Welcome to today's event, where we have the pleasure to present Wirtek. Half-year result is what is in focus on today's event, where we will take a walk through the results for the first half year and of course, look a little bit ahead through the guidance. As always, we are joined by CEO and Founder Michael Aaen and CFO Mads Greiffenberg, who will help us through the presentation and of course, answer questions in the end. In that connection, there is a box down below where you can feel free to ask questions during the event, but we will take the main part of all the questions in the end in a Q&A session. Do feel free to ask it, do feel free to ask it in Danish. I will try and translate to the best of my ability. F or now, I will hand the call over to you, Michael. Thank you, Michael. My name is Michael Aaen, and I am the CEO of Wirtek, and with me today is our CFO, Mads Greiffenberg. We will take you through our results for the second quarter of 2026 and our first half-year results. It is a quarter where the bottom-line profitability was restored. I will also cover the acquisition of DitaExchange, which we completed on Wednesday this week. Same day, we also published our Q2 report and actually the reason why we had to postpone this webcast a couple of days. Now our CFO will present the financial highlights. Over to you, Mads. Thank you, Michael and Michael. Even though the acquisition of DitaExchange is probably the most important and exciting thing to talk about right now, I would still like to take you through the numbers for Q2 first. Revenue came in at DKK 15.1 million for Q2 and DKK 30.6 million for the first half of the year, and that is broadly in line with last year. The headline this quarter is again profitability. EBITDA improved to DKK 1.3 million from DKK 0.3 million in Q2 last year, and the EBITDA margin reached 8.3% against 1.7% last year. The pre-tax result turned positive at DKK 0.5 million in the quarter against DKK -0.8 million in Q2 last year. For the first half of the year, DKK +0.3 million against DKK -2.7 million last year. That is a swing of DKK 3 million year-over-year. On funding, the DKK 5 million long-term facility we established in the first quarter extended the maturity profile of our debt. Cash increased to DKK 3.2 million from DKK 2.2 million, and net cash holding, which is cash net of total bank debt, stood at DKK -11.2 million against DKK -8.3 million at the start of the year. This movement is a DKK -1.2 million in operating cash and investment of DKK 1.6 million. The equity ratio is 40%, down from 44% a year ago, and the liquidity ratio is 125%, up from 102%. Both ratios remain at a solid operating level for Wirtek. Next slide, please. The left chart shows the five-quarter trajectory on revenue and EBITDA of Wirtek. Revenue has been stable in the DKK 15 million- DKK 17 million range, and Q2 at DKK 15.1 million is broadly level with Q1. Two observations on that pattern. First, the half-year comparison. EBITDA for the first half year was DKK +1.9 million against a DKK -0.8 million a year ago. That is an improvement of DKK 2.7 million. The margin moved from -2.7% to +6.1% year-over-year. This is due to our structural changes made in 2025. Staff costs came down, and capacity utilization improved. The second observation is the sequential step. Q2 at DKK 1.3 million is more than double the DKK 0.6 million we delivered in Q1. The third quarter is typically stronger, as we also saw in 2025, and we expect the improvement to be sustained. Finally, a word on our revenue line. Our strategy involves a gradual shift from time and material towards outcome-based engagement. This means that we capture more value from the same volume of work at a higher margin. This is why the top line is flat while earnings are not. First half EBITDA alone exceeds the whole of 2025. On the right side, we have the geographic split for the first half of the year. Europe remains our largest market at 37%, followed by Denmark, the Netherlands, and Portugal. International markets continue to support a diversified and resilient revenue base for Wirtek. Next slide, please. On guidance, we maintain the full-year 2026 outlook published at the annual report of 2025. That is revenue in the range of DKK 65 million- DKK 70 million and EBITDA of DKK 3 million- DKK 6 million. Let me set out what that implies. First-half revenue was DKK 30.6 million, so second half needs to be at DKK 34.4 million to reach the bottom and DKK 39.4 million to reach the top against the DKK 33.3 million delivered in the second half of last year. On EBITDA, the first half delivered DKK 1.9 million. That leaves DKK 1.1 million for the bottom and DKK 4.1 million for the top against DKK 2.5 million delivered second half of last year. Confirmed project extensions, including the engagement we announced in July and stable utilization entering the second half, are the factors that underpin our confidence in that range. The DitaExchange acquisition takes economic effects from August, and it will contribute to both revenue and EBITDA in the second half. Given the effect date, the contribution to 2026 is limited, and we therefore do not change our guidance. Thank you. With that, back to you, Michael. Thank you, Mads. First, on profitability, a year ago, we reported a negative first half of the year. Today, the pre-tax results is positive for the quarter as well as for the first half of this year. This is the second full quarter of effect from our new strategy, and it confirms the structural changes we made in 2025 are working. Staff costs are down almost 9% for the first half, capacity utilization has improved, and delivery discipline is holding, so the margin recovery shows that our new strategy starts to take effect. Second highlight, shortly after the end of Q2, Wirtek obtained ISO 9001 and ISO 27001 certifications. In short, ISO 9001 is the international standard for quality