of the former years. As Christian will go into detail about, I know that some of you are concerned about whether we will make our guidance for profit.

Speaker #2: And EBITDA this year, but we believe that we are on a good track to do so with the information we have now. And as you can see, it's actually the first time in a long time we have been, you could say, almost ahead in regards to revenue.

Speaker #2: So there we are, underlying, ahead if we compare to '21, the past five years. And I've been looking at those numbers. And for EBITDA, it looks more normal.

Jørn Larsen: For EBITDA, it looks more normal, but we still believe that there is more to do in regards of profitability for the future, hence my comments on the earlier slide. Let us move on. We are still on the bigger picture, our plan on transforming Trifork to become a product-led company. What we are doing now is to really doubling down on the industries and sectors we are betting on. We believe more than ever that having deep domain knowledge and working very close with our customers, that we co-innovate with them. We build products that they really need, and we build them faster than ever before. But we also need to strengthen our leadership. So that is also an explanation for the potential in profitability gain. We are still investing in business development and leadership.

Speaker #2: But we still believe that there is more to do in regards to profitability for the future. Hence my comments on the earlier slide. Let's move on.

Speaker #2: So we are still on the bigger picture—our plan on transforming Trifork to become a product-led company. And what we're doing now is really doubling down on the industries and sectors we are betting on.

Speaker #2: We believe, more than ever, that having deep domain knowledge and working very closely with our customers allows us to co-innovate with them. We build products that they really need, and we build them faster than ever before.

Speaker #2: But we also need to strengthen our leadership, so that is also an explanation for the potential in profitability gain. We're still investing in business development and leadership.

Speaker #2: Because it's not something you do from one day to the other. And we need scale of business before you can really see it on the profit line.

Jørn Larsen: This is not something you do from one day to the other, and we need scale of business before you can really see it on the profit line. Going a little bit further ahead, we like to be more active on M&A in the future. We are monitoring the market. We believe that the prices are more fair now than they were five years ago. But we also need to make sure that what we build on to our company is really high quality and we get the value of it. Let us move on. This is the page where we try to tell the story of where we focus. We have been talking about many times before, digital health, financial services, public, aviation, and energy. We are doubling down on strengthening the leadership, but also the separation between the other sectors for our company.

Speaker #2: Going a little bit further ahead, we would like to be more active on M&A. In the future, we are monitoring the market. We believe that the prices are more fair now than they were.

Speaker #2: Like five years ago. But we also need to make sure that what we bolt onto our company is really high quality, and that we get the value from it.

Speaker #2: Let's move on. This is the page where we try to tell the story of where we focus. As we've discussed many times before...

Speaker #2: Digital health, financial services, public aviation, and energy. We are doubling down on strengthening the leadership, but also the separation between the other sectors for our company.

Speaker #2: So, we believe—I believe strongly—that by separating the business of digital health and financial services even more, we can scale faster. Because then, there is less organization to synchronize on.

Jørn Larsen: We believe, I believe strongly, that by separating the business of digital health and financial service even more, we can scale faster because then there is less organization to synchronize on, and small organization can grow faster than bigger one. So we are taking this gear of using the things we know work for organizational growth. On the right side, you can see how we are positioned for the AI agenda, and maybe two, three quarters ago, I was a little in doubt of where AI would take us. Because back then it was, "Oh, if you do software, you do not have a business in the future." But right now, I see a clear path that for us to help our customers to use AI, there is a lot of work that come our way at the moment.

Speaker #2: And small organizations can grow faster than bigger ones. So we are taking this gear of using the things we know work for organizational growth.

Speaker #2: On the right side, you can see how we are positioned for the AI agenda. And maybe two or three quarters ago, I was a little in doubt of where AI would take us.

Speaker #2: Because back then it was, oh, if you do software, you won't have a business in the future. But right now, I see a clear path that for us to help our customers use AI, there is a lot of work coming our way at the moment.

Speaker #2: So, we can see that as our brand is growing, more and more larger companies and organizations want our help to guide them through the AI world.

Jørn Larsen: We can see that as our brand is growing, then more and more larger companies and organizations want our help to guide them through the AI world and to harvest the business value from AI. It is without question that most people in the world who work in a company, that they are using AI on a personal level. We have a case story coming up that Charmaine will talk about, is where we use AI in core processes for customers. Those kind of solutions take a little while to build in the right way. You see security regulations, user adoption, organizing data, reliable networks, cost management, conceptual learning, trusted integration, scalable infrastructure. All of these things are, that is the craftsmanship of Trifork. That is in our DNA, and we take that responsibility for putting all these things in place.

Speaker #2: And to harvest the business value from AI. It's without question that most people in the world who work in a company are using AI on a personal level.

Speaker #2: But we have a case story coming up that Jermaine will talk about, which is why we use AI in core processes for customers. And those kinds of solutions take a little while to build in the right way.

Speaker #2: And you see security regulations, user adoption, organizing data, reliable networks, cost management, contextual learning, trusted integration, scalable infrastructure—all of these things. That's the craftsmanship of Trifork.

Speaker #2: That's in our DNA, and we take that responsibility for putting all these things in place. And this we see really as the beginning of now.

Jørn Larsen: This we see really the beginning of now, and we see a strong market for this. Let us move on.

Speaker #2: And we see a strong market for this. Let's move on. The floor is over to you, Jermaine.

