Hello, everybody. Welcome to the Cyberfaults and Shopper and Svercom financial results presentation for second quarter. I'm just wondering how to do it in one hour, to be honest with you, because we just finished our webinar in Polish. And also, yes yesterday, we had a meeting with our Polish institutional investors. It took us two hours, so I think we have to be a little bit quicker in this case than than with Polish investors. So let us quickly go through the financial results, and then we are going to tell you a little bit more about product road map and r and d areas in Shopper. And then I think it will be the best if we reserve, like, half an hour to twenty minutes for your questions. So yes. So so maybe maybe let's start with finances. Tomik, if you would be so kind. Yes, Adnan. And, no. Let let's start from the beginning. Yes. Okay. Thank you. Yes. This is okay. So I'm I'm not sure if all of you are familiar with our quite impressive CAC results for for the last couple of years. We are achieving quite impressive Sorry? I can hear somebody if you be so kind and and turn off your microphones. Thank you. Okay. So so our CAC results for the last couple of years are more than 30%, and we are going to maintain this this dynamics for the next years. Also, if we take a look on the our revenue diversification, right now, we have revenue coming. If we can skip to the next slide, Tomik. Thank you. We have revenue coming from Poland, but also from other countries. It's a little bit different. In CyberFox, we have revenue coming also from Romania and Croatia. And in Vericom, we have revenue coming also from European Union markets and U. S. Market. You can see on the chart how this revenue is divided. Also, if we take a look on the dynamics of net revenue, EBITDA and operating cash flow, the results are quite impressive. Here, you have last twelve months results that you can compare with previous periods. All of the results are between 3040%. In revenue, we have 32% dynamics in EBITDA, 34 in net profit, 37% and operating cash flow is the best, 41%. I think Robert can tell you a little bit more especially about net profit in his part of presentation. So so in summary, we are a SaaS company providing solutions for merchants and other customers all over the world. We are present in more than 100 markets. We provide our services to more than 400,000 customers globally. And we have very strong cash flow from operations, more than SEK 200,000,000 right now. And I think I give my voice to Robert. He can tell you a little bit more about the financial results, then I will tell a little bit more about our product approach in Shopper, and then we can go through the questions. Robert, we can't hear you. Yes. Thank you, Kubay. I was muted. Yes. The previous quarter, I mean, the Q2 twenty twenty five was the record breaking quarter, not only in terms of the nominal value of the sales and profits that we have achieved, but also it was a record breaking quarter in terms of the dynamics. The revenue grew almost 40% on a year on year basis. When it comes to adjusted EBITDA, the growth was even higher. It was more than 70%. Of course, the results were influenced by the acquisition of the Schottberg company. Nonetheless, the organic growth was pretty impressive in all of our operating segments. If we take a look at the pro form a results, I mean, if we add the shopper results to the base period, so as to make the like for like comparison, we can see that in terms of organic growth, the revenue grew by 14% and EBITDA grew by more than 24%. So in each and generally, there is a similar trend in all of our segments. So each segment grew, like, around 15% in in terms of revenue. And in and in every operating segment, we can see this operating leverage effect that the profits grew much, much more than the than the revenues. Especially, would like to emphasize the Cyberfolk segment, which grew the most out of our all businesses. But I will talk about it later on during the presentation. Just to clarify, maybe to give some insight about the results, it the net profit fell by 50% on a if we compare it to the last year quarter. However, this decline is influenced heavy by the one off and temporary costs. Because if we take a look at the organic growth of each segment, we can see that the stable growth similar to the EBITDA growth. But this quarter was under pressure of the additional interest costs. Those interests come from the credit facility that from the debt that we took that we raised to finance the acquisition of Shopper. As you can see, almost PLN 6,000,000 profit attributable to CyberForks from the Shopper that we had in this quarter because the Shopper itself generated around million of net profit for the second quarter. And as you may know, we have we own 50% of of Shopper. So so the attribute attributable profit to CyberForks is around 6,000,000. And in the similar period, the interests that we have taken for this acquisition stood up almost to 10,000,000. Nonetheless, I would like to highlight that I expect that this negative effect on EPS that we currently have from the Shopper acquisition will very soon be will vanish very soon. I expect that in the coming three or four quarters, the net profit that we will have from the Shopper acquisition will be far bigger far much bigger than