Welcome. Let's start the presentation now. We have made a recording, and it will be available afterwards. First of all, I'm very pleased to stand here today to unveil the annual report for 2023. It is always a privilege to stand here and summarize our collective accomplishment over the past year by the great Penneo team. We always use pictures of employees in our Penneo team in our annual reports and other reports on this page. Here, we are featuring an image that you have in front of you of two key employees of our Belgium team. On our left, Werner, our first employee in Belgium, who embarked our journey in 2022, and on the right, Karel, our latest addition to the Belgium team who joined us this year. Together with me, as always, Casper Christiansen, and I would like to start here with a thank you both to Casper and his great team and everybody around him, as well as the auditors, for their exceptional effort that enabled us to advance the release of our annual report by two weeks so we can present it already today instead of March the 6th. We have been looking very much forward to sharing with you the latest update on our business and the financial status. Just as normal, please note that any statement about the future that expressed both in the annual report and also in this presentation reflects Penneo's current expectations for the future events and financial results. It may differ the actual results from these expectations and expressed in this presentation and in the report. Let's go into agenda. The same as always, a short introduction to Penneo, and then we make a presentation of both the full year 2023 but also a dive into the Q4 results, then into an outlook for 2024, and then, of course, every questions you might have, we will answer at the end of the session. Let's dive into an introduction to Penneo. Penneo is in the business of trust. We believe in a world where you can trust the way businesses do business. In today's digital world, establishing trust is far more complex due to the absence of physical interaction and also the prevalence of digital fraud. Therefore, Penneo exists to make sure trust between businesses and humans remains intact and that our customers spend less time on quality assurance, compliance, and control, and freeing up time for more value-adding tasks. As we say, without trust, there is no business. Penneo has embarked on a remarkable journey since inception in 2014. That is 10 years ago. It was founded by visionary entrepreneurs driven by a single ambition to eliminate the inefficiency of traditional pen and paper document signing by introducing a digital solution. Here, 10 years after today, Penneo has evolved significantly. We now offer a scalable software platform designed specifically for anti- money laundering AML regulated business-to-business companies, and our platform empowers these businesses to optimize and automate their critical workflows, addressing the increasingly complex compliance requirements effectively. This is just the beginning. Penneo is on a steadfast mission to become the leading digital signing and know-your-customer workflow platform for AML regulated business-to-business companies across Europe. Our journey continues, and we are more than committed than ever to innovate and providing value to our clients in this ever-evolving digital landscape. Just a few more facts of this of our business. So we are a business-to-business SaaS company, and we are now 121 employees at the end of 2023 and more than 2,800 customers in Denmark, Norway, Sweden, and Belgium. We are trusted by the world's leading auditors and accounting, and Penneo holds an ISO 27001 and 27701 certification, and we are on the EU Trust List. In Denmark, more than 81% of annual reports filed to the Danish authorities in 2022 were signed using Penneo, and we expect a similar adoption in 2023, and we hope to get that number very soon. And we had hope we had it already today. Across all markets, a total of 2.4 million case files were completed in 2023 using Penneo Sign, and by the end of 2023, 138,000 client relationships were created for onboarding and verification using our Penneo KYC platform. We also estimate that in 2023, 77 million sheets of paper were saved using Penneo Sign, which corresponds to 1,240 tons of wood or almost 3,000 tons of CO2. Let's dive into the 2023 result. First, I would like to give you an overview of our performance in 2023. We achieved a solid growth with a year-over-year increase in our annual recurring revenue, or ARR, of 26%, culminating in an ARR of DKK 89.3 million by year-end. What we have seen throughout the year is fluctuation in our currency exchange rate, particularly between the Norwegian and Swedish kroner against the Danish krone, and that has influenced our financial reporting. But while these fluctuations represent a significant challenge in certain months, the overall impact on our ARR was a decrease of only DKK 600,000. So without this currency fluctuation, our growth rate would have been slightly higher at 27%, but as you can see, it's almost the same. The fourth quarter stood out as very strong for Penneo, making our highest-ever quarterly ARR, and that was driven by the very good performance on our new biz and also on our uplift. But it is also important, if you look into the report, to note that our customer journey also during this period was also higher than in other quarters, but overall, our best quarter. We saw an ARR increase of DKK 18.4 million in 2023, up from DKK 15.5 million in 2022. That's specifically that ARR from new biz contributed with DKK 10.1 million compared to DKK 8.5 million in the previous year. On a year-over-year ARR, net revenue retention, or NRR, that was 112, so it was slightly down, from 113 in 2022. But overall, this reflects a robust uplift from existing customers, boosted by their enhanced engagement with Penneo Sign and successful cross-selling of Penneo KYC. And an additional, our ARR growth was partly due to a price increase implemented in 2023 to adjust for inflation, so in total, contributing to a 16% year-on-year growth. Our customer churn rate remains steady at the 4%, which we have seen consistently, quarter after quarter. Then last but not least, our EBITDA for this year was DKK -8.7 million. So that is an improvement over previous years, DKK -11.1 million, and it was also exceeding our expectation. The fourth quarter marked our most significant quarter-on-quarter improvement in EBITDA, improving from minus 17.7 at the end of Q3 to now minus 8.7 million at the end of Q4, at least you can say, since we