Welcome everyone to our first Capital Markets Day, right? For N ordhealth. So maybe we'll start with brief introductions. So I'm Charles MacBain, I'm the CEO of Nordhealth. Joined the company in November 2018, when I acquired the company. I bought the company after I, when was it? Over almost 18 months search, right? After business school, where I was looking for a healthcare practice management software business in the less regulated healthcare industries, hence veterinary and therapy. After searching through like 400-something companies and actually trying to... I found that Nordhealth was the sort of best player in this space for veterinary and therapy. They weren't looking to sell, so after 8 months of me poking them, they finally agreed to sell. So that was... It's been quite a journey ever since. So that's me. Maybe Valter. Sure. Good morning from my side as well. I'm Valter Pasanen, I'm the General Manager for the Veterinary Business Unit. I have a financial background, specifically also in M&A and post-M&A integration. I joined shortly after Charles had acquired the majority of the company, so I've been here for almost five years. Yeah, two years ago, I got the opportunity, I was back then working as CFO, to shift over to head the veterinary business. Mari. Thank you. So my name is Mari Orttenvuori, and I'm the CFO of Nordhealth. I've been with the company now nearly two years, and, following Valter, as he moved on to the General Manager role for Veterinary Business Unit. So I've been the CFO then for almost two years now. Thank you. Good. So let's kick it off. So going through the agenda, we'll start with a general company overview. I know a lot of you have know the company quite well, but for those that are less familiar with the company, we'll just go through a general company overview. Then we'll go through performance metrics of the last couple of years, right? To see how the progression has happened, right? And then, we will give a three-year forecast, right on the top line and also bottom line, right? Then we'll deep dive into veterinary. Valter will do that. I'll deep dive into therapy. We'll go through Q3 performance, and also Mari will go through a financial update. And we'll end with questions, so any questions that you have, please, keep them to the end. For people in the room, we'll do it by microphone. For those online, please feel free to type your questions, and I'll repeat the question so everyone here can hear it, and answer the question either myself, Valter, or Mari. Perfect. Great. So company overview. So our mission is to build software that empowers veterinary and therapy professionals to save time, so they can focus on delivering great care and growing their business. A little bit about Nordhealth. So we are today the number one practice management software in the Nordics for veterinarians, in Europe for veterinarians, and we are currently targeting U.S. and U.K. expansion. We are the number one therapy practice management software in the Nordics. We stand at the end of Q3, around EUR 36.2 m`illion of signed ARR, but that does not include the EUR 4 million of additional enterprise ARR, which is signed, but we're just currently piloting with those clinic chains. If once they're rolled out, we'll be around just above 40. Today, we have over 70,000 users from 44 different countries that use our product daily. And this is a product that you're using multiple hours a day, right? So three to six hours a day, depending on if you're a therapist or a vet. If you look at the breakdown, right, Norway, this is why we're listed in Norway, is our biggest country, with 41% of our revenue coming from Norway. 75% of our revenue comes from the Nordics, but 25% comes from other countries, right? So such as Spain, U.K., U.S., Germany, and so on. Right. What's interesting to note is that when I bought the business, this chart looked very different, right? Finland was probably 90%-95%, right? So we've had a dramatic change in how the business structure. So why did we actually decide to go public? It was because of this unique market opportunity, in that 70% of vet and therapy clinics are still on on-premise or hosted software, right? What that means by on-premise, like, they actually have servers in the clinic, or hosted means that there's server somewhere else, and they have to log in via remote desktop. So a very antiquated way to look at it. Very different from the, modern software that you see as consumers. And you'd be quite surprised when you look at the screen of the doctors, what they look like. Over the next five years, the majority of these clinics will migrate to cloud-based software. So we've got this once in a generation opportunity to be able to capture them, because for the last 10, 20 years, they've been on those hosted software, and they haven't changed. And so this is the once in time opportunity where they will be changing, and then once they're on a new cloud software, they won't change again. So that's why we decided to accelerate our investments and raise money during the IPO. So what you'll see in the next slides is that we have had a successful track record of being able to create an efficient and repeatable go-to-market strategies. And there's three different ways that we actually acquire customers. One is the traditional, you know, marketing, sales, and onboarding, and in the therapy side, we have just marketing and onboarding, right? In that there's no sales people for product-led motions. Then we also acquire companies, right? That's what makes us slightly different, in that we acquire some of these on-premise or hosted practice management softwares, where we see that they're fairly priced, and then we migrate them over to our cloud software, right? These are very value accretive because These companies, they're normally subscale. They have to invest a large percentage of revenue in product. They're normally quite inefficient because they have to have all the licenses for managing hosted on-premise software. And so the EBITDA margins can go or EBITDA as CapEx margins can go from around 0%-10%, and those go up to our sort of gross margin, right, minus customer service, which is around 75%. So huge value appreciation when we migrate them over. Then PMS, practice management software, is just a core software of the clinic, right? It's the main software every single user use every day, from the receptionist to the therapist to the vet tech to the imaging diagnosis person, and so software that integrates everything together. What that provides us is a great opportunity to go from one product to multi-product. So we started with practice management software, and we expanded to payments, right? We've got lots of other subs, workflow solutions that solve more and more of the customer pain points. So that means that not only can we acquire new users successfully, once we have that user, every year, they'll spend more and more with us. So let's take a look at acquisitions. So we've done nine acquisitions since 2005, three of which have been fully migrated, Provet Cloud, Pata, Provet Pay. We're in progress of migrating five of the acquired softwares, and we actually acquired EasyPractice last year, which became our flagship software for therapy. So what makes our business quite unique, right? One is that we've been growing quite fast. That's 64% ARR CAGR, right? Through this combination of organic and acquisition. And the reason we I like to put it together is that it's a decision whether, like, whatever is cheaper is the way we go. We know pretty well when we wanna enter a new market, how much it's gonna cost us to recruit additional clinics from scratch without having any brand name in that market. And we compare that sort of curve of customer acquisition cost to acquiring the company, and whichever is cheaper, we do. Okay? And then the most incredible number about the business is the churn, right? 2.5% growth annual churn, right? For SME companies, like, you can see that that's only a monthly churn number, right? That includes natural churn. That means like, well, the way you have to think about it, 'cause it's a bit of a crazy number, is that a company will stay with us for, like, 40 years with this kind of churn, right? So it's 1/2.5. So it's a huge, huge amount of time and very stickiness. That means that the businesses themselves are actually also not going bankrupt, 'cause natural churn is like, I'm guessing, that some therapy clinics sometimes close down. Then you can see our net retention, which is around 113%, right? Which means that on average, a customer will spend 13% more with us. There's a couple of levers for that. One is either user growth, where our customers, given that there's an increased demand, they add more users to their clinics, or they grow into a bigger location. Secondly, as Valter will look at more deeply, is these enterprises, which are normally owned by private equity funds or large families. They'll buy out new clinics and migrate them over when they buy them out, right? And then the third part is add-on products, where we continuously are improving the product, thereby through changes in plan pricing or add-on pricing, we'll be able to increase the amount that we have in average revenue per user. And this was about this efficient and repeatable sales, right? You can see our lifetime value to customer acquisition cost ratio over these years has been 31, and this, that's also been improving every year. And important to note, 'cause there's different ways that people calculate lifetime value, right? We actually look at not the revenue, divided by the churn rate, but the revenue multiplied by the gross margin. So it's a more conservative number. So here's what we have. We've got two flagship PMS that we migrate all of our customers to. We've got Provet Cloud, on the left-hand side, which is our veterinary cloud PMS. And we've got EasyPractice, which is our therapy cloud PMS. And so this is where we began. We began by building the core PMS. Then, which is basically appointment calendar, health record, inventory management, invoicing, and then we've expanded from there. This was the starting base, the core platform. Then we've extended to payments, terminal payments, right? Online payments, recurring payments for health plans, right? We've also integrated a huge amount of different players for telemedicine, every single X-ray supplier, MRI supplier, right? All the local accounting companies, all the local wholesalers, local insurance companies, the global and local labs. And so this is a huge, huge, moats for us because it's quite complex to be able to manage those. And there's also the chicken or the egg problem, whereby if you are a small player, these wholesalers or these insurance companies or labs don't want to spend money to integrate with you. And without that integration, you can't actually get the users. So it's quite a nice little feedback loop. The next one is we've been focused a lot on enterprise in the last few years. That's been a big driving force for our success. And so we built quite a few enterprise features for advanced security, right? Unifying common items and pricing lists, right? Building data warehouse for their advanced reporting, right? And then focusing on making it an open system with an open API, whereby they can build on top of our system. So some customers have built their own apps on top. Some customers have built their own AI solutions, even a Swedish customer of ours. So and that's also creating additional stickiness 'cause they're building on top of our platform. And this is just the start. So we're currently trialing three other products, and we're looking to expand way further in the future with many other product offerings. The way we think about it is, let's think about what's the next pain points, that's the largest addressable market, and we'll solve that pain point with software. So why did we decide to go into veterinary and therapy? As I mentioned before, the key reason why I loved this market was because it's a growing market, right? It's. Most people are on very legacy software, right? There's less regulation than traditional healthcare markets. And, there's low natural churn, because if you're looking at restaurants, restaurants will probably have, like, a 10%-20% churn rate, just natural, because they go out of business way more frequently. So that would really hurt our numbers if that was the case. So that's a very important part. And why practice management software, and why is it so sticky? Why do we have this 2.5% churn rate? Is because of the workflow gravity, right, which is the most primary thing, where This is a system they use every day. Imagine how angry you guys would be if we switched you from, like, I don't know, using your Outlook to Google Mail, right? It's like you're using it every day. You know all the shortcuts. Or, for I think there's quite a few finance people here, so if I forced you to go on Google Sheets, right, you'd be pretty angry with all these different shortcuts that you've learned over the years, right? So that's a really big part, a core part of why we are very sticky. The second is the integrations, which I mentioned, right? Which is, like, we integrate all the local providers. The third is the data gravity, where we are the source of the most important data for that clinic, right? And match the stickiness with a great revenue model, which is recurring revenue. So now off to performance metrics. So this is when I