H ello, everyone. Welcome to our Capital Markets Day. How's your day been so far? I heard some good, that's good. My name is Josefin Ceder, and I will be your host throughout this presentation, and guide you through the slides so that you know what's going on. Before this gets going for real, there are a few things that I'm required to inform you about, seeing as there are so many of us here today. Among them are our emergency exits and where our defibrillator is. So as for the emergency exits, we have two in the back, one on each side. We have similar ones in the tower behind me, one on each side, and the defibrillator is located next to that door back there, where you can also see our fire extinguisher sign. So that's that. In the unlikely event that we will have to leave this building for a fire event or whatever it might be, our assembly point is at the far end of the parking lot that's out here, the gravel parking lot. Last, you can find the restrooms in the back where the glass door is. And if you need to use them, if you need to go get coffee, if you need to have to take an emergency phone call, whatever the reason might be, feel free to stand up at any point during this presentation and go and do whatever it is that you need to do. With that said, let's get back to what you guys all came here for, our Capital Market Day. The information today is an update on the business plan 2025, that we first presented three years ago in 2021. It is not a new business plan. The business plan for 2030 will be presented at our Capital Market Day next year, in 2025. There's an agenda for the day on the tables that are placed out here, but for those of you that haven't seen it, we're gonna start with a presentation. It's gonna take maybe two hours. After that, we're gonna have a Q&A session, where you will get to answer or ask your questions live in here. There is also a possibility to email questions to ir@fortnox.se, if you don't wanna ask them here, but we will prioritize the questions that are in the room, just so that you know. Then we'll just simply get to as many questions as we have time for. Once the questions have been answered, we're gonna move downstairs to the lobby, which is in that building at the bottom, where most of you came in and picked up all your name tags. We're not gonna be focusing too much on our products during this presentation. Instead, once you're down in the lobby, we're gonna have demos from all of our business areas, and I'm gonna tell you a little bit more about that right before you go downstairs, so that all of that information is fresh in your mind. At around 7:00 P.M., there's gonna be a bus outside on that side of the building, that can take you to the restaurant PM & Vänner, where you're gonna have dinner. So if you wanna have a bus ride, be there at 7:00 P.M. If you wanna walk or take the public bus, that's also very possible. The public bus takes about 10 minutes. Walking is about 30 minutes, maybe. And I am, as already mentioned, your host, and I will guide you through the day and this presentation, together with our CEO. And I would like to welcome him up on stage, so a big round of applause for our CEO, Tommy Eklund. So hello, hello. Hello. If we start at the beginning, what are the main aims for today's presentation? Yes, as you said, it's an update of what we reported or communicated like three years ago. So it's more like an update on the business plan that we're delivering on right now. So no new 2030 goals, but just for you guys, you know, a little insight in how we're doing and why we're doing things, probably get some more understanding. So that's the purpose of today. Nice. Then I think we should begin where we ended three years ago, which is when we, at the end of the last CMD, launched our vision. We've always strived to be in the heart of business life, where ideas are born, where businesses grow, and where companies flourish. That's where you've always found Fortnox, in the heart of business life. We've always wanted to help start, grow, and develop businesses, but our vision now is broader than that. It says that we're not only in it to make businesses successful, but we also want to create a thriving society, and successful businesses are simply part of that goal. But Tommy, this sounds like a huge, daunting task that governments find hard to do. Is the vision too ambitious? O f course, you can argue about that, but not to us, because we think that we're heading in that direction. And to us, that the vision is also about a shift in our own responsibility in how we're doing business, because we come from a position where we mainly focused on developing software that would make businesses more efficient. So that's where we come from, and the software were a low price and, you know, you were able to become much more efficient. So with a low price, we made a lot of businesses more efficient. But going forward, we think that that's not enough, so we need to take responsibility on really making all the businesses that are utilizing the Fortnox platform to become more successful. So it's more about our responsibility, so we need to move ourselves closer to the core of what the platform is. That is making sure that everyone becomes more, more successful in the platform. All right then. You mentioned our business platform as the last thing you did. What is your take on that? Yes, so of course, there is no, you know, Wikipedia definition of what a business platform is, so this is our way of defining a platform, and what is important for us when we're building the platform. So we started with businesses, so if you have a business platform without businesses, you know, it's not that successful. So that's where we started, and then, you know, a platform with just businesses and no people, you know, that doesn't make a huge difference. So that is the direction that we're going in right now, engaging all the potential people around all businesses in the platform, and then taking us from that position, and also moving ourselves into the business. And we think that that's the most important three pillars when you're building a business