Good morning, everybody, welcome to this first quarter 2023 presentation for Byggfakta Group. My name is Dario Aganovic. I'm a CEO of Byggfakta Group, and with me I have Johnny Engman, who is a CFO of the group. We are going to start with the company overview. I'm gonna give you a company overview. This is my third quarter, so you're gonna hear me. Though some of you are gonna hear me for the third time, it is lot of fun to talk about our business. I'm gonna give you highlights of the quarter, financial and operational highlights, we're going to move over to Johnny for financial update. As usual, finalize with summary and Q&A. Let's start with the company overview. What is Byggfakta, and what do we do? We like to see ourselves as being at the core of the construction ecosystem. In a construction ecosystem, everything circles around the piece of building environment, be it a building or a piece of infrastructure, which is brought to operation after a construction project has been executed. Construction project starts with an idea that gets conceptualized in somebody's head, some property owner or somebody that is ordering the project. It moves then into the design phase to more detailed technical specifications, to construction phase, and so on. This is a process that can go on for a number of years, and throughout the process, tendering is ongoing. We say tendering, although it can be, you know, formal tendering process or it can be, you know, just word of mouth, dealing and wheeling in the local construction ecosystems, depending on where the building is built. Then you can see each of the projects that are bringing this piece of built environment into place as a marketplace. As a marketplace where there is ongoing interaction between lots of different stakeholders, you know, from property owners to architects, designers, engineers, technical consultants, manufacturers, contractors, subcontractors, property managers, and also the regulators, government, local authorities. All of them are participating in the building process. They are continuously using the data and generating data. There are lots of data that is used to generate here technical data, of course, and a lot of commercial data that is used to make decisions, to make contacts between different players in the ecosystem. This data is data like project information about the project itself. What is it? What is going to be built? How much is it worth? Where is it gonna start? Where it's gonna end? Who is the property owner? Who is the architect, engineer, and so on. It could be standards and regulations that are applicable, and it could be information about the products that are used in the building throughout the process. This data is giving insights to decision makers in this process. These insights are coming, you know, through analytics. They are coming through the utilizing project information as the sales leads to data visualization. These insights from data are generated through use of software. It could be specification software, procurement software, project search software, and so on. Byggfakta Group is providing unique data that is provided through our users through softwares. Our unique suite of softwares that are then used to generate insights from these data. What we are interested specifically is the commercially relevant data. That is basically what we do. Next slide, please. We operate in four product segments today. There are four what we call in a product segments, project information, specification, product information, and e-tendering. Project information is the information about the project. As I mentioned, the all the data around it, very much oriented around the contacts of people and organizations who are participating in every construction project. You can imagine if you work as a manufacturer of windows, for instance, you would like to know what projects are out there in a relevant area. What projects will be specifying the windows that you are able to offer. Who do you need to talk to? When do you talk to them? These are basically the project information is used by sales organizations as sales leads. You know, there are lots of different suppliers of what is called the sales leads. Essentially it is, you know, people are supplying content information. What we do, we supply true sales leads. It is information to the contacts that are interested in spending their money on specific things in a certain period of time. You as a salesperson know who to talk to, when to talk to them, and about what, when they are ready actually to talk to you. It is extremely valuable information. It is proprietary information for us. Specification is another product area. Specification is software tools that are used by architects when they are specifying the building and the specifications are absolutely necessary. Going, you know, basically it is not only about the drawing, it's about what will be included in the building, exactly what technical elements, what do they need to be able to deliver. This is a document that is used both by the construction companies when they are building what the architect has conceptualized, and it's also a legal document that is, that is, you know, an agreement about what this building is supposed to do. We are supplying here software that is used by architects and engineers, and in that software there is a database of, you know, different rules and regulations, guidelines that are linked to different aspects of specifying