Good morning, everyone, and welcome to join this strategy review 2026 of Talenom. My name is Juho Ahosola, and I'm the new CEO of Talenom, and I have started in my role in the beginning of this month. At the same time with me in his role started our new CFO, Matti Säkkinen, who's today here with me. Warmly welcome. Good morning, and welcome also from my behalf. Okay, let's roll out. The purpose of this call or meeting is to go through our strategy, open it a bit more detailed level. There's quite a lot of same content that we had in our previous Q4 release, but it's also included some new and deeper information what might be interesting for investors. Let's start by walking through this content of this review. We're starting with demerger background with this Easor demerger. I will talk about Talenom, what's this new Talenom, so to say. Couple of thoughts of industry evolution, markets and AI together. I will comment key elements and focus areas of our strategy as well as our situations and outlooks in different countries. We will talk briefly about risks related to our business and then priorities of this year 2026. After me, Matti will talk about finances, outlook and guidance for this year as well as summarize Talenom as an investment case. You can ask questions in chat during this session, and we will then answer after presentation. Once again, welcome to join. As I said, let's start with this split or separation or demerger, how we want to call it. Basically, this was the big thing of 2025 for us as a company. To summarize, company started this strategic review of the potential separation, the Easor software business into an independent stock-listed company. After a couple of different stages, we are finally here that from the beginning of this month, we've had two independent stock-listed companies, Talenom and Easor. To be clear, both companies are operating with own independent strategies, boards, management teams, and there's no any cross-ownerships or similar structures between these companies. Wanna emphasize that two completely independent cases now and in the future. We are super happy as a company that this is now finalized, and we can really focus on executing our own strategy here in Talenom's side. I would like to comment briefly on these reasons behind this split. What were basically the main drivers why we made this decision as a company to separate Easor into an independent stock-listed company? First of all, both companies can operate more flexibly and grow faster. Easor on their side, they can acquire clients through other accounting firms and companies and whatever channels they find working. We at Talenom's side, we are not anymore dependent in any way of any single software provider, and we can always use the best solutions to meet our clients' needs. That of course opens some doors for growth. Second point, equally important, focus. As we know in business, it's super important to focus on something and focus where you're good at. At Talenom's side, we can focus purely on this service business, its development and superior customer experience. I honestly also think that this case this way that two separate companies with different kind of value drivers, it's much more clear for investors as well. When it comes to our software strategy, I want to emphasize that we use best solutions to meet our clients' needs and sometimes it's Easor, sometimes it's some other software. We always start from client perspective and also that kind of solutions that support our growth and our clients' growth. Okay, that's about the split. Let's then move toward future and where we are heading. Starting from what's Talenom? Talenom in brief. First of all, we are a service business. That's something I wanna emphasize. We're providing financial management services, and the main idea of Talenom remains the same that it has been over 50 years actually. We are helping entrepreneurs succeed, and we are doing that with different kind of accounting, payroll, and consulting services. We operate in three countries, Finland, Sweden, and Spain, and we combine in our growth these two pillars, organic growth and then also selective acquisitions. How we operate, what's our way? We combine two elements. We want to have this kind of like strong local ownership. We want to be hyper local. Then at the same time, we combine that with our scalable One Talenom concept, which provides good results and better results in terms of customer experience, employee experience, and profitability as well. Combination of these two. I said earlier, we are using best-in-class, softwares and solutions to meet our clients' needs. With this setup, we believe that we can deliver, sustainable and well-managed growth over time. To summarize, service company, helping entrepreneurs succeed, with accounting, payroll consulting services operating in these three markets, three countries, combining these two elements, in our growth, and then strong locality, and then this One Talenom concept in addition to that. That's our approach. That's Talenom. Let's move on to our operating areas and operating countries. Talenom operates, I said, in three markets, Finland, Sweden, and Spain. In Finland, company is established and in 1972, more than 50 years strong history, strong brand recognition and really established organization, so to say. In Sweden, we started our operations 2019, and in Spain, 2021. We have nowadays roughly 1,200 employees in these countries, divided as you can see from the right-hand side map. We are not looking to expand to new countries in the near future. We're focusing on this, our current markets, and I will explain later why we want to stay in these markets and why we see there are enough opportunities for us in