Morning, everybody, and welcome to this fourth quarter 2023 presentation for Byggfakta Group. My name is Dario Aganovic, and I'm CEO of Byggfakta Group, and together with me today for presentation, I have Johnny Engman, our now former CFO. Johnny has just left the business last week, and this is his last quarterly report presentation. So we are looking forward to hear what you have to say, Johnny. So I will start as usual with the company overview, go through the highlights of the quarter, and then Johnny will do financial update, and then we'll do together Q&A as usual. All right, so, company overview, for those of you that do not know us, and even for those of you that would like to hear time after time, what Byggfakta is doing, is, we are the company that like to see ourselves to be at the center of the construction value chain. And at the very center of construction value chain, conceptually stands the construction project. Everything around us is built in construction projects. And every construction project starts with an idea that a property owner or investor might have, which then moves into design phase, where, you know, the creative process takes place. It moves over into more a technical part of the work, into Specifications, where the architect's vision and idea is transformed into the specs by architects themselves, by engineers, and then it moves into a construction phase, where general contractor does much of the initial work, and then subcontractors come on, suppliers, and so on. And throughout this process, more and more companies, as you hear, stakeholders are involved, and in each involvement is preceded by a commercial transaction, and commercial transactions are ongoing throughout the whole process. And there are lots of different stakeholders that are taking part here. Everybody from property owners to architects, designers, engineers, consultants, different product companies, manufacturers, contractors, subcontractors, but also regulators, government, local authorities, everybody is involved in a permit process. So there are lots of different stakeholders. And throughout this process, when commercial transactions are carried out, data is used to educate the decisions, and data is created on, you know, the made decisions. And every decision that is made in each step is implicitly or explicitly impacting decisions that are subsequently taken. And this commercial construction data, what is commercial? It depends on who you are in this process. If you are a salesperson with building material supplier, commercial construction data would be information about the project, about that it actually exists, what materials are expected to be used, who is the contractor, who is subcontractor. If you are architect, also commercial construction data would be more kind of a early stage information. For a subcontractors, the commercial construction data would be kind of, you know, more detail specification data that could be used to educate decisions about, you know, what types of offer to make and so on. So this commercial construction data is continuously enriched and is growing throughout the process, and we are there to facilitate this process. We do this through our five application areas. In each of the five application areas, we call them atoms that are together comprising a unique Byggfakta Molecule. We have these five areas: Project Information, that is mainly applications for that are sold to sales people within the construction value chain, where we actually have, you know, our project leads. Specification, it is a Specification software for architects and the engineers, primarily. Product information, it is a product that we sell to marketeers, mainly for building material suppliers, through which they can market their products to architects, to engineers, to builders. e-Tendering is exactly as it sounds, a platform for making deals throughout the building process. Market Analysis, exactly again, as it sounds, to analyze and to educate decision. All these solutions here, they are delivered as a software as a service solution, and it is a subscription that you sign for a period of time, typically one year, and you pay in advance. So these five atoms together, they are comprising a molecule, and it is enabling us to deliver to our mission, to our pledge, that we... By using our unique data, insights, and software solutions, our customers in the construction industry will sell more, improve efficiency, and build more sustainable. This strategy and this position in the value chain has led us to a strong market position on the territories where we are present. We have a presence in 12 European markets with a strong market position. Number one in the application areas that we're operating. We have the same position in our markets in Asia Pacific, which is Australia, New Zealand, Southeast Asia, and Hong Kong. We have a position as number 3 in the U.S., which is massive market. We have, you know, two strong incumbents there that are more kind of locally focused. We are the largest international player present on the U.S. market, and continuously growing through acquisition and integrating the acquired units at a high speed. So today we are in a position where we in our platforms have more than 1.3 million active projects, ongoing projects currently in the construction industry. Each of these projects is a marketplace with lots of, you know, stakeholders involved in them, and all of them, they need data, commercial data, in order to educate their decisions. They get it through our applications, which are delivered within these, you know, five different areas that I talked about. They are subscription solutions that have annual recurring revenue of SEK 2.2 billion, and we are serving 50,000 customers in 26 countries worldwide. In our company, we have more than 2,000 employees, out of which one third, approximately, works in sales, one third in support functions and product development, and one third in research. So all this data that we have in our different solutions, some of it is scraped through public sources