a building. Our software is either used as standalone or as a plugin in a major CAD systems supplied by our partners such as Autodesk, Nemetschek, and so on. Product information is third of our product areas, which is in its simplest form, essentially a product catalog, where you have different products, building elements that are used in a building. We have, you know, we are storing there all digital information about these building elements, be it, you know, marketing collaterals, or be it, you know, BIM objects that can be used, you know, by architects, for instance, to take a 3D element from our catalog, import it into the CAD model and link it to specification. That would be, you know, one example of usage there. It's this, you know, richness of information in our product catalogs which separates them from, you know, regular product catalogs that are known to the internet since the dawn of internet back in the '90s. Fourth area is e-tendering. It is exactly as it sounds. It is, you know, everything from a simple, you know, bid notifications, tender notification service to, you know, full-fledged e-tendering platform where you have interaction between buyers and sellers and execution of a deal. These are our areas. We hold the leading market positions in all the markets where we operate. Today we are strong in Nordics, where we started business once upon a time. The company is very old. You know, there are not lots of SaaS companies out there that started their business in 1936. Basically, we are the one that did that. We started in Nordics, expanded through acquisitions further in U.K., where we also hold the leading position, through Iberia, through Central Europe, Asia-Pacific, and the Asia-Pacific, Australia, New Zealand, and Southeast Asia plus Hong Kong, and then the U.S. Everywhere number one, as you can see. Number three in the U.S. There are two major players on the U.S. market who are operating only in U.S., they are dominant on the U.S. market, however on the global scale, we are the biggest player out there. We have very strong brands. We operate through local brands wherever we are. We have grown through acquisitions, and acquisitions that we have done have been very strong. We've been buying really, really good companies. Really good companies, they have very strong teams, and they have very strong local brands. We believe in developing, you know, cultivating and developing these local brands. Here you can see on this slide a selection of brands that we currently have in our portfolio. If you look into our different product areas, you can see that product information stands for the vast majority of what we do compared to the other areas. Almost half of our turnover is coming from project information. The users for project information, it is very wide group of users. Everything from architects and technical people to contractors, subcontractors, manufacturers. Even, you know, like you, lots of financial analysts are using our data to understand more ins and outs of local construction markets. Specification is the second. As I said, architect, technical consultants, contractors. Here third you can see manufacturers are our clients for our product information. E-tendering, again, wider property owners, contractors, subcontractors and manufacturers. One thing to say about product information, it is the subscribers there are manufacturers who are publishing the data about the products that are then used free of charge by architects and engineers. We deliver our products through subscription services. About 85% of our turnover, or currently it is to be exact 83.8% of our turnover, is coming from annual subscriptions. These annual subscriptions are paid in advance, which is contributing to our very strong working capital profile and then our EBITDA margin. We have 50,000 customers. The average subscription spend per customer is about SEK 50,000, which means that we are there's no really sensitivity or independence on any of the customers. We are very well spread out. We have in our databases currently, as we speak, 1.3 million active projects. You know, when you think about it, 1.3 million active projects, that's 1.3 million active marketplaces where people are currently right now interacting, they are making deals, and they are creating economic growth. In each of these projects, they are still open, and it's still open for people to make money. Each of these projects is a lead for many different companies. These projects, if you look historically, you know, in our databases, you know, 25, perhaps 30 million projects, they are there. We have, you know, vast amount of data, historic data, linkages between different players that can be utilized to for the for, you know, for analysis that commercial people at manufacturers or active companies, tech consultants or whoever, could use. These projects are, it is our unique proprietary information. It is coming through, most of it is coming through manual research. A large research organization, about 700 people strong, who are calling on different projects. Every time our researcher calls to update on a project that we already have in a database, the researcher is getting information from the source on update of how project is going. You know, if, you know, if a carpenter is selected, did you select, you know, flooring, ceiling, entering information about that, and then asking, "What else is going on?" Then typically source answers, "Yeah, we are looking into calculating on another project here." "Okay, what kind of project is that?" That new project is entered in the database. It's basically through network effect. We are continuously populating our database with the new projects that are then getting updated with the generally new projects and so on. This is growing, and this is through our manual research that we are complementing then with data that is coming, input from our own softwares, from specification softwares, for instance. It is the data that we're crawling from websites, some of the data we are buying to enrich our data set. It's coming from all the different sources. The core there and the unique data is coming through our research. 