have reported our EBITDA. And this corresponds to an EBITDA increase of DKK 9 million, almost three times more than last year. In general, Q4 is normally our quarter that contributes positively to EBITDA, and but this year it was in particular. If I now just step a little bit aside from all the numbers but also look in general at our 2023 business highlight, then we have made significant progress on maturing and scaling our business, catering to a larger customer base, and expanding our footprint in Europe beyond our existing markets in the Nordics. I would like to highlight some key results. We have, on the topic of cautious buying behavior, we have named that, but despite the cautious buying behavior and the volatile currency exchange rates that we have seen, we have achieved 26% growth rate. This cautious approach anticipated at the start of 2023 became a consistent trend throughout the year, and we now consider this cautious buying behavior as the new normal, and particularly in our established market of Denmark, Norway, and Sweden. Conversely, our new market, Belgium, shows robust growth both in acquiring new customers and also in securing larger and retail deals. Speaking about new customers, our enhanced sales and customer acquisition strategies have significantly increased our new customer base, and we have maintained a strong momentum in onboarding new customers to our platform throughout the year. We were welcoming 584 new customers in 2023, and that is a notable increase from the 404 in 2022. While some markets have seen smaller deal sizes, the influx of new customers has compensated for this trend in general. Another highlight we believe is very important is the effective cost management. Through effective cost management, we have achieved this EBITDA of DKK -8.7 million that outperformed our forecasted range of DKK -10 million to -15 million. We are keenly focused on growing our annual recurring revenue, but that is always with balancing the costs, ensuring a balanced relationship between the ARR, the revenue, the cash balance, and the cost base, and have a view on both the short-term and the long-term value creation. When we're speaking about our growth, our growth in foreign markets contributed to 60% of our new total ARR, and that was primarily driven by Belgium. In 2023 alone, we acquired 184 new customers in Belgium, and that was boosting our ARR by 171% compared to 2022, from the Belgian market. We are expanding our sales capacities to sustain this momentum and capitalize on Belgium's significant market potential. For the Nordic market, being more mature and competitive, that offers a different dynamic, yet we find ourselves at the opportune moment and location to grow alongside the market too. If we look at from our product point of view, we made significant investments in our product, that means in our Penneo KYC, in Penneo Sign. These investments are to support growth and prepare for further internal international expansion. These include implementation of best practices in our KYC product and launching over 14 new integrations with third-party tools. What we also achieved is brand positioning. That's another achievement that we delivered in 2023, and that was completing our brand positioning project. It was in Q4, aiming and strengthening our brand and enhancing our market differentiation. This will support growth among new customers and in new markets. As we progress in 2024, we will unveil a new corporate visual identity, and that refreshes our Penneo look and feel. So there will be more to come, regarding this brand positioning. From another key highlight is the team. We have bolstered our team across all levels, from senior management to specialists, and with talented new hires. Additionally, we have refined many of our internal processes to boost efficiency and scalability. This balanced composition combines experienced individuals familiar with the growth and internationalization that we have in front of us, but combined with highly skilled specialists, all driven to elevate Penneo to new heights. If you look overall, and that's my last point for the build slide, the growth potential, we remain confident in Penneo's growth potential and believe our strategic investments position us to fully leverage this potential. Our solid subscription-based business model with a growing ARR from both existing and new customers, low annual ARR churn, and relatively high contribution margin underscore our strengths. Furthermore, strong underlying market trends present attractive opportunities in both our established and new markets. These opportunities span across our two main solution areas, both the digital signing, the document workflow from our Penneo Sign, and also know-your-customer software, Penneo KYC. That was the highlight. Now I will hand over to you, Casper, to put things on numbers. Thank you, Christian. Hello, guys. The first chart that I have chosen to bring here is the chart that I always show at the first. The reason is that this chart is the core part of why does it make sense to scale Penneo, and why does it make sense to invest more into getting new customers in than we actually can afford. Why did we raise money, at the first hand, in 2020 and 2022? This chart confirms what we have said the last many years, that year over year, all our cohort is growing positively. By cohort, I mean we are grouping all our customers into a group, and then we put a color on them. Down in the bottom here, you can see the customers coming in in 2024. Then, 14, sorry. So what is unique here is that we are not only maintaining the customer relationship, we are also managing to uplift on the specific cohort. So when there are customers joining, the other customers, which remain customers, they are uplifting and engaging more and buying more from Penneo. On the next slide, on a yearly basis, we update our cohort analysis and put all the cohorts together and say, in the first five years, on average, how many percentage the cohorts growing, all the growths going, in the first five years. This year, this analysis shows that on average, based on historical data, we uplift our customers from the start point to the end point in year five, with 20% on average per year, compounded annual growth rate. This time, the customers, if you look up in the report, start at, on average, DKK 17,500. Over the first five years, we managed to uplift that to 36.1 DKK. If you add all the revenue together, these five years, it's equal to every time we invest 1 DKK in customer acquisition cost, it gives us a total amount in