Good afternoon everybody and welcome to this afternoon's webinar today, where we're gonna talk about the Nixu Corporation's full year result and quarter four result for 2022. In addition to that, we will also talk about the updated Nixu strategy we call Next Nixu. My name is Teemu Salmi. I'm the CEO of Nixu Corporation and I will be doing the presentation here today. After the presentation, I will be joined on the stage by the Nixu CFO, Janne Kärkkäinen, as well, for your potential questions and are hopefully being able to answer those as well at the end. First of all, like I said, let's jump straight into the performance of Nixu in 2022 and also the results as we have announced this morning. We see a clear turnaround for the company during 2022. definitely good to be back on black numbers again and an accelerated improved performance during the second half of 2022. If you look at the revenue for the full year of the group, we ended up just north of EUR 60 million, which is a growth of 16% year-over-year. In particular, if you look at the second half of the year, we had a revenue of EUR 31.6 million, which is a growth of 26% second half year-over-year as well in terms. Profitability developed also very well. We had an adjusted EBITDA level of EUR 2.1 million in the second half of the year and EUR 2.5 million roughly in the full year of the company, which is then actually accounting for a nice growth both on adjusted EBITDA and EBITDA. You see the percentage points on the slide here as well as shown. On top of that, we've had also a good growth of our orders booked or orders received that increased with 35% on the full year level year-over-year, giving us a great platform and a position for continued business development in 2023. If we look a little bit more in detail of the re-revenue development and how that has been year-over-year, you can clearly see here that the, there was a stagnation during the COVID period. Many companies were, you know, questioning how to invest, where to invest, and how much to invest. Now we can see that in 2022, once we have passed COVID, and there is an increased need of investment with our client base, and that has accelerated our business clearly in 2022, giving us the nice growth that we, that we can present from last year. If we look at the right-hand side of the slide, you see the geographies as well, how the business has developed in the countries where we have business presently. Finland is growing nicely to EUR 36 million on the full year, which is an increase of 20% year-over-year. Denmark also growing to EUR 8.5 million, which is a 12% growth year-over-year. Sweden, crossing now the EUR 10 million mark, almost EUR 11 million for the year, at an additional 9% of growth in Sweden. We have Benelux, where we have been struggling for a couple of years when it comes to growth and it continues now as well. We have a slight decline year-over-year at EUR 1.4 million in revenues. Now we're taking a bit of a retake in Benelux. We're also focusing our strategic agenda in Benelux as well, which I will come back to a little bit later on in the presentation to explain how. Norway has been developing extremely well for us as a market, and the growth, while percentage-wise is great, but it's from low numbers, of course. 67% growth in Norway. Now almost a EUR 2 million market for us. The other countries represent another EUR 1.8 million in our revenue statement or income statement. In total, 16% of growth for the group over the year. If we look at the segments, we look at basically two of the big segments that we have in Nixu. One is the Managed Services segment, which today for the full year of 2022 constitutes 21% of the total revenue of the group. We've had a great uptake in business in Managed Services last year. 10% growth in revenue year-over-year, in the second half, really accelerating with a 30% growth second half year-over-year. We see that that growth is actually continuing, giving us good hope and faith for that Managed Services is on the right track that we have been talking about since last year already. Expert Services, which basically is our project-related business, is 74% of our total Nixu revenues, there we have a growth of 18% year-over-year. Profitability there is improving as well year-over-year, thanks to improved pricing and a favorable business mix development. On the Managed Services side, I forgot to mention about the profitability, that it's also improving now thanks to the structural changes done late 2021 and during 2022, and now we see the uptake of that business and the turnaround has really happened. We have a good platform in place to actually add on a good client base in our Managed Services business. Definitely heading in the right direction. Orders booked or orders received, also there we've had a great development year-over-year. Here you can see the quarters for 2021 in the dark blue and the quarters in 2022 in the lighter blue. You can see that it has accelerated year-over-year here as well. Like I said in the beginning of the presentation, we have grown our orders, order intake with 35% year-over-year. Our current book-to-bill, or shouldn't say current, but the book-to-bill ratio at the end of the year was 114, which gives us a good faith and hope that the growth will continue into the year of 2023. Some commercial highlights from last year. I