Yeah. Good morning. This is Dan Dysli. Welcome to the first quarter 2022 results presentation of Trifork. Happy to have you here today. Speaking today as usual will be Jørn Larsen, our CEO, and Kristian Wulf-Andersen as our CFO. This will be a short presentation, I would say 20 minutes, 20-30 minutes max. If you have any questions, you can raise your hand on your computer during the presentation or after, and we'll respect your question, and we invite you to talk. The webcast is being recorded and will be presented on our website later on with the other documents of the results. Kristian, if you wanna move on quickly to the disclaimer. Yes, please have a look at the disclaimer quickly. I would suggest Jørn to take over from here. Jørn, it's yours. Thank you, Dan. Good morning, everyone. My name is Jørn Larsen. I'm the CEO of Trifork and co-founder. With me, I have Kristian here today, and we are going to present you our Q1 numbers and results and highlights. Let's just dive into it. Main events for the quarter is we have selected four bullets for you. Now we can say that we are actively planning to go back into a physical world where we have five go-to conferences in the making over the next course of a year. This is with big pleasure we can announce this. It's not going to be totally the same as before because we like to have these conferences more as events where we record high quality content and then broadcast it on our YouTube channel. Our YouTube channel has in this quarter continued to grow, and we are now close to 32 million views, and we are quite proud of that. It's one of the biggest tech channels in the world, and we intend to double down on the growth of this channel. It ensures that we are on the right track on suggesting the right technologies for our customers. In Build, we have had a good growth in organically good growth and some very interesting developments, I would say. We just wanna highlight one here, and that is that we signed a letter of intent with a Swiss healthcare customer, and we hope very soon to announce to the market exactly the outcome of these negotiations that we are doing right now. Also in the Danish market, we are piloting a new app that has actually been on the way for 25 years, and that sounds like a long time, and it shows the dedication and the determination that Trifork has when we set out a vision for our customers. In this case, it's the Danish Health Authority. Many years ago, we suggested them to turn this whole experience of being a pregnant couple into a digital experience. Now finally it's being tested, but we will talk a little bit more about it later. In Run we also have full speed ahead and we can report that we have taken a nice step forward in Cyber Protection, but I'll get back to that. We sold some new licenses. We became a partner with a new tech software company as well. We have some updates in Labs, but more about this later. Here you can see again the growth we have had since 2007 on revenue and every year with a profit. Now for 2022, we are one quarter in. You can see our guidance to the very right of this picture and we are continuing this nice growth curve. Let's look at the details. First of all, there are a few things that are interesting here. So for the first time we broke the 1,000 employees mark, and this is despite our deconsolidation of Dawn late last year. We already mentioned the continuous growth. So you see the orange bar is actually one of the highest growth in one quarter on our YouTube channel. And this is particularly positive because now people are going back more to the physical world. Physical conferences has started. I'm very happy to see that the digital experience is continuing its growth. We are up to 60 business units now, maintaining 25 active lab companies. In the middle we have the numbers. For Q1 we realized EUR 45.8 million with a year-over-year revenue growth of 16.3%. We have a few comments on that Kristian will make later in this call. Our Trifork segment adjusted EBITDA of EUR 8.1, resulting in a margin of 17.6%. The Trifork Group EBIT of EUR 4.7, resulting in a margin of 10.3%, and our net liquidity EUR 8.8 million. Still we have a strong appetite despite our investments in Q1 to grow further also with M&A. You can see on the very left side how we have been growing compared to last year, so a healthy growth, 16.3%. If we adjust, and you can say compensate for the deconsolidation of Dawn last year, we actually will see a 17.8% organic growth, which is we are quite proud to present. There you see on the 2021, you see how we are stacking up. Still only one quarter in, but things look positive in this moment. Okay, let's move on. A few updates on our strategy house. Our foundation perfecting the Trifork way, you can say maintaining more and more business units in a high growth mode. An important thing for me to mention is that we are now more active than ever in running and executing workshops in our leader teams. The way we do this is that we group five to 10 leaders from the 60 business units, and they are divided into a number of classes. Seven is the number right now, but that number will grow over time. These classes, these workshops are there for the business unit leads to inspire each other and drive each other forward. I think it's something that gives me a lot of joy and happiness to facilitate these workshops. We added another country to the list of countries where we're active in, Portugal. We opened a new office in Lisbon and in the future quarter calls, you know, I will tell you how it's going in this new market for us. Let's move on because we have embedded some updates on the other strategic pillars later in this