Frederik Svanholm: The floor over to you, Charmaine.

Speaker #1: Thank you, Jorn. So, as Jorn said, that's the layer where Trifork works in. Now what I'll do is show you what it looked like within the quarter.

Charmaine Carmichael: Thank you, Jorn. As Jorn said, that is the layer where Trifork works in. Now what I will do is show you what it looked like within the quarter. Both segments gain differently. In products, we are growing towards half of group revenue, as we have previously stated, and the engineering capacity to do that is already in place. That is why our incremental product revenue converts to margin. In services, agentic delivery is invoiced rather than discounted, and bundling AI services with products is where the true pricing power sits. The organization is weighted towards senior consultants with business process expertise who truly understand the client's environment. That is deliberate. You will see the cost of it this quarter before you see the benefit. Next slide, please. We see three drivers and all three carry into the H2 of this year: cloud operations, data sovereignty, and security.

Speaker #1: So both segments are growing differently. In Products, we are progressing towards half of group revenue, as we have previously stated. And the engineering capacity to do that is already in place.

Speaker #1: That is why our incremental product revenue converts to margin. In services, agentic delivery is invoiced rather than discounted. And bundling AI services with products is where the true pricing power sits.

Speaker #1: The organization is weighted towards senior consultants with business process expertise who truly understand the client's environment. That is deliberate. And you will see the cost of this quarter before you see the benefit.

Speaker #1: Next slide, please. We see three drivers, and all three carry into the second half of this year: cloud operations, data sovereignty, and security. Camstroke was extended with Netic for a further three years in this quarter.

Charmaine Carmichael: Kamstrup extended with Netic for a further three years in this quarter and taking that relationship to six years minimum. We see increasing enterprise AI adoption, and we have two examples there that we mention, Swiss and NewCredit. Public sector efficiency. Here we have highlighted three key examples. These are not three separate bets. Sovereignty, AI, public modernization are the same conversation in most of our customer rooms. Next slide, please. As Jorn mentioned, we do have one case study I would like to highlight, and the point about NewCredit is the constraint. There was a hard migration deadline from the Spar Nord merger, but we did not start from scratch. With &Money, who we partnered with, we built the credit rule engine as a modular add-on to the Engage platform that NewCredit already ran on.

Speaker #1: And taking that relationship to a six-year minimum, we see increasing enterprise AI adoption, and we have two examples there that we mentioned: Swiss and New Credit.

Speaker #1: And public sector efficiency. Here, we have highlighted three key examples. These are not three separate bets. Sovereignty, AI, and public modernization are the same conversation in most of our customer rooms.

Speaker #1: Next slide, please. As Jorn mentioned, we do have one case study I would like to highlight. And the point about New Credit is the constraint.

Speaker #1: There was a hard migration deadline from the Spar merger. But we did not start from scratch. With time and money, and with the partners we worked with, we built the credit rule engine as a modular add-on to the Engage platform that New Credit already ran on.

Speaker #1: Ninety-five percent of the functionality was delivered quickly, a month ahead of the deadline. Over 1,000 advisors have already been onboarded. We have satisfaction ratings of at least four out of five.

Charmaine Carmichael: 95% of the functionality was delivered fast, a month ahead of that deadline. Over 1,000 advisors have already been onboarded. We have satisfaction ratings of at least four out of five, and Corax provides the AI-assisted layer on top. That is where the growth comes from. Kristian will now take you through what it did to the numbers. Over to you, Kristian.

Speaker #1: And Corex provides the AI-assisted layer on top. So that is where the growth comes from. Kristian will now take you through what it did to the numbers.

Speaker #1: Over to you, Christian.

Speaker #3: Thank you, Jermaine. Yeah, so I'll deep dive a little bit more into the results. Jorn already mentioned the organic growth. A detail here is that what was deconsolidated in relation to '25 was the business unit Trifork Security.

Kristian Wulf-Andersen: Thank you, Charmaine. Yeah, so I will deep dive a little bit more into the results. Jorn already mentioned the organic growth. Detail here is that what was deconsolidated in relation to 2025 was the business unit Trifork Security, which roughly for the full year was €5.4 million in 2025. So that is what you have to take into consideration, is how this pan out quarter by quarter when we report this in relation to organic growth. All organic growth, excluding hardware, there 11%. Hardware in H1 2026 was just short of 6 million compared to a higher number in 2025. Overall for the year, 2025 showed just about 14 million in revenue, and we expect to exceed that in H2, which I will talk into a little more later.

Speaker #3: Which, roughly for the full year, was €5.4 million in '25. So that's what you have to take into consideration—how this pans out quarter by quarter when we report this in relation to organic growth.

Speaker #3: So, all organic growth, excluding hardware, was 11%. Hardware in the first half of '26 was just short of 6 million, compared to a higher number in '25.

Speaker #3: Overall for the year, '25 showed just about $14 million in revenue. And we expected to see that in the second half of the year, which I will talk about a little more later.

Speaker #3: We saw, quarter by quarter, an increase of 1.4% in the adjusted EBITDA margin. But I will go into more detail in the different segments in a minute.

