Hi, I'm Jarkko Salokangas from Evli's Equity Research Team, and I'm here today at Innofactor's headquarters in the sunny Espoo. Joined today by the CEO of Innofactor, Mr. Sami Ensio. Nice to be here, Sami. Great to be here. Thank you. Welcome. Sami, you released your Q2 report today. Yes. How about could we walk through the results? I'm quite happy. Our revenue was at EUR 20.1 million, and there was almost 20% growth, and organic growth was more than 11%, so quite nice results. Especially I think it's very good if they think about currency rates in the Nordics. Because Norwegian and Swedish currency is quite low level at the moment, and we lost quite many hundreds of thousands of EUR because of that. Anyway, the whole quarter was a little bit challenging because Easter and some other holidays and so on. Basically, I'm happy the growth and revenue number. EBITDA, 8.8%, it's not in that level, of course, that we would like to it be. anyway, EUR 1.8 million and almost 30% growth, so quite decent, I would say, in that sense. Market situation is a little bit challenging, and it affects also our profitability. anyway, even if it's hard to get new deals, we still kept our order backlog in same level that it has been, about more than EUR 77 million. It's good backbone for everything what we are do. I'm quite happy. I think we have got quite nice results. Yeah. Now, you noted it's some challenges, but you also. You had the best quarter in terms of best month in terms of billing rates- Yeah ... so far. In June. Yeah. Could you maybe comment on that? Was this? I know you've been working a lot to improve the billing rates. What have you succeeded with now, and has it been across the border, or is it Finland driving the billing rates at the moment? Yeah, Finland is driving it, but anyway, it was the best result at the Nordic levels. Of course, Finland is about 70% of our business, so in that sense, if Finland is good, the group level is good. Anyway, I think it was amazing achievement from our people because April and May, they were not good at all. Then we said, people, that we really must improve, and we a little bit changed our way how to do things, not so much internal meetings and things like that. The end result was super good, and I'm very happy about that, and I'm very thankful for our employees that they did so amazing results. I think this is good also mentally in that sense that now people see that it's possible to achieve that high numbers. Our goal is try to keep about that level, not maybe exactly that level, but almost that level also during whole quarter three. If we can do that, we should get very nice results from quarter three also, I would say. Maybe I would say it's maybe a big thing was, you noted that the price competition was, exceptional at least. Yeah ... in the private. especially the change and how, in short time it happened, yes. Yeah, yeah. What's behind that, and how you saw no new significant deals, I guess, because of that as well? Yeah. Well, do you think it will continue, or will we see a bounce back in H2? It is a little bit guessing, but basically, some of our competitors, they have lost quite much business lately, and there has been all kind of negotiations with employees, and they are reduced number of employees and things like that. Maybe because of that, there has been a lot of pressure to do very aggressive pricing in big cases, especially in public sector. Prices dropped down in very short time, more than 20%, and I have never seen in 25 years in this business anything like that in so short time. I think, in long term, it will change back to normal, because I think any company, they do not have capability to sell under their production costs or negative margins. It's not in the fact a business to do, to sell anything with negative margin. Okay, maybe in sometimes, once a year or once in three years, if you want to win some new area or whatever. Normally, big cases, long-term commitments, no way. Basically because of that, we couldn't get those deals, big ones, during last quarter. I'm sure that, in last quarter this year, it should normalize in one way or other. I'm not so super worried about that. We have actually a little bit changed our sales focus more to private sector and, some smaller cases, and especially AI-based solutions, because it's super hot topic at the moment. Jumping onto the super hot topic solutions right now, AI, You've noted it as a I don't know, special subject in this. Yeah Review. What's in it for you? Better than ever to being together with Microsoft 100%ly this time, because Microsoft is the global market leader in generative AI, definitely. For example, Meta, the huge companies, start using Microsoft AI-based solutions and so on. Microsoft is top leader in this area. Satya Nadella, the Chairman and CEO of Microsoft, just yesterday told in Inspire about this huge global Microsoft partner event. It's online this year. Because of that, I'm not in U.S. Anyway, he told his message what was AI. There was nothing else but AI. It's super hot topic, and Microsoft is absolutely the leader in that area. There is a huge demand for different AI services from our customers. We have created some offering, for example, Copilot, what is Microsoft, like, a ChatGPT type of thing to do, what is coming, Microsoft 365 Copilot and so on. Some readiness for that. We have that kind of readiness kit for customers, and it's helps customer clean their data and ensure the right data for AI. It is crucial. Without that, you cannot use AI if you do not have the correct data for that, and we have offering for that. We have also offering how to start using ChatGPT type of service in safe way from Azure, OpenAI, and so on. There's a lot of very nice, good services, offerings for our customers. It's quite easy to sell, because you can quite easily to tell customers what is the benefit of AI. If you have a customer who have, like, 500, 1,000 white-collar employees, we are talking about hundreds of thousands of EUR per every week, how much they can get benefit from that. Then it's quite easy to sell something what cost is some tens of thousands of EUR, and if you can save hundreds of thousands of EUR per every week. It's very interesting situation and case and we are all in generative AI and ready to help our customers, and have won many deals, and that's our focus area, especially in quarter three, I would say. Yeah. Now, maybe finally, a quick word about the second half of the year. We've now seen that you've achieved quite high billing rates in June, and then there's been some market turbulence. What do you expect to see in the second half of the year? We think that the market situation will stay very challenging during quarter three, we must do some extra efforts to achieve our numbers or even increase our market share. I'm sure that there's possibility to do that, we have very nice plans how to do that then, we have communicated that to employees, that we need to have very tight business focus during quarter three to achieve our goals and so on. Then the second half of the half two, quarter four, I think it will become much more normal, I would say. Of course, we want to keep our high invoicing rate also there, but I think the market situation will change back to at least, let's say, back more normal situation. I think that it's easier to do amazing results in quarter four anyway. I'm quite optimistic the rest of the year. Yeah. Thank you very much for talking us through the results and discussing all this topics. Thanks a lot. Now I'm start my holidays, so well, many of you are maybe having your own vacation, so very, very nice time there, and let's come back to the business in after summer. Thank you. Thank you. Happy holidays.