took over the business, right? We were quite small at that time. We were, like, maybe around 40 different people in the company. Mostly, I think we had two people that were not Finnish, right? The language of the company even was in Finnish back in the day. The majority of revenue was in Finland, right? And we decided to grow very aggressively over the first few years, again, through a combination of acquisition and migration, going into new markets. And we've been able to do that successfully over the last sort of almost five years with a 64% CAGR. Again, important to note that this EUR 36.2 million does not include this EUR 4 million additional AR from the CVS and Vets for Pets deals that we have signed. Now let's look at our churn rates. Our churn rate has been relatively stable, so below 3% most years. There's a one-time event here that we'll discuss later, right? But still, these are very impressive numbers. They go up and down because, like, even one customer switching more, yeah, than that one year would make a huge difference, right? Again, our net retention, this has fluctuates a bit, but it's around 113% on average, right? The fluctuation is based on when we change our plans and when we do new add-ons. So sometimes we focus more on new growth versus on new products. So that's why you can see a fluctuation, but we—you can see it continue to be above 110% overall. So big news for was that we're actually EBITDA positive as of the Q3, which is not EBITDA minus CapEx yet, but at least EBITDA positive, right? And we have burnt a lot of money over the last few years. And why? I mean, that's the original reason why we decided to go public. If we didn't need to burn money, I would have kept the whole company myself, right? The reason why we actually decided to go public was because we saw this unique opportunity. There's a time limitation to it, and so we want to invest up front in R&D, right, and in establishing, like, new footholds in the U.S., U.K., these key growth markets for us. Right. As you can see, each quarter we've been reducing our burn because there's only so many people you can put to work on a calendar. And our users, they use it every day, so they don't, they don't want that many change in the software every day. So there's a certain limitation to the amount of people you can put in R&D, for example. So you can see that every quarter we'll be improving the profitability. A further thing which is important here in terms of profitability is that there's a big inefficiency with- which is hidden in our numbers, which are all these companies we've acquired but not migrated. As I mentioned before, prior to migration, these have a lot of costs which no longer exist once we migrate them, right? So that will be a big driver of improved profitability in the future. Now, our types of customers. So we've got great customers in the markets that we operate in. So in on the therapy segment, we've got Nemus, which is a Norwegian customer, Coronaria, which is a corporate chain in Finland, and on the vet side, we've got obviously Evidensia and AniCura, which you have both here in Norway, but also lots of universities like Cambridge, Liverpool, Utrecht, right? And lots of other corporate chains like Vets for Pets in the U.K., CVS in the U.K., VetGruppen, which is in the Nordics, and UNAVETS as well in Spain. But despite having quite big customers, right, our revenue concentration is not quite small, right? And that's our top customer is around 12%, and but our top three are 18%, top 10 are 22%, right? And what's important to note, and what's hidden in that number, is that in that 12%, right, these corporate chains are across many countries, but they make decisions in each country separately. And so it's not as if, like, tomorrow, they will be able to switch, right? First, if they wanted to switch in one country, it would probably take them one to two years to do that, right? But... And if they did want to switch, they'd probably switch just to Norway, right? So not the whole market. So it's, it's as if they were somewhat separate customers. So that's something important to note. Now, looking at the three-year forecast. So we're targeting 20% organic CAGR, excluding M&A, over the next three years. The thing that is unique about the next three years is that we're really focusing on migration. Migration is a driver of profitability, less, but it slows down growth because we have to focus on investing in those migrations, right? So starting at net upsell, right? Net upsell is basically the amount that every customer spends more with us, the upsell, minus the downsell. So if someone, like, drops a number of users or reduces the amount of add-ons they use, that'd be a downsell. This is the net amount, right? And so that's driven by four main things. One is new PMS add-ons. We're constantly launching one to two per year for each of different specialties, new PMS add-ons to upsell to our customer base. The second is our customers are building new clinics. They're expanding their locations, adding more users, right? And so that's leading to a higher upsell. Third is price increases, right? Where, as we continue improving the platform, right, thereby creating efficiencies for our customers, or sometimes we add things to the platform, not as an add-on, but in the plan. Thereby, we can have some price increases. And fourth is migrations, and that's the companies that we buy, their software normally has fewer features than us. And so when we do the migration initially, right, we actually try not to change our price. So price is not a decision, right? It's the same price you paid before. We just raised the price to legacy software, so, it's never a decision factor when they wanna switch. Once they're on the new software, they've got the option to like, "Oh, do you want online booking now? Do you wanna have this referral portal add-on?" There's lots of upsell opportunities that we can get through there. We can see churn. It's, we put it at 3%-4%, right? To be conservative, which leads to a net retention of 110%, right. We're assuming organic, new sales to new customers, that's just organic, not acquisition, to be around 10%, which leads to an organic growth rate around 20%, right? On top of that, we will, most likely do M&A, as we have in the past, right? It's just hard to predict that. I don't like putting in this slide 'cause then I lose my bargaining power with these sellers. So 20% plus M&A. Now, on the EBITDA minus CapEx margin, was. We started in 2023, expected will be around -16%, right? So we're still investing quite heavily in R&D, in new market entry. But we're targeting by 2027 to have a margin of around 20%. And here's the levers that we're going through to be able to reach that new margin, which is basically one is migrations, as we discussed before, right? Fewer costs when you migrate them over. We don't have to have multiple development teams working for each different product, so that's quite a. And also, the customer support is way heavier for these legacy products because, for example, if you wanna add a new user, sometimes in Aspit, you have to call them, right? Which is ridiculous. If you have to, It's a much more complex software to learn, so there's a lot of support questions. So the number of support tickets per FTE per user is much higher. So that's where we'll see around 16% improvement. The second and third are scaling, right? As I said before, you can't really add that many more people to an agenda. So at some point, right, revenue grows faster than development. Same thing for G&A. We're not gonna have a second CEO, second CFO, right? So there's some scaling here also happening. And the last is CAC efficiency, is that we went into a lot of new markets at the same time, right? What that means is that when you're a new market, you have no brand, right? And as a result, right, and you've got very few reference customers. As a result, these customers are... It's hard to find new customers, and the customer acquisition cost is quite high in those new market. But we've seen, as in every new market we entered, it goes down over time, right? So that's. And the second thing is that some of our implementation processes on the veterinary side have been quite manual, right? It takes much longer on that side, but we've been doing a lot of investments to be able to make that more smooth. Good. Now, Valter, off to veterinary. Thank you very much, Charles. Should we do some questions if people want to ask now, or should we do that at the end? We can do it at the end. Okay, yeah. Okay, perfect. Thank you very much. So next, we're gonna take a look at the veterinary market, the industry that's underlying. Then we're gonna look at the strategy, so how we're gonna capitalize on that market. And third, what the performance has been so far. So the global veterinary service market is around $120 billion annually. It's growing at a rather rapid pace, at 7.5% per annum, and the software market represents about $850 million annually, growing at 8.2% per annum, so a little bit faster. What's important to note, though, is that we are not just targeting, of course, software market in itself, but we're also offering, for instance, our add-on Provet Pay. Now, that alone, the payment processing, is going to be something that a veterinary practice is paying almost the same amount for as practice management software. So the actual addressable market for us is clearly over $1.2 billion annually. So what's the strategy for us for the next three years? It consists of four main pillars. The first one is enterprise partners. Our flagship product, Provet Cloud, stands ideal as a choice for enterprise-grade players who are consolidating the market for a variety of reasons. But just to highlight some really key ones, firstly, it's highly modular. That means when a clinic chain is acquiring clinics, they're gonna have some really large referral hospitals, they're gonna have some really small clinics with GPs, where you just have one to two vets, perhaps. To accommodate that variety of those different clinics, it has to be tailored to the, to the clinic that's at hand. Otherwise, you're gonna have an unbelievably complex system in a very small practice or a hospital that is missing all the important features. We are quite unique in this capability versus our main competitors that are mainly just monoliths and serving one kind of a size that fits all. The second one is a robust open API that Charles was also mentioning earlier. So the practice management software is going to be the centerpiece of the digital ecosystem that everything else integrates with. So it's absolutely crucial for them to have a really good API that's open, so they can build add-on services on top of that themselves as well. For instance, they might want to do a pet parent app, where they control the customer journey. They might want to use some AI tools that some of our customers are too doing, and that's really what's enabling that. And thirdly, and extremely important here, is the experience in managing these enterprise implementation projects. Because as we know also from many other industries, switching these kind of systems can be absolutely disastrous if it's not done right. And we are currently working with four enterprise players that have over 400 hospitals each, five more that have close to 100 or over 100 hospitals each. So we've proven over and over again that we can do this successfully, and that's really, really important for the decision makers in those enterprises. So the second pillar here is expanding in the existing markets, which means we are not looking to go into any new countries. We have our core markets, and they have ample room for us to grow. So in the U.S., the U.K., Southern Europe, and the DACH region, we can grow to be 30 times the size we are today in terms of ARR. And we've already proven that we can penetrate those markets, as we can see later in the, when we look at the market shares. Now, as Charles was highlighting, we see this curve of CAC to new ARR, that when you enter those markets, it's firstly extremely expensive to get the lighthouse accounts, get the references in, and then you see that yield improve continuously as you expand. Now, third in our strategy, we have the Nordic migrations. So we're gonna be migrating from our legacy products users in the Nordics over to Provet Cloud, which is going to yield EUR 2 million-EUR 3 million in cost savings. But then additionally, the migration is going to unlock tremendous upselling opportunities for the payment solutions, for the digital whiteboard, and many other services. So we are going to have the migrations done by an estimate of one to two years. And then fourth, we have the add-on sales and increasing and expanding those customer accounts. So as I said, the payment solution can double the value of an account. Then we've got many, many, many other add-ons as well that are all focused on the Provet Cloud platform, that they are gonna be available for our customers. So next, let's look at the footprint we have in our core markets. So firstly, we've got the Nordics. We've got about 1,700 clinics, a little bit shy of that, so a very strong market share of 80%. And when you look at the competitive landscape, we are competing against extremely small and very local companies. We're talking about a handful of employees in these companies. And the consolidation in the veterinary industry is really high. You've got three companies