Good morning. Good morning, everybody, welcome to Byggfakta Group's presentation of Second Quarter 2023 results. My name is Dario Aganovic, and I'm a Group Chief Executive of Byggfakta. Today I will be presenting the report together with Johnny Engman, Group CFO for Byggfakta. The agenda that follows today, I will, as usual, start with the company overview for those of you that are new to the company, and for those of you that want to refresh your knowledge about what we do. I'm going to move into highlights of the quarter, both financial, operational, and then Johnny will do a deep dive on the financials. After that, we're going to conclude with the Q&A. Byggfakta, who are we? We like to see ourselves being at the core of the construction ecosystem. In a construction ecosystem, all the construction companies are working around the projects. Every piece of built environment, be it a house, be it infrastructure, be it anything that is built out there, it is built through a project. It starts as an idea, it moves then into a design phase, then design moves into more detailed specifications. Those specifications are then handed over to construction companies, who are then... You know, there is a general contractor, who is then appointing subcontractors, who then buying and building materials, and then, you know, finally building up whatever is built, and it's put in operation. Throughout this whole period, or from idea until the building is in operation, there are business transactions ongoing. There are tenders out there, you know, people are doing deals with each other, and there are lots of players that are engaged throughout this any construction project that can range from, you know, from months to several years. These stakeholders that are participating in the project, there are many of them. It's property owners. Typically, property owners start with the need, with some type of idea. We have the designers, engineers, technical consultants, architects, of course, you know, constructors, manufacturers, subcontractors, property managers, also government, the local authorities that are reviewing and approving applications. There are many different players here who are, throughout the project, utilizing data and generating data. Please, next step in the animation. This data that is then created and used throughout the process, it is the data about the project itself. You know, what kind of project this is, when does it start, when does it end, who is participating in it? It can be data about the standards or regulations that is needed to do specifications, for instance. It can be product information about the building material that is included in it. All this data is needed, it's used and is generated, and this data is used to generate insights. These insights can be, for instance, if you have data about the project, it can be used as a sales lead for anybody that is trying to sell anything to a project. Data about the project, about who is the main contractor, can be used by subcontractor candidates to pitch on a project. These insights are created by you viewing and manipulating the data through use of software. There are different types of software here that can be used: specification softwares, project softwares, procurement softwares. What we do at Byggfakta, we are generating the data and the utilizing our proprietary softwares to give insights to the players throughout the construction ecosystem so that they can do a better business. Next slide, please. Our offering is covers several product segments here. We have project information, which is solutions, both data and software that are covering construction projects. about the projects on the market, you know, start and what is it, who are the players, their contact information to different players, contact information to property owners, to general contractors, subcontractors, consultants, and so on. This data is continuously updated, and this data is then used by salespeople to identify potential business opportunities and to contact right people, to get in touch with them and to sell whatever they are selling. Any type of service and any type of building material or anything that the construction project might need. This is, you know, pretty, I would say, pretty unique proposition, and in this, you know, particular industry, for salespeople to actually have information at hand, who is the buyer, what do they need, and have it at exactly the right time. This is really gold for salespeople. Next area here is the specification. Specification is a suite of software that is used by architects and engineering when they are specifying a building project. Specifications of building projects, they have to be done in accordance with the standards and regulations that are continuously evolving, and that are rather complex in their nature. The architects and engineers that are using our software, they have a tool at their hand that is helping them to define the specifications that are, you know, to the right level of detail, and that are in accordance with all applicable regulations, that are following, you know, the best practice guidelines that are out there on the market. Product information is next of our... next area. In its simplest form, product information is a product catalog where building material manufacturers are publishing the information about the products that they sell. For instance, you know, windows or floors or ceiling materials. They publish it there, you know, marketing collaterals, specifications, info, 2D models, 3D models, BIM objects. They put anything there that the architects are then using when they are doing their specification, when they're specifying the building. Fourth area is eTendering. eTender is exactly as it sound. It is a online platform for the executing the deals actually. You know, the main contractors, for instance, they can tender, or property owners, they can tender. Anybody that wants to do business with them can do it on our platform. We also have, in its simplest form, on any tendering, we have a tender notification service that people are subscribing to, and getting a notification about, you know, when tender is out there, so they actually can search for it. Finally, the fifth area, which we are now from this quarter report, first time presenting as a separate area, is the market analysis. The reason why is it up now is because of the acquisition that we have done earlier this year of 4CastGroup. That acquisition has given us enough size, enough substance for this area to become one of our key product segments. Here it is a market analysis, you