Kristian Wulf-Andersen: All we saw is quarter by quarter an increase of 1.4 percentage point in the adjusted EBITDA margin, but I will go more into these also in the different segments in a minute. Overall, we are still satisfied with the operational cash conversion of 90%, and we are in a good position in relation to the balance sheet with a 1.1x net debt to adjusted EBITDA. Looking more into the segments, we see into products and services. As I just talked about with the organic, inorganic and hardware impact, you see an underlying 23% organic growth. As the hardware revenue is expected to end the year on top, you could say, of the 2025 hardware revenue, then this is a good underlying growth.

Speaker #3: Overall, we're still satisfied with the operational cash conversion of 90%, and we are in a good position in relation to the balance sheet with 1.1x net debt to adjusted EBITDA.

Speaker #3: Looking more into the segments, we see into products and services. As I just talked about with the organic, inorganic, and hardware impact, you see an underlying 23% organic growth.

Speaker #3: And as the hardware revenue is expected to end the year on top, you could say, of the $25 million hardware revenue, then this is a good underlying growth.

Speaker #3: In the services business, we saw the past quarters to show at first the decline in relation to the previous years and then stabilizing and now we are back in growth mode in relation to services.

Kristian Wulf-Andersen: In the services business, we saw the past course to show at first a decline in relation to the previous years and then stabilizing, and now we are back in growth mode in relation to services. This is also a good development overall. The margins, as said, was increasing quarter by quarter. Overall, we saw this 21% increase compared to 2025. What is maybe interesting here is that products now generate more than half of the group EBITDA. Here we see now that it is for the quarter, it is 53%, and last 12 months, 50% in relation to contribution to EBITDA. Even if we still see that products is less than half, so 37% in the quarter and 34% LTM. The movement towards the product-based revenue for us is seen as a, you could say, a resilience.

Speaker #3: So this is also a good development overall. The margins, as said, have been increasing quarter by quarter. And overall, we saw this 21% increase compared to last year.

Speaker #3: What is maybe interesting here is that products now generate more than half of the group EBITDA. So here we see now that for the quarter, it's 53%, and for the last 12 months, 50%, in relation to contribution to EBITDA.

Speaker #3: Even if we still see that products is less than half, so 37% in the quarter and 34% LTM. So the movement towards the product based revenue for us is seen as a, you could say, a resilience it's a good development.

Kristian Wulf-Andersen: It is a good development and we see that to be stabilized quarter by quarter. All public private. You see here the fluctuations in the past course. As Jorn talked into, then this can fluctuate, but right now we do see a good potential also in the near future in relation to development in the public sector. Looking into a little more details, we here see the margins quarter by quarter, both in products and in services, and the rolling four quarters EBITDA margins. Quarter by quarter, we did see in products that now we are at just about the 21% in margin, and see this overall LTM a very good development, which we also believe will continue when the products mature, as Jorn talked into. In the services business, we came from having, you would say, declining margins.

Speaker #3: And we see that to be stabilized quarter by quarter. Overall, public and private—you see here the fluctuations in the past quarters, and as Jorn talked into, then this can fluctuate. But right now, we do see a good potential also in the near future in relation to developments in the public sector.

Speaker #3: Looking into a little more detail, we see here the margins quarter by quarter, both in Products and in Services, as well as the rolling four quarters' EBITDA margins.

Speaker #3: So, quarter by quarter, we did see in Products that now we are at just about 21% in margin. And we see this overall LTM as a very good development, which we also believe will continue when the products mature, as Jorn talked about.

Speaker #3: In the Services business, we came from having declining margins, turned around the business, and now we see improving margins in the LTM. This is also what we expect to see—that quarter by quarter, margins are usually higher in the second half.

Kristian Wulf-Andersen: We turned around in the business, and now we see improving margins in the LTM. This is also what we expect to see that the quarter by quarter margins is usually higher in the H2, and this is also what we expect in the H2 of 2026. I would like to talk a little bit more into the portfolio agreement that we published in relation to the Labs business, and tell you a little more details into how that is structured and what kind of partnership that we now have with the Verdane Investment Fund into our Labs companies. What you see here is that we divided our investments into what is strategic investments and what is LabsX. LabsX is to be seen as investments where we are looking into partnering with other partners, could be more into Verdane, it could be others.

Speaker #3: This is also what we expect in the second half of '26. I'd like to talk a little bit more about the portfolio agreement that we published in relation to the Labs business, and tell you a little more detail about how that is structured and what kind of partnership we now have with Vedane as an investment fund into our Labs companies.

Speaker #3: What you see here is that we divided our investments into what is strategic investments and what is Labs X. Labs X is to be seen as investments where we're looking into partnering with other partners—it could be more into Vedane or could be others.

Speaker #3: And then it's also to see where we see potential exits when the companies mature and it makes sense to make an exit. Right now, here in the first agreement we made with Vedane was for four companies.

Kristian Wulf-Andersen: It is also to see where we see potential exits when the company is mature and it makes sense to make an exit. Right now here in the first agreement we made with Verdane was four companies: Axonic, DONG Energy, Premier, and XCI. The deal was structured in a way so that we did a full sale of XCI and a partial sale of the other three investments. But it is all done in a partnership, so meaning that the development in those companies, Trifork will still be impacted at positive developments in these companies, and I will come into a little more details. All you see here, Q2 book value was DKK 80 million. Out of the DKK 80 million, DKK 23 million was then allocated into this deal. This was a little bit above book value, and satisfying in relation to this deal with the future potential upsides.