controlling 50% or more of the market. So from their point of view, having your EUR 100 million+ revenue company sitting on a platform that's maintained by a few developers at best, in some cases one developer, is just a massive risk operationally, data security, of course, the product roadmap is not going to be that great. So that's not really a good option for them. Secondly, we've got the U.K. market. Important to note here, this includes the CVS and Pets at Home signed clinics as well. So we've got a little bit shy of 1,200 clinics that we're working with, a market share of 25% representing there. And there, we're having the same competitors that we're also having in the U.S. So essentially, it's the same companies that we're competing against, and, in reality, there's a lot of server-based, and actually, the majority is still server-based software that's active in the market, and we're all pushing as cloud, cloud-native products, those out. So this migration opportunity that Charles was mentioning is really big in the U.K., and we're really excited about that. Then next, we've got the DACH region, where we have about 1,600 clinics and a market share of 12%, which is sitting on, on Vetera, the platform we acquired last year. And in the DACH region, we are going to see a very fragmented market in the veterinary clinics. So there's a lot of independence there. Consolidation is not as high. So in the U.K., you actually have also 6 companies controlling 60% of the market, so it's very consolidated, but not in the DACH region. There, you have much more fragmented. And when you look at the software side, you're gonna see that there's very legacy solutions out there. So it's again, a lot of server-based, even more legacy softwares that you will see in the other markets. So there's gonna be a very big migration opportunity there for us. Then we've got the U.S., where we're proud to say that we're getting close to 200 clinics. It's, of course, only 1% of the market share there, but that just means that there's ample room to grow. And there, we're gonna see the same competitors we had in the U.K. So ezyVet, owned by IDEXX, is one of the key competitors there, and then some other products as well. But there's one key consideration here, which is that, even though the market is very consolidated, you've got 50% when it comes to revenues in the veterinary space here, there we've got a lot of different enterprise players, so the amount of them is quite massive. And they have learned also from what's happening in other markets and understand that this software is extremely mission-critical, it's very sticky. So they're considering to themselves that, "What are my options here right now?" And when you look at our competitors, you've got essentially three main groups. One is the software is gonna be owned by a competitive, competing clinical chain, so that's not ideal. You don't want necessarily your data being controlled by a competitor and it being on a software that's extremely sticky and mission-critical. Secondly, you're gonna have IDEXX and Covetrus, the main wholesalers and the main laboratory diagnostic provider in the space, who are already controlling a massive amount of their spend. So software is only a small, small fraction of that, and they are controlling much bigger spend, so you don't necessarily want to have that supplier concentration risk. And third, you're going to have companies that are actually working on something completely else than software, like Shepherd, that's owned by an insurance company looking to sell insurances, or you've got Rhapsody, that's owned by Chewy, that has actually taken away a lot of the revenues of veterinary clinics because they're moving supplies and food sales over to their website. So we stand actually unique in terms of our independence, and also in the fact that we are only looking to do software here, and that we are giving them more control of their data in that sense as well. So that's the difference between us and the other competing players out there. Then we've got the Southern European market. There we have about 10% overall, and we are very strong specifically in the enterprise segment, which is key for us. And then you've got some local providers that are very cheap, but that are, in terms of product, significantly behind us in terms of its capabilities. So there we are very much focusing on continuing to expand with our enterprise partners. So then let's look at the performance we've seen so far. So, in the end of 2018, we had an ARR of EUR 1.7 million, which has now grown with an ARR CAGR of 67% in, in, four, or essentially five years. A little bit shy of five years. So now we're standing at a signed ARR of EUR 19.7 million. That is actually currently still missing the EUR 4 million that we highlighted earlier, coming from the signed enterprise agreements that are currently in pilot phase. Now, we've seen an organic growth rate on average here of 24% per year, but I'm proud to say that in the last 12 months, we've actually increased that organic growth rate to 32.3%. Now, the organic growth rate has been essential in our ability also to do good acquisitions, because as we've been able to enter those markets organically, that has changed the narrative for these local players, that this is going to not end well for us, so they've been selling out as well at a good valuation. So the acquisitions have boosted our growth from 24%-67%. Next, let's look at some of the health metrics of the veterinary business. So when it comes to churn, we are standing very well here, with less than 2% on average over the last five years. So of course, this exceptionally low churn that we are seeing in the veterinary business is also supporting the lifetime value of this ARR base that is growing. Secondly, we've got the net retention rate, which is also, of course, benefiting from this low churn. And our average net retention stood at about 115% over the last five years. It's more volatile, as Charles mentioned earlier, than, than churn. But overall, we expect that our churn is going to remain below 3% and our net retention rate above 110%, going forward. So let's talk a little bit about the enterprise customers and why that's just a key element of our strategy. So here we've taken some case example of actual customers of ours, where we've indexed them at 100, to show their growth rates as we've been working with them. You can see that we've seen a CAGR of 106%, or 22, or 28%, that they're growing much, much faster than the average market. As they are acquiring new clinics, we're benefiting from that as they're rolling out the software. As they are being, having organic growth by being more operationally efficient, we are benefiting from that. And also, when they're doing price increases, we are benefiting from that. And a key element of that is that with these enterprises, we are usually doing a share of revenue agreement. So essentially, we get a small, small fraction of their revenues, and then we get to tag along when they do, for instance, price increases or other growth. But it's also in their benefit because they are incentivizing us to be continuously focusing on how to make them more effective, how to grow their top line, how we can benefit that. Because, of course, if we can bring efficiency into their clinics, they're going to be able to, well, essentially deliver better care and grow their business, and that's what we are here to do. So let's look at our profitability here on the veterinary side. Now, we're proud to say that we now had the fifth consecutive quarter of improved profitability, and we actually were EBITDA positive, when not considering group allocations on the veterinary side here as well. So what has been driving this has been the increasing organic growth, but then also, we've initiated some cost-saving initiatives during last year. We've been restructuring our sales and marketing organizations for efficiency. And additionally, after having those front-heavy investments, as we've been going into these markets, we're seeing an improved rate of CAC to new ARR, which has yielded five consecutive quarters of improved profitability. So when you look at the revenue growth, at constant currency, it's still at 25%. We are less focusing on the one-time revenues, to be fair. So what's important for us is the recurring revenues that are growing at 28% year-over-year. Our headcount stood stable at 226, similar as in the quarter before, and we expect our revenues to continue growing faster than our headcount. As Charles was highlighting earlier, it's about scaling the organization and the platform that we've been building. Okay. Thank you. Charles? Thank you. Perfect. Now on to therapy. So, let's talk about therapy markets. There's many different areas of therapy, but our main target within therapy are basically physiotherapy clinics and also behavioral mental health clinics. So the market, global market for software for physiotherapy is just over $1 billion, and it's around just over $4.5 billion for behavioral and mental health. Right? These are growing really, really fast because whereas in veterinary, there's the majority of clinics currently are on software. For these markets, there's also digitization, which is pushing it up, so a lot of people were on paper and pen before, and regulation is forcing them to, for example, integrate with government. And so in a lot of countries, their digitization is also speeding this up. So you can see a 10.1% increase for physiotherapy software and 17.4% for the global behavioral mental health market. So very, very, very fast growth rates. Our strategy, we've got four different, key levers. The number one, in contrast to veterinary, right, we are focusing way more on, profitability on the therapy business unit. The main lever of that is migration, where, we made a big acquisition, post-IPO of Aspit, which is the leading, therapy practice management software in Norway. And we're focusing on migrating all those customers, and we've started already migrating them to EasyPractice, this year. And that will result in over a EUR 4 million cost saving, just that migration. Plus most of which, that EUR 4 million comes from Aspit, 0.5 of that comes from DR. So that timeline for both will be three to four years, right? The nice thing about when we do migrations, even though to make it less confusing for you, I've called it separate things. I called it EasyPractice. But in Norway, when we go to markets, it is the same name as it is today, right? So Aspit, they've got two products called Physica and Psykbase, right? And we call it Physica and Psykbase. So it's just an upgrade from version 3.1 to, like, version 4, right? So it's a very smooth migration, fully automated migration, and so it's quite a different dynamic than veterinary in that, like, it's very, very easy once you have the software localized, to be able to migrate customers. So instead, they have to migrate one by one, we can migrate 100 a day, right? Because it's a fully automated solution. The next is Danish expansion. So 70% of Danish therapy clinics are using legacy on-premise and service. So the same theory as before, right? And we're looking to migrate those over to EasyPractice. It is the most advanced cloud-based software in Denmark, right? So we're in a prime position today to be able to capture that shift to the cloud. The third is on the latter half of the third-year strategy, we will be focusing on a new country, right? Migrations is taking the priority, but after those are completed, we'll be focusing on going to a new country. We haven't selected a new country yet, but that will be one that we will go after. That entrance to a new market will be done either organically, as we've done successfully in the past, for example, in Sweden, right? Or via acquisition. Depends which one is cheaper. The fourth is we are expanding our, our product base, so where we've created a booking portal. If some of you have been to U.S., there's Zocdoc or Doctolib, which are basically consumer portals where you can find and book a therapist online, right? So we've launched our beta version of that in Finland now, and that's being will be rolled out to throughout Finland to all of our customers, and then to Norway and Denmark. What's nice about this is that anyone who uses the booking portal, right, it roughly doubles average revenue per user. So that's a nice little uptick. There's a big pain point in these markets for finding some therapy niches, finding good appointments, and so on. If you look at the current state of the websites for a lot of these smaller clinics, they're quite dire, right? This will help them with sales and marketing of their services. Talking about the market a little bit. In Finland, we've got 80% market share, right? There was a company here before called Acute, right? Which was. It's still a very, very small company, so that's why we didn't add it here now. We did the same thing in Norway that we're looking to do in Denmark, which is we came in with a low-priced offer with DR, right? And over time, we captured market share from this current competitor called Acute, right? We do have some smaller companies as well, like Aya, so Mindo or Velo, right? Which are probably less than 10 employees in those companies, which are competing for it. But there's a lot of sensitivity in Finland for data security. So because of there was a case where a clinic had created their own software called Vastaamo, and