700 people in research out of total about 1,900 employees. Two other large groups of colleagues are software developers. We have in our own, in our IT organization about 300 people that are distributed around the world. Three large development centers, one in Jakarta, one in Lisbon, and one in Newcastle. We have a large colleague group among our salespeople. We are extremely active in sales. We are a sales company, so we are really good at selling, and what we sell to our customers who are salespeople is tools for selling. We are all about sales. It's no wonder that quite large part of our organization is our sales team. We as a company have a strong financial profile, you know, continuously making a lot of money. Our EBIT, Adjusted EBITDA is continuously growing here, as you can see, and our ARR is continuously growing. Now, for the first time ever, we are breaking through SEK 2 billion in annual recurring revenue, which we are very proud of. This is about the company. Now, what happened in Q1? As I said here, our net sales, it increased in the quarter to SEK 600 million, which is a 14.6% increase compared with the comparable quarter. Our ARR is now over SEK 2 billion, which has increased by 18.8%. We have our Adjusted EBITDA is SEK 193 million. Again, solid growth compared to the last year. Some of this growth is coming from the acquisitions that we have performed during the quarter, but we also have had a strong organic growth. Our organic ARR growth is 6.6% in the quarter, and our net retention rate remains stable around 85%. We are seeing strong development in all our regions, most notably, if you look into specific territories, U.K., U.S., and Continental Europe have performed very well this quarter. Operationally, many of you know that we have been quite active in the acquisition space. We have done several acquisitions during the quarter. The largest one is acquisition of a 4CastGroup, which is a Norwegian Swedish construction market intelligence company, which is very well known when it comes to construction construction analysis. It is complementing the offer that we have already had. It was quite small and scattered in our portfolio earlier, but now, when we are getting 4CastGroup or Prognosesenteret as they are called in Norwegian and Prognoscentret in Swedish, very different. Now we have a really strong offering within market analysis. Another acquisitions that we have done during the quarter, we have done acquisition of Schuman International in the U.K., which is a consulting company within the specification space. Now, I mentioned earlier regulators and regulation is something that is continuously getting more and more complex. Our customers that are using specification softwares, architects and engineers, they increasingly need expertise help from us. Schuman International is well-respected consulting company within the specification space that is now part of Byggfakta Group, and that will give us ability to help our customers more to boost the efficiency and the commercial outcome of what they are doing, hence then helping us to boost our sales within specification sales. Then, the third acquisition that we have done, which happened after the quarter ended, was acquisition of Pantera Global Technology, which is a company within e-tendering space that is strengthening our position on the U.S. market. As you know, we have during second half of last year done two acquisitions in the U.S., QuestCDN and Bid Ocean Group, which both are within e-tendering. Pantera is building on those acquisitions that we already made there. When we look at demand of our products in general, across our product area is very strong. Our subscriptions are continuously growing. Uh, it has been a bit soft-- uh, softer on the, on the, on the direct sales, uh, i.e. products and services that are not part of subscriptions, more of a discretionary, uh, uh, nature for customers. Uh, but on the, on the subscription side, we see this continu- continuously growing despite construction market uncertainty, which is, uh, which is, uh, again, underlining our claim that, uh, that when it comes to our, our, our business, we do not have, uh, um, uh, uh, coupling to, to, um, to construction market, uh, um, uh, um, uncertainty, uncertainties and downturn of construction market. Quite on contrary, we are more needed now, uh, than ever. Uh, and, um, uh, this is giving us organic growth, and we see organic growth as a key for the further improvement of our, of, of, uh, uh, EBITDA margin. We have seen it everywhere where we are able to grow our margin starts improving and moving towards our target of 40%. In some of the regions, we are well above that target. Take for instance, U.K. We are continuously focusing our effort on sales. We are staffing up our sales