think that one significant deal that we announced in quarter four with one of our clients is a big framework agreement that spans over the coming years, spanning across EUR 8 million-EUR 20 million That's a great foundation for us to continue our growth in Managed and in the project-related business. Talking about the Managed Services, if we look at the orders booked in the fourth quarter, we have a growth of 64% year-over-year in our Managed Services business, just showing the acceleration I was talking about earlier on also from a revenue growth shown in orders booked and that the future also anticipates continued growth in Managed Services. Another area that has been growing nicely is our digital identity business. Basically, it's the identity and access management. I'm gonna come back to that also from a strategic and structural perspective later on in the presentation. There we also see a good orders book growth from 20% in the second half compared to second half in 2021. Last but not least, we should not forget Nixu Certification, which is just also a service area within Nixu Corporation, where we, in the second half of the year, also helped Wolt Enterprises to achieve their ISO 27001 certification as well. A couple of highlights from the second half and quarter four business development for Nixu. That was kind of the fast summary and the performance, the financial performance of Nixu in the quarter four and second half. If we now move into a bit of what's happening in the market and how do we see the market moving forward, there are more or less the same mega trends that we see in society and globally. Of course, digitalization is continuing even faster than before. Digitalization, of course, also fueling the need and necessity of a good cybersecurity defense in place for our client base. The digitalization itself is pretty much fueled by the Industry 4.0 and the IoT and all the connected devices that actually also are greatly, of course, improving efficiency for our clients, but also, of course, exposing threats from a cybercriminality perspective, and that's an area that is really growing fastly as a mega trend. We have also, of course, technology development in, for instance, artificial intelligence and the ChatGPT that has been released quite recently by OpenAI. It's a fantastic tool, you know, an AI tool to create code, to create many different things, but it also is so good that it's can be used in the wrong way if needed. We need to also make sure that we are ready to secure how technology development also can be used in the wrong way by people with malicious intent. Geopolitics and polycrisis. I think that it's no secret that the geopolitical development is fueling cybercriminality. Cybercriminality is usually coming from... with a financial intent by the criminals, but of course, with the current geopolitical situation, we see more political intent with cybercriminality fueling as well. Of course, you know, polycrisis. I think that there are so many crises in the world and cybersecurity is just adding to the crisis situation. We need to make sure that we are helping our clients to be on the right side and stay safe and have resilience in their business moving ahead. Rise of cybercrime, ransomware, and cryptocurrencies. Of course, ransomware is increasing heavily. You can see some of the statistics in the bottom part of the chart that there's been a 62% increase in ransomware attacks since 2019. If you just think about that's huge numbers, and there's no signs of that slowing down. On the contrary, it's accelerating. That and many other things are, of course, also leading to that the global cost for cybercriminality is estimated to be $8.4 trillion in last years, and the curve has a hockey stick if you look at it, how it's expected to develop for the future. If we look at the market dynamics a little bit, we have, of course, most organizations and companies, cybersecurity is not a technical question anymore. It's a boardroom related questions because it's about the continuity and resilience of your business. It has to be handled as any other enterprise risk in the company, like financial risks, etc. Cyber defense has to be handled on the same level on the board. Of course, there's a huge skills shortage on the market when it comes to capable and capability and competence in cyber defense. It's estimated there's a currently a shortage of 3.4 million employees in this industry, right? Of course, we see it. We, it's hard to attract and retain capable people in our industry. We are fighting hard with that. We see also that leads to a high churn generally in the industry, and we see that also, of course happening for Nixu Corporation. We need to actively work with both talent acquisition but also retaining talent that we have in the company. Of course we have rapidly changing environments and rapidly changing technology that we always have to look after and be one step ahead of the curve. Of course, we see distribution of defense in multi-cloud environments. Most of our clients, they don't have a single cloud, they have a multi-cloud strategy, which causes us to help them and causes them to make sure that they pay extra attention to having a holistic cybersecurity thinking across their technology stack and platform. Identity first security and zero trust is becoming more important. You know, we have