automatically on the internet, but much of that is research, quality secured and researched through our organization of approximately 700 colleagues that are working in research. So our strategy going forward and you know that we developed and deployed during the last year and will be continue to deploying during this year and years to come is resting on four cornerstones. First cornerstone is the Secret Molecule through which in which we have deployed a number of projects that are aiming to integrate and develop solutions that will join our different applications and create the data loops to enrich the offering in each of the applications, in order to be able to enable unique upsell to the customers that are subscribing to our different applications. Expand to Reinforce the second cornerstone. It is guiding us in our growth activities, both organic and inorganic, and our strategy is to expand on the areas where we already exist, to reinforce what we already have. Everything in line with the Secret Molecule strategy, where we are basically expanding to enrich the data flows that are strengthening what we already have. The Forever Promise is our third cornerstone. This one is about serving our customers in a way that, you know, wherever we acquire a new customer, we are acquiring it with the forever relationship in mind and making commitment to that customer that we will stay forever relevant and forever support them. So basically, you know, people ask me: What does this mean in our churn target? And I say that that means 0 churn. Basically, any customer that we onboard should be relevant customer, should stay with us forever. And here, within this area, we are deploying projects within two areas. It is in product portfolio management, making sure that our solution that we are providing are relevant always. And the second area is a customer success, basically onboarding and taking care of our customers throughout the subscription, the whole subscription period. And then a fourth cornerstone here is One Global Network. Basically, being a global business that has grew through acquisitions and is growing through acquisitions as we are doing, it is extremely important that we have a, you know, a set of processes, routines, and structures implemented in order for people to work together, in order for us to be able to utilize the full potential of the synergies that we have identified. So, where has this taken us, financially? You can see that the revenue in our structure, we have about almost 50%, 47% is Project I nformation, and then Specification Product Information, 13% each, e-Tender is 23%, and Insight 4%. The split between geographies is one third in the Nordics, then 27% U.K., Continental Europe and Asia Pacific, U.S. 22%. This is a remarkable, remarkable change of profile. 2009, 2019, we were pure Nordic play. Now, the business looks like this. We have grown quarter by quarter. You can see here on our both in terms of EBITDA and ARR. So, the question is here, of course, that all of you are interested in, is how did the last quarter, now 2023, develop? Financially, we have continued to grow. Our net sales has increased by 14.1%, and our ARR is now over SEK 2.2 billion. We have adjusted the EBITDA in the period for SEK 219 million. We have also been very happy with the development on the new sales and our net retention rates that led us to accelerated, excuse me, organic ARR growth of 9.5%, which is—this is very solid figure that is, you know, continuously growing quarter by quarter, and we see growth in all our operating segments. Operationally, we can see that the demand on our subscription services is increasing. Our NRR, again, that is contributing strongly to ARR, is 86.7%, step by step growing. We have a strong cash flow that is enabling continued expansion through acquisitions. We have a strong new subscription sales during the quarter, which on one side is extremely, you know, positive news. And on the other side, for the period, it is temporarily burdening the margins through increased sales commissions. And I'm sure that we are going to touch upon this today, both in the Johnny's part here, and I'm sure also in the Q&A. Also, as I mentioned, Johnny has now left the business. We have appointed a new CFO. His name is Fredrik Lundqvist. He's joining us from August. Fredrik is currently CFO at Cabonline, a major transportation operator here in Nordics. And while we are waiting for Fredrik to join, Peter Hedin, our head of financial control, has agreed to get into capacity of interim CFO. So I will be working together with Peter until summer, when Fredrik is joining us. So these are the highlights for the quarter. And now, the one thing that happened after quarter ended, we have done an acquisition just a couple of days ago, where we have entered Poland. It's a new territory that we are adding, and we are super excited about that. We have acquired a company called the Otwarty Rynek Elektroniczny. I understand that for those of you that are not Polish, I'm not Polish neither, it might be a mouthful. We are calling the company Marketplanet, based on, you know, one of the products that they have in the portfolio. It's a leading e-sourcing and e-procurement company in Poland, covering several different areas within the source-to-pay process. There are three main brands. OnePlace, which is a supplier cloud solutions SaaS platform for suppliers. Marketplanet is a source-to-pay platform, primarily used by major company in private sector. And then e-Zamówienia, which is business-to-government platform for public tenders. They are located in Warsaw, in Poland. 