So I think it's 9:10 A.M. now, so let's get started. Welcome everybody to Byggfakta Group and our Capital Markets Day of 2023. My name is Erik Kronqvist, and I'm the head of Investor Relations here at Byggfakta. And today, we hope to give you more in-depth presentation of Byggfakta and some strategic initiatives that's been initiated. With me today, I have Dario Aganovic, our CEO, Johnny Engman, our CFO, and also representatives from one of the latest acquisitions of Byggfakta, Forecast Group, with Christian and Martin. I would also like to send a warm welcome to everybody following this via the webcast online. You will be able to ask question, and you do that by typing in your questions within the webcast window. I will moderate all questions, both here in the room and those of you who have sent them in digitally. With that said, I actually think we can hand over directly to Dario, and for you to start your presentation. Thank you, Erik. All right. Welcome, everybody. Morning. Morning. Sound is all right? Good. Okay. I'm going to give you an introduction of Byggfakta and the updated strategy as it says here. My name is Dario Aganovic. I'm CEO of Byggfakta Group since I think it was fourteenth of October last year. So it's almost a year since I joined. And time flies fast, and this year has felt like, you know, like 10 years. Lots of different things have happened, at least in my life, in our life as a company. Let's start from the beginning here. So we are going to give a general overview of the group. We're going to do a bit of a not very deep dive, but still an overview of the market. Then we're gonna go a bit deeper into our products or software, touch upon operations, and then spend the bulk of the time today talking about our strategy. Now, they told me not to move in front of camera, but just—I'm sorry, guys, I can't help this. On general overview side, what is or who is Byggfakta? I think that, you know, I recognize most of the faces here, and I know that you are familiar with what we do, but some of, probably some of the people that are on the webcast, perhaps are not. Just in a quick overview here, we are providing SaaS solutions, subscription-based SaaS solutions, to support commercial transactions in construction industry. We operating in five application areas. Project information, it's about the sales leads to anybody who want to sell something to a construction project. E-tendering is exactly as it sounds, platform for making deals, basically, in the construction industry. Product information, it's a tool for marketers, specifically building material marketers. Specification, a tool for architects and technical consultants. They use them when they are specifying building specifying projects. And finally, market intelligence, exactly as it sounds, for anybody who wants to understand this very exciting but complex market. So these are the five applications areas that we are operating within. The group as such has a long history. We are founded in 1936. Byggfakta Sweden was founded in 1936 by a man, Bengt Wigert, who was bicycling around Stockholm and selling collections of building permits. And that's turned then into newsletter, and then it was digitalized. And from 1936 up to 2019, it has been a pure Nordic play. It started in Sweden, and then it spread across the Nordics. And in the Nordics, we have a number of brands that you might recognize, Byggfakta, Citymark, Byggfakta, the largest construction newspaper in Sweden, RPT in Finland. So this has been a pure Nordic play up to 2019. In 2019, we started our European expansion, and this was done through a number of acquisitions in 2019 and 2020. We started with the, as you can see up there, Prodlib is a Finnish company, Strateg, Swedish, Helpiro, Swedish, and a bit of a German operation, and ISTAV, our entry in Czech Republic and Slovakia market. Now, in 2020, we did acquisition of Fortal, which gave us entry into Iberia. It's a Portuguese company, dominant on the Portuguese market and strong in Spain and some other Spanish-speaking markets in Central America. Olmero is a Swiss company, NBS, UK-based, Glenigan, UK-based. So this was our expansion into European markets. Then we continued to conquer the world. We continued with the acquisitions in Europe, Infotecno in Austria, but then we did acquisition of BCI Media Group, which gives us access to the massive Asia-Pacific market and North America. It continued with some other acquisitions, completed with acquisitions in the US, QuestCDN and Bid Ocean, and continued during this year with acquisition of Prognosesenteret, Forecast Group, Discovery in Norway and Sweden, Schumann, a global specification consultancy, and Pantera Global Technology, which is a US-based e-tendering business. So this is grown through acquisitions quite fast and spread around the world. So this is where we are today. This is Byggfakta's footprint today. Now, what is this gave us? It gives us leading position on the markets where we operate in today. We are number one on our European markets. We are number one position in Australia, New Zealand, and Southeast Asia markets, where BCI is operating, and we are number three on the U.S. market. U.S. as a market has the two very strong incumbents in project information that are focusing on the U.S. and have a strong position there. BCI is number three there. We are growing both through acquisitions and really strong organic growth in the U.S. and improving our position continuously there. So this is where we are right now. We are working hard to grow organically. We are continuously looking for acquisition targets, but market is also helping us. We have a very strong underlying trends that are in our favor. We are powerful tailwinds that are accelerating digitization of the construction sector, which is notoriously under digitalized. We have the addressable market continuously expanding. You know, we are more and more people on the earth. It is driving residential growth. We have less pleasant things like climate change and so on going on, but which is driving investments in infrastructure in retrofitting of buildings and so on. We have a focus on ESG within financial sector that is now spreading in all industries, also in construction industry. That is also accelerating change. So lots of things that are moving out there that are impacting us positively. So today, we as a group, we in our databases, at this very moment, are covering about 1.3 million construction projects. So there are 1.3 million marketplaces out there, where people are making deals that we are covering. We hold information about these projects, and this information is available to our subscribers. It is available for them to make deals. We operate in these five product areas that I mentioned here earlier, and within these five product areas, we have managed to build an ARR, annual recurring revenue, or annual subscriptions, that are worth now, on annual basis, about SEK 2.1 billion. So 2.1 billion SEK in ARR, and this is coming from 50,000 customers that are using our platforms in 26 countries worldwide. In our organization today, we have 2,000 people, and I will tell you when we talk about operations a bit later, I will tell you more about the split and what these 2,000 people are doing. So this is Byggfakta Group today. Now, the market that we are operating on, how does it look like? So market in itself, it is like every market in every industry, it has its own dynamics. And, what is very special with the construction market, quite different with most other markets, it is very project-oriented. When you're project-oriented, you do not have this, you know, repetitive moment that you have in industrialized markets, where you have, you know, manufacturing operations, you have repetition continuously. Here, the projects are one of a kind. One of a kind, and that is, that means that it lags in productivity growth compared to other sectors. We have a highly fragmented and yet intertwined ecosystem. So this highly fragmented ecosystem means that, you know, every project is a new configuration of players that are working together, in many cases, for the first time. We have a strong focus on local markets. Although you have global players, like, you know, global construction companies like here in Sweden, like Skanska, for instance, is a global player, it's still local markets. Decisions are made locally, right? And we also have extensive market rules and regulations across regions. In all these local markets, local rules rule applies, and they are changing continuously. So this brings, you know, there are lots of moving parts here. And, you know, it is very good, I would say. What is then changing this picture further is that there are certain trends in the market that are making changes in the market, that are also each one of these trends, it has an impact on the need for digital adoption, right? So you have skill labor shortages that we see across all the markets where we operating. Labor shortages, you know, from very simple tasks to more complex ones. We have industrialization of construction value chain. I was mentioning that, you know, the productivity lag. One way to deal with productivity spoken is through to prefab elements, for instance, prefabricated building elements. Now, this is an industrialization around that ongoing. We have a push for sustainability from the regulatory side. It's not only from regulatory side. I wouldn't say it's not only from regulatory side, there is also an aspirational element that we see among our customers. Not only in order to fulfill the requirements, but also what do we stand for as an organization, right? We have a push for safety and traceability, naturally. We have a push for digitization of public sector construction projects. Here, you know, governments around the world, they want to get control over the projects that they are financing. They want to weed out corruption. They want to get full transparency into it. We also have a new generation of digitally native decision-makers. New generations that are coming in, you know, people who are in their early thirties, they grew up with the iPhone in their hand. And of course, there are expectations among them. What do they want to see when they are running a B2B application? So they, you know, they will not accept, you know, this, you know, large computer systems that we, you know, we who are born in sixties and seventies are very used to. And then finally, trend towards digital adoption accelerated by COVID is another thing. You know, the Teams meetings and remote working is here to stay. Not to the amount that was basically, you know, perhaps hoped for by some people from the very beginning, but still, it is now an important element in our economy. So these trends here, they are changing the face of the industry, and they are each one of them in one way or another, driving increased digitization. And we can clearly see digitization increase. This is a figure for a construction industry how large share of the players in the construction industry are using increasingly digital tools. We can see the growth between 2015 to 2021, by 6% per annum, and this is continuously accelerating. So this is a pretty good thing for a company as Byggfakta, being a sales company. This is exactly what we want to see. Why do we want to see this? Because we stand strong in the market. Today, we have a strong position, and this strong position is coming from our data that we hold continuously. I said 1.3 million projects. You rewind that and look, you know, all the decades where we've been operating, you know, how much data we have accumulated over the decades. It's a strong database. We have a strong data intelligence capability, which is giving us an edge. We have a strong software solutions that are well tested, where we know together with our users what works and what doesn't. And we have a strong customer base, a loyal customers that are seeing a lot of value in the use of Byggfakta Group solutions. So we have a very strong position in the market. Yet we are not alone in the market. I'm asked to add a slide like this, competition, right? And this is... And you know, there is a competition out there. I would say like this, you know, throughout my career, I've never really liked talking about competition because, you know, when you talk about competition, there are very, very often, you know, these military strategy analogies. You know, how do you fight competitors? You know, we are not really fighting competitors. It's not, you know, this is not, it's not a battlefield, really. What we are looking for, we are looking for to satisfy the needs of our customers. And the ones who are best at doing that, satisfying the needs of the customers, articulated or unarticulated, are the ones that are going to win. So, you know, tactical fights with competitors, that's not what is giving you long-term edge. So philosophically, to me, I'm not thinking very much about competition. However, okay, so, so this is the map, and in each of our, of our areas, we do have a number of co-competitors, but there is nobody like us. Byggfakta is unique construct. There is nobody who covers all these five areas here. And when we talk about our strategy, further during this presentation, you are going to understand why is this a unique advantage for us and why we cannot really talk about competition for Byggfakta. So speaking of which, so let's look a bit deeper into, into our, into our product portfolio. What is it? How does it look like? So the five areas here, as you see, and, we're gonna start with project information. And I mentioned project information being a lead service for anybody that want to sell something to our construction site, right? You can see here there are a number of different brands, Byggfakta Smart. It is our project information solution that we are providing in, primarily in the Nordic region. Glenigan is UK, Construdata21 in the Iberia, Lead Manager, Asia Pacific, RPT in Finland. Now, we have grown through acquisitions, and when we buy companies, we buy good companies. We buy companies that are strong in their own right, that have great teams, and they have a strong identity and brand on the market. So we do not really see any need for changing those local brands. We believe in the members of Byggfakta community. That's why they are there. And project information stands for approximately just out of 50% of our turnover. That's our largest area, you know, the original core of Byggfakta since 1936. So what do we do here? With this solution, we are trying to solve a number of industry problems. And these industry problems, first of all, it's lead generation. For anybody that is selling anything to construction industry, it is pretty costly to find leads. You know, I never been working with the construction industry before, and, you know, when I came to Byggfakta, I realized what we are selling, it is like... It It was unreal, right? Having a sales background from other industries, you know, it's key for the information of, you know, knowing who is standing there with a wallet at a certain point of time and wants to buy your services. It's really gold for salespeople. And that's a problem that we are solving, how to generate these leads, relevant leads. Another one that we are solving is missed opportunities. If you do not know what is happening out there, you are missing the opportunities. And you as a salesperson, you need to know exactly at the right time, when do we enter, you know? You shouldn't be too early, then you talk to wrong people, and if you are too late, then you're too late. And finally, tracking and managing projects. That's also an issue specifically to smaller companies within construction sector, you know, managing their sales processes. So we are providing a solution that is addressing these industry problems. Here you can see an example of a user interface and some stats, in this particular case for Byggfakta Sweden, that is connected with the project information. Second area here, e-tendering. Here you can see some of the brands under which we are operating in different markets. And when it comes to e-tendering, there are also a number of industry problems that we are trying to solve here. Missed supply opportunities, for instance. The suppliers regularly miss on opportunities because they don't know that things are going on, and they don't know how to bid for jobs. So they can, you know, get information about that something is going on, on through project information solutions, and they can, they can bid then through e-tendering solutions. But we also are aiming to, to solve is buyer risk management. Specifically, you know, for, for buyers, they, they have several risk, risk factors that they need to manage. They need platform, they need some tools to help them to manage these risks associated with procurement costs, speed, quality, discovery of new suppliers, and so on. And last but not the least, increased regulation and compliance. Specifically in a public sector, procurement, there, there is-- there, there is a, a, a high pressure on the, on these, uh, o- in this particular area. Legislation and regulation pushes, and our platforms are addressing this problem by providing really a guidance and making sure that the procurement processes are executed in accordance with the applicable regulations in each market. Third area here, product information. Here you can see some of the brands under which we are operating. The product information I mentioned earlier, it is a tool primarily to marketers, right? Some of the problems that we are trying to solve is, obviously, you know, building material sales for building material companies. They have challenges to find right buyers, right? So they need help to, okay, how do we connect actually to buyers? Second problem is for the buyers, to consolidate product info in one location. Really, having