Welcome to Netcompany's Interim Report For The First Six Months Of 2025. Today's call is being recorded. For the first part of this call, all participants will be in a listen-only mode. Afterwards, there will be a question- and- answer session. To ask a question, please press five star on your telephone keypad. Today's speakers are CEO André Rogaczewski and CFO Thomas Johansen. André, please begin your meeting. Thank you. The topic of today's presentation is our performance for Q2 2025. I'll start by walking you through the business highlights, and we'll also give you our perspective of the current market dynamics in Europe and how we see Netcompany playing an increasing and important role in the continued digitization of Europe. Once I'm done with this, Thomas will go through the financial performance, including our guidance for 2025, before we can open the call up for questions. Before we get going, there are some important disclosures that I need you to read through, so could we please have slide number two? I will pause for 30 seconds here and let you all have a read-through of these important disclosures. With that, can we please go to slide number three? Sorry, slide number four. Since Netcompany was founded 25 years ago, our focus has been on responsible digitization. Starting with the public sector as our prime area, we have built and implemented some of the most fundamental solutions for digitization in the Danish public sector. This has been done in a repeatable and institutional manner, giving us the opportunity to repeat this in other geographies based on our platforms, products, and methodology. Today, we see greater demand than ever for increased productivity within the public sector across Europe, as every country is now launching its own digitization strategy, backed up by EU ambitions as well. With European governments and the EU's focus on enhanced digital capabilities based on solutions from European vendors to increase European competitiveness and productivity, our investments in the future are more relevant than ever. We continue to expand our presence and footprint outside of Denmark, and within Q2, we've won projects within the public sector in the U.K., Sweden, and Greece, and we see positive development in the Netherlands as well. Public digital services such as advanced case management, digital post, digital wallet, and digital ecosystems, or so-called digital twins, are some of the requests we see from European governments. With our solutions and experience in the different categories of public administration, ranging from tax and customs, emergency preparedness, welfare benefits, business administration, immigration, and social security, we are well positioned to take part in a digitization journey that Europe is on. It is not only in the public sector that we're accelerating this digital revolution. We see more and more cases come to the market in the private sector too, where Netcompany has been traditionally strong in sectors such as transportation and logistics, as well as in life and pension. With our latest acquisition of SDC, we are continuing to build a strong foundation within this industry vertical, spending most on IT and digitization, namely the financial service industry. With SDC, we can now also deliver banking software as a service. I'm very excited about the opportunities this brings to Netcompany. Another very important focus area for us is AI. AI is a fundamental part of our delivery model, and it's mandatory for all our employees at Netcompany to use our digital assistant, EASLEY AI, to ensure that we continue to evolve and stay competitive. EASLEY AI knows about Netcompany deliverables and methodology and will assist all our employees in designing, building, testing, and running our systems. As EASLEY AI is our platform for generative AI digital assistants internally, it is also the foundation for our proposition for generative AI to all our customers. With EASLEY, it is possible to independently use various global large language models in conjunction with EU AI regulation. Recently, also Phoenix AI was launched as our platform in order to use generative AI to help modernizing legacy systems within our customers. With PULSE, our real-time data engine used in airports under the name AIRHART, this is now available for all sectors. We have a very strong position as a European leader within predictive AI and digital ecosystems across many industries. The future does not belong to traditional IT consultancy companies building solutions from scratch, but rather to modern European platform companies using components and products and AI to deliver in a fast, reliable, and responsible way. We have embraced this development very early on, and in 2023, launching our platform and product strategy, we are strongly positioned to take market share from the more traditional players. We have clearly differentiated our offerings from our peers, which we will also continue to do while we grow. The product and platform strategy benefits both our customers and our business, as customers will experience faster project completions and reduced overall costs, while we will expect accelerated