Speaker #3: So, Exonic, Dawn, Premeo, and NXCI—the deal was structured in a way so that we did a full sale of XCI and a partial sale of the other three investments.

Speaker #3: But it’s all done in a partnership. So, meaning that the development in those companies—private—will still be impacted by positive developments in the companies, and I’ll come into a little more detail.

Speaker #3: All you see here: Q2 book value was $80 million. Out of the $80 million, $23 million was then allocated into this deal. This was a little bit about book value.

Speaker #3: And satisfying in relation to this deal with the future potential upsides. What you have remaining after the deal is book value in Labs X of $44 million.

Kristian Wulf-Andersen: What we have remaining after the deal is book value in LabsX of 44 million and strategic investments of 13 million. I already talked into, so this is more for you to study more into the details. This is to say that we do see Verdane as a partner. We do see Verdane as a partner to enter into potentially some of the investments we already have, and also to potentially continue investments into the portfolio that we have agreed on, but also other companies. What does that mean to our balance sheet? Overall, what we see here now is that H1 2026 is more or less net realized gain, no impact. But the impact of this deal is then set performer here so that you have those details. This is a 23 million impact in relation to realized gains.

Speaker #3: And strategic investments of €13 million I already talked about. So this is more for you to study in more detail. But it’s to say that we do see Vedane as a partner—we do see Vedane as a partner to enter into potentially some of the investments you already have.

Speaker #3: And also to potentially continue investments into the portfolio that we have agreed on, but also other companies. What does that mean to our balance sheet?

Speaker #3: So overall, what we see here now is that six month '26 is more or less net realized gain—no impact. But the impact of this deal is then set pro forma here.

Speaker #3: So that you have those details. It's a $23 million impact in relation to realized gains. On the balance sheet here, you also see that in Q2 26 you have this distribution with unrealized gain of $56 million and the investor cash of $24 million.

Kristian Wulf-Andersen: On the balance sheet here, you also see that Q2 2026 had this distribution with unrealized gain of 56 and the investor cash of 24. Investor cash stays more or less in the same as the initial investments we did in cash in the investments that are included in portfolio was very small. So the impact will be on unrealized gains, but then is converted into realized gains in Q3. Once again here, you see the leverage ratio of the 1.1 I talked about in Q2, and the impact in relation from this investment deal, in Q3. Based on this, as Jørn also initially stated, we decided to propose a dividend of 3 DKK per share, which is proposed to be paid out after completion. Overall here, we see that the Labs proceeds are reinvested into the core Trifork.

Speaker #3: Investor cash remains more or less the same as the initial investments we made, since the cash in the investments that are included in the portfolio was very small.

Speaker #3: So the impact will be on unrealized gains, which are then converted into realized gains in Q3. Once again, here you see the leverage ratio of 1.1 that I talked about in Q2, and the impact in relation to this investment deal.

Speaker #3: In Q3, based on this, as Jorn also initially stated, we decided to propose a dividend of 3 DKK per share, which is proposed to be paid out after completion.

Speaker #3: Overall, here we see that the Lab’s proceeds are reinvested into the core Tripod. This also goes for the assets—the companies which are not part of the deal, but where we make future exits. So, this is the same strategy as we've shown before, but here reiterated in relation to what we want to do in the coming years.

Kristian Wulf-Andersen: This also goes for the assets, the companies which are not part of the deal, but where we make future exits. So this is the same strategy as we've shown before, but here reiterated into relation to what we want to do in the coming years. So what you see here is that just about 8 million from the Verdane transaction will go into organic growth, net debt management, and majority acquisitions. Whereas the other half of the first 60 million received will go to dividends as we already are buying all what we can in our current share buyback programs. This was all for me, so now we go to questions.

Speaker #3: So what you see here is that just about €8 million from the Vedane transaction will go into organic growth, net debt management, and majority acquisitions, whereas the other half of the first €16 million received will go to dividends, as we already are buying all that we can in our current share buyback programs.

Speaker #3: That was all from me. So now we go to questions.

Speaker #1: Thank you, Christian. I will ask everyone to please limit yourselves to two questions and then get back in the queue. That way, hopefully, everyone gets a chance to ask their questions.

Frederik Svanholm: Thank you, Kristian. I will ask everyone to please limit yourself to two questions and then get back in the queue. That way hopefully everyone gets a chance to ask their questions. To ask a question, please follow the instructions shown here on the slide. We have a raised hand from Wei Xu from SEB. Wei, please go ahead.

Speaker #1: And to ask a question, please follow the instructions shown here on the slide. We have a raised hand from Wei Su from SEB. Wei, please go ahead.

Wei Xu: Hi. Good morning. Thank you for taking my question. I hand over to you. Firstly, looking at your cash flow, I realize there is a big CapEx spending at the moment due to the data center expansion. Could you please give a bit of guidance on what type of capacity do you have, or how much will we expand? I recall that based on our previous dialogue, I understand a lot of those data hosting capacity is funded by your customers. But now we see a big spending by yourself. So what is my misunderstanding here? Should we expect more sort of refund from your customers, or why now you are starting to invest massively in the data center? I will do next question later.

Speaker #2: Hi, good morning. Thank you for taking my question. I kept waiting too. Firstly, looking at your cash flow, I realized there's a big CapEx spending at the moment due to the data center expansion.

