Good morning, everybody. Welcome to StrongPoint's Q1 2025 Q&A. We have here Jacob and Marius from StrongPoint, CEO and CFO. To start with, a quick recap on the financials. Recurring revenue is up 17% this quarter to NOK 372 million. Total revenue for the quarter came in at NOK 347 million, and we delivered an EBITDA of NOK 10 million with a margin of 2.9%. On company operations, again, three things to highlight. We got a first auto store win in the U.K., two AI-powered theft prevention pilots in Scandinavia with a formal partnership signed with the AI-powered anti-theft company SAI Group, and we have initiated a third Vensafe theft prevention pilot in the U.K. To start off with, first question is for you, Jacob. On recurring revenue, recurring revenue grew by 17%. What are the main drivers behind this growth, and how do you see the role of recurring revenue evolving as a share of the overall business going forward? Okay, thank you, Dominic. Firstly, before diving into the answer to the question, I think it's important to just explain what do we count as recurring revenue. For us, recurring revenue is the service agreements and license agreements, and then we have some rentals, which is a minor bit. In total, this is about one-third of the revenue base that we have at StrongPoint. What grew in Q1 was the license revenues. Out of all these different components, it was license revenues that grew. It actually grew by 68%. Three reasons for that. First and foremost, the order picking license revenues, which is again driven to a large extent by the Sainsbury's deal we have. Secondly, self-checkout license revenues. That is predominantly in the Baltics. Lastly, also third-party license revenues. That is sort of explaining the growth of the recurring revenue base. Now, going forward, we are always looking to increase the quality of our revenue. While we have been and still are to a large extent a project-driven organization and company, we're increasingly seeking to grow the share of recurring revenue to create a sort of predictable business going forward. Recurring revenue and SaaS-based license fees for the solutions that we offer is going to be a priority and focus forward. Over to you, Marius. On EBITDA, regarding the EBITDA improvement, what contributed to this turnaround? With a 3% decline in revenue, there were two things that stood out in Q1 leading to the EBITDA improvement. Number one, there was a change in the product mix leading to the improved gross margin. This came from an increase in the service revenue, both in the recurring revenue that Jacob just touched upon, and secondly, an increase in the project-related installation work. That was kind of the increase for the gross profit leaning or leading to improved EBITDA. Secondly, we had positive effects of the cost reductions that we completed last year. Okay, before we go on, just a reminder to everyone to submit your questions in advance. There is a slight delay, so it takes a little while for us to actually see your questions. You should find the information on the bottom right of your screen to submit the questions. Please do not hesitate. Back to Jacob. On e-commerce, three questions, three-part questions. Firstly, are there any pilots with our e-commerce order picking solution? Secondly, is there an update on StrongPoint's locker installations in the U.S.? Related to that, are they being impacted by the tariffs? First of all, there is and has been a lot of interest following our announcement of the Sainsbury's deal. We are having Proof of Concepts out in stores. When it comes to sort of pilots or larger commitments, that is, of course, something we will be communicated once they are confirmed to the market. All I can say now is that there is big interest for our order picking solution, particularly following the Sainsbury's announcement. We have great expectations for what additional customers we could be getting there. Specifically on the tariffs, how are, for example, our locker installations in the U.S., how are they actually impacted by the tariffs specifically? Tariffs, of course, in isolation is not good. For the pilot that we have in the U.S., the current tariff discussion, I should say, is of course creating some uncertainty. No change to the sort of pilot itself, but of course, with the uncertainty that you have now, it's impacting the discussions about continued rolling out that kind of pilot. Again, I'd like to highlight, first of all, there is lots of uncertainty still when it comes to sort of tariffs seemingly changing every day. What should be said, though, is, and I think this is important to recognize and remember that in StrongPoint, we're predominantly a European company. We're serving European grocery retailers. The direct impact on StrongPoint and our customers is, compared to many others, very, very limited. I think that's very important to remember. European grocers is the predominant customer base that we are having. Okay, moving on to