Welcome to Carasent Q2 Report for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. I will hand the conference over to CEO Daniel Öhman and CFO Svein Martin Bjørnstad. Please go ahead. Good morning, welcome to our presentation of the second quarter. My name is Daniel Öhman, with me, our CFO, Svein Martin Bjørnstad. A quick overview first. At the center of any clinic or hospital is the EHR system. It is the same for Carasent, where we offer a number of EHR systems for different markets and needs. In addition, we offer a number of platform solutions that connect the caregivers with each other and other important players in the sector. As you can see, we have high recurring revenues with more than 90%, a 15% organic ARR growth, and 110% net revenue retention in the quarter. Looking at some of the highlights of the second quarter, I am very happy that we finally acquired InfoSolutions. That is something we have been working with for a number of years. It is an extremely important player in the sector and for our products. I will talk more about that within short. In the second quarter, we had very strong sales, both in new customers and add-on services. As Svein Martin will show a bit later, our signed not implemented went from SEK 4 million in Q1 to SEK 6 million in Q2. Most of those sales are Webdoc, almost all of the SEK 4 million from last quarter have been implemented in this quarter, the SEK 6 million is to be implemented in the next. Those are almost all new sales in this quarter. We have a really good and strong pace in the sales, I think that the organizational changes we have done is really working, I am very happy with that. For Germany, we have appointed a new CEO, a very experienced and entrepreneurial CEO with a strong sales and marketing background, which I am really happy about because we are gearing up for getting Webcur to the market. We really need to have the strongest team possible within sales and marketing. So I think that, he will really help us move forward in a good pace and really modernize how we sell. I look forward to him joining the 1st of September. Looking a bit at growth in the quarter, we have 29% growth in ARR. That is thanks also to InfoSolutions in the quarter. The organic ARR growth is 15%, the revenue growth in total is 11%. That is, as it was last quarter, what we also said for this quarter, a bit lower on the implementation and consulting side. Mostly stemming from different Norwegian projects, both Ad Curis and Metodika at Volvat. The profitability, we have an adjusted EBITDA margin of 90% and adjusted EBITDAC margin of 11%, and that's been adjusted for the cost of doing cost savings at InfoSolutions. Looking a bit at InfoSolutions. For almost all healthcare providers, it's absolutely key to be able to order tests on patients, so that's blood tests, imaging, tissue samples, and so on. And there are very many different labs doing very many different types of labs. Many of you might know just within blood there are many different types of tests you can do. There are many different types of imaging you can do and different type of labs which you want to send your samples to and you want to get replies from. It's a quite complex network, or a very complex network, where InfoSolutions is really the key player and has an extremely strong position. It's been a key part of both Webdoc and Metodika in Sweden for many years, an absolutely crucial part, actually. We've been trying to buy it for a number of years, and it wasn't until now we could agree on a price. And I'm very happy with it. They have this strong position that will really strengthen our offering in our Swedish systems, and strengthen the entire Carasent, actually. What they have had is a weak profitability for many years, and we've been working with the management team at InfoSolutions to really look over the cost structure, and has agreed that what we can do is to do quite substantial savings on the headcounts. We have lowered their personal cost by 25%. It's already done and implemented. All those that are leaving have signed and agreed. And I think that we will really have a strong InfoSolutions going forward after this. We have also met with all the staff after the changes and feel that they understand why it was needed, and they also feel committed to us moving forward together and feel that we are in a strong position together. That will really help InfoSolutions have a good position going forward and also a good profitability. We will also do a number of price increases. Those have already been communicated to quite many of the customers, and we believe InfoSolutions to be in a very strong position to do those price increases. But that will take effect mostly from year-end. Looking at Medsum. Medsum is our AI assistant. What it does is listening in to the conversation between the caregiver and the patient, and then automatically drafts clinical notes so that the doctor or physiotherapist or psychologist and so on can go through and check that, oh, this is the right ones, and saves so much time. And that's what we hear from our customers. The ones using it really love it. They save a lot of time and can see extra patients or finish the day on time and so on. It should be a really easy calculation for customers. Our customers, they see maybe 10 to 15 patients per day, per caregiver, so per doctor