management. An independent auditor has verified that we work in a document consistent manner with processes so that our clients get the same quality every time. ISO 27001 is the same for information security, independent verification of how we protect our clients' data and systems. Why does this matter? In the regulated industries where we increasingly win business, clients do not take a supplier's word for these things. They ask for proof, and many will not shortlist a supplier without these certifications. Our strategy singles out security and compliance as a competitive advantage, and these certifications put substance behind that claim. Third is an important strategic milestone for Wirtek. On August 12th, this Wednesday, we completed the acquisition of DitaExchange, a Danish Software-as-a-Service company. This is the most significant strategic step this year, at least until now, of course, and one that adds a significant subscription-based recurring revenue to our solutions division. I'll dive deeper into this acquisition on the following slides. Next slide, please. Back in June, we announced a letter of intent, and two months later, on August 12th, we completed the acquisition. DitaExchange is a Danish SaaS company with a subsidiary in the U.S.A. Its Dx5 platform delivers component content management for structured documentation. That is documentation built from reusable controlled components rather than static files. It's built on Microsoft 365, on Microsoft SharePoint and on Microsoft Word, so customers can introduce structured audit-ready documentation without new infrastructure and without retraining their employees. This brings rollout with clients down to weeks instead of many months or even years. The customer base tells you the potential of this product. These are blue-chip organizations across North America and Europe, all of them in regulated industries. The important part of this is that both sides of the regulatory chain use the platform. On one side, our customers include rule makers like EASA or European Union Aviation Safety Agency. It also includes European Defence Agency, as well as Canadian Nuclear Safety Commission. On the other side, we have regulated companies like Lockheed Martin, DKN Crocker, Danish Grundfos, and the London Stock Exchange as customers. When the regulator and the regulated work in the same format, the platform really becomes very hard to replace. In 2025, not a single customer left. The annual recurring revenue for DitaExchange grew by 22% in 2025 to approximately DKK 2.9 million. The price or the target price for the acquisition is DKK 9.1 million, settled entirely in cash. There is no dilution of existing shareholders. The price has three parts. We paid DKK 6 million fixed at closing. Another DKK 1.5 million is guaranteed as part of the seller's earn-out, and the remaining DKK 1.6 million in the target price is tied to an average annual growth in annual recurring revenue of 30% during the seller's earn-out that runs from 2026 to 2028. This tells you that both the sellers and Wirtek actually believe this product can deliver significant growth. As Mads already mentioned, it will take economic effect from August 1, so it does not change our guidance for this year. Next slide, please. I want to make it a little more concrete with an example. EASA or the European Union Aviation Safety Agency publishes its Easy Access Rules on the DitaExchange platform. The content reaches more than 20,000 stakeholder companies across European aviation. Every operator, airline, training organization, manufacturer, and so on has to comply. All of it maintained in one component library. This also matters for AI. AI is only as good as the content you actually point it at. Unstructured documentation like scattered files, copies, and old versions gives you answers from AI that you cannot really trust. Structured content is the opposite. Every component is approved, versioned, and current. W e have one source of truth readable by AI, so AI can find the right answer and show exactly where it came from. In regulated industries, that kind of traceability is not a nice-to-have. It is the requirement. Customers on this platform already have the foundation that AI-assisted documentation needs. We will bring this model to more regulated industries as part of the rollout plan. Next slide, please. Why DitaExchange? Because it actually delivers directly on three of the five strategic tracks on our new strategy we launched in November last year. We will scale the solutions portfolio by adding a subscription-based product with recurring revenue alongside the Wirtek IoT Suite we already have. We see security and compliance as a competitive advantage, and structured audit-ready documentation is exactly that proposition. Lastly, this is a strategic acquisition that extends our customer base in the markets we are focused on. The cross-sell logic runs in both directions here. We can bring Wirtek development testing and compliance services to DitaExchange's install base, and we will also target the Dx5 subscriptions model that Wirtek clients, some of them are carrying heavy documentation and compliance requirements. Our ISO 9001 and ISO 27001 certifications, they support that direction. Then there is the opportunity that attracted us the most here. DitaExchange has not had a dedicated sales and marketing effort. Every one of those blue-chip customers found the product themselves, not the other way around. A product that grows 22% with zero churn on inbound demand alone tells you the product works. What it has lacked is a commercial engine, and that is exactly what Wirtek will bring. The addressable market is the large population of regulated organizations that already are running on Microsoft and Microsoft platform. For them, adopting Dx5 requires no new infrastructure. As I said a moment ago, the ambition is anchored in the deal itself. The