to build in a zero trust in all the development you do on organizational level. Then what we call shifting work left, making sure that security is nothing that you handle in the end of a project or development. It should be handled up front before you even start the project with any kind of technological development. All of this together with some of the statistics that you see here on the bottom part of the slide leads to that there's more increased investments in cybersecurity in general. The last statistics on the slide you can see on the bottom right says that 70% of all IT leaders are now shifting their IT investments into cybersecurity because it's just a necessity. You just have to have this in place to make sure that your company stays resilient and continues to operate. If we take that with us and look at the prediction of the market growth for the years to come, here we have some statistics, when it comes to Gartner, how Gartner predicts the total cybersecurity services market to develop over the next coming years. We can see that in the markets where Nixu is playing, we have a nice compounded average growth rate. On the far right, you can see the compounded average growth rates that has been there from year 2020 to 2022, and the anticipated growth rate from 2022 to 2026. You can definitely see that it's accelerating, more than doubling in certain of our markets. If you look at the compounded average growth rate for 2020 to 2022, you can see that they are mostly in single digits, except for Norway that has been in double digits. If you then put that in correlation with the fact that we grew 16% in last year, we are outperforming the market when it comes to growth. We are on a good path as a company, retaining and attracting clients to work with us. Of course, this also plays very nicely for our future development as a company. Having all this in mind, we are now looking at our financial guidance for 2023, where we believe that our revenue will grow to some EUR 60 million to EUR 70 million over the year, and that our profitability will continue to improve from 2022 as well. The market is there. It's just up to us to make sure that we grab it in the right way. That ends the first part of the presentation about market, about our financials, and our guidance for this year. Now we're moving into the updated strategy for Nixu that we call Next Nixu. This strategy focuses now on the next coming three years in particular. What will we do in order to win the market and also to reach the ambition levels that we are setting for ourself as a company? Here I will tell you a little bit about what we have done so far to get to the strategic point where we are right now when we are releasing our strategic ambition and strategic plan, and also a little bit about how are we planning to get there, how are we gonna realize this transformation as well. What we have done, basically since I came in as CEO for Nixu on first of August last year, which is now a little bit more than 6 months ago, we started the strategy revisit immediately. We did a couple of things. We revisited our service portfolio to see is this now fit for the future needs of our clients. We've done a market development analysis, including a Nixu SWOT, where are we good, where are we strong, which weaknesses do we have, opportunities and threats. We have done updated financial ambitions for the year, as we will come back to and I will present to you as well. We worked with the soft part of the company, our purpose, our vision, and our values. How do we wanna be portrayed and seen on the market and through our employees at Nixu? We have also updated our operating model and our ways of working, and all of that now coming into the Next Nixu strategy that I will share with you right now. Our strategic direction toward 2025 is built on six pillars. The first pillar is that we will be a leading cybersecurity services company in the Nordics, focusing on our core market, which is Finland and Sweden. There we will go to the market with a full service offering and a full service portfolio. In Finland, as you could already see from our results last year, we are a really strong company already. We have a great reputation, and we have, you know, already, we are pretty much, so to say, deployed our service offering in this country with many of our clients. In Sweden, we are very well on our way. We need to continue to invest in Sweden when it comes to sales and marketing and also delivery capabilities to be able to make sure that we get this accelerated growth to Sweden as well. Our second strategic pillar is that we wanna become the Managed Services partner of choice in all of our markets. Managed Services is a business area or service area that has a great potential. We are already now seeing that the maturity with our clients is there. They are ready to work with external partners to do and perform the development and maintenance of their cybersecurity solutions. We wanna make sure that we become the strategic partner of choice in all our markets with Managed Services. We wanna grow with the emerging Nixu markets, and also the other markets where we are present, like Denmark, like Netherlands, and now also introducing Norway as a new market. We will actually establish in Norway as well. That's one part of our updated strategy. In these markets, we will grow with