platform: businesses, people, and money. All right. It sounds awesome. I'm looking forward to hearing more about it today. Are you ready to get this show started for rea Then we should, let's go get started. Here you can see our agenda for the next part of our day. The presentation is then divided into six main parts, where we will discuss the most important parts of our business, and then the last part is that we'll finish with a summary of our key takeaways and what we talked about here today. So four years ago, we conceived of a business plan looking toward 2025, that's next year, and now we're delivering on that plan. And we're gonna dive right in and start with how we build the business platform. So Tommy, you mentioned businesses as one of the three essential parts. The businesses I've understood, is our customers, right? So that is also, you know, I guess most of you are quite good at understanding Fortnox, but just, you know, a brief introduction what a customer is, and our definition of what a customer. That's a unique business, so a unique verified business inside the platform. So that's a customer, and someone needs at least one subscription connected to that business. So that's our definition of a customer, which is not the same for all other SaaS companies, but it's important to understand that when we're going into the presentation later. So that's why when we're mixing businesses sometimes and customers, because businesses and customers is pretty much the same thing in the presentation. So that's why we're talking about businesses and customers, because that's the first pillar in the business platform. All right. Then it's no wonder that you talk about how important our customers are. But who are our customers, really? S o that was one of the things that we said that we are going to do during this five years, is to have a platform for all businesses, so for all types of businesses and all sizes. And yes, you know, maybe you're never satisfied with your deliverables, but I would say that I think the platform is there now. You know, we can deliver value for any organization, any business, of any size in Sweden right now. So we will do so much more. We have just started, but I think that we will, we definitely have a platform right now that is able to deliver value for businesses of all types and all sizes. Okay, well, you say that it's for all businesses, all types, all whatever. Have we succeeded in doing that, or is that just something that's nice to say? Again, you know, you can always argue about different things, but if you look at our current customer base, and you compare how, you know, the Swedish businesses works, and overall, I think that we are reflecting Sweden, to be honest. So, you know, we cannot go into, dig into details, but yes, you know, we're like, we're reflecting businesses in, in Sweden as a whole right now. All right. Then if we have succeeded with that, which clearly we have, then it sounds like we've made quite a journey from focusing on just medium-sized businesses, which is where we've been traditionally, to now being able to include basically all kinds in our platform. Is that true? Have we made a journey? Yes, and, and again, this was one of the things that we are investing in. So we have moved ourself from having a sweet spot from you know, you can, you can have different, different definition of a size of a company, than, but in this, this example, we have employees. So historically, we have had 5-9 employees as our sweet spot when we developed our offering. But with that said, we have had, you know, customers all over, but this has been our sweet spot. And what we are doing now, right now, is that we're developing ourselves in both direction, so that regarding investments, and that is R&D investments, mainly focusing on the micro segment. So we thought that, yes, we have a lot of micro companies in the platform, but we didn't have any offering that was suited for them. So what we have done now is that we have offers, you know, different versions of our products addressing these customers. So we have basic payroll, basic invoicing, we have insights, you know, the, the business card, products that are really good for the micro segment. And we are working on basic bookkeeping, and which will be released later this year, and also accounts closing and, so basic accounts closing and annual reports, all the things that happens at the end of the year when you run a company. So with those releases later this year, we have a full-blown offer for the micro segment. So, and it doesn't take that much marketing or investment in organization to build that. So for us to take the platform to do that, it was more about the R&D. So that is more or less already taken, and I think that is seen also in how we're delivering now. It's more and more micro companies that are actually utilizing the platform in the right way. But going in the other direction was more about building organization and partnerships. So we saw that the platform was already used by a lot of bigger organizations than 5-9 employees. We had a fairly big, you know, market share there already. So, but what we didn't have was the capabilities that you need to be able to truly deliver to bigger organizations, because, you know, it's quite seldom that you on a, w hen you have 500 employees, you just go online and start to use a new ERP system without talking to anyone. So, of course, you know, it takes people to be able to deliver to that segment. So what we have done now is building organization and partnerships so that we can deliver, you know, services and, and configurations, and training, and all of that, that it takes to be able to deliver to that segment as well. But R&D-wise, we think that, you know, you can always do more, but we're utilizing the platform, and we're not a super big company, but, you know, a fairly big organization, and it's really good for us, and we have many examples of bigger organizations that is taking advantage of the platform. So the platform is really scalable, and now we have also invested in organization and partnerships to be able to take on