revenue growth from delivering solutions based on reusable platforms and products across sectors. All over Europe, we will continue to see demand for our customs and tax products, our case management systems, our solutions for digital post, and our real-time data engine, which to me confirms the resilience and relevance of our business model. Can we have the next slide, please? We closed the SDC transaction on the 1st of July with the merger of SDC into Netcompany Banking Services. I would like to welcome all our new employees of Netcompany Banking Services. The integration of SDC into Netcompany Banking Services has now started, and given the significant planning done over the last months, our expectation is that we will see rapid progress of the integration efforts, bringing new and innovative solutions to our existing customers, at the same time attracting new customers. In connection with the announcement of Q3 2025, we will include Netcompany Banking Services in our financial reporting, and we are looking forward to giving you more details in connection with the Q3 reporting on the 30th of October and on our Capital Markets Day on the 31st of October, which we will host at our headquarters here in Copenhagen. Can we have the next slide, please? Now I will mention some of the contracts we have won during the second quarter. In the Danish private sector, we have been selected as a vendor for a significant enterprise customer that is currently undertaking significant investments in their overall technology stack. At this point in time, we're not able to share the name of the customer, but we expect to be able to do so in connection with our Q3 report. The contract size is significant. In the Danish public sector, we've been selected to deliver a new modernized driving license register to the Danish Road Traffic Authority. The modernization includes moving the solution from an old mainframe solution to our Mplo platform. In the Swedish public sector, we've been selected by the newly formed Swedish Payment Agency to build the digital foundation for all government social benefit payments to all Swedish citizens. The solution will be based on our SOLON TAX product. Furthermore, in the Danish private sector, we have seen a positive trend of conversion of pipeline in the beginning of July, which I'm looking forward to be able to disclose further information about during Q3. Can we have slide number seven, please? Also, in Netcompany CEU, former Intrasoft, we have signed several new contracts in the second quarter of the year, of which we have highlighted a few here. In the European Union, we have been awarded a framework agreement as a part of a consortium by the Intellectual Property Office. The scope of the agreement is to provide maintenance support for end users' digital workspace, IT infrastructure, and operation services. The framework is a renewal of an existing contract. In the private sector in Greece, we've been chosen to deliver end-to-end application services, including design, implementation, support, and maintenance for Vodafone's telecommunications service portfolio. Also, in the private sector in Greece, we have won a contract with the Independent Power Transmission Operator (IPTO). For IPTO, we will implement an advanced AI-driven system to enhance field engineering operations. The solution will leverage large language models, machine learning, image recognition, and historical incident data to provide real-time troubleshooting assistance to field engineers. With that, I will now pass on the word to Thomas, who will go through the numbers in more detail. Thomas. Thank you for that, André. Like already mentioned, I'm CFO at Netcompany, and we'll now go through our financial performance for Q2 2025. If we move past the breaking slide number eight and straight into slide number nine, please. In Q2, group revenue increased by 3.9%, measured in both constant and reported currencies. The growth was driven by increased activity in Netcompany CEU, Netcompany U.K., and Netcompany Norway. Revenue growth was negatively impacted by resources from the Danish business unit allocated to a combination of product and business development, as well as preparation for the SDC transaction. Product development was related to additional functionality for our products, AMIS and SOLON, as well as embedded new functionality and AI capabilities into our platforms, Amplio, PULSE, and AMI, due to increased customer demand. The increased allocation of resources from the Danish business segment related to group activities is expected to normalize during the second half of 2025. In addition, revenue growth was negatively impacted from fewer working days in Denmark, Norway, and the U.K. due to timing of Easter. Altogether, and including lower revenue recognized from license sales compared to last year, this impacted group revenue negatively by around DKK 75 million. Revenue in the Danish business segment decreased 3.9% in the quarter, and because of the 100 FTEs allocated to product and business development, as well as preparation for the SDC transaction and integration, revenue was negatively impacted by DKK 25 