Speaker #2: Could you please give a bit of guidance on what type of capacity you have, or how much you expend? I recall that, based on our previous dialogue, I understand that a lot of that data hosting capacity is funded by your customers.

Speaker #2: But now we see big spending by yourselves. So what is my misunderstanding here? Should we expect more sort of refund from your customers, or why do you still need to invest massively in the data center?

Speaker #2: And I'll do the next question later.

Speaker #3: Yeah. Thank you very much, Wei.

Kristian Wulf-Andersen: Thank you very much, Wei Xu.

Jørn Larsen: Kristian, maybe I can start answering and you come with the financial effects. Thank you for the question. First of all, you should not see Trifork as a speculative investor in data centers. Nothing changed there. We only build data centers, which we do at an increasing rate, if they are backed by current or future customer payments under contract. That is like the overall thing that we have said all the time, and I do not think you have misunderstood. Maybe then Kristian can talk to your detail in the question.

Speaker #1: Christian, maybe I can start answering and you can come with the financial effects. So, thank you for the question. First of all, you should not see Trifork as a speculative investor in data centers.

Speaker #1: So there is nothing changed there. We only build data centers, which we do at an increasing rate, if they are backed by current or future customer payments under contract.

Speaker #1: Okay, so that's the overall thing that we have said all the time, and I don't think you have misunderstood. So maybe then Christian can talk to your detail in the question.

Speaker #3: Yes, but that is totally correct. And what is maybe special here in the first half reporting is that we have one agreement where it's in between, you could say.

Kristian Wulf-Andersen: Yes. That is totally correct. What is maybe special here in the H1 reporting is that we have one agreement where it is in between, you could say. So it is in between going into the operational lease, which is directly connected to a new contract. In the just at the core, it stays as you could say, CapEx in our accounting, but this is then moved away in July. But it is just in between here in between quarters. So the strategy is still the same, and as we all said, it is always tied directly into concrete agreements where we have back-to-back with the customer on the agreements so that we can put this into, you could say, the operational hosting and leasing. All for investment like this, we only keep, you could say, CapEx of just about 20% in the current financing model we have.

Speaker #3: So it's in between going into the operational release, which is directly connected to a new contract. So just at the core, it stays as, you could say, CapEx in our accounting, but this is then moved away in July.

Speaker #3: But it's just in between here, in between quarters. So the strategy is still the same, and as Jorn said, it's always tied directly into concrete agreements where we have back-to-back with the customer on the agreements, so that we can put this into, you could say, the operational hosting and leasing.

Speaker #3: So overall, for an investment like this, we only keep, you could say, CapEx of just about 20% in the current financing model we have.

Speaker #2: Okay. And is it the data contract you mentioned something already announced, or is it something that you will be announcing?

Wei Xu: Okay. Is that contract you mentioned something already announced or is something that you will be announcing?

Speaker #3: No. The current one is something that is already announced and is delivered in the second quarter—at least a certain sum of that. So, that’s, you could say, also the reason for the increase in hardware-based revenue in Q2.

Kristian Wulf-Andersen: No. The current one is something that is already announced and is delivered in Q2, at least a certain sum of that. That is, you could say, also the reason for the increase in hardware-based revenue in Q2. You could say there will come more in Q3 and Q4. The exact timing of that, I cannot tell you exactly, but it is, you could say, conditional of hardware delivery, et cetera, but it will be in Q3 or Q4.

Speaker #3: You could say there will come more in Q3 and Q4. The exact timing of that I cannot tell you exactly, but it is, you could say, conditional on hardware delivery, etc.

Speaker #3: But it will be in Q3 or Q4.

Speaker #2: Okay. Thank you, very clear. And then, same question here on the service margin. You seem quite confident about improvement, and you mentioned the cost control, pricing, bundling, and AI.

Wei Xu: Okay. Thank you. Very clear. Then, same question here on the service margin. It seems quite confident about improvement. You mentioned the cost control pricing bound in AI. What confidence do you have in your pricing power? I am a bit curious to know because now the major concern here with the AI is discounting, while you are talking about pricing increase, if I understand correctly. Can you elaborate here?

Speaker #2: I mean, what confidence do you have in your pricing power? I mean, I'm a bit curious to know because now—we, I mean, the major concern here with the AI is discounting, while you are talking about a price increase, if I understand correctly.

Speaker #2: Can you elaborate here?

Jørn Larsen: Yes. Imagine that 5 years ago when we engaged with a customer, we would do time and material development. That means different rates for testers, for designers, for architects. So it is a broad rate card going from, for us, quite low to quite high. What we see now is that the people we are bringing on board now is the people who can guide the customer and where we then can deploy our products and make sure that they get their data aligned across the whole organization. As I mentioned before, today people take individual gain from AI, but we want to help our customers take organizational value from AI. That requires a lot of work with organizing the data, the infrastructure, but also how you then build the models on top of your data, et cetera.

Speaker #1: Yes, so imagine that five years ago, when we engaged with a customer, we would do time and material development. That means different rates for testers, for designers, for, yeah, architects.

Speaker #1: So it's a broad rate card, going from, yeah, for us, quite low to quite high. What we see now is that the people we are bringing on board now are the people who can guide the customer, and where we then can deploy our products and make sure that they get their data aligned across the whole organization. So, as I mentioned before, today people take individual gain from AI, but we want to help our customers take organizational value from AI.

