Hello, you are welcome to follow up Talenom Oyj report release. My name is Otto-Pekka Huhtala. Here is my colleague. Hello everybody, my name is Matti Eilonen. I'm CFO of Talenom. I will go through our content today. I will go through the review period and strategy progress and also software business. After that, Matti will continue with financial development and outlook and guidance. Thank you, let's go. Some highlights from Q2. Comparable net sales increase driven by Finland and Spain. Second one, we also launched our new brand for our software business, which is called today Yasar. We ended our piloting of software sales in Finland for external accounting firms and their clients. This pilot went successfully. Third highlight is that customer base growth continued at 4.7% annually. From a financial point of view, these highlights, as I told, how comparable net sales increase driven by Finland and Spain, it increased 3.1%. EBITDA growth came from Spain while Finland has remained at the comparison period's level. EBITDA was 1.2% over last year compared to last year, and it was close to EUR 10 million. On the right-hand side, you can see that our accounting business revenue was around EUR 30 million, and software business was around EUR 5 million in Q2. Now we will go to the strategy progress. Everything started from our target, and it is growth. Talenom will focus on our core competencies, which we have developed many decades, like accounting businesses. We have been there over five decades, and we have developed our own software over two decades. Now we have these two pillars, and we will grow with those. By that way, we believe that we can have more scalable growth potential than before. Some market trends which are accelerating growth. First is the legislation, and the most important is that these trends are driving digitalization. For example, e-invoicing, it will be mandatory in, for example, in Spain in the near future. Second one is customer behavior is changing towards digital platform. We have also experience of that. We have sold our services more and more via digital way. Third one is digitalization is happening now, particularly in Spain and in Italy. I will tell more about that later. By this slide, we will open more about history and our proven strategy and strong historical track record. We can see that our high investment pace is over, and our fruits are going to be colleagues near future. There are four phases. The first one is that when we developed our digital capabilities and platform in Finland. The second one, 2016- 2020, you can see that when digital transformation impacts on profitability in Finland. Our comparable EBITDA increased third time, fourth time what it was before that phase when we implemented all our digital features in place in Finland. The third phase is here that we strongly invested in internationalization and software. Of course, we have built our organization in Sweden, Spain, and Italy. We have also localized our software in Sweden and now it's in use there. For example, in the last five years, our software investment cost has been over EUR 60 million, and we have also acquired over EUR 30 million, close to EUR 40 million, in other countries than in Finland to acquire new businesses. Now it looks like our software investment is decreasing, as we have told before. The fourth phase is replicating a proven strategy and concept in international markets. We have good capabilities for profitable growth created in Sweden. Matti will open more about that later by figure. We are well positioned in Spain to benefit from the e-invoicing reform. Now we are a more focused company. We are focusing only on our core businesses. We don't have any more new business areas. The fourth one is the software business becomes the second pillar alongside the service business, and it will be the scalable one also. Here are three strategic priorities for this year. The first one is improving profitability in Sweden. The second is leveraging the entry into force of the Spanish e-invoicing directive. The third one is building sales channels and developing SaaS capabilities in the software business. What we have done in Sweden, we systematically implemented one Talenom operating methods and process, as well as our proprietary software. We also invested in turning net sales on the growth track. The third one, we estimate that profitability will improve from the comparison period to the end of the year. Matti will open later of figure, but now we are seeing that we are now in the same profitable level, and turnaround is ongoing well. The second strategy progress, capitalizing on the entry into force of the Spanish e-invoicing directive. It's good to know that the officer has decided in Spain that businesses who are sending invoices, they have to use stamp software, this kind of software what officer has accepted. When they are invoicing in the first of January, they have to use one of those listed software. We have built these capabilities to our own software that we can respond to market change. We also continue to roll out our proprietary software to our customers to facilitate their business and prepare them for the e-invoicing transition. We have well positioned in Spain, and this looks like very good just now. When we compare this situation, what we have seen 10, 15 years ago in Finland, it looks like very good. Okay, how about software businesses? Sales channels. We hire business leads abundant in Spain and Sweden. Talenom software brand launch, as I told, Talenom software sources will operate under the Easor brand from now on. Easor means easy advisor. We think about so