million. Additionally, two working days less impacted revenue negatively by another DKK 25 million. This led to a reduction in revenue in the Danish business of DKK 50 million and was the reason for Q2 revenue being DKK 30.8 million lower compared to the same quarter last year. Netcompany CEU continued its strong growth performance from the beginning of the year and grew revenue by 12.9% in Q2. The growth was driven by an increase in the private sector of 33.1% and a 6.7% increase in the public sector and EU area. Netcompany U.K. delivered 10.4% revenue growth in the quarter, which was driven by continued ramp-up on the Dallas contract. In Netcompany Norway, revenue grew by 8.1%, driven by revenue from the public sector that grew 21.9% in the quarter. In Netcompany Netherlands, revenue was on level with the same period last year against a strong performance in 2024. Can we move to the next slide, please? During the first- half of 2025, Netcompany Group revenue grew by 6.4% to DKK 3.456 million. The growth was driven by the public sector, including the EU, that grew 9.1% in the first six months of 2025, while the private sector revenue was on level with the same period last year. The allocation of 100 FTEs from the Danish business segment into additional product and business development and preparation for the integration of SDC into Netcompany Banking Services, as already described, impacted group revenue negatively by DKK 45 million during the first half of 2025. These activities are expected to normalize during the second half of 2025. Can we move to the next slide, please? In Q2, adjusted EBITDA margin before headquarter allocated cost decreased by 3.4%- 13.8%. Adjusted EBITDA margin in Denmark was 16.5% compared to 23.9% in Q2 last year. The decrease in margin was a result of the allocation of FTEs to group-related activities and fewer working days, as already mentioned. Netcompany CEU adjusted EBITDA margin increased 1.4% in Q2 2025 compared to last year, despite lower license revenue than in the same period in 2024. In Netcompany U.K., the adjusted EBITDA margin decreased 1.9% due to one workday less in the quarter. Netcompany Norway increased adjusted EBITDA margin by 4.4% compared to the same quarter last year as a result of better utilization and ramp-up on the Avenor project. In Netcompany Netherlands, the adjusted EBITDA margin was 14.9% in the quarter. Can we have the next slide, please? Despite the significant investments already mentioned related to our product and business development and resources spent on preparing for the SDC transaction, we realized adjusted EBITDA margin before allocated cost from headquarter of 16.2% in the first six months of 2025, not far from the 16.8% margin realized in the same period last year, underpinning the resilience of our business model and the relevance of our offerings to the market. The normalization of resource allocation in the second half of the year will have an accretive impact on our margins. Can we have the next slide, please? In Q2 2025, we employed an average of 8,333 full-time employees, which was an increase of 5.7% compared to the same period last year. The FTE growth was mainly seen in Netcompany CEU. The attrition rate for the last 12 months was 18.2%, which was an increase of 0.9% compared to last year. We continue to be able to attract the talent we need in all the entities. Can we go to the next slide, please? In the second quarter of 2025, we generated free cash flow of DKK 25.6 million compared to DKK 148.2 million in the same quarter last year. The lower free cash flow was driven by a decrease in operating profit and the development in working capital. As a consequence, cash conversion rate was 32.6% compared to 104.7% in the same quarter last year. Days sales outstanding decreased from 73 days in Q2 2024 to 58 in Q2 this year. Can we have the next slide, please? In connection with our announcement of our quarterly results this morning, we have also reinitiated our share buyback program and have announced a DKK 500 million share buyback program running until the end of January 2026. We confirm our previously communicated target of distributing DKK 2 billion back to our shareholders through share buybacks towards the end of 2026, leaving DKK 700 million in share buybacks to be initiated in 2026. Debt ratio was 1.3x in Q2 2025 compared to 1.5x in the same quarter last year. Debt leverage is expected to be around 1.5x at the end of 2025, also as previously communicated. Can we have the next slide, please? Revenue visibility end of Q2 2025 increased 6.3% to DKK 6.2 billion compared to DKK 5.8 billion in Q2 2024. Based on pipeline end of Q2 and significant wins in the Danish private sector in the beginning of Q3, revenue visibility as of the end of July for both private and public sectors in the remaining part of 2025 remains at a satisfactory level. Non-organic revenue visibility from Netcompany Banking Services, formerly SDC, is at DKK 780 million compared to total expected revenue of DKK 840 million- 870 million in the second half of 2025 for Netcompany Banking Services. Can we have the next slide, please? Based on our financial performance for the