everything on the table at the same place and choosing between different suppliers, instead of, you know, being forced to go to different databases, catalogs, home pages, and so on, everything in one place. And the third problem is finding the right and best products for projects. Really making a fit between the particular needs that you as a buyer have, what could fit into this? When you look into functionality factor, but when you look also into factors, sustainability, carbon dioxide content in the building materials that you're buying. So these are some industry problems that we are trying to solve with our product information solution, and here is an example of one of them, NBS Source. Here, in this area, this is, I would say, since the dawn of internet, this is the earliest B2B application on internet. You know, product catalog in its simplest form, that has evolved over years into being more and more advanced and providing more and more functionality in order to be able to truly solve these problems, right? Number four, specification. Here are some of our brands, the strongest of our brands, NBS is our British brand. Here, what we are trying to solve is a number of industry problems, specifically architect and technical consultant problems. The specification process in itself, it is time intensive. It takes a lot of time and effort, and architects today, they are using mostly Word templates that they have created themselves. It is an issue with the work productivity. It is an issue to make sure that the specifications are done in accordance with standards and regulations. It is an issue, make sure that you have acted in accordance with the recent best practices. So it is pretty cumbersome process. Many architects see it as a pretty boring process because, you know, most of the architects, they like the creative moment in architecting. This is a, you know, boring part where you need to actually make things realized practically, right? Non-compliance is another problem. Really, you know, making sure that whatever you specify and create is in accordance with the regulations. You know, it's like, how high should the kitchen desk be in a... It's different in different markets, right? And then finally, legal disputes is another industry problem. There is a saying that the final project meeting in a construction project is held in court. That's a famous saying, and, you know, when you are there, you really need to have, you know, all documentation that is unambiguous in the, in its setup. So we are trying to solve this, and we are solving this through our solutions here as NBS, NBS Chorus. And, NBS is an example of very well-implemented solution on the British market. It's, you know, when you are studying to be an architect at a British university, in many cases, you are already during your education using NBS Chorus and learning how to do this with- do a specification with this type of tool.... Finally, market intelligence. And here you can see some of the brands. Our latest acquisition is Prognosesenteret. For those that don't understand Norwegian, you can read it in Swedish here, it says Prognoscenteret. Very different. Our Forecast Group, as we call it. So, the problem that we are trying to solve here is, first of all, for anybody that wants to analyze the industry, it is rather problematic industry because it's very complex. It is highly fragmented. Also, the access to data is pretty limited. Access to public data is pretty limited. And then in-house analytics capabilities in most of the companies that are active in or adjacent to construction sector is relatively low. So with our solutions, we are supporting our customers in order to be able to, to deal, you know, with the complexities, data access and the analytics capabilities. So thanks. So across our five areas, we have a lot of customers, different types of customers, that, you know, as I mentioned, in project information, anybody really. Specification, architects, technical consultants, manufacturers, marketers with the manufacturer organizations, product information, e-tendering, pretty much anybody on the buy side. Market intelligence is, you know, wide group of people are interested in this. And here also you can see some data on our customer concentrations, top 15 customers concentration. If you then think about that, okay, so this is almost half of our turnover, then you can see that our customer concentration is very low in our total customer base. Right. So this was our product and software operations. So we have 2,000 employees in the group, and the split is roughly like this. We have about one third in sales, and our sales is, for most of our solutions, a transactional sales. It is a you know, relatively low value investment value for the customers when they buy, when they are buying subscription. Our subscription average is about EUR 5,000 per year. So it is, so, you know, consequently, you know, deals don't get stuck into, in hierarchy, hierarchies, so it's a fast-paced sales. So we have a large sales force, new sales force, account managers and the customer service executives. Extremely important for us is the data quality. The data that is sold as a part of a solution has to be, you know, up-to-date and accurate. And for that, we have a team of 600 researchers who are continuously researching the projects, updating the information. Then we have 100, about 100 people in marketing, and more and more working with the digital marketing in order to generate sales leads for our sales force. We have an IT, about 300 people in IT. Mostly 250-ish is in development, product development, so basically programming, developing new solutions. And then we have support functions, general administrative support functions, about 200 people in the group. And split-wise, you can see that how it looks like, that the largest group of people we have in Asia Pacific, in the US, and that's basically our Asian research and development footprint that is quite heavy on personnel. So research is an extremely important area for us. And when it comes to research, it's one of the areas that I chose to highlight in this presentation here, is that these 600 people that are in a research team are doing a tremendous and very important work for us. They work with a large number of different sources from which they are mining information. And it's not only you know manual collection, but we have a set of you know digital tools at our hands, you know, data scrapers and other things. We are investing quite a lot of money in this to make sure that we have, you know, second to none data quality. And, you know, we build very much on the strong relationships with the market players. And then, an illustration of a research process can look like this. This is our Swedish research collection process. The reason why I bring this up, people always ask me, "But, you know, how do you get the data? Where does it come from?" Right. So this is where it comes from. So we start with collecting the data, in the Swedish case here, from 290 Swedish municipalities, building permit information is collected. We have 4,500 building-related websites that we are crawling, 1,000 newspapers, public sources, and then, you know, other sources, contacting private property owners, municipal investment budgets, and so on. So we are doing, you know, collecting masses of information that is available out there. Then our team is stepping in and doing a quality assurance on the information that we are covering and complementing it with unique information, trying to get as early as possible in the construction projects, before even the permits for building have been granted. So we do about 3,000 telephone interviews per week in Sweden, and about 600 or 700 new projects are added weekly. We are communicating continuously to receive new information, so our researchers, when they are calling on existing projects, they would, they would, they have a, you know, they, they process that they follow. Okay, now you need to call this project. They should be in this particular phase. They call contact person. "Okay, how have you been doing? Have you appointed a general contractor for this?" "Yes, we have." "Who is general contractor?" Getting that information. "By the way, what else is cooking? Is there anything else going? Oh, yeah, actually, we are looking into a similar project in this area or a different project in that area. Aha, what is that? Entering into the database and start researching. So it is organically creating more and more sales leads through the research process. So to us, this manual moment is extremely important. So we also get information through emails, websites, social media, and so on. Then we are filtering and distributing this information through our databases, making it accessible for our customers. So this is, you know, how this process works. So it is pretty industrialized, I would say. So that's Byggfakta now. So where are we heading? I hope I don't make your heads explode here. It's... I understand that I'm moving quite fast. So strategy, where are we going? Now, first of all, we started the strategy update journey by revisiting our vision and mission statement. Now, of course, you know, most of the people that have been, you know, working in the, at least in private sector, know the ISO 9001 requires you need to have a vision and mission statement, so everybody has it, right? So you need to have it in a binder somewhere. To me, having things just because somebody requires it, it's not a lot of fun. It's not meaningful at all. We need anything that we embark on, it needs to have a meaning. So does vision have a meaning? Of course, it has a meaning. It has a meaning in directing the organization and filling organization with enthusiasm around where we are going. What we have done, we have collected our leadership team and talked about our vision, about our mission, wordsmithing every single word into... It has to mean something, and it should be enough, really, for our organization to understand what is the strategy by just looking at the vision and mission. You should be able to see that as well, so I will make a try. I will not leave you just with this. Of course, I will give you some more information about this. Our vision is to connect the construction market to help the world build better. This is aspirational, and we are working, you know, with commercial transactions. We are getting, you know, people together to work together, and we want them, when they work together, not to be bad people. We want them to be good people, to build a better world, right? So this is an aspirational vision. Now, if you take a step back, okay, so what would be then our mission? How are we going to make sure that we actually drift towards this vision becoming into our mission? Now, for us, it's by using unique data, insights, and software solutions, our customers in the construction industry will sell more, improve efficiency, and build more sustainably. So we are not a data provider. We are not a software company. We provide insights, and insights are coming through connection between the data and software solutions. You are manipulating data through a software, and you generate insights in order to make decisions, to act on something. So we want to provide unique data, insights, and software solutions to our customers in construction industry. This is who we work with, construction industry. Byggfakta in Swedish, big construction facts, right? So it's not, it's not strange. What do we want them to do? We want them to sell more. We want them to sell more, to make more money. We want them to be more efficient in what they do, and we want them to build more sustainably. So when they are making decisions on how to build, we should support them in making good choices. We should support them making right choices when it comes to environmentally friendly buildings, for instance, or building more, you know, with social responsibility. So our solutions that we provide shall be built to help our customers to do this. Anything outside of this, we are not doing, right? So this is our vision and mission statement. Now, we took this, wordsmithed, and then we said, "Okay, so now we need to go and to talk to our organization and understand what is the view from our people. How do they see strengths, weaknesses of our organization? What opportunities are out there, and what threats do we see out there?" We went out to more than 100 leaders in our organization and talked to them and collected the—we collected information about their view, and here, I just summarized for you, to get the flavor of what we've been talking about. The strengths of our model here is that, you know, we believe throughout the organization that we have a unique data and insights. This is what our customers tell us, and this is what we see in interactions with the market. We believe that we have a best-in-class software. We believe that we have attractive business model. I believe that as well. You know, basically people are paying one year in advance. That's attractive business model. You can also see it in our cash flow. Johnny will show you that later. We have a great global team. You know, people are proud over their colleagues, and people like each other. That's very important in a workplace because, you know, who are you gonna help? You're gonna help people you like, right? Global leadership position, and we have a strong finances. So this is, these are the strengths, so this is perceived by the organization. There are also some weaknesses that we see. We see, for instance, that we have a, you know, rather complex product portfolio, and it's normal. You know, coming from the history of acquisitions, it is. And why is that weakness? It is a weakness because it doesn't help you to see things really clearly. You need to invest in maintaining lots of different solutions, so basically the cost is higher than it should be. We have a scattered operations. We have a people-- I was, last week, I was in New Zealand. We have a team in Auckland. We have a team in Sveg as well. For those of you that are Sweden, it's, you know, it's very, very far even from here, right? We have, you know, locations with just, you know, just a few people. So we are scattered all around the world, and it is, you know, quite a task to keep it together. We have unharmonized corporate processes. Again, it is the legacy of acquisitions. Sometimes, and those of you that have been following our quarterly calls know about this, that we haven't been very fast at filling vacancies. When it comes to, in most of the case, I would say in my experience, you know, okay, slow vacancy filling, that's not necessarily a problem, right? In sales, it's a problem, especially in transaction sales. Because transaction sales, transaction sales, it's, it is driven by a number of activities. You make a certain number of calls, and you can calculate what your sales will be. Number of calls is connected to number of people that you have active. You don't have a full team recruited, your number of calls is lower, your sales is lower. It is pretty simple mathematics. We haven't been really, really fast in making sure that our sales team is always fully staffed. And finally, our net retention is not in line with our ambition. Our net retention, 85%, today-ish. It is not where we want it to be. We want to have happy customers. All our customers should be happy, and if your customers are happy, you do not have 85% net retention. Then, now when we are a bit of a negative mode here, okay, so what are the threats? What, you know, can go to hell out there? Basically, on disruptive competitor activity. You don't know what they can do. Typically, you know, what they do, they do price dumping, but that shouldn't be a problem if you are differentiated, right? You have new types of competition. There are companies in adjacent market, generalist companies, who can, you know, see that, okay, construction sector, this quite interesting here, we could make a dime. Data regulation changes, another threat. Cybersecurity risks, yet another one. However, there are opportunities out there, and this list was very long list, that we got. So just to give you some flavor, and we talked already about these things, about the new construction market drivers, increased market competition, on the construction market, inefficiencies, workflow complexity. Artificial intelligence. This one, very often people ask me, "Artificial intelligence, oh, this must be a problem for you." Why would it be a problem? This is fantastic opportunity for us. I'm gonna show you. We are working actively with this. This is really, really, really cool. We are very excited about this. So when we asked the organization about how they see the world, this is how they see the world. And then we now engaged the teams to develop our strategy. They've been working in working groups and developed our four cornerstones strategy that looks like this. So our four corners, cornerstone strategy, is built upon our vision, mission, and our targets. It is based on the SWOT that we have done, and the first cornerstone here is the secret molecule. Now, every company that should have some self-respect has to have a secret molecule, right? Otherwise, you know, what is your raison d'être, right? You shouldn't be there if you cannot offer something that is only yours. And our secret molecule, so proprietary, unique commercial construction data and insights combined with progressive software solution created to boost a customer's growth. Yeah, yeah, yeah. Okay, so what does that mean? So if we look into how we work. Now, everything that we do, it is centered around the construction project. Construction project is the thing. The construction project, this building here, when mighty Ivar Kreuger built it once upon a time, it was a project as well. It started with an idea, his