there was a massive data leak, right? So there's a—it's top-of-mind data security. So do you really want to trust the data security of all your patient notes, which includes, like, all the different relationships that people have outside their marital, everything that you... very personal notes. Do you really want to have those stored in a system with, like, two developers, right? So that's the big risk that they don't wanna take anymore. And then another one is Dynamic Health, which is basically a software that does both GP and therapy software, right? We've seen that again and again. Acute was the same, right? PatientSky, the same. It's very, very complex to be able to have workflow that accommodates both GPs and therapists in one software. It's much more complex to have therapy, GP software, because you have to prescribe medicines, right? You have to have lab tests and all that, versus the much more sort of streamlined workflow for therapists. So that's the situation in Finland, right? In Norway, we've got around 85% market share, right? The rest is shared between Hano, which is owned by EG, which is owned by Private Equity Fund. PatientSky, which was, it's also owned by EG, currently, and Konfident was a new startup, right? Hano is quite a legacy software. PatientSky is a modern software, right? A cloud-based software, but again, they've got the same problem as Dynamic Health and Acute beforehand. They focus on both GPs and therapists, right? Konfident is a very small startup, but it's focused on one specific area. What we see is that in Norway, we haven't had much churn even from Aspit, right, which is legacy software, and the migration has been going quite well to the new software. In Denmark, right, so we acquired EasyPractice for a reason, that we're a fully product-led company. What that means is that they didn't have any salespeople, no implementation at all, right? You go online, you sign up for a product, you do your data migration fully automatically without actually speaking or needing someone to come on-site, right? At first in Denmark, they were focusing on the low end of the market, right? So think about like massage therapists or like a single physiotherapist, osteopaths, right? But over time, they've been developing the product as more and more customer request more advanced features. So if they're a multi-person therapy clinic or a small corporate chain, and so they've gone upmarket in terms of features, but that reputation in the market has not come there yet. So although the product-led motion works really well to be able to capture the tech-savvy initial ones, we're also supplementing that with salespeople to be able to tell our story faster. And that's the way we were successful in Finland, and that's the way we were successful in Norway in capturing the market. Because these larger players, right, there's a disconnect between the person using the software and the person making the decision. So a practice owner with, like, 20 different therapists is not gonna sign up to a software and try it out on a free trial. So if we look at our. We've grown quite fast over the last couple of years, right? And we made big acquisitions, so much bigger acquisitions than we have on the veterinary sector. That's why we are looking to focus a lot more of our efforts on migrations, because these numbers, we can have a much more significant profitability than we have today once they're all migrated. We spend a huge amount on maintaining the, these softwares, right? To make sure that we've got good data security and so on. We keep up with the modules that are needed according to regulation, and these. And the support is also very expensive, and Microsoft fees and Citrix license fees are very expensive. So if we look here, we've had also an accelerating organic growth rates, despite the fact that we lost one of our major customers in Finland, that we'll discuss next, but from 10%-12%. And you can see the average organic growth has been around 28% historically, right? So let's talk a little bit about the churn rate. Historically, it's been below 3%, right? There's one event here that is worth noting, is that, one of our customers, our second-largest customer in Finland, got acquired by a GP company. And so now they had both GP and therapies, therapists under the same company, and they want to have one software to run both, right? We do not want to be a GP software, and so as a result, they've shifted over to Dynamic Health. So that was a one-time churn event, so, that we saw in 2023, and you can see the impact of those, in 2023 on net retention and churn rate. Still, we expect that churn will, remain around 3%. It's slightly higher in 2022 than historically, because the fact that EasyPractice has a very different go-to-market model, where it's product-led, which means that we spend much less in customer acquisition costs to recruit an EasyPractice customer. But because you can just sign up online within five minutes and start using it, and so a lot of people churn within the first few days because they try it out and they decide not to use it, right? So it's a, it's sort of comparing a bit apples and oranges, but still, we expect it to be around 3%. As well as EasyPractice goes upmarket, and we already see it today, as the average revenue per customer increases in EasyPractice, we see the same churn rate as in Aspit or in Drim. So, as they continue growing upmarket, we'll see similar churn rates. What we're trying to find is, can we have that similar churn rate with the really cheap CAC as well, right? So that's the exciting part of it. Now, as we said, we're really focusing on profitability on the therapy business unit, right? It goes up and down, depending, because of the every quarter, 'cause for example, in Q3, it's the summer months, we have less SMS and so on, right? But you can see a consistent positive trend. We'll continue to improve the profitability in the therapy business unit as we do more and more of these migrations. That EUR 4 million that I discussed with before, right? Some of which is released as we migrate, so it's license fee. So every time we migrate our customer, we can take out those license fees, some of which are fixed. For example, it's only when the last customer migrates that we actually get the full benefit because we can let go of the development team. Good. So, another thing to note, both in my slides and in Valter's slides, the majority of our costs are in euros, right? Most of our revenues are in Norwegian krone and also SEK. So this is actual currency rates. So despite the fact that there's been a very negative impact from the weak SEK and NOK, right, we're still seeing in euro an improvement in profitability. So if that reverses, we'll see quite a nice little effect there. And, you can also see that, our headcount in Q4 was about 140. We've decreased that slightly to 128, right? As we've been getting more and more efficiencies. Good. Now off to Q3 performance. So as we stated before, last twelve months, ending Q3 2023, we grew around 22%, right? That was driven by net retention of around 112%, 112%, gross churn of 4.6%, higher than 2.5%, but as I said, that's mostly driven by this physios churn, right? And then we can see a very attractive CAC to new ARR of 1.8, right? This is attractive given the fact that, like, people, our churn rate is so low. Every year, we see this going down, though, which is quite good. Then we can see quarter-over-quarter 1.3 ARR growth, right? So, we've got implemented ARR at EUR 34.6 million, signed ARR at EUR 36.2 million, and again, excluding the EUR 4 million here, right? So our ARR per share is around 0.43, right? As I said before, ARR per share is sort of the best measure that we have before profitability, right? To be able to assess the quality of the business, 'cause in the long term, right, this, the amount of ARR that we have multiplied by this, a normalized profit margin, actually gets us to the cash flow per share. So, looking quarter-over-quarter, right? So we started the Q2—we ended Q2 2023 with an ARR around EUR 34.1 million, right? We recruited around EUR 600,000 of additional ARR from new customers, so that's going quite well, despite the fact it being summer. We were able to get a net upsell of 0.3, but a churn, what you see from physios, of 0.4, right? So, that was impacting net retention in that year. Again, we still have a big backlog, excluding the enterprise customers, around EUR 1.6 million. So we're signing up lots of customers, right? And we just, like, need more to implement them, which is good news as well. Around 50% of the ARR is now on cloud product, so... Whoop. Now, year-over-year, right? And this is a better metric, 'cause if we look back here, it goes up and down quite a bit because, for example, here is the summer months, right? So in summer, there are fewer appointments, and there's fewer staff members. And so for us, people take holiday in July and August, so there's less sales people that work, right? Here, the net upsell is impacted quite a bit by the fact that, like, there's fewer text messages, so transaction revenues in Q3 than there are in Q2, for example, and you see that every year. So there's some seasonality. So I always prefer to look at it year-over-year, right? 'Cause you can see a much better picture and less seasonality. As you can see, we've grown around 22%, so we ended Q3 2022 with EUR 28.4 million, right? So, and we were able to recruit EUR 2.8 million worth of new customers. Net upsell of EUR 4.7 million. As you see, we invest a lot in new products this year, so we're able to get great net upsell, and churn is 1.3%. Again, slightly higher due to this physio's churn. So we ended Q3 2023 with around EUR 34.6 million, right? And the same number of signed ARR backlog, right, to get us at EUR 36.2 million. So new customer acquisitions at EUR 2.8 million accounted for roughly 45% of the growth, right? Now on to Vetera, right? Vetera grew quite well despite the summer, right? We had a 5% growth rate quarter-over-quarter, right? Our net upsell was 0.7. New customers' acquisition count was roughly 39% of that growth, and we had quite low churn. Looking year-over-year, 32.2%... 3% growth, right? So, strong performance on new customers, EUR 1.2 million, and if you see, every year, we've been improving the amount that we've been able to, the amount of customers we've been able to recruit. And you can see the clear, improvement that we made on, selling, developing and selling, new products to our existing customer base with the net upsell of 3.5, right, and very low churn. On the therapy side, right, so this was, the quarter where a physios churn, right? So that led to, quite a high churn, right? And, the, Q3 normally is also a time where most people are on holidays, in our clinics, so we've got, a lot of percentage of revenue agreements. So the revenue is lower in Q3, and we get less SMS charges. But year-over-year, we've still been growing 12.2%, despite the fact that we've had the, sort of, once in a couple of years churn. So we grew from EUR 14.7 million to EUR 16.5 million, right? Despite a 7.3% churn rate for that specific year, right? We expect to grow between 10% and 15% over the next few years while we're focusing on migration. Post-focusing on migration, excluding the impact of the booking portal. So financial update. Mari? Thank you, Charles. Okay, so I think we've looked at all these KPIs, financial metrics, and the historical financial performance now over the last five-year period, quite a lot. So I will be more focusing on now where we are now, on the last quarter and on the last four quarters' financial performance. But before we go into that, just a little update, kind of what we've been up to over the year or two. When I joined the company, as we've been through the—we've been... Well, the company had been through a lot of acquisitions, and the financial landscape was quite varied. So we had a lot of different accounting systems, other financial systems, and many different banks, and we've been consolidating all that now over the past year or two. So we started this journey beginning of this year, and now we have all of our 16 legal entities. Actually, as of the beginning of this month, we have implemented NetSuite in all of our entities. And that will actually enable us now to have very harmonized billing processes for all of our entities, all of our products, and also enable us to integrate any potential new companies into the group very effectively and pretty immediately, if that was the case. Also, we have consolidated all of our daily banking relationships into one bank. That will enable us also to not only to manage our cash flows more effectively, but also managing our working capital needs more effectively going forward. So a lot of things have been happening on that front as well. But if we now take a look at the results for over the past year or so. Our total reported revenues have grown 10% over the last year, and the share of recurring revenues have increased from 90% to 94%. And as already you've seen throughout this presentation, our profitability has improved quite significantly, especially over the last year. In the third quarter 2022, we were at -16% adjusted EBITDA margin, and now we are at +8%. That has come through two factors. Not only have the revenues increased, but also our cost base has decreased. As Valter mentioned, we have initiated some cost savings measures in the company. And we are not only