Hello, and a warm welcome to you all. This is Fortnox casting live from our studio here in Växjö, Sweden on October 26th. With us here today in the studio is our CEO, Tommy Eklund, who will present the third quarter to you from this interim report presentation. He will present the quarter for about 20 minutes, and after that, we also have Predrag Savinovic with us today from Carnegie, and he will handle the moderation of today's call. There will be an opportunity for you to ask questions during the cast, so please direct them to the crew, and we will take care of them in the cast. Tommy will answer them in the end of the session. With that said, not much further ado, warm welcome, Tommy and Predrag. Thank you, Susie. Getting right into it. For all of you who is following us, you know, these are the public KPIs that we're following each quarter. The number of customers are in line with last quarter three. We have a solid customer intake. We're quite comfortable reaching or exceeding our 700,000 KPI for 2025. A solid quarter regarding customer intake. Also, in line with our expectations, the revenue per customer, which is also an important target for us since that proves that our customers use the platform in the right way. That increases in line with expectations. Also we're quite comfortable regarding our 2025 goal of exceeding SEK 300 in revenue per customer. Also, you know, we don't guide on financial numbers, but most of you know that we have still internal KPIs that we're following. We have this Rule of 40, but we have the Rule of 60. When we're adding growth and margin, we would like on an annual basis to exceed 60. That's what we're following on a continuous basis. For this quarter, we're delivering a solid numbers regarding that target. When we're adding growth, which was 36% and the margin, which was 43% for the quarter, we're almost on 79% regarding this Rule of Fortnox, as we're calling this internally. In all, a good quarter. The net sales, we have reported that for a couple of quarters now that we have a negative impact regarding the financial activity in the society as a whole. That is fewer invoices is sent in society. Since some of our revenue is transactional based, that is connected to the number of revenues our customers are paying per revenue, per invoice that they're sending. In that sense, when fewer invoices are sent, that have a negative impact on that revenue. Connected to the lending business, which since we're using the invoices as assets, we also have an impact on the lending business. That is something that we have reported now during all the COVID quarters that we have had this pandemic. We can now report that at the end of this quarter, we're up on normal level, you know, whatever normal level is. According to our data, we're actually up on normal levels in September. We're quite comfortable regarding the net sales as well. Also I reported that, you know, the digital sales is going quite good connected to COVID, so we have no impact on the digital sales. The manual sales, since we have people meeting up accounting firms, we have an impact on that because we haven't been able to meet them. In September, we have a full sales month. We have had sales meeting and customer events for the full September. Of course, we have a delay connected to sales point and the revenue, so probably, you know, a delay of six months, something like that. I would say that the sales activities that we're doing now in September probably have an impact in quarter one regarding revenue. The margin, it's in line with last quarter three in 2020, if you take away acquisitions. It was actually on the exact same level as the record-breaking quarter three that we had last year. With that said, of course, now we're exceeding SEK 100 million in one quarter. For all of you that are following Fortnox, you know that we have a seasonal impact on the profit levels. We have better profit levels in quarter three. Even with that, you know, it's a truly solid quarter in all aspects. We see that our scalable business model is kicking off now. Yeah, quite satisfied with the profit levels. Solid net growth of customers in line with last year's quarter three. Again, you know, it's vacation time, so if we had a positive impact, seasonal impact on the profit levels, we have a negative impact regarding net growth of customers since it's vacation time. In rough numbers, half of quarter three is actually vacation in Sweden. With that said, you know, adding 10 new customers or net growing with 10 new customers in one quarter, and it's vacation, you know, it's really good. Just a few words on our distribution channels. We have two distribution channels. One is our own webpage, no touch, the customers goes into our webpage, and they start to use the software immediately, and no manual interaction from our side. They can just, you know, immediately start to use the platform. Quite scalable, of course, we have an investment to developing that webpage and the checkout and everything and making sure that the customers buy what they need and all of that. Other than that, it's really scalable. In that sense, the cost of acquiring new customers in that channel is really low. The other distribution channels is through the accounting firms, also quite scalable. Of course, we have a fixed cost of maintaining the relationship with the accounting firms, because we have people that maintains that