Very good afternoon. We are WithSecure. Welcome to this Q1 2025 results release. My name is Laura Viita. I am the Investor Relations Director of WithSecure. Today we will have our CEO, Antti, who will present highlights of the strategy execution in the Q1. He will especially go through what it means to be a European cybersecurity company in today's world, and also what has happened with our partner network. After Antti, our CFO, Tom, will present the highlights in numbers and talk more about the outlook and midterm targets. We've had grand difficulties in updating our website this morning, so apologies if you had to wait for the material to update. Our IT has promised to fix the problem during today, so both the interim report and this presentation will become available. We will have a Q&A session at the end, and if you have questions, you can put them through. If you're watching over the webcast, you can put them through the link all the time. I will take them up with the presenters at the end. With this, welcome, and welcome to the President and CEO of WithSecure, Antti Koskela. Thank you, Laura. I would like to today go through our Q1 results from 2025, how we got started with our strategy execution this year. We have continued our ARR growth with Elements, and we reached a fairly high ARR growth of 70% for Cloud Protection for Salesforce in the quarter. Like Laura promised, I would like to talk first a little bit about our strategy execution. This has been a quarter to remember from the world political landscape point of view. What we have seen happening in the quarter, it has intensified all these tariffs and continued war in Ukraine. They have intensified the discussion around European digital sovereignty and cybersecurity being a key part of that one. When we talk with the partners and distributors, this clearly has been on the top of the agenda. We also made a deal with a distributor in Asia-Pacific, and we divested our Malaysian entity. That partner becomes a strategic distributor for WithSecure, providing a European alternative for Asia, and they have a clear growth orientation in doing so. More importantly as well, WithSecure will be a truly European company post-transaction. All our data will be handled in Europe. All our products are developed in Europe, and all our services are delivered from Europe. These are the requirements customers are having in today's world. We believe this is a good thing for WithSecure as we move on. You probably remember from our Investor Day when we shared our partner strategy, this 2 by 2 matrix. We want to focus on the partners serving the mid-market, and we work directly with partners in our focus regions. We also consolidate some of the smaller partners under strategic distributors. That has been our plan. What we have done this quarter, I start with the distribution. We have progressed with the distribution consolidation here in Finland. We have launched a distribution partnership with Ingram Micro in the UK. That was made public. We have continued strengthening our distribution in France, and we have introduced new portfolio elements there. We have agreed to launch a distribution approach to Austria during Q2, and also the whole Asia-Pacific topic we have done during Q1. The key thing for us is that we are not only consolidating our existing smaller partners to this distance, but we become meaningful for these strategic distributors. They, of course, start onboarding new partners as they go forward, and we get wider opportunity for the WithSecure portfolio. That is the whole thinking here, why we are doing things. The second part of the new partner agreement, we said we want to have a top five partner approach for our key regions. We have progressed with that one. During Q1, we have signed deals here in Finland that are yet to be announced. In the UK., a couple of them. We are working with many companies over there. We have been sharing some of these names in LinkedIn. Generally in the UK, we are rebuilding our motion more from direct business to channel business, and that is what we are doing in the UK. An interesting market for us has been the Netherlands during Q1. We signed earlier with a company called Eshgro a deal to go with this mid-market playbook to the market. They're offering the full Elements with all its core security services to their mid-market clients. We signed up a new one, Reliance. There have been some questions on that in the public. Reliance is a family office-owned company, and the family office consolidates multiple MSPs, which are managed service providers, and they standardize their service on WithSecure. These are great additions to our partner portfolio. In our business, what we do with the partners is that we have the right partners who invest in us, and we invest in them. That's the driver for the growth. We are very much with our strategy revitalizing our channel, and that's what we shared with you on Investor Day as well. That's on what we have done in the commercial front. I just wanted to say to you that this consulting divestment is progressing as planned. We are closing it. We are planning to close it this quarter, but also the Malaysian entity and the related deal plans to close this quarter. When we look at then the financials, we have continued on the growth trend. It is 8% year on year compared to where we started off 12 months ago. Our net revenue retention went up a little bit to 103, and our ARR