in the BUs, we are also looking for any efficiencies across all of our functions as we speak. So both improved revenues and more streamlined cost base is improving our profitability. We also have this. Over the summer periods, we have the impact of vacations. So that is impacting mostly our third quarter results. So it's worth noting that even with this one-time impact or annual impact of summer vacations, our adjusted EBITDA would've been positive over the third quarter, anyhow. So the total revenue growth year-on-year was 10%, but our recurring revenue growth rate is 14% year-on-year. So that is clearly growing faster than our total revenue. Also, as already mentioned, the currencies have had a really significant impact on our revenues. And had we reported our revenues on a constant currency rate, the growth rate would've been 24% as opposed to 14%. So it really has a really significant impact here. In terms of EUR on a year-to-date basis, that amounts to about EUR 1.6 million. Whereas we also have some of our salaries in NOK denominated in Norwegian krone, Swedish krona, that has then, of course, decreased our cost base a little bit. But the net impact there is about EUR 1 million, so that is impacting our profitability during this year. We are really looking to see some future profitability impacts to the opposite direction going forward. Our headcount has decreased some 6% from its peak. So that is obviously impacting the profitability quite significantly. Overall, the headcount has decreased by approximately 20 people from the end of the year. Looking into our cash flows, we can see that our cash spend has quite dramatically decreased over the last year. As discussed throughout the presentation, we were investing a lot into our product development, our market entry after the IPO, and this is now, this is now stabilizing. Our free cash flow has improved now from the third quarter of 2022 to the third quarter of 2023 by EUR 3.1 million. This is, of course, now due to, due to, the higher growth, or high growth, but also to the lower cost base that we have. We're not really looking into increasing our headcount, and also our, our support functions are now scaled, so that, so that we are able to grow without growing our cost in support functions. So not only have we made this renewal of the financial systems landscape, we have also harmonized some of our other support tooling and processes, for example, in our people operations. So where does that lead us then to in terms of our balance sheet? Our cash position is strong at EUR 27.5 million. And as we have guided, we are looking our EBITDA minus CapEx to become positive by quarter one, 2025. So we're not looking to increase, increase our cash spend, and that puts us into a really, really good position to invest our product development and any, any potential M&A going forward. Intangible assets, we have this EUR 12.2 million on our balance sheet. That is mainly the development costs that we have capitalized. Our current rate of CapEx is about EUR 1.4 million-EUR 1.5 million per quarter, and we depreciate that over five years. Equity is very strong at EUR 88 million. Earlier on this year, we initiated completed a share buyback program. We acquired the company shares for about approximately EUR 300,000-EUR 400,000. And that buyback program was initiated as we also implemented a performance share program, whereby we target that PS program to our key employees and invite our key employees to become owners of the company as we are granting employee shares as they vest over a four-year period. The company has no interest-bearing debt, so all the liabilities that we have on our balance sheet, they relate to operative items such as accounts payable, accruals, and advances received. So with the strong balance sheet, strong cash, strong equity, no liabilities, the company is in a really good place on their journey to continue their growth path. So what's there to remain then is the financial calendar. We will be issuing our fourth quarter results and our second half results, March the fifth. We have our financial calendar published on the company web pages, so the full-year calendar can be found there. Details on the third quarter financial results can be found on the appendices to this presentation. I'm happy to answer any questions regarding that after the presentation. Thank you very much. So now we'll quickly conclude, and then we'll go on to Q&A, right? So, just to... We've heard a lot of different information, right? So here's the top things why I actually have bought back quite a lot of the shares over the last year, right, is that we're focusing on the growing end markets, right? Those are consolidating, shifting to the cloud, right? And we foresee those continuing to do so for the next few years, right? And the shift to the cloud is quite imminent, right. Second is we've got a good track record of growing both organically and through acquisitions, right, in the last five years. I foresee us, given that we've got strong footholds, for example, in new markets where we're seeing CAC improving, as well, that we'll continue to be able to grow, at a strong pace over the next three years, right? Where we're looking at, around 20% recurring revenue, growth for those next three years, right? Our recurring revenue full year, 2023, was at... we're predicting it to be at the top of the 15%-20% guidance. And, we are also looking at, the profitability to be around 20%, with a break-even in Q1 2025, right? So those are the reason why I think it's, it's quite an interesting, time for us. And we finally have a scale where we have spectacular people, and we've Mari and her team have been building to the infrastructure behind for billing, accounting, right? All the basics that we need to be able to make acquisition, quickly integrate them. And on the R&D side, we've got a wonderful team to be able to dramatically improve the product, right? Which was not the case at the beginning when we first started, where we couldn't afford a great designer. Now we can afford wonderful people and take big leaps that we weren't ever able to do so before, right? So... And what's wonderful about it is that a lot of our competitors are local competitors, very small in one country, right? So they don't have the scale to be able to make the investments. Time we grow, we just compound the difference, and every year we spend more and more on R&D than our competitors, thereby compounding the difference between us and them. That's it. So now off to Q&A. So we've got. If you want to ask a question here in the room, you can please. I can hand you the mic. And then we've got some questions as well, from the online. Do you want to start with one here? Yep. The 10% uplift- Here, one second. The 10% uplift in margin, that's gonna come over the next years from customer acquisition cost benefits. Yes. How is that possible when LTV to CAC is 31? It's so little CAC to take from. So it's because the fact we've got quite a long lifetime, right? That's why. So the drivers of that improvement are, one, is professional—we're actually losing money in professional services today on the veterinary side, so that's a big driver of it, right? Second is, as I mentioned before, the amount we spend on CAC when we're in a new country from the start is quite high, right? Because we don't have reference customers, we don't have a good brand there, and that goes down as we get a strong market position. We've seen that again and again in previous markets. So those are the two main drivers of it, right. And then, the third slight driver would probably be as well the fact that, like, we have. When you have sales teams, you have to have a head of sales, right, and he's got fewer salespeople, so there's some leverage there as well. Those are three drivers. Question? Nope, no question. ... so far. Yep. Maybe you can hand the mic. Whoops! Do you want to go through... Here, Here, it might be easier. Thanks. Thank you. With 70% of your addressable market not on cloud- Yep ... I guess it's quite a fierce battle. So, you have competitors, obviously, and how- Yeah ... how does their product, in your opinion, rank up against yours? And secondly, is price very, is that a big topic, for example, when you won this customer in the U.K. just recently? Yeah. So I think one of the really interesting things about this business is that we're not a... Yes, we're in many countries, but we're not a global company. So, Finnish veterinary provider, like, let's say Klinikka, can't just work in Sweden. They have to do a lot of work. So it's very, it's very much a country-based, system that is dominating unless you localize, right? So we've got very different battlegrounds in different countries. So Finland, Norway, Sweden, somewhat Denmark, right? Way less competitive markets, right? So the competitors are, probably small, five to 10-person companies, right? So, relative to us, right, they just cannot, do the development that's needed. And we always up the bar with security requirements and so on. So, like, the bar is set so high that it's almost impossible for them to compete now, right? It's a different market situation in, for example, the U.S. or U.K., where we've got all other cloud players which are strong, right? But even in those, right, the on the veterinary side, the market is quite small, so when a startup has a very tough time getting financing in order to start from scratch. That's why they're all selling to these corporates, because the fact that they can't raise money to be able to build this massive ERP that they is needed, right, for such a small market. And VC companies don't invest very much in veterinary practice management SaaS. 'Cause if you're looking at the U.S., and it's probably like a $400 million market, right? So that's not no one at Sequoia gets excited about a $400 million market. So there's... Even though we've got some stronger competitors in the U.S., the majority of will be owned or are currently owned by companies which are not focused on software, like IDEXX, which does diagnostic devices, but they have 2%, 3% of the revenue on software. Or Covetrus, which is a wholesaler, which has 2%, 3% of the revenue on software. And we've seen it time and time again where IDEXX acquired the best cloud-based software in the U.K., called Animana, a few years ago. It's not even on our list now. It's completely out of the market. They acquired the best cloud software, and they were able to screw it up. 'Cause, like, what happens is that they try to manage a software company in the same way they're managing a wholesale business, right? And so, like, imagine you want to make one change to a software, like three forms have to, you have to get approval from 10 people all the way up the chain. So that's why we're quite on the veterinary side, I think we're well positioned. On the therapy side, right, in Finland, we're clearly a very dominant position, and we're. What we like about maintaining that dominance is this booking portal, 'cause yes, price is more of an issue on therapy than it is in veterinary. And so how do we make sure that, like, if ever a cheaper competitor comes into the market, that they won't switch? And I like this idea of the booking portal to have the consumer lock-in. So basically, if 20, 30, 40% of your bookings are coming from the booking portal, which is only available if you use this software, that dual lock-in is very powerful to maintain that market share, right? But in Norway, we have our probably primary competitor is PatientSky, right, in the on the therapy market. And we have some smaller ones, like Konfident. Again, the playbook we're going after is the same playbook that we have in Denmark and in Finland, is really focusing on therapists and making the workflow for therapists really, really smooth, right? And so I think we're not churning much to PatientSky, and we're actually still recruiting customers from PatientSky. We're really happy, actually, that PatientSky was acquired by EG, right? Because the fact that EG is purely focused on short-term profitability, 'cause they want to sell EG very soon, right? They've got probably two, three years left, and so they don't want to make big investments in the product, which is wonderful for us because that would be a danger when you're migrating people, right? So, so to answer your question shortly, very different situations, local markets, right? Mm. I think that in these niche markets, despite the fact that even in the U.S., which is a big market, right, we do have competitors, I think we're quite well positioned to be able to compete. And also, we're the largest ones in this very, very small niche- Okay ... of cloud-based software veterinarians. Yeah. Okay, so in the more consolidated markets- Yeah ... should you, you know, push even harder? I mean, do you have the necessary resources in order to capture the market, which is up for grabs now, and not in five or 10 years? In the consolidated ones? Yeah, like the U.S. and the U.K. Okay, so the ones where we don't... So the U.K. is quite consolidated, but actually the most consolidated markets in terms of market share are actually the Nordics- Mm ... right? Where roughly 50% of the- Mm ... vets is consolidated. On therapy, it's consolidated in Finland, but not so much in Norway and Sweden. Mm. But in, if we're talking about the markets where the U.K. 40% is consolidated. In U.S., it's probably around 20%-30%, right? Mm. So less consolidations, but we are