the future. When it comes to organizational structure, I said 2025 was basically the year of this like building these organizations in both companies, Easor and Talenom. We also built management teams for both companies and also local management teams for countries to support both independent companies. It took a lot of effort and energy from the company, but now we are really happy that this is finalized. Here we can see our group management team, which I'm really proud of. I would like to say that we have a lot of diversity in our group management team in Talenom, people from different backgrounds and perspectives as well, which is super important. In addition to that, we have strong industry experience and expertise, so tens of years of industry experience in Talenom management team, which is important. Then, quite obvious point, but wanna also point out that we have global management team, members from all our operating countries, which is of course important as we are an international company. That's our management team I'm really proud of. If we then move into our services or sources of revenue. As said, we're a service company, and our revenue consists of services. Most of the revenue comes from our core services, which are accounting services, payroll services, and accounts receivable services. These are highly recurring, so almost the whole revenue that comes from these services is the type of recurring revenue. In addition to these core services, we have value-added services, and there we could point out CFO services, HR services and legal services as examples. These services are important in two ways. First of all, we see there's some growth potential, so we can be even better in delivering these services and grow with value-added services. Additionally, these are supporting our customer experience remarkably. Those clients who are buying the most services from us are those, like, happiest ones, and that affects positively, of course, in customer retention and that way to growth. Important in two ways, and as a service company, we are focusing on that area now in the future, of course. We have in selected industries, industry-focused and industry-specific teams, and that's important part of our strategy as well. With those selected industries, we can provide even deeper customer service and value to our clients. That's Talenom in general. Like what's this new Talenom? I would like to open a bit of our view on this industry evolution, AI, and markets, and how these things go together. Let's start from markets. When we are looking at the accounting industry in Europe and in our three operating countries, the structure of like the industry is quite similar in all our operating countries. There's a lot of like small companies. Average size of an accounting firm is something between 2-4 people, and markets are quite fragmented. We can also recognize in all these countries this consolidation trend. It's also driven by this like a rising regulation and demands that come from there. A lot of small companies consolidation in all operating countries recognizable as well. Let's then look into our three countries. Starting from Finland, our home market. The market size is roughly EUR 1.5 billion, and our market share is around 5%. As told, we have operated in Finland for more than 50 years, and when we are looking at that pie chart, we could say that our market share is quite limited. We see a lot of room for growth, especially with our new strategy in Finland. My message when it comes to Finland is that it's not. The market is not saturated or full for us. We believe that over time, Finland represents an attractive and good market for us. Let's move into Sweden. A bit bigger market, roughly EUR 2 billion. Market share around 1%. Bigger market, attractive market. We haven't found any reason why we couldn't be successful in Sweden. We truly believe that we can win market, and we have a lot to win in Sweden, as we can see from that chart. Spain represents us massive opportunity. A really huge market, EUR 12 billion around, and our market share 0.1%. A lot of room for growth and a massive market. As I said, we are not looking to expand to new countries in the near future. Basically, this is the reason. There's a lot of room for growth in our. These are our current markets, and we want truly to focus on this, as we have gathered management teams in these countries and organizations, and we want to focus and win in these three markets in the near future. Let's then look into industry evolution and our view of this industry and how it has evolved over 25 years and what's now important. This timeline or visualization is from Finland, and let's walk that through step by step. We could recognize four different stages in the development of this industry. The first was the era of paper-based accounting. During that time, in early stages of this century, there were a lot of manual work. Documents were mostly in paper. Low scalability, because it's hard to create scalable operating models in that kind of environment. A lot of paper, not that much scalability and the era of paper-based accounting. At some stage, digital tools start to emerge. We were front runner in Talenom in this development, 2010, 2015, roughly. Companies and we as Talenom as well started to build digital workflows, and documents started being digital format, which was super important in terms of this development, and that reduced manual work massively. That was super important for us at Talenom as well for the next third step. Over time in this industry, we have recognized that software started to become quite similar with each other. Basically the same main features were in all accounting softwares. Invoicing purchase, handling