presentation. As you recall, the Trifork Group is we report in two different segments, Trifork segment and the Trifork Labs segment. As mentioned before, 60 business units across 12 countries. These are all the numbers we consolidate on revenue and EBITDA. Trifork Labs, 25 active lab investments where we have minority stakes in those companies. Let's move on. For the Trifork segment, our go-to-market model is Inspire-Build-Run. As mentioned earlier in the call, we really look forward to executing these physical conferences again and to double down on the production of content that we then can broadcast to our channel. In Build, you see that we have 76% of our total revenue in Build, and in Run 22.6. That's actually a jump up from previous. Kristian will have some comments on exactly what happened in Run this quarter. Let's move on. As I mentioned in the first minute of this call, one of the interesting case stories we are bringing here today is the national pregnancy app, both the app and the front end. This was organized in a way that we were suggesting the government over a period of 20 years to make a tender, where the Danish population could take advantage of new technology. When we suggested this originally, it would be something that would be live on a website, and you would sit home, and then you could see the ultrasound pictures and all the data and following your child's growth. Now all these years later, it actually turned out that it's an app, and then it's also a website for the midwives, the nurses, and the doctors who are involved in delivering a baby to the world. This is the new generation. This is talent that we like to hire in 20 or 25 years that we now monitor here in apps. If you go to the next page, here we have a testimonial, and here you can see Ida Bachmann. She is one of the leading people in the Danish Health Authority. There's a quote from her. This is luckily typical when we ask our customers how it is to work with us because we work in an integrated way with our customer. We are one team with our customers, and together we deliver these great results. I'm very happy that we are able here to present a quote from our customer. Let's move on. Here's just the overview. As you know, at Trifork, we have six business areas, three verticals, three horizontals. Let's look a little bit closer at them. Okay. A few changes here. FinTech is maintaining high growth. If we compare with Q1 2021 to Q1 2022, you will see a 23.4% growth. This is actually a very healthy growth. This is very close to what we are targeting every business unit to grow month-over-month or quarter-over-quarter. This just around 25% is, you can say, in our DNA as Trifork to grow. Of course, not everything is according to plan. Here you see that it's just below the 25%. Digital Health. You know, for the first time in history of Trifork, we have been able to actually suggest and pitch our know-how that we have 20 years of experience in Denmark. The Swiss potential customers have been very interested in our technology. This is a breakthrough because exporting know-how and doing it across countries is a huge challenge. We consider this a breakthrough. I already mentioned the new pregnancy app. Actually an app that also the Swiss customer is very interested in. Now we also completed the deconsolidation of Dawn. Deconsolidation does not mean that we leave Dawn behind. Now, Dawn Health is a part of our lab community, and the plan is that they will use some of the money they raised in the capital round that we executed earlier and to accelerate growth. It's going to be very exciting for Trifork to follow Dawn Health out into the bigger world. Also, Smart Building continues to grow. You know, here is where we develop smart technologies, but we also develop know-how in how to build in a new way. Our aim is to challenge the established building industry. It's also very positive to see that this also becomes a bigger part of our total revenue. Let's move into the horizontals. Smart Enterprise, you know, two things. We digitalize governments, so it's one part of Smart Enterprise. The other part of Smart Enterprise is this partnership with Apple and SAP, where we bring the best breed of mobile apps to the frontliners, to everyone in a company, and not just for the people who sit in the back office and use backend systems like SAP or warehouse systems. We have a case story about this in this call as well. Cyber Protection, as you can see here, a growth of 78.2%, which is a dramatic growth. Here we also made a lab investment. We see some very positive developments with large license sales, a new partner, and also a new lab company coming in this quarter. This results in a fairly large growth, but we believe we have created a platform for continuing a high growth in the market. Cloud Operations, you know, our steady trend growing 12% over last year's quarter. Here we have also invested in the future. We have built a new operations center from ground up. It was opened for operation just very recently. This will create a platform for the next year's growth in private cloud offerings. Of course, we are also continuing our focus on public cloud. Together, this will result in us being able to offer what we call hybrid cloud solutions to our customers. Let's move on. Here's an overview, and I invite you to go on our homepage and study some of these stories here. We already mentioned the pregnancy app last call not very long ago. We were talking about the Warehouse Hero, where we are taking for the first time our digital solutions to new type of users for Vestas. This system we have called Warehouse Hero, and we actually realized an optimization gain of 40% implementing