what we call spearheads or certain parts of our service offering to make sure that we penetrate and invest in making sure that those services and those offerings, we grasp the market, then when we've done that, then we expand with the full portfolio eventually down the road. In order to do all this, we need three strategic fundamental things that are enablers for our business strategy. The first one is our people. We need to make sure that Nixu is seen as the best place to work for cybersecurity experts. That's it. It's as simple as that. If we don't manage that, we will not manage to make sure that we deliver on our strategy. Nixu services is all about people, so this is the most important asset that we have in our company. The fifth element here, we will be simplifying our service portfolio so it becomes more relevant to our clients. It becomes more client-centric. It also talks the language of what our clients are needing. If we do all of this in the right way, we believe that we will be a company of over EUR 100 million with at least 10% adjusted EBIT level by the end of 2025. This is then achieved by a combination of organic and inorganic growth. The market as you might know, the cybersecurity market today is evolving very quickly. It's a scattered market. There's many small, mid-sized players. Consolidation is happening as we speak. We aim to be one of the consolidators on the market as well. This is kind of basically the six pillars of the strategy for Nixu moving ahead. If we just look at the financial ambitions and drill a little bit down in those, I'll come back to the fact that, you know, saying that we want to become at least a EUR 100 million company with the 10% adjusted EBIT by the end of 2025. On top of that, we wanna make sure that our revenue split is a bit more balanced between our markets. Today, it's very heavily Finnish based. You see EUR 36 million out of EUR 60 million is today Finland. We want to make Finland 55% of our total revenue by 2025, and the other markets constituting of 45% of our revenue. This means that we will grow very much in Finland still and Finland is a very important market for us. Proportionally, we will grow even more in our other markets. We also wanna have a recurring revenue of at least 40% and one of our most important things to achieve that is to make sure that we push our Managed Services agenda because that's more or less all recurring revenue in that service area that we have. This is a tough journey. If we look at where we are right now and where we were in 2021, it's basically saying that we are doubling the size of Nixu Corporation from 2021 to 2025. We ended now at EUR 60 million as our revenue last year, and we need to... It's... It's... Well, the compounded average growth rate is 18% all the way up until 2025 if we're gonna make this. Considering we grew 16% last year, all organically, mind you, as well, we think that this is definitely doable for us for the years to come. Of course, a challenge with the profitability, but we have a plan there as well. Even more challenging numbers, if you look at it in absolute terms, we need to grow our profitability with a compounded average growth rate of 115% year-over-year as well, starting of course with very low numbers given where we stand with our profitability today. In a nutshell, this is the Next Nixu strategy, and I've talked about most of the things here. What I do wanna still mention that I have not talked about is our updated purpose as a company. We make cyberspace a secure place. That's why we come to work. That's why we work with our clients. We wanna make sure that they get a peace of mind in their work and that they feel that they have a resilient business when it comes to cybersecurity. Our vision is that we shape the future through cybersecurity for people, business, society to achieve greatness. That is our updated vision. We have the pillars when it comes to the values we wanna have as employees of Nixu. We call them the FTP values, the fair, trustworthy, and professional. That's how we should be perceived as employees in Nixu. Last thing on this slide that we haven't talked about is the strategic choices you see on the left-hand side. I will briefly go through the strategic choices as well on top of our business choices, strategic choices we have made. From a positioning perspective, that will not change. We will continue and remain being a 100% cybersecurity services company. We are perceived well as that. We have a good brand doing that, and we don't see any reason to move on that positioning. Our offering will be a one-stop shop for Managed and professional services, so it's more or less what we have today. We're saying that we have a 360 holistic portfolio already today and an offering for our clients. We will continue to have that. Obviously, we will continue to fine-tune that portfolio always to stay one step ahead of the curve and meet the needs of our clients before they know that they need what they are buying from us. Geographic focus, Nordics, as you could see. New thing we are establishing in Norway, that's gonna happen in this year. We have some selected markets outside of Norway, and Benelux to be very precise, operated from our Dutch operation and business in Amsterdam. People, we want to be cutting-edge cybersecurity professionals in our company. That's the base of what