grand idea of, you know, showing this, you know, classical architecture in the middle of savage Stockholm, right? He had this idea and put it into operation. So from idea, some property owner, developer, getting into design, engineers, architects, specification, details about, about, you know, how it should be built, construction, the actual construction activity and operation. Throughout this period, from the very beginning to here, commercial transactions are happening. From the very first moment, people are starting to make deals. And these commercial transactions are. There are lots of different stakeholders who are involved in these commercial transactions. You have property owners, regulators, authorities, architects, designers, and so on and so forth. You know, you can imagine. Every single one of them is participating there. It is utilizing information. They need information in order to make commercial decisions, and every time they make a decision, they generate information. And this information is created throughout the process. This is what we call commercial construction data that is created. It starts with just the embryo, and it grows throughout the project. We need to capture this, we need to connect this, and make sure that we provide whatever anybody throughout the process would need in order to make more educated commercial decisions. Now, we are getting this commercial construction data through a myriad of different sources. What is very important is to capture so much data as possible, while construction project is yet not in a public register, because that's when the information is the most valuable, and that's where the research is important, right? So manual research is one source that the data is coming from. Client entry, when people are using our solutions, they're entering data. This data, entered in one place, in one application, could be used by somebody else using some of our other applications. Byggfakta Group application inputs, the data that applications are creating themselves through analytics, basically. Here, artificial intelligence. Partner application input. We work today with the external application partners. Partner data. Today, we are also buying certain data in certain markets from our partners, and also we do automatic crawling. So this data is coming from different sources, and this data today is used and created in our five applications that have been operating as islands, basically. Now, we are calling these applications atoms. Atom as a once upon a time being, you know, the smallest constituent of matter. Now, we know better, obviously. It's the Nobel Prizes are telling us that as well. So it is. We are saying, "Okay, these are the constituents of our business offering, atoms of our business offering." And what we want to build is we want to build a molecule. We want to build a molecule where all our atoms are generating commercial construction data and utilizing commercial construction data that other applications are utilizing. This, these atoms shall be able to generate customer values standalone or in combination as a part of a unique integrated software as a service and data as a service platform. It is the heart of our offering. It is project information today is our lead application for creation and utilization of the commercial construction data, but all applications are to be set to enrich in utilizing this data. Every application will be provided as either standalone SaaS solution or as a part of a bundle. Here is an example. For instance, we have two applications, Glenigan project information solution, and we have NBS Chorus, which is our specification solution in the U.K. They belong to two different atoms. They will be creating information, and this information will be linked, so that it can be that information created in one application could be utilized in another application. So for example, if you look into... This is one project, for instance, in the Glenigan. So this is an office, an exhibition hall. It is Pyms Lane and Crewe. Bentley Motors is refurbishing here. And this is a view that a salesperson, who is subscribing to this type of information, is getting. This is the info, okay, and then basically, they can see can click on Contacts and see who could they talk to, if they, you know, want to approach them with to explore if there are any opportunities. There are text, or if they're sending documentation there, planning approvals and stuff like that. So this is a standard setup. Now, what we will be able to offer by integrating with NBS Chorus, for instance, we will be able to offer specification data as an upsell opportunity. So we can upsell this and say that, "Okay, if you are working with, selling doors, for instance, you should be able to see all the specifications where your types of doors are getting specified, so you can, you know, approach right person at the right time and pitch your stuff." Another, a stakeholder analysis, for instance, advanced capabilities for analyzing links between different decision-makers in a project. Or it could be tendering process. You could, we could have this as an upsell. You should be able to see the project and immediately make bids on the building materials or subcontracting tasks that are tendered out. Maps, context, you name it. There are lots of different things you can see here, right? That the data generated in other applications could be used in this particular context, and we can sell it as an upsell opportunity. What this also opens the possibility for if we get to know all the data in one place, we can utilize artificial intelligence applications to analyze the data and infer new types of insights from there. And here is how we see it, is that we build an artificial intelligence engine that is utilizing our unique Byggfakta data generated by us, by our researchers, by our customers. We have harvested data that we are getting, you know, through using our crawlers. We have our partner data, the data that we're purchasing from third parties, and we have a LLM data, large language model data. Large language models provided by Google or Microsoft, who are in massive, massive databases. So you put that data together with our unique data. This together is one unique data set that you then can apply AI algorithms to, to utilize natural language, to put inquiries, do data analytics, and utilize the output from there in our applications in our five atoms. So this is what we are building. And now, you know, everybody's talking about AI, right? There is no single company that's not talking about AI. I'm not only talking about the software companies. Any, you know, pick, you know... Just pick any company, look into their, you know, capital market, they are looking to, you know, they're gonna talk about AI, I promise you. Now, we actually work with this. This is our job. So here is an example of, of what we are doing in that space. As a salesperson, a significant portion of my daily routine revolves around analyzing business opportunities, and believe me, it's no walk in the park. Often, I found myself buried under stacks of documents, trying to extract the most crucial details of a business opportunity. Imagine you're in a lead management tool where you have visibility into various ongoing business opportunities. Most of them come with rapidly approaching deadlines, requiring swift and strategic decision-making on whether to engage or let them pass by. Now, let's focus on a specific example, an opportunity related to the construction of a green park in a local municipality. As you can see, there are numerous documents attached to this opportunity, each requiring thorough analysis to extract vital information. This analysis is crucial before even considering whether or not to submit a proposal for this lead. The challenge, however, is that the information is often scattered across documents, some exceeding 100 pages. The format isn't always consistent, leaving me searching aimlessly for the specific information I need to move forward. Among these documents, you'll find items like quantity maps and lists of requested products. These can give us a clear picture of the project's scope and requirements. Then there are other documents that outline potential penalties for contract breaches. These are particularly significant as they can often make or break the decision to submit a proposal. A penalty clause that's more punitive than compensatory can be an immediate red flag, signaling that the risk may outweigh the reward. Other relevant insights that shed light on the contractual terms of the deal are the payment conditions, if it's 30 or 120 days, can significantly influence our decision-making. It could be a decisive go or no-go factor, directly impacting the viability of pursuing this opportunity. But what if I told you that this process could be shortened from days to mere seconds? I introduce you to the Smart E-Noticing. This isn't just a tool; it's a game changer in how we approach business opportunities. We no longer get lost in mountains of paperwork. Instead, within a matter of seconds, the solution scans all documents and structured data, producing a concise and accurate summary of the opportunity, giving the most important details. Whether using information from this tool or leads received from any source, like an email. With this framework, in just a matter of seconds, I can identify the specific specialties required for this construction project and assess whether my company has the capacity to handle all tasks or if subcontracting will be necessary. I can easily access a summary of all crucial deadlines for both the tender process and the contract. Additionally, I can see detailed information about the products and services requested for the construction of the park, along with their respective quantities. This allows me to proactively evaluate if there might be any issues in sourcing specific items. Lastly, I can draw conclusions about the criteria for awarding contracts, including any penalties and payment terms that may be stipulated. I can also easily ask for more information about the documents or about this opportunity by simply using prompts. For example, I can quickly find out which brands of products are requested. The tool adeptly creates a concise summaries from a variety of sources, whether they are from this lead management tool or from external documents. With Smart E-Noticing, I can confidently say that I can now analyze more opportunities with the same resources, and most importantly, compete for opportunities that are genuinely relevant to me and to the company. So you see, when you are using project information platform, so you can identify the opportunity, and then you can start calling people and so on, or you can subscribe as an upsell from us to this, you know, tendering button that you click, and then all the documents... You know, those of you who have been working with, you know, these large types of projects, when you look into tender documentation, you get, you know, binders like this and trying to find, okay, what is really important. With our tool, you get all the important information, everything you need to know in order to decide to bid or not to bid, just in one, pressing a button once, right? So this is, you know, utilizing our AI on the masses of data, natural language, and the specific construction data. We have teams today that are working with the AI applications in Lisbon, in Newcastle, in Jakarta, and we are well positioned as a player on this market to make the most out of this exciting development that is ongoing. You're gonna see more examples of this during demo sessions. Second pillar of our strategy is expand to reinforce. This one is, it is very much about, okay, so now when we are expanding and we're going forward, you can choose basically to you know get the you know whole world in any adjacent business. "Oh, they are making money. We're gonna buy them." That's one approach. Another approach is, "Okay, whatever we buy going forward, it has to reinforce what we already have."... In any market where you are present, we need to buy something that is, that is building us stronger there. So that's the whole idea of expand to reinforce. Today, our presence looks like this in the markets where we're operating. It is a scattered picture. We have a number of ongoing implementations, a number of current established markets, and still integration between these different atoms into molecule is a work that is just starting. And what we have decided is basically that, that when we are adding new stuff, when we are adding, for instance, a new atom into a molecule, regional molecule or global molecule, it has to fulfill a certain, to me, certain criteria before it is added in, so that we actually can properly invest into building this atom in into the molecule. A criteria is that it has to be self-sustainable, with a turnover of more than SEK 100 million at the outset. It has to grow more than 10% organic growth. EBITDA margin of at least 20%, with the long-term potential to 40%, that we, that we basically drive it up to 40. And finally, enriching. It has to give us a cross-sales potential and strengthen the construction data set. If it fails, basically, to be enriching, it is not a new atom. It is not interesting for us. This approach is also guiding our acquisition strategy. This is how we will be working with acquisitions. There are three acquisition motions in the order of priority: continuing local market consolidation, enriching more and more of the commercial construction data locally. Here are some examples historically of the acquisitions that we have done in that space. New market entry is the second here, and then the third is expanding value proposition by M&A, basically adding new, completely new atoms. So this is in order of priority. Our third pillar here or cornerstone is the Forever Promise. Now, what is Forever Promise? This is a pretty important piece for us. If you look at our ARR bridge, and this is the latest reported figures from June this year. So ARR growth compared to June 2022, we have had 22.2% growth here. It is, there is a certain acquisition impact here. We have been really, really good at new sales, as you can see here, but still, there is a net churn there. There is a hole in the bucket, as the people would popularly say. This churn here is not what we would like to see, because ARR growth is our most important metric here. We are doing a really good job on sales, and the effect of it could be much better with the less churn. You know, we need to think about is, that subscription services, they have to be approached with a forever mindset. What do we mean by that? Is that when we get the customer in, we need to be focused on getting that customer forever with us. They have to be forever happy. And that's a bold promise to make, because when you make that promise, you need to make sure that you are continuously relevant for that customer, to evolving needs of that customer, to onboard them properly, and to take care of these customers. We see that the churn means both wasted sales and potential reputational damage, as well. And we can also see that there are lots of explanation why it's natural to have some churn, like people are going out of business and so on. But we know that the majority of churn occurs because our customers do not see how to extract expected value. You know, we get the customers on board, and then, you know, we don't do onboarding properly, and they don't know how to use the solution. When the period of subscription is expired, you know, they would say, "Nils, did you use Smart at all?" "No, I haven't." "Okay, canceled." Right? So, you know, being more on making success together with our customers. And also, customers who do not churn during the first binding period tend to stay with us forever. So it is this first period that is a problem that we need to solve in order to improve our churn position. Now, how are we going to do that? This is one way of looking at the differentiation in a business. You could talk about positioning. You're gonna be product leader. You're gonna be, you know, the one to go to evolving, cutting-edge products like, you know, Apple, for instance, right? Or you wanna be operational excellence leader, with reliable products at competitive price, focusing on customers' operational costs. IKEA, basically. Or you wanna be... go customer and intimacy, you know, tailored to customer demand, focus on support, collaboration, long-term relationships like, you know, McKinsey, right? So who do you wanna be? And obviously, you know, obviously, we say in Swedish, a vän av ordning, a friend of order would say, "But, you know, you need to be good at everything, right? You cannot omit anything," right? There is a ticket to play, obviously, but then there is, you know, focus. Okay, so what do we focus on? Who do we want to be? Byggfakta today arguably has, you know, this position more on operational excellence side, you know, quite okay in product leadership and customer intimacy. We wanna move it. We wanna move our focus into driving more product leadership and improving the customer intimacy aspect. And how are we going to do that? When it comes to product leadership, we need to become more systematic in our product portfolio management. We need to ensure the best data when it comes to depth, range, and accuracy of data. We need to base all product development decisions on customer benefit, and we need to price with confidence. So that's basically how we are going to do that. And now we are, for first time in Byggfakta's history, building a proper product management organization, and we have hired a Chief Product Officer. She's here with us, Evelina Hultin, as the Chief Product Officer of Byggfakta. On the customer intimacy side, we need to increase interaction with our customers to help to