organizations and focusing on new sales. In addition to that, you know, operational focus on sales, we are focusing on integration of acquired units. We are buying a lot of companies, yes, but we are not to be regarded as some would call some other companies as compounders. What we do, we are integrators, basically. We buy the companies, we integrate them in our business, and the data that they are bringing to the table, it's enriching the existing data set that they are coming to. We are linking their softwares to the full data set and getting, you know, more and more valuable for our customers as a part of our offering. Another strong quarter behind us. Now I will hand over to Johnny to give you more details about our financial results. Johnny? Thank you, Dario. Let's dig into the numbers a bit. We will start with the group picture. Then we'll go through the segments. Dario has already commented on some of the increases we have seen on our net sales, up with 15%, breaking through the SEK 600 million mark for the quarter as such, up from SEK 524 a year ago. A good 15% increase versus the comparable quarter. As you will see, the reported organic net sales growth is slightly lower than the ARR growth, 3.7% organic on reported sales, while the ARR growth on the subscription part of the business is doing better at 6.6%, which is a number which we're happy about. What has happened, as Dario said, is in the quarter, the direct revenue, we call it, which is either partly recurring and some of it is more one-off deals, has been a bit softer in the quarter as such. Some of the smaller add-on businesses we have across the group is having a slightly tougher time, but probably bouncing back over time. This quarter has been a bit choppy on the direct side, while the net sales reported is slightly lower than the subscription portfolio growth. ARR breaking through the SEK 2 billion mark. Our retention remains strong at total 85%, roughly flat versus previous quarters. The EBITDA coming in at SEK 193 million for the quarter. It's up with almost SEK 20 million versus the comparable quarter a year ago. Margin a little bit softer than a year ago. As we commented in Q4 and also late last year in Q3, we are investing behind the sales teams, especially in the regions where we had a slower growth in 2022, the APAC region and the Nordic region, where we have staffed up, which is costing money initially, pushing down margins in this quarter. Slightly softer on margin due to those sales investments, but also some of the rollout initiatives we talked about, like launching product information in Portugal, building on the Spanish footprint, which is costing money initially, which will generate growth over time. I'll dig into items affecting comparability, but of course, we have had some costs for the acquisitions we have executed in the U.S. and Norway now for advisors. That has been an item in the quarter, taking down the reported EBITDA. Cash flow for the group was strong in the quarter, coming in at SEK 182 million operationally, very close to our EBITDA. If you remember our Q4 report, we said that cash flow was a little bit softer in Q4 than expected. We had some receivables pushing over year-end. Those have now been collected, resulting in a very strong cash flow for this first quarter, and we recovered that tip over we had from the year-end cutoff. As you know, we have acquired a lot of companies in Q4 and now in Q1 with especially 4CastGroup pushing up the net debt EBITDA ratio to 3.5x, and that is on reported basis we need to remember. We haven't done a pro forma of the EBITDA. If we take the full year effect of the acquired units, both the 4CastGroup but also the U.S. acquisitions, the net debt would be lower. If we wouldn't have done the 4CastGroup acquisition, we would have seen 3.2x. We would see the deleveraging profile of the business. In total, we have spent over SEK 800 million on acquisitions and other items in the last couple of quarters. That was the group update. Let's move to the net sales or the ARR bridge. As you can see, we are continuing growing our ARR base. It's up with almost 19% compared to March 2022. We have had a good new sales quarter. For the last 12 months, we have done SEK 359 million of new sales, while we have churned or lost SEK 250. We're still able to grow our ARR base, acquiring new customers at a higher speed than the churn. We're also getting, of course, help from acquisitions. FX is still working in our favor, creating this 19% growth of the ARR base. As Dario said, subscription revenue constitutes 84% of our total revenue of this group. Retention, we have the reported net retention on the top, which is not the pro forma for the acquisition. I'd rather look at the bottom part of the graph, which is like-for-like retention, including all acquired units in the also the historic periods. As you can see, we are cruising at slightly above 85% retention on like-for-like basis. We are on par with Q4 last year, versus a year ago, we're up with 1 percentage point. We have repeated the message many times that we are continuously working with retaining our clients, and we should keep a speed of 1% improvement over the 12-month period. As you can see from these numbers, we are doing exactly that. We're up with 1.0% versus a year ago on retention of the client base. Showing that our initiatives are working as expected. If we move to the segments, the geographic segments, we can start off with the Nordics. We are