Laitan täältä liven pyörimään. Tuosta. Welcome to Lemonsoft Q3 results presentation. We will start first with the presentation from CEO Alpo Luostarinen. Followed by the Q&A. You can send your questions throughout the event via the chat. Now, Alpo, floor is yours. Go ahead. Thank you. So my name is Alpo Luostarinen, I'm the CEO of Lemonsoft, and I'll be presenting to you our Q3 results as well as our strategic development. Let's dig into our financial performance. The quarter was quite uneventful in terms of numbers. Since basically we did 2 transactions during the quarter, Lixan in financing round as well as Finvoicer. divestments, which basically cancel each other out with the Yakomo acquisition in the beginning of the year. Our net sales was 7.2%, slight growth from last year. Our SaaS income grew well 8%. From last year. Adjusted EBIT was at the same level as last year, and the adjusted EBIT margin was also quite the same. So pretty much even level from, from all aspects. After the end of the period, we concluded our change negotiations. in October-November, resulting in 7 personnel reductions and, and 2 material changes to employment terms. And going into our market, manufacturing and wholesale market is our most important sector, which has been developing rather well. This year and continued developing well in the 3rd quarter. The latest figure for the manufacturing revenue indicator indicator for manufacturing is not yet available, but otherwise wholesale sector has developed Net downsell-upsell has been around zero, and that figure is also something that we emphasize quite a lot and we are now looking into. Increasing resources in our current customer management and upsell potential. So that's something that we are looking to grow. In the future as well. Churn has remained at the level of Q2, a bit lower than Q1, and we expect that figure to remain fairly high as well in the next 1 to 2 quarters. But as I mentioned earlier, the new contract terminations after the summer have been very, very much more limited than before, which shows us the right direction. Divestments have brought a negative 2.2% impact on the Q3 ARR. And looking at the right side of the graph, ARR share of revenue and SaaS share of revenue has grown from 77.5% to 82.6%, which is a big increase, and, and we want that to continue in the future as well. And look at our cost split. There's been basically 2 major and 2 most important changes. Materials and services has gone a bit down, 3.4 percentage points, which is basically due to the transactions in Finvoicer and Lixani. As well as Lemonsoft's own platform costs coming a bit down after the platform transition last year. Employee benefit expenses, so personal costs, have gone up 3.2%, which is basically a normal development based on the salary levels increasing. We've been looking at that figure as well. Quite thoroughly, and we've conducted the change negotiations to manage that increase. Going forward as well. And finally, the personnel figure has gone down from 207 to 184, which the biggest impact comes, of course, from the Finvoicer acquisition. Divestment, and otherwise changes have been rather limited. And R&D headcount is still the highest headcount in our company, and that remained roughly the same as before, around 100. And customer functions decreased, and that impact comes from the Finvoicer divestment. So that's it for the financial update, and more information we will be sending in our financial calendar, publishing that at the end of the year, and then we'll come back with, with Q4 update in February. Good, thank you. Thank you, Alpo. Now let's move on to the questions. Starting from, from Atte Riikola, indirect question. New ERP deals picked up at the end of Q3, how quickly will they show up in your SaaS growth? So basically, at the end of Q3 and the beginning of Q4, what we already see is, is a gradual increase in, in the number as well as the size of the deals, which both look rather promising. The impact is still, still fairly small, so we need a combined impact of new deals as well as current customers increasing their use as well as reducing churn. So all those need to be sort of in the positive direction to make a material impact. And basically we expect the new sales figure to be visible in Q1, Q2. in a more drastic manner, and then the churn figure also needs to come down. We expect the Q4-Q1 figure still in the churn side to be, to be a bit negative. But from Q2 onwards, probably we would expect to see a better some better signals. Okay, then customers replacing end-of-life ERP systems are now choosing a new provider. What kind of win rate you have on these against your competitors? Yeah, we've, we've been ramping up the volume only a few quarters now, and there's a limited number of decisions made. by the ERP system or made by customers for replacing the end-of-life ERP systems. But at the moment, we see quite an interesting development in our competitiveness. Since last year. So if we take a look at a year back where we were, my feeling was that we were, let's say, one step behind some of the key competitors. And now during Q3, we've been— some customers have also been saying that our AI capabilities are now enhanced. New