Welcome back from the break. I think that we have closed the doors. We have gathered in here. Just super short, if you are new to this session, this format, this is in the form we have with us here, the CEO of BTS Group, Jessica Skon. Hello, Jessica. Can you hear us over there on the webcast? I can hear you great. All good. Perfect. We can hear you loud and clear here in the room as well. You know the drill by now. Jessica will first start off with a 15, roughly, minute presentation of BTS, and then we will continue to conduct this session through a Q&A session. So whether there are questions in the room, feel free to raise a hand, or if you have questions, if you are tuning in on the chat online, just feel free to write and I will read them up here. Without further ado, Jessica, I think I will leave it over to you then. Super. Thank you very much. Appreciate the time and interest from everybody in the room. I am happy to introduce you to the firm that I have spent my entire career with and know well and love. Just the key points on BTS. For 40 years, our focus has been on the people side of change. What is really interesting about that is with this AI era now, it seems to be coming more and more into our bullseye, right? Where the idea of learning the technology is becoming easier and easier, and what is slowing down companies' ability to learn, upskill, retool, and change are people themselves. So that has been our focus for 40 years. It is not changing. It seems to be more relevant than ever. It is a really fun place to play. The brand of BTS across the large enterprise clients, basically, if you were to ask them, would be to say that we are very innovative in terms of how companies learn, change, and perform. That has been the focus. That will remain the focus as far as I can see. We made the decision 40 years ago to serve global enterprises, so Fortune 1000, Fortune 2000, and we started there. We have built offices up all around the world to be able to serve the world's largest clients, which also creates a really nice portfolio of offices to manage. I will just say that growth is in our DNA and has been since we went public. You can see our average top-line growth is 12% since we IPO'd in 2001, and profit growth on average is 13% since 2001. The other thing to highlight, we are right now about SEK 2.7 billion in revenue. We have about 1,100 full-time people, but we have about the same size as accredited freelance associates. We have a more flexible talent model. It is helpful when the demand is higher than we expected because we can ramp up. It is also helpful if there is a slowdown for some reason across the industry, then we can ramp back down and manage our profitability accordingly. We are super proud of the clients that we have. We typically gain new clients through references and referrals, which speaks to the quality of the work. You can see some of our different clients listed down here below. I am actually going to be flying into Riyadh on Friday to speak to the top 200 executives at Saudi Aramco. We have been able to attract the attention of some of the new AI heavy hitters in the space, and we are very well diversified across the industries. One of the things that sets BTS apart that has allowed us to feel very unique, either when competing against the more traditional consulting firms for change initiatives or the more traditional training and HR firms in terms of leadership development, training, upskilling people, is their simulation capability. We were the firm that brought the idea of simulation culture to the world, that a more efficient way of getting people to improve or getting them to change is to let them practice it, but not just practice it theoretically, practice it in a high-fidelity simulation that is modeled essentially perfectly after their environment or their job or your strategy or your business model would have it. This is still the major differentiator of the firm. The portfolio of these has grown significantly over time. Of course, we have modernized it in an AI-native way, and it continues to differentiate us. Also from an economic model, for our history has given us not just a fixed fee-based economic model, but a license model that goes along with this IP. The last two years, and this will not stop, has been really amazing for BTS in terms of the amount of AI innovation our teams have delivered to us and figured out, using multiple different AI tools across our platforms and services. If you have read about us or followed this at all, it is really a two-for benefit for the firm. On the one hand, where we have had major AI transformation innovation, it is simplifying our back end. It's giving us a more competitive value proposition, and we're able to do it much quickly with less people. On the other side, it's allowing us to take all the learnings of what that took to our clients to help them with their own AI upskilling and AI innovation across their workflows. You can see our various platforms here across the board, which help us stay competitive. They help us work with our clients at hyperscale. So we have clients who want to do 100,000 people through a simulation in 24 markets over 24 hours, and that's the type of scale work that we're able to do because of the various platforms that we have built, modernized, or acquired over time. In terms of the investment case, pretty straightforward, but number 1 is we have a culture and a history of sustained