first six months of 2025 and taking our pipeline and recent pipeline conversions and revenue visibility for the rest of the year into perspective too, we maintain our full-year financial expectations. For revenue, we thus expect organic revenue growth to be between 5% and 10%, and for adjusted EBITDA margin, we expect it to end between 16% and 19%, also based on organic numbers. These targets exclude the impact from Netcompany Banking Services transaction. For Netcompany Banking Services, we expect non-organic revenue between DKK 840 million and DKK 870 million for 2025. A full purchase price allocation, including provision for restructuring costs, will be made and disclosed in connection with the reporting of Q3 results on 30th of October, 2025. The provision for restructuring costs to be made will cover costs associated with realizing synergies for the period running until end 2028. The provision for restructuring costs will have a dilutive impact on net profit and hence on earnings per share for the results in Q3 and for the full year 2025. It is expected, though, that synergies will be realized from 2026 and onwards, and thus the transaction will be accretive to net profit and earnings per share already next year. We will now open up the call for questions. Can we move to the Q&A slide and open the questions? Thank you. If you do wish to ask a question, please press five star on your telephone keypad. To withdraw your question, you may do so by pressing five star again. We'll have a brief pause while questions are being registered. The first question is from the line of George Webb from Morgan Stanley. Please go ahead. Your line will now be unmuted. Morning, André and Thomas, and thanks for taking my questions. I want to pick on two higher-level ones if I can. First one, maybe one for you, André, and tying into some of your prepared remarks. I'm sure it hasn't gone unnoticed that the share price performance of the broader IT services sector has been quite weak year to date. I guess what's been happening there in part is the market's become a little bit more concerned around whether generative AI drives efficiencies and then pricing pressure and causes a revenue issue over time. I guess when you think about Netcompany, you're focused on the complex projects, the AI tools you have, the products and platforms all means you're in good shape, but kind of keen to hear whether you have particular. Do you have particular thoughts? Kind of lucky, we have so many young people entering the company. I think we have the record in the sector when it comes to hiring young people, and they've been very, very influential in the way we work, and that has been centralized from the beginning into our tools, our delivery mechanisms, our methodology. With the launch of platforms like Phoenix AI, the platform for legacy modernization and implementation of replacements, and also the launch of our own EASLEY AI assistants, we are very, very early adopters of how to use generative AI. Having said that, I think the need for very, very good computer science people is still there in conjunction with great business understanding. It's many of the things that can be systemized or repeatable. These things also within programming will become a part of our tools. The more you can implement and embrace the tools into the delivery itself, you will actually be able to gain a lot of benefits here. I'm proud to say that we see the first signs of that in many of our projects, but you need to make it mandatory. You need to include it in your delivery model and have a very, very, very firm policy about it. With this, we've been embracing very early on. We are preaching the same thing to our customers in every way, and this is actually one of the areas where internal development is very important for what you also deliver externally. It's the same work with algorithms and tools that we are using internally that we are also promoting externally for our customers. That goes not only for programming or testing, but also for business processes. I hope that answered your question, but it is very interesting times, and I think it will happen gradually, but fast. Over the next three to five years, you will see this happening in the sector. It will happen gradually, but fast. It's not going to be a revolution, but it's not going to be something you can't see in the sector either. It's going to be gradually and fast happening across the sector. If I can add some clarity on your second question, George, then overall, when we talk about the 100 FTEs for these three areas, if you will, increased product development, increased business development, which is sales, tender writing, and the likes, and increased time spent for preparing for the SDC transaction to be integrated into Netcompany Banking Services. If you take those 100 people from the Danish business segment, then they're probably, you know, we can assume they're more or less evenly distributed between the three buckets. That means we talk about 1/3 of the 100 from the Danish organization spending time in the first half of the year on specific functionality on product development. Since it is from the