purchasing invoices and then reports and you can go through your P&L and things like that. What it means that from accounting office perspective, it's quite hard to be different with software. It shifts beyond the technology or softwares to service. The era where we are right now, the step number four, it's kind of like era of this, service and advisory. How we create value and how we want to be different is with that like superior customer experience and focus on creating true value through service for our clients. We believe that this is like, as a service company, only a sustainable way to be competitive in future, to be really good on this step number four. Starting from this paper-based era, then at some point, these digital tools started to emerge, then becoming quite similar. Then from accounting office perspective, how to differ, it's all about service and being really good on that. If we think our operating countries, it's obvious that Finland is on the kind of like highest level. Sweden, based on our analysis, slightly behind, but quite close to Finland, as a market in general. Spain, it's remarkably behind. I would like to say that more than 10 years, there's still a lot of papers and a lot of manual processes. That also represents huge potential for us. That's kind of like this is our view on this industry evolution and our strategies based on this kind of thinking. Let's then look into this productivity perspective. Let's keep that previous slide on our minds. Here we are comparing invoicing levels between Finnish and Swedish and Spanish accountants. What we can see from here is that invoicing between Finnish accountant and a Swedish colleague, there's a gap almost 35%. With a Spanish colleague, it's more than 50%. Pricing level is roughly the same in Finland, Sweden. Spain a bit cheaper, but definitely doesn't explain that gap in here. This also tells that there's a lot of room for improvement with this our strategy and One Talenom concept. Interesting opportunities. Interesting opportunities also AI for us. As this is really a hot topic and of course obviously important for us as well, I would like to open our approach on AI. As a service company, we want to be a digital front runner. That's on the DNA of Talenom. We want to use best possible technologies, automation, robotics, AI, to free up as much time as possible that we can focus on value creation for our clients. This is definitely the core of One Talenom concept as well. This is not any kind of, like, separate part for us. This AI is part of this One Talenom concept. It's all about, like, doing things in clever ways and using best technologies to free up time that we can then focus on delivering superior customer experience. Here's a couple of use cases that we are already using AI in our operations. First of all, in our manual work, in accounting and payroll, and this is not anyhow, like, related to any single software. It's we are using it in many different softwares. Reducing manual work in general, important part. Secondly, faster and more efficient information retrieval. When we are searching information and gathering information for our client, it helps a lot there as it's obvious. When we are preparing to meetings and meeting our current clients, new clients, we use a lot of, like AI in analyzing reports and preparing meetings, finding the right questions and answers as well. We are already using AI in many ways. We believe that for us, as a service company, right strategy is to all the time seek best ways to use AI and that way to strengthen our performance. Not avoiding AI, but taking best out of it. That's our view on AI. Last point when it comes to markets and maybe this demerger as well. As I told earlier, we are using best possible software always to meet our clients' needs. Now when we are kind of like we can use multiple software in the future, we have recognized two customer segments that we can reach much better within those same markets that I explained earlier. First of all, that kind of client segment that clients that are willing to stay in their current systems. For many clients, it has been simply too much to change at the same time both software supplier and then service supplier. On the other hand, they haven't always found the reason to change that software. They are quite happy or really happy with their current software. When we have more of these like software capabilities and then like softwares in our sales portfolio, so to say, we can address that group much better. Second group, larger and more complex clients. We have recognized that kind of group as well, that there's quite complex software needs and that group has been, with our previous strategy, quite challenging for us. I want to emphasize, I will talk about One Talenom concept later, but One Talenom concept is not like software-related. It's not only made for one single software. It's our whole operating model that works in different softwares. Like I told in our Q4 release, our payroll unit where we are using completely commercial softwares in Finland, it's even more profitable in terms of salary margin than our accounting business actually. This One Talenom concept is not like software-related. Yes, these two segments we believe that we can reach better in the future, which is important for us. Let's then move into key elements and focus areas of our strategy. I have here three elements I would like to open. Starting from this One Talenom concept, this is definitely the core of our strategy as new Talenom. It's our concept which covers best processes, practices, ways of doing things. We have studied this industry in these three countries more than 50 years. Now when we have found best ways to work, we will scale these best