that, that segment as well. I think that is also seen that we're, you know, building up our market shares also in those segments. So then, more clearly, what does this mean for our potential market going forward? I t means that, you know, going from a sweet spot from 5 to 9 employees, now we're delivering, again, value to all sizes, which is a huge difference. Yep. M aybe just to point out that we communicated that it was about 1.5 million organizations that were addressable one way or another, 3.5 years ago. What we did was that the official number was, like, 1.6 back then, and we said, you know, pretty much all of them are addressable one way or another, but we just rounded off and said that, you know, roughly 1.5 million are addressable one way or another. Since then, it has net started more than 100,000 organizations during the 3 years, so now it's 1.7 million, if we round that off. Now we're, you know, on SEK 1.6 billion instead. All right. And one of the customer segments that's been important for us for a long time is what we call the Big Five, and the Big Five, for those of you that don't know or they are the largest Swedish accounting firms. How come that we've managed to keep them? Because they were in 2021, they're still here in 2024. Why haven't we lost a single one? We have really good people here. We listen to our customers. The main focus are our customers. We have a whole business area that is only focusing on making sure that we're delivering value to all accounting firms, but especially the biggest. But then we also have a really good product. You know, we're superior on the product side as well. So that is important. I would say that, you know, we're starting to feel a shift here. My gut feeling is that, you know, the things that has, you know, it has been talking about that the accountants, the industry is changing. You know, it's more and more of the services will be delivered through software, and it has been a lot of discussions about that for many, many years. But my gut feeling now, when I talk, especially with the bigger accounting firms, that it's starting to happen now. So I would say that we have a better relationship with the Big Five now than we ever had. So it's I'm looking forward to upcoming cooperations with those organizations. And is it that we have cooperated with the Big Five and medium-sized accounting firms for a long time, and now we're broadening our customer base by adjusting our offers to fit, fit the smaller ones as well, as you said. Can you tell us something about that development, and especially how we've adjusted our products and our offering to suit them? Yes. So in the same way, as we're looking at companies, if you're looking at accounting firms, most of them, in numbers, are smaller. So it's not that many number. In numbers, that the Big Five is only five, and the large is just a couple of hundred. So, you know, in numbers, most of them are small accounting firms. And what we're doing and what we have done since, you know, or during these three years, during the business plan, is investing to take the capabilities that we already have regarding being able to deliver value to really small organizations, which is really hard to do that, to deliver value on a really low price point and keep margin. It is hard. You need to be really good at keeping down your cost of delivery and making sure that you're efficient in all aspects. And, you know, that's the core of Fortnox, but we have not used that, you know, experience and knowledge to take on the smallest accounting firms, but that's what we're doing now. So we're using the experience, knowledge that we have to deliver value to really small organization, to also address the really small accounting firms going forward now. All right, but then why focused on the smallest? Is that really where the potential lies? O f course, one could think that it's only about the Big Five, but to be honest, you know, the biggest market share, if you calculate services, are behind the smaller accounting firms. So if you look at under 20 employees, if the accountants are under 20 employees, half of the accounting services market is there. So if you look at Sweden, depending on which services you include, right now, the market size of accounting services is SEK 30 billion. And when we're talking about this change now, where more and more of that is replaced by software, this is, you know, one of the big bets that we're going for. And if we're really going to deliver value here, of course, we also need to deliver value to the smallest accounting firms. So market size, it's there. Yes, of course, we want to deliver value to everyone, but this is a good out of the market position, but it's also good because we are in a position that we are able to do that. So, you know, good market opportunity and something that we are really good at, so of course, we are going for it. All right. Is the fact that we're really good at it, the reason why we're going at it? Because I imagine if this is where the true potential really lies, why are we the only ones going after it? Why is no one else doing it, or why isn't everyone else doing it? It's a good question because it's obvious that everyone would like to go here. But coming back to what I said, it is hard, because if you look at the ERP, the international ERP market, none of the big vendors are going for the small segments because it's so hard to be able to deliver value when you're delivering ERP system to really small organizations. You need to be really efficient on the price points that we have there. And again, you know, that's the DNA of Fortnox. So of course, we are going to use that experience, that knowledge, to also be able to deliver value now to smaller accounting firms. But it's not easy, but we're good at it. All right. So then we are broadening our customer base, but how do we get all these customers or all of our customers, how do we channel them into the platform? Yes. So, some of you have seen presentations before, and you may have seen this one. So, we have two ways of activating customers into the platform. So, one way is indirectly, through