that by using Easor, you can easily find a good advisor, and it helps you manage your businesses because it's so easy to use for, I mean, for entrepreneurs. Of course, for accountants, it's so easy to use. Piloting of software sales in Finland to external accounting firms and their clients was also successful. I will open more about software business, what it is really. We approach so that we have like two interfaces. The left side hand, you can see Easor app, which is a dedicated interface for the entrepreneurs. In the right-hand side, you can see the Easor accounting, which has developed for professional accountants. By dividing these two interfaces, of course, they have the same database, but two different interfaces. We can really differentiate from the other competitor softwares by offering easier tools to use for entrepreneurs and enterprises. For accountants, we can offer the good process and software, which is very, very high automated. By that way, they can like save time and make more more profitable. Some figures. Today we have over 12,000 small and medium enterprises clients. Our annual recurring revenue is over EUR 20 million. This comes mostly from Finland, maybe 99% of that. We have over 60,000 end users, over 9.5 million transactions annually. I mean, sales and purchase invoices. We have like in four countries, 140 full-time employees, logins per month over 200,000. Today we have over 16 partner offices in Finland already. Just remind that we started to sell our software for other accounting offices. We call those offices partner offices. The beginning of that this year. We really see that this has successfully went well. Some development in the number of customers. If I go through these lines, the first line there is the SaaS charts separately. These clients come mostly from Finland. This means that Easor directly invoices end customers for software. Easor doesn't invoice Talenom and Talenom doesn't invoice software to the end client. Both businesses, Easor will invoice their own clients and Talenom accounting business will invoice their own clients. Second row is SaaS not charged separately. These are the clients who are using our software, and these are from Sweden and Spain. Software fees are not yet charged separately and are partly included in the service prices. During next fall, we are going to make a decision via that how we are going to start charging those clients. It's good to know that we estimate that the average revenue per customer in Spain and Sweden is around half or less compared to the price level in Finland. Third row is that potential customers for software as a service. These kinds of clients who are only service clients, this comes also from Sweden and Spain. There is a large number of customers who are not yet using the software. Of course, now we are hiring new accounting offices, and they have started to sell for their own clients. Those clients will come over that figure when they really succeed selling their services and Talenom Easor software for end clients. We see that there is big potential of this conversion in current businesses, but in the long term, the bigger part of the growth will come from the other clients than Talenom service clients. This was my stay and now, Matti, go ahead please. Hello and welcome to follow this half-year reporting review from my behalf also. Let's start with the net sales. Net sales grew by 3%, a little bit more than 3%, ending up to almost EUR 35 million. It was driven by the successful customer acquisitions. We were able to get new customers in Finland and in Spain. We also made one small acquisition at the beginning of the second quarter, which boosted up the net sales growth a little bit. On the other hand, development in Sweden slowed down our growth because the net sales remained below the comparison period in Sweden. Profitability slightly increased. The EBITDA in the second quarter was almost EUR 10 million, and the relative profitability was 28%. This time, the profitability or the EBITDA gain came from Spain while Finland and Sweden remained on the same level as last year. EBIT level went down a little bit by EUR 300,000, ending up to 10%, a little bit more than 10%. It was obviously because of increased depreciation level. In the past, we have experienced quite long and high investment level. Right now, at the development side, we are in the phase that we can lower down our investment significantly. In the last quarter, our own software investments decreased by EUR 1.2 million. For the full half year, it was decreased by EUR 1.9 million. That, of course, immediately improves the cash flow, but it will also have the impact to the future depreciation level. Country-specific numbers: Finland net sales increased by 4.6%, ending up to EUR 23.5 million. In Finland, the market situation is getting more steady. We learned that the Talenom customers' transaction volumes decreased. It has stopped, but now it's not yet increasing, but at least it has stopped. Because we are able to get new customers all the time, we can turn this net sales to growth. Finland EBITDA level pretty much was on the same level. If we look at the absolute numbers, a little bit less than EUR 9 million. The relative profitability measured by EBITDA decreased a little bit. In Finland, we are seeking for the growth in the future as well. For this quarter, the EBITDA remained at the same level because of the growth cost. We are not so worried about the development in Finland, that it will stay the same level or that it will decrease. We look to the future that we still have room for more efficient processes and more profitable slightly in