revenue, recognized in the first five years of 4.9 DKK. So almost 5 DKK per 1 DKK we invest in the first five years. This chart, I can start explaining what it actually shows. It shows the overall growth of 26% in the financial year 2025, from when we went out of the 2022 to the end of year 2023. So we have divided this, the development into the current customer base, those customers who were customers before 2023, and those customers who have joined the Penneo team as customers this year or 2023. What you can see is that we maintain a low churn, as Christian also said. We have an ARR uplift of 16%, which is in line. It's slightly lower than last year, which is also the reason why the net retention rate, the net revenue retention is 112%. On top of that, we added 14%. When we entered the period, as you can see on this chart, the percentage coming from KYC was 11%. And when we went out of 2023, it was 13%. This chart, the reason for me to bring this chart is that, since 2020, where we raised the capital for the first time, our focus has been to develop outside of Denmark. So, of course, I'm pretty glad to see that we are still growing inside Denmark, but also glad to see that the percentage of new biz coming into Penneo is pretty strong. If you look only on the Q4, 70% of our new ARR came from outside of Denmark. A special thanks to Werner on the front page of this slide deck, because a huge part of that is coming from the Belgian team. As you also can see on the right side here, now Belgium accounts for 29%. And if you look at the growth rate from the foreign ARR, it's year-over-year 30%. If we hadn't seen 36%, sorry. If we hadn't seen the current currency loss in the Norwegian market, then it would have been almost 40%. So I'm glad to see that we have a higher growth rate in the foreign market than we have in the domestic market that is part of our internationalization. We need to put more and more focus on the international market in terms of that strategy. Here we have the SaaS metrics. So if we just look down to the quarters here, we got 74% more customers on board in Q4 compared to Q4 last year. The customers were slightly smaller, but if you add up the numbers of new customers with the average ARR from the new customers, then you will see that we have an. New ARR, which is, sorry, DKK 3.8 million compared to DKK 2.5 million. It's based on the numbers of customers that we are getting in. And since we have a higher number of customers coming in, we also have a lower CAC. So what I'm pretty pleased to see here is that the decrease in ARR from new customers is smaller than the decrease in CAC, meaning that we're still maintaining that we are cash positive after 12 months relationship with the customers. And that is due to that we are invoicing our customers 12 months. So when we send the second invoice to our customers, we get payment for more than the total CAC has been for getting that customers on board. And net revenue retention, as I said on the previous slide, 112%. Yeah. Of course, when we have this high net retention rate, and I will come back to why I call it a high net retention rate, revenue retention, sorry, then we also see that we have an increase in average revenue per account, even the fact that the new customers are smaller. If we focus on the financial year 2023 compared to the last year, we saw that we managed to get 45% more customers on board. It's the same with the amount in terms of new ARR from new customers. It's 15% lower than in 2023 compared to 2022, meaning that the new ARR is record high. It's DKK 10.1 million compared to DKK 9.8 million, which was the second highest numbers, and that was in 2021. I don't know if you remember, but we had a pandemic called Corona. I guess that could have been a part of that. So I'm pretty glad to see that now we have the performance without that. Actually, we have this cautious buying behavior instead of a Corona pandemic. Yeah. And it's the same with the customer acquisition cost. It decreased by 18%. So the decrease in CAC here is 18% compared to decrease in ARR, 15%. And just to be transparent, the net retention is 112%, as I said before, and that's compared to 113% last year. And the same here, the average revenue per account is increasing due to this strong uplift. And then I was pretty glad to see that Thomas and Daniel from SaaSiest released a report focusing on SaaS companies, on what can you expect in terms of growth rate, net revenue retention. Sorry, meaning uplift and churn. Yeah. If I if I look at the benchmark, I can see that we are having a pretty strong growth rate on 26% compared to the 22% that you find here. I can also see that we have a higher net retention rate, and we have a pretty low churn, if I if I just look at this benchmark, 4% compared to 15%. Then we came to then we are coming to the Penneo, where we're focusing on EBITDA. Our revenue is increasing by 23%, and that is compared to the 26% in the ARR growth. If you look at the reason, there's two reasons behind the growth right here. Our revenue is a combination of subscription, transaction-based ARR. I can come back to that if you have questions to it, and one-time fee. If we look at the cost of sales, I think it's pretty solid to say that we have improved our gross profit margin. It's up to 86%. I think it's pretty pretty strong that you can keep improving that number since it's a core part of being a SaaS company, building a portfolio. If you can manage to put more customers on, and it's like only cost you 14% of your revenue to actually fulfill the requirement in the agreement with the customers. Of course, we have put a lot of efforts into building the system and so on and selling it and so on. It's not that it's for free, but the gross profit margin is pretty core to understand. If that's high, that's a good thing for a SaaS company. And the reason for that being high is that we have worked both with the eID and also with Amazon Web Services, the server platform that we are using. So we actually managed to maintain almost the same level on the server cost. At the same time, we have seen a decreasing cost to MitID compared to NemID. So for Penneo, it was a good thing that the Danish market changed to that eID provider. Other external expense is increasing by 17%. Of course, glad to see that that part is growing less than the revenue. And if you think a SaaS company should scale without scaling external expense, I'll just mark here that a huge part of that increase is coming from marketing efforts, meaning lead spend on getting inbound leads, it's conferences, it's external