110 new colleagues are in the group now, and they are serving 2,200 public sector clients and have 33,000 active registered suppliers in the database that, you know, which we see as a very strong base of existing and potential customers. Recurring revenue is 79%, and the annual revenue is EUR 5.6 million. So welcome to our new colleagues in Poland. So, this is for me for now. Johnny? Good. Let's run through the numbers for the fourth quarter and then the year then. As Dario mentioned, we are increasing growth speed. Net sales is up 14% to a solid SEK 670 million for the quarter, which means if we break out currency and acquisitions, the reported organic growth is now up to 7.0%. So we are seeing an increase in our reported organic number. It's comes from the strong ARR we have had earlier in the year. It's still a bit choppy on the direct revenue side, as you will see when we come to the segments, that has gone up and down during the quarters of this year, and Q4 wasn't particularly strong on the direct sales. That's why the organic revenue is a bit lower than the organic ARR. ARR is up by even a higher number organically, excluding FX and M&A. The organic ARR is 9.5%. We're closing in on our 10% financial target, and the speed has increased during the year, gradually in all our markets, maybe with the exception of Europe, which had a very strong last year in 2022. But the other three core segments are growing strongly during the year. Retention is up with almost a bit above one percentage point for the quarter. It comes in at a solid 86.7 versus 85 last year. It is part of our Forever Promise. We have always worked on improving retention. With the new strategy now implemented, we hope to increase the speed of the increase in retention when we implement the activities Dario talked about earlier as part of the strategy. EBITDA is above last year, with SEK 14 million coming in close to SEK 220 million. There is a bit of pressure on the EBITDA margin in the quarter. It comes from the strategic investments we have launched, as we talked about in the Capital Markets Day, which some of you attended. But then also from increased sales commissions. When the growth speed, especially on subscription sales, are growing, as you can see, also APAC, U.S. are coming strong, U.K. is strong, and also the Nordics. That means we are accumulating more sales commissions, and we will release the subscription revenue during next year. So the financial benefit will come in the quarters of 2024, while we take a lot of sales costs when we are increasing the growth rate of the company. Cash flow strong, as we normally say, Q4 is a strong cash flow quarter. It comes in SEK 20 million above last year, and reported net debt adjusted EBITDA at 3.4. We closed an acquisition in the U.S. during the quarter, so that increased the net debt a bit during the quarter. And if we look at where the ARR growth is coming from, this is the bridge we have used now since we IPO the company. You can see that the delta between the new sales part and the churn part is increasing. It's now almost SEK 200 million of delta in the quarter, in the year, meaning that we are doing very well on new sales across the different territories. This number is continuing to increase quarter by quarter, and the demand for our subscription services is very strong among new clients, as you can see from the SEK 436 million of new sales during the year. And the amount of churn is decreasing versus previous period. So that's really driving the 9.5% organic ARR growth for the group. And this is then how the retention has developed during the year and then the quarters. It's been a bit slower in the beginning of the year, but then we have increased speed, showing that we are seeing an effect of the implemented activities under the Forever Promise across the different segments. And we're now up to almost 87% for the group as a total. I always look at the like-for-like graph at the bottom, because that's adjusted for acquired units. Otherwise, we have a dilution effect when we acquire units. They might come in with a lower reported net retention, so the upper part is the reported figure, but the lower part is showing the real underlying performance, like for like. So let's move to our core segments. And as you know, we always start with Nordic, which is the biggest segment of them. We are growing in the Nordics. We are increasing growth speed. We have seen during the year that the organic ARR has gradually accelerated, and we're now up to a solid 8.2% when we finish the year. So we're entering 2024 with a good subscription portfolio, which we will see the effects on the reported organic sales during 2024. As I said, it's still a bit choppy on the direct revenue side, so that has pushed down the reported sales number to a 4.1%. It's still better than previous quarters, but it's not all the way up to the organic ARR. Hopefully, we'll see a gradual improvement of the direct revenue. It's been choppy during the year, but as the market stabilizes, we should see our clients coming back and buying much more of the direct services. For example, advertising or marketing campaigns and reports and those type of services coming back to full speed. EBITDA for the segment was weak. In all honesty, we have invested both in the sales force, as we talked about earlier in the year, that we're staffing up to full sales teams in the four Nordic markets, and that is, of course, costing money, which we would see in the EBITDA. We have also put in place a Nordic fully staffed management team running the segment, also increasing a bit of overhead costs for the segment. And then we have a big chunk of sales commissions when... If you compare to Q4 in 2022, you saw that the new sales level was very low, meaning that we had a cushion on lower sales commissions, and now we have a good new sales level in the Nordic region, and that means we're booking much more sales commissions for the subscription new sales. That's a very positive thing, but of course, it puts pressure on the margin for the current quarter, and then we'll report the subscription revenue during 2024, which will increase the margin going forward. So that's how the business works, and that's the deferred revenue accounting we are applying across all our four segments. If we move to the U.K., that continues to perform well. Organic reported sales is 9.6, and the ARR organic is 11.2. We have increased the speed in U.K. sales, especially during end of Q2, going into Q3, Q4. Glenigan is performing excellently. We have