Welcome to Lemonsoft's 2025 full year results webcast. We will begin with the presentation by CEO Alpo Luostarinen, followed by a Q&A. Alpo, please go ahead. Thank you, and welcome from my part as well to Lemonsoft's Q4 results presentation. My name is Alpo Luostarinen, and I act as the CEO of Lemonsoft, and I will be going through the results in this webcast. Let's dive into Lemonsoft's full year 2025 main events and results. The year was very eventful one for Lemonsoft. We started the year with a transformation in technology to Azure platform, and we finalized that transformation by the end of April from the technological perspective, although the transformation continued a while after that as well. Simultaneously, we executed an adjustment to the organization and our resources to adjust that for future needs. We reduced our personnel by roughly 30 people from 228 to 193 at the end of Q4. We also updated our strategy at the end of the year, which places a stronger focus on the selected customer segments and the actual competencies we need for those segments. The financial results ended up... Net sales ended up at EUR 29.5 million during 2025, which there was a growth of net sales of 1.9%. Our adjusted EBIT went slightly higher than previous year to 23.6%, and as for last year compared to last year's 22.3%. Recurring revenue was the highest it's been at in Q4 thus far, 85.4%. So basically our consulting and transaction revenue haven't grown and have been in a slight decline, actually, and our SaaS revenue has been on a continuous growth path. And then let's take a look at our Q4 results. First of all, our net sales was in a slight decline, 3.5%, and gross margins were also a bit lower than before at 82.6%. The platform costs from Azure and external consulting costs have been still slightly elevated, and we expect that to slightly decrease in the next quarters. And our adjusted EBIT was a bit higher than last year's Q4 as well. The main events during Q4 were our updated strategy. We published that with a strong focus on manufacturing and wholesale segments, and I'll go through that in a bit more detail in the next few slides. The management team was renewed in December 2025. We got two new members into our management team, at that point in time, and after the period ended in February 2026, we appointed Reetta Saarinen as the COO, responsible for all the subsidiaries of Lemonsoft, as well as the M&A and business development functions. We also acquired made a new acquisition. We acquired Jakamo Oy in February, and actually 76% stake in that company, which is a really exciting acquisition for us and improves our position in the manufacturing segment, and I'll go through that in more detail as well. Looking at our financial trends for the past five years, we've been on a continuous growth path, though the acceleration of that growth has been declining, and we are now putting much more efforts into increasing our growth in the next few years. Adjusted EBIT was slightly higher than 24. We were able to make cost adjustments, and which were actually most visible as well on the cash flow from operations. The cash flow from operations was unusually high, actually, due to mainly the working capital adjustments, as well as the financing, invoice financing business being on a slightly lower level. So we got some of the receivables back into the company. Looking at the operations in more detail, our sales improved slightly in Q4. We had a really slow cycle during the summer after the platform transition, as well as the organizational restructuring. And at the end of the year, we were able to make some good improvement in our marketing efforts into the manufacturing segment and got increasing demand from that point of view. We also focused a lot on improving our delivery capability and our customer experience, which we will continue to focus on during the next three years, the strategic period. The technology transition has been finalized from the platform's point of view, and now we are focusing on accelerating the AI integration, especially in product development and our internal processes. We're also bringing many new, smaller functionalities with AI into the product, but main focus is on improving the efficiency of our product development. The infrastructure also now supports faster development cycle and improved cost management going forward. As I mentioned, the management team was renewed, and the headcount was reduced by roughly 30 people in the second half of 2025. And now we are focusing on improving our competencies, both from an industry, industry point of view, as well as, technology and customer service point of view. The product development, from a product development point of view, we have a very clear ERP roadmap for 2026, and the objective is to establish Lemonsoft as the leading cloud ERP for SMEs in the manufacturing industry, especially in Finland. The AI integration is progressing, and we are focusing on the internal efficiency SMEs. The strategy update focuses on the two segments: manufacturing and