ways, processes, practices, ways of leading, ways of leveraging technology, robotics, automation, AI, things like that. We have now studied how this truly works, and of course, we are happy that it works. From the right-hand side, we can see one dot represents one team here. We can see the correlation between One Talenom index. We measure One Talenom index couple times a year, and it tells, like, how much we're applying those, One Talenom concept elements and how then it affects on our KPIs, customer experience, NPS, salary margin, which is profitability, and then employee experience as well. We can see the positive correlation in all these three important areas, and we can see the same in all our operating countries. That's important that this truly works, and this is not any, like, Finnish-specific concept. It's made for all our operating countries. What this means in practice now during upcoming years, we are focusing on implementing this, of course, all the time further develop the concept. This is probably the most important element of our strategy right now, and we're happy that it works. Of course, we will then report things related to this One Talenom concept in our reviews and how it's going. Second point, starting from One Talenom, then M&A. As we know, we have been working with M&A for many years, conducted multiple acquisitions over past years, and here's a couple of points that I would like to point out. First of all, we have learned a lot, so it's always important when doing something that you learn, and you become better in that. We have found our way of doing M&A, and our way is to be super open and transparent when it comes to this One Talenom concept and our approach. We want to find that kind of companies that have the same shared vision, view of the future, found this One Talenom practices valuable and believes in those. That's really important. We're also super selective, and what selectiveness means for us in practice, it means that we are saying more no than yes. If we don't find that shared vision about the future, it's better than for all parties to say no. That doesn't create value for the company to create that kind of acquisitions. One element that we emphasize also when we are finding acquisition targets and doing acquisitions is that we want to find growth-minded companies. We want to build a organic growth machine in all our operating countries and be even better in that, so it's important that these offices are having that growth mindset. It's really crucial because at Talenom, we want to be a company of organic growth. Of course, when thinking Spain as an example, it's important when we are going to new countries, or we want some new knowledge in terms of some particular softwares as an example when it comes to this new strategy. It's one element to consider, so, like, when we want to go to some new city or area, acquisition is quite good format. Then if we want to have some special knowledge in terms of some softwares, that's opportunity as well. All in all, I want to emphasize that we are not doing this kind of volume acquisitions just to boost short-term revenue. That's not a right thing to do and doesn't support company value, so we don't do that. Last point, when it comes to our strategy, organic growth. I wanna emphasize that we as a company, we want to be a company of organic growth, so this is. Acquisitions are important, but this organic growth is that kind of, like, the real growth over time. We have already built kind of like organizations for organic growth in all our operating countries. We have sales team, marketing teams. We have active offices who are doing sales in different countries and focused a lot on this digital marketing, and we're heavily focusing on this during this year and upcoming years as well. Of course, when it comes to new customer acquisition, recommendations are playing a crucial role. We believe when clients are happy, they are willing to recommend us to others, and that creates growth itself. New customer acquisition and active new customer acquisition is super important. When it comes to Spain, I will talk briefly about countries shortly. In Spain, as an example, it's not normal at all to do active new customer acquisition in that market, so that's something completely new. It was also in Finland a new thing when we started that, many years ago. Then secondly, growing with our existing, clients. As I told this, value-added services, advisory, services are important part of our growth strategy, and we believe that it, supports, our growth, of course, revenue-wise, but also, affects positively on customer retention, and that supports growth as well. Organic growth, really crucial part of our strategy. Let's move into countries. Walk through this country by country. I have the same structure with all countries. Current position, our focus areas, and then, outlook of that country. Starting from Finland. As said, Finland is our home market. We have, strong history in Finland, more than 50 years. Also, we have a lot of, accumulated expertise. With this One Talenom concept, we are in quite good situation, so to say. Of course, we still have things to do with One Talenom, but we are in a quite good place with that. Many industry-specific teams, which is important source of growth in Finland, and really well-functioning and working sales and marketing and growth organization in general. Where we are focusing in Finland, where we want to be even better in the future. First of all, we want to be more local. We want to strengthen our local presence. That's important for us. We want to be a local partner for our clients. Secondly, we want to grow with partners, and that means like software partners especially. Now we're working with