Hello, everyone. I believe we are live now. This is Claus from Konsolidator. I don't know, and this is Jack also on the side. We were supposed to sit together in our office, but because of the snowfall here in Denmark, then we are sitting at home, and we are also trying out some new technologies today. So it's gonna be a little bit interesting how this will fall out. First of all, I cannot see whether everybody is in, but I believe that I will, that we will start slowly. Is that okay, Ida, that I start? Yes, you can start. Thank you. First, we should try to see the presentation that we have prepared for today. I believe you can see that now. Yes. And what Jack and I will talk about today, that's, of course, about our annual report for 2025, which we announced today. And we will also give you a little insight of our expectation of 2026, and including that, also a little bit about our strategy. So, but let me get started. So these are the four topics that we will cover today, or the three topics we will cover today. A little bit on our strategy, the financial review by Jack, and then I will give a little introduction to our metrics and also the outlook for 2026, which we guided on a couple of weeks ago, and we sent out to the market a couple of weeks ago. First, I mean, a lot of things are happening in Konsolidator, which I will also elaborate on. For example, that we have advanced our product offerings, and now, instead of only have a consolidation tool, we have three more. We have a FP&A, we have a data warehouse, and we also have something we call the Hub. So, but what's extremely important for a company like ours is that whenever we launch new product, that we still make, that we stay put to our, you can say, our vision and to what our belief is, in the world of large data volume today, that is that we also must deliver reliable data to our customers. So that is something which is extremely important to us, which sounds obvious, but it's actually not so, so easy. But that is something that we will care a lot about, so our customers can also rely on the data that we provide to them. So, we have four pillars. We presented this new strategy a year ago. We call it resilient growth, and what we are looking at, that is, to expand our product through partners. That's the first pillar, the D365 partners, as Microsoft partners, and also other kinds of partners. That we have done since 2023, and we are continuing on that. And for those of you who are a little bit deeper in our numbers, you can see that we continue to expand this network, and we are also getting a higher and higher volume, higher amount of our customers through the partner channel. That is good for two reasons. First, it's a faster and easier way to expand international, and secondly, it's cheaper for us. Our CAC, customer acquisition cost, will fall, the more customers we get through the partner channel. So that's obvious, something that we are trying to achieve. Second thing, that is, we are a fairly small company, but still, customers, they need and want more and more and more. So whenever we see that there is something which fits our customers and that we could provide, we are looking into whether that is something we believe that we should build ourself, or we should buy, or we should partner up with some strong partners. The first example of that is our FP&A tool, which we decided to have a year and a half ago, but we first spent, like, maybe six months to discuss and to analyze whether we should build it or we should buy some product out there, or we should partner up with someone. We decided to build it ourselves, and we started that journey in May last year and had the first version on the street here in January, where we had the first version to send out. So that's an example of this second pillar, build, buy, and partner. Now, because the FP&A tool is on the market and is so important for us to get out to customers, we have decided that that has to be a pillar in itself. So we have replaced the banking pillar with the predictive forecasting, the FP&A tool. The last pillar, that is, resilience, and that is, this strong operational foundation, where we need to be, stronger, I mean, you can say adapting cost to the growth and also have a cash flow generation, which is a positive. That is, for us, what is the resilient, growth? So these are the four pillars that we will continue to, to, to look at into, 2026. A little bit about the, the, the Konsolidator suite, which we have used before. A year ago, we had only, you can say, one component in the suite, and that was a Konsolidator, and now, a year after, now we have three more. We have an FP&A tool, we have a data management tool, built a data warehouse in Microsoft Fabric, and we also have a reporting platform we call the Hub, which is the platform is the Power BI. So now we have a full suite that we can offer to our customers. The reason why, and you can say the upside for having this suite, that is that first and foremost, we can target much larger customers, much larger groups than we could before. Yeah, as I said before, we have moved from having just one product to now to have four