know, from macro down to micro analysis that is done in a very stringent statistical way, and it's used. This is data used by anybody who wants to understand construction market in the markets that we are covering. These are our five areas. Next slide, please. In these five areas, we are covering several different territories, and in territories that we are covering, we have very strong position. Europe, that's our the market where we, where Byggfakta Group started. We have a presence today in 12 European markets, and in the markets where we are present, we are holding leading position. We also hold leading position in Australia and New Zealand, and we have a presence in several Southeast Asian markets. There, we have a strong presence in the U.S. as well. There, we are number three. Currently, we are growing. Today, we have our turnover up approximately about $20 million, and we are continuously growing through both organic growth and through acquisition there. Our ambitions in the U.S. are high because we see also U.S. as a very strong growth market where we also are seeing a really good margin development. These strong positions here are fueled by underlying trends that are in our favor. We see across the markets we are present, powerful tailwinds that are driving the digitalization of construction sector, like in everything else in the society. We also see a large and addressable, expanding addressable market, which is basically driven through the changes in society, both in our growth of population. It is, you know, the changes in the commercial property sector. We have you have the climate change that are driving a need for refitting of buildings and infrastructure. You know, there's also a focus on ESG that is accelerating change, where we have a lot of changes in market rules and regulations across regions, which are also driving digitalization, especially the need for a specification support solutions. We are in a very good position, strong position, and underlying trends that are in our favor. Next slide, please. Today, we have about 50,000 customers that we are serving, and in our databases, we have more than 1.3 million active projects at this very moment. You can imagine each of these project is really a marketplace. It is a potential for, you know, for business, for many different companies. Anybody that want to sell to any of these 1.3 million active projects who are subscribing to our databases, to our subscription service, and we have, you know, 85% of our turnover is coming from subscriptions to our databases. They subscribe to these projects. They can get all the knowledge about these projects, and our researchers that are creating the information are continuously researching these 1.3 million active projects. We have about 700 researchers who are calling on these projects. They are calling stakeholders in these projects to update the status of the projects. Every time they call, they are trained to ask, "Okay, what more is cooking? What more is happening?" Through that question, they get the knowledge about the new projects who are not yet initiated. These projects are continuously added. There is a powerful network effect here, where we, through update of the current projects, are continuously generating a new body of project. This is, you know, basically the data about these projects, both active projects and the historical, you know, 20, 25 million projects we have in our databases. It's nothing that can be, you know, found anywhere else. It is our data. It is not, you know, they crawled and found something. That this is something that we created. We see with great optimism, advancement of AI technologies, for instance, we can utilize to infer unique analytics from our proprietary data that nobody else can really do. We can do that because we have a knowledge. We are very strong as an organization. We have 2,000 employees around the world. About 300 of these employees are in our tech team, whereabout most of them are developers, working with a wide range of projects. We have been recently working quite a lot with the AI development in our software suite. We have, as I mentioned, about 700 researchers, and we have a huge sales force, who is continuously, you know, calling and getting new subscribers to our services. Today, we are operating in 26 countries and counting. Next slide, please. Through this structure, through our position, we have created, you know, significant economic value. Our EBITDA is continuously growing from quarter- to- quarter, as you can see, and our ARR is growing tremendously. We had in our last quarter, we broke SEK 2 billion ceiling, and now this, our ARR continues to grow. Our revenue is split. If you look at the split here on the left-hand side, most of, or the largest area that we are covering is project information. It's almost half, almost half of our turnover. Then we have, you know, product information, spec, eTendering, Insight, all of them growing as well. Our revenue by geography, Nordics, is our largest market, followed by U.K. and international. International here being, basically, Canada, Continental Europe, third largest market, and then Asia Pacific and U.S. as the fourth. You know, we grow on all our markets, in the, in this, in this split. Next slide, please. What has happened during the last quarter? Here we can see some of the things that we are really, really happy about is that our net sales has increased, and the our ARR is now over SEK 2.1 billion. You know, we have a business model that has been in operation since 1936. We've been around since 1936. It's well-proven model. We have having really good growth in our business model. There are not many SaaS companies out there that are found in 1936 and have ARR over SEK 2.1 billion. We are very really proud about that. Our adjusted EBITDA is almost SEK 200 million in this quarter, growing again, also compared to the last year. But we are very, very happy to see is that the our organic ARR growth is at 7.3% continuously growing, and we have seen also accelerated ARR development in Australia, in Nordics. Those of you who have been following us now for a while, remember that we have had, you know, some temporary challenges in these markets previously. Now we see really good development in ARR there. On operational side, we see that our demand, you know, for our subscription services remains really strong. We have been claiming and it is, I would say it is proven in our performance up until now, is that our subscription services does not really dependent on the general economic situation. You know, when there are bad times