profitable growth. Right now in this era, I'm very pleased to share both internally and externally that what we've learned the last two to three years is that our core services remain in strong demand. The need to upskill, to retool, to train, to create an innovative environment, to drive change is stronger than ever. What's also kind of interesting is the demand for in-person offsites, so top 100 meeting, top 200 meeting, sales kickoffs, getting the executive team together in person, getting in-tech teams together in person to work through a strategy and on what we need to get done also is in strong demand, which has been kind of the sweet spot of BTS for a long time. Then in the place where we have AI companies as our clients, they are primarily asking us to do our core work with our core services inside their organizations. Because of how fast we have a very entrepreneurial culture. With that, I'm very proud of the AI innovation that the company has done so far. We have had three what we refer to as AI Diamonds. An AI Diamond is when the breakthrough is so profound that we have no choice but to mandate that as the new way of working. In our case, it came across three different parts of the portfolio at three different times so far. Hopefully, there'll be a lot more. But in all three, we have seen a simplification of roles and functions required to do the work. So that has then led to the change management that makes the new way of working being adopted across 24 countries. It's been really both awe-inspiring and very difficult to lead through these transformations, but it's basically the promise of AI, right? So we can take these learnings to our clients, which is really resonating strongly with them, and we're seeing a very fast growth in our AI services. We continue to modernize our core, and we're inventing new services that we didn't have last year to support them. Yeah, it's really been working out well for us. We still have, even though we've had three AI Diamonds, we have eight different functions that haven't delivered a diamond yet. We have multiple practices that have not. We have a lot of teams that are advancing with AI, but we need more of those kind of awe-inspiring, transformational moments, which I'm sure we'll get. Then, obviously our growth is capital light in terms of our business model. If I double-click into each one of these in more depth, as you can see, we've been able to build up over time an amazing list of global clients who stay with us for a long time, and we continue to innovate how companies learn, change and perform. The way we see it is we only have about 1% global market share. We move fast. We are competitive. It is very much in our own arms how much we can steer our future growth and profitability. Sustained growth is in our DNA, which I mentioned already. Did suffer a little bit in the last couple of years because of the decisions made in North America, but we now are very pleased that we have our North America turnaround again, with double-digit growth happening in the second quarter and a 60% improvement in EBITDA NAM in the second quarter. I really believe that we are in the sweet spot for AI demand and AI-driven innovations and efficiencies. Three years ago, I was curious to see how AI would impact both the demand for the core and BTS's position in terms of AI innovation and transformation in the market. Before, we did not really touch digital transformations as a firm other than when a team would be stuck. In the past, there might be a company that says, "All right, 18 months ago, we kicked a digital transformation. 800 teams are stuck. They have not changed. BTS, can you come in and help?" That is kind of the work that we did in the past, and now we are getting a lot more requests for workflow AI innovation and transformation, which feels very core to us. In addition to the innovations to date, which we can take to market, we are very proud of the AI productivity gains that we have been able to have through our team's AI innovations. $34 million second 2026 annual savings is how much the team was able to create so far. Our AI services are also in high demand, and in the second quarter, finally realized 10% of group net revenue is coming from helping our clients implement AI. We are doing this while our core remains in strong demand, so the demand for in-person events, for simulation-based learning, and then scaling adoption and change through coaching, leadership, and simulations. This is all core to the firm. Of course, also the AI companies are our clients, in particular, Anthropic and Google. Our growth is capital light. We have had 12% revenue growth since our IPO. Roughly two-thirds of that has been organic, and we have been able to pay for the 20 plus acquisitions we have made on top of that without asking for any more money from our shareholders. Our dividend is between 40% and 65% of profit after tax. We have a strong net cash position, and our cash conversion has been 84%, an improvement over the last 12 months. I will just end with current trends, and then we can open it up for Q&A. The second quarter was the consecutive quarter of profitable growth with global revenue at 9%, profit growth of 13%, EBITDA margin improving from 11.7% to 12.3%. BTS North America is back to strong profitability. BTS Europe continues to deliver really great growth in the second quarter. BTS Other Markets is on track to recover. They had a soft start to