succeed, and we need to empower our customer success teams. Here we have launched a global customer excellence program to make sure that we deploy the best practices across the group and be more conscious and more directive when we work with our customer success. So this is the forever promise. Finally, the final cornerstone here is one global network for us as a global company. There are a couple of aspects to this. First of all, is to make this, you know, large, massive company that is spread everywhere from Auckland to Sveg work together as one group. And it is very much a matter of governance. How do we govern this? It is very much matter of leadership that the whole company sees that, you know, we lead it as one company. And it is a lot of work that we have deployed over the course of the last year, very much with the stringent processes and visibility. I've been traveling the world, I don't know how many times over the last year, together with the executive team members and working with the teams locally on getting together, working together, doing projects together. That's one aspect. Second aspect of it is deploying a proper change program that is involving everybody, where they're working together. And here, this is what we are doing there. We are doing three types of things. Strategic programs is one, and these are the strategic programs that are embraced by each country. Each country and each region is working with these three areas: construction, data, enrichment, you know, getting the molecule together. Teams have been working, be very excited and spent a lot of time in formulating the regional molecules. Sales effectiveness program is deploying best practices for sales, and it is very, you know, it is very much about sales management. Some people would call it sales micromanagement, you know, driving the activity levels and teaching salespeople how to be more effective in each of the stages of a sales process. Customer success, as I mentioned, our global customer success program. Number two, we are deploying a group product strategy and tech harmonization effort that is led by Evelina, and also pricing capabilities build-up. We've been working with the pricing on ad hoc basis, to be honest, very much. Given the masses of data that we operate, you know, there is much more strategic pricing to be done, and this is also within Evelina's realm to launch this pricing capability program. We also are launching functional tribes, getting together people on the operative level across the group into working groups, to work together on creating joint processes, best practices. Talent development. Our HR program that covers several different aspects. One is communication within the group. Things, practical things like one group, group internet, for instance, for everybody. Global mobility program, moving talent between the countries, and we have started doing that. There are a number of people that are moving around. Training programs, and also deploying a Culture Amp employee satisfaction surveys, where we are working actively with our teams in improving satisfaction in the workplace. Finally, M&A and strategic partnerships is another group initiative, which is basically to continue building our portfolio, but within the expand to reinforce strategy. Finally, global footprint synergies. Here are the number of things that we are doing. Global data acquisition centers, merging our research resources and developing a joint, you know, crawling solutions. Tech development centers, linking together our development organization, utilizing more of our global footprint. For instance, our technology development center in Jakarta is a fantastic resource. And if you look into access to talent, and if you look into average cost for different types of resources in IT, it is, you know, Indonesia is second to none. And then finally, shared service centers on in the regions, you know, making sure that we, that we, merge finance, HR, and so on, on the regional level, so that we work more efficiently locally. So this is basically what we are deploying within one, our one global network. So finally, what is this going to lead to? So today, we are repeating our financial targets with confidence. We have a very strong development, as you have hopefully seen over the last few quarters. And with this strategy that we are launching here, we are confident that we are going to reach and eventually come beyond the targets that we have. To remind you, the targets are on the growth side, 10% year-on-year organic growth, and, additionally, 5%-15% on acquisition-led growth. Our margin, 40% EBITDA margin. And, when it comes to capital structure, to keep our debt ratio to below 3x. So we are confident that our new strategy is going to lead us towards reaching our targets. So that's it. Thank you very much, Dario. Now we can open up for a Q&A session. Anyone in the room here who would like to ask a question, please raise your hand, and there's a microphone that will be handed to you eventually. Before asking your question, please state your name and where you work so that we know who you are. For those of you following this via the webcast, I would like to remind you that you can ask questions by just typing your question in the webcast window, and I will receive them here on my iPad. And maybe we can start off with a question from the webcast, and it's from Nick Dempsey at Barclays, who asks the following: "At the IPO, it was clear that you hope to fill out some of the product areas organically in geographies where you already operate. So, for example, rolling out e-tendering in the Nordics and the UK. What progress have you made across your geographies in terms of that organic process of filling out the gaps? Yeah. We are working with that. We have rolled out. We are rolling out e-tendering in the Nordics. We have started with Sweden. We had a product ready and out on the market. We have had it throughout this year, and we are growing customer base within that. To fuel market penetration in e-tendering, we have also entered a collaboration with the construction procurement consultancy, Coreco, with which we have started a joint venture in order to be able to reach to more of the right type of stakeholders in the construction companies to fuel this growth. Getting lots of positive feedback from our customers. So that's an example. Another example is rolling out the specification solutions, NBS specification solutions in the Nordics. We have launched a light version of a specification solution in Denmark. And on that one, we have enrolled also a significant customer base. So these organic roll-outs are progressing well. Thanks. Yeah, I think we have a question down there. Thank you. Dennis Bergen, Kenny. So just on the net revenue retention figures, I think it partly boils down to processes, but also recruitments. Is that correct? Could you please repeat that? On the net revenue retention initiatives, I guess it boils down to both processes and new recruitments. Is that correct? And if so, I mean, how should one think regarding the sort of magnitude of recruitments, and what would you say is a, let's say, long-term target in terms of net revenue retention or gross churn? Okay, so I would say it has to do more with processes than with recruitment. And we have seen this, when we've been reviewing, in the organization, how things are done. In some places, it is, you know, in all honesty, a bit of a high chaparral, when it comes to customer success process. So there we see improvement, potentially, how we do things, not necessarily, you know, beefing up the team. I don't really see that. You know, might be in some places, but nothing significant, to be honest. And where the target would be, well, you know, we do not really have formulated the target, but you can think about it like this, you know. The only churn that is natural there is, is when people go out of business and when companies are merging, really, right? And then, you know, it is if you look at we are at 85% now, we should be, you know, above 90 at least, right? So but exactly what level, you know, let's come back to that. Got it. And then a second one. How do you think about research being conducted in, like, 5-10 years from now? How much of those, what was it, 3,000+ telephone interviews per week can be done through other processes or being partly automated? And what's sort of the, the long-term potential there? Thanks. Yeah. Well, when it comes to research, there are two types of data that we have there. Is the data basically that is available for everybody, that they can gain if they make an effort from public sources. So we are basically, you know, aggregating that data, putting it together, washing it, right? And then you have, you know, the unique data that we are getting through our unique sources through manual research. We see that, you know, even continuously as a very important source. Now, you know, you might be applying, you know, different types of technologies to reach that interaction, but that, you know, person-to-person interaction is pretty important. When you ask, you know, these questions, as I mentioned, okay, what more is cooking, right? I mean, when... There you hear lots of lots of things there. So we see that as an important part. However, we also see that artificial intelligence can play more active role in the research that we are doing, guiding our researchers to focus into even more high value-adding types of data. Inferring more of the data so that you can ask questions in a way that the sources would confirm rather than give you information. So, you know, so we see those development, but in the manual research, even in the future, we see it as important. Thanks, Dennis. Yes? It's Charlie Brennan here from Jefferies. Can I just come back on this churn argument? It feels like that's the biggest change in emphasis since the time of the IPO. I think at the IPO, you argued that 85% was a perfectly decent metric for a business of your type. Just what's changed in your thinking since the time of the IPO? And I think you also argued that churn would naturally be correlated with organic growth. The faster your organic growth, the more negative that would be for your near-term churn rates. You would obviously aspire to improve organic growth from here. Do you think you can manage to do that and improve churn at the same time? Well, you know, it's when it comes to churn, what are the decent levels? It is partially a philosophical question, I would say, but you know, philosophical question with practical implications. Let me put it like this, you know, I'm from the very beginning, I'm a restaurateur. That's you know, I grew up in a pub. That's, you know. When I was 14 years old, I was you know, doing the beer routine, right? So, you know, my dad had a pub and, you know, when you put your whole soul in there, you love your place, you love the services you provide, you are, you know, connecting with the people. You know, 20% or 15% of people not coming back because they hate the experience, that's a downer, right? You know, it's you wouldn't really expect it, you accept it anywhere, that the people are not happy because, you know, customers leave because they're not happy, right? So for us, the mind shift is I don't want us to accept churn. I don't want us to talk about decent levels of churn. So that's basically the philosophical change there. And then the question is, okay, what do we do? What do we do in order to make sure that we have done our outermost to make, to keep our customers together with us? And then you start thinking like this, okay, it has implications on products, for instance. So what products do we provide to our customers that are continuously re-relevant, that are continuously updated? Why do we see subscription as a payment model? You know, customers don't see it as a payment model. They see it as a commitment, basically. There is a commitment that you're going to provide a service that is continuously evolving and fulfilling needs. You know, you as a Netflix customer, for instance, you want to see your Christmas movies popping up in the beginning of December, right? So, you know, we need to work closer with our customers. And if I look on the level of disengagement today that I can see in some places, I see enormous improvement potential there. So I can see that, you know, that doesn't... We shouldn't accept any churn there. So it's more a kind of philosophical shift that I believe that we can turn. And throughout my career, you know, these philosophical changes, mindset changes in organization I've seen, they have extreme power if you want to accomplish change. So that's how I would answer that question. I don't know if it's a good, good answer enough for an analyst, but that's how we see it. Any more questions in here? Yeah. Hi, Victor Herbert from Danske Bank. First, a housekeeping question. What's your definition of medium term when it comes to your targets, in terms of years? That, that's a good question. Medium term, yeah. Let's say like this, I don't have any definition of medium term, but when we look at our strategy, we are. We have done the strategy this spring. We have kicked off a number of initiatives, and right now we are preparing a business plan that will stretch for five years going forward. And we will be then delivering results from these projects during this, you know, business planning period. So then, you know, if you would characterize five years as a midterm or long term, I don't know, but, you know, during this period, we see that we're gonna reach these results. Gradually or more? Gradually. Right. Okay. Yes. So on the churn question, I think as you said, it's going to be companies going bankrupt, and we see the market, the construction market is not in a good place. Your demand should be somewhat countercyclical, but could you help us understand the exposure that you have here today? And this is somewhat of a current trading question, so answer it however you want to. But in terms of logins, time spent on platform, what are you seeing in terms of the nature of your customers and their commitment to your platform? You know, it is natural that you, in a market like this one, you see a number of people going out of business, right? So you can see in the statistics also that it's published in Dagens Industri or wherever, that, you know, some companies are going out of business. It is impacting the industry. However, you know, in our, among our customers, these small companies, which are the ones that are, you know, leaving the industry currently, it is really a small portion of us. We can see it a bit in the figures, but it's nothing material, I would say. When it comes to then engagement from the customers that are with us, that are still with us, we can't see any signs of decreasing engagement. They are utilizing our platforms, the projects are getting published there. It is. It works exactly in a way as we've been repeating, you know, at least since I joined, and even before that, you know, the bad market doesn't impact us negatively. ... And that is across all segments, product segments and markets? Yeah. Okay. Just a question on the AI tool you showed in the video. Is that something that is work in progress, already live? How is that going to be priced? Is it going to be included base in the platform or upsell? That, yeah, that is work in progress. It is advanced already. How is it going to be launched? That's, you know, still, let's get back to that, but, you know, we are not giving things for free. That's for sure. Okay, and another one on another subject, the one platform strategy, tying it all together. Mm-hmm. 