Danish organization, it's probably fair to assume that it is on cases related to the Scandinavian market, where specific knowledge about how the Nordics operate is required. That is being paved out, and that's also why we're quite comfortable that it will decline, and that decline has already begun in the second half of 2025 here. The other third for platform development, as André alluded to, no surprise that we are spending more time on AI, embedding capabilities that are AI-driven into our existing platforms, and the platforms again, PULSE, AMI, Amplio, and the likes. Increased demand from the market has spurred us to make this investment. That is also coming to a more normalized level in the second half. The last third is for the SDC transaction, which by nature will come down since we are beginning the integration work as of 1st of July. I hope that answers your question, George. Yeah, it was really helpful, and I appreciate those thoughts. Thank you both. Maybe just one final one for you, Thomas. When you think about maybe qualitatively the pipeline for licenses in the second half, I know things can always slip across a quarter, but how does that look at the moment? It looks strong for the second half. As we also mentioned, we have seen conversion of pipeline cases into real contracts in the early start of Q3, which of course is supportive for our look towards the remaining part of the year. When it comes to how much is license driven and the like, I'll pause and not answer on that. Clearly, there are some license opportunities in the pipeline, but as you also know, timing of that is inherently difficult to predict, and therefore we will at this point in time be silent on that specific part. Makes sense. Thank you. Next up, we have Claus Almer from Nordea. Please go ahead. Your line will now be unmuted. Thank you. Thank you. Yeah, also a few questions from my side, and this will be on the SDC transaction. This is probably to you, Thomas, but about the profitability of SDC, will the new change from Danish GAAP to IFRS have an impact on how SDC will show up in your numbers, and how should we think about the development cost? Will that be expensed or capitalized? That would be the first one. Thank you for that question, Claus. I think I will answer that by saying that all good comes when you are patient. Like we tried to say, at least in the beginning of the call, in the Q3 report, we will have a full purchase price allocation vis-à-vis SDC, including the impact going from Danish GAAP to IFRS, including how we look at development cost going forward and the likes. I'm not able to share too much information on that now, and that will come in Q3. Okay, maybe I'll try to ask in a different way, Thomas. The lack of guidance on EBITDA, which was mentioned in the July announcement that it will come with the Q2 report, is that due to things you have discovered after taking over the company, or just a matter of, as you said, time? I think we refrain from guide on what the impact is going to be on margins because there'll be two factors impacting that, right? There will be going from Danish GAAP to IFRS, and then there will be the impact on the business in terms of restructuring provision. You can then argue that the restructuring provision anyway is a special item, so below the line. To give full transparency, we would want to take all of those things together in Q3 once we have the full amount of synergies and provisions to be made. Okay, no negative surprises so far. That's how you should understand. On the contrary. Good. That was all from my side. Thanks, Claus. Next up, we have Daniel Djurberg from Handelsbanken. Please go ahead. Your line will now be unmuted. Thank you, operator, and good day, André and Thomas. My first question would be more specific on the margin performance in the U.K.. To me, that’s off 1.9% despite the Dallas framework set to have a positive trend. You also now use 84 subcontractors in the U.K., which is, I guess, 14% of the U.K. workforce, up from 4%, I believe. Can you tell us a bit more about the outlook here on the margin uptake in the U.K. and also if the use of subcontractors is mitigating this? Sure. Thanks for that question, Daniel. The lower, relative lower development in margin in the U.K. and the performance in the U.K. is driven by the nature of how the Dallas work is being onboarded and ramped. Whenever new teams are being put on the Dallas contract, for practical purposes, a higher proportion of contractors are involved in the beginning, and then they will gradually be rolled off and substituted by own Netcompany employees. What you will see over the coming 6, 12, 18 months is a gradual improvement of margins on the Dallas framework, which will have a creative impact on margins in the U.K. It has to do with the nature of how work on the Dallas framework is onboarded. Thanks. May I also ask you, Thomas, on the test conversion of SDC in the quarter, especially year- over- year, I've talked to him back of the increase in work in progress of DKK 200 million+. Yes. For how many projects is this expansion related to, and should we expect a trend of increasing work in progress on back