or nurse and so on. And if it's a doctor, they have an average income of around SEK 1,000 per visit. Then the first day you take an extra patient, you're paid for Medsum for the entire month. These other 19 work days of the month, you will make profits from using it. It also takes away the most boring part of the work. Having said that, I think we should be able to increase the pace quite a lot on sales. It should be really easy. I think the things holding it back mostly is, yes, it's new, it's different. Caregivers are a bit afraid. Are we really allowed to use this type of technology? Will the region say something about us using this technology and so on? I think it's a bit of fear holding it back. We're trying to educate the customers. We also make sure that everything we do, of course, is really correct. We really try to build Carasent and Webdoc's standing in the community as a really compliant partner, a very knowledgeable partner. We're doing a number of seminars and so on to really show the compliance team we have. We have invested a lot in our compliance team. It's quite a big compliance team. I feel that we're going to be able to push this forward. Many of the customers we have won so far are from competing solutions, so it's still early adopters, but we're also getting some from really new ones. We look forward to continue growing it. We can grow it with the present functionality. We have very limited churn so far. Given how different you work with these types of technologies, I think that says quite a lot that it's very limited churn on such a different product to what they're used to using. We will add a lot of new functionality in the autumn. We will really, from every visit, also make a task list of everything you agree with the patient, and then pre-fill all those things into the system. You have ready solutions for everything you need to do after the visit. All that administration documentation that takes so much time away from healthcare, we can really help them save a lot of time. I really look forward to releasing all that functionality in the autumn. All of it will be there in the end of the autumn because we're also rebuilding the UX of Webdoc to really be so it's a native solution within the system. What we also will do in this regard in the autumn is an MDR certification. That's quite a heavy process to go through, but it seems like the authorities will demand that these type of solutions have an MDR certification and will also make customers feel more at ease at using this type of functionality. It will cost us a couple of millions in the autumn, but it will be worth it. That's something we aim to do during the beginning of the autumn. We're really working hard to increase the pace of both sales and development in this sector because there's so much we can do for our customers. Looking forward, we're going to continue our growth. I think we're in a really strong position to continue to grow. Our customers like our solutions. We have a really high pace in our development, making difference between our systems and the competing systems largely by every release. All our systems are getting better at a high pace, so I'm really happy about it. We continue our strong cost control. We make sure to always know exactly what our costs are. We know what the costs will be next quarter, and we keep tight control of that. Every day we get a little bit better in everything we do, so that we can continue to grow without increasing cost very much. We're launching Webcur in Germany, where we had the official launch on Midsummer Day in Munich, where we really started showing it to the public. We have Nils coming in to lead the team, taking this out in the market during the autumn, which I feel really happy about. With that, I'm going to hand over to Svein Martin. Thank you. Q2 was another strong quarter financially. No big surprises and another step in the right direction. Our recurring revenues continued to grow strongly, and we also continued to convert the far majority of the revenue increases into profits. As you see here, contracted ARR is now SEK 401 million, and it grew 15% organically, with a net retention of 110%, which shows that the strong underlying momentum continues with good upsell and very low churn. InfoSolutions added around SEK 40 million of ARR, total growth was 29%, and profitability also continued to improve rapidly. We did have some extra costs that we adjusted for that I will go through on the next page. In general, a strong quarter as mentioned. Looking at the P&L, the revenues came in at SEK 97.7 million, 18% growth, where 11% was organic. You see that, as mentioned, the recurring revenue growth was strong. The consulting side was a bit lower. We do have a high activity now on the consulting side, and we had an improvement compared to Q1, which is positive, and the trend is going in the right direction. The gross margins was slightly lower than last year. It's partly because of InfoSolutions, which has a slightly lower gross margin than the rest of the group. On the cost side, you see that personnel expense and other OpEx increased a bit, and it's mainly due to this InfoSolutions and one-offs. This was SEK 300,000 related to transaction cost and SEK 3.9 million related to the restructuring and the cost savings. A positive note on that is that the transaction cost