'Cause this company, even before you joined, has had this strategy of consolidating the market, and has done several acquisitions over the past four years. Why hasn't this happened before? It sounds like the work is starting now. Is that a misunderstanding? Has it already started? Because it sounds- Mm ... like, these things should have already happened by previous management. Well, I would say it is, it's a good question, obviously. And I would say that there's one main difference in the approach. Earlier, the approach has been, you know, these organic moves that, okay, I take one solution from one place to another place, and then, you know, and through that process, I make sure that we increase the share of countries that are on the same platform in different areas. And that's, you know, still, you know, a way of doing things. What is new here is the technological approach that we are taking now on top of that. That's what I would say. Okay, great. Final question for now, at least. On the M&A strategy, you have underlying cash flows are decent. Gearing is not an immediate issue, but could you just talk a bit about the strategy to continue doing M&A in this market, given where interest levels are, and also the apparent distrust the market put in your organic strategy? Would it make more sense to just put M&A aside, just prove that the organic strategy works, get paid for that, and then it will be much easier to do acquisitions and financing them? Well, you know, I would say, like, you know, sometimes you need to be able to think two thoughts at the same time, right? We believe in the approach that we have. We can clearly see that also, you know, even I don't know if there is a distrust on the market or our organic strategy. If you look at our figures, reported figures, you know, we are continuously improving and moving in the direction where we said that we will come. I don't know how much the market needs to see as a proof. Since I joined, you know, I've been hearing, "Ooh, now, you know, construction market is going down. You're going to suffer." So this was, you know, back in October last year. Since this, we've been reporting repeatedly, you know, better and better figures. So at some point, I hope that the market will realize that, you know, what we say, okay, these guys really know what they are talking about, and it works in a way they said that it will work. When it comes to acquisitions, it is... You know, when you do acquisitions, it is very much an opportunistic craft, so to say. You see that the number of targets are becoming available at different times. When we see a target becoming available, that is, you know, within our strategy, you know, we are going to pursue it, you know? It wouldn't really serve us well long term if we wouldn't. That is how we see it. So, I don't see that we are running around and buying the whole world, but when the relevant targets are for sale, we're going to be there. Just to follow up on that, just to clarify, I think the market distrust will be on the deteriorating organic sales growth, 'cause ARR growth has held up well. I think what we need to see is that gap starting to close. Yeah. So ARR growth has been doing very well. We have had organic growth also, but, you know, the whole ARR growth haven't been, you know, trickling down to the full organic growth because of the direct sales part that we have in the mix. Approximately 15% of the sales that we have is a direct sale, and a part of that has been suffering due to economic factors because they are more, these sales are more discretionary in nature. It is, you know, like advertising sales in a magazine, special events, and that kind of stuff. We see that, you know, historically, in when the market start recovering, that recovers and, you know, it comes back. On the subscription sales, we haven't really seen that negative impact. Thanks. Hi, guys, Ramiel Koeria from Protean Funds. Thank you for the presentation. Just want to start off maybe where, with, a follow-up to one of Victor's questions. That you came in, a year ago, roughly, and, I mean, clearly now you're taking a more tech integration approach to so the sort of the previous M&A story, right? Because most of these acquisitions weren't done during your tenure at the company. Why do you think that the previous management didn't do what you today announced that you intend to do with, prior acquisitions? Well, I'm not sure that they didn't do. They have had, you know, a bit of a different approach, as I mentioned here. With, you know, these organic, you know, linkages. Then also, you know, it's there wasn't anything to integrate. You know, this built up over the last couple of years. And also during a long period here, you know, if you look at, you know, 2019, we were pure Nordic play, and then, you know, these acquisitions started. You all remember, beginning of 2020, what happened. We had the COVID travel restrictions, you know, some acquisitions have been done and due diligence have been done basically online, you know, be it on distance because you wouldn't be traveling. And even post-acquisition, you couldn't travel. And basically, you know, it's you call me old school, but in order to get the integration work going, you have to be there. You know, you have to meet people, people have to move around. You need to, you know, sit in a conference room, do the, you know, whiteboard session, shake hands, sit together with teams, you know, build, you know, long hours together, agreeing on things, following up. That has to happen. You know, during a long period, this wasn't possible to be done. So, there are several different factors. And that's why we are also saying that this is a strategy update and not new strategy. It is basically an operationalization of what we said historically that we will do. That would be my answer. That's clear. Then continuing maybe on that topic, do you see coherence throughout the entire portfolio, or, I mean, 15% of revenue is coming from sort of transactional, ads-related, newspaper type of businesses. Do you think that, you know, the coming five years also entails some divestments and some pruning of the portfolio? Do you think all of these acquisitions done in the last few years actually tie together? Well, you know, it is in these 15%, you know. When it comes to media side, that's not really a big. I don't see it as a future big part of our portfolio. We have actually, you know, divested off some of our media titles there. And the targets that we are buying, the companies we are looking at, you know, some of them have media, you know, some of them, many of them, they don't have media. However, one thing also to be aware of when it comes to direct sales, there is a certain type of sales that is booked as a direct sale, sales, which is more of a recurring nature, and is booked as direct sales because you do not have a subscription agreement. What I'm talking about here is a transactional fees in an e-tendering platforms. In the U.S., for instance, if you look at, you know, QuestCDN, the acquisition that we made there, the companies that are on the platform, both sellers and buyers, they are paying a membership fee. That is a recurring sale. And then each transaction that they are making, downloading of documents, uploading documents, they are paying, you know, a fee, sometimes with a credit card, even. These fees, they are booked as in these 15%, there. So these, it might be, you know, when we are expanding on a market like U.S., that we are going to see more of these types of companies that, you know, make this direct part still being significant, but it's a different nature of that direct part compared to historically being more of media type of sales. Okay, and then two, two more, if I may. Yeah, sure. Go on. First off, on the sort of inherent scalability of the business model, I mean, 700 in sales and then 600 in research. If you were to progress towards that 40% EBITDA margin target, what would that entail in terms of sales and research? And maybe more specifically, where are you scaling the coming few years here? We see, you know, clear scale, scale in the business. We can clearly see it in the businesses where we have managed to increase sales, that we also see, you know, nicely increasing margins. We have, you know, a situation in the UK where we have invested in a more sales force, where we are seeing, you know, you can see the nice margins in the UK. We see the same thing in the US. So we have a scalability in the business. And of course, you know, to grow, you need to invest in personnel. But the impact on the bottom line is much higher than the cost that you are taking. So that's what we have seen historically, and that's what we believe in. Okay, and then maybe on the slightly more pessimistic side, I mean, delivering 10% organic growth, 15% churn, and I think you said that first year churn is, you know, the absolute majority of the churn. Yes. Second year churn is much, much lower. I'd say 2% churn from macro, you know, mergers and bankruptcies ongoing prior to this, well, downturn, that would entail a pretty crazy first year churn. So could you maybe instead of doing it anecdotally, maybe addressing it the numbers, what is first year churn and what is second year churn? Yeah. We are not sharing churn figures. That’s not figures that we are reporting. So what we are doing, we are reporting net retention. So that’s what you see. So, you know, you can infer what you believe is churn there, but those are not figures that we are sharing. We see that, yes, it is significant churn first year, that’s for sure. Or it’s significant churn in the after the expiration of a first subscription period, which in most of the cases is one year, vast majority of cases. Some cases, it’s two years, for instance, and then in those cases, we see it after these two years, but it is first subscription period. There we can see that we can improve our position through much better onboarding and managing first-year customers. And this is the work that is still, you know, it you know, procedurally extreme upside. So I'm pretty confident that we are going to manage that well. Thank you. ... Thank you. Before the coffee break, I think we can wrap up with a couple of questions, both on organic growth from the webcast. And the first one being on the construction industry. You mentioned that it's slow to innovate, and to what extent do you need an acceleration in industry innovation to support your target of 10% organic revenue growth? And the second one is on organic growth for our latest acquisition, Prognosesenteret at Forecast Group and the market intelligence vertical within Byggfakta Group. Sorry, I didn't understand the first question. Where is it? Construction industry is slow to innovate. To what extent do you need an acceleration industry innovation to support your target of 10% organic revenue growth? Well, it is the adoption rates are continuously increasing. There is, you know, underlying the trend there already. So, you know, I don't see that any acceleration is needed there. We are cruising quite well. You can see it in some of the markets we are already now, you know, above 10% organic growth. So, you know, I don't really see that any change in industry dynamics would be needed for us to be able to reach this target. You know, we can do it in this market. Yeah. So that was first question. Second question? Yeah, and for market intelligence. Market intelligence, likely organic growth rate for market intelligence, especially. Well, you know, it's. We are, we are not reporting separately on the product vertical. We are, we are supporting on the market segments. But we clearly see, you know, that we wouldn't be acquiring Prognosesenteret and investing in this area if we wouldn't see that it is a significant contributor to our 10% target for the group. So, yeah. Perfect. Thank you. Then I think we're all ready for some coffee, and it will be served just outside here. And then if you please, could be back in this room by 11 for Johnny's part and the financial update. Welcome back, everybody. Yeah, it was just it's a few here. Next part is Johnny Engman, our CFO at Byggfakta Group, who will give you financial update. Please, Johnny, go ahead. Thank you. Thank you. Welcome back after coffee, everyone. So we will do two things in this 30-minute slot. We'll first give a bit of perspective on what has happened since the IPO. We have reported 7 quarters as a public company now. We're just closing quarter 8, so we're going into silent period on Friday, for that. And then we will share a few case examples, how we accelerate growth and then what are the strategy, implementation, initiatives we have already taken, and what has been the financial impact of those initiatives in, in 3 case examples. So that's what we will cover in the next 20 or so minutes, and then we'll open up for some Q&A. So what has happened, right? This is our performance as a group since we IPO'd. So we reported the first Q4 2021 as a listed company, and then 7 quarters following that. You need to remember, it's been a very turbulent period. We IPO'd this group during COVID lockdowns. They still continued for a couple of months after that, and even in Asia, all the way until summer in 2022, which meant we couldn't travel there, so it was very hard to interact with the teams. And then once COVID was lifted here in Europe, the war in Ukraine started in March 2022, immediately after the IPO, causing quite a severe shock to the construction market. We don't like volatility spikes, with prices increasing 70%-80% on wood products, steel products, caused by the disruption in the supply chains, getting problems, getting materials on site. So that wasn't a fantastic start to the journey as a listed company. We have fared quite well during this turbulent period since we IPO'd. If you look at our retention numbers, we have improved our overall retention with 1 percentage point. We said at the IPO, we are aiming to improve between 1 and 2 percentage points per year. So we see no impact from these turbulent conditions on our retention performance since the IPO. You can also see we have grown the group 33% per year with a compounded annual growth rate on reported net revenue. So there is an exponential growth achieved since we IPO'd in these 7 quarters, 33% on an annual basis. Of course, M&A-driven, but also organically, we have grown this group since we IPO'd. We have also grown the EBITDA from roughly SEK 600 million to about SEK 800 million during these 7 quarters, M&A-driven, but also organic driven. We have taken down margin a bit. We have diluted the group through acquisitions. Most of the companies we buy are coming in with a lower margin and therefore diluting the overall group margin. But still, in absolute terms, 23% CAGR on EBITDA level. And last, of course, our most important metric, as Dario said, what has been the ARR or the subscription portfolio growth? Well, it's been 20% CAGR on the subscription base of this company yearly over the 7 quarters. The black line in the graph down to the left is then the organic component, which is our main target, which we've been cruising around 8% level since IPO. We had a very strong performance before the IPO, but with these turbulent conditions, we have been trading around 8% organic growth of the subscription portfolio. I would actually say, job quite well done. What have we more done since the IPO? Well, we generate a lot of cash flow. We have generated over SEK 900 million of operational cash flow since we IPO'd over these seven quarters. And then you will say, "Well, you have spent a lot of cash," which is on the right side. So we have spent SEK 1.3 billion of this cash flow, so we have actually spent more than we have generated. Why? That is the reason for the net debt, EBITDA ratio going up. We did a lot of acquisitions in just the quarter after the IPO. You see them listed there, increasing the leverage, and because we paid for those acquisitions, and of course, impacting debt levels. Then once the EBITDA comes in and the cash flow comes in, we delever very nicely, see 3.3, 3.1. Then we do acquisitions again, we bump up leverage. So we have spent a lot of cash on acquisitions. In total, SEK 1.1 billion paid for acquisitions during this time period. And to add to that, we have also bought back some shares for our incentive program. We have built a new head office in Ljusdal. We are merging two offices there, will actually decrease rent costs over time. And we have also renewed a lot of leases impacting the debt calculation. So if you add all of that together, it's SEK 1.3 billion spent during the period, and that's why we are at 3.7 net debt to EBITDA in the second quarter. The beauty with this company, again, we are prepaid by our clients. They pay normally one year up front, so we're running with a highly negative working capital. You see there, -SEK 700 million of cash prepaid into this company. So the more we grow, the better the cash flow becomes. Therefore, the organic growth target is very important to us. I'll dig a little bit into the regions or our reporting segments and see how they have performed during this same time period. We're starting off with the Nordics, the home core of this company. The Nordics has actually grown reported revenue with 13% CAGR per year. It's quite a good growth, even in this region. It's been a difficult period for the Nordic region. If you look down to the right, you can see we came into the IPO with an organic growth of the subscription portfolio above 10%. Since I joined the company in 2018, we have seen above 10% organic growth rates in the Nordic region.... But with COVID ending, the war in Ukraine impacting with the volatility shock we had in Q1 and Q2 in 2022, caused a bit of a gap on our new sales, which continued during the year. It's now starting to accelerate. We have seen the performance improve in the region in the last couple of quarters, and we know we have activities in place to get this back to 10% level, where it should be. Margin-wise, it's a very stable region, delivering very close to the 40% margin we have as a target for the group. It really shows that the stronger you become in a geography, the higher the margin goes. It's the scalability of the business model. So if we get growth back to 10%, the margin will further go up in this region as well. Retention has actually been a good story, even though you think, well, this region has been impacted by the turbulent market conditions. We have been very good at improving net retention rates in the Nordic region over this time period. If we turn to our strongest region then, which is the UK, where we have the strongest footprint today. It's also our biggest market. It's twice the size of the Swedish market, almost 30% of overall group revenue. It is a well-performing market and has performed very well during these 7 quarters since we were IPO of the group. We're only counting the CAGR from Q1 2022, because otherwise you get the M&A impact, because we acquired them in Q1 2021, so it's a slightly shorter time window on the calculations. But 13% CAGR on reported sales, which is not really impacted by acquisitions because we haven't done any major acquisitions in this region, so that is mostly organic growth rate. And if you look at the margin picture, most of you that follow know we invested to accelerate growth in the region, especially on the Glenigan business, which I will go through. So we took down margin in the first quarters after the IPO, investing in additional sales force, additional activities. But then once those start to pay off and we see the growth coming, you see the margin going up and currently delivering 44% EBITDA margin. So this region really shows, well, 40% margin target is not a utopia. Once we get there in the other countries and regions, this is the margin this type of business can generate across the geographies. Also, we have been able to deliver 10% organic subscription growth. If you look at the black line down to the right, you see it's cruising very nicely at 10% organic ARR growth over seven quarters