the interest rates that we are currently and we will be paying for the for this acquisition, for the debt associated with this acquisition. As I said, for the last quarter, the shopper generated around 6,000,000 of profit that that is attributable to Cyberfolks. Given the fact that Shopper is growing in the pace of more than 20% each year, we expect not only to maintain this pace but even to increase this growth rate. And on the other hand, we expect that the not only the, you know, official interest rates will decline, but also as we are about to repay a substantial part of the debt from the operating cash flow that we are generating. We expect that next year, the quarterly interest rates cost will be like two up to PLN 3,000,000 lower on a quarterly basis than they are than they were in the 2025. Apart from the profits, we are also, as I said on the previous slide, we are generating also very substantial operating cash flows, more than million if we look at it on the last twelve months basis. And this operating cash flows give us a lot of space to invest in r and d, in new products, which is up to up to almost up to 40,000,000 zlotus yearly. And we have also a space to to repay our loans and credits, pay interest, and there is still some space to pay some dividends to to our shareholders. When it comes to the debt level, it's, I would say, on the average level. If we take a look at the previous years, we are not at the highest level of the debt. This is a very comfortable level of net debt. If we measure it by this EBITDA to net debt ratio, it is around 2.3. So we still have space to further acquisitions. Moreover, as you can see, we had in the previous years, in 2022, we also had some increased level of debt net debt after the acquisition of Maider Light. But as you can see, during the previous two years, we were able to decrease net debt level almost to zero. And similarly now, we see a perspective, you know, because because of the cash flows that we are generating, that we will be also able to to decrease the level of debt to to very low levels provided, of course, there will be no further acquisitions. Yeah? And going for the for the segments, as as I said, the biggest growth we achieved in the Cyberfolks segment, It's almost purely organic growth. We we made some some acquisition in in June in Romania. However however, it didn't have much effect on the on the quarter b results. I am very optimistic about the prospectus of the growth in this year and the following years as the growth that we are achieving comes from primarily from implementation of new products like website AI Builder Now and additional value added services to the to the hosting hosting offering, We are also investing heavily in AI, only in CyberForks group not only in the hosting segment, but also in the whole CyberForks group. And we can see the the the the actual results, effects of the of the AI implementation. And, of course, last but but not least, we we we also expect to have further synergies from the acquisition from the acquisition of of Shopee. Yeah. As I said, we in June, we have acquired a hosting company in Romania with more than 10,000 hosting customers and almost 20,000 domains. By this acquisitions acquisition, we have strengthened our position as the market leader in Romania where we have, I would say, almost up to 40% share of the of the Romania hosting hosting market. So I would be that will be the key facts about the hosting, the CyberForks segment. And now we're gonna move on to to to the shopper group, to our ecommerce segment. And as I said, also shopper is growing in the similar pace as our other segments. So in terms of revenue, 60% growth year on year. EBITDA grew by 23%. And also, it's a purely organic growth. You can see the effects of the of our focus on high pro high margin products like logistics, payments and the Apiva product, which is an ecommerce integration software, which is which is responsible for for the biggest growth of our GMV. In June, we have achieved a milestone of 2,000,000,000 of monthly GMV generated on our platforms. Therefore, we are the largest SaaS e commerce platform in Poland, not only in terms of number of customers, but also in terms of the GMV that we are generating. So it will be shortly all about the the the results. Now we're gonna say a few words about the about the product development, and I'm leaving the floor to to Kuba. Thank you, Robert. Yes. So Despite Shopper is the biggest Polish e commerce platform and I think the biggest in this part of of the world, we found a lot of product features that that we are missing. Also, design of the our merchant shops and our panels, user interfaces, and so on requires a lot of improvements. So we decided to to invest in this area. Let's I'm not sure if all of you are familiar, but we we hired a lot of talents after our acquisition in Shopper. So we hired Patrik Pavlikowski, who is responsible for a product in Shopper. Previously, Patrik was working in SumUp, and, also, he was the founder of ShopLoad, the the very successful Polish e commerce startup, which was acquired by Samap and then by Shopper in, I think, two two or three years ago. So so Patrick is, I think, one of the best product designers, and he's a product director in in Shopper. Also, we hired Pavel Ulevkovic from Mondivo, a