relationship. Other than that, they pretty much add customers to us for free. We also have a positive flow in both directions. If you enter into being a Fortnox customer through our webpage, normally after a while, you would like to have accounting services of some kind, and then we connect that need to the accounting firms in the platform. When a customer moves from being a direct customer to us to being a customer to both the accounting firms and Fortnox, then revenue per customer increases and customer satisfaction also increases. It's a positive change when you move from a direct customers into becoming a customer to both accounting firms and Fortnox. It's actually the same in the other direction. Maybe you start up being a customer, your accounting firms start to do your bookkeeping for you and you're, you know, quite an inactive customer. After a while, you would like to send in your receipts or invoices or approve your invoices, or send in your time reports or see your payslips or something like that in the app. Then you become a customers to Fortnox as well. Independently, where you start your Fortnox journey, you end up somewhere in between the Fortnox, the accounting firms and Fortnox, which is a really good position. Yeah, we normally pick up a few fun facts from the platform. This is something that we're doing this quarter as well. As I mentioned in quarter two, we have had interpretation of invoices has been done through a partner, and it has included manual steps. The interpretation of invoices was actually 24 hours. You send in an invoice, and then after 24 hours, the interpretation was done, and it was people involved. We had a rev share, so the cost of delivery that service was actually 50% of the revenue. The cost of delivery was quite expensive, and the user experience was, you know, it wasn't that good because it was a 24-hour delay. What we've done now is developed our own AI-driven interpretation of invoices. During quarter two, we changed the flow. Now in quarter three, all invoices, all supplier invoices are interpreted by our AI-driven engine, and the cost of delivery, you know, it's very scalable, so the cost of delivery is zero. The customer value is so much better because it's instant, so it's in real-time. It's a really good change. The cost of delivery has gone down and the customer satisfaction is so much better. Yeah, I've mentioned it a couple of times now. The product area that is growing the most right now is our payroll solutions as a product area. Right now we're distributing about 250,000 payslips per month. Quite a big number. More and more of those payslips are distributed through the app. That means that more and more of the employees at our customers are engaged in Fortnox, and they are onboarded as users. Now it's actually more than 100,000 employees that goes into the Fortnox to read their payslips. That's important because then we can also guide the users on more things that they can use in the platform, which will benefit them. Maybe they can use them to do their time reporting there and send in their travel reports and all of that. They can do more in the apps, which would make their life easier. In that sense, it's a good way of onboarding new users. Just a few words on things that we have released during quarter three. Quite a big release that we have done together with the newly acquired Agoy. This is actually the last piece of the puzzle to become a full-blown supplier to accounting firms. This is something that we have lacked for quite some time now. These are things that happens after bookkeeping, accounts closing, taxes and annual reports and all of that, something that we have had partners that have done that, and they have been partners to our in our App Market and all of that. Most of those system has been actually old on-prem systems. The best systems before this solution has been on-prem systems because it's quite complicated. What we have done now is being able to deliver to the accounting firms a full-blown solution, online solution. Everything is in the cloud, which also includes all the steps that they need. For them, this has been a huge step. We released that according to plan in early September to all the accounting firms for them to try out, and then they can start to use it for real in December. You know, they have been really happy about this. This is a huge step both for us, but also the accounting firms. We're looking forward to be able to roll out this to all the accounting firms going forward. More and more features are delivered in the app, and when you see those features, maybe they are not that complicated, but what we're doing is doing more and more in the back actually. We're doing more automation in the backend, and more and more features AI driven in the back. That means that we can deliver really easy- to- use features for the end user in the app, and this is an example of this. This is the Invoicing Mini, but where we have removed all the complicated steps when you're doing invoicing so that you can actually, when you are an SME, do all your invoicing in the app if you don't have any complicated flows. If you have your straightforward flows, which many companies actually have, you can do your invoicing in the app, and we don't have any subscription on that because it's actually mandatory to use our financial services with Invoicing Mini. That's also because we know that all the customers that use