commented on that before. We have invested heavily in the sales force during late 2021, early 2022, and that's really paying off now, delivering almost 20% organic growth rates on the Project Information business in the U.K. NBS is very solid, continues to grow close to the 10% target. So we see a strong demand in the U.K. for the subscription portfolio, increasing growth speed even faster than we did in Q3. EBITDA comes in solid, SEK 8 million above previous year, and the margin basically on par with last year. Here, we also have an impact of increased sales commissions, and we have also done a bit of headquarters cost adjustments for the fourth quarter. The analyst, if you dig down into the EBITDA performance of the segments versus the headquarters, you can see that the profit in the headquarters is slightly bigger. In the fourth quarter, for tax reasons, we're pushing out an intercompany charge margin on that, so that's impacting the segment margins a bit, and especially the U.K. segment margin. So underlying, the segment is performing better on margin than previous year. If we move to the other markets, Europe comes in solid with an 8% ARR organic growth and a reported growth of 4.4%. The ones of you that has followed the company for a while know we had a very strong 2022 in Europe with pricing campaigns and upselling campaigns of additional services. We're now meeting those strong quarters from 2022. But we're still able to keep the organic ARR speed at a solid 8%. Switzerland has now turned to positive territory. We are seeing a slight increase in the performance in our Swiss Austrian business. It's still not at the level where we want it to, but it's moving in the right direction, helping the organic development of the segment versus previous year. EBITDA comes in strong. For the quarter, the margin in the quarter is up to almost 37%, which is a bit on the high side if you compare to the previous quarters or the rest of the year. We have done a bit of year-end adjustments, as we always do when we close the fourth quarter, and in the Europe segment, that has a positive EBITDA effect, pushing up the margin to a bit of a higher level. You would see the opposite effect in the APAC and U.S. segment, where the year-end adjustment has pushed down the margin for the quarter. For the total group, it doesn't have an impact, but between the segments, those year-end closing adjustments have had an impact on the margin. Moving to APAC and U.S. then, which is a fantastic story during the year. Comes starting the year with basically 0% growth, and now we're up to 10% ARR growth organically, and also reported sales are over 10%. So this segment has gone from a difficult position in the early parts of the year, up to now delivering our financial target on growth. We see the speed has increased gradually during the year, and of course, that means we have increased the cost for the sales force, and also commissions are impacting the quarter one. If you have a 10% growth level versus a 0% growth level, you can imagine that that has an impact on sales commissions, and especially with the subscription product that has a delay effect before you see the positive. If I take the mix of the segment, it's Australia, New Zealand is now delivering the 10%. Asia has improved during the year, running at around 6%, and U.S. is steaming along with a clearly above 10%. So that's very positive that we maintain the growth speed, even doing a lot of acquisitions in the U.S., meaning the integration is going extremely well in our U.S. business. And finally, our Nordic Healthcare segment has done a good quarter. We see a very strong uptick on the subscription portfolio here in the healthcare side, growing almost 12% organic ARR growth. It's only half of the segment running on subscription, but still, we see a strong demand for the subscription services in the segment. The margin is improving; it's mainly an effect of the divestments of the media part of the segment we have done during 2023. If you remember, we divested the hunting and fishing magazines together with an e-commerce platform, and then we also divested some tractor magazines and hotel and restaurant magazines during the year. So you would see the margin gradually coming up and reflecting the pure healthcare operations we now have remaining in this segment. Working capital and on the cash flow profile of the business going according to plan. You can see the net working capital being even more negative in Q4 2023, so that is normally what we see, that we are seeing that curve on the working capital, meaning that the cash flow is strong in Q4 and also will be strong in Q1, if the working capital profile works as normal in this business, which it should. We are continuing to invest behind our software platforms. We're keeping the speed with SEK 38 million invested during the quarter. You can see the red bar being very stable over the five quarters we are showing. Of course, we have acquired businesses during this, so it has increased a little bit because when we acquire businesses, there are some investment needs for those software platforms we are investing. Going forward with the, with the global network, strategy, we are, we are aiming to, to keep this level, but with a, delivering more, development using our, development hub in Indonesia, for example, which has a, a clearly a lower cost base than some of our other markets. We have finalized the construction of the, new, office in Ljusdal. During the, the quarter, so we have seen the last of the tangible CapEx. We have spent, as we have said, almost, around SEK 70 million on that, new office, which, has now been occupied and the staff, moved in. We had an opening ceremony a couple of weeks ago, but now the office is fully operational. So that tangible CapEx part would go down to the normal couple of millions per quarter. We don't have a big tangible investment need in this company, so you would expect that to go down. And again, we're coming in with a stable net debt EBITDA number compared to Q3. We're keeping the 3.4 level, and we had a