growth from the previous quarter end has been 4% from the reported number. We wanted to also come back to our promise in the Investor Day that we give a bit more granularity on the underlying growth trend with Elements. This is the organic growth what we are doing, and this is definitely not just a replacement of legacy software to the new one. We clearly see new customer acquisitions here behind the partners. We see new products like Exposure Management and Elements MDR becoming meaningful, and they are a key part of this new mid-market playbook, that term we have coined. We had some challenges. We had some challenges that we have talked with you earlier, that some of the larger customers that have been using managed service, those have moved over to more of this large company playbook in the U.K. We reported a decline of 8% in the managed service. We wanted to give this visibility for you so that you understand what's the organic growth behind the numbers that leads to Elements Cloud ARR growth of 8%. Tom will talk more about this division, how these numbers stack up before he dives to the numbers. With the work we have done with the partners and the projects during the quarter, they have required some investments. We had an expected level of adjusted EBITDA of EUR 0.9 million for the Q1. That is on the Elements side of the house. When we look at this Cloud Protection for Salesforce, what this tells me is that the value proposition that we have in a way has been validated and is creating a pull-in effect from the market. We grew 70%. That was EUR 1.1 million from the previous quarter in absolute terms. We have won several new logos during the quarter. We have 290 customers at the quarter end. We also want to report this number of customers going forward so that you can get this average ARR per customer in average in your calculations if that's of interest. Just to give a flavor, Salesforce has 150,000 customers. We have sold 290 of them. We are not limited by the opportunity yet here. We are developing this as an independent business inside WithSecure. The reason we give this quote on the strategic review is that if we come to a solution where we need to accelerate this faster, we consider these options. So far, the growth rate has been quite satisfactory. 70% is quite decent for anybody to report. We are really happy with the progress here. This meets all the Rule of 40 expectations with flying colors. It is quite interesting to see how this is modeled as a standalone business. We, by the way, made accidentally profit during the Q1. That is not our plan. Our plan is, of course, to invest in the growth. We made that one t hat was unintentional. Maybe with this one, Tom, I would hand over to you. Thank you very much, Antti. Good afternoon from my part as well. Tom Jansson, I'm the CFO of WithSecure. If we start a little bit about this, as Antti mentioned, we wanted to give a little bit more color around our cloud ARR. Here you can see how it's divided up into different categories. We have these Elements software and core security services ARR that we mentioned as one bucket, and then we have our managed service business as a secondary. That's the way we give the information going forward in terms of our Cloud ARR. Of course, we have some smaller revenue streams than in other products, and Cloud Protection for Salesforce have their own ARR. We still, of course, in Q1 have these discontinued operations that you can see in our financial reporting still in this quarter. If we look at the numbers still, as I said, the Elements Cloud ARR grew 8%. Within that, this first category of Elements software and core security grew 14%. That continues on a strong path. Notable also, as Antti partially mentioned, was that our new products that we launched in SPHERE last year, Exposure Management and the Elements MDR, are really growing quite nicely for us. The time to revenue and meaningful revenue has been probably the shortest in a very long time in the company history. There we have managed to do some improvements also. Faster than Ingram Micro Protection. Yes. That's good. Of course, in the managed services ARR, we have a decline of 8%. A lot of that has to do with large companies that have been also partially acquired at the acquisition that was done earlier some years ago, and they have moved on with the bigger large company strategy, so to say. The NRR was 103%, so it improved a little bit, but of course, there's work to be done there over the year, and that is one of the focus areas also as part of our strategy execution this year and onwards. On-premise declined very much as we have planned, and also I'm sure those who have followed us know that this is what we expected. Our EBITDA then on the Elements company side was EUR 0.9 million in Q1. We have done a little bit of investments also in our sales and marketing and so on. That, of course, for the time being is taking a little bit of EBITDA, but we'll see that we continue on the path of scaling this company as we go forward. On the Cloud Protection for Salesforce, really nice Q1, I would say. We kept the momentum. Q1 is always a bit tricky because also Salesforce have their own year-end in end of January, so it tends to slow things down, but we still kept them. We're able to keep a decent growth also looking at even Q4 and so on. We continued to win both new customers, but we also have nice expansion wins. As we have previously said, this is