our financial services, they benefit from it. We want to guide them to use our financial services because we know that they will become better companies if they use our financial services. It's for free, it's no subscription. You just pay per invoice, and then you need to use our financial services, and then we take care of everything for you. You know, all the things that we have, of course, everything is bookkept in the back and everything. It's really easy- to- use feature for all the companies. That's something that we have released now in quarter three. I talked about our Payroll Mini solution that we released in quarter two. In quarter two, it was for self-employed, so it's an easy-to-use payroll solution. What you do is just decide on what salary you want, and then we do everything in the back. It's just one-click payment, payroll solution for yourself. And of course, for the companies that uses this, it's a really good thing for them because salaries is quite complicated actually. We do all the connections to Skatteverket and back to banks, and how you should bookkeep, and everything is done by Fortnox in the back. It's a really good feature. We've gotten feedback that, oh, I would like to use this for all my employees. Then we have released the ability to do this for up to five employees now. We think that this will be a major change going forward on how you pay salary to yourself and if you have a few employees. Last but not least, we also open up our App Market in quarter three. What we have had before is that we have these 400 partners where you can in the platform buy integration to other partners. What we have released now is the ability to buy the actual software, so then we can benefit from all the things that Fortnox have done regarding subscription management and all the customers that we have. All our partners can now benefit from all the infrastructure that we already have developed. We will become more like a traditional app store in that sense. Of course, you know, it's a change of behaviors. Will probably take some time before the revenue picks up in this channel. You know, long term going forward, this is a really interesting opportunity for us and also convenience for our customers because it's so easy now with just one touch, and the integration is already included, so you can buy all your software inside the platform and all the integration, everything is handled by Fortnox. We think it's a good change going forward for all our customers. Yeah. Yeah, I know we're doing a lot of things each quarter, so I think I stopped there regarding different features. All this material will be distributed to all of you after this, so you can read what we're doing more than just these four things that I talked about. We have about 30 products now and about eight product areas, and we're investing hugely in all our products. Of course, there's a lot of new features that I haven't mentioned in quarter three, but also in quarter four. We have quite a broad offering. You can also, when you see the revenue per customer, you can also understand that, you know, we have just started, the revenue per customer is still under SEK 200, which means that the average use is actually under two products in this picture. We have so many products that are really good, quite interesting. More and more of our investments go to make sure that our companies becomes more successful. It's a major shift internally where we before delivered features that would make our customers more efficient. With our software, you save time. If you buy our software, we give back time. We have actually moved our responsibility closer to our businesses to make sure that you should also become successful when you use the Fortnox platform. Thank you. Okay. Thank you very much, Tommy, for that presentation. We'll now begin the Q&A session. My name is Predrag Savinovic at Carnegie, and I will be moderating this Q&A. To ask a question, simply type it in the webcast, and we'll take it from there. Let's start with a few general ones. I think the first comment on the pandemic is quite interesting. It's ending in some regards and some not, but it has impacted your growth. Could you remind us what organic impact did you see previously in terms of growth? You know it's hard to verify the data here because we have nothing to compare with. We don't know what a quarter two would look like without the pandemic. In that sense, it's hard to compare. We have seen that since we have so many customers, compared to the society as a whole, we have seen that it's fewer invoices sent, and especially in the SME sector. The bigger companies, especially the international companies, you know, since the Swedish GDP is going quite well, the bigger companies are sending fewer invoices. In that sense, the companies that are growing still, you know, quite good, the smaller companies are not doing that well regarding number of invoices. Since our customers are paying us per invoice, we had an impact on that. Also, since we're using the invoices as an asset for our lending business, for the factoring business, of course, that has an impact on that as well. It's really hard to really verify how much the revenue impact has been. Mm. So. All right. The growth came in at 35.5%, roughly 20% adjusting for the acquisitions that you've done. Yep. Of course, new customers are a driver, but we also see the ARPC increasing. Can you talk a