with stable retention. This is the beauty of the business, if we do the job well in the different geographies and in countries, this is the type of metrics you deliver over a seven-quarter period with a turbulent outside macro environment. If we move then to Europe, a region where we are expanding, you know, we have done a lot of acquisitions in both Austria, Spain, recently in Europe, adding to the portfolio, causing a 30% CAGR on reported revenue in this region. But also organically delivering quite well. If you look at the organic ARR growth, down to the right, you can see it's been hovering around the 10% level, some quarters below, some quarters above, and the ones that follow us again know we can, of course, improve growth by upselling or price increases, which we have taken the opportunity to do in this region, especially in the Portuguese, Spanish market. That is the reason for the bump in ARR organic growth, and it's also the reason why the net retention goes up, because net retention calculates value retention, and if you upsell or price increase, you see the retention figure going up. It is a region performing nicely on a bit up and down, but still the average is good on growth. Margin-wise, we don't have the full scalability in this region yet. We are cruising around a 30% EBITDA margin, still doing a bit of investment activities with integration in, in Spain, for example, from the two acquisitions we have done. So we are quite comfortable with this margin level, and once we grow stronger again, this will accelerate towards the 40%. APAC and then US. This is a mixed picture. It's quite a big region because we have the Australia, New Zealand operations being more similar to European operations. Then we have the 7 countries in Southeast Asia, where we operate, which are medium, long-term, very attractive markets. You can see this type of service is gaining traction in those markets, but a very scattered footprint with, with lower margin at the moment. Then we have the growing footprint in the U.S., where we are both growing very nicely organically, but also investing, adding companies to grow our footprint in the U.S. So you see that on the CAGR, on reported sales, 44% at the moment, so growing a lot through acquisitions, but also organically. It's been a tough period, to say the least, in especially Australia, New Zealand, and Asia. Coming in at the IPO, there was still a COVID lockdown until basically April, May in that region, causing a lack of events, causing no one could travel. Australia is dependent on the immigration workforce, so this vacancy filling that Dario talked about caused a big problem in Australia and New Zealand because we lost some of the sales force and regional managers. After we bought the company, it was very hard to fill them because you couldn't import labor from across, from U.K., for example, from other countries in Asia. So that caused a weak performance. You see it on retention. It's not the curve we would like to see in the region, that it drops. So it caused also in customer success teams and in customer support teams, a bit of vacancies, dropping retention, and then also new sales. You see the organic line there, it's not starting. We don't have it the whole way since we bought the company recently, but it's been very low, and it's caused by Australia and partly Asia.... But now it's accelerating, we have gained momentum. If you looked at our Q2 report, for example, you can see we have a very good new sales momentum, and you see the retention number bumping back very nicely in the region as well. So more of a turbulent region, but we've clearly feel that we are back on track when we look at the metrics for the last couple of quarters, we feel that this is actually the highest performing region on new sales at the moment. Jumping to a few case examples then, what have we done? What are we proud about when we look at the companies we have acquired or the activities we have put in place? I'll start, we have talked about Glenigan many times. The project information business we bought in the UK. We closed the deal in Q1 2021, so in March, we took over the company. And then we have since that, since the IPO, reported revenue has grown with an annual rate of 8%. So they basically had a couple of percentage points of growth when we took over the company. Now it's, it's ramping up to 8% on reported sales. But then you need to remember the lag effect we have between ARR. When we sell subscriptions, we only book 1/12 per month. So the more important number is, of course, the growth of the subscription base in Glenigan, which is now at 14% organic, and that will filter through to the reported sales number in the coming quarters. And what have we done, right? Well, first, the, the first point was really focusing on retention. I think Glenigan came in with quite a low retention level, so we invested in customer service activities, onboarding of clients, making sure we treat our clients better. So retention improved first, that was causing the bump up in growth, and then we have doubled the new sales team in the UK market. Glenigan came in with a sales force, 11-12 people, and now we're running 20+. UK is a big market and can really sustain a much bigger new sales force, and that is now starting to pay off. It took maybe a couple of quarters longer than we thought because we invested in late 2021, early 2022, but then you had those volatility shocks with the price increases and lack of materials caused by the war in Ukraine. That also impacted UK, so it took a couple of quarters longer before you really got the full effect of the sales force investment we did, and that caused a margin dip, but then you see the growth now coming through. We are basically seeing monthly sales numbers being double month-on-month, right, compared to the year ago, when we really have the sales force up and running. So we're extremely happy about the performance in Glenigan, and shows what we can do when we focus on retention and when we focus on new sales, that we can accelerate these businesses up clearly above the 10% level. Jumping to the US, very interesting market, huge market, and a market which has a very big growth potential for us, both organically but also through continuing the M&A journey we have started. As you know, we bought three companies in the US in Q4 and Q1, moving into the e-tendering space, which complements then our existing project information business we, we had, or we got as part of the BCI acquisitions. So we are now cruising close to $20 million, $20 million of revenue in the US. These are pro forma numbers; it includes the full year effect of the acquired units. The footprint in the US is growing 27% annually on reported level, and but also organically. The subscription base or subscription portfolio in the US is currently growing at 13% organically, and has... I think this is the old BCI, the project business, up until Q3, when we did the acquisitions of the new businesses, so that was cruising even at 20% organic. When we buy businesses, they normally come in with a lower growth profile. That's why it takes down the organic growth of a region like this before we get them up and accelerate growth in the acquired units. Unique with the US acquisitions, they actually came in with a higher margin than we normally see when we acquire companies. We normally talk about around 20% margin when we take over companies or the companies we have bought in the last five years. These came in with a stronger margin, so we are actually operating with above 30% EBITDA margin in the US business today, growing now organically at 13%. We would, again, as Dario said, we have no intention to pause. If we come across the right acquisition targets in the U.S. that complements this business, fits strategically according to our acquisition criteria, we would like to build this position even stronger in the U.S. We have two big, bigger competitors in the U.S. market with Dodge and ConstructConnect, with the revenue around $150 million. And again, there's room to grow. In the U.S., you can focus on states, you can focus on verticals, you can do a lot of interesting things in the U.S. market. Hotels, for example, they build a couple of thousand of hotels and hospitality projects in the U.S. If you try to do that in Sweden, you have three hotels, maybe. So you can take a slightly different approach in the U.S. market. Last, one of the smaller acquisitions, we did this one in Q4 2022, is the Construdata21, a Spanish business we bought from the founders. It is a project information business, and if you look at the project information markets, they're well established in northern parts of Europe, Nordics, UK, Germany, France. If you go further south, it's much smaller businesses. So this had a revenue around, yeah, just short of EUR 2 million when we bought the business. Has a nice client base in Spain, a few clients in Portugal as well. And since then, we have put in place the Byggfakta sales model, right? How do you run a structured process on new sales? How do you follow up the sales funnel? How do you staff the sales force? How do you work with retention of your existing client base? And if we do that well, you can see what happened, right? You see the CAGR numbers, 16% on reported, but more importantly, we're now cruising at 30% organic growth on the subscription portfolio, which will filter through to reported sales. As I said, that's how the reporting works in this company. And there's a lot of potential in Spain. You know the size of the country, and you still see the revenue numbers being, yeah, EUR 2 million. You can understand if we are continuing on this trend, this can be a EUR 5 million or EUR 10 million business a couple of years from now. So we see a lot of growth potentials in markets like this, and if we execute well, this is what we can realize. It cost a bit of money, of course. We invest in the sales force, so the margin doesn't come immediately, but when the growth comes, the scale comes, the margin comes. Dario touched on this, given the strategy update or the clarification of the strategy Dario took us through. What we can see in terms of performance of our markets, where we can deliver 10% organic growth, we can deliver 40% margin when it scales. That's why we are confident that we will get this company to the financial targets. That's why we repeat them. 10% organic revenue growth and ARR growth. ARR is the leading indicator, but then it filters through to revenue, and now we have this direct sales dip, which causes a slightly lower reported revenue number, but that will rebound when the customers are opening the wallet for those type of services, again, when the market stabilizes even further. Margin-wise, well, we got the question earlier, right? What is medium term? Well, Dario answered that it takes a while before you see the revenue growth filtering through to EBITDA, but once you pass the scale threshold in different geographies and operations, the margin goes quite quickly up, and you can see the UK, 44%. We can see other single markets delivering even 50+ in some cases. Where we have a strong footprint, the margin of this type of business is really, really strong. Well, capital structure, this company can actually carry a lot of leverage. If you look at our interest cover ratio, we are paying SEK 150 million of interest now, completely unhedged, it would be SEK 180 million or so, with the current debt level, which is 3.7 turns. Well, we have a cash flow of SEK 600 million plus, right? You saw the quarterly cash flow. One quarter is enough to pay the whole interest cost of the current debt package unhedged. So we can go higher on leverage, but given the public market we're in, we are aiming to go down to 3.0 if we don't come across the right acquisition targets. But we wouldn't pass on a strategic acquisition just because the leverage is a bit above target level. But you also saw how quickly, quickly we de-lever if there are a few quarters without acquisitions. We still have the mandate from our owners and the board to not pay dividends and use the cash flow either to acquire companies or to de-lever down to 3.0. You shouldn't expect any dividends in the short term from the company. Great. Thank you, Johnny. Now we can open up for a Q&A session again. So once again, if you would like to ask Johnny a question, please raise your hand, and we'll make sure you get a microphone. Yep, one question up here. Yeah, thanks. So on the debt side, are you able to pay down on debt? Are any constraints on that in terms of timing? Could you do it ASAP if you wanted to? Yes. Is that part of the strategy, or is that just something that you could do, or do you aim to do it? No, no. The debt portfolio is structured into one term facility and one revolving facility, so we can pay down on a weekly basis. If we feel that we generate excess cash, we can repay on a weekly or monthly basis on that revolving facility part, which is also what we do. Once we feel we accumulate cash, we take down the drawn debt portion. Okay, great. And also on the non-recurring revenue, direct revenues, which is currently diluting growth, you repeated what Dario said previously, that the market needs to stabilize. Do you have any indications on when that would be? Because you're meeting increasingly easier comps now, parts of Q3 and especially in Q4. Is that enough for that to stop diluting, or could it become a bit worse before it gets better? Well, it's hard to say when it rebounds because it's still quite tough out there on the construction market. You can imagine some of the clients holding the wallet tight still for a few quarters, but we are meeting easier and easier comps, right? Because the early parts of this year and last year, we had fairly strong direct revenue portions from the year before, and now they're becoming weaker and weaker. So it is easier to over-deliver on that or deliver on par or even above, on the direct portion of the revenue. So you would expect this, a closer correlation between ARR growth and reported revenue over time in the next coming quarters. Okay, great. Final question on the... In a press release this morning, the SEK 30 million annually in added investments to reach the targets, do you expect to see any synergies on profit before that in this two-year period, so that the net effect on profits will be lower than SEK 30 million, or is it to be seen beyond? No, of course, you would expect some of the benefits to, to come. When we invest in some of the activities Dario talked about on, on the global network, some of those could be paying off during this one- or two-year period. So once we take the investment, but it will of course be a bit of a lag, a couple of quarters before you see a, an initiative starting to have full financial benefit. And also, this SEK 30 million will be spread. It's not a, we have increased investment level of SEK 30 million tomorrow or when we hit first of October, right? It's, it's a gradual phasing when we build up some of these initiatives and capabilities and teams. So like Evelina is in place, for example. Well, of course, that, that cost a bit of money. When we build a pricing team to be more strategic on pricing, that also cost a bit of money, but the pricing change, you can see an immediate effect of. So I wouldn't expect the effect to be just the negative part. It should also be a positive component to that. That's why we're doing it, to either increase profitability or increase growth. Do you see it balancing or still on a net basis below zero, SEK 30 million? Over time, that should be a highly positive calculation. You wouldn't invest SEK 30 million if you don't believe it. I was thinking during these two years, starting today. Well, as Dario said, we are still doing a bit of financial planning for a five-year plan. We have now put the strategy in place, and we haven't done the detailed planning of all the shifts. Evelina started in August, right? So it would be unfair to say if we have visibility exactly on that, but the sooner, the better, of course. Okay. Thank you. Any more questions? No? It doesn't seem that way. In that case, I think we can move on to the next point on the agenda, which is a presentation from Forecast Group. So please welcome Martin and Christian. Do I need to do anything? It works. Works perfect. Thank you, very much. It's great to be here. It's actually a huge milestone for Forecast Group to be here. Now you have seen everything from the top of the group level, and now I hope to present you with a bit of insight of what it looks like from the inside of a company that's in this group. And also give you some interest in our particular molecule or business area. So, yeah, first of all, I'll try to go high level and then dig down deep, and give you a little taste of what we do at the end. But at a glance, I... We have named our activity as a analysis as a service product. We have a value proposition that we live by, and that is that we provide high quality, continuous insights based on the most complete data sets on the construction industry. We aim to support every business decision for the companies involved in the construction industry. We also serve companies interested in the construction industry, such as consulting and banking and public sector. But our main is to help. Our main target is to help the companies. This is really an important value proposition because the industry in Nordic alone is comprised of about 200,000 companies. And they are usually quite small, mid-size, small. They usually don't have analytics capabilities, but they do need insights and decision support, and that is what we provide. Our industry expertise that gives us the ability to live by our value proposition is that we are experts on analyzing the building activity. I will show you more on what we do later. We also know about the impact that