was a lot lower than we have done in previous acquisitions because we were able to do almost all the work internally this time. This resulted in an EBITDA improvement of around SEK 8 million, and the margin increased from 3% to 11%. Looking at the ARR bridge, the growth remains balanced. We had a strong upsell, continued strong upsell. It's a mix. We continue to add new clinics for existing customers, new users. We also have a good upsell of new functionality. Medsum is starting to contribute to this, but it will also be a very important contributor in the next coming years, we believe. If you look at the churn, it's 3%. However, the legacy products in Germany is churning a bit, quite a lot compared to the rest of the group. That's around 1% of those three. If you look at the churn in the Nordics, it's extremely low now. It's 1.6%. This has come down again after it was a bit elevated last year from bankruptcies, et cetera. It shows that that was only temporary, which is very positive for us. New customers contributed with 5% growth. We also had InfoSolutions adding SEK 42 million of ARR. InfoSolutions has also grown their ARR quite significantly over the last year, which is positive. The backlog is now SEK 6 million compared to SEK 12 million last year. You should bear in mind that last year we had a lot of these big contracts that we had had in the backlog for many years, like Volvat, that has now been implemented. The SEK 6 million, as Daniel also mentioned, is mostly or only sales that we did in Q2. Actually, that's a very strong quarter for us on the sales side. It was SEK 4 million in Q1, a strong development there as well. This slide, I show it every quarter because it's, I would say, one of the best demonstrations of the leverage in the business. You see that orange line there on top is the revenue. It has grown around SEK 120 million over the last couple of years. The dark blue part is the organic cash cost base. OpEx, CapEx, personnel cost combined, it has been essentially flat over the same period. Bear in mind that this is including wage increases, inflation, et cetera. It basically means that we are able to take out cost because we also add cost like we have done on the AI side for tokens and the tools. We have added personnel in some areas, we take out in other areas. The costs are essentially flat. In this quarter, 83% of the revenue increase for the organic part, if we exclude M&A, dropped down to the profits, 83%, which is in line with what we aim for, basically. More than 100% of the gross profit increase actually dropped down. Costs were lower this quarter on an adjusted basis than last year. In summary, we have good control of our cost and continue to become more efficient. Finally, on the cash flow side, we had a very strong cash flow this quarter and also for the first half of the year. You see here that the free cash flow, including the CapEx investments, was 26% of revenue for the first half of 2026. It was actually much stronger than even the EBITDAC. This is because of the working capital effect. I talked about this in Q4 and also in Q1, that there is some special effects in the working capital. For example, that one big customer paid in January instead of December. We also had a few higher consulting revenues in December that was paid in January. It is somewhat boosted, maybe around SEK 15 million. Even adjusted for that, the working capital is very supportive for us because customers in general pay in advance for our products. Finally, on the capital allocation side, the InfoSolutions acquisition had a result in net cash outflow of SEK 92 million, and we also did share buybacks of SEK 40 million for the first half of the year. Our balance sheet remained solid with a cash position of SEK 51 million at the end of the quarter and no debt. With that, we can stop there and open up for questions. 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 Elvin Rolder from DNB Carnegie. Please go ahead. Good morning, Daniel and Svein Martin. I hope you can hear me. Yes. A couple of questions from my side. Perhaps beginning a bit on InfoSolutions. It's encouraging to see, I guess, the kind of swift actions you were able to take. I just have a couple of questions, if you can be a bit more granular on where you're taking out costs within the organization and just a kind of a clarification, as I think in the report, you said 25% of the cost base, but you mentioned personnel costs here in the presentation. Which one is the most correct to look at? Is there any kind of potential impact on top line from what you're taking out? Or is it purely more admin/back office-based costs you're removing from the organization? Good morning, Elvin. Thank you. First of all, I'm sorry about the unclear reasoning, in the CEO work, it's 25% of staff costs we're taking out. I think it's roughly SEK 10 million, right, Svein Martin? Yeah. It's staff costs we're taking out. It will have no effect on the top line. I will say it like this, that InfoSolutions had a really great time during the COVID because all those tests went through their platform. You can see that from the history of the company, they were really boosted during that period of time. I think that that added a lot of staff. They really never got out of that cost situation. They added staff from making all this money. They never really took care of