DKK 7-DKK 95 at the end of 2023. The outlook is based on the currency exchange rate per end of 2022. In the Q3 report, we had a positive impact from the change in the currency exchange rate between the Norwegian and Swedish up against the Danish krone. But since we closed the book, then the rates have changed, and we do expect that to continue. And this can have both a positive and a negative impact, as we report the ARR based on the current currency end of quarter. If we go into the EBITDA, for the EBITDA guidance, we are maintaining the guidance for the remaining of the year. We anticipate a negative EBITDA between -DKK 10 and -DKK 15 for the full fiscal year. So as you just also mentioned, Casper, while the EBITDA end of Q3 2023 was below the guidance range, yet we also expect, as we also commented back in the H1 report, that we are confident that we can meet the guidance for the entire year. There are fluctuation in our billing cycles, and that's the primary reason why the EBITDA varies between quarters. So this was for the, guidance for the, for the EBITDA, and this also is our last slide. So now we are open for questions, for everyone. And I can see that you, Mikkel, you are the first to raise your hands. We will take all, all questions that will come from all of you. But let's start with you, Mikkel. Yeah. Thank you, guys, for the presentation. So I have three questions. The first one is related to the, the hirings. Seeing that your net intake is down quarter-on-quarter, could you shed some light on what your expectations are for Q4 in terms of hirings and also into, into 2024? So if you look at the numbers, yeah, then we have hired a lot in the beginning of the—from the beginning of the year, when we are basically continuing investing in our growth, and now we have level outwards going up, and then we expect that be more or less the level. There can be a few more, but then in Q4, but then now we are into that level. So, so it, with another growth, the lower growth in our employees compared to what we have seen so far. You can also say, Mikkel, that if you look at this slide, it represents that we have hired a lot of new people. We have set the team up for success, and now we need to see that the outcome is also coming down next year. So we actually see it as a success that we have reached this level of great talent, and now we just need to work with the team. Okay, makes sense. Second question is related to the guidance. I think it's still quite wide, you know, the ARR guidance, since you only have, what, one and a half months left, of the year. Could you talk about some of the risks, in terms of guidance, the top-line guidance? What could make you fall short of the guidance, what would make you exceed it? KYC deals, large KYC deals, or? Yeah, so what we experienced, so even though we are close, yeah, then we have a range still in our. That's when we look into our pipeline for the remainder of the year. Q4 is normally our biggest quarter, and there are some fluctuation in when the order will be. be. Will it be this year or will it be next year? So we have now kept our guidance according to what our expectation is. And that is true. There are still, say, a lot of deals to be closed either this year or next year. So that's the reason for it. Okay. And the final question I have before I jump back in the queue is related to the smaller deal sizes you're currently signing. So have you had any examples of customers that have initially or that have agreed to take on smaller deal sizes have actually already say bought more of your solutions, or is that too early? Yeah. So what we experience is that, yeah, that we have these initial deal size that are maybe smaller, so because they want to start in a corner and not make too big a commitment, and then when they are increasing the engagement, yeah, then they're also increasing, you know, the commitment to what they buy. So that we have seen already, yeah. Already from customers from the past few quarters- Yeah. New, new customers. Normally it takes some time. It depends a little bit on how few it is they are buying, but over time, we expect them to buy more. Okay, sure. Yeah, I'll jump back in the queue. Thank you. Yes. Anas, you can- Yeah. Hello, Can I ask, one question. I will be asking some questions on behalf of other investors. So the first question here: In the last few quarters, you have explained that a lot of the investments you are doing is for the mid or long term, not the short term. Can you elaborate a bit more on this on the product side? Is the investment primarily upgrades and preparing for expansion to Germany, or are you also focusing on big new product releases to go with your current suite of products? Yes, so we are investing in both. So we are investing in our both our products, Sign and KYC, and that's to the benefit both our existing customer and existing market, but also new new markets. So that is both. So we are preparing for new markets, but as we have just recently seen, we have released, you know, an updated version for our KYC for Sweden and we also for Norway with some, you know, enhanced functionality and some more best practices according to the legislation and how that is translated. So that we are going on ongoing basis. So these investments are to the benefit, both from existing market and new markets, and existing customers, and also new