components in the suite. It's out, it's live. The Konsolidator has, of course, been there for many years. The Hub is a Power BI platform, so that will continue to develop, but we have the first version out and presenting to customers. We also have the data warehouse ready for customers, and we also have the FP&A product out on the street. So with these products, we will of course continue to focus on resilient growth. And as I said shortly before, for us, resilient growth, that is to be profitable as we will get into. I mean, we expect to be profitable in 2026, and we will continue to grow profitable. We will also be cash generating. That will also be a mantra for us in the future, that we are able to generate more cash than we spend. And then we will continue to have a strong SaaS metrics, continue to improve on our SaaS metrics. That is what the resilient growth is to us. Yes, and with this, I will swap to Jack. And now I'm getting a little bit nervous because now I'm not 100% sure who will take over the screen, but but let's see. Thank you, Claus. I don't see a slide. I just see a black screen now and my own picture. And I'm not sure if I should be able to see a slide at all, but I'm not- I think you should share, right? Shouldn't you? Should I share? I will share then. Just a second. Can you see it? Not yet. No. Just a second. I will try again. Maybe I'm in... How about now? Yes, but not in presentation mode. Nope. I just want to see it. Be there. Cool. It works. Okay. Does it work? Yes. Wow! Great. Well, I'm gonna present two slides. One where I will focus on our six months, the second half of 2025, and then also for the second slide, a full year slide. On the left-hand side, you can see the numbers from split into the first six months and the second part, six months of 2025 and 2024. If you look at the third line, revenue, it has been increasing all through for each six-month period from since H1 2024, as you can see, going up to DKK 13 million for the last six months of 2025. That is an increase of 26% compared to 2024. We both saw increases in subscription fees and also in onboarding consultancy fees, which was fairly high, 138% increase, which came from, as Claus also said, we have larger customers, meaning the onboarding is getting bigger, and we need to involve more competencies from our part, meaning more hours. And also, as Konsolidator is growing, functionality-wise, we also need to include that in the onboarding. So those are some of the reasons. We also, if you scroll down, further down, there is an EBITDA, earnings before interest, taxes, depreciation, and amortization, which shows DKK 500,000 profit for the last part of 2025. As you can see how it's been increasing since H1 2024, up by more than DKK 5 million, 6 million. Of course, this will also have impact on our cash flow, and looking at the cash flow highlights, the operating activities, which Claus also mentioned in the strategy. It's positive for the last six months of 133,000 for that six months, compared to a negative of DKK 3.6 million in 2024. Primarily done by the improved EBIT loss, but also the changing in our subscription and the upfront payments from onboarding fees has also done improving the working capital a lot. The second part of 2025, we also had a capital increase of 2.7 million. Going to the full year, on the right-hand side, you have 2025 and also 2024. If we look at the revenue again, we or you could say that the revenue has increased by 25%, but we have also reduced our costs, which is obviously a good, which is good. We saw back in 2024, we restructured the whole marketing department, and now we see the full effects of that as the restructure came in the late parts of 2024. The income is also impacted by some other income of DKK 2 million. So our loss ended at DKK 6.6 million for the year, improving by DKK 8.2 million compared to 2024. Looking at the balance sheet, we have our equity for the group. It's negative by DKK 3.6 million, but if you look at Konsolidator alone, we have a positive equity of DKK 0.7 million, 700,000. Part of our balance sheet is our two loans, one to EIFO and one to L Capital. We during 2025, we started to repay the loans, and this has impacted the cash with DKK 1.5 million, which we repaid the loan this year. Going forward, we will have annual installments of almost DKK 5 million a year, which is divided into around DKK 3 million in repayment and DKK 1.9 million in interest. It is possible this year to renegotiate the terms of this loan, and with the improved numbers that we have, that we see, we are trying to or we will try to negotiate the different terms, and we are pretty... and we expect to do so by the middle of the year around. If you look at cash flow again, it has also improved by DKK 8 million, the operating cash flow to just a minus of DKK 1 million for the entire year. Again, it's the same effects, the improved... that are paid annually now compared to a quarterly payment. So, and during the year, the total capital increase we had during the year came to DKK 4.8 million. We had one in February and one in November of last year. But all in all, improvements on many things