company who was responsible for apps like CCC, Mondivo, Bovie. We have Miros Klimag responsible for design. So we have Ukash Bowet responsible for AI. We decided to invest a lot in a product area. We hired Silicon Valley Agency responsible can we skip to the next slide? Thank you. We hired Silicon Walli Agency working for Shopify to improve our design in merchant stores. So here, you can see results. I'll go briefly through this segment. You can see that we have designs for all of the branches. Also, we are ready to implement AI tools for customers that can easily use some kind of photo templates and other configuration methods. You can see photos here. All of the photos are generated with AI. So it's also helping us when we are launching some merchant store to show him how how his store, how his products can look like with with with particular design. So so now generating of shops for the merchants will be much more quicker, and also design will be the same as our global competitors have, like like like Shopify, for example. Here you can see some movie that shows merchant store with using the Shablons in motion because some some of the parts of this of the shops are animated. Tomik, can we can we turn on this movie, or or we have some Yeah. I'm trying, but it's not gonna work, to be honest. Yeah. It's, like, not on this version. Okay. So so maybe through email, we will send you a link to this movie. Also, in our YouTube channel, we have we have this this movie. We improved our user interface for merchants. So, also, it's much more modern, much more user friendly. There is also some AI implementation. And, of course, we are going to improve AI tools in this in this field. The very important part for our merchants is the checkout. We are working right now on SSO, so single sign on procedure. We have more than 20,000 merchants with more than 15 millions and customers. So we are going to to help as much as merchants and also customers to use single sign on. And one login for all the shops, we believe it will improve conversion. Also, the part of the checkout procedure is really important to have here a very clear design and and all the fields working improving conversion for merchants. So this area is also optimized for a conversion. In the product area, we also deliver new merchants experience with the reports generated with AI. And also, can we go back to the to the the slide? We can deliver a lot of data and a lot of analytics for our merchants using data science, using AI. So this part, I'm I'm very sure it will help our merchants to grow the the GMV. And on the end, we will gain a lot of take rate in the future. Also, the the part which is very important for our merchants is a cross border. It's it's something new we have in Shopper. We start cross border since, I think, six months. First, starting cooperation with Stripe. Now we have a lot of features for our merchants that can help them grow on the other markets. So this field is also really important for for us and for our merchants, and we are working on this on this area. Okay. And we can go to the marketing part. Okay. Another part of of analytics reports that that are helping our merchants understanding their customers, their transactions, what they can improve, what what is working very correctly on the on the relations with the customers, what's what they can improve. So very important tools for merchants. There will be a lot of AI. There will be con conversational tools for merchants that they can talk to just like you we we all are using ChatGPT, so you can ask, okay. What what what do you think I should improve in my store or what you think about last data? And there will be conversion conversational interface. So so so so quite a different approach than we used to have in the shopper. Yes. And and this Monday, we launched a new new web page with a new design completely new design. The the the the previous one was, I think, a little bit too old to too old fashioned. Now we are we have very modern website with also very nice design and and different approach. We are more about customers. We are more about stories about our customers so they can found success among other merchants. They can imagine how how it can work in their shops. So it's quite quite, I think, better approach for the customers also in a premium segment of merchants. We have a new website. It's dedicated for the premium customers. If we can go to the next slide. Yes, thank you. We are also improving this field. I'm looking on the time. Now we go very quickly through the next slides. We are very involved in a community of ecommerce partners in Poland, ecommerce startups, and all the ecosystem that we have in Poland. Shopper is making Shopper Labs. It's it's some kind of conference that was was made in May 2025, and now we are doing another one in September. I think in the next two weeks, we will have addition number three. We are sharing a lot of know how, a lot of experience, a lot of new features with our customers, also with our partners. There is a great opportunity to make a cross sell between our companies. We can present CyberFault solutions, Vercom solutions, Apila solutions, Cyntegra solutions, so all all other tools that are present in our group. So it's great opportunity to to make profits from this community that