accountants, and the other way is through our website. So, that's two ways of we're attracting new customers. And if you just look at the portion of number of customers, 75% of customers are onboarded indirectly through accountants, and 25% are onboarding via our website. And you know, that's quite impressive on the website side, taking into account that we started with indirect sales through accountants, and then we started to, you know, taking customers through our website. And now it's actually one quarter of all customers are automatically activated on our website. All right. It sounds like our own sales channel is pretty new, and if it is in these early stages, I assume it's still pretty small. That was what I comment, that you may think that our website is small because it's new, but again, you know, it's fairly big. It's actually 25% of all companies that are onboarding the platform comes through our website, so still quite impressive, to be honest. What's also impressive is that we won the SEO Prize four years in a row. Yes. So of course, that, that's one question that, that is obvious. How can you continue to deliver on this? That's because we're continuously improving ourselves. We continuously invest in being better here. So yes, we are good at engaging accounting firms to add more clients as a starting point, and yes, in these presentations, it seems like it's like a reseller channel, but it's not a reseller channel. The accountants are using the platform to become more efficient, and with that, they're, they're adding more clients. And when they're adding more clients, you know, it becomes more customers in the platform. So that's how scalable the platform is. That's really good. So yes, of course, they're, you know, contributing to the net adds, but they are probably not feeling like they're selling to us. I think coming back to the change now in the industry, more and more of, again, services in the platform will be delivered via software. But to be able to do that, of course, you need to onboard your all your clients in the platform. So that is happening. On our website, you know, it's not happening by itself. We're continuously investing in being able to capture more and more of the activity that entrepreneurs are generating. Because it is like this, because we're investing more and more in organic search, so we have our own, you know, FAQ for entrepreneurs and stuff, which is, you know, one of the most visited sites in Sweden, actually. So because often when you have ways of onboarding clients in this way, it's about capturing all the traffic, and you cannot- of course, you can buy traffic, but that doesn't hold up in the long run. So you need to capture organic growth, organic traffic, which we become better and better at doing. And in these times, it's really very hard to be number two, so it will be like, because if more customers are going into our website organically, that will generate more traffic, and with more traffic, that will generate even more organic search. So that, we have a positive spin here, and it is really hard to be the runner-up. Often, the case is that winner takes it all, and that's what we're aiming for. Between these two channels, have you seen any patterns about which businesses chooses which one? Is there a change in, like, a typical industry would go through our website, a typical size would go through an agency, or how does that work? That's a quite common question that I guess that, you know, you do the interpretation that you only get big customers through that or small customers through that channel. But we haven't seen any demographic change between the different channels. So yes, it can be a big customer coming in through an accountant, or there can be a big customer coming in through the website, or it can be a small customer coming in through indirectly through an accountant, or a small customer coming in through our website. So demographically, no big differences. All right. Then we've learned about how customers enter the platform, and I think that seems pretty straightforward. But what's a little bit more complicated is this slide that we're looking at right now. We're gonna try to make sense of it. I've had it explained to me. I'm gonna try to explain to you, 'cause that's how you really learn about these things, and it is important to understand. So starting off, customers or customer subscriptions, maybe rather, can either be managed by a representative from the business that they're a part of, or by an accountant in the platform. Is that right? That's right. Good. So far, so good. First step, check. And then after that, the representatives can share their access with an accountant, and the accountant can share their access with a business. Is that also right? That's right. Cool. Is there anything else that's important here, or have I covered it? No, but I guess before we w e're actually going to share some numbers here, which I know guys you guys have told. A sked about before. So before that, just this is, you know, this is a natural flow from both sides. So normally, again, you're activated through our website, and independently on how good you are at, you know, financials and administration and stuff like that, you normally would like some help of an accountant over time. So sometimes it's directly, and sometimes it's over time, and sometimes you want help with, I don't know, payroll or, you know, send invoices or, you know, taxes, which may be even more complicated, or accounts closing. So independently on, you know, your knowledge and your interest and your experience, you normally end up somewhere in between where you, you know, take even i ndependently where you start, you end up somewhere where you're collaborating about your company. So your accountant and you as a representative of your company is collaborating. So even if you start behind an accountant, you normally over time, that accountant invites the client into the platform because that is the only way to get full efficiency gain of the platform. Because you need to have your client involved in the processes, you know, handing in receipts