meet booking, and so on. So I'm actually okay with this increase in other external expense since a huge part of it is originated from marketing activity. On top of that, since we have grown in our FTEs by 22%, there's also more software cost. And we also still see small projects where we can enhance our way of working internally, so our people are more efficient. And then we still have added some cost on the utility projects, on the software part. And when we talk about staff cost, 20% increase. And if you see the average headcount per month in 2022 compared to 2023, you can also look up the FTEs in the report. Then you'll see that this amount increased by 22%. So we are not increasing the cost per headcount. We are increasing the numbers of members on our team. This slide, I think I should say what it actually shows before I start talking about it. It shows the ARR growth year-over-year. As Christian also said, as I remember, we have increased our ARR on 18.4% this year, almost the same as in 2021, the Corona year. This is a high inflation rate year, if you can say so. For the green one here sorry, I need to say that ARR growth represents for us the short-term outcome of doing investment, especially into sales organization. The green color here represents the cash flow coming from the operations. So you can say if it was a normal business not building software, we would have had a positive free cash flow on DKK 7.5 million for 2023. But since we are a company focusing on not only maturing the KYC product, but also maintaining a strong signing product, we are willing to invest into product development. And that's the gray part here. So if you compound the sorry, the gray and the green on here, you'll see that we have a negative free cash flow, meaning an outflow of cash from the bank account of DKK 15.5 million compared to DKK 18.5 million in growth of ARR. And normally, I said that I convert it into what does it cost to grow one ARR crown? It costs approximately 0.8 DKK per ARR crown. And to be fair, we have worked pretty solid with our working capital. And I'm pretty pleased to see that we actually managed to keep the debtors below the invoiced amount in December. That's a solid and amazing job for the accounting team. But it's also a focus area since we need to keep track on actually getting payment when we invoice our customers. So in the CFO statement, I have put in some words on what can you expect for next year. Here I'll only highlight that we expect this the blue color sorry, the green color here to be more or less natural. You know, there's a lot of moving part in this part, this area here, but it will be like more or less natural. It can be negative, it can be positive. Working capital is a huge part of it. The reason for me to say that we expect a lower income cash flow from operation is that we are not planning to use the Skattekredit ordningen in Danish. I don't know what's the English phrase for it, since the authorities have changed their mind around it. We have got a memo from our advisor saying that it's more likely than not than you can use it. But since we are listed, we are not willing to take a risk using a thing that is more likely than not. We should know that it's for sure when we use it. So we are not calculating we'd get that amount in November next year. So that's the reason, one of the reasons why we do not expect it to be the same amount or higher. And then I will hand over. Thank you. To Christian. So now I will go into the Outlook and the guidance. But as a first step before I go into the actual guidance, when we look at the Outlook, what we have presented today and what we have released in our annual report is the current strategy that remains unchanged. So just to repeat, what is it that we have been working on for the last two years since we raised capital? And also, I'm going to say continuing it, is growth in existing markets as we have shown, and also geographical expansion into a new market. And both of them are very important for us. Now we have in our Outlook, we have said we continue with the momentum in the Nordics. We get back to that. But also entering into Germany. Last year in 2023, we'll say what we considered. But now we have chosen based on all the good feedback we've got from the market. I will come back to that. But it is this dual. And it is also when we look at it, a second part is it's our Sign and KYC. And that has more and more equal focus on it. So when we go to market is with both of our products. And for some customers, it's our KYC first and then Sign. And for others, it's Sign and KYC. And for some of them, it is both. So it has equally importance for us also when we look at how we invest internally. And that is how we look at it going forward. Also, now before I go into the actual Outlook for 2024, it is also part of the enhancing the whole value creation Penneo that the board will continue to work on formulating the financial goals for Penneo also beyond. These financial goals are expected to be announced in the first half of 2024. Let me then go into the guidance for 2024, starting with the ARR guidance. We expect that the ARR will be between 105% and 112% at the end of 2024, corresponding to an ARR growth of 18%-25%. This Outlook is based on currency exchange rate per end of 2023. Guidance is based on four key assumptions. First is the continued market condition. In 2024, we expect a continuation of the market condition that we observed throughout 2023. This relates to this expected continued high demand for our product due to increased AML legislation and inspection, as well as further utilization in the market we operate. However, we also expect that this cautious buying behavior will continue and become the new normal. Basically, we expect that to continue, and that's what we have put into it. By saying "new normal" means basically don't call it cautious buying behavior because this is just the market conditions. We also have unchanged this guidance are based on unchanged strategic priorities. And we believe and we are confident in our current growth strategies despite these uncertain market conditions and increased competition that we are seeing. We will continue to invest in our Penneo platform and maturing our organization and promoting operational excellence, supporting our continued geographic expansion of both the Sign and the KYC. In 2024, we intend to leverage the momentum we have seen in Belgium during 2023. In addition, we intend to enter Germany. And but however, we will also assume a relatively small share of the new revenue from