for construction industry, we also can see, you know, some increase of demand of our subscription services. We see that our Net Retention Rate continues to increase, and we also see a pickup in the new sales performance in the subscriptions. Where we see a weaker demand is in our direct sales business, and in our direct sales business, that's basically a non-subscription services, like consulting services, like advertising, like special reports, for instance. These are of more discretionary nature, and we typically see the when the economy goes down, a temporary downturn in direct sales, and we see it also here, and it has had negative impact on both revenue growth and EBITDA delivery in the quarter. However, I would like to underline that our focus on subscription services, which is more than 85%... which is about 85% of our turnover, there is no impact from the general economic conditions. On it, we have a continuous strong growth there. We are making continuous investments in our sales organization. We have done that across the board, and especially in Australia and Nordics, which is now paying off. We can clearly see it in our results. The integration of newly acquired units, like 4CastGroup that I mentioned, and like the investments that we have done in the U.S., it is developing according to plan. This is what has happened during the second quarter this year. Now let's move into next phase of this presentation, which is a deep dive on the financials, and I will be handing over now to Johnny. Yes. Good morning, everyone. It is a solid quarter. As you can see, we are growing both our net sales with 15.6%, of course, a lot coming from acquired units and acquisitions. Also there is an underlying reported organic growth of 2.9%, it's, for those of you that follow us, it's quite a lot weaker than our ARR development. We can see a very strong trend in the subscription part of the business, the 85% of our revenue, but it has been a tough quarter on the non-subscription services, as Dario mentioned. There we see a tendency of some hesitation from our client base on advertising in, for example, our construction magazines, attending events in some of the markets, and then this discretionary one-off spend. It's been a particularly tough quarter on that business. That is why the reported net sales looks weaker in this quarter. Normally, that bounces back, right? You see that saving coming a couple of quarters maybe, or a quarter, and then they start spending again behind our magazines and events, and then buying the one-off services we were tendering for. That has been a rough quarter. It's primarily seen in the Nordic region for that, where you also feel the maybe the slowdown of the construction market the most. We are a global company today. We don't see that tendency, for example, in the U.K. or U.S. It's mostly visible in the Nordic segment, which I'll come to later. So that is why there is a difference in this quarter between ARR growth and reported growth. We're very happy to see that our ARR is increasing strongly. It's up with SEK 150 million in one quarter. We are continuously developing our subscription base in this business. We also in an increased momentum on the ARR growth. We are up to 7.3%. If you remember last quarter, we were around 6%. This is a rolling 12 basis, so it's only three months added and three months deducted. The performance in the quarter is, of course, quite strong on the subscription business. Our retention remains very strong. We're reporting 85.1%. The last quarter, a year ago, is not adjusted for the acquisition, so you cannot really compare to the 85.9%. I'll come to that on two slides from now. You will see a like-for-like comparison, and we have a nice pickup in retention. We are continuously improving our retention on the client base in accordance with our new Forever Promise, right? We want to take care of our clients, and we see that actually having effect across all market. Those of you are... That should be worried about the impact of a slower construction market, we see nothing of that when we see the retention of the client base on the subscription services going up and up quarter by quarter. The profitability for the quarter on the total Group was SEK 198, slightly better than in Q1. As we have said, when we invest behind the sales forces, the first thing that happens is you take on a cost base, which is seen then in the EBITDA for a couple of quarters, and then you start seeing the ARR pick up, which we see now, and it's accelerated in the quarter. That ARR falls through a reported revenue, and then you see the EBITDA momentum coming through a couple of quarters later. We're quite happy now that we see the strong effect on accelerated ARR, and therefore, we are quite confident that the EBITDA will gradually pick up, and that is one twelfth per month added to our revenue in the coming months and quarters. It is a very good indicator that we have a good future ahead of us. We have some items affecting comparability, which I'll cover. Cash flow was according to expectations. It's a good cash flow in the quarter. Those of you that follow us, again, know that the strongest cash flow is in Q4 and in Q1, and Q2 and Q3 is slightly lower, so that is the seasonality of the business, but SEK 111 million is at what we expected for the quarter. We are increasing our net debt to EBITDA ratio. We are continuously acquiring companies. One acquisition in the U.S. closed in the quarter. We bought out a minority in our Swedish HelpHero business, we've spent quite a lot of cash in this quarter and also previous quarters. On the other hand, this number is not a pro forma number, if we would actually report pro forma, it is a bit lower than what we have in the report. As you can see, we have spent almost SEK 1 billion in the last 12 months on acquiring companies. It's quite a good market to be active on M&A, we see a good chance of getting exclusive in processes early. We see valuations being at reasonable levels. It's quite a good environment for strengthening our footprint through these small and mid-sized acquisitions. That's the top level on the quarter, and we can move on forward. Here you're starting to see the ARR growth accelerated. Total growth was 22% in the quarter, 7.3 of that is organic. Normally, when I look at this bridge, I look at the difference between the new sales number and the net churn, you can see we are now SEK 130 million positive in that delta, basically. That is clear that we see a good new sales pickup, especially in Australia and New Zealand, for example, which had a really strong quarter