features and functionalities have brought us almost one step ahead. So it's looking good at the moment. We've been able to win several good cases from our key competitors. Okay, then Attila continues. Churn from notices received early in the year will hit Q4. Do you expect churn figures to go up from this or just stay on the elevated level as previously? This is a bit hard to estimate since there are— the biggest impact comes from a few individual customers. So it's it's hard to estimate since they might go on for a few quarters or even years before they transfer to another system. So So those, it's pretty much pretty hard to estimate, but we assume that we'll stay pretty much the same level as before. Okay, and related to that, is higher churn still going to impact your growth in early '27? Most probably it has some impact on our growth. And looking at, let's say, growing our net sales growth figure significantly, that as I mentioned, requires improvement in all those figures— churn, net upsell, as well as new sales. Okay. Then gross margin was 86.4% in Q3. Is this a sustainable level now, or are we going to see some fluctuations? Also in the future? My assumption is that that's a sustainable level for now. As I mentioned before, the impact or the growth of roughly 3% percentage points has come from Finvoicer and Liksoni. Divestments, or Finvoicer divestment and Liksoni, not in the figures, as well as Lemonsoft platform costs coming a bit down from last year. Okay. Financial expenses were high at €1.2 million in Q3. What was behind this? Yeah, there's been some material one-off items in the Finvoicer. acquisition or Finvoicer divestment. Okay, then your feature output roughly tripled thanks to AI-based development. Have you seen competitors speed up their releases in the same way? We've, we've seen some announcements from our competitors, but during the competitive bidding processes that we've had, we haven't seen as fast development, which has been positive for us. But of course, we expect all the competitors to ramp up, or all the key competitors. But if you look at the market, you basically see 10 to 15 different ERP solutions, which I would say at least 2/3 or even more are legacy systems, which are not investing in new product development and AI functionality. So we are talking about 3 to 5 competitors that actually invest in product development, and we want to be in the front-runner end of that. That space. Okay. Are you charging separately for the new AI features, or are they included in existing subscriptions? For now, we've included those in the packages that we already have. We haven't seen basically any material costs for those AI functionalities thus far. And first, our first priority is to increase our competitiveness. for the ERP product, which we do with adding new AI functionalities. And going forward, we estimate month by month whether we need to add the cost and what kind of structure that would, that would have. But we first of all want to give our customers a very cost-streamlined solutions with, with a lot of functionalities. Okay, then about the AI still. Have you noticed the AI-related churn in any of your products? No, no, we haven't. Good, then one more from Alpo Luostarinen. Lemonsoft's ownership is now heavily concentrated with 2 main shareholders. What does this mean for the remaining minority shareholders? Yeah, there's been some eagerness with our largest shareholders or the largest institutional investors in the Nordic countries. Basically the small-cap funds to liquidate their ownership, and our main owner and largest shareholder, Right Ventures, has been eager to acquire those shares, and their share of Lemonsoft has increased. Basically what that means for the existing owners, we still have a good base of, let's say, 2,000 minor shareholders, which provide a liquid base for transactions. So there's basically no real changes from our side. Okay, then a couple of questions from Daniel Lepistä, Danske Bank. What kind of costs do you expect associated with the international expansion? Looking into this and next year. Yeah, as we've highlighted, we are taking a rather cautious approach and we are working with our existing customers. At the moment, we haven't seen basically any additional cost. We are working with our existing team, product development, product management, and customer support to provide support for those customers. But there's very limited cost at the moment, and we just direct our existing resources towards those projects. Okay, then your recently joined COO left in late September. Are you planning to fill the role looking forward? Yeah, unfortunately he decided to leave to another investment company, but we've actually found a rather good solution running our subsidiaries with our management team approach. So, so we are very happy where we are right now with the organization. So at the moment, we are not planning to fill that role. Okay, that was the final question, so back to you for any closing comments. Thanks a lot from my part. That was our Q3 update in quite a short package, and we'll come back in more detail for the full year. update as well as detailed Q4 results in February. Thank you very much and have a nice day.