we already have in Shopper, the the biggest e commerce community, I think, in Poland. Okay. I think this is the most important part in in Shopper that we would like to present you. There is a lot of new features, a lot of new design, a lot of new approach for the customers, for the products. So I'm I'm very sure it will gain a lot of new GMV for us and also a lot of new revenue and EBITDA. Yes. So so Robert So maybe yeah. Eventually, let's go for the welcome segment. I suppose welcome is also having its own dedicated conference for the international investors. Nonetheless nonetheless, I would like to also just briefly go for the for the results. Similar areas in other segments, high growth of around 12% in terms of revenue, more than 20% in terms of EBITDA growth. Similarly, as in other segments, here, we are also concentrating on the high margin services, high margin communication channels. Therefore, we are able to achieve this this leverage, effect. If we take a look at the product development in the in Vercom, first of all, and mainly, we put we put lots of effort, to to invest, and we are investing a lot, a lot of money in, RCS, development. RCS, it's it's a next generation of SMS. It's a communication channel that gives gives an opportunity for the actual conversation between the company and the and its customer. Through RCS, we can we can not only, you know, communicate in a in a one way, but we can have a mutual conversation with the customer that the customers can actually make transactions. They can make payments. So this is a future of communication. We have already more than 100 registered customers which are actively using the service. And these are the one of the most recognizable brands in in Poland, like Impost, BRIK, IKEA. So so very recognizable brands that are that are just starting to use the use the RCS channel, and we we as we as Vericom are perceiving this channel to be the future of communication. Apart from product development, we we are also developing our partnerships. First of all, I would like to say about our partnership with Microsoft. The this our agreement started in March and April this year. And even though it's just a few months since we have started our cooperation, I mean, now our message flow flow platform, which is a communication platform, which is developed by by Vercom, so our main product in Vercom, now is available on the Microsoft Azure platform. And as I said, even though we are just a few months on this platform, we already have we already have acquired some significant customers from from international markets like Golden Food Services, which is a huge company with more than $20,000,000,000 of of revenue and similar further further international companies that that are using our services. Without this partnership with Microsoft, we really wouldn't be able to to acquire such such customers on the the global the global markets. Of course, the partnership with Microsoft, it's not the only one that we are basing our growth, especially in MailerLite. So our solution for the small and medium enterprises, we we are in we are very embedded into the Google ecosystem. And also from the Google ecosystem, we also we also acquire lots of new new new new customers. And apart from these big global platforms, we are also gaining a lot of traffic, new customers from from other partnerships like marketing automation companies and, of course, the the companies that we have in our group like CyberForks and and Shopper. Yeah. As we said, we are also as I said before, we are not only growing not only a growth company, we are also paying stable and growing dividends throughout our history, and we plan to continue this trend. However, as we are mainly focused on the growth of the company, Dividends are kind of a side side benefit as we are also a shareholders of the company. So also substantial part of our, let's say, remuneration comes from these dividends. I mean, we as a management board, we are also shareholders of the of the company. Yes. And that was all when it comes to, you know, to presenting the the the business segments of our company. Just to sum up, we are building an ecosystem of own solutions. We we are investing a lot in r and d around 10 more than $10,000,000,000 each year. We are investing in new products, in r and d of the existing platforms. And currently, we are the sea leader when it comes to ecommerce SaaS solutions, and we are also one of the Europe's league leading technology companies, and we plan to to to build up our position to in in this area of of Europe. Yeah. So that will be all when it comes to the presentation part. We will be very thankful for the questions as we have the opportunity to discuss now. Yes, Harry. You can unmute, I think. Thanks very much for the presentation. I had a question just related to the comments at the beginning around the growth expectations coming from new products. I think I think that related to the the cyber folks segment, the hosting and domains. Could you just talk a bit more in detail about, like, these products and, you know, the value add for your customers and and how you expect that to translate? Is it should that come through in pricing? And sort of what level of price increases do you expect? So value added services that we are offering our customers, it's products