on new sales activity. Again, it's very comforting to see that the investments we are making in strengthening the sales force, which cost money initially, is clearly paying off in increased subscription momentum. We also see some of that in the Nordic region, maybe not as strong as in Australia and New Zealand, but we are starting to see that region also accelerating the subscription momentum. We will get some help from acquisitions and effects, of course, but overall, a very good ARR trend. This is 84% of our revenue base, the most important area to keep track on. If we move on, here is the net retention, the reported one is not performed for the acquired units. That's why we have the bottom part of the page, which is really the like-for-like development. As you can see, we have been very stable over the last couple of quarters, cruising around the 85% mark on like-for-like. Between Q1 and Q2, now we picked up 0.7 percentage points. It's very strong, the best we have reported for like-for-like, 85.7. A year ago, on a like-for-like, we had 84. We're keeping the 1% plus improvement trend we have seen for the last years, and slightly better than the 1 percentage point per year. We're trying to accelerate that. We have some internal targets to drive that even stronger with the strategy we are putting in place. It's very good to see that the demand for the subscription product is holding very, very steady and increasing. We, again, people are worried that we will see an effect here. We see nothing of that. Now we have reported, well, since we IPO'd, seven quarters of increased retention on the subscription base. Next one, please. If we dig into the segments, then, on the construction solutions, we start with the Nordic segment. The positive part is bullet number three, right? That the organic ARR is picking up, and it's driven through the effect of the investments in the sales force. We're starting to see that paying off, that the ARR growth is increasing. It's not 10%, but it's up to 5.7%. We can see that starting to move in the right direction. The weaker point in the region is that the reported sales growth was only 1.7%. It has been a really tough quarter on the non-subscription services in the Nordic region, which then hits immediately reported sales, and it also hits EBITDA, because we cannot compensate on the cost base for a weak non-subscription quarter. We still have the cost, where therefore, the EBITDA is weaker than we thought. The impact, if you want to round number, is probably around SEK 10 million on EBITDA and revenue from this weak quarter on non-subscription business. However, normally, that turns quite quickly in a quarter or two, and we are quite low on the non-subscription services at the moment, so I would view it as more upside than the downside going forward, that will bounce back. That was the Nordic region. If we move to U.K., well, it is a strong region. It has been very strong for the last quarters and the last years. It's just steaming ahead with a now a 9.4% organic ARR growth. The margin is strong, as you can see. It's steady at 42.8% in the quarter, same level or slightly improved versus last year. SEK 7 million of improved absolute EBITDA. It's moving very steady and very nicely with both revenue and margin. Here, we also see a small effect of some one-off deals that was very strong last year in Q2, which didn't bounce in the quarter this year. There's also a small effect of lower non-subscription revenue here, therefore, the reported net sales is SEK 6.1 million. It was a very big deal we had luck with last year, which didn't come this year. It might come in Q3 or Q4, but that's the temporary effect of that deal. If we move to the two other regions, Continental Europe is also moving according to expectations. The ARR is keeping up at a good speed of 8.8% organic. It was even stronger a couple of quarters ago, but we're happy to keep the momentum around the 9% mark. We are also there seeing the same effect as we talked about, weaker net sales reported. The ARR picked up in end of last year, hadn't fully filtered through to net sales reported. It will gradually do so, I would expect that net sales growth to gradually pick up over the year and then be closer to the ARR development. This is a region where we're also investing in some increased activity. We are rolling out some of the product information services to Portugal, for example. We are investing behind the integrations in Spain through the acquired businesses of Nexus and Construdata. Spain has also had an election during this quarter and in the spring, which is not great for the buyer business versus the public segment. It's been a slightly tougher quarter in that core part of this business. Continues to deliver a solid EBITDA and a solid margin, good retention levels. If we turn to APAC and U.S., here we clearly see the pickup in ARR. On a rolling 12, we are now at almost 4%. If you remember a couple of quarters ago, it's been weaker. Adding three months, deducting three months, you can really see the impact of the strong delivery. It's growing quite nicely with over 2 percentage points up just because of one good quarter. EBITDA is following, and we're still investing in these markets, in the U.S. in particular, but also in the sales force, as we talked about in Australia. The margin hasn't fully filtered through yet, but it remains solid at 22%, which is quite a lot up from a year ago, where we had 18.5%. We're starting to see also the margin coming through in the APAC and U.S. business. U.S., in particular, is strong on both growth and margin. We're very happy about the performance we see from the U.S. operations and the integration of the three acquired businesses. It's moving very nicely according to our plan. Then, of course, we have the last segment, which is the non-construction activities, which is the healthcare and the media segment. It's not much left of the media. As you know, we divested a big portion of our niche media operations, our hunting and fishing magazines in Sweden. It's, I would say, almost 90% healthcare now. It's actually doing really strong on the ARR or subscription part of that healthcare business, where we have seen the ARR pick up to a very solid, almost 10% now in the second quarter. It picked up nicely in Q1, but it picked up even further in the second quarter, and it's driven by very good new sales level on the subscription business, but also a retention of the existing client base, which is picking up to kind of the 90%-95% level. That subscription part is doing exceptionally well at the moment, while the organic is