very much a land and expand product, and you can see it from the NRR as well, 133%, which is a number that we can be proud of. I think it compares to any SaaS company, that's a really good number, but also a demonstration of that we usually go in with a smaller part and then the customer actually needs and wants a bigger protection within its company. As I said, we have approximately 290 customers, and with 150,000 customers in Salesforce, of course, we are not far yet in terms of winning our share there. As I said, our focus is to grow and focus on growth in this area. We are not here to maximize the profit at this point. We want to invest in this and going forward. We did a slight small profit in Q1 and also, of course, requires investment, requires recruitments and so on. That is to become more in the future than maybe we were managed to do in Q1. Our overall continuous operations, here you can see the combined P&L. I guess our two main highlights here may be to point out that our OpEx is pretty much flat, even though we have, of course, normal pay increases and those things last year. We are continuing to look at how we can make sure that we scale the company and stay efficient. In some categories, we had to do a little bit more at this point in Q1, but overall, our overall EBITDA, of course, improved from the comparable period also quite nicely in terms of that. A reminder to everybody, outlook for this year, which stays the same as before, Elements Cloud products and services ARR, we are estimating that to grow 10% to 20% this year and the EBITDA for Elements company to be between 3% and 7%. As we have said in the beginning of the year, we are treating Cloud Protection for Salesforce separately. We are guiding that also separately. It will become more and more an independent unit within our company. The guidance for this year is that it will grow 20% to 35%. From that perspective, we had a quite good Q1 start for the year. The consulting business, as I said before, for those maybe who have not followed us the most, we are expecting that deal to be closed in Q2. Maybe just to mention that once the consulting is divested, then we are a fully subscription software company in many ways. That changes the way or the operation that the company has left. On our medium-term financial targets, we are still very determined to reach a rule of 30+ company in 2027. As you know, this is a combination of revenue growth and EBITDA% of revenue. That is still in our very much determined to go ahead towards this goal over the next two years. With that, I would maybe ask Laura to join us. This time you can maybe go in the middle of us. Yes. Well, that's bold. This is a change of protocol. Yes. All right. Thank you, b oth presenters. W e are ready for the questions. We will first take the questions in the room, please. Hi, it's Atte Riikola from Inderes. Maybe first about the Elements company revenue growth in Q1. If you look at the cloud-based solutions, they grew roughly EUR 1.3 million. If you look at the decline in on-premise revenue, it was like EUR 1 million. Is the on-premise, is there like permanently lost customers or is it mostly like on-premise revenue moving to cloud business or how is it going? I would say predominantly churn. There is some transition on that one. Anything? No, I think and there is some churn, of course, because they want to stay on this solution. Of course, once the transition over time, they will bring more value to us as well. That is still the way that we expect that to go. There is like a revenue growth in cloud coming from new customers and expansions, not only from the transition. That's correct. I think if anybody has that kind of view, it needs to be corrected. About the managed services, ARR development, it was like -8% and we know that there is some customer losses. Are you still expecting that negative trend to continue in the coming quarters? We said in the Investor Day that we have maybe EUR 7.8 million ARR in these large managed customers. We have gone down in that number since the investor day. I think that was the ARR amount that amounted for these top 10 customers, right, Tom? Yes. That, of course, futures will see. We also may be good to mention that we are also winning new customers in that category. However, a bit smaller than the big ones. We have been winning, for instance, a lot in Germany and so forth. All right. Now we know that you are profiling as a European alternative and you mentioned that there is increasing interest towards you because of the geopolitical situation. Do you have already some, for example, customer cases where this side has affected the customer purchasing decisions? I think it mainly impacts the partner selection. For us, the partner selections are crucial. Who is the primary partner for the distributor? Who is the primary partner for the reseller? It is no secret there has been a lot of competition from some of the American vendors in this field. I think some of that market is not behaving like it used to work two years ago. Nowadays, there is an increasing trend to push from the channel these more European solutions. Those have been the conversations I have been having, for instance, during Q1. Of course, the results are not imminent, but I think once we get more in the system more broadly, they should bear fruit. That is why I wanted to open up these two cases in Netherlands. I think they are clearly where companies are