like CDN, content delivery network, now our AI tool for building websites. But there is also new user self-service panel, which is called CyberAdmin, and it's our own technology. We was working on this since four years, four or or even five years. And it's our own technology for provisioning system for the hosting, also for self-service for the customers. And for example, there is an AI tool that this is it's it's conversational interface. If, for example, if some user wants to add an email account, he can just type, please add me j.dvernitsky@cyberfaults.placcount, and it's proceeding. So it's very useful tools for for our customers, tools that none of our competitors right now have on on on their products or or or interfaces. So so mainly, it's so we like like CDN, now product, and and some tools helping our customers using our services. Okay. And that should lift pricing? Is that the implication? Or maybe in Yes. Some instance, as It's already happening. It's lifting prices. You can see it on the results of our first or second quarter. The growth of revenue is coming from these products. Okay. So it's already you're already starting to see the benefit? Yes. Yes. Yes. Yes. Okay. And and maybe just to add on to that that question, you know, we're reading a lot of stuff about AI agents and and particularly in The US, like, some of these similar businesses have been impacted. Like, are you seeing any signs that, you know, there's opportunities or threats from from, you know, other AI applications that, you know, could Yeah. Definitely opportunity. I was trying to tell you that we are already doing it. Yes. So we can say the conversational interface is such an agentic AI for hosting. It's because you can use this AI agent as your, I would say, personal adviser for hosting services. The same will be in Shopper. If some merchant is using some com Google or or meta campaigns, he can just talk to the agent AI agent, and and he can say, I have a 5,000 budget for for Google. What can I achieve? How how much GMV I can have from from Google? Or what what what you're advising me to do if I want to sell more products like this. So so it's already happening in in our site. This is agentic AI. Okay. Thanks. Definitely opportunity for us. It's it's I think every SaaS company in the world have to go this way because in the next two, three years, we will see I think there will be such an interfaces. Yes. Because it's it's easier for us. Of course, there there are some difference because if you are using ecommerce as as an end customer, so you want to buy some hat or a dress or or a suit, it's better to have a choice and see this choice instead of conventional. But if you want some advice or you want to make some configuration, it's much easier to do it conventionally than using some panel. Of course, the both both interface will will be available, and then user will choose which is better for for him. Probably some some gigs, nets, and and so on, they would prefer still to use some normal interfaces, but most of the customers will prefer to use conventional agents. Okay. And is there any instances where, like, you get pushback from customers in terms of the price increases? Or is it you're not saying that yet? No. We are not increasing prices as just increasing prices. We are always trying to add some additional functionalities to our customers. Yeah. I think it's worth to to see that in shopper, there is a big gap in pricing according to Shopify, for example. If you take a look on take rate without our revenue from marketing services, it's around 1% of the GMV according to 2.7% in Shopify. So there is a big space, but also there is a gap in our product. So so the product By payments, for example? Yes. Payments, but but also subscriptions fees. So but, previously, Shopper, I think, had not enough good products to increase prices. But while we are filling this gap with launching a lot of new features, providing customers world class design, I think since 2026, we will be ready to slightly increase subscriptions in our customers' base. Okay. Thank you. Okay. Now the next questions, please. I see Yeah. Roy, you can go ahead. Thank you, guys. Congrats on a great quarter. I wanted to ask regarding the expansion plans. I know you mentioned Romania and Croatia regarding Austin, but what's what's the what are the plans for regarding ecommerce? Are you planning to tackle these markets as well, or are you still very much focused on in Poland? No. We would like to to to buy some company in the region. So so we are looking on such companies. But, normally, we are not talking too much about our m and a's. Just to be confidential with this with this process. Yes. So so, of course, we we would like to buy some some company in Romania, Czech Republic, or Central Europe region, but also we are looking in companies in other countries. But normally, we like to tell about M and As when they are happening. Got it. Thanks. Thank you. Hi. Hello. Can I ask a question? Hello. Yes. Of course. Sure. Yes. Hi. Congratulations on your great results this quarter. I have two questions. Maybe first question is a little quicker. Do you Do you intend to participate in Vercom's share repurchase program? Second Can you answer? Okay. Yes. Mean, given the current price, yes, of course. Yes. Because it's like