slightly weaker because there's a direct or non-subscription portion, which is doing okay, but not as strong as the subscription part of the business. This is probably the most positive surprise on the ARR side, in this little healthcare business, which is exceptionally well at the moment. If we turn to the capital side, well, I would say no surprises on either the working capital or the CapEx level. We are continuously spending our capitalized development, which is the red part of the middle graph there. It's cruising around the expected level, between SEK 30 million and SEK 35 million per quarter. As we have said, we would intend to keep that absolute level of spend behind our software platforms, and that we have done now for a number of quarters. As you can see, it's quite stable. There is an increase, as you know, in the tangible CapEx. We are now finalizing the construction of the new office in Djursholm, which will host 200 staff, more or less. We have built that, and we own that building. It will be one more quarter before the building is in final operations. We're moving in in November, in the fall. There is one more quarter of higher tangible spend, and then that will move down to a very low level following that. Leasing, we have reversed a bit of bookings we did in Q1, therefore, the leasing in the quarter looks negative, but it is an adjustment versus the Q1 high booking we had for when we renewed the office leases in Portugal and Indonesia in particular. According to expectations on the CapEx side. If we look at the leverage, it is increasing, as I said, because we see lots of good opportunities to strengthen our footprint, which we have done gradually over the years. As you know, we have bought three companies in the U.S., and as Dario mentioned, we now have a revenue around $20 million. We see further opportunities in the U.S. and really want to accelerate our presence in the U.S., both organically and potentially through further acquisitions of small and mid-sized companies to really build that U.S. footprint and platform. We also had a small buyout in HelpHero during the quarter, and the Djursholm office, we have bought back shares, so we spent quite a lot of capital. The positive side with our company is that we have a very strong underlying cash flow, so we see the deleveraging potential clearly quarter by quarter. We are not worried ourselves about this level, even though some of you on the call might think this is high. We are quite comfortable with the cash flow profile we see, the predictability of the business, the retention levels increasing, the ARR momentum, which we know will filter through to good revenue performance in the coming months. This is nothing that worries us internally, therefore, we are executing on add-on acquisitions because we believe those will add a lot of value to this company over time. We're also hedged on the interest sides. We won't see any impact of that before the end of this year, depending on how we renew those hedges. That was the leverage, and we are again always ending up with our financial targets, which remain the same: 10% organic growth, 5%-15% through acquisitions, which we have met now. We have acquired enough companies to be in that range or above the midpoint of that range. We also aim to have a 40% EBITDA margin. We see that margin level in some of the markets, it will take some time, as you know, to get that to filter through. When we invest, we drive down margin for a couple of quarters, and then we're starting to see the margin pick up, which you can actually see now in Australia, for example. We have invested for a couple of quarters. Now you see the margin starting to pick up in the business. Our leverage target is 3, so we have a bit to go to get down to 3.0, but we can go to 4.25. There's no risk on the upside, but as long as we see good acquisition opportunities, we like to execute on those, and that is more important than de-leveraging at the moment. Again, no dividends proposed by the AGM in May. That was the overview of the financials. As a final reminder, we have invited to a Capital Markets Day. For those of you that can attend, it will be on the October 4th. Eric is managing invites, you probably have got it. If you haven't, let us know. It will be held in Stockholm for a half a day. We're really looking forward to meet you on our first Capital Markets Day as a listed company. That was the end of the formal presentation, we can now open up for Q&A. 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 Joachim Gunell from DNB Markets. Please go ahead. Thank you very much. Good morning. Perhaps, Dario, you can comment just a bit about to what extent you think the visibility today is, call it, how that has changed versus where we were in relation to one or two quarters ago, and what gives you confidence for the rest of the year to... I mean, really, not only have that improved the ARR profile, accelerated organic net sales growth, but also improving the ARR growth from where it was in Q2? Yes. We feel quite confident about the market, how it looks like. We have been continuously communicating that, you know, we do not really see dependence in our business model and what is happening out in the general economy. You can see it, for instance, if you look at the, I know that, you know, many of you and many of us as well, since, you know, I'm Swedish, and then getting impacted, you know, by the very dark news in the Swedish press about the development of construction market. You think it's a doomsday, and they, we really, you know, can't see that. You can see in the economy, like U.K. economy, for instance, that is, it is, as Dagens industri this morning, call it, you know, sick man of Europe. You know, I mean, in the U.K. right now, you know, general sentiment on the, in the society is pretty negative, but still, you know, we are growing there like, you know, you can see it in our figures. You know, there is nothing in the current development, in what I see, in our sales of subscriptions, that would suggest, you know, any downturn in the way we are performing. So, you know, given the visibility, we have, giving the, you know, the retention rates that are increasing, continuous, as we've seen in numbers, you know, our, we feel pretty optimistic about future. Thank you. Perhaps, John, if you could comment a bit about the non-subscription business, which, I mean, obviously resulted in almost a 2 percentage point headwind on Group margins here in Q2. I mean, if that is the best way to look at it also for, so the very short term going forward, while I also know that the