digital, or approve payments, or do time reporting, or just, you know, look at insights, then you need access. So independently where you start, over time, you end up somewhere in between, where more stakeholders are involved in the company. So it is a natural flow in the platform, going in the middle of this slide. All right. Do we have a breakdown of the different segments? You promised me numbers. Yes. So let's look on the breakdowns right now. So right now, 50% of the customers are managed by a business representative, and 15% are there, and 50% are managed by an accountant. And then a little more than one-third of the businesses are managed in collaboration. But again, it's a natural flow. So this is, you know, customers are moving all the time into this centerpiece. So it's a natural flow. All right. To take this a step further, do the different ways of working affect ARPC? Yes. So let's start on the website side. So this is, of course, you cannot do the modeling company by company here, so this is in average, that when a company representative invites an accountant to collaborate with that organization, ARPC goes up with 35%. So it's a lot of customer value in that move. So because, you know, you get to collaborate with your platform, so in general, actually, these companies are more successful, customer satisfaction increases, and of course, stickiness in the platform increases, and also ARPC. So for us, that is really important to that this flow continuously happen all the time. And you can imagine, in average, every time a company invites an accountant, in average, ARPC goes up with 35%. Of course, that is a good opportunity for us, and it lies a lot of customer value in that as well. The other side, do you have any magic numbers there that you wanna share? 'Cause this is cool. Let's do that. Yes. So on the other side, then, every time an accountant invites a company representative in the platform, ARPC goes up with 20 times. And of course, that is one of our big bets, because this is also what is happening in the, in the industry right now, because if you are to replace services with software, all clients need to be in the middle. So it has been a lot of talk about these movements. My gut feeling is that it's starting to happen now for real, and then you can imagine every time an accountant invites a client to access the company, ARPC goes up 20 times. So it's a lot of customer value, and of course, also an opportunity for us. I t's a really impressive number. If we move on, we're gonna move on to customer growth. We have a graph here, and I'm probably not the only one to react to the almost extreme consistency that we've shown over time here. Why is it this way? W e continuously be able to be this, you know, predictable, then you need to continuously invest, which we are doing all the time. So it's not just one thing. We're continuously investing our abilities, which we saw, to add more and more customers in the platform. But I would say again, I think that, again, you know, we talked about our website. Also, like, you know, with size and volume, which will probably be, you know, the winner will take more and more. So I think it will be more like the winner-takes-it-all structure on our website. I think also looking into, again, the accounting channel, that when this shift now, you know, shifting from services to software more and more in this industry, I think to be able to do that efficient when you are an accountant, you need to add all your clients, which has not been historically the case. So you used Fortnox for, you know, portions of your customer base. But to really be utilizing a platform like Fortnox and to really do that efficiently, you need to do it in the same way with all your clients, and that is also. My feeling is that soon it will be a tipping point there as well, that you need to add all your clients to clients to be able to be efficient. So I think that is also part of what is happening now. As always in Fortnox, it's not just one thing, it's a little bit of everything. But we also operate in a reality. Have we not been affected at all by the Swedish macro climate or macro environment? We are, of course, impacted. It's something that we have reported as well, that, if there are fewer started companies, that has a negative impact on our net adds. So, so of course, it's there, and now when we are in the recession, we can feel it. So those net adds would probably have been higher if it weren't for the recession, for sure, because we're really good at newly started companies. So of course, you know, that has, that has an impact, for sure. And also there are more bankruptcies now than it was a year ago, and even, more so two years ago. But the difference there, like last year, the difference between 2022 and 2023 was 2,000 companies. So, and 2,000 companies, when you have, like, 550,000 companies, doesn't have a huge impact, but of course, it's there, and we're feeling it. But as always, at Fortnox, it's more important what we do than what is happening outside. So we have an impact, but it's still more important that we take the right decisions, that we drive the company in the right direction. That has much more impact on the numbers than what is happening outside. And then to talk a little more about the bankruptcies and how they relate to Fortnox in particular, if you compare the bankruptcy numbers, rather, to our customer base, it becomes even more apparent that it's not really that many, right? A nd again, this is one of those areas where your gut feeling is fooling you yourself, so to say, because, you know, you're feeling that this should have a big impact. When you start to dig into the numbers, you will see that it's actually don't have that much impact. And when we're overlaying the number of customers with newly started companies, and especially bankruptcies, yes, it's there. You can see it's an impact, but it's fairly small. So it's there, but the impact is not that big. All right. So then if you think historically, our steady growth is really something to be proud of, considering the macro environment and the climate of the last