Good afternoon, and welcome to this H1 presentation with Risma Systems. With us today, we have the CEO, Lars Nybro Munksgaard. First, there will be a presentation, and afterwards, a Q&A, where Lars Nybro Munksgaard will answer questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Risma to start the presentation. Lars, your line is now open. Thank you, Anders. Before we go into the half year's report, I would like to give a few words on where Risma is, and what kind of solutions we are offering to the market, for those of you who haven't, who are not acquainted with Risma. So, first of all, Risma is providing our customers with solutions that help them manage governance, risk, and compliance. That's quite a broad area. When I started Risma ten years ago, I said that sometimes during this decade, we would probably see that the customers would start to looking for a solution that could help them with all kinds of legal compliance and risk management, and other stuff, and I'll come back to that. But if we look into the core of the solution, then it consists of four steps. And the first step is that we collect information via a questionnaire to make the gap analysis, which is in the next step. So and this is something. These two steps are something that most of our competitors do not provide to their customers. Then we come to the third and the fourth step, and the third step is to create action plans to ensure that whatever gaps is identified between where we are and where we are supposed to be, according to legislation or an international standard, is that if that is what we compare ourselves with, that we become compliant. And then after that, the next step is to create an annual wheel to ensure that we continue to be compliant. And let me give a very simple example. It could be that the questionnaire contains a question, Do we have a policy for this or that? And then the answer is no. Then the gap analysis will say that we have to create this policy, and then we create an action plan, and we identify the person who should create the policy. And after that, we create in the annual wheel, a quarterly or half-yearly, a yearly update of that policy. And that's basically what needs to be done, regardless of the area of or the subject in question. It could be privacy, it could be IT security, it could be sustainability, it could basically be anything. What we have built is this generic solution that will take the customers between the four steps. And if we then go to the next slide. Now, let me put one more information on the core, that the logic between the different steps is the system supports the logic, but it's the experts in the respective areas that define what should the impact be on the gap analysis if the answer to a certain question is whatever. So we have external experts creating the questionnaires and also the logic between the questionnaires and the gap, and then also the logic between if there is a gap, then we should create a policy or whatever it is, and also the annual wheel. Around that, we have solutions. We have six support solutions that is needed in the process, but is not part of the core solution, and we have the risk management and asset management, policy management, internal controls, contract management, and incident management, and most of these six areas are relevant for the customer, regardless of the subject in question, so that is basically what Risma is delivering, and where we differ from most competitors is that two things: We have the information and gap part of it. That is usually not the case for our competitors, and it's also that we have all these support modules, and Denmark is the most mature market when it comes to governance, risk, and compliance, also compared to Denmark and Sweden, and we see now in Denmark that m ore and more of the dialogues we have is with companies that are looking to replace various spreadsheets, but also point solutions, meaning solutions that cover a specific area with solutions that can be used for all governance, risk, and compliance work. We have, to some extent, also seen that in Norway, where we are present, but far less so in Sweden for various reasons. And we also know that Finland could be an interesting market for Risma. When we come to the main markets in Europe, we see that the progress towards a one solution for GSRC is progressing not as fast as it is, but Denmark is definitely in the forefront when it comes to that. If we then move on to the half-year report, if you take the next page, then we have our recurring revenue has increased by a little less than DKK 10 million in the past year, and that is more or less the capacity we have right now. It takes time to build capacity that to increase this number, and that requires investments in sales and marketing, which we have done. The first half of this year, we have invested more in sales and marketing. As a rule of thumb, it take due to the complexity of the solution, it takes perhaps something like nine months to train a new salesperson, meaning that we will have to do the investment before we get the benefit. So basically, the increased investment in the first half of 2024 is something that we expect to see a positive return on in sometime during 2025. It's far too early to say where our expectations are for 2025. We haven't communicated that to the market, but there's no doubt that the investments we have made will have a positive impact on the growth, wherever that is going to be, and if we then see on the ARR growth within the six months, it's somewhat less than it was in first half 2023, but it's more than it was in second half of 2023, where it was around DKK four million. And there are various reasons for that. One was that we had two large customers, including our largest customer, coming in in June last year, and another was that we had a quite big sale of CSRD solution that was quite new in the market. So where the first half of 2023 was definitely impacted a lot of CSRD, which is a solution for ESG, then we have the impact in second half. First half of 2024 is more equally divided on our products. But as I said, we have, we are engaged in more dialogues with the customers looking for a broad solution. And when we are in these dialogues, we are very well positioned compared to the competitors in the market. And that is something we also focus at in the second part of 2024. That is to mature the market when it comes to this transition, and mostly on when it comes to the Danish market. We have the upsell, which was more or less equal to first half of 2023, and so is our churn, which is 4%, and that's lower than we normally see. Normally, we over the years have had a churn of 6%, five, six percent, and I think that's probably the natural level for so to speak. So 4% is better than we expect. And the retention rate, which is the index of sales to existing customers, is 108, meaning that whenever we had a license of DKK one million, the customers, we will then six, eight, sorry, twelve months later, it's DKK one million and 80 thousand DKK. And that is also at a very satisfactory level, and a little bit higher than it has been historically for Risma. Then the customer acquisition cost has increased, and that