little bit about the modules that you see picking up in interest? As I said, the payroll solution in some sense it might be a kind of a dull area that you tend to forget, but it's a really interesting area. With our new portfolio, a lot of things are happening there, and we want to deliver more to the employees and all of that connected to payroll. The payroll solutions is something that is picking up and really interesting going forward. Of course, all of the new things that as I said, the Bokslut & Skatt, which is the account close and taxes and annual reports and all of that, is, you know, it's something that our accounting firms have asked for quite some time now. In that sense, of course, that is a big delivery that we're looking forward. The interest has been huge so far. We're looking forward, you know, to make sure that everyone can use that piece in our offering. Looking back at the second quarter, you did a few internal changes. Yeah. Data centers, you did a reorganization, other stuff as well. Your organization was looking a lot inwards. Have you reshifted this to more proactive activities now? Are you done with that? Yeah, we think so. It hasn't shown in revenue or anything like that, but we see a huge shift internally. The data center project was finalized in mid-June, so you know, we have new data centers now and we're quite equipped now for growth going forward. That's really good. We have also increased our security, which we think will be even more important going forward, you know, with all the customers we have and the money flow we have, that we become, you know, like infrastructure for the society. In that sense, we also need to increase the security as we go along. Regarding moving all our customers over to the new subscription and customer management system, something that we have developed for three to four years now. You know, it also gives us a much better opportunity on how to onboard our customer to make sure that they're using the products that they have bought and all of that. We can really segment all our customers with the new platform. Of course, the subscription management is so much easier. That's good. Also, the financial backend, which was something that we started to actually channel all new customers into the new platform after mid-April. After that, no new customers have entered into the old platform. We're thrilled. We're actually thrilled with the project now. But then the customers have not benefited that much from the new platform yet because, you know, it's a big shift, and it's a lot of childhood diseases, and it has been a big migration project. We did that because we wanted a more modern platform, a more scalable, a more flexible platform where we can develop features faster to our customers because we see a huge market opportunity here, which we want to grasp with a new platform. For now, it has not been that much customer value. Now when we see that we're developing new features based on this platform, everything is so much better. I think now and going forward, it will be an improvement to the financial platform and also benefiting from all the customers there. All right. I know you don't like to guide. Using the 20% roughly organic as a starting point, you mentioned you're more equipped for growth, organization looking inward now more outward and pandemic at some point easing. What can you say about the fourth and the first and coming quarters from? I cannot guide on absolute numbers, but of course, we want to improve regarding growth because we have said that we have a negative impact during COVID, and now we're out of COVID. In that sense, of course, we want to be better at growth going forward. Other software companies, they have reported harder time recruiting or at least salary increases. Have you seen any of those effects also for your business? Of course, it's always challenging to attract talents, but for now, you know, we have quite a strong brand in the cities where we are, and we have a really good culture internally. A lot of people would like to work at Fortnox. In that sense, for now, we're in a quite good position to attract the talents that we need. Of course, it's always a challenge. Let's take a few questions from the web here. The first one is, you're coming from a very strong H1 2021, and the net customer intake, it declined somewhat in this quarter. Can you talk about the reasons why? Yeah. It didn't decline if you compare it to quarter three last year. Yes, but that's because we have a seasonal effect on that because we have the Swedish vacation. It's actually in line with what we had last year and also in line with the long-term plan to exceed the 700,000 in 2025. In that sense, yeah, it's lower than quarter one, but it's in line with our expectations. Another question is here, do you think you can grow with 60,000 net additions every year going forward? We think that we can exceed 700,000 by 2025. Point taken. The opening of the App Market, will that change how you monetize on integrations? Yeah, it will be changed a bit because if you buy the software in the App Market, the integration is for free. Mm. Of course it's a change. Mm-hmm. Mm. In this quarter, you also made a few changes to pricing generally, especially on the transactional product- Yeah. Also on the integration product. Can you talk a little about the reasoning behind these pricing shifts? Yeah. We didn't increase the prices on the