that situation afterwards. They've been doing things in those years. They've been in no hurry to do things. I think they've been quite fine with it. They've been growing their business a little bit again after the COVID effect disappeared. We needed to see more swift action. That's why we moved in like this. My experience is also, we did a similar thing in the beginning of Carasent when I joined. It's quite good to make sure that you take all costs in one go. You build from there instead of doing a little bit now and then, because then now everyone knows this is the team that do it together going forward. They can feel reasonably safe in that. I think that's why it's important to do it swift. Do it in one go. Also to make sure that you're honest with the staff from day one. That was what it was, what we were. Did that make sense, Elvin? Yeah. Makes perfect sense. Just maybe to clarify, because I guess most of their company's costs, it's personnel related to begin with. What's a reasonable net savings on the total OpEx base if it was 25% of personnel costs that are removed? Yeah. It's SEK 10 million in cost savings per year. Okay, great. Thank you. Maybe moving on a bit to MDR for Medsum. I guess previously, my impression from you guys has been that you quote-unquote, want to avoid MDR considering the cumbersome process that it is. I guess now this is a hedging towards the regulators if they were to become more strict in this. I guess it also unlocks more features for you guys to be able to roll out to clinics, given that it probably will be certified then in a couple of months. Are there any specific features that customers or doctors and clinics have been requesting that you have previously been unable to roll out due to this MDR hindrance that you will be able to roll out after? Or is it more purely a hedging effect from a regulator standpoint? How should we view that? So- If you understand that. I understand. It's correct that we've been trying to avoid MDR historically. I think most companies are a bit afraid of MDR. It's quite a big process. The last couple of years, we've done so much with our ISO certifications, NME, and other regulations hitting our industry. We've become quite good at it, and we have a strong compliance team. We feel quite confident that this will not be a major undertaking for us. It will cost a bit of money. We need to do some studies and so on. We are much less afraid of it, so to speak, today than we were a couple of years ago. It's also that the regulation has matured in how it's implemented, so it's also easier to understand what we need to do. There is no significant new things we can do thanks to MDR, but we can make our customers feel more safe. It's mostly that Läkemedelsverket, who are the one responsible in Sweden, are saying that, "Okay, we will start saying that this is MDR over time." We might have been able to get away with not doing it, but it's important that our customers feel safe in using these technologies. I think it makes sense to do it from that perspective. There are some minor things we can do. For example, today when we do after the meeting, we propose the entire medical record except for the diagnosis. I don't think that's a major problem for most of our customers, except the diagnosis is really simple. They are very much routine patients, so they don't need support net, and that's also part of the role they like the most. Doing MDR, we will start proposing a diagnosis too. It's not a major advantage I see. It's more about keeping customers safe, but it's also that Läkemedelsverket seems to have a different opinion than the rest of Europe. I think this is more of a Swedish thing that will be MDR. I don't think it will happen in Norway, for example. Then we'll be MDR, of course, also in Norway on this functionality. That's fine, and we'll use it in marketing as much as we can. Sweden in general seems to take a bit more strict view on these things than the rest of Europe, I would say. Okay. Very clear. Perhaps a last question before I will leave room for others to ask regarding Medsum. Of course, positive to see that the user base is steadily increasing here month-over-month. I guess it's still, of course, very early days and that a lot of the users now are, as you mentioned, previous users of a different similar kind of solution. Regarding the interest overall from Medsum, have you seen any clear patterns on types of clinics that are interested in the product? Or are you seeing any disparities between smaller versus bigger clinics and so on that can indicate where the majority of the bigger adoption, say, in a three-year period can come from or any those trends that you've picked up since launching the product? Yeah, I would say it's mostly semi-small clinics, and it's mostly still on a user basis. For example, one clinic can have two people who likes this AI stuff, and they get it, but not the rest of them. It's seldom we see a clinic buying it for everyone. It's still, yeah, this guy, he really likes the AI things. Maybe he's been using a bit of ChatGPT, and now we can do it in the right way, that's good. I think it's a matter of time, this is Swedish healthcare, and especially Swedish healthcare is very careful. You have to remember that doctors and nurses, they're trained to do right and to make no errors. They also know there's a lot of