offering is like 20% above the current market price. So provided the market conditions, I mean, the price of market price of vacuum doesn't change, of course, we would. And just to, you know, to because we have kind of a similar question because we had kind of a public webinar. It is like, probably after we would we will participate in this buyback, we would fall below 50% of share in Vercom. Nonetheless, I would just like to call everybody that it wouldn't affect the fact that we're gonna consolidate the results. And effectively, we're gonna have the full control of the of the Vercom subsidiary. So so maybe I'm, you know, elaborating a bit, but it's like I would just to, you know, clarify the consequences, yeah, of this and our intention. Okay. Thank second question? Yes. The second question is about the EBITDA margins in CyberForks, whether you can elaborate on your general view on when where those margins are going in the near future, but also in the medium future, whether those EBITDA margins are you're able to keep them at that level or maybe you expect further expansion and from what sources this expansion will come? So I think our operation efficiency could still grow using AI and growth of our revenue, but probably Robert want to tell you a little bit more. I can say that some of our competitors have much higher EBITDA margin. Yeah. But I think we are still have space to increase this efficiency. Robert, could you Yes. Similar. I think there is still a lot of space to increase the also the margins. As Kuba said, there is a lots of AI implementation effects that we expect to happen. Yeah. There's a lot plenty of room to increase the margin. As Kuba said, one of our competitors in Poland, I think, has almost 70% of EBITDA margin, yes, to be honest. So it is like I still see a lot of opportunities to increase these margins, especially as we said, we are concentrating on increasing ARPU, the value that we are giving to the customers. And we are not that much concentrated on increasing the volumes because it's also kind of the hosting market. It is, I would say, it's not growing in terms of volumes, not only in Poland, but generally all over the world. But it's still growing a lot in terms of revenue. Yes? So automatically, this growth driven by value, not by volume, makes it obvious that the margins are expanding, especially as there is a lot of automatization that we can that will derive from the AI implementation. We are already seeing effects of AI implementation in customer support and a lot. And we are just at the beginning, to be completely frank with you. So if we if I take a look at the growth of the effectiveness of AI, We are even, you know, I would say, maybe not terrified. Maybe it's not a good word. But, you know, if we can see how effective if we see how effective AI can be, it really, you know, makes us ask question, you know, how far it it may go and how it will affect, you know, the generally, the the the the the labor market, I would say. Yeah. But it's a kind of, I don't know, maybe not a question It's philosophical a little bit already, almost. Any other questions? I just had a question on the follow-up question just on seasonality, particularly now with shopper business inside of the entity. Could you just help me or maybe remind me about the seasonality in Vercom and maybe the e commerce segment? And like, typically, how much would you Yes. Definitely, there is a seasonality in all of our segments. But, of course, those segments related to retail businesses and e commerce businesses. So both, especially Vericom and Shopper, they're very related to so the best season is ahead. Yeah. Usually, I think from the previous years, it is around 50. I mean, 30% of the revenue is coming from the fourth quarter, generally. 30% from the fourth quarter. Okay. Yeah. Because, I mean, based on the previous years because, you know, each each year can be different. But Yeah. Yeah. Of beside this. Yeah. Okay. And then as well just the the redesign that you said you are doing at Shopper and then the comment made about the pricing, you know, being low relative to Shopify, for example. How much potential do you think there is for pricing increases by post the revamp? And when do you expect these to take place? The price increase in the shopper segment in subscriptions? Yes. Well, I think you just yes, related to what you mentioned before about pricing being low, take rate being low relative to Shopify. Yes. I think we can start in 2026. Okay. K. Thank you. We would you know, sooner, it will be not fair for our merchants, I think. There there was so big product gap, and the product was not good enough to come to the customers and tell them, even if we see this, that that they are paying not enough, there was a lot of space that we should improve. And since we are here in the Board of Shoppers, so since April, we are working only on this field to improve all the product areas. Okay. So it'd be more of a gradual increase post first quarter once those product changes have taken place? Yes. I can say it like this. Okay. Thank you. Yeah. I cannot see any other questions, so I think we can finish. We also encourage you to contact us directly if you have any questions or would you like to to talk with the board. So thank you very much. Thank you. Thank you. Bye. Bye.