these smart solutions to warehouses for the wind turbine manufacturer, Vestas. Let's move on. I promised you an update also on labs, and this is what happened in just one quarter. We established a new company, ComplyTeq. It's a company that is going to make it a lot easier for us when we are being onboarded to an insurance company, to a bank, and to a lot of other companies that are being continuously more regulated. Sometimes that results in quite unfriendly user interfaces towards our customers and very cumbersome processes where we have to show the passport and talk to a robot. ComplyTech has some interesting technologies and in a future call, we can look closer to this as well. We established Trifork Smart Building III. The second one of our own, you can say, engineered buildings. There was a financing round in Dryk finalized, where we invited in a new external investor, very positive. The same thing goes for ExSeed and for Arkyn, where we raised EUR 3.8 million for Arkyn Studios. Arkyn Studios belong in our business area, Smart Enterprise, and we are already delivering joint projects between Arkyn and the Trifork business units. This is where we are deploying software as a service together with Trifork's implementation services. This is, you know, very, very quick for a startup to actually reach production of their software. Feats, a very interesting investment we made this year as well. If you have seen a movie and you stay around for the last minutes of the movie, you will see all these rolling text, and people are being featured and honored for the work they have done for this movie. Feats, they wanna do the same for all work in the world. A lot of the work that is taking place in the world is software development, and there are a lot of hidden heroes there. There are a lot of people who are not being recognized for the work, and it's actually a very important motivational factor for someone delivering such a thing like the pregnancy app, so Feats will be a platform there. Promon, our investment into cyber. Let's move on. On our ESG update with our general assembly meeting, we actually reached a level of 50% non-male members of our board. We also are proud to see that the 27% of our leaders at Trifork, so the ones who are propelling Trifork ahead and leading the six business units, 27% of them are also non-male leaders. We are continuing this diverse culture with just breaking the 1,000 employee mark that I just mentioned before, and they are coming from more than 25 countries. That's some of the highlights I chose to bring to you today. I'd like to hand the word over to Kristian Wulf-Andersen. Now I'll go a little more into details in the financial performance for the first quarter of 2022. Overall, the Trifork Group performance, Jørn already touched on a lot of the numbers. Here you see the 17.8% organic growth when taking deconsolidation effects from Dawn Health, the EUR 1.3 million in Q1 2021, into account. Also to mention here is that 65% of revenue has been from the private sector and 35% from the public sector. This is a little higher in the public sector compared to the full year of 2021. The strong organic growth is supported, as Jørn mentioned, by Cyber Protection, especially, and then also FinTech in the U.K. If taking the deconsolidation of Dawn Health into account, then actually also an organic growth, a nice organic growth from the digital health business area. The inorganic growth part, the EUR 0.9 million you see here, is coming from the 2021 acquisitions of Vilea and StrongMinds. Going into the Trifork Group performance, then we are guiding on EBIT. This is why we focus on EBIT here in the presentation. What you see here is an EBIT increase of 87% compared to Q1 2021. That said, you also need to look into the adjusted EBIT, since in Q1 2021, we had EUR 1.8 million of IPO related costs. This is what is adjusted for. Total in Q1 2022, we realized a 10.3% EBIT margin. Looking into the Trifork segment then, our operational segment, we're guiding on the adjusted EBITDA, as you see here, on the right. There you see an increase from EUR 7.7 million to EUR 8.1 million, which is a 5.1% increase. You also see a decrease in the margin for this quarter compared to the first quarter of 2021. I'll come back to that, how to explain that. The Trifork segment performance on EBIT here as well, you see an increase on EBIT of 64%. Realizing EUR 5.1 million in Q1 2022, equal to a margin of 11%. The Trifork segment performance going into the different sub-segments will then explain the development in the margins. Here you see, in the left-hand side, you see how the distribution of revenue was between the different sub-segments for the full year 2021, and now compared to the first quarter of 2022. This is also what Jørn showed you in our Inspire-Build model, that we now have 22.6% of run-based business and 76.1% in the build-based business. The margins, looking into the margins of adjusted EBITDA, we have a strong margin in the build-based segment of 23.4%. You see a lower margin, 12.1% in the run-based business, where we normally would see a higher margin than in the build-based business. The reason for the lower margin here in the first quarter of 2021 has been primarily due to non-capitalized investments in building our new operation centers and making optimal performance in those operation centers. We still, for the remaining part of 2022, have a plan of investing additional 1-1.5 million EUR in those operation centers, and this is included in our guidance. Looking into the build sub-segment performance, what you see here is an organic growth of 15.9% compared to the first quarter of 2021. Once again, taking the