seller earn-out is aligned to an average annual recurring revenue growth of 30%, so the sellers share an ambition with our shareholders. This concludes my presentation for today. Thank you for your attention, and we are ready to answer any questions you may have. Perfect. I will jump into that. There is a question regarding that, what you just ended with, but maybe it is important. There is a question here, how many international investors do we have? Why do we keep these web calls in English or send out in English? Maybe you can explain a little bit about the other stakeholders or any considerations why we do this in English and you publish in English. Yeah. It is something we have been discussing internally several times, because on one side, the majority of our shareholders are Danish shareholders. W e also have quite a significant number of our colleagues that also have Wirtek shares, and most of them actually do not speak Danish. O f course, we also have a lot of stakeholders in general that are. We are a very international company, so other stakeholders would also probably be interested in what we are presenting here, and they would not then be able to really understand what I am saying here. But it is something we are really discussing because it could make a lot of sense. We will still be presenting our results in English, but a webcast like this, it could make sense to do it in Danish and then maybe a subtitle of the presentation afterwards as a way to address both needs, right? We will continue that internal discussion. Let us see if we can get everybody happy on this point. Right. Perfect. Then there is a question here, whether you consider some smaller share buy programs if EBITDA will end up maybe in the high end of your guidance. C ould you consider share buybacks as a part of your asset allocation strategy? Well, share buyback is part of our capital structure policy. That is one of those instruments that we have, or the tools in the toolbox that we have available here. A gain, this is something that if we were considering this or wanted to do this, I would have to inform it into the market, so everybody has the information at the same time. I couldn't really comment on this in this webcast. Of course. O f course, the question here is also pointing out that if you have them and you don't... Oh, sorry, my English word, that you don't make them disappear, you can actually use them for M&A. I t is actually like a piggy bank also, some other companies has used that. I think your answer is all we can get without breaking any regulations. Then there's some very specific questions. I don't know whether you want to go into that specific. What are the development of hourly billing rates in your different geographical segments? So a little bit about those hourly billing rates. I don't know whether you will want to go so deep into it in geographical segments. We are not really publishing our rates towards clients or towards specific markets. H ourly rates are actually one of those things that we are getting more and more away from. That is, we want to move away from having these hourly rates over to more having a componentized way of delivering to our clients, where the hourly rate is not as important anymore. W hat we can say is that is the direction we're already working towards. A s you can see from the numbers here, while our revenue is flat as right now, our margins are increasing significantly. Indirectly, you can argue that the hourly rate or the equivalent of an hourly rate might be improving or maybe the effort having to deliver on the services we are doing are getting lower, right? So, we are improving profitability. That's, I guess, how close I can get to that. Yeah. It's not what the revenue, it is the margin in between, I guess that is at the end the most important. Then actually touching upon what you ended with, would you consider expanding into owning products in software and acquiring vertical market software companies like Vitec and Visma has big success with leveraging this ARR model, but without over with the use of FTEs. I think it was a little bit what you pointed to. This company haven't had any sales effort. Why can't we use our FTEs for that sales effort? A little bit consideration maybe will not be Visma tomorrow but is this a part of your considerations and should we see DitaExchange as, actually yes to this question. Well, it does show that we are true to our strategy and we are actually making smaller strategic acquisitions here. A gain, for us, it's important that it fits the road we are on here. S ince we are very focused on the regulated industries, we are very focused on recurring revenue streams, as part of our future growth plan here. W e are not just going to do acquisitions just for the sake of the acquisitions there. They need somehow to fit strategically into the direction we are on here. I t's still part of the strategy. E ven though we just completed an acquisition, I'm sure that in the future we are going to do further acquisitions because that is part of the strategy. Perfect. Then is how realistic is it that you end in the high end of the guidance on who would demand you showed it yourself, Mads, on the picture, how much you would need to grow also compared to last year. I don't know whether you want to comment on the realism about the high end of the guidance being reached. Is there something we should see? Has there been some prioritization? Have you postponed some projects? Any comments on maybe where we could land in the guidance if you will do that or if you want to do that? I don't know. Do you want to take that one, Mads, or do you want me to? You can do it. Okay. We are maintaining our guidance, but we cannot say exactly where we are inside of that, right? Because that would be information that has to be reaching every investor out there. I am not allowed to tell. Okay. Then I think