few years. Definitely very proud, especially of all the people working here. All right. Then we're gonna move on to our second pillar, so to speak, which is our or the second pillar of our business platform, which is people. And I know you like to talk about this. Here, we call them users. So explain why our users are so central. Again, you know, it's we come from a position where we have mainly focused on how you should take care of compliance and administrative burden and bookkeeping, and all of those things that you need to do when you run a company. And our main focus has been on professional users, because that is normally handled by professional users. So that's where we come from. But now, what we have invested in right now is also being able to deliver value to all people that has a touch point or are in any way connected to a business. And that people ecosystem, which is to us, potential users in the Fortnox platform, is quite big when you run a company. There are maybe owners or potential customers, board members, development partners that are doing software that you connect to, you know, bank advisors, auditors, suppliers. It's a lot of different users connected to even small companies, and that is the direction that we're going into, making sure that all potential users, everyone that has a touch point into the platform, should be able to, you know, take advantage of the platform. Of course, a platform for all people also brings, comes with more value to the actual companies. It's true that throughout a business's journey into our platform, the usage increases the further they go? Yes. So normally, you know, you start with one person, and then you add more and more and more. And again, of course, the, that creates network effects that have positive impact on a lot of things, and of course, ARPC on our side as well. But it's not necessarily that we're driving directly revenue on all those customers, but we know that over time, by having more engaged people in the platform, that will eventually drive ARPC, and of course, customer satisfaction, all of that. So it's a lot, it's a lot of positive side effects by driving the platform in that direction. And then to really drive this point home and for us to be able to make a deep dive into this, in the business platform journey, as we've called it, we're gonna introduce a small business that we've called Roffes Bygg. Roffes Bygg is a small construction company that we placed in Stockholm, and I know that you don't like to talk about the typical Fortnox customer, but this is a pretty typical Swedish small business. It's only a few employees. It is a construction company, as I said, and the number of people and potential users is a lot greater than it might look like, as Tommy was talking about in theory just a minute ago. So based on this company specifically, what do you think a network of people might look like? Yes. So again, you know, why I don't like to talk about it is that this not represent all companies in the platform. This is a good example, but you cannot model this at everyone. All companies works like this. But when you're talking about the people ecosystem or the potential users around businesses in the platform, this is, you know, independently of the size of the company, this is a fairly good example of how a people ecosystem can look like for any company in the platform. So, you know, you have customers, so, and they can be part of the platform. For instance, when you're, you know, distributing invoices, they can go online and pay those invoices. And yes, there is no charge. We don't charge customers for paying invoices, but there are indirect revenue streams connected to that payment. But even if we're not, you know, pushing that, it still becomes network effects if more and more people starts to pay their invoices in the platform. And when you are a potential user to that company, then you maybe will get a quote from our company, then that quote can be signed inside the Fortnox platform with the Fortnox ID. So then you are a verified person, we get your contacts, and you become, you know, engaged in the platform. And it's really hard to even speculate on all the network effects that with a small company like one, you know, owner and two employees, you know, it sounds like a really small company. But this is a realistic example that we probably have, like, almost 100 touch points on different people only connected to this small organization. It's cool. It's, it's a lot more than you would think. Something that has the potential of delivering increased value is improving the user experience, and the user experience can be substantially improved by the use of artificial intelligence. And I know that a lot of you are curious about this, so here's something to look forward to. Alexander Bonnevier works here, and he used to develop our core products once upon a time. Now, when the time is ripe, he's back at Fortnox since about a year back, and he's returned to infuse his AI knowledge into our platform. He's built his own data science team over the last year, so we're gonna listen to him take a deep dive into how artificial intelligence can revolutionize how we work in the platform. I tror att många inte förstår riktigt vad som händer just nu. Man kan säga att det är ett paradigmskifte i hur vi interagerar och använder system. Genom AI, så kan nu mjukvara och system förstå naturligt språk, men inte bara naturligt språk, utan även programmeringsspråk, bild och ljud. Om man kokar ihop de här ingredienserna, så kan resultatet bli en helt magisk upplevelse. Detta påverkar inte bara hur företagare arbetar inom Fortnox-system. Hela industrin och det digitala landskapet förändras, och alla kommer behöva tänka om sina produkter från grunden. Allt ifrån operativsystemet, alltså Windows, Mac, iOS, Android, hela vägen upp till mer vardagliga tjänster, som exempelvis Fortnox, påverkas lika mycket av den här ändringen. Vi kan liksom inte längre bygga produkter och titta ett år framåt, utan vi behöver titta fem och tio år fram. Och sen behöver vi bygga produkterna som om vi redan vore där. Ingen kommer att acceptera