focusing the majority of our sales efforts on the U.S. and U.K. And, I mean, if we look at three years ago, the U.K. was not at 25, it was at 0.5% of our market share, right? So we've made a big improvement there, and as well, this is a market where you don't wanna take the new startup, 'cause, like, you really want all your data and your whole business to be running on the startup, which could fail at any time. You want to go with the, like, the choice that everyone else makes. So when, for example, in Norway or in Finland, when they're calling for to buy software, they don't wanna buy practice management software, Vet, they wanna buy a Provet or a DR or an Aspit. So they use the name as... And maybe they'll go for the competitor, very rarely, but they'll still use our name to, as a venture to competitor, like, "I want a Provet," which is made by Clinical. So that's the interesting dynamic there. Mm. Mm. Mm. So the U.S. will be... It is still a battle that we're fighting, right? It is the most competitive market in the world. But the nice thing about it is, well, every single development we make for the U.S. is mostly workflow improvements, which also benefits the Nordics. So by having really tough competitors here, it's like Microsoft. Microsoft started by going after Japan, which is the most fussy customers. And the reason fussy customers are great, because it ups your game everywhere else- Mm ... where you can be way more competitive- Yeah ... in less competitive markets then. Sure. And secondly, if I may, on the churn and the net retention- Yeah ... the split between what you have on cloud and- Yeah ... and the other, is that materially different? We have a-- Oops! I think we've got that slide. Oops, maybe... Sorry. We have a slide at the end of presentation where you can see the breakdown between vet and therapy, between cloud and not. We don't see when you know-- they know they're gonna migrate somewhere, right? Like, for example, in Aspit, we don't see a very high churn because they know they're gonna migrate to... Whoops. It's coming up. Oh, sorry. Okay. They know they're gonna migrate to the new cloud software, so they're not making a new choice. Mm. We don't see much, very much, difference in churn. It's much more the churn is more determined by the market. For example, Vetera, I mean, how many customers did you use this year? Not a single one. So it's a really old software, and they still, they haven't lost one customer. That means not one veterinary clinic even went bankrupt there. So, no, we don't see a big difference. Mm. We do during migration, though, right? So- Sure. We've done a few migrations, and the first one I did with Trofast, I was really aggressive. I, like, increased prices two to three times at the same time as doing the migration, and so, as a result, 15%, the ARR base, the original ARR base actually left, even though the end ARR amount was, like, 2-3 times larger, right? There was some churn there. So I've learned from that mistake. Now, we actually increase the prices of the legacy software first until it matches the new pricing, then we migrate them over at the same price. So- Mm. But no, we don't see significant ones. And oops, there should be... You can see it in the appendix here. Whoops, there we go. So you can see here, the churn, right? So actually, it's slightly higher for veterinary on the hosted, but it's actually slightly lower here for therapy because of this one-time churn from- Yeah ... physios, and also the fact that EasyPractice has a higher churn. Thanks. Yeah. Good. I think you showed on slide 32 that the Finnish market therapy is much larger than the Norwegian, about 40% larger. And I know Finns can be a bit pessimistic, but is there any reason for that big change in market size? You're saying in terms of the- Users. Users? Uh- Population is about the same, I guess. It's slightly, it's larger. We've got more, in terms of, user count, Finland, right, than Norway. But actually, Norway's, the price we charge, for the software in Norway is quite a bit more because costs are also higher here, right, for customer service and support. So even though the user count is quite similar, right, the, the actual revenue that we make from, the Norwegian, therapy customers is about double. Yeah, but my question is more, will the Norwegian market grow to the same size as Finland in terms of users, or is there any structural reason for the difference? No, I don't think that the growth is dramatically different in both markets. It's normally slightly higher than population growth. You got similar, similar demographics, so there's not a big difference in growth rates. Thanks. Pleasure. Yep. I think you mentioned that you could double the ARPU on- Yeah ... by using the booking portal. Yeah. Could you talk a bit about the revenue model for that, and if you see sort of scope to roll that out globally? Yeah, sure. So the booking portal, we're starting in Finland with therapists, and we're gonna do a booking portal for both therapists and veterinarians. What we see from a lot of other SaaS companies is the closer you are to sales, right, the more people are willing to pay. So for example, there's this like online booking companies, right, can charge almost just as much per user as a full PMS software, even though with like online booking for us, our feature, it's probably 1% of our total code base. So like there's no real relation between the amount of work required to be able versus the amount you can you charge for a software. And so with the booking portal, right? And you see this with Doctolib, with Zocdoc, right? You can charge between EUR 20- EUR 40 per therapist, right, for it, at least in Finland. That's what we're guiding towards.... A therapist in Finland, probably we charge them EUR 20- EUR 25, right? So- That is a fee? Per user per month. User per month. Okay. Yeah. And, it's a little bit of a chicken or the egg as well, where like, we're building a two-sided marketplace. So we've got- we've already controlled the, the users for our PMS, right? But it's the first time us going to consumer. So that's a new market for us, which will be a, quite different dynamics in terms of marketing than, the business B2B markets. But if we can get this right, it'll be it's impossible for someone to dislodge us if you have both the consumer side and also the PMS, right? And we're not coming this by ourselves, right? Like, we're just replicating strategies of tried and tested other SaaS companies who have done this in other, verticals, right? You see OpenTable, for example, in the restaurant industry. You can see, Doctolib in the healthcare industry doing this, so... Cool, thanks. And, then on CVS- Yes ... and Vets for Pets, you have EUR 4 million- Yes ... that you don't have included in sign they are. Yeah. So, what's the, what's the timeline for those rollouts, sort of plus, minus? This is what we don't include. It's really hard to say, 'cause a lot of these companies have been focusing on acquisitions a lot, and now they can't, especially in the U.K., where the anti-competition authority is quite strict now. They no longer can grow through acquisitions, so it's like, oh, next level is operational improvement. So rolling out the PMS is the main lever to be able to do that, right? So the phases are basically piloted, right? For roughly a period of six months. We started to pilot a couple of months ago, I think two months ago for CVS? Or two or three months ago for CVS, and that'll take another probably three or four months before they decide to do the full rollout, right? Once they do the full rollout, right, it probably takes around 12 months to do it. If they want to be aggressive, most that's what they want to do, most likely it'll take roughly 24 months. 'Cause what happens in practice is they're like, "Oh, they want to do it," but then, like, the internet provider that they were going to upgrade, they're like, they want to upgrade their IT system, so things take time. So I think that from the time the pilot is done, I would expect a two-year horizon to be able to implement the 400 clinics for CVS. Pets at Home, they want to do it even more aggressively, but I assume it'll also take around 24 months. Great. Thanks. So- Perhaps the last one for me. Yeah, please. You're guiding now on 20% EBITDA minus CapEx- Yeah ... margin for 2027. So do you see that as sort of a mature state of the business, where you will be running at a mature margin level, or do you think there could be further, further upside beyond that? No, no, no. I think this is the next, by 2027, we still wanna invest quite a bit in R&D, right? And also be quite aggressive with growth. So, as a result, CAC will still be quite high. Development as a percentage of revenue will be quite high. There's also things which are, like, not included in this forecast, which we're quite excited about. Like, for example, there's some companies which are for one of our main cogs is customer support. Sorry, cost is customer support, right? And a lot of companies now have been automating that fully with AI tools. So, there's a lot of efficiency gains that you can get that we haven't included that in this forecast, that can go beyond that. But no, we should look at the run rates, one in the longer term should be much higher. The way I look at it, though, is this is the guidance, but the... I normally look at EBITDA minus CapEx. I take out R&D and CAC, and then I look at the IRR or the return on investment that I make from that R&D and CAC investments. So I split out, that's how I think about things, 'cause and if I can make 20%-25% return on that, then it's worth doing, right? I don't know what else I can do with my money. It's better use of my money than putting it in other companies I don't know. So that's the way I sort of think about it. So it's this is a guidance on EBITDA minus CapEx, but the way I think about it, if we've got a great opportunity, for example, if a huge corporate in the U.S., and what also rolls out, like, but they want X number of features, right, like Mars, right? We're not gonna be like, "Oh, sorry, we want to meet our target." No, we're gonna go after that corporate because it makes a huge amount of sense, right? So, but it should be higher in the next, if we're continuing to grow by 20%. I think at least over the rule of 40, right? Makes sense. Thanks. So in the U.K., on the veterinary side- Yeah. The EUR 4 million, would you agree that is, you know, given that they're actually doing the rollouts, is that quite a conservative assumption, and no transactional revenue is included in that estimate? Correct. Well, go ahead. Yeah. No, absolutely. You're completely correct there, that it does not include the transactional revenues, SMS, and other similar to that effect. Additionally, there are, of course, having, as we've seen before in the slide, having much more aggressive growth targets themselves. So this is the current as-is state, but we expect that they're actually going to be continuing growing as well at a much higher growth rate. So that's actually quite exciting. And related to that, the big six corporates and- Yeah ... enterprise customers or potential customers in the U.K., of which now you have 2 down, 6- Two down. Way to go. So, how about the other four? Yeah. Could you just, let's say, is there any opportunity left? What do you think? Yeah, I mean, I certainly do think so. I mean, the momentum is quite significant right now. I don't think that there's anybody else that can show a similar situation in Europe for us than what we have right now. So some of them are building their own system, which is, you know, it's not a strategy that we believe in too much because we think that they—it's not their core business. We've seen that in many other situations, many other companies, and actually, we don't know of any that have been really successful in anything like that. So we do believe that there could be an opportunity that some of them realize that they have a much better ability to actually work with a system that's already proven to work for everybody else. So that's the key thing we're expecting. Additionally, we are working with IVC Evidensia in other countries. We've been expanding with them. We are not working with them in the U.K., but of course, we are extremely, you know, been very happy with the collaboration we've had. So anytime that any opportunity there might arise would be very interesting as well. So related to that, looking at your European corporates, and then including their private equity owners, some of them have clinics and assets in the U.S. as well. Is there an opportunity that you could have a route to the U.S. market by showing your, let's say, value in Europe to expand to the U.S.? Yeah. Yeah. That's an excellent question. Firstly, due to the fact that they're actually expanding into other markets because the competitive authorities are, of course, somewhat restricting now their ability to grow in the U.K. So we can also have that opportunity to grow with them in new markets, as we're already seeing and in discussions with. In North America, that could become an opportunity. We do see that there's an opportunity at some point for that. We're not having it right now. Another element where there's a big difference between Europe and the U.S., is that in the U.S., the consolidators have been completely focused on just acquiring clinics and just having also some multiple arbitrages there and, and working that strategy. And