with the numbers, which we expect to continue. Then we will switch back to Claus presenting. I think it was SaaS metrics. Yes. Yes. So now, yeah, let me see whether... Yes, but, yeah, that, see whether, just need to get by Jack's slides. Yes, there it is. So, let me go through the SaaS metrics. And the next slide or the first slide, yeah, contain a lot of numbers, I know that. This is also, I think, page 27 or something like that in an annual report. So there you can go in after this session to look for yourself, and there's also some explanation in there. But in general, if you just look at the bold, you can see that we improved on all the SaaS metrics, actually, fairly positive, except for the churn. I will get into that because the 12.6 on churn is, of course, not acceptable. That is, that's too high. But... And I will elaborate a little bit more on that later. But you can say first on the positive numbers that first and foremost, you can see the EBITDA losses has gone from DKK 9.3 million loss in 2024 to DKK 2 million loss in 2025. That's a huge improvement, and now we're getting very close to break even. And as you know from our guidance, we will also expect a positive EBITDA in 2026. Same and as Jackie also short mentioned, we have restructured the sales and marketing department and reduced the cost in marketing a lot. So obviously, we are satisfied with the, with the growth, both the 15% in, ARR, contracted ARR, but also in the, in the total revenue of, 25%. It's not easy to reduce costs a lot and at the same time, make, your, your top line to, to grow. So, so we are, we are very satisfied, with that. The rule of 40, I'm not sure how many of you are familiar with the rule of 40, but rule of 40, that's a, a KPI which is used in SaaS companies, and it's the, the sum of the growth and the EBITDA margin. So, so you take the, the, the revenue growth of 25%, and then you take the EBITDA loss of DKK 2 million, and divide by the revenue of 25%, and then you add those two numbers together. and then we are, we are now at, at a positive Rule of 40. It's called Rule of 40 because you are supposed to be at 40, but as you can see, last year it was -40, and now we are +70. And again, we expect to, to continue that journey, so our Rule of 40 will, getting closer and closer to 40, as we, as we progress. So, on the, the bottom line is a little bit more advanced, you can say, so I will not go deep into those, but just to mention that the, the CAC payback... It's important, that is how expensive is it to, to, to get a customer. And obviously, the lower the cost is, the faster the cost of acquiring the customers will be paid back. And again, as you can see, a year ago, it took 43 months before the customer had paid back the cost of getting it, and this year it's 23. Our customer lifetime, which is two steps to the right, the customer lifetime value divided by CAC, that is how much is the value of the customer compared to the cost of getting it. And as you can see, that the 4 is, that is high. The general thumbs-up rule is that that number has to be between 3 and 5. So even last year, where we had this very high CAC payback period, we had a number of customer lifetime value above CAC, which was higher than 3. But, obviously, you would like that number to increase even further at the, at this, 4.1 this year is, is definitely satisfactory. So in general, after restructuring the sales and marketing and also after getting Spain in, we believe that there is a fairly good balance between the sales and marketing cost and what, the, the amount of customers that, they are acquiring. So, so that, that ratio is actually satisfactory and is at a level that we are happy with. Net retention to the right is a bit, on the other hand, not satisfactory, and that is because of the churn. Until now, we haven't had that many product to upsell, so it's difficult to have a net retention above 100. Then when the churn, then, you will have a net retention, which is, below 100. We believe that, with the lower churn rate and, then upsell of FP&A, Data Warehouse, and the Hub, that we will be able to get to, a net retention closer to 100, fairly soon. Okay, I promise that I will say a little bit about churn, and I will do that, on the next slide, so it's not forgotten. But I will now move into, to looking a little bit into 2026, starting with the ARR. We have guided that we will be in the area of DKK 27 million-DKK 29 million, which is a growth equivalent to something between almost 10%-20%. As you all know, it's difficult to predict, and the world is unknown. It's always difficult to foresee what is happening in a year ahead. We have been listed now for six years, and every year has had some kind of a surprise, so of course, it's difficult to estimate. But we believe that we have a fairly good, strong go-to-market model. So we believe that we continue to grow. We can definitely see that some of our competitors, they have a little bit more difficulties in securing double-digit growth, but we believe that we can continue with that because we believe we have a fairly strong go-to-market machine. And again, as I said before, the cost of acquiring