of, you know, larger project wins going forward? Now, there's always some timing in the build-up of work in progress and when we hit the payment milestones in the different projects, which then leads to us being able to raise an invoice that the customer will then subsequently pay for. There's a little bit of a build-up in work in progress. That's a timing. It will come out during the second half, and you expect to see more normalized cash conversion in the second half than in the first six months, particularly in Q2, which was negatively impacted by, as you rightfully say, the build-up of work in progress. It has to do with the mix and the type. Going into the second half, like André also alluded to, we have won a fairly large contract in the Danish enterprise market, in the private market, which is not a project that will build up a lot of work in progress, but more be invoiced on an ongoing basis. That alone will have a positive impact also. Perfect. May I have a last question, perhaps on coming back to this normalization of FTEs used in Denmark for the R&D and partly the SDC? You said to normalize in the second half. Is it possible to be a bit more specific on this fading on a quarterly basis? Yeah, that's the question. Yeah, the answer to that is that it will be a gradual normalization over the year, or the remaining part of the year, beginning as of July and being fully fleshed in at the end of December. Assume a gradual improvement without me being too specific on the different quarters. The reason for that is that, I mean, you know our business also, and there can be 10 or 15 people here or there, up or down from one quarter to the other, which can scoot things a little bit. Gradually over the second half of 2025, it's as much as we can see. Thanks. Thanks. That's all for me. Good luck in Q3. Thank you, Daniel. Next up, we have Balajee Tirupati from Citi. Please go ahead. Your line will now be unmuted. Hi, good morning. Thank you for taking my questions. Two from my side. Firstly, you have mentioned observing a tendency for the EU and European governments to prioritize European vendors going forward. Have you seen more firm signs of the same in your pipeline? If you could share color on how this changes the competitive landscape vis-à-vis large global players who have a strong local presence in Europe and smaller niche competitors? Yes, sir. Thank you for that question, Balajee. Yes, we've seen concrete changes in the pipeline, and we also see as a criteria for selecting customers directly that you have European origin or your data or your software is placed in Europe. Digital sovereignty, as it's called, is becoming a factor when selecting vendors, that's for sure. That goes actually across many of the European society critical systems. It goes for taxing customers, but it also goes for many more administrative systems that are considered being a part of any country's preparedness, or you can say resilience. It's becoming more and more important that the vendor has answers to both the IP, but also the location of software and also the vendor's loyalty to the European overall case. Understood. The large global IT services companies who have a strong local presence probably would be in a position to address some of those concerns around sovereignty with their strong local presence. Would that be a fair way to think about it? That more of adverse impact would be on niche global peers who necessarily do not have as strong legacy presence in Europe? That is a very good question. I think it depends and really depends on what you're doing in the sector. If you look at the software cloud vendors, they are definitely trying, the large ones are definitely trying to move their cloud presence into European soil, so to speak. Hopefully, that can help them in a sense. Definitely, if you are the more critical piece of software or delivery that you are part of, and the less European you are, the more fragile you are in the sense. That, of course, will go for a niche vendor not being present in Europe. That goes for sure. Very, very clear. Maybe one question on the guidance for this year. If you could share how your pipeline and contract ramp you go into the second half of the year is compared to the beginning of 2025, and do you see a higher degree of variability, which explains the group retaining the wider guidance range, where the upper half seems a decent bit daunting at present, to be fair? Yeah, I mean, on the guidance and in terms of what needs to happen in which sequence and why, as always, we don't really comment too much on that. It's logical that, you know, the more basic we are, the more revenue we generate, and the more revenue we generate, we also get better scale. That's logic per se. We're not going to be able to unlock the walk to the different percentage targets in the guidance, by the way. What we can say is that revenue visibility looks improving, and 6.3% compared to last year is comforting. Taking into consideration what we've seen early in Q3, it gives us comfort with the range. If I can slip in a question on SDC guidance as well, what does the second half contribution from SDC imply in terms