the year, but we expect them to recover now in the second half. AI drives revenue growth and competitive differentiation for the firm. BTS North America, which is our biggest unit, about 50% of our revenues come from NAM, had double-digit growth in the second quarter, a 60% improvement in profit, primarily because of being back to growth, but also that the majority of the AI efficiency savings from 2026 is impacting us now. In 2025 is impacting us now in 2026. A nice improvement in EBITDA margin, but we still have some room to go. Client demand continued to strengthen in the energy, financial services, and healthcare sectors. I will say on the industry sectors in North America that the increase in growth from the AI companies is pretty much evening out the decrease in demand from the SaaS companies, who have been quite nervous about their future in the first half of the year. BTS Europe continues to deliver growth, an amazing growth quarter for BTS Europe at 25% organic growth, 38% improvement in profit margin up from 14.4% to 16.2%. They won a lot of work the previous year. Some of their smaller projects have grown in demand and momentum, and they didn't have any project cancellations or delays in the quarter. We're seeing a lot of demand in defense and manufacturing, and all of our offices but one delivered double-digit growth. They had a very strong start to the year. They're going to end the year overall strong. We expect that growth rate to come down a bit into the second half. Finally, BTS Other Markets, they had a slow first half of the year, primarily due to some of the countries in our Asia Pacific region. With that, they were flat. Profits down, margins down because of those countries in Asia Pacific. We've made a lot of changes there starting in end of February of this year. So we've shifted around the partners who are focusing on Southeast Asia, Northeast Asia. We've done a bunch more marketing events that are both industry and AI focused that are actually landing quite well with an increased pipeline. We're looking at some cost savings in terms of office consolidation and making sure we have the right mix of talent in the region, and we expect to return to profitable growth during the second half of this year. I'm going to skip this slide, and I'll just end here, which is we've upgraded our outlook for 2026, so that it'll be significantly better than 2025, and the timing of this is in alignment with when we typically would change our outlook. Okay. I'll turn it back over to you. Perfect. Just as a reminder, if there are any questions in the room, just feel free to raise your hand, or if you are listening in online, just to write in the chat and we will answer them here. We actually have a question starting off here. I think we have a microphone as well. Oh, there it is. Perfect. Hey, I was wondering, for growth, would that be through recurring customers or new customers? Yeah. About 85%-90% of our revenue is from recurring customers. 15% or 10% is about new acquisition. On average, our clients are with us, I think, 8.5 years. I think that perhaps as a follow-up on that, perhaps it is difficult since you have been a company for a very long time now actually, but a typical customer life cycle, I am guessing that they start off adapting the BTS model in certain smaller sections, perhaps, and then they scale it a bit more. Can you address how it looks, say, for an Anthropic, for instance, which has been a customer of yours now for some time? What has the last quarters with them been like? Sure. I can share the different problems that we're helping them solve and how that has evolved over time. We started working with them at the beginning of this year. Actually, it started in the fall of last year by doing just a phase I for their Chief Revenue Officer. The beginning of this year, we were hired to help them form as a leadership team, help them to write down their go-to-market methodology, meaning how should their sellers sell, how do they show up in the market, what's the marketing messages? Then we've helped them operationalize how do they onboard new sellers and then enable them to be successful in the Anthropic way. That was the first piece of work. The second piece of work was helping them onboard everybody in the company, not just their sellers. The third piece of work is helping them to stand up and build their partner enablement. That means how do they train all of the consulting firm's people in the world on the Anthropic suite? We've helped them design that, build that, and then start to launch that right now around the world. Those are the three main things to date, and the team's very busy doing that now as well. Is it then possible to translate that into, say that the linear revenue development of, for instance, for that particular customer or one particular customer, it's starting, moving upwards in a linear transition, or it's a bit more fluctuated, it can be, perhaps? Or how would you describe that? No, I think that's very common. Especially when we're starting with training a large number of people, right? It could be working with executive development or frontline, but when we start like that, typically it then moves to a second opportunity and a third opportunity. If we start with, let's say just being a coaching partner, something more narrow, and they coach their CEO all the way down to the frontline, then they form the opinion that we're a coaching partner. We