Germany in our 2024 guidance, as it will take time to gain traction and adopt our solution to the local rules and legislation. We started that initiative in 2023, and that will continue into. Thank you. Then another key assumption is the continued improvement of our demand generation capabilities. So what we saw during 2023 was that we improved our demand generation and sales capabilities, resulting in a larger number of new customers that were added compared to previous year. And we expect this trend to continue in 2024, but we might see a lower percentage of customer growth compared to 2023. But that is then outweighed by an increase in our average deal size. In addition, we expect to see a larger percentage of revenue from our KYC solution in 2024 as we mature the product further and increasingly promote and sell our two solutions together. And finally, we are investing in further localization of our product and go-to-market effort across all our existing markets. Then a low churn and continued uplift we also have as a key assumption. In 2024, we expect a customer churn rate below the 5% benchmark that we have set as our company goal based on all our historical performance. We also expect a continued uplift from our customer base, and that is based on increased uses of our Penneo platform with the Sign and KYC, and also revenue from cross-selling, so Penneo KYC to Penneo Sign customer and vice versa that we also see now. But I would also say that we do not anticipate a net positive impact on ARR uplift from our annual pricing adjustment, given that the overall inflation rate had returned to a low level. This is a change compared to 2023. Last but not least here, we have added one more, and that we have an extraordinary general meeting on February 29th. Any consequences of the outcome of this extraordinary general meeting that are held on the 29th of February has not been factored into the guidance for 2024. If we look at the EBITDA guidance for 2024, we guide at a level of positive DKK 5-10. That is a change in 2020 where we have every year had a negative guidance. It's a positive number, DKK 5-10. There will be fluctuation in EBITDA over the course of the year. We saw that in 2023 with a dip in Q4. But as we have seen during the last years, we expect to have a strong year-end. Q4 is normally a quarter that contributes positively to EBITDA. We saw that in 2023, and we also expect that in Q4 2024. And also, as we move forward, our approach is to invest the cash that is available and continuously ensure that we have a clear path to a cash-positive position, given the cash available. So at the end of 2024, we expect to reach a position where our ARR will exceed our overall cost base, positioning us to achieve at least a cash-neutral status on a yearly basis by 2025 according to our current projections. And that can also be translated, in other words, we never run out of cash. So that is basically ending the guidance and our Outlook and also our presentation for this. So now we are open for questions. And Mikkel, you were the first one to raise your hand. Yeah, thank you, Christian and Casper for a great presentation. It's good to see that profitability is improving. But I am a bit concerned about the growth outlook and the guidance here, at least if we look at the lower bound of 18% ARR growth in 2024. You've talked already about price increases not having the same effect in 2024. Could you first of all talk about how much you expect to increase prices in 2024 compared to 2023? And secondly, could you also talk about how you expect sales reps efficiency in 2024 compared to 2023 where you hired a lot of people? That's the first question. Yes. The first question you had of those were the price increase. What we, as part of our standard term for business, is that we regulate our prices according to the price index increase. Late 2022, I think in October, it was around 10% increase based on the inflation. And that was then introduced throughout 2023. That's not the same that every customer that's basically using it. That can also be individual contracts. But in general, prices were based on the inflation rate. If we look at the inflation rate here late 2023, where that is based on and where we have our price increases basis, I think it was down to almost zero. It was a 0.5% in October or very low. So when you compare those two numbers, yeah, that is a difference. So that has an impact on our guidance also for 2024. So we had a positive net effect from that in 2023. We also saw that the capability of acquiring new customers were heavily increased in 2023 with the 584 new customers compared to 404 the year before. And when you then ask me about, okay, the sales efficiency, yes, in our outlook, we expect an increased sales efficiency in the sense of we will continue acquiring more new customers. That's part of it. The only slightly change compared to 2023 is that we also expect not the same percentage increase. It will be an increase, but the customers we also go after and the deal size that we expect, we expect that to be slightly higher. And overall, that should, when you then measure that up against the sales efficiency, there will be an increased sales efficiency. In general, now we talked about sales efficiency, but it's also across the whole organization. A key focus for 2024 is to continue this view on the efficiency. We have scaled up the organization over the last couple of years. And in 2023, it was not only scaling. It was also very much focused on efficiency. So we get as much value for the investment that we have done with the existing people that we have. And that will also continue. So not only in sales, but across the whole organization. Yeah, sure. Makes sense. Second question is also related to the outlook in terms of growth. Could you talk about how much visibility you have going into 2024? Talking to some of the other companies that I follow, visibility is obviously limited. And secondly, could you also talk about the way you phrase this, the market now is in the new normal? Does this mean that you not expect a rebound if the macro improves, or? I think that's kind of conservative, isn't it? Yeah. So we have put that conservative into our guidance. We believe that and that's also the way we do the number crunching. We really look at our performance and all our many, many metrics. Now we are releasing part of it, but behind that, there's a lot of numbers. So we always look at what is the behavior that we are experiencing, for example, in the late Q3 and also Q4, and how do we expect that to continue? So