of revenue growth in that business versus the same period last year? That's more or less flat compared to the same period last year, by the way. SDC on a standalone basis, and mind you, we have taken over ownership from the 1st of July. Give us a little bit of time before we start to see the impact of giving new products and innovative solutions to existing and new customers. We will see that also, but it's now what, a month and 14 days into our ownership. It does take a little bit of time before we start to see that accelerate. Flattish compared to last year. Okay. Okay. Thank you, Thomas, and I appreciate all the candor. Thank you. The next question is from the line of Yiwei Zhou from SEB. Please go ahead. Your line will now be unmuted. It's Yiwei here. Thank you for taking my questions. I have three. Firstly, André, could you please elaborate a bit on the strong private segment growth for Netcompany? You mentioned those large contract wins in the beginning of the call. I was wondering if they have contributed to the growth here in the quarter. Could you also maybe comment a bit on the timeframe of those contracts? Yes. There's no doubt that the synergies between Netcompany CEU and Netcompany Core are emerging, especially also not only in the public sector, but also in the private sector. The reuse of components, the PULSE platform, or the overall approach as well towards legacy modernization is very important when we win larger private contracts. The overall reference library is also important. It goes without saying that if you come with references from Northern Europe to Southern Europe or the other way around, it's actually getting more and more important that you also in industrial areas are relevant. It is visible in the numbers that we are winning more and more private contracts in Netcompany CEU, but we're also seeing a pickup in the private business when we go for the large enterprise projects, especially also in Denmark, but in any geography. We're coming in with the platforms and being able to remove legacy systems and putting in our real-time engines or administrative systems based on our platforms is something that private companies are really looking into. We are converting pipeline, and that's very interesting to see. It's not only good ideas or slides, we actually are launching large projects where we're doing this. The big contract that we have mentioned in the beginning of the call is also a result of our platform strategy. It's actually notable in the numbers as well. Can you say for the multi-year contracts, or it's just short-term projects? Multi-year. Multi-year. Okay, great. Thanks. My next question is on the defense sector and NATO increasing defense budget, and I understand part of that will only be invested in the digitalization. Could you please comment on if there's any potential for you? Yes, that's a great question. I think overall you can see that we've been involved in many what we call preparedness solutions and digital ecosystems or digital twin solutions, where we assemble data from various sources in order to be alert and to react fast. Those kinds of solutions we've implemented in airports and transportation companies and even within public sectors. Can that be used in the defense sector as well? Of course, it can. Without going into further detail, I can tell that we are, of course, working together with defense both in the U.K., but also in other countries in order to promote that idea. That goes for both entire society resilience and stability, but also for particular defense applications. To more detail than that. Can you please confirm if there are any concrete projects or tenders already in the pipeline? I'm sorry, but I cannot do that. Okay, fair enough. My last question is on special items. You booked DKK 22 million here in Q2. Apart from Denmark, do you also have special items for the U.K., Norway, and the Netherlands? Can you elaborate if they are also related to the SDC transaction or if something else? No, so they are not. It's basically an allocation of cost based on the headcount. If you see the special item, and that's how we've done it historically, then you can argue whether that's correct or not, but at least it's consistent. The special items are being distributed amongst the Netcompany Core countries and not the Netcompany CEU. All the DKK 21.6 million relates to the SDC transactions, and it is mainly a cost for lawyers. It's not a transaction cost per se. It's a cost for lawyers that we have used to make this new contract framework with all the customers in the old SDC. It is a contract that, if you look at it over a 10-year period, has a value of between DKK 17 billion and DKK 20 billion. It is by far one of the largest contract frameworks that we have done. It is one of the largest contract frameworks in Denmark this year. That does require some serious contract knowledge that we have also obtained help with externally. Okay, very helpful. I'll jump back to the queue. Thanks. At this moment, we do not have any further questions from the queue, so I'll hand it back to you, André, for any closing remarks. Thank you, everyone, and have a wonderful day.