the activity has on all materials and services. We look at building prices, prices on building in itself, and prices on the construction activity. And we have a great competitive, intelligent landscape that we can use to help our customers. And in the end, we also measure the voice of the customer in many ways. So we are a full service market research company, but we are not a typical market research company because we know this. We've been around since 1978, and we have seen other companies out there, and usually they're quite small. We're quite big. It's relatively big. This is a pro forma set up here with the highlights. We're about 70 employees, SEK 105 million, and up towards 30% EBITDA. This is a pro forma because we have taken over a business product area from Byggfakta now. And we are serving 1,500 customers, and we have a lot of users with these few people. So this is very, very untypical for a market research organization. Usually, you serve fewer customers with big reports, special reports, but here we are, we have a different approach, and it. That is, that is why we fit well into the Byggfakta system. And how do we do this? Well, I'm telling you about the secret, the secret setup, and it all starts with a special technology that we have developed over many, many years. It's a technology that allows us to be very, we can adapt our analysis very much to the unique need of all these companies, the 200,000 companies. It allows us to work in a very tailored way, while also being standardized when it comes to delivering products and our processes. So this is kind of working against each other, but it really works. I think that we have found out that kind of goes against the scalability, but it's a necessity, is that you need to have local experts, and we are working with local experts. We will present one here today. Because the building industry is so full of regulations and local factors driving the activity and the success of the industry. And lastly, we have a very entrepreneurial culture among our 70 employees. And that is a very important factor because when you have this secret stack, we can actually do so that our sales people, they can create a product on the fly for each and every one of our customers. And I will show you a little bit how. So this is Forecast Group from A to Z. So the first thing we do is that we collect data. Public data, you know, typical data such as interest rates, employment figures. We also measure ourselves. We get special data through panel research, and we do services for our customers, where they actually provide us with data on their production levels or sales levels. So we have a lot of special insights. And last is what has been mentioned here today, is the project data. And the Forecast Group has been using project data since as early as been possible. It's been a very important part of our standardized analysis process. And what's unique here is that we bring all this together, and then we have a secret process that I cannot tell you about. But it all pans out in our product, what we deliver, which is analysis as a service. And like I said, we can tailor to very, very special needs, very special business decisions. We can provide decision support. And we do this by breaking down all of our analysis into these factors, as I say here. So we can break down every analysis in 15 building types. We have. We're looking at the new builds, the R&M, and civil engineering, so you can really divide and see different parts of this huge industry. And then we look at up to 300 materials and services. So we look at the demand, the likely demand for all materials, basically, that goes into buildings and also services. And we can break it down regionally, so you can break it down into counties or municipalities or countries. And through our, we are part of a scientific network called Euroconstruct, so we can also do this on about 16 countries. And you can also see the market from different viewing points here. So you can look at it from a building starts perspective, the activity in itself, investments, and in volume. So it's a huge, huge landscape. It's a huge cube that you can twist and turn to give exactly what our customers need. And it was a question earlier about what about the acquisition of Prognosesenteret? How can that scale, and what are you gonna do? So I will give you a little history view on history here. I'll be quite quick because I have to speed up here, Martin. First of all, it was established in 1978 by the industry in itself. It was actually a company that was a competitor to Byggfakta, and we lost. So we sold out our main activity, and we were given SEK 200,000, and then it started Prognosesenteret to look at market research instead of project data. Then so that grew organically by input and help from the industry in itself. Big Cement, Heidelberg Cement, those players were part of it. And then we went to Sweden, a long and painful journey, 10 years to get into profit. But we learned a lot. We made our processes very, very standardized to make it work. And then a long period here, a lot of stuff happened, but in 2017, we started thinking big. That's when we created Forecast Group. So we started to invest in technology, the first part of the secret stack. And we decided that we would try to grow by adding market research companies under the umbrella of Forecast Group. And yeah, we've been working on that ever since. And then we found our best big brother. That was... We knew about the big brother since 1978, of course, but the perfect match was made in this year, in February. And we have now been part of this family since February, very short time, actually. And as you see, we have gone from establishing, exploring, thinking big, and finding our best big, big brother, and now we have started running. And I'm talking about really running. All the stuff that Dario and all the guys have been talking about, it's really happening, so we are running here. The first thing we did was to take Forecon, an existing company under our umbrella, put the secret tech stack on it, and then we started. Oh, we were taking over the business products called Market Insight. And then we have started up in Denmark. So in record time, we have started two new companies and now two new geographies, and we are making them work. They're gonna work. I think they already are. Then, as you see, 2024, and then with an arrow, is when we start to jump. So we're not there yet, but we started to look into the data that Byggfakta has outside of the Nordics, and it is beautiful data. It's beautiful data. As you saw, Glenigan, for instance, and NBS, they have data on materials as well. So we can really, really... We can really just plug in there with our secret process and our secret setup and grow, and that is what we're gonna do. So I'm stealing your time here, Martin, and I'm proud here to introduce our latest local expert that has plugged right into the secret setup. Martin, he will give us a little highlight on how and why he came into the system, and a little taste of our expertise. Take it away, Martin. ... Thank you very much, Christian. And so I won't be spending much time on introducing myself, just that I established the Copenhagen office of Forecast in August. And due to the strong infrastructure and the standardized processes that Christian just mentioned, we have already been able to do prognosis on the building sector for Denmark in September. So, so really, I can't believe I'm only here after two months and saying that this is actually a model ready for further expansion. So that's, that's really nice. So my take is that the Forecast Group supplements the product portfolio of Byggfakta in a, in a very nice way. We offer high-level advice on budgetary, but not least, strategic planning at a C-level management and board level. Really, what the problem is that business leaders, they're living in a world with extreme time pressure, and our value added, among other things, is that we try to reduce complexity in a world with information overload. Business leaders need to pinpoint and focus on the essentials, in the part of the news flow for the company. Really, Forecast Group it enable business leaders to read the newspaper efficiently and take proper actions for their company with our help. Prognose Center Denmark was launched at a conference in Copenhagen at the 21st of September this year. And beforehand, we asked the participants, "What is the most important for your company in reaching the growth targets in the years to come?" And I don't expect you to learn Danish in 30 seconds, so I'll just summarize this. So even though we asked them, and they could actually point to company-specific barriers, they could point to increasing market shares, by far, the largest part pointed to the macroeconomic environment. The interest for these issues is real. So what I'm going to do now is run through some of the slides from the conference to give you a feel of the insights we bring about. It'll be a kind of meta presentation, where I'll focus on more the setup around the core business, which is, of course, delivering the prognosis numbers and on different parts of the construction industry and on specific products, just as Christian just mentioned. So first of all, you should also always start with the conclusions, but really it's on development, it's on interpretation, and it's on relevant drivers. So I'm not going to go into the details of what our prognosis says because you might not be interested, but that's really what we're focusing on here. It's not just the numbers, it's what they're saying. And in order to understand what is the core of this, we have to put things into context. It doesn't say a lot that building activity will go down 13% next year if you don't know what the context is, where you're coming from. So we're putting it into a context of the overall economy and pulling it down to: What does this mean for building segments? And also, so this is a GDP development in Denmark and during the pandemic, and of course, that creates the situation we're in now and also creates some of the reasons why we so are looking at slim growth rates forthcoming. And this is, of course, on Danish numbers. So what is the, it's always down to what is the core thing here? What is the main economic problem at the moment? Of course, you won't be surprised that it's inflation. So I show inflation and core inflation, so both the total and the core, and the core is, of course, when we subtract energy and unprocessed food. So that's really the inbound-driven inflation. And also understanding, and even business leaders don't always understand that lower inflation doesn't mean lower price levels. So we have to show this, that we are actually we come to a new level of prices, and that's what the graph on the right side says. And then making it, of course, into something that makes it relevant for the business leaders. But what is the problem of inflation when doing business? Well, it disturbs price signals. So here I show what is—what has life been like for building contractors? So the price level has increased, that's the left side. And prices on different products has both increased and decreased during the last three years, depending on the period we're looking at, and that's just what I'm trying to show on the right-hand side. So what is the problem here? Well, the problem when making business decisions is that when your supplier of, for instance, steel beams, are telling you that the price has increased 40%, how can you interpret that? Well, there are basically three explanations for this development. Either your supplier is making an extra profit on your behalf, so they're trying to cheat you. The other situation in normal circumstances is that steel beams or steel anyway has increased relatively to other products as gypsum or timber or something like that. And then, of course, there can be the combination of the two. So we have three possible explanation and three business decision takes down from this, so three. So now we introduce general price increases, inflation, and the possible explanation for this more than doubles. Now, there are actually a combination of seven situation that business leaders have to react on. So it gets incredibly complex just by adding inflation. So and they I don't think this is appreciated. Indeed, they feel okay, inflation have maybe created some new problems for me, but the scale of the problem is crazy. So no wonder it's hard to make good decisions when you're in Venezuela or Argentina or even in Turkey. So this is really taking macroeconomics down to business-level advisement. And you have to pinpoint this in order to grasp what is the real problem of this. It's getting increasingly hard to make good decisions, and of course, with that comes loss. So of course, that's why central banks have inflation targets. It's a crazy world to be living in when the world is so complex. So that is the reason why monetary policy have been tightened. That's why the interest rates have been hiked. It came much too late, half a year too late in my view, and I stated that in a Danish newspaper. But then they came with a hammer. For Danish, on the Danish side, we have since the summer 2022 seen 10 interest rate hikes at an incredibly 420 basis points in total. That's just crazy. And the thing is that this wouldn't have been necessary if we had done it or ECB had increased the inflation or the interest rates earlier, then they could have followed the development more. So now we're in another experiment. So of course, the whole purpose is to reduce activity in order to get the inflation under control. So this will happen, of course. So one thing to bear in mind is that, okay, this is Denmark, but our trading partners are actually experiencing the exact same thing. So we have a even though Germany is already in the recession or looking at negative growth numbers this year, they are also experiencing the interest rate hikes. And we see a similar pattern in Sweden, U.K. The U.S. is some month ahead of us. So that's a problem for a small open economy, right? We'll also see wage increases, and that's why I'm showing on the right-hand side, and that's both in nominal, but also in real terms. So labor is getting more expensive again, and of course, you won't be demanding as much from something that's more expensive. So, and one of the problems with the increased wages is, of course, that that keeps up core inflation, and then and then it will prolong the period with the longer or with the high interest rates. So why is this most important for the building and construction sector? Well, it's because it's systematically more sensitive to business cycle than other sectors. So now I'm going to fast forward into the four building segments and the whole market, just to show the numbers. I'm not going to into details at all, but just show that that's really the core business. But I'll be focusing on the surroundings. So, we have new residential, and we'll see building starts and activity levels and well, sharp decline from 2022 to 2024, a decline of around 38%. So that's a bit. We see something similar for new buildings in non-residential, down 36%. Heavier decline in 2024, where the opposite was true for the residential market. Then looking also into the R&M markets for both these categories, and where we see that it's with much smaller fluctuations. So they, they're really stabilizing the total market. Collecting this to the total building market, where you can clearly see that you're in a more fragile situation if your company is only into new buildings, right? So, that could be a reason to make adjustments in your market focus. Yeah, that's this one. And if we collect the whole market into one figure, we see that it also might be relevant to look at capacity. And so there's a really tough decision for business leaders to make when you're looking at a short-term activity challenge, and we're also looking into a longer-term problem with a shortage of skilled labor. So what do you do? Do you retain your employees, even though it'll mean that the, your productivity, will go down and your bottom line will suffer? Yeah, that's a good question. So also, we want to-- Not, not everything is business cycles, right? So there's also something to be delivered to the market about what is the overall situation, what's driving the market on the longer term. And some of the things we're looking at is, of course, demographics. So for Denmark, but for a lot of other countries, there's still increasing need of housing, and that's an underlying push to the demand. Of course, there's also something about Ukraine, and that can give a short-term push to the market. But really, the demographics are very important here. Also, we see a green transition, which demands, not least on the R and M, the renovation and maintenance market. Also, carbon taxes will be increasingly interesting because when materials are priced higher due to carbon taxes, then new buildings will be expensive, and then that will spill over to the renovation and maintenance market for sure. We see the exact same thing on the life cycle analysis thresholds for new buildings, and these thresholds will be more and more binding, creating the same problem with building new stuff. So, it's a good thing to have built before they get binding, right? So also, and that, that's really a game changer here for not at least the renovation market, is the forthcoming EU directive on building energy efficiency. We're talking about, if nothing is done, it's about 25% of all buildings in each EU country that will be forbidden to use. So you have to upscale them energy-wise. So this will and the question is: Do we have the skilled workers to do this? This is something that cannot be automated on a larger scale, right? And of course, there are supply limits due to fewer skilled