there is one here for you, Mads. On operating income, what does that cover and will the high amount you had here in the first half continue through 2026? Yeah, thank you for that. It is primarily income from publicly funded projects. Those projects, according to the Danish accounting rules, we cannot classify that as regular revenue. That is why we show it there. We saw enough potential in these projects to enter into these. It is multi-year agreements, so there will be a contribution also in the coming periods. It is not an area of the business we are trying to grow, but if it makes sense for us, we will do it. Of course, we do not guide on separate lines, but the multi-year [crosstalk]. It is multi-year projects, I should say. It is multi-years and of course it's within our current guidance of EBITDA. I think that's what I can disclose on that. Perfect. Then there's the payback time on DitaExchange. You all talked about much that your M&A practice in the old days had a very short payback time. We now have the price; we now have the ARR and so on. Maybe we can calculate it ourselves, but what periods are you working with on payback time on the purchases? Mads could probably answer that even more precise than I can, but we can't really say precisely. O f course, we expect that it will be a reasonable period for the payback time here. The potential is really large here. You're talking about an organization where I've sometimes asked myself, how did a company like Lockheed Martin find DitaExchange? Because they're not very visible out there, right? They are covering a need. If you are as a regulated industry company working in the Microsoft platform, a company like DitaExchange really fits well because there really is no competition that does exactly the same. [crosstalk] They cover product [inaudible]. M aybe if I should answer it right, this is not a short-term payback. This is a growth engine that you are more looking at. I know it needs to may be profitable and so on, but should I hear your answer that do you see the opportunity for this to be a growth engine more than a fast payback time small investment? Let's say it like this, that the current market share of DitaExchange in that segment of companies that actually use the Microsoft platform and have to adhere to a regulated industry information. It's very small market share. There is growth opportunities, definitely. Yeah. About the fixed price projects, you mentioned you want to move that here, you have seen some movement, but also if I understood you a little bit, that it was maybe not as fast as you had hoped for. Is that some projects that has been postponed or is it projects that hasn't really materialized, meaning it will not come? Just a little bit about those fixed price projects you want to move over to. What I can say that, just a bit of a month ago, we published the fact that we were going to deliver cybersecurity solutions for photovoltaic or solar cell parks in Ireland or Northern Ireland. Three of those, right? That is fixed price projects with- Yeah. -quite healthy margins, I'd say. Has it been postponement or are some projects not been to something that's behind, maybe it was a little bit under what you expected to receive here in the first half year? If we're talking about our Wirtek Outreach Suite, it's a new area that we are building up from ground up, right? It will always take some time to get the traction in the market there, right? Yeah. It takes time to build up- [crosstalk] -a market, right? It's Hofstadter's law. It takes longer time even if you consider the law. Yes, I understand. A final question. I do not know whether you want to comment on this, but no mention of the chairman of the board role. Can you please explain the reason behind it, the change of the chairman? I do not know whether you want to get into details about this. Sure. It actually says it in the announcement of the DitaExchange acquisition. Our chairman also had a shareholding of less than 15% in DitaExchange. This means that he cannot participate in any discussions concerning this acquisition, because he's on both sides in this year. He has not been represented at all in these discussions inside of Wirtek from our side. Then again, since he has been working with DitaExchange for many years, he has a big knowledge that is very valuable for us also in integrating DitaExchange into Wirtek until we get a business director in place because one of the main owners of DitaExchange is in a situation where he's on a path to retirement, so we need to get a new business director into the business. In that transition period, until we have that in place, our chairman is going to go in on a consulting basis to help with this transition here. That makes a lot of sense then to make that change. That's the reasoning behind this. You are already running ahead answering the next question because DitaExchange potential clients are quite different than current clients. Will there be a dedicated person to manage this different process of the projected strong growth? Absolutely. I think maybe already you touched a little bit upon it. Yes, we are going to definitely focus a lot on expanding the market on this product here. You will have a dedicated person, it sounded like. There is dedicated personnel there, and also of course, there is going to be a lot of shared services also from marketing helping to push this out over the ramp. Yeah. Perfect. That was the last question. Thank you to you, Michael Aaen and Mads, for taking us through your half-year results. As Mads maybe mentioned, it was more interesting the latest M&A development. I do not know, I also like numbers, so maybe I am a little bit split there. T hank you to you both for taking us through the news flow and the financial result and answering question here, and may everybody have a nice weekend. Yeah. Thank you, Michael. Thank you. Have a nice weekend.