programvara som har komplicerade svåra gränssnitt med en hög inlärningströskel. När du upplever magin i att direkt kunna fråga ditt system om information eller att utföra uppgifter via voice eller text och det dessutom händer där och då i realtid, då finns liksom ingen väg tillbaka. I det ögonblicket förändras allt. Plötsligt förväntar du dig att alla system ska fungera på samma enkla sätt. Du förväntar dig även stöd längs med vägen, med en känsla av att systemet kan se och bearbeta precis samma information som du själv sitter och ser på din datorskärm eller på mobilen. Om du till exempel har en faktura framme, så kan du ställa frågor kopplat till den. Egentligen kopplat till kontexten du befinner dig i, inuti det här systemet. Den här känslan att ha någon med sig hela tiden som kan hjälpa till att förstå den situationen som man befinner sig i som användare. Det är vår nästa generationsprodukt. En assistent som kan allt inom företagsadministration, ekonomi, bokföring samt lagar och regler och som inte bara svarar i text, utan även kan utföra handlingar i systemen. Det här att känna att man arbetar sida vid sida med en riktig användare för att hantera även komplicerade processer, helt friktionsfritt. Vi har redan kommit en bra bit på vägen. Vi har skapat ett dedikerat team som specialiserar sig på machine learning och generativ AI, förstärkt genom nära samarbete med andra team såklart, som arbetar specifikt med denna plattformen. Grunden i nästa generationsprodukter. Och vi är laserfokuserade på att göra detta till en verklighet. Vi ska lösa företagsadministration, det är målet här. Tekniskt sett har vi line of sight till färdiga lösningen. Vi har också oerhört mycket medvind från både det som händer inom open source, men även från teknikjättarna som OpenAI, Google och Microsoft. Vi ska prata lite om den bakomliggande tekniken. Vi har investerat i ett eget GPU-kluster där vi använder NVIDIAs flaggskepps GPU, de här H100-korten, för att träna och drifta egna modeller. Samtidigt så stänger vi inte dörren för externa leverantörer där det lämpar sig, men datasäkerheten är ju central för oss och vi har ju historiskt driftat on-prem. Vi tror däremot på en hybridlösning där vi egentligen har möjligheten att välja den bästa tekniken för att göra så bra produkter som möjligt, så klart. Flexibiliteten här är avgörande. Vi ska djupdyka lite i de olika delarna som utgör det här systemet. Och det första som blir uppenbart är att vi, vi pratar om naturligt språk i både tal och textform. Och naturligt språk, det är någonting som de flesta av oss växer upp med. Det är någonting som de allra flesta av oss är bekanta med och det är ett slags interface till omvärlden som vi använder i det dagliga livet, i synnerhet om man är företagare. Och det blir en av styrkan i den här typen av system att kunna använda naturligt språk. På det sättet kan vi förenkla gränssnitt och det ska vi titta lite på hur det fungerar. Och för att illustrera det här så har vi tagit fram ett exempel. Här har vi en, en uppmaning kan man säga, eller en fråga till systemet, där vi säger: Ta fram omsättning och vinst för första kvartalet. Jämför med samma kvartal förra året. Visa detta året med grön och orange färg och förra med röd och blå och så använd någon form av staplar. Här hänvisar man då till ett stapeldiagram. Man är ute efter att få fram någon slags visuell bild av hur det går för företaget. Assistenten här säger då självklart: Jag har tagit fram en rapport till dig. Om vi tar samma koncept och så ska vi försöka representera det med ett gränssnitt, hur hade det kunnat se ut då? Om vi kikar på den här bilden så ser vi att det blir ganska snabbt, ganska avancerat. För vi behöver någon slags period, ett från- och tilldatum. Vi behöver utöver det här även en jämförelseperiod som vi vill jämföra den första perioden med. Vi behöver kunna välja någon form av diagramtyp. Vi behöver kunna välja olika nyckeltal och vi behöver dessutom kunna ange färger för perioder och nyckeltal. När man ser på det här, så, ni ser ju själva att gränssnittet i sig, det blir ganska många element och det här är en slags kognitiv last för en användare. Om vi sätter det i kontrast mot att bara kunna uttrycka sig på det här sättet med ett par väl valda meningar för att åstadkomma precis samma sak, så förstår man lite styrkan i den typen av system. Sättet vi bygger upp den här typen av system, den här assistenten, det bygger på att vi använder väldigt många små modeller som gör specifika saker i olika domäner. Man kan säga att det finns flera olika fördelar med det upplägget. Det ena är att mindre modeller har mycket bättre prestanda, men de är dessutom billigare att drifta. Och sen kan man säga att den här bilden som ni ser framför er, man kan göra en parallell och likna det vid en slags mikroserviceorienterad arkitektur. Då skulle vi ha en modell i en specifik domän. Låt oss säga att vi är inom faktureringen och vi har en modell här i maskineriet som inte riktigt presterar som vi vill. Då är det ganska enkelt för oss att gå in och träna om just den modellen och byta ut den. Vi mitigerar således risken för att hade vi haft en enda stor modell för hela det här systemet och vi hade behövt träna om hela modellen för att förbättra något specifikt område, då riskerar vi att påverka andra områden och det blir mycket svårare att testa den typen av system. Så därför så har vi valt det här upplägget där man har mindre modeller som samarbetar för att lösa olika problem inom olika domäner. En annan viktig komponent i det här systemet är det vi kallar för kunskapsbanken. Där bygger vi upp en informationsmassa kopplat till bokföring, redovisning, lagar och regler för att systemet ska kunna använda den här informationen när den genererar svar på frågor från användare. Och det här är ett sätt att mitigera hallucinationer som fortfarande är ett problem i den här typen av generativ AI-modell. Men det finns väldigt mycket man kan göra för att komma till rätta med det. Någonting som vi använder här kallas för RAG eller Retrieval Augmented Generation. Och det är just det konceptet som bygger på att man hämtar information och håller den i minnet så att modellen