Finland in the future. The net sales in Sweden decreased by 9.5%, ending up to EUR 6.5 million. That's mainly because of the customer churn in 2024. Lately, we have seen that the trend is turning to better in getting new customers and churn. We estimate that this decrease will slow down towards the end of the year. 2025 is going to be significantly lower than 2024 measured by net sales. EBITDA level on the last quarter in Sweden was pretty much on the same level. Even though the net sales decreased, we were able to scale down our costs at the same time. We didn't want to do it too strongly because we want to secure our growth possibilities in the future as well. Spain grew by 18%, ending up to EUR 4.7 million. The organic growth and the sales are working really well in Spain, and it's starting to come through. Also, we made the small acquisition at the beginning of the period, which boosted up the growth. We believe that the organic growth, we have good possibilities to grow in Spain because the sales are working well. Also, the mandatory e-invoice directive is going to be placed in Spain, and we have good possibilities to offer services for that, both in software and accounting services. EBITDA in Spain also grew by EUR 300,000, ending up to 14% on the relative EBITDA. We were able to bring more volume to the business, and that came through as a better profitability. We will focus in the future to improve the profitability by streamlining our processes. There are multiple things that we can do better, and we believe that there is a lot of room to make it more smoothly and to increase the profitability in the future as well. Also, that we acquire recurring and profitable customers in the future. A little bit about the business areas. The accounting business was a little bit less than EUR 30 million, and the second quarter is seasonally the best quarter of the accounting business. The software business was EUR 5.3 million, and there is not that much seasonality in the software business. That's our estimation. Accounting business EBITDA was a little bit more than 20%, ending up to EUR 6.1 million. The software business was EUR 3.6 million, and the relative profitability was almost 70%. Last, the guidance. We remain with our guidance at the same level. We are expecting to have net sales between EUR 130 million and EUR 140 million, and EBITDA around EUR 36 million-EUR 42 million. Thank you. Let's have a look if we have any questions. Okay. Anton is asking about, will software investments decrease more than Q2 level? If yes, by how much? On the first quarter, the investments on the software were around EUR 800,000, and now it was EUR 1.2 million. It might decrease a little bit, but I think that the biggest decrease has already happened, and it will be more mildly in the future. It might be a little bit more in the future. It's between EUR 3 million-EUR 4 million in total. In a year, yeah. Yeah, it will decrease that. Yeah, yeah. Okay, is there any other, Emil Immonen, do you want to ask anything? Can you hear me? Yes, we can. Yes, great. Thanks for taking my questions. Just a couple of ones. First, on your operating costs, are you doing any cost cutting now for H2? Not really any specific, not more than usual. Of course, we are quite careful with our costs and so on, but we also want to maintain our future growth possibilities. Nothing really specific cost cutting. Of course, in Sweden, when the net sales are decreasing, we need to follow the net sales with the cost as well. I will add that we believe also that we can get better profitability in Q3 in Finland than it was Q2, I mean, the comparable. To maybe continue on that, do you expect that if you only reach the lower end of your sales guidance, can you then reach your EBITDA guidance? At this stage, we don't want to comment too much on guidance. We remain at the same level. We think that we have good possibilities to increase our profitability on the second half. Of course, we try to follow the costs so that it's in line with the net sales as well. Okay, that's clear. What about the top end of guidance? Is it possible to reach that in any way, or what needs to happen? It is now 130- 140. As you all know, we might do some acquisitions in Spain. If it happens soon, we will still want to keep the room for it. If it doesn't happen quite soon or at all this year for some reason, it is closer to 130 rather than 140. We want to make the room there as well because you never know about the acquisitions, if they're going to happen or not. There might be some minor thing that will stop the acquisition or push it forward. Okay, I understand. How about your balance sheet? Do you feel that you have the capacity to do more MSA? I mean, your net debt starts to be quite high. Where's the covenant level and your confidence on that? Yeah, we are quite confident with the covenant levels. Also, we renewed our contract in Oulu, where we have a big site, and that increased our debt by EUR 3.5 million because of the IFRS 16 standard. That pressed down a little bit the equity level and increased the net debt. Right now, we are okay with the covenants, and we think that we have possibilities to make the acquisitions as well in the second half. Okay, thank you so much. Okay, thank you very much. If I shortly summarize because there are no more questions, our net sales increased, and we are in a well position in Spain because the e-invoice directive will be implemented soon. We also see turnaround in Sweden. It looks like great in the future. It's the right time to take the next step to continue our vacation. Have a nice summer, everybody. Bye-bye. Thank you. Bye-bye.