if we see that that cautious buying behavior that we saw out through the whole year in 2023, if that's what we see that that continues with this, yeah, then we also put that into as an assumption. If the market either becomes more positive, I read that, I think, in the newspaper this morning that, oh, it will be going to be more positive or more negative. Yes, that we will take into account when we also experience it. I think that's the big thing. So what we are delivering, and we can see that, for example, in Belgium, why is Belgium performing so well? We are in Belgium, from a maturity of the market compared to the Nordic, they are not as mature. What does that mean? That when we go to an auditor, which is our number one go-to-market when we go to a market, then they often have no solution in place. So the efficiency gain is so much higher compared to when you go and they have maybe already some system, even though we might be much, much better and we can do it even more efficient. Yeah, then the huge advantage for somebody who doesn't have anything, then Penneo really can make a difference. We have customers. I just heard that our last monthly business review a week ago, that a Belgian customer gave bonuses to their employee based on how fast they did the adoption of the Penneo solution. I would love if every customer would do that, but at least we had one, and that was simply because the gain was so high for them. Okay. Makes sense. I think I'll jump back in the queue and then return with more questions after. Yes. And then it's [uncertain]. Yes. Thank you, Casper and Christian. I have a few questions from other investors posted on Stokk.io. So the first question is, can you provide any kind of insight into revenue per employee in your more established markets like Denmark, Sweden, or Norway? How much revenue do you generate per employee in these markets, or what is your local profit margins if you only look at the cost and revenue from this market and allocate global costs proportionally? I don't think we have released any kind of these numbers, even though they are very relevant, but we don't have them in any of our reports yet to be released. Good input, maybe also to put up for releasing with more details coming forward. I'm looking at you. You said, "Okay, have we. I'm pretty sure we have never released. Yeah, yeah. But it's very relevant also to show to you investors. We have them, of course, looking at where we invest our money, but we have not released those numbers. Yeah. I got your question like the split between countries. So it's not relevant for you to know that you can, of course, just divide the ARR with the numbers of employees or headcount that you can find in the report. Yep. Understood. But we can't answer the question here. Yeah. Thank you. The next question is, Germany is still on the horizon as the next market. But reading how you are describing it, it seems like the market that will take time once you begin the actual sales effort. Is there any other markets you are aiming at that can potentially come with the speed as Belgium has? What about the Netherlands or others? Right now, based on our analysis, we believe that Germany is the right one. And that is now we said that and laid out it in 2023 a year ago that we expected, and we also said it could be a potential, and we also do analysis of other markets. But based on the feedback that we have got with our intense dialogue with customers, we really believe that Germany is the right next market for us. But it is true, we could also have chosen other ones. From a strategic point of view, I really believe in keeping focus. Much better to adopt our solution to one market and then just nail it just like we have done in Belgium than saying, "Okay, let's go into more markets." With that kind of strategy, then when you have done all the analysis, all the talks, all the interviews, then you take a decision, and then you go forward. In that sense, I really believe we have made the right choice with Germany based on the maturity level they have right now and the eagerness also to embark on the same digitalization that we have seen in the Nordics and now also in Belgium. And if I just may add some sense here, this chart shows how much we invest into product development. Being ready in a market with Penneo, both the KYC and the signing, is not an easy task just to say it. So it is that you need to prioritize your resources here. So yes, customers need more, ask for more features, a lot of stuff. And we also ask and investors ask for more countries, but it needs to make sense for us to put the efforts just there. So we prioritize one country at a time because if we open up and remember that we are operating within the KYC area in anti-money laundering, it's a regulated market. So there's a lot of requirement before the product is actually ready. It's not just like, "Can you just code the interface and then put on a German language?" It doesn't make the product fit for a specific market. That's a core part of why not just open a new market? It could be pretty cool just to put sales reps in there and there and there, but it's not realistic from a prioritization point of view if you ask me. If you add to that, that's also one of the advantages because it requires focus, specialization, really deep knowledge of the domain. That's also our best opportunity to come in with all the knowledge we have and then enter a market. Thank you. The next question that I have is, does Penneo have an AI strategy? If yes, how do you use AI in your daily work, and have you seen it have a positive effect? If no, is it something that you're considering? And if not, why not? Very good question. Let me put it up on two-fold answers. One thing is how we use AI for our operational excellence, meaning how can we do things more efficiently. And there, I believe we already; there's a lot of us that are using it every day, and that has really improved the efficiency, but the potential is much higher. So it is one of the initiatives under our internal core enabler initiative that is how we can take even more advantage of it. At the same time, and that's the second part of the answer to your question, is how can we leverage on the AI technology in general as part of our product? Right now, we have not released any features that are using AI technology, but that's clearly also on our roadmap to also take advantage of that because that can also give huge potential in our product. So it's both things. Thank you. I will ask one more question here and leave the mic to somebody else