they might be sitting on 16 or 15 different systems currently. This is a huge topic in North America, and not at all similar in Europe, where they're all unifying the system, and they're focusing already on the next phase of that strategy of operational efficiency. So in the U.S., that is just going to be happening in the future, when they're gonna look at, "Okay, who is out there? Who has done this successfully?" And that's when we believe they're gonna be looking also to Europe, where they're gonna see some case examples. So it's basically two phases. Phase one is buy as many clinics as you want to get the multiple arbitrage, right, of size. And then phase two is like, "Okay, we've got all these clinics now, which have been running independently on separate accounting software." And we know, we know the pain of buying companies with different accounting software and different systems, like, cleaning that all up and making sure you can get good efficiencies is the next phase. Yeah. Another element of that is also data security. If you have 15 different practice management softwares in your estate, how can you make sure that you have got good security on your data? That's something that they're starting to think about now, perhaps more, more and more, which is really important, of course. Another element, how do you train your staff? Because there's high turnover in staff in the veterinary space. How do you make sure that they understand all these different systems, if you've got 16 of them in your estate? Yep. Just a very high-level question. Please. With the high market shares, why is, like, profitability not higher? Profitability is quite high in those individual markets. Yes, but do you explain the 10% is like... The 10% costs, the CAC efficiency is like the cost you have when you expand into a new market, right? Yeah. That's the right way to think about it? Yeah. Why is the profitability difference between a mature market, the Nordics, where you have such a high market share, and the UK or some other country, so little? Why does it give you so little extra profitability to be the market leader? Because there's quite a significant difference. If we look at EBITDA minus CapEx for, or like, probably it's hard to allocate R&D because, like, if you do one work from who, who do you allocate it with? But, like, if we look at the profitability by markets, like our mature markets, like Finland, for therapy, like, or veterinary, like 50%-55% EBITDA minus CapEx, that's versus -16%, right? So there's a massive difference overall. It's because of the fact that we're investing a huge amount in R&D and also CAC in those new markets. So there's a dramatic difference. And so hypothetically, over time, right, all of those converge towards what Finland is today, right? What's the overall in Nordics? What's the- What's the Nordics profitability in Nordics? Not just Finland. What's Norway? I don't have that offhand. Oh. But it's because there's two aspects. I think Finland is probably the best way to look at it, because there are cloud softwares in both. There's some inefficiency still because of the fact they're legacy cloud software, some of them, and that need to be migrated, but it's roughly around 50% for the... So. Thanks. Pleasure. So Martin. Thanks. I mean, you invested heavily in 2021, and net retention disappointed a bit in 2022, and you're back on track in 2023, I would say. What's the learnings from that? What did you do wrong, what did you do, do right, and how did you come back again? I think it's differences in focus, right? So basically, sometimes we focus, we believe that there's a better opportunity to be able to invest our R&D resources into new product development, that we can then upsell to our customer base, right? And sometimes it's better to invest in, let's say, localizing for the U.S. to be able to get more users. So just different trade-offs, right? But I think the best way to look at it is to look at overall growth, 'cause some years it will make more sense to go after we need to go after new markets, so go after user counts and or new user growth versus net retention would be or net upsell, which would be a driver for the add-on sales. We normally do price increases based on the previous year, right? So that means that 2021, we had less inflation as well than 2022 and 2023, right? So, and 2022 inflation was based on 2021. Yeah, and 2022, that was probably a transition year when you firstly entered U.K., U.S., Spain, which- Yes. So then we focused a lot on new markets then, so that's why net retention was a bit less. But, and also it's hard to look at these, like, just on annual year, 'cause, like, one year we could just be rolling out a corporate, and that's like, the initial value of that is very low 'cause it was just a pilot, but then net retention goes up 'cause they're actually increasing the amount of clinics that they have over time. So there's some timing issues as well, if that makes sense. Yeah, definitely. And second for me, I mean, you're still guiding on EBITDA minus CapEx positive in Q1 2025, right? Yeah. At least looking at the simple math, you probably need to increase quarterly revenue by EUR 1 million, approximately. Is that a fair assumption? Yeah. Which means that you will need to grow by 10%-15%. Is your guidance a bit conservative, or? I mean, there's also we do have the increased salaries of people, so there's that impact as well on the cost side. And also, we are looking to ramp up EasyPractice's development as well, slightly. So there's some cost impacts as well. But, yeah, we're trying to be a little bit conservative with that Q1 2025, but we have not yet changed it. Yeah. And one more from me, if that's, Please. Okay. So, so I mean, what you have done in the U.K., that's very impressive, I would say. Can you give a bit more flavor, like how did you enter the market? What's the learnings? It will be very useful to get maybe Valter or you telling a bit more about, like, how, how has the U.K. journey been? How transferable is it to other- Yeah ... countries? I mean, it's not that many Nordic software countries that, or companies that are actually successful entering, Yeah ... outside Nordics. To get a bit more flavor on the U.K. journey would be- Shall I start with the history, and then Valter can continue with the current? So we made a lot of mistakes by doing it, so to be fully frank. So we started with Edinburgh, which was a university, and the university clients are the most complex clients ever, and also they don't work the same as normal clinics, right? So that first clinic was a very complex implementation that took place, right? The second thing is that we had you do market research, and then you say, "Oh, you're localized," once you have all these features based on the market research. We developed those features somewhat in without too much involvement of clients, right? And as a result, right, once we actually were in clinics, there was a lot of gaps, like, "Oh, I assumed you had this feature or this workflow," and so on, that we didn't actually have. So it took us some time to be able to properly localize for the U.K. And now we've learned our lesson from that, right? We've done it after that mistake. In that you just have to go into a few clinics, work with them to create the software, and when they're happy, then you can expand it. So that's why it took us a bit longer to be able to localize for the U.K. Then we started, we hired from local companies, like a local salesperson from our competitors to try to gain market share. We did a lot of cold calling, and then the corporates, I can... You, how do we get the corporates? Yeah, I mean, overall, I would say that we had a lot of learnings also when we hired from our competitors, though- Yeah ... too, because they are very different companies. If you look at IDEXX, obviously a key player there, they're gonna have very different kind of a mindset, and some individuals then work out very well, but we had to also do quite a bit of changes in the initial team. We've been also focusing a lot on getting veterinary professionals into the implementation team because they really value that, to get actually somebody into the clinic implementing software that knows what you're doing there, and that's actually not as common as you'd think. Usually, you'll get somebody who doesn't understand at all how a veterinary practice works. So we're really, really focused on that. Another element that, frankly, I can't emphasize too much is the fact that we are just focusing on software. We're focusing on the roadmap. When you're asking about the profitability and why don't we see more scale, because we're investing so much in product, frankly. We have been investing a lot, and to enter these markets has demanded a lot on that as well. But now we're in the situation we can prove that we have the market penetration in those markets, we can be successful, and we are going to see improved yields continuously out of that. On the corporates, of course, a key element of that is always going to be references. So the fact that we have these references, we've been working with IVC Evidensia, with AniCura, and so on, are so important because if you're a decision-maker in one of those corporates, who do you go with? The proven quantity, where you know that this project that might become a massive disaster if it goes and fails, or something new? And that's why, you know, right now, as we have this momentum, we are really excited that we can show those, have this unique track record. Good, and just last one. Yeah, please. I mean, in the IPO, we looked at the cost per clinic, like how much, how large or small part of the cost of a clinic will Nordhealth be? What's that number now, and how do you think it's gonna develop? Like, what do you think is the potential, if I get my question? I don't have the exact number now, but if we look at percentage of revenue, it's normally around 1%, for an average clinic, and if we add payments, it can be up to 2%, right? And then if we add additional services, you can have it north of that. So up to probably 4% is the total potential market potential of that. We're in the very early phases now, right? So even though that we've just developed the payment solution, right, which we've rolled out to a small percentage of our client base, right? There's a lot more room to grow on that. So if you look at our average revenue per user, right, and you can actually probably calculate it. We've got a graph at the end which shows you the user count in the appendix. Sorry, a lot of slides. No, we go to somewhere else, sorry. In future presentation, we can show the development of ARPU, but there's been a much faster development of ARPU than there has been of user counts, right? So as we've been able to increase value for them, so yeah, absolutely. If you did that, geography, I mean, the numbers would look very different. Very different, yeah, because in Spain, for example, they're not- That's why the worry would be that you wouldn't grow as profitably, very profitably. That's why you actually balancing your business by growing. Some little bits, but not that much, because our main costs are probably support costs, implementation costs, right? And those are local. So, and I haven't yet seen a Norwegian that's willing to work for Spanish wages. So there's some... The gross margins are a bit lower as well. Sorry, a bit lower in Spain, but not significantly so. And over time, right, I think it's a Yeah, let's look at your growth- Yeah ... for 2000-something. If you look at your growth for 2024- Yeah. What is the gross margin on that growth? The gross margin on the growth for 2024 would be around 75%. Yeah. Well, that's not bad, but, how can we- And by the way, but this is real- How can we be comfortable about that? This is real gross margin. I, I know you've got, like, gross margin from the financial statement, which is just COGS. I don't look. It's COGS and customer support for us. We add customer support because that's a real variable cost. So that's the variable cost, and also SMS fees and all that. So that's a proper cost, gross margin, if that makes sense. So how come EBITDA minus CapEx is not even higher than? When you're growing like- Because we're- ... when you're growing like this, I would imagine that in three years, your EBITDA minus CapEx would be much higher. But we also want to continue growing and continue being aggressive with new market expansion. That's why. The product investments are extremely significant. Yeah. Of course, we really are committed to also what we're saying here when it comes to our enterprise partners, that yes, we have a roadmap that is going to continue developing. We're spending a multitude- Yeah in product today than what we spent three years ago. But can you, did you subtract the growth investments from your earnings, just to illustrate it? Yeah. I think we have done that historically, and we've looked at it. But if we want to, like, it's a little bit a difference of time horizon, right? As the owner of this company, I wanna run this because I think there's a massive opportunity for the next 10+ years, right? And if I wanted to sell this in three years, the number 20% would be closer to 50, right? We could, like, we could run this, like, at the bone, and no one would quit for many, many years, and we can run this at even higher margins, probably than 50%, right? If we really wanted to, and show a spectacular cash flow margin, right? But