workers. So there's not only a demand-side push on this market, there's also supply-side limits. And ending with, of course, we do know that there are some known risks. We know that interest rate, maybe we collectively have forgotten how powerful a weapon monetary policy is, but now we are going to experience it. Historically, it has for sure sent countries into recession. So let's see if this happens this time. We don't know yet. But and there are inflation risks. We are looking at higher oil prices at the moment due to Saudi Arabia. But we're also looking into wage-driven inflation from the service sector, which is very labor-intensive. So of course, this will keep up interest rates because we have to get inflation down. Also, making an assessment on the energy market. So, I don't think we'll see really shortages, but for sure, the old world where we relied on just on cheap Russian energy is over. And even though energy prices themself decrease, we've invested a huge amounts of money in transition. So the total cost on energy has gone up for sure anyways. So also from a Danish perspective, Denmark is a small, open economy, so we cannot control our business cycles. Some politicians might think they do, but really we are totally dependent on other countries. For Denmark, especially Germany, and they're not in a good state at the moment. China is also suffering in some parts. Something that I don't think we'll see it at full scale within a few years, but this is concerning to me. This is the debt to GDP level in different countries. Remember that the growth and stability pact is actually saying that you shouldn't have more than 60%. Wow! Not even Germany, not even Finland, not even... Wow. And the PIGS countries, they're just up there. Yeah, so one should pay attention if this becomes a newspaper story, right? And of course, we are also looking into geopolitical unrest. Really, the trade war is still going on. Maybe the communication style has changed, but Biden has really carried on the same politics as Trump, so nothing much different there. And really, if you talk about... If you think about the huge benefits we've had since the 1990s until the pandemic from globalization, it gets me a bit anxious if we're actually stepping back from globalization and pulling away from using the whole world as a source of products and services. So this is all very gloomy, but for Denmark anyway, will be quite okay. We have some very strong fundamentals, and that's really something to, yeah, to be aware of so that you don't think that all, the whole, the whole world will collapse around you. So we have a high level of activity. We have no structural imbalances. We have a high competitiveness surplus on the, the trade accounts. We have budgetary surpluses. Even, even in the pandemic, we had surpluses and ongoing reforms on, for instance, the labor supply. So there's a lot of good things, but really it's about providing a business-oriented prism for, for the state of the economy that you can understand your own company, from. And, yeah, Q&A, it's, it's, both directed to you, but it's also, what we really want from our customers. We want the dialogue so that we can put the macro numbers into their business context. Yeah. I could also just add that we don't stop the analysis here, so we bring it to the next level as well. So we say, "What's the impact now on the demand for new windows or square meters of, of this, this, and that type of flooring?" So that the business owner or manager really sees the impact. And right now, for instance, the R&M is really taking care of a lot of the fluctuations that you see in the new market. So that's kind of the good news and also the EU regulations that's coming with full speed. So we try to give the context, give a little bit of advice, but we stop at some point, because we need to be able to serve every company, even competitors, to make this business model work. So yeah, just to add. Thank you. Are there any questions? I think we have time for maybe one or two questions before moving on. Yep. There's a microphone as well. Yeah, just going into new countries, how exactly are you gonna do that? Is it with the help of the local presence of Byggfakta already, or will you do it yourself? Just on the practicalities of entering new markets. Yeah. So there are two main roads, but we prefer one to the other, and that is what we are doing in Denmark. So we are building up a business unit inside Byggfakta, the local company there. And we are getting access to commercial resources to push our products, but we are backing the products from Norway and Sweden, the product creation and the data science part. So we're backing it from home turf. But then, so if we want to go into England, for instance, we would use an economist, first of all, and we would set up a team of sales people, and that's it. So really, you need just one type of resource that the Byggfakta usually don't have. In the UK, they do actually. They have three economists, so they actually have the full setup. What they don't have is the secret setup and the secret process, which we will provide them. Yeah. Thank you. Unless there are any more questions, we're moving into the last item on today's agenda before Dario wrapping up, and that is actually a few minutes of four videos. The first two showing off a little bit more about our two offerings within product information and specification. And the other two is focusing on artificial intelligence and what we're doing in Portugal and our subsidiary Fortal. Byggfakta Group's offering within project information is revolutionizing the way the world views construction data. As a global leader in construction technology, we provide more than just tools, we offer insights. With more than 1.3 million active projects in our databases and countless more in the past, spread across more than 20 countries, we give you comprehensive insights before you can find it anywhere else, about time plans, budgets, appointment of architects, contractors, subcontractors, suppliers, and much more. Our global team of 600 researchers ensure every construction project is up to date with the latest intel. Daily, they engage with the industry, capturing real-time changes and driving accuracy. Our platforms are more than just databases, they're a gateway to myriad sales opportunities, serving every facet of the construction spectrum, from property owners and regulators, by architects and engineers, all the way to suppliers, manufacturers, and contractors. Whether you're seeking the next opportunity or just a comprehensive market analysis, Byggfakta Group's project information tools guide you with precision. Through Byggfakta project information, we stand together with a combined knowledge of the world around us. At the center of the construction ecosystem, we're shaping tomorrow's skyline. In the ever-changing realm of construction, professionals need precision and efficiency, especially when preparing product specifications to define quality and to mitigate risks. From building safety to sustainability and ever-shifting legal requirements, the world of construction specifications is intricate and vast. Leading this transformative charge is Byggfakta Group subsidiary, NBS, with its groundbreaking specification platform, Chorus, a solution that has redefined how construction professionals approach their work. In an era where specifiers often recycle Microsoft Word specifications, resulting in subpar projects and disheartened clients, NBS Chorus is a testament to Byggfakta's pioneering spirit. This platform showcases an evolutionary leap, reshaping industry standards with its empowered specifications. Consider the potential of delivering higher quality buildings with less risk and cutting specification preparation time by 50%-70%. Specifications is more than a tool, it's a game changer. Integrating products and adhering to regulations becomes an intuitive process. Byggfakta's unique data, insights, and software solutions help customers to maximize sales, increase efficiency, and build more sustainably. Smart AI tenders. Artificial intelligence offers unparalleled opportunities to simplify complex procurement processes, making the task more efficient and accurate. Companies with well-structured and defined purchasing processes often generate an abundance of material prior to even reaching out to potential suppliers. Now, here's the pressing question: Why aren't we leveraging this preexisting documentation more effectively? As someone responsible for managing the e-tendering platform in my company, I understand the complexity of assembling tenders. They consist of numerous documents, and crucial information is often scattered throughout. Transcribing and entering this data manually into the platforms is a time-consuming task, especially when faced with tight deadlines. But what if there was a smarter way to handle this? Where repetitive and manual work becomes a thing of the past. Now, I just have to drag and drop all my tender documents, and the new cutting-edge AI-powered software will analyze and extract all relevant information from even the most complex tender documents. With this data, the tender is automatically created. My main mission is now just to validate or complete missing information. Once everything is as I desire, I simply need to publish. The AI tool has the ability to handle the most complex information seamlessly. Data such as tender scope, bidding rules, deadlines, categories, quantity maps with all products and services required, evaluation models, among others, are effortlessly integrate regardless of their complexity. The technology and human oversight ensures a perfect balance between efficiency and authority. Once a tender is released into the market, a multifaceted and often lengthy journey begins. Managing a tender involves a range of tasks, from responding to clarifications requested by suppliers, analyzing and comparing proposals, or even negotiating prices. However, with the integration of artificial intelligence, we can simplify and expedite this process. Imagine that after publishing a tender, you have the power to effortlessly manage it using artificial intelligence. By using natural language, you can seamlessly adjust the proposal deadline to the end of the next month, and after confirm, in an instant, the deadline is successfully updated. With just a single and intuitive command, I have modified the proposal submission deadline for the next month and triggered several workflows on the platform, such as: send email notifications to all invited suppliers, generating and publishing the amendment, updating the notice, resubmitting the tender to both national and international public portals, and much more. One month later, after reach the deadline to submit proposals. Once the deadline to submit proposals has been reached, when I access the tender, the AI tool guides me through the process by presenting me different options, where I choose Proposal Analysis to ensure that I will make an informed decision. The analysis is done using artificial intelligence, creating a summary which allows me to obtain an overview of the proposals with relevant information, such as prices, timings, guarantees, among others. The AI tool can also read and interpret proposal documents and attachments, which means that I can ask using natural language any question without even downloading anything about information that I even didn't request prior, in the tender. For example, maintenance costs. In a matter of seconds, I can obtain all the information needed, drastically reducing the time and streamlining this process. Also having the ability to answer questions unrelated to the proposal, for example, about the suppliers, where the AI tool has access to a bigger knowledge base than the platform. At every step, the AI tool provides me with quick actions that I can execute. Once I have gathered all the necessary information, I proceed to request a comparison of the proposals. The comparison of proposals is then generated with all the questions requested in the original specifications, but above that, it adds all the questions I asked prior in the AI tool and that are relevant or even decisive for the award decision. The analysis done, and I'm ready to move forward with the award process. After I select the preferred proposal, the tool continues to assist me in the awarding process, performing all the necessary actions in the background. AI empowering tender process, ensuring precision, efficiency, and informed decisions at every step. Thank you so much. Any final questions to Dario, Johnny, or anyone else before Dario will give a few final remarks, and then we head outside for lunch? Yeah, I'll do one, actually. It's Charlie Brennan from Jefferies again. Thanks very much for the presentations. Can we just bring all of this together and crystallize it into something that I can put into one of my spreadsheets? I know you've been keen not to articulate timelines on targets, but can you just help us out? Would you expect to get to double-digit ARR growth at some point next year? And in terms of margin trajectory, you've highlighted the additional investments you're putting in. Should we assume that margins plateau for the next 12 or 18 months as that investment goes in before it trends to your 40% target? We wouldn't give guidance on next year, as you know. Exactly how it come through, we will report our Q3 report a month from now, so you will see then how we trend into the third quarter of this year. Of course, this is a trend business. You would expect the trends to continue as we have seen in Q1 and Q2, and then also into next year. We're certainly aiming to achieve our growth target. We're quite close to it already now, and with the initiatives we have in place, the ambition is to be there as soon as possible. As we said, the margin will take some time before, because we need to build scale in some of the geographies, both Europe and APAC and US, before those geographies deliver 40% margin by themselves. So that's what I would say. And on the investment level, it was a gradual investment period. We are taking some investments now, and we will take some during next year, and hopefully, the underlying performance of the business should be able to compensate partly or fully for that on... from a margin perspective. Any more questions? Yep. Thank you. Dario, I think you alluded to it before. Media assets, potential to maybe divest? ... those over time, as you did previously this year, to really highlight the growth, underlying growth and margin potential in this one. Are there any obvious candidates, or have you pruned the portfolio enough now? Well, you know, we have been working with media assets. You know, some of the media assets, as you know, have not been construction related at all. It has been, you know, dog magazines and fishing magazines and stuff like that. So that was, you know, we spun that off and it is sold off most of that business. We have on the media side, we've been focusing on keeping the assets that are actually giving us, like advertising, strong advertising platform, like, you know, Byggvärlden, you know, the largest construction magazine in Sweden, it's a very strong magazine. So that makes sense of having together with the rest of our business. Now, we do have a, you know, you are alluding probably to our healthcare business, here. We do have a one part of the business that we didn't talk about, here. It's a minor part of the business, what we call healthcare. And it is a business that is basically split in two parts. It's a leads service for social care services, and the second part is like a marketing platform for child and baby care products, right? And, you know, this business has been going pretty well. It was operating pretty well, and we have been having it as an integrated part of the group, historically. What we are doing now is we are making it more of a standalone business, and investing in the business as any responsible owner would do, to make sure that actually it can be strong and it is already strong, on its own. We do not have any immediate plans of divesting that business, but like, you know, in any case, you know, sometimes in the future, if anybody would come down the road, you know, of course, you would consider... But, you know, we are separating, focusing on construction and having a healthcare as a standalone unit. Does that answer your question? Thank you. It seems there's no further questions. So Dario, please. So, thank you very much for coming here. It has been lots of good questions, lots of good discussions. We have shown you just quickly a couple of demos here, so you get the flavor of what we do and what is going on. We have some colleagues from subsidiaries here, Nuna Maroni from Vortal in Portugal, and Steve Hummel from NBS in the UK. They will be here with us during lunch if you know any questions, if you want to you know dig deeper into what they do. I'm sure they can show you what they do. If you want to talk to them about, you know, how is it to be a part of Byggfakta Group. So please do so together with the colleagues from Forecast Group. So we are obviously very excited about, you know, our journey. Going forward, our strategy is we believe strongly in this is the right path to take. It is huge enthusiasm around the organization and the growing feeling around the organization of being a part of something bigger, being a part of a Byggfakta Group. And I'm getting that feedback continuously on my travels around to the subsidiaries, that people feel stronger and stronger belonging. I think that's exactly the power that we need within the organization in order to be able to create and to leverage on this one global network. So, as Erik said, we have some lunch here outside. I hope that all of you are able to stay with us and we can continue discussions. So thank you.