if they have questions. Penneo is nearing DKK 100 million in ARR at the beginning and beginning to be a bit more mature SaaS company. In this regard, are you aiming to be able to achieve growth and EBITDA metrics that combined put you on the right side of Rule of 40, or is it not achievable in the near future? Okay. Then we have not guided for further on. You can take the Rule of 40 and calculate that out against our 2024 guidance. And there, you can see we are not with that guidance on the Rule of 40. We have not guided for 2025 except one thing, and that is that we believe that at the end, and we expect that we at the end of 2024 will be in a position where our ARR and thereby our revenue is higher than our cost base, which means that in 2025, out of the revenue we generate from operation in general, that can both cover all our costs for the operation plus the cost of our investments in the product. And if you then start to make that math, of course, without knowing exactly right now how we expect the growth to be, but if you make that math, then you can see that one way or the other, we'll become closer and closer to the Rule of 40. But as we also said, I think at the beginning here, when I made the outlook, we will later here in the springtime, so in H1, the board will work on how the more long-term goals for Penneo? Because right now, what we are in right now is we raised capital in 2022, and then we laid out a plan that ended up exactly where we also now are guiding today, that at the end of 2024, we will be in a position where our cost base is above or our ARR is above the cost base. That also means that in 2024, as part of that milestone, we will also be in that very important milestone that we have a positive EBITDA. I think it's pretty important just to highlight here that when we are saying that the ARR is equal to the cost base, there are fluctuations in the quarters. So when we are measuring on 2025, we said on a financial year, we are at least cash neutral or positive. And yes, as Christian said, in my math, if that's when that is the situation, I can only see that we can be positive on the Rule of 40, but we haven't guided for the years. I think I'll stop talking about the year here. Thank you. I'll jump back in the queue for now to leave the stage for others. Thank you. Other questions? Mikkel? Yeah. I just have two brief questions. First one is related to the German expansion. Have you already added resources to this market, or will they come in 2024? So right now, we have it's a small team that are working with them. And we also, as I spoke from a sales side point of view, but especially also from a product side point of view, in close collaboration with pilot customers. And we will come with more news on that later in the year on how that is exactly progressing. But to answer your question, it's both sales-oriented, but especially it's also from a product point of view to be ready. Okay. Sure. Last question on my side is related to R&D capitalization and CapEx. Should we expect that to be the same levels in absolute terms in the coming years or declining, growing? I'm going to actually think I have commented on the CFO statement, so I can actually answer your question. Yes, more or less the same as. Okay. Sure. That's all from my side. Thank you. Any further questions? Marcus? Yes. Thank you for a great presentation. I have a question around the domestic and foreign ARR split. We saw that the Belgian market now accounts for approximately 30% of the ARR from foreign markets. My question is why are the Norwegian and Swedish markets not growing more? Could you elaborate more about the competition and maturity in these markets? Yes. So for Norway and Sweden, the competition is higher than, for example, in Belgium, and the maturity is also higher because many of our customers already have a solution in place when it comes to signing. For our KYC, there are still a lot of potential. But there's also potential when we go to market with our offering, combining those two. And we are investing also, for example, lately, we just hired our sales representative, senior guy in Norway that can now elaborate how we can even further make more integrations to the systems up there so we can grow more. So we believe we will also grow in Sweden and Norway. Okay. Thank you. Makes sense. Vasai? Yes. Thank you. So my next question here from an investor is, your current investment cycle is set to end here in 2024, but you still have a healthy cash balance, and at the same time, the market seems to be wanting break-even. When looking into 2024, how will you make sure to keep growing the company at healthy rates, obtain break-even, but still use your cash to some extent and not just sit on cash position? Yes. And that's really the balance that we are having all the time. There was a reason why we raised capital back in 2022, also in 2020 for that matter, and that was, of course, to use it to invest. But on an ongoing basis, every month, we are having that evaluation. How much should we invest short-term? How much should we invest long-term? For example, long-term, I mean, when you look at those graphs that Casper showed with the investment into the product, of course, some of it can give revenue here and now, but a lot of it is also future revenue. That's the balance we want to see. And we raised the capital, and the capital that we have on the account, we want to use, but we will never run out of cash. Now we have DKK 42 million here at the end of 2023, so we have cash on the account. It is always to find the right balance, but we also want that cash to work so we don't sit on it and just do whatever we can do with the existing cost base. We want the cash to work with us because we believe that that can create long-term revenue and growth, but never run out of cash. Thank you. The next question is about staff cost. Who is part of the executive management team receiving a total salary of DKK 8 million in 2022 and DKK 5 million in 2023? And who is part of the key management team? The key management, so can you end? Of course, I know from an exec management team, I'm the exec management team. And then I have a C-level that come up, the CFO, the Chief Sales Officer, the Chief Commercial Officer, the Chief Marketing Officer, and the Chief Product and Engineering Officer. And we also had that's down the Chief People and Culture Officer. I hope I mentioned all of them. At least you can see all the pictures on one of the first pages in our annual report. So that's the C-level. And below that, then we have some experienced directors