regulations around their area, and they know they are personally responsible for what they do and what they write in the medical notes. It's their own license that is at stake, their personal license as a doctor or as a nurse. It's a very careful group of people. They're used to working in really old systems. Everyone is trained in the public where you use this very old systems, typically. It will not grow. We should be able to increase the pace, I think. That's my personal view. It's such a good time saver for them, they should really all use it, and we're going to do everything we can to push it. I think the most likely is that we'll see a steady growth, slow growth because it is a very careful industry, heavily regulated. Everyone's trained not to make mistakes. They're personally responsible. It will not be a boom. It will be a steady growth, I think. Where they pick it up person by person. Yep. Okay, great. Thank you guys for taking my questions. I'll get back in the queue and leave the room for others. Thanks, Elvin. The next question comes from Fredrik Nilsson from Redeye. Please go ahead. Thank you. Good morning, Daniel and Svein Martin. Just a few more questions on InfoSolutions. Regarding the numbers you present here for ARR for InfoSolutions in the presentation, it seems to have increased from SEK 34 million last year to SEK 42 million, if you look at net ARR. Is that the correct interpretation? Yes, that's correct. Towards the end of last year, they did acquire a small customer portfolio, and that was included. That's part of it. It's like SEK 4 or 5 million of the growth. The rest for them is organic. The organic growth is taking them from SEK 38 million-SEK 42 million, basically. Okay, great. That's clear, still reasonable organic growth. What's driving that growth? I would say it's mainly from new customers being added. It's like they grow a lot together with the systems. For example, together with Webdoc, they have added some additional regions as well that started using their system. They have added some functionality that has also driven a bit of the growth. It's a mix, the main driver has been adding new customers for them. Okay, great. As you touched upon some of the customers or your competitors, what has their reactions been so far regarding the purchase also the announced price increases? It's been a bit mixed. I think many of them understand the price increase. Many of them say that, "You as InfoSolutions haven't raised prices for 10 years, it makes sense that you raise some prices." I think many of them are quite fine. We have done one price change that does create a little more frustration among some of them, and that historically, I feel that InfoSolutions kind of supported new systems into the market by kind of saying that, "Oh, you can just get it almost for free, and then you just pay as you add more users." It's quite big cost to implement a new EHR system into it. From now on, you have to really pay for it. That's a change that some of the small systems haven't really liked. Otherwise, I think that most of them have understood it, and also some of the smaller has understood that, yeah, it makes sense not to Subsidize. Subsidize small system entering the market. I think that's been quite okay, and it's important for us to keep those customers, or most of them at least. They're important partners to us also when it comes to Medrave and HPI. We've been talking to some of the larger customers about that. We have good collaborations, both when it comes to HPI and Medrave from before, and we continue to have a good collaboration. We're saying upfront what we will do, and that's what we will do, so you can trust us. I think they know that from a couple of years. I think that it will work okay. Okay, I see. Could you give us any indication about what kind of price increases on average we are talking about? It is very different between different customers. We will treat our own system and other large competitors the same. It is just that we will not subsidize small ones. We have a lot of the regions and the public labs that we are not allowed to increase prices as much as we think we should, even though they have not done it historically. They have not always used the KPIs that are in the agreements with regions, they have not really used. In some cases, we are allowed to increase it also historically for regions, in some cases we cannot, and in some cases with some regions, they just in the tender, in the process said that you cannot at all, so it is not included in the contract. I think we will be able to do an average of around 20%, maybe. It is worth mentioning that is on an ARR basis, so it is not like for the total revenue base. Yes. Great. Thanks. Just one last question from me. Regarding Germany, you mentioned modern marketing and sales. Could you give us some examples of what kind of initiatives there are? Yes. You have to bear in mind that sales and marketing is different in Germany than Sweden. We do sell a lot at fairs, for example. We do not do that in Sweden. You have the physiotherapists and doctors going to fairs, looking at different systems that are actually signing contracts at the fair. I was at the fair in Munich on Midsummer Day, where we launched Webcur, and you have customers coming there looking at the system and signing contracts at the fair. That is