Speaker #1: But that requires a lot of work with organizing the data, the infrastructure, but also how you then build the models on top of your data.

Speaker #1: Etc. And those are, you could say, more senior consultants. If I can also add just one thing on that—what we're increasingly seeing is that clients are not looking to just buy hours; what they're looking to buy is an outcome, particularly if it's in a regulated environment where somebody essentially carries that risk.

Jørn Larsen: Those are, you can say, more senior consultants.

Charmaine Carmichael: If I can also add just one thing on that. What we increasingly see clients are not looking just by hours. What they are looking to buy is an outcome, particularly if it is in a regulated environment where somebody essentially carries that risk. So where we would get some pushback on would be just classic fixed price work, and that is the work we are more selective about. But where we particularly specialize is being able to deliver a successful outcome. So I think that is part of what you see in the confidence we see and the numbers that you do.

Speaker #1: So, where we would get some pushback would be on just classic fixed-price work, and that's the work we're more selective about. But where we particularly specialize is being able to deliver a successful outcome.

Speaker #1: So, I think that is part of why you're seeing the confidence we see, and the numbers that you do.

Speaker #2: Okay, that was clear. Thank you. All right, let’s jump back to the queue.

Frederik Svanholm: Okay. That was clear. Thank you. I will jump back to the queue. QA. We are waiting for the next questions in the queue. Mads Kvisgaard Johansen from DNB. Canadian Mads, please go ahead. Mads, we cannot hear you yet. Make sure that you are unmuted. Okay. I think while Mads might fix his.

Speaker #1: Thank you, Wei. We are waiting for the next questions in the queue. Mass Crisco from DNB, Canadian Mass, please go ahead. Mass, we cannot hear you yet.

Speaker #1: Make sure that you are unmuted. Okay, I think while Mass might fix his... Yeah, okay. Mass, we can hear you now. Please go ahead.

Mads Kvisgaard Johansen: Can you hear me now?

Mads Quistgaard: Can you hear me now?

Frederik Svanholm: Yeah. Okay, Mads, we can hear you now. Please go ahead.

Speaker #2: Technical problems, but thank you for the detailed description on how you use AI, and also for explaining the increased need for maintaining key knowledge internally.

Mads Kvisgaard Johansen: Technical problems. Thank you for the detailed description on how you use AI and also the higher need for domain knowledge internally. I was just thinking if you can elaborate on how you think about the underlying LLM economics in Trifork. In particular, how exposed is this company to token prices as AI user scales? Are you also primarily relying on third-party models such as OpenAI, Anthropic, and the likes? Are you building and fine-tuning your own models? Ultimately, who bears the inference cost? Is it Trifork or is it the customer? Thank you.

Mads Quistgaard: Technical problems. Thank you for the detailed description on how you use AI and also the higher need for domain knowledge internally. I was just thinking if you can elaborate on how you think about the underlying LLM economics in Trifork. In particular, how exposed is this company to token prices as AI user scales? Are you also primarily relying on third-party models such as OpenAI, Anthropic, and the likes? Are you building and fine-tuning your own models? Ultimately, who bears the inference cost? Is it Trifork or is it the customer? Thank you.

Speaker #2: I was just thinking if you can elaborate on how you think about the underlying LLM economics in Trifork. In particular, how exposed is this company to token prices? As AI use scales, are you also primarily relying on third-party models such as OpenAI, Anthropic, and the like, or are you building on, or fine-tuning, your own models? And ultimately, who bears the inference cost—is it Trifork or is it the customer?

Speaker #2: Thank you.

Speaker #1: Okay. Now, that's a lot of stuff you're touching there. Let me start by answering: when we see the most power in AI, as Jermaine touched on, we are now able to build a specific solution for a group of customers you can see upfront and with capped risk before we sell it.

Jørn Larsen: Okay. That's a lot of stuff you're touching there. Let me start with answering. The most power we see in AI is that, as Charmaine touched on, we are now able to build a specific solution to a group of customers, you can see upfront and with capped risks before we sell it. This would be impossible 5 years ago. That's the huge benefit, that you can now build so fast. It doesn't take away the implementation work and implementing the solution at the customer, but it takes away the risk of how much it would take to build it. Before, the customers would hire us, and then we would build it on time and material in a one contract based on a framework agreement and then hours. They still sometimes want to do that.

Speaker #1: And this would have been impossible five years ago, so that's the huge benefit: that you can now build so fast. It doesn't take away the implementation work and implementing the solution at the customer, but it takes away the risk of how much it would take to build it.

Speaker #1: And so before, the customers would hire us, and then we would build it on time and material in one contract, based on a framework agreement, and then ours.

Speaker #1: They still sometimes want to do that, but if we can show quickly enough that they already can see the solution, they would of course rather have that.

Jørn Larsen: But if we can show quick enough that they already can see the solution, they would, of course, rather have that because it's also less risk for them. Okay. Then, if we have time and material engagement, what we have been trying to hinting in this presentation, 90% of all our customers now allow us to use AI. That was not the case 6 months ago. A number of our customers were so unsure about the license terms of, you can say, Claude or Microsoft or whatever big language model for generating code, that they simply said, "Okay, it's better you not use it." But now 90% says, "You can use it." Okay. Bear in mind that those contracts have been signed maybe 1 or 2 or 3 years ago, and they are basically only about time and not material.