continuing to grow in the Nordics. As you probably remember, the ones that follow us closely, we had a weaker 2022 in the Nordic region. It was a fairly tough year over the all four markets with maybe the exception of Norway, which went rather strong in 2022. We are happy to see that we are now turning the trend on the ARR growth in the Nordic region. We are up to 4.6% organic ARR growth on a rolling 12 basis compared to 3.8% we had in Q4. We are seeing that the new sales investments are having effect. We are actually up on new sales of subscriptions across all the four markets and doing better than we did in Q4. We're feeling that the market is with us, and we are able to acquire new customers with the sales investments we're having. That is good to see. The drawback of that is, of course, that sales push is costing a bit of money in terms of increased Salesforce. The margin or the EBITDA delivery of the region is slightly weaker than it was in Q3 and Q4. We did still SEK 64 million in the region compared to SEK 62 million a year ago. As you can see, the margin is slightly lower due to these investments we have done in Salesforce and other staff to really regain the growth momentum, and it is starting to show effect in this quarter. Very happy to see that we're turning the trend on ARR growth. If we turn to now our strongest region, it's actually delivering the highest EBITDA in the quarter, now surpassing the Nordic region. It did SEK 72 million in the quarter, a very strong margin of 44%, up from 42% a year ago. Here you can see the effect of scale building. When we have good organic growth rates, we can see good fall through to bottom line and therefore a good margin delivery of the region. The speed is constant more or less. We are on a reported basis having 9.6% sales growth organically, and the ARR is following at 9.4%. Within the region, it's been a slight shift. I think Glenigan is continuing to do extremely well. They had the best quarter ever on new sales of subscriptions, it was very strong in the first quarter, while MBS then is on the margin, a percentage point or so slower in the quarter as such. There's a slight shift between the two businesses, but overall a very strong delivery in the region. It really shows that the demand from the client base on the construction side with Glenigan is very strong in the U.K. market. If we go over to Europe then, which is also growing nicely, reported net sales at 6% organically, and the ARR on a rolling 12 is cruising at 9.1%. Again, if you remember 2022, we had an extremely strong ARR growth in Q3 and in Q4, thanks to some price increases and upsell initiatives we pushed through, especially in Portugal, Spain. That is now returning to more normal levels. 9.1% is a good number, it was extremely strong in the last part of 2022, which will help report the net sales during this year, because as you know, that ARR growth, which was very strong, will convert into reported sales number during the course of 2023. We are also investing behind these markets. We didn't discuss much of it in Q4, as you can see, the margin is still good, 28%, it's slightly lower. We are continuing investing behind some product rollouts. We are launching items in Switzerland with product information, for example. We're also doing that in Czech Republic. We're bringing the product information to Portugal. That is impacting margin short term also in this region. It's not an investment in the sales force. As such, it's more rollout of the existing product portfolio, which is a result of the acquisitions we have done back in 2021 and 2022, which will help growth over time. If we turn to our fourth core construction segment, the APAC and U.S. segment, as you know, it's been a tough year in 2022, especially in the APAC region. U.S. had a very good year in 2022, and it's also continuing on that trend in the first quarter of this year. We're actually happy to see that. We also feel that the trend is turning in Australia and New Zealand, especially, which had a tough year. Now we see growth improving in those markets as well. The ARR growth is up to 2% organically in this segment. It's also an effect from a turn in both retention and new sales, especially in Australia. We did investments in the sales force during Q3 and Q4, and that is starting to pay off. We had a good new sales quarter in the region, and U.S. is continuing strong. If you look at organic net sales growth, it looks very negative with -3.4%. If you remember, we restructured the historic MBS operations in Australia during 2022. We moved that responsibility over from MBS into the hands of BCI management, and we took out almost SEK 10 million of cost from that restructuring. The, the side effect of that is, of course, it has an effect on some of the revenue generation of those businesses when you take out the portion of cost and employees, which is then impacting reported net sales growth, especially in this quarter. We might see a small effect of it in Q2, it should be over and back to growth of that then restructured and moved business. Without that, we would have seen positive organic net sales growth for the segment. EBITDA is strengthening up to SEK 28 million, also the margin is going up. We have, of course, included the U.S. acquisitions of Quest and Bid Ocean with quite good margin. Part of that is acquisition effect, the underlying margin is showing some signs of improvement. Quite a good quarter in the APAC-U.S. region. If we look at our