wholesale, which bring roughly 60%+ of our revenue at the moment. The key elements of the strategy are, can be divided into three. So basically, we want to win by providing a deep and wide solution to our customers. So basically, they will be able to get everything they need from one stop shop. Secondly, we want to provide value for money, and this is something that we will need to emphasize more and more with the rapidly developing AI progress. So basically, we want to be able to provide significantly more value than before, with a significantly lower price point. And thirdly, we want to provide the highest quality services in the field to our customers, and this is something that we put a lot of effort from the organizational point of view. And the post-period events, I already mentioned before, which we'll be able to. Our key stra tegic angles, how we develop our organization. Reetta will be in charge of the subsidiaries, including Jakamo, which was acquired in February. Looking at the Jakamo as an acquisition, we wanted to acquire the company based on its ability to serve a really wide range of manufacturing companies. So Jakamo basically has 50+ customers which se rve as a large man ufacturing players, which then are served by suppliers with roughly 4,000 companies across the Nordic countries. Jakamo basically has 2,000 suppliers on the platform in Finland, which is the biggest or the most important segment for us from our market position point of view. Jakamo has a revenue of EUR 2 million and has been on a continuous growth path for several years now, and we expect that growth to continue. Based on the positive signs in the beginning of 2026, that looks promising. Jakamo's profitability has been on a lower side. It's roughly 10% at the moment, and we expect that to increase significantly. Recurring revenue is the bulk of Jakamo's business, plus 90% of revenue is recurring, and they have 18 people in the company in 3 locations in Finland. What Jakamo actually serves is a platform for manufacturing companies, connecting the manufacturers and suppliers in a shared platform to collaborate with a procurement point of view. They provide several different modules on a seat pricing basis, and a large amount of integrations between those companies, their suppliers, and other ERP providers, et cetera. We are very happy to get the Jakamo team to our organization. We are very, we see the team to be very promising, the management very capable to run the business in the growth path it's been on, and as well as the increase in profitability. Good. Let's take a bit deeper look into our financials. SaaS revenue increased slightly in Q4, still EUR 5.6 million compared to the last year's EUR 5.5 million, 1.9% increase in SaaS revenue. Transaction revenue was a bit lower than last year's same time, but actually from Q3, the transaction revenue and consulting revenue increased a bit. From an NRR point of view, churn was a bit on the higher end for the whole year, but in the second half of 2025, churn was with the downwards trend, which is positive. And net revenue retention still remained too low. It's 98.2%, and based on the declining churn rate, we expect that positive trend to continue and NRR to be higher in 2026. The recurring revenue trend has been continuous, so we have been seeing higher and higher recurring revenue share of the total revenue, which is something that we aim at going forward. Looking at the quarterly development of ARR, we see a trend in sales up until the summer, which was declining, and after that, we've seen a positive uptick in new sales. Upsell, downsell was a bit positive for the whole year, especially in the summer that went a bit down, and now we expect that trend to turn positive as well. Churn was at the beginning of the year closer to 2%, and now at the end of 2025, was below 1.5%. The cost base has been adjusted slightly, especially due to the organizational changes. Our employee expenses were decreased from 49.5% last year to 46.5% this year's Q4. The material and services have been higher than before due to the platform cost still elevated in Q4 as well. Other operating expenses we've been able to take down, and the cash flow from operating activities was significantly higher than before at EUR 3.1 million. As for the organization, we see the lower employee amount continuing. We are now more on the trend of increasing our headcount, but still try to be very cautious in making further hirings in the next few quarters. How we look at 2026, growth is expected to be at between 5% and 13% compared to 2025, and profitability is expected to be around 23%-29%. The market conditions are still uncertain. We have been seeing a positive trend in manufacturing segment and wholesale segment as well, but it's really hard to still see quite many quarters ahead, how that's going to develop. And profitability, we expect it to improve from 2025, with cost reductions executed during the year. And more information coming up during the year. The publication of 2025 annual report will be on week 12. The annual