Speaker #1: Because it's also less risk for them. Okay. Then if we have time and material engagement—so what we have been hinting at in this presentation—90% of all our customers now allow us to use AI.

Speaker #1: That was not the case six months ago. A number of our customers were so unsure about the license terms of, you can say, Claude or Microsoft or whatever big language model for generating code that they simply said, okay, it's better you not use it.

Speaker #1: But now, 90% says you can use it. Okay. Bear in mind that those contracts have been signed maybe one, two, or three years ago.

Speaker #1: And they are basically only about time, and not material. So it's still early days for us to pass on the token cost in those engagements to the customer. However, all of our customers are very positive that this is the trend, and this is also what we hear from our colleagues: that when and if you work on time and materials, it will be time as in people, and material as in agents or AI tokens.

Jørn Larsen: It is still early days for us to pass on the token cost in those engagements to the customer. However, all of our customers are very positive that this is the trend, and this is also what we hear from our colleagues, that when and if you work on time and materials, it will be time as in people and material as in agents or AI tokens. That is the near future, but not yet 100% realized. Does that make sense?

Speaker #1: So that's the near future, but not yet 100% realized. Does that make sense?

Speaker #2: It does. It does. Thank you.

Mads Kvisgaard Johansen: It does. Thank you.

Mads Quistgaard: It does. Thank you.

Jørn Larsen: Also, the token cost for Trifork is not a huge burden. You cannot put that back to, "Oh, your profitability could be better." Yes, it could be better, but not a lot better because of tokens. It is not a huge burden for us. We see that it is increasing. As it increases, we either want to sell our customers products or build the token to our customers. Because you asked many things, you also asked about, are we using the big models, the foundation models? Yes, we do use foundation models. Are we also using local models and tailor-made models and pre-trained models? Yes, we do. We are working with more and more partners locally in Europe to use local models. Because if you can have a tuned model for a specific business process, you save a lot of money and a lot of tokens.

Speaker #1: But also, the token cost for Trifork is not a huge burden. So you cannot put that back to, "Oh, your profitability could be better."

Speaker #1: Yes, it could be better, but not a lot better because of tokens. It's not a huge burden for us. We see that it's increasing, and as it increases, we either want to sell our customers products or build the tokens for our customers.

Speaker #1: Taking into account you also, because you ask many things. You also asked about whether we are using the big models, the foundation models. Yes, we do use foundation models.

Speaker #1: Are we also using local models and tailor-made models, and pre-trained models? Yes, we do. And we are working with more and more partners locally in Europe to use local models, because if you can have a tuned model for a specific business process, you save a lot of money and a lot of tokens.

Speaker #1: So that's another reason for customers to work with us, because we can save them token costs. We can be smart about how we deploy AI and which model to choose.

Jørn Larsen: That is another reason for customers to work with us, because we can save them token cost, because we can be smart about how we deploy AI and which model to choose. It is both things. We use the big foundation models, and we use thousands of tailor-made models, and we use apps AI as well. You are touching on something big here.

Speaker #1: So it's both things. We use the big foundation models, and we use thousands of tailor-made models. And we use Edge AI as well.

Speaker #1: So you're touching on something big here.

Speaker #2: Perfect. Thank you, Jorn. Thank you for the detailed explanation here; it makes sense. Then maybe just a bookkeeping question, but just to understand the situation in the US—some quarters now with the negative growth. Two years ago, this was the departing star in the company.

Mads Kvisgaard Johansen: Perfect. Thank you, Jorn. Thank you for the detailed explanation here. Makes sense. Then maybe just a bookkeeping question, but just to understand the situation in the US, some quarters now with the negative growth. Two years ago, this was the brighting star in the company. I know it is different today, but maybe just enlightening us on how we should think about the US for the coming quarters.

Mads Quistgaard: Perfect. Thank you, Jorn. Thank you for the detailed explanation here. Makes sense. Then maybe just a bookkeeping question, but just to understand the situation in the US, some quarters now with the negative growth. Two years ago, this was the brighting star in the company. I know it is different today, but maybe just enlightening us on how we should think about the US for the coming quarters.

Speaker #2: I know it's different today, but maybe just enlighten us on how we should think about the US for the coming quarters.

Speaker #1: Yes. So, in North America, which includes the US and Canada, we have seen over the past couple of quarters a shift in business potential and pipeline from the US to Canada.

Jørn Larsen: Yes. North America, which includes US and Canada, we have seen over the past couple of quarters a shift from business potential and pipeline from US to Canada. We also changed leadership. Our new CEO of North America is Canadian, living in Canada. We see especially digital health being a big potential for us in Canada. That is not to say that we are not working with US customers today, and that we will also in the future. We will. We know that this change of management and change a little bit of the focus have cost it on the bottom line and on the growth, but we will be back on track.

Speaker #1: And we also changed leadership. Our new CEO of North America is Canadian, living in Canada, and we see especially digital health being a big potential for us in Canada.

Speaker #1: That's not to say that we are not working with US customers today and that we will also in the future. We will. We know that this change of management and change a little bit of the focus has cost us on the bottom line and on the growth.

Speaker #1: But we will be back on track.