last segment, our healthcare media business operating here in the Nordic region, primarily Sweden, it was a tough quarter. We did basically zero EBITDA and a bit of growth. We actually feel the ARR growth of the healthcare business is improving. It's up to 5%, which is a good sign for the remainder of the year that we're growing the subscription base of the healthcare business now again at almost 5%, and that will over time result in more business opportunities on the direct revenue of healthcare. That business had a good organic quarter on new sales. While the media business, it was a tough quarter. It's ad spend driving it. It's subscription of magazines. Also, the healthcare business is partly dependent on birth of kids, which is lower. It's been a tough quarter. We're expecting it to rebound in the second quarter and over the year to normal levels. Still a small segment, but positive is the ARR growth of the healthcare operations. If we look then at capital and what we have done with the cash, as you can see, it's been a good quarter on net working capital. It's gone from -SEK 600 million to - SEK 667, generating a good cash flow from operations. Cash flow is almost equal to EBITDA operationally in this quarter. We're seeing what we're expecting from our net working capital position. We are continuing to spend behind our software platforms, which is in the red bar in the middle of the CapEx graph. We are spending roughly some SEK 30 million quarter-on-quarter. You can see that being fairly constant, which is the development efforts on launching new softwares, significant upgrades of the existing software platforms. This is part of our 300 strong IT staff. A lot of it is still, of course, in the P&L for maintenance and support reasons, but the part of it which is development spend is seen here on the CapEx graph. We are, as you know, building our Ljusdal head office still, and that will continue in Q2 and Q3, and then we're moving in to the office in late October, early November. In total, we will spend SEK 70 million. As we have said, we spent SEK 17 million in this quarter. If you look at the bottom of the slide, which is the IFRS accounting of the office leases we're having around the world. We have in the quarter, moved offices or extended office leases. We have moved to a new big office in Lisbon in Portugal. We have 200 staff in Lisbon. That is a 10-year lease when then... When you enter that new long lease, you need to book that according to IFRS as a, as a lease cost in the quarter, pushing up this to SEK 88 million in the quarter, together with a new office in Jakarta in Indonesia. That is really a one-off effect without cash impact, but it's an IFRS booking you will see on the, in the P&L. Second last slide, our net debt Adjusted EBITDA development. You might be worried it goes up from 3.2x- 3.5x from Q4 to Q1. That is an effect of the acquisitions we have done and some of the other cash-out items we have had. The 3.5x is not in the pro forma EBITDA, so what we're reporting to our bank group is lower than 3.5x. A number of points lower than that actually. Due to the pro forma effect, but also the adjustment of the leases we have under the covenant structure with the banks. As I said, operational cash flow was strong, but we are spending cash growing this group. We have listed the acquisitions we have done since Q2 last year. We have spent almost SEK 800 million on acquisitions and some other one-off items during this time period. It's the acquisitions. Also we have done buyback of our own shares to support the LT program. We have bought back 2.2 million shares over this time period. We have also invested in the new office. We have spent SEK 45 million so far, which will not recur in the next 10-20 years. We have renewed these leases, which also impacted the reported net debt, EBITDA level. That is the reason for it coming up. It will go down in the coming quarters from our continued cash flow. We have now done a lot of acquisitions, as you have seen. We will focus on integrating them, getting the maximum benefit from them. If one would expect anything, the acquisition level might be slightly lower in the next quarter or two because we have now done quite a lot. Last slide is again repeating our financial targets. We are aiming to grow organically at 10% on both ARR and reported sales over time. We will complement this with strategic acquisitions, adding 5%-15% per year. We have now done almost 10% added revenue through the acquisitions we have executed in Q4 and Q1, we are meeting that target. Over time, if we continue growing, we will see the scale effects kicking through, and the target is to reach 40% EBITDA margin, which again, we can deliver in certain segments where we have built the position strong enough to deliver on that target. We are expecting to come down to 3.0 in leverage. We will delever over time, thanks to our strong cash flow of this business. We'll not propose any dividends this year. We will accumulate the cash to delever and use for further acquisitions going into the fall of this year. Very good. That was it on the presentation side. Thank you very much, Johnny. Now we are ready to take questions. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Viktor Högberg from Danske Bank. Please go ahead. Good morning. On the geographic split in organic growth, Nordics and Australia are still the laggards. You have done some changes, and ARR is better than sales growth. The operational changes you've done, do you think that's gonna bear real fruit now in Q2 and onwards, or is it gonna be very gradual in terms of sales growth improving? Thank you very much, Viktor, for your question. What we see in these regions is that the investments we have done there, they are bearing fruit. We are strengthening in both Nordics and APAC. We have been investing in the sales force, hiring more people in the sales, working with our processes. We can clearly see, you know, during Q1 that we have been very successful on the new sales side while maintaining strong retention levels. This is, you know, the nature of the business, subscription business is that, you know, when you are successful in selling new subscriptions, the effect that hits the P&L is gradual. This will, you know, continuously have effect. Okay. On that, your target of 10% organic growth, do you think the market is there to support that during this year? Is the Q1 and the direct sales effects something that would hamper that? For the year, given that the organic growth was in ARR was 6.6%, to accelerate that on the sales growth level. Is that possible during the year? Well, you know, the organic growth level on ARR is giving a cue, you know, as to, you know, how future will look like. As you know, we are not giving any forecast, but we are moving in a right direction. In some of the markets, you know, we are already there. If you look at development in U.K. international, if you look at continental Europe, you know, some of the segments are leading the others. It is taking some time, but we are steadily on right course. Again, you know, it is I cannot tell you exactly in what quarter will that happen. I talk about Again, the ARR is a good leading indicator, as we always said, that gives us a base growth of a 6.6% or around 7% on the subscription portfolio. That is more or less partly guaranteed, right? Because that's already sold and will be released through the P&L in the coming 12-month period. That is a good underlying base. The direct part of the business is a bit more choppy, as you have seen, and it's been a fairly tough quarter on the direct sales in the Nordic region and also in APAC, U.S. The beauty of that, it can be a tough quarter, but it can also bounce back fairly quickly if we have a good quarter on the direct product portfolio. That can boost the reported net sales growth in some quarters if we do a good job on direct. Can go up and it will also go down. It is important also to understand that the direct part is not in its all entirety, you know, just, you know, kind of discretionary one time thing that never happens again. There is a lot of stuff there that is recurring in its nature, like, you know, reports that are ordered every year. They are not subscription, but they are ordered every year. Like we have in the U.S., there is, you know, fair amount of direct sales is coming from the from our tender business, where there are suppliers or builders who are subscribing to our services. They pay, you know, a basic fee, then they are paying again every time they are downloading on RFQ, and they pay every time they submit the quote as well. We book it as a direct. It is not a subscription. That is also activity that has a certain, I would say, recurring nature. Okay. price hikes. Of the 3.8% organic net sales growth, how much was price of that? We don't break out the price for you exactly. We again, we were following the inflation of the sector. We can see that some are taking slightly more price now on SaaS services, right? Or what we pay for our IT spend when we use third-party licenses. So there might be an opportunity to be more aggressive on price. So far, we haven't taken any big price initiatives on top of what we normally do, with the exception of Continental Europe, we did in Q3 last year. There's a both a volume component and a price component in growth in Q1. Price is not larger than 3.8%, or is it? No, it is, it's not all price. We're also growing the client base. As we said, we had a good new sales quarter on the subscription side, so that will grow over time. It is a combination of always number of clients, price, and upsells to the existing client base. If we expand the information packages they're getting, we are doing add-on bundles to them or modules and so forth. Of course, the retention of existing clients. Perfect. Final question for me, sorry. On the cost side, the investments you made now in APAC, in the Nordics and lifting up the sales force, is that reflected in Q1 OpEx? Is a place to grow from including, of course, the M&A you've done recently. On organic side, are you well equipped on organizational side or more investments to be expected for the year? I think APAC and then, or Australia, New Zealand, we started already, after the summer. That is on a more or less a full staffing situation at the moment. Nordics, we started in Q4 or late Q4. As we said, that has been ongoing during this quarter. There could be some spillover effects into Q2 in the Nordic region as well from that investment, with not all of the sales staff was fully in place on January 1st. There's more to come in the Nordic region, while APAC, U.S. are more or less fully staffed. Okay, perfect. Thank you very much. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. All right. That was it. Thank you very much for listening and thank you, Victor, for your questions. See you next time. Thank you. 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