capitalized work on own account was slightly higher here in the quarter. Is that the best way to think about the run rate going forward as well? Well, if I start with the non-subscription services, yes, it's been a tough quarter on that non-subscription revenue side. Most of it, as I said, comes from the, from Nordic region, where we see some sort of hesitancy to spend behind those services. It's also the biggest portion of the revenue from the, in the Nordic region compared to the other regions. As you know, the non-subscription part in the Nordics is around 15%-20%. In the other regions, it's more 5%-10% there. Of course, there is where we would see most of the effect. It is a mix of many different things. It's some events, some advertising in Byggvärlden, the construction magazine we own, which is the leading construction magazine in Sweden. There is some of these, helping our clients to book meetings, invite for events. Last year it was Nordbygg Fair, for example, which drove the non-subscription business. There is a few of the market spend we will see and a bit of one-off effects. If you have a weak quarter on direct revenue, you also see that filtering through to EBITDA in the region and in the group. Yes, you are correct. It impacts both reported net sales growth and reported EBITDA, and it has quite a big impact on the margin. As I said, there are also a bit of effect in other parts or other segments, a little bit in Europe, a little bit in U.K., a little bit in Australia. Which I wouldn't due as to the saying that there is a hesitancy to spend. It's more of a bad- luck nature, right? For example, in the U.K., a really good quarter last year with a few big deals, and then this quarter missed those few big deals on the non-subscription side. Australia, Asia is more driven by that last year in Q2, it opened up after COVID. You know, it was much later opening of the markets and the events business in those parts of the world. So it was really heavy loaded with a lot of events in Q2 in 2022. This year we have spread that events business more evenly over the year and also into the autumn months. So it was a bit of a peak. We also had an earn-out in the small consulting business we own in Australia, the specification consulting. They had a very good revenue last Q1 and Q2 in 2022, this year, it's something weaker. It's really coming back, you have these kind of one-off events in the other markets, which also hit with a couple of million here and there, it hits on revenue, it hits on EBITDA. That is a weak quarter because of that. The positive side, when it kind of bumps down, it can also bump up in the same way, we get the tailwind in the same way in a quarter in the future, right? If you get the SEK 10 million positive on that non-subscription business, it would drive growth and will also drive EBITDA in that quarter, because it falls down all the way to profitability. On the second part of the. Yeah, the second part of that. Yeah, thank you. No, well, we are investing behind the software platforms. Gradually, it can move SEK 2 million quarter- to- quarter. We also acquired a few businesses, as you know, in the U.S. in particular, and also 4CastGroup, and there is a bit of spend in the acquired businesses so that it moves up in absolute terms, because we are becoming a bigger business with more companies in the group. I wouldn't be surprised, but therefore, the indication is probably the current quarter, given that it includes the spend in the acquired units, is a better indication than if you look a year ago, for example, which didn't include the acquired companies. Great. Just finally, if you can just shortly comment also a bit, whether you think there is room for, call it, more portfolio pruning to say only own core strategic assets with regards to, yeah, the recent sell down in Jakt & Fiskejournalen. Yeah, we are, you know. Sorry. We. I'm sorry. I lost connection. You lost connection? Okay, all right. Mm-hmm. Yeah, I can take it. Mm-hmm. We, we do have as you see, you know, how we are presenting our business, you know, in these, in these five core product segments, which are all oriented towards the construction industry. You know, we are, we are a construction tech player. However, we have a healthcare media business. We've been pruning, as you have seen, the media side, which was not construction related. The construction-related media is still a part of our core business. We do have a healthcare business as well, and as Johnny was telling you when he was presenting segment, it is performing very well. We like that business and it started as a same type of business as we have in project information in construction. It is a which we now call, like, lead service. It is healthcare, or healthcare business is a lead service for a healthcare segment, right? It is not a part of our core construction offering. However, it is performing well, it is contributing to the Group result. We, since we like the business, and it's strong business, we continuing to back that business and continue to invest in it. You know, what, you know, what happens down the road, you know, who knows? That's so it is with everything. We are maintaining our focus on the construction sector, while at the same time, you know, being a good owner of our healthcare business. If I add to that, okay, with the divestment of the hunting and fishing magazines and then associated kind of online business, which was SEK 50 million, roughly, and now in the first half of the year, there's only, like, SEK 15 million of revenue remaining on our niche media operations, which gradually we might also to prune, as you say. So that segment would become healthcare only. We are also pruning some in the main construction portfolio. There are some, for example, construction-related magazines, which we have gradually phased out. We have done a little bit of that in Norway. We're doing a little bit in Finland, which we don't feel is close enough to the core offering. So that has an impact also on the reported growth in the Nordic region, because we are gradually divesting or moving out of those non-core construction magazines as well, which are reported as part of the construction solutions segment. With Byggvärlden, for example, is very close to the core, and then that is something which adds a lot of marketing power behind our presence. We wouldn't prune those type of things, but there are some kind of further away magazines as well in the construction solutions segment. Quite small, but still, we are not generating that much revenue in the quarter, so it can be seen on the organic reported