consolidation of EUR 1.3 million out in relation to Q1 2021. On the adjusted EBITDA margin, you see this 23.4%, which it was an increase compared to last year, but still a lower margin. The Run sub-segment performance here, you see that all growth was organic, so 22.2%, very strong organic growth. Large part of the growth also came from Cyber Protection, as Jörn mentioned in the beginning of the presentation. Also we in this quarter had a high revenue of a third-party license sale of EUR 1.7 million. That's also part of the increase. Then again, comparing to the first quarter of 2021, at that quarter, we reported very high hardware sale. Compared to that, it's still a very strong organic growth, even if we had a EUR 1.7 million in a license sale. Overall, we saw a decrease in the margin, primarily caused by these investments I talked about before, of EUR 0.6 million, and also because of a low margin on the license sale. Overall, we here see how the run sub-segment revenue split has been developing over the past period of since first quarter of 2020. What I would like you to look into here is that you see the seasonality of hardware and also on licenses. The license support is higher than on the hosting and security. This is why we see this as a solid development that now hosting and security is covering just about 70% of all revenue in the run-based sub-segment. This is also a development that we expect to continue, we will see the highest growth there and a more stable growth, since it's primarily based on long-term contracts in this area. Looking into the Labs segment performance, we see that in Q1 2022, we had an EBT of EUR 1.2 million. That comes from the combination of an EBITDA minus of EUR 300,000 and a plus on our fair value adjustments of investments of EUR 1.5 million. On the right-hand side, you also see that cash costs and active investments has increased to EUR 38.8 million. This has primarily been due to the completion of the investment in Promon, which was by far the largest investment that we had in Q1, but also the investment in Feats and additional investment in Arkyn Studios, where we defended our ownership ratio. Also smaller investment in Vilea, and of course, the founding of ComplyTeq. All this combined together was just about EUR 8 million, as you see in the development here, in the cash invested. Then, EUR 1.3 million in increase in fair valuation of unrealized gains. Looking to the cash flow and financial position, then we saw a strong continuing strong cash flow positive cash flow of EUR 4.6 million in the quarter from the operations. In the investing activities, we already talked about these new investments in labs, but also we have decreased NCIs. In the quarter, we have acquired NCIs from especially one of our companies where we have minorities, Erlang Solutions, and we will continue to do that throughout the year. Then we see that we have lease payments of EUR 1.2 million paid and increased borrowings of EUR 1 million in total. Overall, we have a net position end of the quarter of EUR 8.8 million in net cash, meaning that we still have a negative leverage ratio of net debt to adjusted EBITDA. As Jørn stated in the beginning, we still have an appetite for new investments and see that we have a strong position to continue investments in the future. Overall, we still have our guidance from the beginning of the year, which is unchanged, so that we still guide on total revenue of EUR 175 million-EUR 180 million. The Trifork segment adjusted EBITDA of EUR 29.5 million-EUR 32 million, and the Trifork Group EBIT of EUR 15.5 million-EUR 18 million. Now, Jørn, I'll hand over to you again. Here's a short update of where we are and. Yeah, thank you so much, Kristian, for taking us through the numbers and in a very much detailed way compared to the other quarters we've had, so more insight into Run. Thank you so much for listening today. We are open for questions, and we are, of course, also open to meet you, investors out there in the real world and online. Thank you so much. Yeah. We have, thank you very much, and we've seen questions coming in here. The first one is from Poul Jessen. Poul, please go ahead. Yes. Can you hear me? Yes. That works well. Okay. Yeah. Thank you for taking the call. Yeah, I think it was quite a good start you had to the year, and that's the question number one as well, because as you had 18% organic growth and you maintain 10%-15% for the full year, I was just wondering, could you elaborate a little on, is that because you're cautious due to global environment, or do you see headwind or challenges ahead or why, what's the reason for having a guidance all the way down to 10% growth after this start? Yeah. I can answer that. Of course, you do see in the current environment a lot of moving targets out there. It is a very special environment. We just came out of COVID and now we have the situation with Ukraine versus Russia and the impact that will have. I would say that we are still cautious in relation to that on exactly how it will impact. We don't have any direct impact in our business yet. Of course, we do see shortage in some deliveries, which potentially also could impact us in the future. We see other companies having issues or starting to getting issues in relation to the production if they cannot get gas or things like that, which once again could affect us in relation to to future revenue. Yeah. Very good. Yeah. Thank you, thank you for the question. I just wanna put a little more color to it. You know, delivering software is, of course, something we can do on our own terms, but of course, our customers needs to have a healthy business environment going for them. And