preferred transactional flows. We want to guide our customers on how they should use the platform, the preferred basis of using the platform. There were no increase on the preferred flow where we know that our customers become more efficient. In that sense, they will benefit more from the platform if they use the preferred flows. In that sense, we just raised prices on the other flows. We don't even know if that will have a big revenue impact, because if everyone starts to use the preferred flows, then it will have no big impact. It's more about helping our customers to use the platform in the right way. Mm. It's also the integration engine, the integration license is, it's a way of harmonizing the pricing because it was SEK 59 and everything else is SEK 99. It was a way of harmonizing the prices, but it also was a way of guiding our customers that you shouldn't buy integrations anymore. You should buy the software in the platform, then the integration is for free. It makes sense to increase the price on the integration because that's not the preferable way anymore. The preferable way is to buy the software in the platform. Right. A way to incentivize customers. Exactly. on usage, basically. Yeah. Have you seen any usage shifts? I know it's very early, but have you seen any- It's too early, so we haven't seen that yet. Mm. We will see. We probably can report on that after quarter four. Okay. Understood. Yeah. You also made a shift towards the bureaus or accounting firms, if you will, their incentive schemes in this quarter. Can you talk a little bit about what has changed and what does it look like now? That we've changed it for many years. It was more like we have been asked to change the model because we have added so many more products and we have also added transactional-based revenue, which was not connected to the reseller agreement. It was more a way of updating the reseller agreement and connect that to what we're actually offering. For them, it will be actually a better solution. It was something that most of the resellers have asked for for a couple of years now, and now we took the decision to, you know, roll out a new reseller program. It's no major change. It's just that now it's connected to what we're actually doing. Okay. Yeah. Maybe a hard question to answer, but in this quarter, there was also some activity on the competition side. Mm-hmm. One of your competitors saw some degree of backlash, you could say, and is appearing to lose some degree of customers. In this environment, do you think Fortnox can accelerate customer intake because of what has happened on the competitive side, so to speak? Compared to our customer base, it's quite low numbers, so I don't think it will have a big impact. In general, I think it's good that all customers have a sustainable business model. It was quite obvious that they didn't have a sustainable business model. In that sense, I think that all players should have sustainable business models. Okay. On acquisitions, you've done a few now in the past month. You did Offerta. You just mentioned also with Agoy, you have a very good offering now for the bureaus or accounting firms. What other pieces are you missing now? If you can give us some ideas of your thinking of what you could add, if you can. No, no. As I said, you know, we hired Håkan for strategic partnerships and M&A, which is, you know, almost the same responsibility. You need to be a strategic partner to be able to even investigate an M&A. It's quite connected. We're quite active in that new function now. I cannot guide on specific number of acquisitions per quarter or something like that. I can tell you that we're probably evaluating a handful companies every week now. Okay. It's something that we think it would benefit us, and we think it would benefit our customers if we have a combination of organic growth and acquired growth. In your App Market marketplace, there are a lot of independent software vendors on there. Yeah. Some are, of course, very large, some are quite small. Yeah. They add functions naturally to Fortnox. Is that a funnel for you to look at? It could definitely be a pool of acquisitions, for sure. We think that with the new offering to the partners where we're actually benefiting more from what Fortnox have done, because earlier it was only APIs, now they actually benefit from our backbone. We think that that will create even more companies that, you know, even start in the Fortnox App Market, and that's their only, you know, marketplace. In that sense, of course, I think that it will be new companies started that would be interesting to look at for Fortnox going forward. Okay. On the synergy side, Offerta is of course the largest one you've done. Can you talk a little bit about how you think on synergies on Offerta, Agoy, Bolagsstart, et cetera? I think in general what we're looking at is companies that can scale on our customer base. So companies that can really do an impact and make a difference on our customer base. That's what we're looking for. If you take Offerta, maybe it was not the obvious first acquisition. Mm-hmm. If you start to look at it, you know, it's quite interesting. Most of our companies of the 410,000 companies are service offering companies. Mm-hmm. With the Offerta platform, we cannot just offer them bookkeeping and financial services, we can also give them their business actually. We become even more relevant to