side. Very clear. Thank you, that's it for me. The next question comes from Nick Dempsey from Barclays. Please go ahead. Yeah, good morning, guys. First of all, just on the 31% adjusted EBITDA margin in the quarter, you've got a 40% target for the medium term. Of course, you're investing in the sales force right now, and you hope to see some benefit from that, but you also mentioned investing in AI. Won't there always be something next to invest in? Won't it be really difficult to get all the way up from 31% to 40% EBITDA margin while continuing to invest appropriately? Question, yeah, just on the 16% of revenues that are not subscription, do you have any confidence that those won't get worse? In other words, the market's pretty focused on group organic revenue growth. Of course, we can hope for subscription to get better because of the ARR dynamic we've seen already. Is there a risk that everything else gets worse, so we don't see any improvement in organic in the second half? How much confidence can we have that it won't get worse? Yeah. first on the margin, we are maintaining our target, 40%. We believe in it, and we can see in many of our markets that we are operating on those levels, the even level side than that. We see that our business model really can carry... We can generate those margins. We are working towards that. On the investment side, when you look at it on a sales force side, it is the future of the model is such, you know, you're investing in a sales force. It takes a couple of months for a new salespeople to become effective, and then, you know, it generates the revenues and the scalability of the model, it drives then the margin up. We have seen that. You can clearly see it if you follow our segment reporting, how it goes in those segments, where we have done that. When it comes to investments, as you say, you know, you will always need to invest in something. On a sales force, it is really, you know, there are not many quarters between investment and generation of results, and, you know, generation of superior returns. When it comes to our tech investment, what one should keep in mind is how we have come about as a group. We have come about as a group through acquisitions, and each of the units that we are acquiring, it has its own tech team, you know, small team, a large team. We have historically not been doing much on integrating across the portfolio, neither on the product side, nor on the R&D operation side. We have changed that. We have started working on the merging product portfolio. We have hired a Group Chief Product Officer who is starting in August. We see lots of opportunities to generate synergies in R&D operations because we see lots of solutions that are overlapping, that when it comes to back-end, there is no reason why it should be, you know, different solutions there. When you merge those solutions as products, you know, both on the front- end and technically on the back- end, it gives you possibility to reduce maintenance work, and it gives you possibility to get teams to work more together. It gives you possibility also to insource more of the work. For instance, if you are utilizing if our developers in the U.K. are utilizing external partner in Poland, or Czech Republic, or wherever, as a temporary capacity increase, they can now utilize resources from our global footprint, for instance, in Indonesia, to do that type of work, and that would also reduce costs. What we see is that when we are working with our product portfolio and our R&D operations footprint, it will not increase the need for investments in tech now, when we are moving into more development within AI. We are maintaining the same CapEx levels going forward while the, you know, embarking on AI-based development. That's the to first question. For the second question, when it comes to what we call direct sales, non-subscription sales, we do not believe that... We do not see anything that would, neither in our past experiences, nor in what is happening in the market right now, that would indicate that situation would significantly worsen. Of course, you know, it is not, we cannot, you know, give any, we have not given any, you know, detailed forecasts on the things there, but we really do not see the reason why things should get even more sour in that part of our portfolio. On that point, Nick, we were also gradually meeting weaker and weaker comparator numbers on the non-subscription services, right? That is something that started weakening during last year in the Q3 and Q4, and then it's weak now in Q1. We would be meeting much easier comps going forward. Some of the businesses in that, which is a bit sensitive and suffer now, are at a really low level. There is more room to bounce up rather than to bounce down. Again, it's no guarantee, but I will view that as some positive signals for the future. Thanks, guys. That was helpful. Mm. The next question comes from Dennis Berggren from Carnegie Investment Bank. Please go ahead. Thank you. Just following up on the last comment there. I mean, you've been operating at around 7%-8% organic ARR growth over the past 1.5 years. I get that direct revenue scale is what affect negative here. When should really start to see sales growth, starting to converge with ARR growth, given the current non-subscription trends? I mean, you said that it started to become weak in Q3, Q4 last year. How much weaker was it in Q2 this year versus Q3 last year, for example? Well, I haven't done that on top of my head, Dennis, so I wouldn't shoot that from the hip, right? We can come back on that. No. Again, the ARR is a rolling 12 months number, so it takes a couple of quarters before it filters through fully into the subscription revenue line. Of course, we follow the subscription revenue on a monthly basis and a quarterly basis, and then the direct revenue part or non-subscription. We can of course see that it's coming through gradually, and we release a higher portion of subscription revenue month-on-month when we have seen the ARR pick up. That's how the accounting works. You build the forward revenue portion in the balance sheet, and then you release that monthly into the reported numbers. Yes, we can see that effect starting to filter through. When you have a dip in the non-subscription businesses in a quarter, like we had, we also had a quite weak Q1 on the non-subscription business. That distorts the reported number. We are not so big on the revenue. If you look at the revenue in a segment in a quarter, it's SEK 200 million. It doesn't take much to, if you have a bad quarter, to have SEK 4 million difference