Speaker #3: Maybe just one additional comment is that the team around Spatial was established in the US and led by the US team, and initially, that was all American revenue.

Kristian Wulf-Andersen: Maybe just one additional comment is that the team around Spatial Computing we established in the US and led by the US team, and initially that was all American revenue. Now actually, the interest for Spatial Computing engagements are also increasing in Europe, meaning that some of the revenue that previously was only directed towards US now is actually directed towards Europe. So when you look into, you could say, how our organization works and how you see it on the revenue in the different regions, then it is not always that it means the decline if revenue drops in one region, but maybe it is just moved to another one. So it is because we do deliver global from our teams. That is also, you could say, some of the explanation.

Speaker #3: But now, actually, spatial interest for spatial engagements is also increasing in Europe. Meaning that some of the revenue that previously was only directed towards the US is now actually directed towards Europe.

Speaker #3: So when you look into, you could say, how our organization works and how you see it on the revenue and the different regions, then it's not always that it means a decline if revenue drops in one region. Maybe it's just moved to another one.

Speaker #3: So it is because we do deliver globally from our teams, so that's also, you could say, some of the explanation.

Speaker #2: Makes sense. Thank you so much.

Mads Kvisgaard Johansen: Makes sense. Thank you so much.

Mads Quistgaard: Makes sense. Thank you so much.

Speaker #1: Thank you, Mads. Let's see if there are any other questions. There are no other questions from other people, but Mads is raising his hand, so Mads, please go ahead.

Jørn Larsen: Thank you, Mads. Let's see if there's any other questions. There's no other questions from other people, but Mads is raising his hand. Mads, please go ahead.

Speaker #2: Thank you. Just one more question from my side. Now, we have a very strong cash position, at least in Q3. Can you just remind us of the potential M&A targets?

Mads Kvisgaard Johansen: Thank you. Just one more question from my side. Now we have a very strong cash position, at least in Q3. Can you just remind us on the potential M&A targets? I know you also have a range in terms of employees and also on revenues, but I guess you need probably to do even more work today when you do acquisitions in the world with AI and so on. Is it fair to assume that you will be looking more in the high end of your target ranges in terms of size, people, and revenues? Thank you.

Mads Quistgaard: Thank you. Just one more question from my side. Now we have a very strong cash position, at least in Q3. Can you just remind us on the potential M&A targets? I know you also have a range in terms of employees and also on revenues, but I guess you need probably to do even more work today when you do acquisitions in the world with AI and so on. Is it fair to assume that you will be looking more in the high end of your target ranges in terms of size, people, and revenues? Thank you.

Speaker #2: I know you also have a range in terms of employees and also on revenues, but I guess you probably need to do even more work today when you do acquisitions in the world with AI and so on.

Speaker #2: So, is it fair to assume that you will be looking more at the high end of your target ranges in terms of size, people, and revenues?

Speaker #2: Thank you.

Jørn Larsen: The first comment I want to make is that, yes, we are looking at some potential M&As, but you can also appreciate that our peers are not doing equally well. So is the case with all the smaller companies that normally will be our target group for M&A. We are very careful what we bring in because in all humbleness, I think we have been handling the disruption of the past few years pretty well, whereas others haven't been so lucky. We do not want to invest into something that is a falling knife, and it's not easy to handle all these disruptions. I don't see a lot of potential M&As out there.

Speaker #1: The first comment I want to make is that yes, we are looking at some potential M&As, but you can also appreciate that the peers, from our peers, are not doing equally well.

Speaker #1: So is the case with all the smaller companies that normally will be our target group for M&A. So we are very careful what we bring in because, in all humbleness, I think we have been handling the disruption of the past few years pretty well, whereas others haven't been so lucky.

Speaker #1: And so we do not want to invest into something that is a falling knife. And it's not easy to handle all these disruptions, and I don't see—I don't see a lot of potential M&As out there. I think, for the better part, we will have to figure this out ourselves with organic growth. And when something then happens, then yes, we will also do M&A, but I think the risk has increased for M&A.

Jørn Larsen: I think for the better part, we will have to figure this out ourself with organic growth, and when something then happens, then yes, we will also do M&A, but I think the risk has increased for M&A.

Speaker #2: Makes sense. Thank you Jorn.

Mads Kvisgaard Johansen: Okay. Thank you, Jorn.

Mads Quistgaard: Okay. Thank you, Jorn.

Speaker #1: Thank you, Mads. We are waiting for any other questions. Please raise your hand. There seem to be no further questions at this time, so I believe we can close this session.

Jørn Larsen: Thank you, Mads. We are waiting for any other questions. Please raise your hand. There seems to be no further questions at this time, so I believe we can close this session. Thank you so much for your interest in Trifork. If you want to interact with our CFO, Kristian, in Danish, there will be an opportunity to do so at 1:00 PM today via HC Andersen Capital's webcast, which you can find in our company announcement this morning. Thank you so much, and have a good day.

Speaker #1: Thank you so much for your interest in Trifork. If you want to interact with our CFO, Christian, in Danish, there will be an opportunity to do so at one o'clock today.

Speaker #1: Via HC Andersen Capital's webcast, which you can find in our company announcement this morning. Thank you so much, and have a good day.

Kristian Wulf-Andersen: Thank you.

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Q2 2026 Trifork Group AG Earnings Call

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