customer is also at a satisfactory level, and our partner is also performing. So we are comfortable with guiding a growth of above 10% in 2026. Revenue, as you can see, we have the same level of guidance, 2027 to 2029. In general, our... As you can also see on the graph, our revenue tend to equal fairly close to the ARR, so that is the reason why we have the same guidance on the revenue. As you can see, the 2025 numbers for revenue was DKK 1 million higher than the ARR, so that is the reason why the growth rate for revenue is a bit lower than the ARR growth. But again, fairly close to each other. And the EBITDA, you can see over the years, we had a huge negative EBITDA, but now we are moving into an area where we expect positive EBITDA. And we believe, again, coming back to our go-to-market model and the way we operate, we believe that now we can—we have reached a level where all part of the organization, development, sales, marketing, onboarding, customer success, et cetera, are at a level where we can actually scale from here. So we believe that we continue to grow with more or less the same cost. So that's the reason why we believe we can grow with, you can say, with steady numbers, and still be profitable. Of course, we are proud to reach that level. Of course, we have to get to there first. I know that is only a guidance, but we believe that we are at a place where we can continue to show a profit. And now to the churn. As you can see, and as I said, at 12.6% we had last year, that is definitely not satisfactory. We have worked with churn for a number of years, and you can see on the graph that we used to be at a low churn until 2021, and then suddenly 2022, 2023, 2024, and almost also 2025, we have been forced at an unnatural high level. There's all kind of different reasons for that, but some of them are something you cannot do anything about. I mean, bankruptcies and mergers and acquisitions, which has been higher, at a higher level for the past couple of years than previously, that is something you cannot do something about. But of course, there has also been other things, other areas where we could do something about it. And we have worked very hard on improving churn. So far, we haven't managed to be able to, but as you can see now, that, I mean, we know the churn for nine months ahead. So we more or less know the churn for this year. We have a couple of months left where there can be some churn, and again, there can be bankruptcies, which we cannot prevent. But in general, we can see, and we are fairly comfortable, that the churn finally will get down to a more reasonable level this year. If it end at 9%, that's of course a huge improvement. That's an improvement of 30%, but that's not where we wanna be. But if you end down closer to 6%-7%, then we are definitely believe that we have come a long way. We do want to be at 5%-6%, but we will probably not reach that level this year. But we will definitely make a huge steps in towards that direction. So, so hopefully we can end of Q1, Q2 say what the churn will be for this year, and hopefully it will be much, much lower than than last year. Yes, that was a, that was the presentation. It only took almost a half an hour, so, but we, and we attempt to do this within a half an hour. So we... But we have a couple of minutes for some questions, if there's some- Yes. That has some question. Simon has a question. "When do you expect to be cash flow neutral?" And, if I should answer that, if you recall, I talked a little bit about renegotiating our loans, and we definitely believe that we can renegotiate those and with installment of $4.9 million, where $1.5 million is interest, then or we believe that we can get new loans, where we don't pay installments, and that will fix the. That will get us to the cash flow neutral part. So, we believe we get a refinancing of our two loans in June, July, hopefully. And then, that will carry us on to the neutrality because we want to maybe postpone the repayments for another year or two. And then there is a question for Daniel. I think it's more your ballpark. Claus, can you read it? Can you see it? No. Okay. Daniel says: "The share of partner sales is currently increasing. What is the value proposition for Konsolidator, for Konsolidator to go with you? Is it because they can build more consulting hours, or is there a revenue split, or are there other reasons behind it, behind the partnership? Yeah, I mean, that's a very good question, and because what's in it for them? Our partner model is, you can say, fairly transparent, and I think similar to other sales companies. So we have different kind of partners, but the partners that do everything, do the sales meeting, do the onboarding, do the customer success, those partners, they are both getting a cut of the ARR, and they are also getting the, yeah, the onboarding fee. For many of these partners, they are fairly large companies, so the ARR cut is a fairly small amount, which would probably only cover their sales cost eventually. So as you're saying, I mean, many of them are doing it because of the consultants' hours, but also because they have other products. This ties