that we also hired, and some of them have joined us in 2023 that is also experienced with the similar journey that we are on. They have done that before, but they are not part of from a cost-based point of view in that cost that you are mentioning. Thank you. The next question is, the growth revenue from 2022 to 2023 is DKK 16 million, and the growth in employee cost is DKK 15 million from 2022 to 2023. Can you explain those numbers? It doesn't sound Penneo is scalable if cost of employees and growth in revenue is similar. Can you specify which costs are included in the cost of sales? So now I have to look at, because there's two things. Is it the customer acquisition cost that you are? Or is it the chosen staff cost? It's a cost of staff cost. Cost of staff. Okay. I think I commented on the EBITDA slide here that we have increased our staff cost by 20%, and at the same time, we have increased the average, sorry, I think it's easier to explain it, the full-time equivalent for the employees. So you can also say on average, the headcount per month since 2022 was a scaling year, then you haven't had the total numbers of headcount in that year compared to this year. So as I said before, it's not the cost per headcount which is higher. It's actually because we have more team members to actually make an effort. Does it make sense? Yes. Thank you. I will see if somebody else has any questions and then come back with two more questions. Nice. Thank you for the questions anyways. I don't know. I think I saw Mikkel's hand. You again? If nobody else has any. So there are two similar questions. One, what is the expected revenue, EBIT, and cash flow in 2024? And the other one also asks about the outlook for 2024 and 2025 in terms of cash flow, and will Penneo be able to grow without further capital increase? I think it is that three questions. Let's take the first one. If you just repeat that, I'm sure that I'm answering both of you. The first question you said was. What is the expected revenue, EBIT, and cash flow in 2024? I'm not sure I get the question. Is the revenue? Are we guided ARR DKK 105-112? And then, of course, the revenue, as you can see, often it follows more or less. It can be almost the same. And then EBITDA, we have guided also DKK 5-10. Yeah. The question is about EBIT, not EBITDA. No. Okay. EBIT. Oh, the percentage, the margin, right? Oh, just EBIT earnings before interest and tax. Okay. Sorry. We haven't guided that. No, we are not guiding on that. We are only guiding on ARR and EBITDA. Now I understand your question. So sorry. The answer is that we can't answer it here since it's not. Okay. And then the next follow-up question is, why do you report focusing at EBITDA and not EBIT? EBITDA is heavily influenced by Penneo's aggressive activation policy. If we look at Penneo's cash flow, it is DKK -20 million in the last years. Yeah. I think it's to give a view on the, I don't know how to say it in English, the result of the operation. Yeah. So we are guiding on EBITDA, and we are showing those numbers from a guide point of view. But we always also look at the cash that we are using. That's the reason why you always have your additional slide. That's because EBITDA is not only the so what are we in total using of cash? Actually, to be completely transparent here, back when we convert from Årsregnskabsloven to IFRS, and when we were entering First North, our auditor says that, "Yeah, yeah, you only want to guide on ARR, but at least you need to guide on EBITDA." So our focus back then was, how much ARR can we grow for the cash flow that we have available? So that was our focus. So if we could decide we'll only guide on ARR because that's our focus, and then we promised never run out of cash. But since we were told that you need to guide on EBITDA, then we guide on EBITDA. We also see that increased focus on it. I'm just happy that we are both showing it on. We are guiding on it. I think it's important, and it becomes more and more important to do it on an EBITDA level. But of course, we can also have other metrics that I'm sure people would love us to also guide on. Yes. Thank you. I think we missed one part of the question here. Will Penneo be able to grow without further capital increase? Yes. Because what we have said is we guide right now, for example, for 2014. One thing is, of course, you've seen the growth both on ARR and then also from a revenue and then a positive EBITDA. And on top of that, we have said that in 2025, we will grow in such a way where our ARR and thereby our revenue cover all our costs. And that means then indeed, our cost is including then also our investment in our product. And that is based on our current plan and our current cash position we have right now and the cash available. Thank you. The last question that I have, can you please explain capitalized staff cost? Penneo capitalized 25% of staff cost. Sounds pretty aggressive. It's actually pretty detailed that all our engineers need to hand in their hour every week. Then it's a review from first the directors for the teams and then the CTPO heads. Then we base this documentation on how many hours do we put on each single development project. And some of the projects is maintaining the solution, bug fixing, and so on, and some hours is to a specific project. So it's actually simple math on that time registration. You need to do it to comply with the IFRS regulations. Thank you. That was everything from my side. Thank you so much. Actually, I think it was a pretty nice question. You can see it as most of the developers' times are being used for capitalized purpose, meaning they are developing new stuff in our platform, not only maintaining our current status. For me, that shows we are investing. Of course, we also said that we are investing, but it also is shown in the numbers. That's also the idea by showing this chart so you can actually see what cash do we spend on product development and what cash do we spend again from the operation. Yeah. Thank you. Was that the last question? I think so. We don't have anything on the chat. Everybody raised their hands and said. I would just say thank you so much for all of you participating. I can see basically, I think all have stayed on for the whole section. Thank you very much. As my last remark, remember, everything that we are presenting here, that is based on the team effort from the whole Penneo. We are just so privileged that we can tell the number, but it is out there at the office. It's the result of those work. So I'm very proud of their work. Thank you so much. Thank you.