software strategy in Finland and trying to find what is the right setup for us in the future. As said, this value-added services and excellent customer experience, that's something where we are focusing in the future as well. When it comes to outlook, I would like to say that our profitability in Finland is in really high level, and we are of course happy with that. Our like priority, so to say, is to accelerate growth instead of really focusing on that relative profitability. When it comes to our goal, we want to deliver stable profitable growth in Finland in the future, and Finland plays crucial role. It's in a way important cash machine for us currently generating good cash flow, and we expect it to be like that in the future. When it comes to acquisitions, I would like to say that we're eyes open now in terms of this new strategy. We are monitoring the market and potential opportunities. Let's jump into Sweden. In Sweden, we started our operation in 2019, and our growth, as we know, it's driven by many acquisitions. It's also true that we have faced remarkable challenges in Sweden in terms of integration, customer, and employee retention. It's been that way that we have had employee retention, which had led to. Sorry, employee turnover, and that has led to turnover with clients and then challenges with profitability as well. Of course, we have taken actions, so we have implemented now during 2025 some restructurings and early this year as well. Now, during last fall, we have started new country management, which we are really happy and proud of, and a really remarkable point that our employee experience is now all-time highest in Sweden. Our eNPS increased 40 points when we last time measured it. It tells that it's good starting point for this new strategy 'cause in this service business, it's all about employees and that experience. Where we are focusing right now in Sweden to stabilize this business, we are focusing on basics, so One Talenom concept, day-to-day execution of that. Of course, when it comes to clients and software, we want always to serve our clients with best possible software and find the right solutions to our clients. That's important part of our focus areas right now. Overall, this employee experience and retention, it's the single most important point when it comes to our future performance. We are focusing that heavily now as a new talent. How we see the future of Sweden. It's a big market. We haven't found any reason why we couldn't be successful in Sweden, so we really believe in that country and our operations there and the whole team as well. We believe that we can, with this service-focused strategy, deliver good results in the future. It takes time, but we believe in Sweden absolutely. When it comes to this year, we expect our profitability to improve, and we are expecting positive EBITDA in Sweden. I wanna emphasize that in Sweden, the positive thing that when it comes to this new Talenom and this new service-driven strategy, there's a strong buy-in, and that's important. Our key indicators in terms of net growth and customer experience churn and also employee retention. They are going all the time the right direction. It takes time, but we truly believe in Sweden. Last country, Spain. Our current position. Operation started 2021, and it's been driven by acquisitions. At the same time, what we are really proud and happy of that, also we have been capable of delivering that organic growth and, net growth. Sales is going, quite nicely in Spain, I would like to say. We see a great opportunity as I, earlier explained the market and market dynamics where we are in Spain that the productivity gap, there as well. A lot of potential market is at least 10 years behind what it's in, Finland and Nordics in general. This is important point as well that in that market, there's really, limited activities around that, new customer acquisition. That's attractive opportunity for us. Where we are focusing, we are focusing basics in Spain as well. One Talenom concept, it's really the core of our strategy for this year and also upcoming years for sure. Strengthening this organic growth and focusing on developing commercial organization. We have taken some actions there, and we believe that it will be really good in the future. High quality selective acquisitions. We are looking good companies to acquire. Outlook, we see really good growth potential in Spain. As told, market is large and there's good opportunities for us in the long run, and there's really good fit with this One Talenom concept and then the market. We believe that we can over time also improve profitability really well through this One Talenom concept. Really attractive market for us, now and in the long run as well. Those were the main points of countries. I would like to comment risks briefly. Of course, we have been thinking risks related to this new Talenom and our business. Starting from risk related to customer churn and how we are mitigate or lowering that risk. First of all, we are operating in different areas, different countries, locations, cities, and also clients from different sectors, industries. Not a single client represents more than 0.5% of that country level revenue in any country. That way, of course, we have big customers and large customers, but client size is rather small. That's from the risk perspective, a positive thing. Of course, this risk related to employee turnover, and there's no magic tricks. We believe that when we are really focusing on developing our people, training our people, Talenom Academy is important part of our strategy. As well this One Talenom concept in general as it affects positively on employee experience and that employee experience affects positively on