have to go back in and retrain them around all the other stuff that we do. That is the motion, that is the sales motion. We expect our account managers to not only bring more of our portfolio into every deal that we sell, but then to expand across the portfolio. Perfect. I think, I will continue. I noticed the number here, you said that 10% of your revenue mix on some type of run rate base is now related to AI services. Just to understand a bit more the definition of this, is this that this could be AI-related services within operations for everyone, or do you also include, for instance, revenues related to an AI-native company as Anthropic is? How would you define AI-related service? Just to delineate a bit. Yes. Our definition of an AI-related service is that the client asks us to help them implement AI inside their company. That for us is either training people on how to think about AI, it is hands on keyboard helping them use AI, it is specific workflow AI innovations. Some clients want to kick off 20 different workflows to see, and hopefully one of those will deliver a lot of value. The demand is also shifting to we are realizing this is a leadership and a culture issue, so help our leaders learn how to lead their team so that they can be innovative with AI and then adopt agents as a new way of working. Would you say that then, noticing the major mission perhaps for you, this is coming back to culture and change. Would you say that that is also the main bottleneck for BTS then to deliver out, to deliver from your capacity point of view? Do you have what it takes and it is more of really a change management on the top management positions? Internally, right? Exactly, internally at your clients. Oh, yes, I agree with that. We're living it internally, and I can see it with our clients as well. There are some leaders who it's very comfortable for them and very exciting for them when their team shows them what's possible with AI. Then there's other leaders where it's frightening to them. Where they start to worry about, "Wait a minute, if I don't know what they're doing anymore, will I have followership? If I'm not the one to innovate and have the answer, what does that mean for my role in the firm?" There's a big difference in that attitude in terms of how quickly a team can actually start to get innovations with AI. Internally at BTS, I also have to lead differently depending on which leader I'm supporting in terms of the coaching and the support that that person and that team needs to make further advances with AI. Yeah, it's the same in both. Just to perhaps close out this a bit more focused on artificial intelligence and how that adapts your clients. You were talking of this 10% number. Do you dare to dream what it can be 12 months from now? Just looking at the growth rates, 20% doesn't sound impossible. I agree. It's a motion that is stronger than I've ever experienced. It's stronger than Y2K, it's stronger than moving virtual. There's an increasing understanding that I'm seeing in 2026 from companies and from CEOs around the world that it really is a moment where they want to upskill and retool everybody in the organization, as opposed to a moment that they want to outsource the AI innovation to a third party. I'm sure many companies are going to do a mix of both, but I think the last three years was more, let IT pick a tool, and maybe launch some lighthouse initiatives with some firms and see what happens. Now in 2026, it seems much more CEOs are driving this, actually is in support of the business unit and the functions. It's kind of chaotic, but a whole set of work that needs to get shifted and changed in order for companies to actually make sure that every team knows how to take advantage of the tools and lead with agents. So yeah, I don't think this force is going to slow down at all. I think just to follow up here, I see we got a question here on the chat stream. Let's talk about the AI revenue here as last time. You would say this is a new stream for you, or rather that's something that you prepped for some time being that you quickly were able to adapt to? Or is it more of a shift in the customer's focus? How much have you pushed for it? How much has been a pull effect? Yes. Three years ago, we launched an AI practice, which was primarily at the time, a training offering to demystify artificial intelligence. I think it was called Take the Misery and Mystery out of AI. For three years, that started to grow. In that case, as we were competing with the technology provider, Microsoft would offer one and OpenAI would offer one or whatever. That's how that began. Then we had our own kind of learnings from AI right across those three diamonds last year. In our own living of it, yes, we drank our own champagne and we did the training, but we recognized all the other things that are needed for that innovative culture to happen, then the change management around it, and the adoption around it to happen, and now the agent management and tokenomics that we're dealing with across the teams. We took those learnings, all that stuff that's required, and we proactively brought it to market. I think I brought it to 110, 120 clients from around our markets from September to December of last year, or September to January. We were a bit ahead of emotions in those conversations. What it allowed us to do was, one, share what we're learning in a practical, clear way, but also understand where the