standardizing on us. All right. Then about Cloud Protection for Salesforce now. Like you mentioned, you are not or you are going to keep on investing in growth, but is it more like investments in sales or some new product development or where are those investments going? It is both. Of course, we have already invested slightly more in sales. We will do more. We also are investing in product and Salesforce themselves are very much into the AI solutions and we will play a role in that security as well. It requires some product investments as well. For instance, the Agentf orce that Salesforce has is a key driver for them. Of course, we need to go alongside because for agentic AI to operate safely, it needs to be protected. I think we want and can be part of that Agentf orce security. Would you briefly remind us how's the sales model for the Cloud Protection for Salesforce going on? Is it mostly direct sales or there was like you can basically buy the product also from the platform? Yes. From their AppExchange, yes. It is also maybe to remind those who have maybe not followed us that much that this is from a go-to-market model totally different from Elements. This is direct sale to large customers who usually, as I said, take in a part of the company or smaller part and then it expands. You buy it from the App Store of Salesforce and then it is transacted through there. Of course, there is marketing and sales work, but the actual transaction gets handled digitally. All right. Last question from me, the divestment of that Malaysian entity, is there like any meaningful impact on your numbers going forward? I think we report it as a press release because it's more or less cost neutral, so that we will initially start buying back the services and we have a transition period to replace some of the people in the Europe base, so that we are not modeling cost saving at this point of time on that one. Nor are we modeling the upside yet with the distributor work. I think the more important strategic part is that we become a European-based company and that drives the strategic narrative to the channel in Europe. Also, the fact that we have now a distributor in APAC that gets to use the capabilities we have sold to them in Malaysia so that we can extend our reach without doing much ourselves. That is quite a scalable model. There was some question on the forum about what personnel we have in that Malaysian site. You could expand on that a bit. It has been a service center for finance and IT back office that has been one part of it. I think that we are likely to hire some new people, but we also look a lot for automation with AI as we move further. The people who will remain, there are a lot of support people, there are service people, there are some R&D cyber people over there that the local partner can build service capability on to serve the local market. I think it is a good win-win-win for everybody and we find a good solution for many of the employees as well with this structure. Hi, Waltteri Rossi from Danske Bank. I'll start with Cloud Protection for Salesforce. What would you say you're doing differently now compared to history? I think last two quarters you've been able to show quite rapid growth. What has changed in your operations there? I think at least when I started as an interim CEO, I tried to be very vocal that there were in the beginning we had some growth pains and there were three deals that they churned away. They were quite significant. We initially had a period where the churn and the new customer acquisition in a way compensated each other. Of course, that's never good. I think we have a good setup now for customer success. We also can leverage a lot of the learnings to the Elements side from that one. It is a quite focused sales execution and working together with Salesforce teams in the field. I think we have learned how to do it and we have honed to both not only the product but also the way to do business in the Salesforce ecosystem. It is starting to pay off. Anything you want to add? Yeah, maybe I think also to remember that this is quite new solution. It's still the unique solution, the relevant solution in this space. We believe we have a very good position in this. There are ups and downs in the beginning as always. As Antti said, we have learned many things working with Salesforce, learning how to go to market better and do better marketing and so on. There are many elements that have improved. Also enterprise customers. Yes, that's true. Is it basically one product that you're selling there or? It is a one product. It's a one transaction, one product, quite simple, simple to buy. It is basically if you're using Salesforce Service Cloud or Community Cloud, for instance, you often have a situation where you as a Salesforce customer, when you are using it for customer service, you onboard your customers to that platform. The shared responsibility model in Salesforce works that way that you as a customer, you are responsible for the security of the data brought in by your respective customers. The customers of Salesforce, they need security when there are malicious files or malicious network addresses being brought into the system. Otherwise, there's a liability for them towards Salesforce as well. It is quite all the cloud scalers work this way. I think we are solving a problem that Salesforce intentionally doesn't want to solve. All right, thank you. Seems to be a working