is due to the increased spend on sales and marketing, mainly. So I think that is. In my report or my letter, included in the half-year report, I also mentioned that we are going to launch a new solution, 10.0, in this autumn. And that contains improvements from which we've been working on for quite some time, up to a year. I will not go into detail when it comes to that, as we often see that competitors they try to mirror both the new solutions we go to market with, but also they are they are influenced by the improvements we make in our solutions. So that is something that we communicate as and when it's ready to the market. So our revenue has increased from a little less than DKK 15 million in the first half of 2023 to a little less than DKK 20 million in the first half of 2024. And so have our gross profit also increased by more than 30% or almost 40%. And the staff cost has also increased. And when it comes to the EBITDA, the EBITDA is a little lower than it was first half of 2023. But we expect that our EBITDA will improve from here. And so in the second half, we will have a lower EBITDA or lower negative EBITDA, and we also expect that the EBITDA for the year is within the range we have guided, which is a little bit better than last year. So, and I think we covered the most important stuff, and basically, I'm ready to answer any questions that you might have. Perfect. Thank you for that, Lars. Then, let's jump into the questions, and take the first question here. The increase in customer acquisition cost, is that due to increase in marketing? Yes, it's both sales and marketing. And as I said, when we hire a new salesperson, that salesperson will typically bring in new sales from approximately nine months after they started. So that is, that's part of the investment. And also in marketing, it's the investments in marketing. First of all, we have a sales cycle of approximately three months. So from whenever the leads start to increase, it would also take some time before we see that in the sales. But also part of the marketing cost has an even longer perspective to it because it's a matter of building the brand. So I often use the mirror that, or the. Sorry, I'd often use the expression that it to run something like this, maybe with the long return on investments is more or less like trying to maneuver a large ship rather than a small boat. So we have to look often 24 months ahead when it comes to investment, and that goes into the product, but it also goes into sales and marketing. So yes, we have increased the spend, and the strategy we had in 2023 was to go for a cash neutral operation. And we also have that target for 2024, for 2025. So but we are moving the investment level up a little bit in 2024. That is also needed to ensure that we keep the growth we have right now, which is like the DKK 10 million. Perhaps the DKK 10 million could be become a little bit more. Basically, the strategy we have is that we invest the surplus cash, meaning the DKK 10 millions we have in extra licenses, in growth initiatives. And a follow-up question around that. I don't know if you can answer anything to it, but the ramp-up period of 12-15 months, does that mean we should expect 2025 to be better growth-wise than 2024? That's not something that we can comment on this stage. We will provide the market with the guidance as soon as we're ready for that, which is typically, let's say, four months from now or something like that. Yeah. In H1 2023, you had a positive cash flow from operations due to changes in working capital. This year it is negative. Can you explain the big difference in working capital changes? Yeah, basically, we have invested a little bit more in growth initiatives in the first half of 2024 than the surplus cash we received in from the additional DKK 10 millions, but that was a strategic decision that we wanted to do that. And so we have probably invested more in growth initiatives in 2024 than we will do in 2025, I guess, because we have invested a little bit more than the additional DKK 10 million. You have DKK 10 million in cash and very low financial income. Looking at that quite big cash position and the current risk-free interest rate of plus 3%, shouldn't you be able to generate more financial income on that cash position? I think the interest rate compares to a return of a little more than. A little less than 2%. So we are not that far from the 3%, but some of the cash is in on bank accounts that is used for the short-term cash needs. So I think the current level is probably quite good. Obviously, we could we have three different bank accounts with three different interest rates, and you can always be more accurate in the allocation of the cash. But overall, I think that we are within a reasonable level. Can you give some more insights into your ARR growth, looking at the different markets you operate in? Where do you see highest growth? Which countries do you focus on? The first priority is Denmark, and the second priority is Norway, and the third is Sweden. That is one thing. It's due to our position in the market, but more importantly, it's also due to the maturity of the different markets. It is more than 60% of our growth that comes from the Danish market. The increase in marketing, is that all around the business, or do you strategically focus on certain markets and also specific GRC areas? Yes, we focus on specific GRC areas, and we are increasing the spend on GRC solutions because we see that there is a shift in the market. Last year, for example, we increased spending on sustainability. We also always allocate a significant part of our marketing budget for privacy and IT security, because those solutions are not only for us, but for most in this market, the bread and butter. From time to time, there are various solutions that is needed and that provides sales for a period. The two solutions I mentioned before, those are the bread and butter for most in this industry. How do you see the potential for upsells to current customers? Yeah, we do that all the time, and, as I showed before, it was DKK 2.4 million in first half of 2024. And it was the same in the first half of 2023, and in the second half, I think it was around DKK 1.5 million. So, that is, it's a significant part of our sales, our new sales, is to existing customers. We have the last question here: What is the average first-year ARR when you sign a new customer? It varies from period to period because whenever we sign with a new customer with a significant contract, which for some customers is up to DKK one million then obviously in that period it affects the average quite a lot. But usually it's between DKK 60,000 and DKK 100,000 in average over any given period. And that was, actually, all the questions that we have received, so that finalizes the Q&A. But before we end the webcast, I will just hand over the word for you, Lars, if you have any final remarks to end with. No, I think that was it. I'm not sure if you all received what you came for, but I hope you did. At least that was what we intended to communicate. Perfect. Thank you, Lars, for the presentation and for the answers to the Q&A, and thank you everyone for listening in. See you next time. Bye. Bye.