them, and we can make them even more successful. It's actually a natural step going from, you know, administrative systems, financial systems, financial services, and also bring in the businesses for our customers. Mm-hmm. It's a natural step. Mm-hmm. During this presentation, you mentioned a little bit on products, roughly 30 products in your portfolio, roughly eight pipes or so to speak, but the average usage is around 2.5. Yeah. Something like that. There is obviously a large potential from upping this. Yeah. How will you increase average modules per customer? I would say that, since we are in our plans for 2022 now, the biggest impact that we would like to do for next year is actually usage. We know that that's the most important thing. We don't need to, you know, improve checkout or work on pricing or do packages or anything like that. We just need to, you know, guide our customers on how to use the platforms, because no customer calls us and said, "Now I've used this for three months, and I think SEK 99 is too much." You don't do that. It's all about usage. With our price point, we just need to be even better at onboarding and helping our customers in how they can benefit in their business by using the platform. Mm-hmm. You develop quite a few things every quarter. Looking at your development pipeline, what does it look like now? Are there any major launches we should expect that you think are gonna change the way the platform is being used? I think it's something that we're working quite a lot on is the factoring solutions. It will, going forward, be easier to sell your invoices when you're sending invoices. That is one part, and I've also mentioned that we're working on our real-time credit scoring. It's something that is in the development phase right now. We have not said exactly in which quarter it will come, but that's a huge development project internally that will have also a big impact for our customers. I think that we have done quite a big releases now with big products that we also need to work even more on to make sure that they are feature fit for all our customers. I think that will be investments in all the portfolio that we have delivered so far this year. The financial vertical, Offerta, we're doing a lot of work on Offerta to make sure that it can work in a Fortnox context, so to say, but then also improve all the other products that we have released lately. Mm-hmm. Let's talk a little bit more on the financial services. Can you in short just describe what you currently offer, what is mostly used, and then when you look at the segment in financials, what people pay for it to be? Our core business is still distribution and collection. We're sending the invoices for our customers, and we're collecting the money for them. That's kind of the core business, and it has been the core business historically as well. Based on that, we have seen that our customers have a need of also improving their cash flow, and that's why we are offering now factoring. In our factoring solution, there are still, you know, it's semi-automatically done, one can say. It's still manual steps included. What we're working on is to remove those last steps, so it can be automatically done by AI based on all the data we have about our customers and all the money flow that we have in the platform. When we're credit scoring our customers in real time, that's when we can offer to buy all the invoices in the platform, and we can set the price on each invoice independently on, you know, which customer it is and all of that. Since we have so much data, you can get a price on a specific invoice, not all of your invoices. We think that will not be seen as a factoring solution. It will be more like an express checkout. Mm-hmm. Mm-hmm. Yeah. I can take the money now. If I get 97% of the money, yeah, let's take it now. Mm-hmm. It will not feel like a factoring solution. That's the direction that we're going with the factoring offer. Then we have the checkout or the payment segment, which is still early stages, but with all the money flow we have in the platform, it's quite interesting to have checkouts on both sides, I would say, of both for customer invoices and supplier invoices. What the payment service now includes is the ability for our customers to pay supplier invoices that you get. If you get an invoice, you can in the app pay them directly, and then we have a connection to your bank, and we can transfer money, so you can. It's more almost like an e-wallet, one can say. Mm-hmm. It's something that we will improve going forward and onboard more and more users on that side, but also give the ability for our customers to offer a checkout to their customers. Something that, you know, Klarna is quite strong on the business- to- consumer side. We also have quite a big business- to- consumer chunk, but of course, our core is business- to- business. So that's what we will offer in going forward, a checkout for both business- to- consumer, but focusing on business- to- business flow. There's a lot of stuff going on at the same time. Sounds very encouraging to see this in the coming quarters. Well, let's talk a bit about the real-time credit scoring. You've done that for a while now. You have data build-up, but you still haven't started scaling this towards your entire customer base. How long time do you think you need before you're comfortable in really marketing this broadly to your customers? I