retention. That's important part. Wanna emphasize the importance of our personnel. We really believe that that's the most valuable asset for us. Risk related to unsuccessful acquisitions. Here, as I told, we have learned a lot. We have super selective strategy, and here how to lower risk is to be really selective. Only make that kind of acquisitions where we are 110% sure that this truly works and creates value for owners. Risk related to software and AI. First of all, as I told, we want to be digital front runner. We want to use best in class softwares, and that's best way to answer that risk and lower that risk. On the other hand, we are not using only one single solution. That's important part as well. Like compared to previous Talenom, we don't have that remarkable investments in software, and that's also important balance sheet-wise. These four risks we have recognized, of course others as well, but as main risks, and we have been thinking how to lower these risks. Okay. That's about the long run. If we briefly go through our priorities of 2026, this particular year. First of all, implementation of our strategy is the first point. We have been working as an independent company from the beginning of this month, so we have a lot of work to do with implementing strategy, focusing truly on what we are good at and focusing on this One Talenom concept. That's point number one. Second priority, improving profitability in Sweden and Spain. As told, we want to deliver a positive EBITDA from Sweden during this year, and that's a really important goal for us. We are focusing on that really much. As said, we have done some restructurings. We are not right now planning any heavy restructurings to be clear. We are also believe that through that One Talenom concept, we are having good results as well. Third point, growth strategies, of course, the selective acquisitions aligned with our strategy and then focusing now on building those software strategies in different countries as well. These three priorities are our focus areas, and in our quarter reviews, we are reporting on these. Okay. Now it's time for Matti to talk about finances and then time for questions. Here we go. Thanks, Juho. As Juho presented earlier, my name is Matti Säkkinen, and I'm CFO at Talenom. Now let's look at a couple of slides in terms of financial figures, dividend policy, and also outlook and guidance in 2026. Here we see our key financial figures in 2025. Our net sales was EUR 107.6 million, and profitability net EBITDA was EUR 19 million, and operating profit was EUR 5.3 million. Good to know these are comparable figures in our continuing operations. On the other hand, our investments were EUR 8.8 million, and these are the biggest part of these investments has been made to sales, new customer contracts, and also to acquisitions. Then a couple of points related to cash flow. We have not published any cash flow statement to our continuing operations, but we can generate strong operating cash flow. After this demerger, our CapEx needs are also lower, and this means that we can generate the positive and recovering free cash flow. Of course, we can allocate these, for example, to dividends or growth. Our dividend policy. The goal is to enable sustainable and growing dividend distribution, and any potential dividend distribution will be planned so as not to jeopardize the achievement of the company's strategic goals or its financial position. Here we see also the board of directors' proposal for a dividend of a maximum of EUR 0.05 per share, of which EUR 0.03 per share would be paid after the annual general meeting at maximum of EUR 0.02 per share at a later date at the discretion of the board of directors. Here we see our outlook and guidance in 2026. We expect that our net sales will be EUR 110 million-EUR 120 million and comparable EBITDA EUR 18 million-EUR 22 million. A couple of main points behind this guidance. We expect that we can improve our profitability in Spain and in Sweden. In Sweden, we expect that we can achieve positive EBITDA in 2026. In Spain, we expect we can continue our strong growth, and we can do it profitably. At the end, let's summarize a couple of main points in terms of Talenom as an investment. First, we have defensive business model. It means that revenues are largely recurring, and we know that accounting and payroll services are essential for SMEs. On the other hand, we know that different economic situations are not heavily impacting our business. Second, we have solid profitability and cash flow, so it's enabling both dividends and growth investments, as I earlier said. Third point, we have low capital intensity, so after this demerger, we have a very limited need for fixed investments. These investments what we are doing are related mainly to acquisitions and also sales. It's meaning that those are generating cash quickly. The fourth point, our midterm growth target is over 10% annually, and this is meaning both organic sales and also selective acquisitions. Okay. Now it's time for questions. Hi to all. We have some questions online. First one. What do you think about buybacks at the current share price? Yeah, that's good question. Of course, as we have mentioned, we expect our this profitability for this year. The guidance is this, EUR 18-22 million. At the later phase, we can also describe this, our cash flow generation. In this phase, we cannot say any exact estimation to this payback time. Yeah. Of course, when it comes to dividend, we want over time growing dividend but- Exactly. Yep. Yeah. The AI is always interesting. How has AI changed your way of providing value to the clients? Are we intending to include it in our value proposition and how? That's a good question. Let's think like