product. Is there any potential to maybe in the future broaden your product portfolio within Salesforce? That is what Tom was in earlier [crosstalk]. That's what we're doing. For instance, we are within the Salesforce ecosystem. This Agentf orce is a big thing at the moment, a big investment for Salesforce. We are part of that as well, protecting that. There are many, and then we are doing other things that we can protect within any ecosystem, but we are of course focusing this now for Salesforce. I think within Salesforce, I think we would be expanding the scope and of course expanding the marketing and sales reach and driving the accelerated growth is the focus here. We do the necessary. All right, thank you. Looking at the Nordic sales, I think they declined 8% in Q1. Can you open up what's behind that? Because one would think that Nordics is one of your key markets. Do you, Tom, have a comment on that? Yeah, I mean we have also seen a few churn items and smaller, bigger customers that have scaled down somewhat our services. That's the main reason. That's and then also that we also have had some of these legacy on-premise customers in these regions. I think that's also something to remember that in Finland and DACH region, we have a lot of this on-premise history. In some regions, they are more native cloud regions. I got a little bit concerned on your question because I was still thinking it through the ARR terms that that did not happen. I think from a revenue point of view, I think this churn of the on-premise is of course impacting Finland as well. Okay, thank you. One last question. You talk about the consolidation of the partner channel. I think your partner number was really high actually in the CMD. Can you tell in more concrete terms what has happened in that front? How much have you been able to scale down the partner number maybe? I think the absolute because in a strategic distribution model, we work with a two-tier model. Instead of serving directly the partners from our end, we serve the [disty] who serves them. I think our ambition, of course, is to have a wide partner channel so that there's no rationale to reduce the number of partners. We are more focusing on reducing the number of parties we engage directly with. We don't disclose those specific numbers, but I said that we have started the process in Finland, UK, France, Austria, and now in Asia-Pacific. It continues globally. All right, thank you. That's it from now. All right, thanks Atte and Waltteri. I am starting to crack the questions on the webcast. There are quite a few questions on the Europe theme, so I might have to consolidate a little bit, but I hope we will get answers to all of them. First of all, there is Signa from the audience. Can you elaborate on the significant interest you are seeing given the geopolitical landscape? What customers are coming to you and how has this translated into the pipeline? Yeah, so not quoting on the pipeline, but I would say of course we have conversations with the governments and the public sector parties generally on the cybersecurity. I think, but that's not our primary focus currently. We are considering that what should we do in public sector and then also these larger enterprises. That's a strategic question for us. I think if you look at the mid-market scope, mid-market scope, which is our primary, there predominantly the demand comes from the channel partners who they work with. We start to move faster with those ones. I just highlighted these two cases, this Eshgro and Reliance from Netherlands, which are an important flagship because they standardize on WithSecure. They provide the full security solution for the respective customers they have. They go all in with WithSecure. I think we have had too few of such partners in the past and that's visible in our historical numbers. I think that is the drive, and the momentum, and the change we want to do in the company. I think too early to comment on the specific numbers. All right. Felix Henriksson, our analyst, is also on the Europe theme. I hope we answered the first part, but he asks, is there a specific customer group or an industry that particularly wants to look for European alternatives? I think it's no secret that the public sector is definitely looking for European solutions and we see that one already now. That discussion has intensified and we have got inbound interest on that one. I think it's generally all this critical infrastructure. I think the NIS2 scope customers, why wouldn't they be interested in this one? Because what cybersecurity f or instance, provide here in Finland, it's part of the national resilience we have in the country. We have things in our own hands. I think for me this is a no-brainer, but I think we have still work to do to convince all the customers to do so. Actually, this leads me to another question from Felix. Can you provide an update on the NIS2 as a demand driver for you? In NIS2, we have now nine EU member states who have published the legislation. Finland published on 8th of April this year the new Kyberturvallisuuslaki, the Cybersecurity Act here in Finland. I think we expect other member states to follow during this year. Okay, I'm staying with Felix's question. In Q2 2024, you had EUR 1.2 million of marketing expenses related to SPHERE. Should we expect a similar or a larger cost item for Q2 2025? I said something about SPHERE. SPHERE SPHERE will be a big event