quite different than we have to bear that in mind in everything we do. That is why it is important to drive it locally. Our sales in Germany is very much cold visits, physical visits to customers still. The sales people are doing a great job being able to do that and actually closing those sales. When we saw it working well in Germany, we thought, let's try it a little bit in Sweden. Didn't work at all. Still also, I think we can do a lot to make sure that the sales people are working warmer leads. We historically have done very little marketing creating leads in Germany. That's something we really look forward to doing more. We also want to grow the sales teams. We have a good sales team, but we want to grow it, and we want to get them better leads working, and we also want to get them better systems to working, so they really know which customers to target and which are the most likely to buy and so on. I think it's quite a lot we can do with the structures and process around it and the strength and the good sales team we have there already, and that's what I'm looking forward to next doing. Great. That's all for me. Thank you very much. Thank you. Thanks. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Viktor Lindström from SB1 Markets. Please go ahead. Hi, guys. Hope you can hear me. Yeah. Perfect. Thank you. I have two ones or technical ones. If you look at group gross margin here in the quarter, that was a bit weaker apart from Q4. What is the factor behind this one? It's partly because of the adding InfoSolutions, which has a slightly lower gross margin than the rest of the group. Also partly because we had quite high transaction revenues compared to the previous quarters, those typically drive costs as well. That's the two main reasons. Perfect. Thanks. If you look at the CapEx spending, that was down SEK 1 million, both sequentially and versus last year. When you have InfoSolutions on board, should we expect the CapEx spending to increase once again, or do you expect current levels to be sustainable? Yeah, I would say we don't expect any increase from adding InfoSolutions. We probably won't capitalize any development there, as we look at it now, at least. The CapEx has been quite stable around SEK ±10 million a quarter for quite some time now. Yeah, our main focus is on the total cash cost base and not what we capitalize, but I would say that's a reasonable level to expect going forward as well. Right. Perfect. Thank you very much. All for me. Thank you. There are no more phone questions at this time, I hand the conference back to the speakers for any written questions and closing comments. Okay. We have gotten a few questions in the chat as well. First one from Richard Durlow. The churn in the German business seems quite high. Are these churning customers not interested in Webcur? What we're churning in Germany is from their product Data-AL, which is on-prem solution from the '90s. That's been developed since then, of course, but it's basically that for doctors. It will take a long time before Webcur can really replace Data-AL. Our aim is to first replace Data-CUR. Many names here, but it's a physiotherapy software that they already had in Data-AL when we acquired it. We're first meeting those customers because those are the easiest to meet, and also because there is a regulation change in Germany during the end of next year, requiring more physiotherapists to use this type of software. Many still use pen and paper. That's why we have focused on that first and then going to doctors. We really need to keep doctors satisfied with Data-AL for many years to come, with the product Data-AL. We will have high churn in that product and in our Nordic products. I can start by saying that. What we're doing to have a lower churn there is to really do a lot of development, also increase the pace there. I think we've done some good things when it comes to how we work with development in the product, setting more structures, learning from what we do in other countries. I feel that we have a better pace in development there now on that product and without adding staff. We also have better stability in what we release in that product. Roughly a year ago, we had a lot of problems with our releases in Data-AL, and that seems to be solved now. The last couple of quarters, the releases have been stable, and that should bring the churn down. We will have high churn in that product and in our Nordic products until we can replace it, but it will take a couple of years. Okay, next one from Niklas. What is the status on potential larger deals more relevant to Metodika? Do you see any activity with regards to procurement within the next 12 months? Yeah. We have really good discussions with the customers at Metodika, not really of the size of Volvat. It might not be large enough to release, but I would expect us to close some deals with Metodika on a semi large basis the next couple of quarters. I think we have good traction. Volvat has really taken a lot of our efforts, and it is very important to have that as a very satisfied customer. It brings up their ARR, they will be a good customer for many years, and they are also a good reference for us. It is important for us to keep them really happy. That has taken a lot of effort and costs the last couple of year, a little bit more. That will now ease and we will