that's at the expense of, like, then competitors will actually infer, like, slowly, very slowly, probably over 10, 12 years, would slowly take us over, right? But we would earn a huge amount of cash during that period. The second thing as well is that there is this window of opportunity of five years, where, like, we've seen before, like, once they switch, they won't switch again. So we want to get them early, right? Because if we don't get them, it's gonna be way more expensive to get them to switch when they're already on another cloud software. So that's what we're spending now versus later. If I wanted to not, like, the, and if I wanted to go for this cash flow strategy, I wouldn't have gone public, and I would just stay private and own the whole thing myself, right? With these dynamics. But there's this massive leverage you can get by being a bigger player, because, like, there's only so much you can invest in a calendar. And we can have great people working just in the calendar, versus that is the same size team as, like, the whole amount of people that work on our competitor in Finland, for example. Does that make sense, and does that answer your question a little bit? Thank you. Thank you. Ole? You had one. Yeah. So, congratulations on the new design and, yeah, design rollout to Provet Cloud. Yeah. How has that been received by, let's say, website users, and is that rolled out to the actual software as well? Yeah, absolutely. We're extremely excited about the new brand, but it's also going in conjunction with the new UI. So we have improved the application shell and the look of the software, and we've been almost surprised about how positive the feedback has been. So of course, always when you do change, even if somebody would change Excel basic UI for you, you would always have some questions. And the amount of support tickets we have seen has been extremely limited. Single digits. We have almost seen no tickets, so it seems that we've been able to bring this change without bringing friction, and that's what we're really, really obsessed about, because in reality, a lot of our product investments are also going into areas where we are doing something we already have, like the consultation page. We were redoing the consultation page to bring in more efficiency and make them more effective when they're working. So this is a proving point that we can do that. The second thing about that, which is really cool, is not only the... Yes, it looks nicer, but it's also fast. It's 10 times faster. Yeah. A lot of people sometimes complain that, "Oh, there's too many clicks, it takes too long for me to do it." Now, you click, and then it'll take one second, or it'll take 10 milliseconds to be able to load that page. So it's really much faster because it's a server-based loading solution. And, I mean, on the flip side, yes, we got no support tickets, but well, maybe we could have been more aggressive with that. So that's something. Sure ... we should review as well, is like we've been very, very careful about releasing new features, and so one improvement area is maybe let's take a bit more risk, right, on these things. I'm always pushing, you know, as the entrepreneur here, but- So related to that, does this, let's say, milestone in terms of improving the user interface and the design upgrade, does that free up some resources to prioritize other, you know, revenue opportunities, localizations, migrations? Yeah, absolutely it does. So the resources that have been working on that can now be focusing on improving other areas where we can bring efficiency. And the interesting thing is that when you back calculate of saving, you know, five minutes per day per veterinary professional, we're talking about massive amount of value in all of this. And the one thing to keep in mind, and especially, specifically now talking about the veterinary space, is that there's a huge shortage in staff, so they are really yearning for tools to make themselves more efficient, because there's a prediction that by the end of 2030, there's gonna be a shortage of 15,000 veterinarians in the U.S. alone. So how, how are you gonna cover that? The only way is to bring in efficiency. ... and also we've updated the top and the sidebar, but the middle part has not yet been updated. And the additional benefit of this is that the reason we did this as well, not only to have better UX and so on, is the speed of development, right? We've separated our front end and back end, thereby, if we wanted to change something, instead of taking a couple of days, it could take a couple of minutes to do it, which is a massive improvement in productivity for developers. So yeah, we're excited. I have more questions, but I'll let others- Do you have any questions? No, there are no questions. Yeah. Good. Question? Just one question. I mean, you've spoken a bit about migrations, but could you talk a bit more about how far you've come on migrating the different user bases of the different companies? Yeah. So I'll start with therapy, and you can do veterinary. So on the therapy side, Aspit has one, one product which they named two different names and have two separate brand names, Psykbase and Physica. Those are being migrated to EasyPractice, which is also named Physica and Psykbase, so it's a bit confusing. But. And we started that migration about a few months ago, and the way we're going about the migration is that we first need to target those customers which have the least requirements in terms of development needs. We've developed those. Once they're happy, then we migrate a more complex therapist that require, for example, Helsenett integration and so on, right? So currently, I think we've got around 25 clinics that we've been able to migrate out of a pool of, like, 100 in the first one, right? And we've got 8,000 to migrate. It will take us about two years to be able to migrate all of them. Again, right, the nice thing about therapy is that as soon as the, the... Our approach is first, you should think about, like, osteopaths. Osteopaths don't need Helsenett, and so as a result, right, we can migrate them all as soon as the first few are happy. So we trial it with the first few. Once they're happy, or if they're not happy, they give us feedback, we resolve the feedback. Once they're happy, we migrate all of them in one day or two days, right? So, and the biggest blocker we have is the HelseNett integration, right, which is currently being developed. So as soon as that unblocks, it's like 5,000 users that get unblocked. So that's the main blocker that we have. And then on veterinary? Yeah, on the veterinary side, so we're talking in the Nordics about five products, of which two essentially are going, end of life by the end of this year. So those- Have you announced end of life yet? Yes, we have. We have announced end of life for Provet Win and for VetServe. So one product in Finland, another one in Norway. So what is left? We have Sanimalis, that's in, in Norway and in Sweden, but all the Swedish customers have been migrated, so it's only in Norway. Then we've got Provet Net, that's in Finland, and Vetvision in Denmark. So these three are left. In terms of the total estate, we've migrated by the end of this year, about 20% of all clinics, so we still have 80% left. So there's quite a bit ahead of us. Now, what's quite important here is also that some of them are, behind an enterprise customer. So actually quite significant amount of them, they are still on a legacy system. When they shift, that's going to be a bit of a different migration because they're gonna have a staff of their own as well, which is great, where they bring them in, and they do that migration at a really fast pace. That's something that we're gonna be benefiting from. Perfect, and then just a follow-up. Yeah. You spoke a bit about how you have some kind of variable costs, some fixed costs related to, that you can extract over time- Yeah ... but also at the end, could you talk a bit more about how we should kind of think about the cost synergies related to migrations? Yeah. So, if we think about the roughly on Aspit, right, it's EUR 3.5 million of cost, right? That is sort of stuck until we migrate thm, right? 2/3 of that is variable. So as we migrate, right, that we should get those savings away, and then 1/3 of that is will be a fixed cost, which only once the last person migrates, we'll be able to get rid of it. So think about the development team on the latter part, and on the earlier part, think about like Citrix and Microsoft license fees, and customer support, sadly. Perfect. Thank you. So very impressive growth on the veterinary side, this quarter. And I assume there is not a lot of contribution from the two corporates in the U.K.? No, not much. Could you just, as I highlight some of the main contributors to that 32% year-over-year growth- Mm-hmm ... in types of geographies, small clinics or- Mm ... enterprise customers. Where are you growing? Yeah. Well, we're growing, of course, in relative terms, fastest, obviously, in our growth market. So in Southern Europe, we're growing very fast. There, the consolidation rate is significantly lower than in the U.K. and in the Nordics. So we're working with enterprise players there who are buying up clinics, rolling out the software. They're growing organically as well, so that's benefiting us. Then we've got, of course, new customer acquisitions that we've done a lot in the U.K. and in the U.S. and Southern Europe, also on the independent side. But then we've been happy to also see that net retention in the Nordics has been very high, so we've been able to get a high net upsell specifically there that is driving also growth for us. Those are the key levers, essentially, that are coming to play here. So what are the upsells? Is that, Mm ... payments or things? So payments is one important element of that that we're seeing. Then we're also seeing those Nordic customers having organic growth of their own. We have a percentage of revenue model there. It's benefiting us, as we've seen they're growing much faster than the average market. And then additionally, we are bringing right now with the digital whiteboard and referral portal, so we expect that we can still maintain also new product add-on sales there. And then lastly to Charles, are you happy with the liquidity of the share traded currently? And, if not, what actions are you taking to improve it? Yeah. So no, I'm not very happy with the liquidity, right? It's very low liquidity, if not, in the share currently, right? One is doing capital markets day like this, right? To be able to tell our story, right? Also, on the retail side, Carnegie happily organized a meeting on the [Morgan this morning, right? To be able to talk to the a bit more retail customer base. And then, third, I think will be like, we'll be going to a few more conferences to be able to get our name out there, right, a bit more. One last question from me as well. You spoke about how you would kind of increase the price in legacy solutions up to the- Yeah ... kind of the new solution. Has that had a large contribution to growth over the, kind of the past years, or is that an effect that's going to be more prevalent going forwards? Our pricing, it depends- It has had contribution. It has had a contribution historically. I think that, there's still some room to move. So for example, in Vetera, we still have some price increases- Yeah ... to be done, right? Mm. But the reason we do that is that at first, we realized that people they've been using a software for, like, 10, 20 years, they'd never wanna switch, right? So don't give them another reason in terms of price to not switch, right? So we decided to pre-increase the prices of those legacy solutions so data price is not an issue. So for example, like the price of EasyPractice and the price of Aspit now are the same exactly. So we should see... I think on the therapy side, I don't think we'll see much more net price increase, just pure price increases of the legacy ones. But as they migrate, we'll see them add new add-ons, right? And on the veterinary side? Yeah. I mean, in the Nordics, we are getting to similar price parity in most markets between Provet Cloud and legacy products. Then we've got Vetera, as mentioned. So there's over 1,600 clinics in the DACH region working on that, and there's a big difference in terms of the pricing that they are paying for their system versus our flagship product. And we have done some price increases, and as we mentioned earlier, not a single clinic quit, which of course highlights you know the stickiness and mission-critical aspect of the software. And as Charles said, there is going to be a route to make sure that there's a price parity between those, and that should be benefiting us financially as well. Just to emphasize that, I think that we increased prices 25% this year, and zero people churned. Maybe we got a couple customer service questions, but probably very few. Yes. We'll see about, like, it doesn't mean. Yeah. In reality, of course, there's also a lot of growth happening there- Yeah ... in their market. The need for veterinary services is really big. The shortage of staff is really significant, so this is one of their least issues because as I said, we're talking about sometimes less than 1%. Certainly in Germany, way less than 1% of their clinics' revenues here. But for us, of course, it's very significant. Perfect. Thank you. Well... We have no more questions.