we do. Our client focus will be mid to large-size organizations. When it comes to technology, we don't develop any technology. We are not a software house. We work with the best technology partners to provide the ecosystems we need in order to make our clients' cybersecurity the best and safe that there is. An operating model, finally. How will we work as a company? We set the sail a new operating model already end of 2021, which is based on not selling services in the market with the people in the market, but more a global portfolio saying that this is what we sell, and then we deliver it globally as well. We don't always have all people locally in every country to be able to deliver our services. We have a global operating model, but very client-centric. these are-- is in a nutshell, the Next Nixu strategy defined. How are we gonna do this? A little bit more in-depth into that. I think I've touched base on most of these things. We're coming back to these six pillars, where the three top ones are the business development strategy, and the three bottom ones are the enablers for that. When it comes to the focus on our core markets, our full offering... Oops, that was not the intention. Sorry for that. That means then Finland and Sweden, when we say our core markets in this context. We will strengthen our sales and delivery organization in Sweden in particular. Of course, we'll continue to do that in Finland as well, but already today we have a great foundation of people in Finland. If we're gonna reach our ambition levels in Sweden, we need to really ramp up there when it comes to hiring more sales professionals and also delivery capability. On top of that, marketing, making sure that our brand gets much more known in the country of Sweden as well. If we do that correctly, we believe that we will be able to increase the footprint in Sweden, the client footprint in Sweden even faster than we are today. We have had a nice growth last year, as you could see, but we want to accelerate that growth, in particular in Sweden, and then grow our market share in Finland as well. Scale our Managed Services, which is the second part here. Of course also there, make sure that we increase our marketing and build on the great development we've had on that business in 2022. Continuously in the Managed Services business, we need to work with the efficiency, improve the efficiency because this business model is very scalable if you do it right from the beginning. The third business strategy, expand and accelerate in other countries. We want to accelerate our business in Denmark and Benelux, like I said, with focusing on spearheads, which is particular different elements of our portfolio, which we know are well-perceived in those markets as well. When we do get the client footprint through these spearhead services, we can start expanding with the rest of our product portfolio with those clients. Establish our operations in Norway. We will do that with identity and access management services and cybersecurity advisory services. Those will be the two spearheads that we will enter the Norwegian market with. Mind you, we are already on the Norwegian market. We already have clients in the identity and access management segment. You could see that we already had a 67% growth of business in Norway during 2022. The fourth one, be the best workplace for cyber professionals, improve our capability to employ young talents. We need to make sure that we are even more targeting the young talent pool and attract them to Nixu so we can get them to grow within the company. Equally important is to work with the retainment of the great people we have today and stop the attrition and churn that we are seeing. At least not stop it, but at least decrease it to a level which is more healthy for us as a company. Fifth one, become the strongest cybersecurity brand offering the best client experience. We want to improve our sales and delivery process. We want to be seen as easier to work with, faster to work with. That means both with our clients first and foremost, but also internally, that we are better in pulling our sales and delivery processes together. We want to simplify our service portfolio to make it more client-centric and more relevant for our client moving ahead. Last but not least, of course, focusing on the profitability side, we need to make sure that we improve our operational efficiency. If you look at the SG&A, the sales and general administration cost for Nixu today, you will see that we are a bit heavy there. That's a conscious decision. We are actually investing right now in process, methods, and tools in order to be able to take the growth that we are anticipating in the future. Eventually, when the revenue will grow for us, proportionally, SG&A levels will come down to something that is healthy for us and comparable on the market. Good. That concludes that. We will do some organizational structural changes as well in order to facilitate this accelerated growth. Today we have, like I presented in the beginning, two business areas, as we call them, Expert Services and Managed Services. First of all, we will rename now the business areas to service areas because service is what we sell, and service is what we deliver, so it's much more relevant. We will also split the big Expert Services that you today could see constitutes 74% of