think we will start small quite soon, but we will probably not be satisfied in the near future, I would say so. We would like to start early to learn even more and to also to onboard and guide our customers that now they have the ability to improve their cash flow by selling invoices. I think that's the most important step right now. When we improve our credit scoring, we're lowering our risk, and with that, we can lower the price. Right now, we can keep up the price and just, you know, guide our customers that it's still a good offer. Of course, going forward with all the data we have, we can lower our risk even more and also lowering the pricing. Looking at the typical company that this is applicable towards, would you say you open up a new market, or would you compete with some existing factoring solutions? I think that we're opening up a new market. I think so. I think that become a factoring customer is still, you know, kind of scary, I would say for many SMEs out there. When we're giving the ability to just, you know, offer an express checkout where you get 97% of the money, you know, let's do that. They don't even know that it's factoring. I think that the way that we're doing it will not feel like this scary factoring thing. Mm-hmm. I think that we're opening up a new market. Do you think payments and everything revolving payments, you mentioned a bunch of stuff you're involved in, plus factoring, in terms of market size compared to the core software offer, what is the largest one, would you say? It's definitely factoring and payments. Market size-wise, it's definitely bigger than the core business. If you just look at market size, it's obvious that the factoring business, based on our customer base, is much bigger than our core business. This will imply certain changes to your balance sheet over time if you engage in this. What is your thinking here in terms of using banks as partners or? We haven't really decided on that yet. We have said that since, you know, the lowest price on the factoring business right now is about 30% and the loss is about 2.5%. That's the gross margin that we have in the business. With that, we think we're quite comfortable that we can take in external money and still have a good gross margin. Mm-hmm. We haven't really decided. We're using our own money as for now because we think it's quite good return on investment since we have the money. Of course, going forward, we will need some kind of external way of financing that, but we haven't decided on exactly how we will do that. Mm-hmm. Let's move a bit to the App Market. It's finalized now, so customers can use it. You made the pricing change to incentivize usage there. It's really a growing ecosystem. You have a lot of independent companies selling software there. Yeah. Do you have any expectations on how large this can be? As an outsider, it's hard to gauge the size. Yeah. I would say for us as well, because if you start to do the math, if you actually look at the revenue for all our partners, then the opportunity is massive. It's hard to really guide on will our customers buy all the software in the platform or not. I guess eventually they will because it's the convenience thing of it, but it's still a change of use that will probably take some time. Of course, we have a more traditional rev- share model where they take 75%, and we take 25%. Again, if you just look at their revenue- Mm-hmm. If you take 25% of all the partners that we have, that would become a huge number. Mm-hmm. If we can get all that revenue, I'm not sure yet, but of course, it is an interesting opportunity. Mm-hmm. You have, I guess, quite a few users are already integrating Fortnox through the integration model and through APIs, et cetera. Can you talk about the numbers here, in terms of how many integrations are there, say, on the integration module currently that you hope can buy software internally? It's kinda hard because we have not communicated the number of integrations either. I'm having a hard time to comment on that exact number. But as you're saying that, of course, there are a couple of. I don't know if, for instance, you mentioned a couple of, for instance, Shopify, which is there. I don't see that Shopify will give 25% of their revenue to Fortnox. But if you start a new company and your focus is to be really successful in the App Market of Fortnox, giving away 25% of your revenue is like nothing. That's a bargain. I think it depends on what type of company you have and if you already have a marketing and sales organization or already have subscription management, then, you know, you have like a double cost. In that sense, I think that over time, more and more of our partners will actually move away from their own subscription and use our Fortnox, but it will not happen in a month. Understood. Yeah. In the marketplace, I know it's early, but you've probably seen some kind of usage yet. Or maybe you have an expectation on what kind of products would be beneficial. Would it be, say, the customers buy a CRM product or some kind of checkout service, like Klarna or Shopify from there? What kind of trends do you see? Yeah, I think those are good examples. CRM, I think CRM was one of the first apps actually sold in the App Market last week when it was released. CRM is definitely something that is interesting for our customer. Warehouse solutions, checkout solutions, stuff like that, things that we