companies were in terms of how they were thinking about it and what they're ready to do as their next step. Starting in January, I think maybe because the customers realized that we're in this space and we're comfortable with it and we have the services, or we're beginning to have more services to support. Starting in January, they just started to also ask us for more support or shift in their readiness to move from just training to workflow, coaching, and innovation. With that then, the team has kind of innovated with that demand. Five different services now that kind of meet those requests from January to today. It's been a mix of both. Yeah. Understood. Yeah, another question here in the room. Please go ahead. Bring me going forward, the growth rate, would that be organic growth or maybe acquisitions as well? Yeah, it will be both. We aim for double-digit organic growth, and then on top of that, what makes sense from an acquisition perspective. We continue to manage an acquisition pipeline and a partnership pipeline. That will continue through the end of this year and into 2027. So we will have both, probably have both. I think, in the essence of time, we can move forward a bit and perhaps talk about the regional developments that we are seeing. Really kind of tale of two cities, where you had the U.S. coming around in a really fast pace, and you have Europe that has performed fantastically here in Q2, but now you are guiding a bit for a slower growth rate going into H2. Other markets, then, and also perhaps you have had some issues in Asia-Pacific, perhaps in Southeast Asia, but from what you have communicated, it feels like the turnaround in that region should happen a bit faster than perhaps it did in the U.S. Is that correct? If you look back at a historical time rate on those two, on what has been the underlying reason for this? Yeah. Usually, when one of our units goes to flat and stops growing, it normally takes about three quarters to get the engine going again back to growth. In BTS Other Markets, they had a slowdown starting in the first quarter, and we moved quickly to just really focus, obviously, on the basics of pipeline and target customers and fine-tune our value proposition, in a way that would be more relevant to each of the unique markets versus a one value proposition fits all. Yes, we think that we can get back to better performance already after two quarters versus the three that it normally takes. One of the things for BTS Other Markets is that their bigger units are performing well. So the Middle East is doing great despite the war. We have a market called, basically it is Spain, Italy, Mexico, Brazil, Argentina. It's a big percentage of the business that's doing well. It's really a few countries in the Southeast Asia that, because they dropped to unprofitable, is really pulling down the organization. They're smaller units, but they're hurting us in the short term. We've basically gone from more of a top-down model to a spread-out partner in charge of various countries model that I think will help to not only do some quick turnarounds, but also back to growth and sustained growth moving forward. I think that you mentioned that you had some units now in Southeast Asia performing a bit below expectations, perhaps. In the U.S., you closed down one unit at least, I think it was. Could we see similar, let's call it structural, moves from BTS ahead? The unit that we closed down in North America was a unique. It was delivering content to the SMB market. BTS serves the enterprise, and this one was serving the SMB market. On top of it, they were getting paid to provide content, and content with AI is not worth as much. Their growth dropped significantly, and then they were weighing down the organization from a profit, so it just didn't make sense. We kept all their content as part of our portfolio, and we can use it across our services. That was a portfolio decision to close that down. BTS Other Markets, this is BTS kind of establishing a brand in some of these countries. I don't think it makes sense to close them down. I think it makes sense to make sure they're profitable, but actually look for acquisitions, look for great talent, and start to build them up so that they can actually take advantage of the enormous economies that they're in. If there are no final questions in the room, I think perhaps, as you mentioned, you raised your guidance here in Q2, where you talk now about significant better earnings compared to 2025. Just to understand this, the wording significant compared to better, are we talking more of an earnings growth in line with your financial targets, that you have on growth there, but that is perhaps revenue instead? Or how should one compare better versus significantly better? If you can give some intel around that. For us, significantly better means over 10% growth in earnings, so it is- More than that. Bigger than that. Yeah. Yes. Yeah. I think that unless you have some super short closing remarks, I think we are at time. So if you have some. What is the number one key? You know what- [crosstalk] No, continue, please. Well, I would just say that it's great the biggest unit performing again, and AI is our friend. That's a wonderful thing to have realized as well after the last three years of kind of seeing what's happening in the LLM space and its impact on the firm. Brilliant. Many thanks for attending with us today. My pleasure. Thanks for having me.