our total business. We will pull out the identity and access management business from there and make that an own standalone service area to make sure that we focus on that and we accelerate the business growth there because the business in identity and access management services is really growing rapidly right now. We are also splitting the current client experience organization into two. The marketing and communications will be extracted from that organization and be put on the executive team of Nixu as an entity. Of course, as any company, when you're working with strategy and marketing and communication, I think it deserves a place on the executive team as well. We have established a third entity we call Strategy & M&A. There's a lot of mergers and acquisitions happening, like I said, on the cybersecurity market. We need to stay on top of that as well, we need to constantly evaluate potentials for us in order to fit our strategic agenda. We also need to make sure that the strategy that we are now launching is actually being deployed. This is a one-man box that will make sure that we have a good M&A pipeline continuously available and that our current strategy that we are launching is being deployed as we expect and want. Of course, we want to make sure that we have the best leaders in Nixu to ensure that this journey will realize. For the identity access management services and for marketing and communications, we are now opening up an executive search to make sure that we find the right candidates to take those entities forward. Obviously, there are incumbent. you know people today on those positions and they are part of the process and let's see where we end up with the recruitment once that is done. This organization will be in place as of 1st of March this year. Until the people we are recruiting is in place, they will be managed on an acting basis by the current leaders or within the executive team of Nixu. With this, I think we have come to the end of the presentation of both the result and the strategy. Janne if you could please join me on stage here would be great, and we are ready to take any questions you might have. Please. I would ask, regarding your target of EUR 100 million revenue, how much of inorganic growth does this include? Well, it's hard to say today. Let's put it there right? We have a plan of inorganic growth as well. You know, we have not set a target on that, so that's why I will not answer on exact numbers on that right? You can, of course, make an extrapolation as well on the growth that we've had and see where we end up, right? We believe that there is a part of it that will be inorganic as well and we are working with the pipeline. I will not give a number to that here and now today because that we have not set. You also highlighted Norway as a possible country to expand into more aggressively. Did I understand correctly that the idea is to be more organic growth there? Yes. Yeah. To start with. We will establish now Nixu in Norway to start with right? That will happen organically by getting ourselves locally present in Norway. What we have done today is that the sales and delivery in Norway has been done from Finland. That's how we have operationally managed it today, but now we will establish locally with presence in Norway as well. Yes. Regarding your outlook of the improving profitability and the goal of 10% EBIT level, how do you see it, the improvement in profitability? Is it steady throughout the strategy phase or is there gonna be a bump in the end or? I think that it's not gonna be steady. It's never linear. I think that we have some transformative activities to do still. We have, for instance, put aside a little bit more than EUR 2 million on investments in our budget for this year, right? We know, like I said that our SG&A cost, for instance, right now is a bit too heavy compared to where we want to be and where we will be once we grow the company. It will not be a linear growth of the profitability. We have a plan for reaching the 10% at the end of 2025. One question about the guided growth and the personnel at the end of 2022. The personnel grew only by two persons from H1. Does the guided growth need more recruiting, or is the growth possible with the personnel at hand at the moment? I think it's a mix, I would say. Certain part of our business is scalable in a different way than you need people, for instance, on Managed Services, right? You scale that in a totally different way. You don't have to add one other person to be billable in order to, you know build your growth. You scale it in a different way. Managed Services will have one anticipated growth when it comes to revenue and people. Of course, our project business will need more people to scale. Obviously, there's other elements like price adjustments and stuff as well included in the equation. Of course, business mix as well when it comes to profitability, right? All of that playing together. All right. Thank you. No further questions from me. Thank you. Any other questions from the room, or should we take from the audience? If you have any, Janne? There's no questions from in the chat at the moment. No questions in the chat at the moment. All right. If that's the case, I want to thank you all for coming here and also on the web for being here today. Stay safe for the rest of the day. Thank you and bye.