them closer to their customer. For example, if an ERP partner also is a Konsolidator partner, then they both have the relationship to the customers' onboarding and building apps to the ERP system, but then they also have Konsolidator on top, so they get, you can say, a tighter connection with their customers. So, for them, higher income and a higher stickiness. I think that's the reason for the majority of the partners. Some also just love our product, so they just like to play around with it. But in general, of course, they are in there to make money, obviously. Simon has a question: "Do you expect to dilute the stockholders more in 2026?" And to that, no, we do not. Again, it's the cash will be improved by the renegotiation of our loans, and when that happens, we do not expect to dilute any of our stockholders in 2026. And Daniel has another question. "Iberia is now the third largest market. Do you utilize a different pricing strategy for Spain in line with the local purchasing power?" Question one, and question two: "Is the office in Iberia profitable as a standalone? Yeah, I can, starting with the price, I mean, generally, we only have one price, but, and, and that is, offered to, to all, customers. But obviously, we, I mean, we do know that, I mean, Scandinavian prices can be seen as, high in, other part of the world. We have customers in 20+ countries and on 5 continents. So, so it's not only Spain, but when we have a, a lead in Africa or in Far East, sometimes there are some pushback on the prices, and, and we do listen to that. I mean, if there is a good reason why that they should have a, you can say, a regional, dependent, rebate, we, we, we are open to, to that. So, I know it's a little bit you can say answer, but it's not by default, but sometimes we do listen to whether there's a reason why to give a rebate. So but then it's a rebate. So I mean, we only have one price list. I think that was, if that was good enough, then that was an answer to number one. And the other, that was whether Spain is profitable? Yeah. Yeah. Not now, but they expect to be at least cash flow positive this year. On whether they, on a P&L level, is positive this year, then, I don't think so, Jack, maybe- We don't expect that. However, again, because of the SaaS business, the cash will come before, because we can invoice the subscription annually, so cash will come at a faster rate than the profits. One other thing that you could look into is, because we had a consolidated negative equity of DKK 3.6 million, and that includes some of the losses from the Iberian office, as we have a positive in A/S. But cash flow-wise, it's that that's the first part we get, and then comes the profits. Mark has a question: What are the plans for Iberia in 2026 to grow number of customers there? What are the plans for Iberia in 2026 to grow number of customers there? Are you growing more with via partners or direct sales there? Direct sales. I mean, I mean, yeah, the purpose of Spain, I mean, that is... There's actually two purposes. I don't think I've been so, I'm so loud about the, the second reason. I mean, the one reason, that is, of course, to grow our product in the Spanish-speaking part of the world, so it's not only is Spain, it's also South America, and, and also Portugal, even that's Portuguese. But, so, so yes, I mean, the, the main focus for Spain directly, that is, grow the numbers and be cash flow positive. I mean, that is the goal, for, for 2026, and we believe that we can achieve that. But the second thing is that, I mean, we are definitely looking at Spain and seeing what, I mean, to look into whether that's a model that we can copy to other countries. I mean, Spain started in April 2024 and will, as planned, at least, be cash flow positive this year. So within two years and a fairly, you can say, limited investment, we can go into a new geography. So it's definitely an interesting model, which we will look into to see whether we can copy that to other countries. But as I said in the beginning, I mean, we are a company that now want to have resilient growth, so it has to be within the cash that we can generate ourself. So it will not be in 2026 that we are looking into that, but it's definitely an interesting experiment that we have in Spain that so far has been very positive. That was the last question. If you have any more questions, we'll sit tight for the next 10, 15 seconds, and then to see if there are other... Otherwise, we will conclude today. Let me just give me more. Yeah, I don't think there are any more questions. I will say thank you very much for joining this webinar. Oh, here there is one question. Thank you, Daniel and Mark also. Daniel, maybe a word on the banking. Yes. Banking has been taken out as one of the pillars, but it's not that it has been forgotten, not at all. But I mean, we have focused on the Danish bank sector, and I mean, and we have talked to a lot of banks. Very few, if any, have said, "No, thank you," but all have said, "Postpone." And a lot of things are happening in the Danish banking industry, that we have some mergers and also the these bank centrals are behind the banks. There are