what's the value for our clients and where they find most value. Of course, we have studied a lot like what our clients are expecting from this AI development as well. What they feel most valuable are those interactions with our specialists. How AI is helping us is like how we prepare in those meetings, what kind of like analysis we can do, how we can like analyze the industry's data already. In sales as well, when we are meeting clients, we can like before those meetings, make good analysis on those companies and that way create value. I would like to say that the way to create value is still the same. It comes from humans, but it helps to be even better in that value creation. Yeah. One global question. What kind of an efficiency improvement targets and plans you have in Spain? Well, I could comment on that. I think when it comes to this year, we are staying in our guidance, and we are not giving any more detailed information. In general, I would like to remind on that, like, productivity gap between Finland and Spain, and we see a lot of opportunities there. It's in really early stage, that market, with digitalization, so lot of long-term potential and opportunities. If the question is that way, have we found any reasons why it couldn't be really profitable, the answer is no, that it's. There's a lot of opportunities. This One Talenom practices, processes, and this concept really applies well in that market as well. Yes. There's some questions from Juha Kinnunen from Inderes. Could you comment the revenue split between core and value-added services? Also, where do you see the biggest growth opportunities? The most of revenue, maybe roughly 90%, comes from recurring products and those core services. When it comes to these value-added services, of course, we are thinking also that way, that those value-added services can be recurring, so different kind of CFO services or like service packages that include multiple of those value-added services. Like, it makes sense to build those services that way, that they could be recurring. I would like to say that there's a lot of potential in those CFO services and this kind of like a bit deeper advisory services in general. I would like to say that in Spain we have, we're quite strong in legal services, and that's an interesting growth opportunity as well. In Finland, we have been quite successful recently with HR services. Mm-hmm. Yeah. Quite many different sources of growth there. Maybe this is one point that of course we are thinking how to make those services recurring as well. Yeah. Juha Kinnunen continues. Talenom has been focused on SMEs, so are you going after bigger clients now with more flexibility in software solutions? Yeah, I think the core has been in SMEs, and I would like to say that yes, we are targeting a bit bigger clients right now as well. We want to be stronger in that segment, those larger both accounting and then payroll outsourcing clients as well. I would like to say that we are targeting a bit bigger as well. Yeah. The software vendors are increasing their prices and their role with the new capabilities, so what is your estimate for service market growth in the coming years in Finland? Yeah, it's interesting, this software market right now and this whole AI development in that sector as well. I think it's good that there's like, competition seems to be increasing also there all the time. When it comes to this service market, it's really hard to say in detail, but we believe that those offices who are not focusing really on this service-driven strategy will be in maybe challenges or facing some problems. We believe that there will be enough market in this service side as well in the future. Like, regardless of those, like, if the market is how much it's growing or decreasing, I think there's still the market sizes of these three countries are quite big, and there's a lot of market to win for us. Yeah. Now when we are not a software company, we are a service company, so what kind of an IT investment do you see in the future, and how do you see Talenom in-house software development? Yeah. We already are doing Yeah Investments in that area, and we have own development unit, which is really important part of this, our strategy. As part of this One Talenom is actually this best processes and practices in digitalization, how we use AI, how we use robotics. We are investing in building different kind of AI tools and robotics for, like, all of those softwares that we are using, and that's an important part of our future plans in terms of those software investments. As we are in that kind of environment where we are using different softwares, it's important that we have those capabilities to really reduce that manual work from all the softwares that we are using. Yes. We have one last question. Could you help us better understand the key elements of One Talenom, what makes it so special? Yeah, that's a good question. I would like to say this quite comprehensive model. It covers our best learned practices more than 50 years in terms of leadership development, customer experience, these processes, practices using technology. I would like to say that it's our accumulated knowledge in ONE tangible concept, and I think one really important element is that we also it's not only that we have found those things, but we also measure the level of implementation of it. That's the thing for us during upcoming years to lead this organization that way, that we really apply those this concept in all countries. It's not only the creation of that concept but also the implementation. Yes. Thank you for the answers. That was all the questions. Thank you very much, and thanks for all the attendees joining this call. Thank you. Thank you very much.