historically have not been our core. Two more questions here from the webcast. The App Market take rate, you mentioned roughly 25%, but how will this revenue be recognized in your P&L? We will only take the 25%. No, we'll take the full number. It has actually been discussed internally, you know, but the latest and greatest now is that we will take the full revenue in our books. Yeah. Okay. You have a cost out for For the 75%. A question here on synergies on Offerta. How have they developed so far regarding Offerta and the prospects going forward? What do you think? Pretty much according to plan. As I've said, you should not expect any growth or EBIT this year. We're just preparing Offerta for next steps. What we're developing now is kind of. I don't know if that will be the last name on it when we're going external. Kind of an Offerta Go offer, which is more priced and offered as a Fortnox offer, which you have quite a small subscription fee, and then you pay per click. In that, in their world, in Offerta world, that is actually you're betting on different bids, so to say. You pay more to give your services to all the different consumers that are in the platform. We think with that, we can onboard more and more of our customers. We have started to cross-sell. We have started to show the Fortnox customer base that these are all things that you can go for if you had a subscription on Offerta. Mm. To do that even better, because that's still Offerta is still sold with manual steps. We have salespersons that sells this. We would like to have a all- digital, no-touch offer as we have in the Fortnox platform. That's what we're developing now, and it will be released sometime mid next year or something like that. Right. There's been questions arising before on Fortnox targeting larger companies. In the CMD, you also mentioned, say, Volvo is a user, Apotea. We have larger companies as well using this. Mm-hmm. Do you envision yourselves recruiting or partnering with other companies to sell this, your systems to larger companies as well? It could be. We're trying that out now. Bigger organizations can have a premium subscription from Fortnox, where they get a person on the Fortnox side and they also get extended support and all of this. We're trying out that now. It has been really well received with the bigger organizations because they like the product, but we have not offered that much services around the product. Then that's what they're lacking. Now we're offering it from our resources and our people. Of course, if we want to scale that going forward, we probably need partners in that as well. For now, we don't have any partners. It can be that we're entering into partnerships around services going forward. Looking at your profitability here, it's a very good margin. Of course, maybe that's not representative for the future since you have seasonal effects in there as well. Taking, say, the last three or four quarters rolling, would you think that is representative of the profitability you're gonna operate at going forward? I think, you know, we're rolling 12 months on a continuous basis and we haven't seen any big impact on EBIT on that level. So I think the EBIT levels that we are on now is quite comfortable and healthy margins and something that we think that we can deliver going forward as well. The main board shift, the mandatory question, you've been working on that for a while. How is that progressing? What do you think of timing there? Since it's not in all in our hands, it's kind of hard to guide on the exact number. We have full-time people working on it and we're prepared for it. Now it's more about timing, I think. It will happen, and we will communicate as soon as we have a date for it. Understood. We are running out of questions here from the Q&A, but let's take a final one. If you would rank your opportunities, thinking of the ARPU increase from new customers, from Fortnox launch marketplace, how would you rank these large initiatives? No, but I've said it before that, you know, taking us to 700,000 customers when we think that the total addressable market is about 1.5 million in Sweden, it's fairly aggressive, I would say. It is a fairly aggressive number for 2025. The SEK 300 per month and per organization, I would say it's fairly modest for the 2025 goals. In that sense, I think that is how you should look at these numbers, that we're quite comfortable that we will reach both of these. As you're saying that if we're taking, for instance, the factoring opportunity or the payment or even the Offerta opportunity or the App Market, which all of these have really huge market opportunities and we cannot, you know, guide on that and take that into our business plans. I think that is how you should look at Fortnox, that we have said that we can comfortably deliver 700,000 customers and the revenue of SEK 300 per month. Then we have a couple of things that we think can be really interesting going forward, but we cannot take that into account and promise and guide on that already now. Understood. You're comfortable on your targets, and then you have these. Yeah. large buckets Exactly. with potential. Yes. Good. Thank you very much. I think that concludes here. We have no more questions on the webcast. Just thank you everyone for listening. Tommy, do you have any concluding remarks? No. Thank you guys for listening. Really good. Thank you, Predrag, as well. Thank you.