for us in May. This time we will have a very focused activity with our top partners. Last year we had maybe 800 people. This year we wanted to have it smaller. We will have the partners that matter. We will have roughly 400 people in the room. We are going to organize local SPHERE2YOU events in the countries to do it more economically. Great. Antti, this definitely goes to you. When would you like Cloud Protection for Salesforce to turn profitable? Yeah, I think it's a tricky one because if you really want to follow this rule of thought, and if you look at SaaS company metrics and how you should do evaluation on a SaaS company, it would not be in the best interest of the investors not to invest in growth and to start making profit because somebody else will do that. If you have a rule of 70 company like we start soon being in cloud protection, we should invest further in growth and use cash to accelerate it. As long as we are in this Rule of 40 pace, I think I wouldn't start making profit. I would much rather want to grow it. It's a tricky question because somebody else will take the growth if you don't take it. I think that's why this Rule of 40 is such an important part of the SaaS thinking. Thanks. All right, then Jaakko Tyrväinen, our analyst, asking, have you seen customers becoming more hesitant lately after the increased uncertainty regarding tariffs in the decision-making? Or is the increased geopolitical tension supporting your sales pitch of being the European alternative? I think that was a good point. I actually forgot to mention it in the beginning. Of course this is driving demand for European solutions. I think at the same time there is general uncertainty now. I think these tariffs and things like that, they are not good. I think you all know that. I think they are introducing large elements of uncertainty to any purchase process. I do not think cybersecurity is exempt from that one. I think it looks very foggy currently on that one, but I think that is the thing that we need to navigate. All right. There is Robert Miettinen, who has a couple of questions here. Elements ARR growth at 8% year on year does not outpace inflation, and NRR at 103% lags behind competitors like CrowdStrike who are 110 and SentinelOne. WithSecure's market position is slipping into niche territory while competitors scale globally even across EMEA. If the flywheel is reversing as many fear, what is the leadership's concrete plan to reverse this trajectory, not just maintain stability? I think we laid out our strategy in the Investor Day. The first bit in our part, we have a lot of historical partners at WithSecure, is to revitalize the partner channel and develop partnerships that are growth-oriented. I talked about the consolidation. I talked about that we work with the partners whom we matter. We are their number one choice. When we focus with them, we grow with them. I think that's part of the flywheel. The other part of the flywheel, of course, is that we have got our products into the level that they address this minimum effective security that is needed against modern attackers. We have been getting endorsement recently from AV-TEST on that one. We have been doing well in the MITRE last year. I think we're getting the pieces together. It is true that we have had a turnaround situation in the company so that we have rebuilt the offering and we are rebuilding the channel. That is how we get to the flywheel that keeps us in the game and gets us with this European solution to where we want. All right. Robert continues. Despite the positive EBITDA, operating cash flow was EUR -2.6 million. Total cash flow fell to EUR -4.4 million. There is over EUR 23 million in lease liabilities. Meanwhile, WithSecure is positioned as Europe's cybersecurity leader. Where is the analyst validation or market visibility to support that claim? The question continues. Is the company financing stability while hoping the European way story fills the gaps? Or is there a real strategy to convert this positioning into measurable traction? Okay, maybe you, Tom, comment first on the cash on the Q1. Sure. Q1 is always from a cash perspective, a bit more heavy cash. We usually pay some bonuses and so on from the past year. We also, of course, have had two projects ongoing with divestments and so on in the Q1, plus that are discontinued operations. Consulting did not have a great Q1, even though it looks a bit better going forward. Those all burned some of our cash. Of course, once we close the divestments in Q2, that will correct our cash balance quite significantly from where we are now. We also have one element that has been in the history, burning cash away from our company. In general, I think, as we are transforming the company into a kind of a pure play SaaS company, I think consulting is part of it. I think we follow the yardsticks of the ARR growth, both on Cloud Protection for Salesforce, this Elements Cloud element software in particular. I think to me those indicators are moving to the right direction. We need time to make sure that we need time to make sure that these carry the entire company and then some of these legacy items are not any more relevant. I think that's the path we're in. All right, thanks. One more from Robert. At what point does leaning into global instability as the growth narrative cross the line from strategic positioning into moral hazard? How does WithSecure reconcile that with the European