on the non-subscription side, and that hits 2 percentage points on the reported sales, organic. That is what you see now in this quarter. You also saw it partly in Q1, that, it is hurting the reporting number, in these quarters. Once that is gone, the ARR will filter through to a very strong reported organic. That's all. Perfect. Thank you. Then just a final question on the resilience area. I mean, instead of discussing it in terms of subscription versus non-subscription revenues, if you would look at it from the sort of five key product segments, where do you actually see greatest resilience against the market weakness, and what areas could potentially be more affected? I mean, are you convinced that all of these five key product areas are entirely resilient against a softening construction market? If you look at the resilience, if you know, you know us quite well by now, and you know that the product mix is different in the different regions, right? Europe has a much higher portion of eTendering, for example. U.K. has the high portion of specification and the product, as well as project, while the Nordic is more heavy on project information and a bit of product. Same in Australia, right? You can see that the resilience is there in all four regions, and the retention is strong across all four core segments. The new sales is continuing to be strong in the U.K., for example, and it's picking up in Nordics and Australia. I wouldn't see any tendencies that there is a certain product area or a certain market that is hit, or has a more difficult, environment. On the direct side, yes, we have seen a difference. On the subscription side, it is no clear evidence that there would be a difference between the product offering nor the geographies. Understood. Thank you. The next question comes from Charles Brennan from Jefferies. Please go ahead. Good morning. Thanks, guys. Just two quick questions from me. Firstly, on your outlook comments and your expectations that ARR growth is gonna continue to improve into the second half of the year. I'm conscious that Q3 last year was actually a pretty good ARR quarter. Are you confident that we're gonna see a sequential improvement in ARR growth in both Q3 and Q4 this year, or do you think all of the improvement will come through in Q4? Secondly, it's not entirely clear to me why we're seeing a decoupling of trends between the direct sales and the new sales component within the subscription business. I would have thought both are driven by in-quarter decisions, and both would be reflective of market conditions and customer confidence. Do you think that those can remain decoupled going forward? I guess I'm wondering whether the direct sales performance this quarter is in some way a leading indicator to new sales in the subscription business going forward. No, I wouldn't be. Again, the subscription parts, it's a must-have service, right? That's why we see it being very strong on both retention and new sales level. While the non-subscription parts, of course, you can save on advertising spend, for example, for a couple of quarters time. That's why we see a bit of decoupling currently in the current market environment between the non-subscription side and the subscription side. Normally, that's not the case, right? They normally go more hand in hand. But I, again, we have no signals that the subscription business is slowing momentum. It's doing quite well. As you comment on Q3 and Q4 last year, well, we see an acceleration or an accelerated performance now in Q2, in two of the regions, there shouldn't be any indication that couldn't continue. You will, as you know, as you commented, it was very strong in Europe and in Q3 and Q4 last year, then there you have seen a little bit of ARR slow down in Q1 and Q2. It's cruising 9% and not 12 or 13, so that will maybe tilt it down a little bit in Europe segment, while the others can continue to tilt it up. From a total Group level, we're quite confident on the coming quarters. Perfect. Thanks so much. The next question comes from Viktor Högberg from Danske Bank. Please go ahead. Good morning. Just one question on the usage. What did you say that you see from your users, in terms of, the interactions on, the different platforms and the different products? Can you share anything on the usage, and if that, usually is an indication of future demand? Thanks. Yeah. Usage on our platform is good. It is in many places increasing. We don't really see any decrease anywhere. It continues to be strong. Yes, you know, you can see it as a indicator, you know, of the activity on the market. We see it also. When you zoom down on usage, you can identify, you know, the churn risks and so on, you know, we see strong use. Yeah, we follow that. And, and, and- For example, number of specifications, written numbers of, products, specified number of projects in the database, number of logins on the project, platforms. It is, it's very solid across the board. Yeah. There's no slowdown seen in any market on the activity from our clients, and we don't really see the slowdown in activities on a number of specifications created or number of products. You saw a bit of slowdown when it started a year ago on product inflow, for example, but the activity on the platforms are just ticking up very nicely. Yeah. That's probably why we see good retention level as well, right? Because the clients are using our services. They clearly get the value delivered. Therefore, they renew. It... That is on a net basis, I would assume. What do you see in the tail of smaller construction clients? Do you see an increased bankruptcy rate and increased churn? Is that somehow affecting the numbers even if in a small way? Yeah. Is that not even visible? No, in a small way, if I look... Sorry, Alain. If I look at a bad reservation, for example, or realized bad, yeah, there is a small tendency that it is picking up a little bit on the small contractor side. For example, smaller contractors can suffer, but it's not materially moving the needle on a group level. But it has a small impact on the EBITDA in the quarter, and it also had the in Q1. As you can see, it's not anything that impacts the retention number. We're more than compensating for that with increased retention of the other rest of the client base. On the margin, yes, but not in any material way. Okay. Thank you very much. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you, everybody, for your questions, and you know, looking forward to meet those of you that can make it to Stockholm in October for our Capital Markets Day. Until then, take care. Bye. Thank you.