solid cash flow in the quarter, but we spent, as you can see, SEK 250 million acquiring the U.S. business of Construction Monitor. So that meant we kept to the net debt EBITDA level during the quarter. We have been very acquisitive during these last five quarters. As you can see, we're spending a lot of cash, but we're also generating a lot of cash, so we're able to keep the net debt level of the business. Interest cover is very comfortable. The cash flow profile of the business is very strong, so we are not worried as management around that level. We are pausing acquisitions for a couple of quarters. This will go down very quickly. And finally, we will always end up with our financial targets. We repeated them at the Capital Markets Day, during the fall, and we still aim to keep this growing 10% organically on ARR and reported sales. Continue to complement our organic growth by acquisitions according to the strategy. Driving for a 40% margin over time. Well, this takes a while, as you have noticed in our company, when we acquire companies with a lower margin, it takes a while before we get them up to the 40%. But we see that the segments, when they're growing, and the strength, and the scalability of the business model, we are able to deliver well above 40% in the U.K. segment, for example, but also in other markets within the other segments. Capital structure remains targeted at 3.0, so we will gradually decrease towards that level, and we have the mandate from the board and the owners to invest the cash flow for acquisitions, so no dividend is intended for the medium term. That was the financial update. The last one for me. I've done nine quarters now as a listed company, but next time you will hear Dario on it. Thank you very much, Johnny. Now we are ready to open for a Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Joachim Gunell from DNB Markets. Please go ahead. Thank you, and, good morning. So, on that, SEK 10 million sales commissions, can you... or, or that increase at least year-over-year. I mean, I'm just looking for it, you would have hit consensus numbers, but then again, without it, I would assume top line would have been somewhat lower, at least ARR. Can you just help us with how we should think about those levels of sales commissions also into this year? And if it's needed to hit these types of commissions in order to reach double-digit ARR growth? I think the commission effect is when the growth delta is either increasing very fast or decreasing very fast, right? Because that means you have a different level of sales commissions compared to the quarter the previous year. So when you see Australia and New Zealand hitting these type of growth numbers or the Nordics increasing, that means that the subscription sales are much better. So we pay out more commissions. We haven't changed anything in the commission structure, it's just that the sales level is much higher than the previous year. If we would keep the 10% growth speed, or 9.5 we have, there wouldn't be a sales commission effect in the coming quarters. It's only when it increases very fast or, or decreases very fast, then you have a type of sales commission effect. That's very clear. Thank you, Johnny. On the step up here in organic ARR growth, both in the Nordics and the APAC, U.S., can you say anything about the pacing of that growth through the quarter? And also perhaps how the first month of twenty twenty-four has started? We won't comment on January, as you know, Joachim. But if you look at the quarterly performance during the year, you can see starting from... If you start with Q4 last year, and then you add the quarters during 2023, you would see that the growth speed has in APAC and U.S. segment been increasing gradually quarter-on-quarter during the year. And that probably means that it continues to be a very solid trend on the performance. The Nordics started turning in in the summer period and have a very solid performance in Q3 and Q4. So we are gradually increasing the pace of new sales in those markets, and also U.K. has a bit of the same effect. If you look at it's turned in the summer, and then it has very solid Q3 and Q4. So the demand for our subscription products is very strong among the client base on new sales, and you also see it on the retention levels, that the existing client base is renewing at a higher rate than previous years. So it has been an acceleration during the year. Understood. The final from me, looking back at the strategic priorities you highlight about the capital markets, are there any specific focus areas you would highlight that would be quite a little bit more lucrative to pursue in a private setting? Basically, how do you envision Byggfakta as a private company being any different from what we've seen in a public setting? Well, you know, it is, if it's gonna be in a private setting, I don't really foresee any changes in our strategic priorities. It is. The strategy that is developed is the strategy that is what is right for our business. And also, you know, the main part of the consortium is already involved with the business today. They are part of the board, and the strategy is developed by the company, approved by the board, so they are buying into the strategy we have presented. So I do not see any changes in the direction there. And if I might add, I think the company can carry a higher leverage, and in private setting, there is no ceiling on the leverage. So you might take on more debt in a private scenario, of course, increasing the speed of acquisitions, or you would take more investments in a single quarter without reporting quarterly on the stock market. Very clear. Thank you both, and have a great day. Thank you. As a reminder, if you wish to ask a question, please dial pound key 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, so that was it. I guess it was very clear what we presented here. And thank you all very much for listening. Thank you, Joachim, for your questions. And also, again, thank you, Johnny, for this time. It's been a pleasure of working together with you. Likewise.