values it promotes around trust, sovereignty, and security? I think the key thing what I've been talking with the partners is not to start bragging this as a great growth opportunity that the world is going like this. There's nothing good about the situation of the world in my view. I see this as a responsibility. I approach it from the point of responsibility that we do the right things, that we make sure that we are one of the actors that provides good cybersecurity for Europe. We make sure that we get to reach and support as many customers with that one. I think that's our moral duty and responsibility. I agree with you. I take it very much from a position of moral and values. Thank you. So far no more on the chat. Waltteri, you had something else. Hi, yeah, Waltteri Rossi Danske Bank. A couple of more questions. I do not think you have disclosed the public sector exposure, but can you give any estimate on that? Is it one third of your sales or? If you refer to the previous comment, I was talking more about that public sector parties getting contacting us about could we do more. I think that's what we are doing. We are not disclosing any sector division in our, but we do sell to the public sector as well. No estimate, no ballpark guidance. Good try. Is it meaningful? Thank you, Waltteri. All right, fair enough. Still on the competitive situation today, historically or previously we've been talking about the tough competition you've been facing from the US giants. Is that situation still the same? I think on a competitor landscape in Europe, there are maybe three European competitors. We are Bitdefender, ESET, and WithSecure. We are in a way who could claim that you have a European operation. ESET is from Slovakia and Bitdefender from Romania. When I look at the European angle, those two come to my mind. Of course, across the board in Europe, there is a lot of Microsoft. I think they continue to be all around. I think also they are a company like anybody else. At least what trend I am seeing is that there is a new demand coming in and people are interested in what we are talking about, the mid-market playbook and the integrated products and service approach. I think that we are not doing that bad on that one. I do not want to call out competitors, but I think these I would like to do. I also want to say is that the mid-market and SMB, they do not buy these CrowdStrike's and Palo Alto's. It is good that some of the investors are following them, but that is not our comparison point. We do not see those people in these smaller to mid-size segments. All right, follow up on that. What's your current understanding of the pricing situation or positioning against Microsoft, for example? How do you price yourself against them? Our approach is that we have both products and services. Microsoft typically provides licenses only, and then they do bundling of different solutions together, whether we like it or not, whether it is fair or not. I think there was a question on the ethics. I would challenge that ethic. The key thing with Microsoft is, of course, what customers need to consider, what does it cost to run a service on that one? I do not think we are doing that badly when we look at the whole WithSecure proposition against that mix. All right, thank you. All right. One more question from me. If you are from AI development, we know that you launched the Luminen AI agent, was it almost one year ago? That's fair. Anything other on that AI front from yourself? Yeah. I think we are absolutely continuing on the development of the AI. I see AI key part of running the company business operations. I think you could see that some part of this deal what we did in Malaysia is part of that. This gives us opportunity as well to re-look how we run our processes with AI agents. That's definitely one part we are doing. That's usually a big experimentative journey in any company that you need to do. When you start with the brownfield, it's a one approach. You need to experiment and learn what works. You can take some of the greenfield solutions with that one. I think same thing with the products, with the AI front, we continue to further develop the scope of our Luminen. We will have broader use cases absolutely with that one. We will talk about Luminen as well. That's fair. I think that, in a way, Elements is an AI agent itself. Of course, that is more intensifying as we go forward. The third thing is, of course, positioning Cloud Protection for Salesforce together with the Agentf orce. How do we make Salesforce agentic AI secure? I think it's a key consideration. I think we are progressing in many fronts with the AI. It's both for the offering, but definitely for the efficiency. Every company should do things with AI for the efficiency. No more questions in the room, I think. The chat has gone silent as well. I think we are ready to wrap up. Any final words of wisdom? Yeah. H ey, thank you so much for joining today. This quarter was very much about continued execution of strategy. We progressed nicely with the partner channel. This European topic surfaced quite a lot because of what's happening in the world itself. We approach being European from the position of responsibility. We work with our partners to make sure that we have digital sovereignty in Europe. We are happy that we can be part of that journey in Europe. Thanks for being with us today. See you next time. Thank you so much. Thank you. Bye-bye.