general meeting will be on fourth of April - fourteenth of April, and the Q1, Q2, and Q3 reports will be as stated here. Good. And let's take a few questions if we have some. Yes, we have a few questions here. Let's begin by a couple from Atte Riikola at Inderes. What kind of cross-sell opportunities you see with Jakamo and Lemonsoft's existing customer? Yeah, the 50 customers that Jakamo has- Okay. Good. Just say if it disappears again. So, as for the client base of Jakamo, they have roughly a quarter of their 50 customers below EUR 50 million of revenue, and then two quarters are in the mid-range, and then one quarter is large enterprises. And we see especially the smaller end, we see potential in providing ERP solutions fitted with Jakamo's platform, as well as many other products, for example, Logentia, Spotilla, in the higher end of Jakamo's customer base. The most interesting point of view is the 4,000 suppliers on the platform, which we can then serve, and we are looking to provide a much more integrated and price, let's say, attractive solution to the smaller end of suppliers, which are Lemonsoft's core customer base. Okay, and in the coming years, is Jakamo still in a growth mode and profitability will be below group levels, and is there some cost synergies achievable? Yeah, well, the biggest cost synergies we expect to come from the point of view that Jakamo is not forced to hire administrative people, salespeople, as aggressively as they planned before. Jakamo is expected to remain in a growth mode, perhaps even higher growth than before. But let's say pretty much the same growth path as before, and profitability is expected to improve from what it's been. Okay, and then, Atte continues, "After Jakamo, are you still going to stay active on, M&A front? Yeah, we are very active from that point of view. We are looking at several targets right now, but nothing that expected to close really soon. We have two people now with Reetta Saarinen on board looking at M&A activities, so we'll definitely continue on that path. Okay, and, about the sales outlook, are you seeing any signs of improvement in your markets? We've seen increasing activity with the manufacturing companies, especially in wholesale businesses, and we see that the market is improving. If you look at the data, from an overall market point of view, it looks slightly positive, and it seems that the companies and the market would be on a growth path in the past two, three months. We expect that trend to continue, and we've seen positive interest for our services and solutions, but nothing drastic at this point in time. Okay, and next up, can you open the churn number a little bit more? How much was related to bankruptcies, and have you... Have your organizational changes and tech transition affected, churn last year? We've seen surprisingly limited churn due to the changes that we've made last year. The biggest changes have been in our few subsidiaries, a few cash cow products, and some products that we haven't been as aggressively selling to the market as before. That's one of the reasons, but surprisingly little churn movement in Lemonsoft, for example, due to the platform changes. Okay, and do you expect efficiency gains and cost savings this year as your tech transition is completed? Yeah, we expect the cost savings. So basically, during Q1, Q2, we had a higher, we basically had double cost base pretty much with the old platform and the new one. And Q3, Q4, we were still optimizing the platform, and we've taken into use a lot of new services on the Azure platform, which increases our costs a bit. But we expect that trend to be on a declining end in the next quarters. Okay, and still from Atte Riikola, after all the big changes in your organization, how is overall employee satisfaction at the moment? Have you seen increased satisfaction, attrition, and maybe related to that also a follow-up: Is your organization now in place and ready to execute, or is there still key recruitment needs? The organization had a lot of difficulties during the transition phase in Q2, Q3. During Q4, we were able to stabilize the situation, and now during the year end, we've been able to start building new. The key recruitments we've made in Q4 and already now in Q1 2026 have been most mainly executed. We still have some positions to fill in some levels of the organization, but the highest level key recruitments are now executed. Okay. Then from Daniel Lepistö at Danske Bank, can you comment the somewhat high EBITDA valuation with Jakamo acquisition? How steep margin improvement are you expecting, and how fast? Can you clarify still the source of synergies? Yeah, the numbers that are visible in our statements are still fairly low. So we are talking about less than 10% margins. And we expect that level to be higher already in 2026, and we expect the level of EBITDA to go much higher than 10%. And the growth path that we expect to continue should serve their profitability well. I'll provide probably more detailed figures later on, but that's for now. Okay, and