directly, you know, we are also measuring this ourselves. For instance, components for smart buildings are, you know, in a shortage and the delivery times are, you know, 10x longer than usual. There's certainly a lot in the world that is not functioning very well. We are starting to see this also in our business. As you indicate yourself, we are a little cautious to see, are we able to deliver on the next quarter and the next quarter again? Also, you know, we have this outstanding letter of intent with a Swiss customer. When we can hopefully announce that we conclude this and we will know the effect, then we will see. Thank you for the question. Yeah, that takes me to the second question. When you mention the Swiss potential customer, you apparently cannot say much, but in the report you say a new player to the Swiss market. I was just wondering, is this a startup, or is it somebody coming internationally into Switzerland, or how large is the client? Yeah. I mean, I really wish I could share, but we'd rather wait until we can make a proper announcement on exactly what this is all about. Because also the customer is really focused on you can say being on top of the communication because this is we just like to show it when we have it. But as I mentioned, it is a breakthrough just that another country has the interest in our technologies, and this is really the message I can bring across. You know, hopefully, if one country can see the benefit of the technologies we have been developing for more than 20 years, then we hope there will be others as well. Okay. I have a question, and that might be more on the math side. A number of employees, you are down in the quarter by nine on average. I guess that's the deconsolidation of Dawn Health. Meaning that you end up at 927 for the quarter, but you end the quarter above 1,000, meaning that you must have had a high level of hirings at the end of the quarter. Is that in the build or run or where should we see that add on on resources? Overall, that's distributed overall, you could say. We also added additional in our administration or in compliance. It is an overall increase in all the units. As we talked about earlier, presentation in Cyber Protection, it's really an area where we are looking extremely to get additional new employees, and this is an area where we're investing in. To my last question is about the investments that you've done, the EUR 8 million. You spoke about it the last time and you mentioned it today again. I think Promon, that must be the biggest part of this. Could you put a little more on how big is Promon actually? I haven't been able to find any kind of numbers on FTEs or revenues. If it's valued at around EUR 100 million, with you having 5%, then you must see huge opportunities in the company since you take such a large ticket. Yes. As you know, it's actually, you know, it's a joint investment with our previous large investor, GRO Capital. First of all, we are happy that we continue the collaboration even after GRO has exited Trifork as an investor. I think that's unique that you maintain such a relationship. Together we are looking at investments, and one was Promon. You're right, it is a valuation of around EUR 100 million. I'm sure that there are some numbers publicly available on the profit at least of Promon in the market. It is, you know. We also announced an enhanced partnership with CrowdStrike. This is the environment we have on all this cyber threat being more in focus. Yes, we do see a high potential in Promon. We have over the past many years developed a lot of apps, and apps are becoming more and more mission-critical. The interface towards hackers is actually the app itself, so the front end, the app that you see here, people are holding in their hands. Through that, you can be attacked. Promon is, in our opinion, leader in defending apps against cyberattacks. If you look in the app stores, there are millions of apps that are not protected by similar technology. The potential here is high. That's just to put a little more color on what we see. How much Trifork itself is able to harvest from this by being a reseller, we will yet have to see that. Okay. Thank you very much from my side. Thank you, Paul. Do we have any other questions? Yep, here. We have Serge Rotzer. Please, Serge, go ahead. There seems to be a problem unmuting. Let's go ahead with Mads Quistgaard. Serge, if you hear this message. Yes. Can you hear me now? Okay, yeah. This is Serge. Okay. Okay. Please go ahead. Excuse me. I had to dial in with the iPhone, and I was not seeing this popping up window, pop-up window. Okay. Again, already last year you achieved, or your best quarter has been the Q1 related to adjusted EBITDA Trifork segments with EUR 7.7 million. Again, this year you started with EUR 8.1 million. This implies basically an EBITDA on average for the rest of the year between EUR 7.1 million-EUR 8 million, so no improvement over Q1. Do I read this correctly, or do you see a certain seasonality, especially given the investments you make into the RUN business? Or is this spread over the whole year? As I stated earlier, we do see investments in the Run-based segment, especially in our operation centers. We also expect to invest additional EUR 1-1.5 million in the rest of the year. But that is included in the guidance that we have been given. You would say seasonality, yes, there will be some in relation to our Inspire-based business, where, when introducing the in-person conferences again, we expect to see better profit ratio in the Inspire-based business as well. Okay. There should be upsides on current levels. Is this correct? Depending of course how the world is developing, but