Vusion and electronic shelf labels. Can you give any more concrete details about the Vusion Group partnership? Are there any signed deals or tangible progress to report? First of all, the partnership with Vusion is a strategic one. I think it's very important. What we're talking about here is really selling platform solutions, business-to-business software solutions. These sales cycles take time. We should just remember that as we signed this partnership quite recently. That said, we are now starting to do installations of already sold Vusion solutions, so installations of solutions already sold. In addition to that, very recently now, we fast-forwarded the release of the exclusivity that we had with Pricer. Just to remind everybody on the call here that number one, as of January, we were starting to sell Vusion solutions that were not electronic shelf labels. Now, as of very recently, we have been also now allowed by Pricer to start selling and marketing Vusion. Good morning, everybody. Welcome to StrongPoint's Q1 2025 Q&A. We have here Jacob and Marius from StrongPoint, CEO and CFO. To start with, a quick recap on the financials. Recurring revenue is up 17% this quarter to NOK 372 million. Total revenue for the quarter came in at NOK 347 million, and we delivered an EBITDA of NOK 10 million with a margin of 2.9%. On company operations, again, three things to highlight. We got a first auto store win in the U.K., two AI-powered theft prevention pilots in Scandinavia with a formal partnership signed with the AI-powered anti-theft company SAI Group, and we have initiated a third Vensafe theft prevention pilot in the U.K. To start off with, first question is for you, Jacob. On recurring revenue, recurring revenue grew by 17%. What are the main drivers behind this growth, and how do you see the role of recurring revenue evolving as a share of the overall business going forward? Okay, thank you, Dominic. Firstly, before diving into the answer to the question, I think it's important to just explain what do we count as recurring revenue. For us, recurring revenue is the service agreements and license agreements, and then we have some rentals, which is a minor bit. In total, this is about one-third of the revenue base that we have at StrongPoint. What grew in Q1 was the license revenues. Out of all these different components, it was license revenues that grew. It actually grew by 68%. Three reasons for that. First and foremost, the order picking license revenues, which is again driven to a large extent by the Sainsbury's dealer we have. Secondly, self-checkout license revenues. That is predominantly in the Baltics. Lastly, also third-party license revenues. That's sort of explaining the growth of the recurring revenue base. Now, going forward, we are always looking to increase the quality of our revenue. While we have been and still are to a large extent a project-driven organization and company, we're increasingly seeking to grow the share of recurring revenue to create a sort of predictable business going forward. Recurring revenue and SaaS-based license fees for the solutions that we offer is going to be a priority and focus forward. Over to you, Marius. On EBITDA, regarding the EBITDA improvement, what contributed to this turnaround? With a 3% decline in revenue, there were two things that stood out in Q1 leading to the EBITDA improvement. Number one, there was a change in the product mix leading to the improved gross margin. This came from an increase in the service revenue, both in the recurring revenue that Jacob just touched upon, and secondly, an increase in the project-related installation work. That was kind of the increase for the gross profit or leading to improved EBITDA. Secondly, we had positive effects of the cost reductions that we completed last year. Okay, before we go on, just a reminder to everyone to submit your questions in advance. There is a slight delay, so it takes a little while for us to actually see your questions. You should find the information on the bottom right of your screen to submit the questions. Please do not hesitate. Back to Jacob. On e-commerce, three questions, three-part questions. Firstly, are there any pilots with our e-commerce order picking solution? Secondly, is there an update on StrongPoint's locker installations in the U.S.? Related to that, are they being impacted by the tariffs? First of all, there is and has been a lot of interest following our announcement of the Sainsbury's deal. We are having Proof of Concepts out in stores. When it comes to sort of pilots or larger commitments, that is, of course, something we will be communicating once they are confirmed to the market. All I can say now is that there is big interest for our order picking solution, particularly following the Sainsbury's announcement. We have great expectations for what additional customers we could be getting there. Specifically on the tariffs, how are, for example, our locker installations in the U.S., how