also a lot of things happening there. So right now, nothing is happening. We are still in dialogue with the banks. We still have the product. We are still ready. I don't think they're looking at other solution, and we still believe that we can add value, but nothing is happening. So, so it's something that is kind of just lying there. And whenever someone is, of course, we keep the contact, talk to them once in a while, so when, if they are ready, then we will also be be ready. But there's nothing banking in our budget for 2026. Maybe I shouldn't say that loud if the bank's here, but but we haven't, we don't have anything in our budget, but we are, but we are still hoping and trying and expecting at a certain time that we will get a bank as a customer. Mark also has a question: What's the plans for LATAM, LATAM expansion? Oh, that's a good question, and we should maybe have the Spanish director to answer that. But, I mean, I do know we have one customer in Chile, and we do have a couple of partners there. Everything is run from Spain, so I don't know whether they have, you can say, a proactive strategy for South America. There are close natural connection between Spain and the Spanish part of the South America. So, I know they do talk and they do present our product, and they do have leads, but whether they have a more proactive strategy, I actually don't know. Sorry. Mark has an additional question: Are any customers piloting FP&A, and if so, what is the feedback? Good question. We onboard our first customer on Monday. That was Jack. That was Konsolidator A/S. So he was our first customer. And that is, of course, not a coincidence. We want to take our own medicine before we kind of give it to customers or present it for customers. We have presented it for customers where we have presented our product, and we have a number of customers, of our current customers, that had volunteered to start up. So we have a handful or more that we will start up here in February and March, whenever they have time, right after their annual report. So, so but the impression from our presentation where they haven't tried themselves, I think we have something which resonate to, to their needs and to, yeah, to, to what, what, what they want. So we are, we are optimistic. We are also realistic. It does take time to, to, to, I mean, to, to send a new product on the market, but that's been a very good response. But when we have our Q1 webinar, we will of course have a little bit more knowledge on this because we, we do expect to have a, a number of customers that will try it out here later in February, March, to, to test it. Yes. Any more questions? Yes, Daniel has a question: Do you expect an impact from AI? Yeah. Yes, we do. AI is a topic that we could definitely spend a lot of time on. But what is important to us, that is actually what I started with, and that's actually also the reason why I started with that, is reliable data. And I mean, our numbers has to be trustworthy when we send them to customers. So, and as I said, 2 + 2 is 4, always in our system, not maybe four, or sometimes four, or possibly four, or it could be four, it's always four. And AI is not always extremely good in delivering trustworthy numbers. So, I don't believe that you will see AI in our consolidation module. I also don't think you will see it soon, at least in our FP&A model, because our customers like to, what we call, deterministic. They like that they'd be able to calculate back the numbers that we calculate for them in our FP&A tool. So, so I don't see AI in that engine, but I definitely see AI strong in areas like analyzing the numbers and an AI agent on top of the numbers to create reports, analysis, and stuff like that. So, so AI is definitely something that we are with our fairly limited resources looking into. As I said, also, our data management system is built on Fabric, which is Microsoft. And of course, I mean, they invest heavily in AI. So with the data warehouse, we are, you can say, ready to build an AI agent on top of our data warehouse. We haven't started that yet, at least not seriously. We have made some small tests, but we have not started this seriously. But that it will definitely be an area that we will look into in those areas. Another question from Mark: Any industries who you will focus FP&A on, for example, financial services? Yeah, it's interesting. There's no doubt we will present the FP&A to the banking we just discussed before, because I think that can also do something for them. But otherwise, I mean, first we will focus on our 280-something customers and kind of present it to them and try to get the feedback and interest from them. That's where we will start. So and that we will focus on the first half of the year, after the annual report season, then we have Q2, and we will have a big push on our product to our current customers. That's where we start. Yeah. Well, thank you very much for all your great questions. It's been good. Also, thank you for joining the presentation. And everyone, have a nice weekend, and look forward to our next webinar in April. Take care. Bye. Take care, everyone. Stay warm out there.