yes, in the RUN base business especially, also in the remaining part of the year. Okay. Second question. Can you remind us about the structure of your contract? You know, if I would expect that you will get awarded by the new contract of this healthcare company, whatever this is. What about the revenue recognition and EBITDA recognition and provisions you are building up if you have a new contract? Because I fear that even if you were to win this contract, let's say by the end of this quarter, it's difficult to have substantial impact on revenues or especially also on EBITDA because you also have to make provisions. I don't know. Is this true? Even if you win a contract, it will have no impact this year for the guidance. This is what I want to say. Well, that's a statement. My statement would be that when and if we win a contract, then it will be just like normal for us. A lot of the contract would most likely be based on time and material services, specific solutions that we develop. In this case, where we have the opportunity to potentially bring products that we have already developed in one country to another country, then we could see a mix in between product sales and also time and material-based services. Can you help me? This project, would it be a new project or is it a repackaging of an existing project you already sold to somebody else? It will be a combination. If this is being realized, then it will be a combination, as I said, of product sales, IP sale, and also time material in relation to building specific components, implementing into infrastructure, et cetera. Kind of like that. Okay. Probably the last one for Jørn Larsen. I've heard that he's keen to invest again into non-organic growth. I'm wondering now with the multiples we've seen which are much lower now given the current markets we have. Did this change the environment? Do you see in your industry also lower multiples which you are asking for or did it? Or is it still the same like in the beginning of the year? No, I mean, that's a very fair question. Last year, we saw, you know, the tech industry was quite overheated in valuations, and it was probably a good year not to be so active, which we weren't. Now we are always in a number of conversations. You never know where they will lead to. But yes, I do see that the market for acquisitions is fair now, as opposed to when it was really high at some point last year. That's a fair remark. Yes, we do have a lot of appetite on M&A. We have also learned a lot about what kind of businesses we should attract. We are also, you know, cautious on which companies and units to bring into the group. Yes, we are—it is part of our daily work to talk to entrepreneurs and to small business owners about M&A. This is very helpful and interesting. Could you give us some color which is attractive to know what has changed, what is attractive now, what was not attractive last year? Based on your market or some verticals and probably also the countries. Yeah, you can say that when you expand to a new territory, whether it's a new area in a country we are already present, there are several things that are important in this, you can say, synergy between the target we want to acquire and Trifork. As Trifork grows, we do see an effect of a stronger brand and a lot of credibility and a long track record. Here on this screen, you see some of these really interesting stuff we're delivering. It is across our six business areas. I mean, we're looking in all six business areas to grow organically. I hope that answers your question. Probably the last one is, I know I already said it's the last one, but do you see industries which are stopping to invest into IT, given the environment we have, that they start to reduce their CapEx or also their OpEx now? I would say especially in the capital goods environment, that they protect their cash flow and stop IT projects they are running with Trifork, or it's difficult to win new projects in some industries. We don't yet see any big change. You have to consider that investment into IT and tech can be used for two reasons to expand your market. Yes, you can imagine that some companies are more cautious. We have proven again and again, and especially in our Smart Enterprise area, that when we deliver software to our customers, they actually benefit from substantial savings. I just mentioned this with the Warehouse Hero, that it was an optimization gain of 40%. Now is the time where companies should really invest to make sure that they are, you can say, protected and optimizing the way they operate. The world, however, does not always work in that logical way, but at least a lot of companies, they do. Tech is a revenue driver, but tech can also be an optimization tool. It's also defense. You see our high growth in Cyber Protection. That, of course, comes out of fear and concern, and with reason, because the level of attacks in the world on cyber has never been higher. It is invisible, but it is, as you can say, destructive as what we see in the physical world. Okay, cool. This was really very helpful. Thank you, Lars, and have a good one. Good luck for the next quarters. Thank you so much. Just looking at further questions. There's nobody right now. Last chance to ask a question if somebody would like to please raise your hand on the screen. We don't see any further questions. I would pass it on to Jørn for some closing remarks. Thank you so much, Dan. Thank you so much all for listening in, and thank you for the great questions. We are looking forward to be back with news and also to update you for the next quarter upcoming soon. Thank you so much and have a great day. The recording has stopped.