are they actually impacted by the tariffs specifically? Tariffs, of course, in isolation is not good. For the pilot that we have in the U.S., the current tariff discussion, I should say, is, of course, creating some uncertainty. No change to the sort of pilot itself, but, of course, with the uncertainty that you have now, it's impacting the discussions about continued rolling out that kind of pilot. Again, I'd like to highlight, first of all, there is lots of uncertainty still when it comes to sort of tariffs seemingly changing every day. What should be said, though, is, and I think this is important to recognize and remember, that in StrongPoint, we're predominantly a European company. We're serving European grocery retailers. The direct impact on StrongPoint and our customers is, compared to many others, very, very limited. I think that's very important to remember. European grocers is the predominant customer base that we are having. Okay, moving on to Vusion and electronic shelf labels. Can you give any more concrete details about the Vusion Group partnership? Are there any signed deals or tangible progress to report? First of all, the partnership with Vusion is a strategic one. I think it's very important. What we're talking about here is really selling platform solutions, business-to-business software solutions. These sales cycles take time. We should just remember that as we signed this partnership quite recently. That said, we are now starting to do installations of already sold Vusion solutions, so installations of solutions already sold. In addition to that, very recently now, we fast-forwarded the release of the exclusivity that we had with Pricer. Just to remind everybody on the call here that number one, as of January, we were starting to sell Vusion solutions that were not electronic shelf labels. Now, as of very recently, we have been also now allowed by Pricer to start selling and marketing Vusion solutions as of now rather than wait till June 28. We have used that time very wisely and efficiently. We have actually submitted our first responses to RFPs together with Vusion. We will have to see what that brings. Related question on the other side of the partnership regarding our e-commerce solutions. How have Vusion Group's customers responded to the integration of StrongPoint's e-commerce solutions? I think there's lots of positivism and excitement about the partnership from both, obviously, our side, Vusion side, but also customers, most importantly. What we should remember, though, is that we're selling a platform solution that hopefully remains with customers for more than 10+ years. That also means that you're very likely to come off a solution that you already have. That's not something you do in a week or a month or a quarter. It simply just takes time. There is lots of positivism about StrongPoint connecting its e-commerce solutions to the Vusion platform. It's a very exciting partnership that we will give time to mature, and then the fruits will come as we progress. Okay, next topic on Vensafe. A new Vensafe proof of concept has been initiated in the U.K. What is the likelihood of a rollout? Related to that, a question just came in regarding the other pilots that were live previously, that we announced previously in the U.K. What is the timeline of further decisions on those as well? Yes, I think we've named these Proof of Concepts. That's really what they are. That said, let's take one small step back. I mean, for Norwegian and also Swedish investors listening, Vensafe is obviously a very common site in the grocery stores. Now, what is really interesting here is that we have the U.K. market, which is something 7+x the Norwegian market, finally starting to get interest and attention around theft prevention, not only for tobacco, but really for any kind of high-value item in stores. Overall here, it's like we have a tremendous opportunity to bring Vensafe with some amendments and adjustments to the U.K. market, which is substantially bigger than any of the markets where we currently have Vensafe. Now, these are new solutions, and we have, as you said, we have three different kinds of Proof of Concepts with very esteemed customers, Sainsbury's, Asda, and now Morrisons, slightly different use cases. We do need to give them some time to prove the solution in store. You are not going to get me to give you a specific number on probability, but needless to say, we obviously have ambitions and beliefs that we could turn Proof of Concepts into bigger pilots and eventually rollouts. Okay, on CashGuard Connect. In the presentation today regarding CashGuard Connect, you referred to the need for a firm long-term commitment. Can you elaborate on what you meant by that? Yeah, first of all, it should be said, we are having a commitment from Spain's largest grocery chain, Mercadona. When I say commitment, I mean people, I mean store, the labs, their proof of, I'm sorry, POS integrations, et cetera, et cetera. There