sign some new good customers, I expect the coming quarters. Maybe not of the Volvo size, but quite big ones. Next one from Yannick Jokel, a couple of ones. Could you elaborate on the situation in Germany a bit more, please? How will the release of the new software look like from a timeline point of view? Yeah. It still takes a lot of time to build a software for the medical community that really fits the customer. I think team is doing a good job. We have really high pace in development, higher than we ever had before. Still elaborate process to really meet customers, having the first ones in there, fixing what they feel should be changed and moving on and so on. The customer we brought online, the first one paying customer we brought online in the last quarter, had, I think, 12 major things she want to change. The ones owning that part. We've done almost all of it, but the next one will have new things. It takes time, and then the functionality of Webcur is much, much, much lower than, for example, what we have in Webdoc. It still takes a lot of time to build good solutions and maybe not to write any code as much as it used to, but the entire process. We see us meeting the needs of private therapists at different sizes and different structures during the autumn. At the end of the year, also the ones doing public patients. By that I mean the public German insurance, which most therapists do. It will be important to meet that functionality need. It's quite complex, but we'll be there during the autumn, and then we'll start meeting doctors during next year. It will be like the easiest doctors and then moving on from that. A system like Data-AL that has been building functionality since the '90s, it takes time. To me, we need to do some more with the product to really be there. The sales team in Germany are not really pushing it full on yet, but we cannot do that yet. We're getting there and that's what we're gearing up for, to really push it. I hope they will be able to really push it by Q4 this year, to really start pushing it. For now, it's still the most important is to make sure that the customers and different types of customers at the level which we now want to support are really happy with all parts of the system. That takes some time to iron out. I wish we had come further in it, but it still takes a lot of time. Next one. Could you talk about your product vision with regards to Webdoc as your flagship product, MDR, Medsum, et cetera? How do you think about this from a strategic point of view? Yeah. I'm really happy with what we're doing in Webdoc. We have a really strong position, almost no churn, winning new customers, having, for example, big customers like Capio and Aleris wanting to roll it out in more and more clinics. We have Stockholm moving over to Cosmic from TakeCare. Everyone in Stockholm needs to change system no matter what, and that's usually a hard thing for us to convince anyone. If you compare Cosmic and Webdoc, for this type of customer, it's not a competition, I think almost. Maybe I shouldn't say that. We have a really good product for this type of customers, and in two years time, our product will be a lot greater even than it is today. We have a really high pace. I think many of the systems that we're competing with do not have a pace close to us. We're rebuilding the entire UX to make it, first of all, to take care of things that people have historically not liked with system. Also make it look more modern and feel more modern, but also to make AI a native part in it. It will be quite changed, by the end of this year. We have already started rolling out those UX changes. Step by step, we really need to educate the customer on each step I think most people recognize this from their normal work, that you don't really like when software change, but it's important to change, because otherwise it gets old. We're pushing that through. It will be a lot of calls to our support center, but we can really do make the system much more efficient to use. Our aim is to save time for our users so they can treat more patients. That's always the aim. If you look at what takes the most time for them, it's all administration. LLM models are really good at administration. Our aim is to do as much of all administration as we legally and possibly in a safe way can do for our customers, and that's a lot, I think. I look forward to rolling out all the functionality during autumn, we'll continue, of course, to add more functionality after that. The pace that we can have now in development let us do so much more. If you look at Webdoc or many of our other solutions today, they're really big solutions. We have a lot of functionality if you compare to the number of developers we have. That's how it looks in this sector. We can really do a lot to improve the products. Even if Webdoc is a great product compared to others, there's still so much I wish we could do, and we have a long list of things we want to do. We're ticking it off in a higher and higher pace to really save time for our customers. I look forward to continuing doing that. Great. Next one from Erasmus. "Good morning. Going into Germany, are you targeting the whole market, or will you focus on certain regions to build a strong presence and get some word of mouth to help drive growth? Word of mouth is important. We probably have that if