then, can you comment on the weaker gross margin in Q4 2025 and expectations for 2026? Are you still pressured by the Azure migration? As I mentioned, the Azure migration or the Azure costs have been higher during the whole fall. But we've been able to decrease the costs already in Q4 a bit, and we expect that to continue in Q1. Nothing drastic and still, and we expect the costs to remain a bit higher than we expected before the transition. Okay, and, finally, from Daniel: Any structural reasons for continuing weakness in consulting revenues? Well, that's a multipointed topic since we have many different sources of consulting revenues. So basically, we have ERP implementation revenues. We have project revenues from Mercus WMS solution business. We have accounting services and payroll services income, and then especially the latter has been on a declining end during the past quarter. So that's one of the reasons. We are, as I've mentioned many times before, focusing much more on the recurring revenue end, and that will continue. On the other hand, we've seen now some positive signals on the implementation side of Lemonsoft ERP, and that might have a slightly positive impact, but still, we don't expect that trend to turn into higher growth in the next few quarters. Okay, then some more questions from Atte Riikola. 2025 cash flow was really good, and receivables decreased quite much compared to the end of 2024. Have you been able to optimize your working capital, or is there some timing issues related to receivables? Yeah, well, there are some timing issues, and we might be able to discuss that in more detail with our CFO. But the biggest individual item there is the invoice financing receivables that since the invoice financing volumes have been going down in the beginning of the year due to a lot of changes in the Finvoicer organization, the volumes have basically drawn the cash back into the company. So that's one of the reasons. But we expect the capital or working capital position to remain fairly good as well. So the higher cash flow that we've seen will probably not be as high as in 2025, but we expect it to be very positive. Okay, and then finally, some questions about the AI. What's Lemonsoft's view on AI and how it will affect ERP SaaS businesses? Well, that's a topic that we've been discussing quite a lot internally and externally as well. And my hypothesis is that AI will provide drastic efficiency improvements for product development. We've seen, in the past few months, actually, we have seen very, very positive signals on being able to make our product development much more efficient than before. And that will, of course, reduce the overall costs for bringing new products into the market. There's been some assumptions that customers would be able to build their own products in the future and reducing the use of external software providers. That's something that I'm not that I wouldn't assume that that trend to be visible in the ERP SME end that we serve. We haven't, thus far, seen anything related to that. Of course, the competition will increase. We haven't, thus far, seen any new competitors in any of our fields, to be frank. But that trend is visible in the global market, and we expect that to come to our fields as well. At the moment, it's still in the early stages. So we expect price pressure to be there and increase, but we'll increase our efficiency, and it will increase the value that we provide to our customers, and we expect that our competitiveness to remain high. Okay, you mentioned that you haven't noticed any changes in your landscape, competitive landscape yet, but have you identified some products in your portfolio in which the risk of AI disruption is higher? Of course, the more complex the product is, the less there is a risk of AI competition to disrupt the market. We haven't seen yet any actual signs of competition in basically any of our product fields. But I would expect that the administrative solutions and especially the financial ones would be more vulnerable than the complex ERP with a large amount of integrations and large amount of domain expertise needed. Okay, then, finally, how are your own AI projects progressing? Have you launched any meaningful new AI, AI features yet? We've launched some smaller AI features, and we are working on roughly 10 to 15 new features to the product. They are... We see them as part of the normal product development process, so we are not expecting to be launching an AI offering. So we expect to be able to make our product much more easy to use, much better to provide deeper analysis on the companies and our customers' business, and we expect our own product development to be much more efficient than before, and automated. So basically, that's it. Okay. That was the last question in the Q&A, so, back to you for final words. All right. Thanks a lot, and thanks a lot, everybody, for joining, and we'll be talking more on especially the AI progress in the next few months, and in our Q1 report at the end of April. Thanks a lot, and have a great day.