customers. Okay, perfect. And then there's a kind of follow-up question here: Do you have an updated timeline on entering the German market or a time where you expect to start this expansion? Yes. So the update is that as according to our plans that we have right now, that we expect that we will enter Germany, but we are still in this investigation phase with, say, a few customers where we are in dialogue and also preparing the solution for meet the requirements. So that's where we are still here, compared to the same status as we also gave in H1. Then, I will just have one more question before going into the queue again. You are seeing great traction in Belgium. Can you put some numbers to the total addressable market that you see in Belgium compared to Norway and Sweden? And maybe also some figures on the market size in Germany, if not in Danish krone, then in number of ideal customers. Yeah, so if we look at Belgium, then basically Belgium, that is larger than Denmark and Norway altogether. So even though some believe, "Oh, that's a small country," yeah, that's only physically, but from a total addressable market, yeah, then it's bigger. And that's both due to the size of the country, but also the number of advisors they are using, and that both for businesses and private persons, for example, there's a lot of tax advisory services that are using. So that is, that's quite big, and that's the reason why we are focus on Belgium, you know, is high. We can continue our momentum in Belgium. It's a very high focus for us. When we look at the German market, yeah, that's, that's the biggest of Europe, so that is, more than 10 times bigger than, than Denmark. So that's very big as a market. And in reality, it's also different markets within the market because it's so big, so there are difference between north and middle and the south, from the different region. So that's a very big one. Perfect. I will go back into the queue then. Yes. So let's go back to you, Mikkel. I can see you're next in line. I have another question, related to Germany. So now we just talked about hirings in before, and it seemed like you should not expect too many new hirings. But is that including Germany? I mean, do you already have the resources there, or would you need to hire additional people if you enter Germany in, say, H1 2024? Yeah, so we are adding more resources, but when you look at the growth we have had so far, where we, for example, invested a lot in our product, as we have also described, yeah, then we are at that level. So the future growth of additional resource will go into sales and marketing into these markets. Okay. Sure. Thanks. Anas, you're welcome to take the next. Yeah, thank you. So you are still experiencing some smaller deal sizes for new clients. Do the clients you acquire at the moment look like the clients you acquired a year or two ago, or has anything in the characteristics of these clients changed? That's a very good question, and it is more or less the same. So same type, also the same ideal customer profile we're going after. So when we see the reduced, especially in the Nordic countries, they reduce initial sales, yeah, that's because of the initial commitment that they are taking up. They're more simply more cautious in their buying behavior. We do not see the same in Belgium right now. Okay, perfect. And does this change anything in the way you work with uplift of the clients, moving forward, or do you work the same way as if it was the same deal sizes that you would start off with? Yeah, yes, we will. So that it becomes even more important, also going forward, that we secure that, you know, not only commit to the part of the organization, but is also continue to uplift. So that is an increased focus for us, also as we go. That's only both to those new that we have got on board, but also secure that all the existing one continue to have the value of our solution. So that is our focus area, also going into next year. Yeah. After we have closed the deal- Okay. Customers are happy. Perfect. And, then, a final question here: You have a saying that you will never run out of cash. This can mean two things when the current investment periods end in 2024, either you go out and raise more capital, or you turn profitable. As I see it, the market today values profitability a lot higher than growth, and then growth. So if you should make the decision today, are you then leaning toward raising more capital or turn profitable? So in our current plan, we are planning, we've never run out of cash, as you said, and that we will never do. And that means that we will have the ability at the end of 2024, then to be in a situation where the ARR is above the cost line, so, so we will basically be profitable. And, and that, that is the current plan, and we whether we then raise capital or do other things, yeah, that will be at that point of time. But we are focusing and all our plans is according to be in that situation. Perfect. That was all the questions from me right now, so thank you for your time. Are there any others that would like to ask a question? Otherwise, I would say from both Penneo and both of us, thank you very much for attending this call. And, if you have any more questions, you are always welcome to reach out to us directly, and then we will, we can continue any dialogues you would like to have. Thank you so much. Thank you.