is a commitment. Let there be no question or doubt about that. That said, when I say firm commitment, we need some kind of financial commitment. That could be a purchase order from Mercadona. It could be similarly a financial commitment from others than StrongPoint that has been the case up till today. That's what I mean. We're getting to a stage where we have a very, very good product. Now we need that firm commitment in terms of financial commitment. A couple of very specific questions regarding the ownership structure. As there have been bankruptcy issues in the past, and also a very specific question whether we have acquired the remaining ownership part of the CashGuard Connect joint venture yet or not. We have currently a 60% ownership in the joint venture that owns CashGuard Connect. We have a 40% option to acquire or an option to acquire the remaining 40%. With the bankruptcy of the other joint venture partner, HART, that sort of 40% of that option now resides with the administrator that has been set up to handle the liquidation process. StrongPoint still has that 40% option in its 40% option. Talking about Spain at a general level, how much is the weak NOK contributing to the P&L? Question for you, Marius. The weak NOK not only relates to Spain from that perspective. Obviously, we have different currencies with the British sterling and euros also in the Baltics. For Q1, it has limited impact if you compare to Q1 last year. The EBITDA effect of the currency changes is less than NOK 1 million on EBITDA. I would say limited impact on the financial results. We are, of course, monitoring the developments, but financially wise, limited impact. Okay, on Sainsbury's and order picking, what is the latest regarding the Sainsbury's rollout in the U.K.? Very specific question as well. For example, how many stores have already implemented StrongPoint's order picking, and how will the updated timeline that was flagged in the quarterly report impact us? With Sainsbury's, again, just apologize me for taking a step back, but Sainsbury's, I labeled it as the most important win we've had in the history of StrongPoint. Obviously, working with a huge customer like Sainsbury's, we have for the past one year been doing significant investments to ensure we can cater for Sainsbury's, but also other clients. That has included ISO certifications, has included setting up the appropriate support SLAs, the supports to handle the SLAs that involves here. It includes a number of features, technical and UX and UI features for Sainsbury's to really ramp up the rollout. Just saying that there's a rig now that's sort of set up to handle both Sainsbury's and others. Now, if you look at what we have rolled out till today, it's a handful of stores. That is less than we anticipated initially. There have been additional requirements on the way along. This is fully communicated and aligned with the customer. We are currently at a handful of stores. We will be starting to roll out more of those in May, June, July, and August, and into September. There will be a freeze period. Every major grocer in the U.K. runs a freeze period before Christmas. We simply will not have sufficient time to complete the rollout before this freeze period, which is why we are updating the completed rollout to all Sainsbury's stores, close to 300 stores, using the planned or scheduled order delivery till summer 2026. Financially, this will have limited or no impact. The reason for this is because we have set up a minimum order volume that needs to be handled by Sainsbury's. If the number of orders running through the stores is below this threshold, the payment to StrongPoint is still at minimum order volume. This is why we're saying it has very little or potentially no financial impact, the fact that we're pushing out the rollout. Okay. One final question then back to you, Marius, on the POS regarding the operating cost. We mentioned the POS, point of sale in the Baltics. Can you tell us more about that from a financial perspective? Sure. We have been developing our own POS solution for about 1.5 years. At the end of last year, we launched this TreeCommerce solution. From a financial perspective, we started to capitalize the development costs on this POS solution in Q4 last year. More specifically, the effect on Q1 figures in 2025 was that we capitalized costs of approximately NOK 1 million. A fairly limited impact on the financial perspective. I can also say in addition to that, we are capitalizing development costs on the CashGuard Connect project in Q1. That amounted to about NOK 7 million. Okay, unless there are any more questions, we will wrap it up. Just giving you a few more seconds just in case there is a slight delay for us to receive the questions, but it does not look like it. Unless Marius and Jacob, you have anything else to say, we will end the session. Thank you, everyone, for listening in, and look forward to having your questions at the next quarter. Thank you. Bye.