we win one customer, other ones knowing them will be easier to sell to. I think that our efforts need to support that. Mostly what we are aiming for are certain types of users, and more than certain regions. In the beginning, it's therapists and therapists working with private pay insurance. That's like 30% of the insurance, but only working with that. Many customers have a mix. That really limits the number of potential customers we can have at this point in time. It will increase quite substantially once we also can do public insurance. By the end of this year, hopefully a bit sooner, then we can aim for all those. We have one, for example, a really good customer called Physio Family. They have quite a big online presence, a really great team, and they do pods, and they have social marketing people. We have quite a big visibility. In their different channels, they have the Swedish team coming there and talking to them, and I think that's a great customer, that type of customer we want to have at this moment that really can spread the word. We're doing everything we can to keep them happy. I think it's mostly certain types of customer more than certain regions. Okay. Final one here. It's in Swedish, but I'll translate. "How does the market look in Stockholm? Are you seeing any changes with potential customers? It has been a lot of discussion in the media about Cosmic. How does this affect you? Do you see any risk that the tender process that they won will be redone? If you look at the sign-up implemented for next quarter or from this quarter is SEK 6 million, which is mostly Webdoc. Almost all of that is, or a large part of that is clinics in Stockholm. From all these tenders, now I'm not talking tender on software, tender on the care. That meant that some clinics closed, and they're opening new ones, and very many of the new ones opening are using Webdoc. I think that's a really good signal. We still have that it's the big chains like Capio, Aleris, Praktikertjänst, Meliva, so there's many English ones in Stockholm now. They know Webdoc, they know it's a better software, they will use it in a new clinic. Many of the ones just leaving the public sector, opening their own clinic, they know TakeCare. That's the challenge we have. We need to get the word of mouth out there more. It's quite good to grow with the big chains because doctors go there and leave, end up opening their own clinics. That really strengthens the knowledge about Webdoc in Stockholm. The discussions on Cosmic, I think it goes maybe two ways. That's a media narrative. There are people that are happy with Cosmic and people that are not happy with Cosmic. Change of systems, people are not happy with that in the healthcare sector, that's the challenge we always have, that we need to be so good that it's an easy choice to change. The ones, regions, that's been the least happy with Cosmic are the ones that left TakeCare because TakeCare is a quite user-friendly software, and other regions left for software that isn't very user-friendly. TakeCare is a really user-friendly software actually. It lacks a lot of functionality that we do, it's user-friendly. The ones that are the least happy are the ones leaving TakeCare. That's what Stockholm will also do, that will be in a couple of years, by then Webdoc will be much better than today. It's more difficult for something like Cosmic to move forward when you have all this region that put on all these demands when it comes to functionality, then you cannot really work with the workflow and the user experience the same way. I have no clue if there's a risk that they will redo the tender for Stockholm on Cosmic. I think there has to be much more media about it before that happens. It's a very big decision to make. Look at Stockholm and Västra Götaland. It took many years of problems before they actually stopped implementing Millennium. I think that's unlikely. If it would happen, it's probably negative for us because then it means to all the caregivers, okay, there will be something else coming possibly in the future at some point in time. It's always an easier choice not to change EHR system and just wait for something that might happen. Many customers look for excuses not to change, I would say. The best thing is if nothing changes in that 10 years, I think. It's not the main factor. It most comes down to us, ourselves, delivering, make sure that we are well-known in Stockholm, continue winning customers. We're winning customers from TakeCare. We're winning customers from Cosmic. It's in our hands to really make sure that we have the best option out there for our type of customer. Cosmic and the others, they are focusing on the regions. They do a pretty good job at that, and that's a really difficult customer to have. It's almost impossible, I would say, to be the best system for an entire region and for our type of customer. We actually work towards different markets. Also, TakeCare is not really investing or developing their system forward. If it would be many more years before they change that system would also, the gap towards Webdoc would increase over time as well. Yeah. That was the final question. Okay. Thank you all for calling in this morning. Just let us know if you have any follow-up questions. We are always available, and I wish you all a good summer when you get there. Thank you.