sedan kan generera ett korrekt svar utifrån den informationsmassan. Sättet vi tränar de här modellerna och systemen inför en produktionsrelease, det är egentligen att interna användare, vi kallar det för internal tutoring, använder systemet och således genererar data som vi använder för att successivt träna upp modellen eller modellerna under en viss tid. Det, det gör att vi kommer till en punkt där vi närmar oss produktionsreleasen och vi har nått en viss baseline i prestanda i systemet kan man säga. Och när vi väl når så långt fram att vi sjösätter i produktion, då börjar den här cykeln där igenom att kunderna då använder systemet, så sker ju den här livscykeln. Mer användning ger mer data och det ger oss möjligheten att ytterligare träna modellerna och förbättra dem över tid. Så man kan säga att hela systemet här, hela den här livscykeln, det bygger på att systemet blir självlärande i någon form. Och det är en oerhörd styrka. En annan oerhört viktig komponent i systemet, det är det vi kallar för en classifier eller router. För att beskriva flödet från en användares input till att någonting händer i systemet och användaren får ett svar, så kan man säga att vi får någon form av text eller audio som input. Det skickas in till den här classifiern och det är egentligen en modell som är tränad på att förstå olika intentions, alltså frågor från användare, och mappa det till olika modeller i en stor massa modeller. Så det är väldigt viktigt här att den här mekaniken fungerar med hög träffsäkerhet. Det som den sedan händer är att man väljer ut ett par modeller eller en. Inputen skickas ända fram till och in i modellen och där sker en form av generering. Den genereringen resulterar ofta i att det blir en slags dataformat, exempelvis JSON, som egentligen beskriver för våra system vad som ska hända. Och det dataformatet följer ett schema som kan valideras. I det andra fallet så skulle det kunna vara så att vi svarar med ren text som ska ända ut till användaren direkt. Prestandan är också något som är oerhört viktigt i den här typen av system. Ingen kommer att acceptera att man sitter och väntar i flera sekunder, 10, 20, 30. Det är en skillnad på om man får ett svar i textform som kan streamas ut. Då känns det inte lika mycket om man sitter och väntar. Men när man vill att systemet ska utföra actions och man väntar på att det ska hända grejer, då blir det helt avgörande att vi kan hantera det här på mindre än en sekund. Från det att en användare skriver eller säger någonting tills att du har något slags förändrat state i ditt system. Värdet på mjukvara som tillgång, det minskar i takt med att det blir enklare att replikera. Och det sker ju som en naturlig sidoeffekt av alla de AI-drivna verktyg som gör det mycket enklare och snabbare att bygga mjukvara. Det verkliga värdet för oss kommer istället ligga i alla de kundrelationer vi har och all den mängden data som finns i våra olika system. Och dessutom alla de här integrationerna, det är nästan 500 stycken och det är både banker, myndigheter och andra typer av aktörer. Allt detta kombinerat skapar ju en helt unik position för oss. C ool, no? We're gonna get back to Offerta a little bit, because now I've understood that increased usage or increased engagement, as we've been talking about, is something that we've invested a lot in, including in things like this with AI and trying to build that up. But looking at Offerta, it's clearly working, all of our investments. But what about the broader picture? What's been the result? Yes, so, this was one of those things that we communicated that I think that was hard for, for an outsider to understand, honestly, based on all the questions that I've gotten. But yes. I think that we've shown that there are a lot of potential users out there, and when more and more of those users are engaged and involved in the platform, that creates a lot of value, and a lot of network effects that has positive spin on the customer value, and of course, eventually Fortnox. So I would say that, I'm not satisfied. I'm rarely satisfied, but I think that we can do even more here. I would like for there to be a bigger portion of the potential users, should be engaged users. But if you just look what has happened since we last had the CMD, the user growth in the platform is actually growing four times faster than the number of businesses. So, you know, maybe I'm not that satisfied with the result, but I'm really satisfied with the direction that we're heading in. So yes, if we continue to head in this direction, it's definitely the right direction, and it will take us to the position that we want. So by, you know, the things that we're doing right now are the right things, and we're definitely showing that the engagement is increasing over time, and that will have, I think, network effect that is hard even to understand when you're looking at the platform. But we are sure that that is an important thing for us to continue and drive this, and it's happening now. So, you know, we're heading in the right direction, but we're not there. Still a lot left to do. Yes. One way, sorry. I have allergies, I realized this first year, so it's seasonal. But one way to increase our product value for our customers is to improve and fine-tune the user experience, we've talked about this, and make the products intuitive to use. Now, we're gonna meet Märta Linnéus, who is responsible for the user experience in the app, to tell us more about her work. M en det var egentligen redan när jag jobbade i telefonsupport, som jag insåg att kunderna blev så mycket mer nöjda med servicen, om jag verkligen lyssnade in deras behov och hjälpte dem upptäcka mer av utbudet. Och på ett sätt så är det faktiskt det som jag jobbar med på Fortnox i dag. Vi jobbar väldigt datadrivet för att göra det enklare för kunderna när de loggar in, att själva komma i gång och också upptäcka mer av våra bra funktioner och produkter som de saknar, men som verkligen skulle hjälpa just dem. Det är, det är verkligen jättespännande att få jobba på Fortnox. Vi har en så otroligt stor kundbas och därför så stora möjligheter att göra skillnad för Sveriges företagare på riktigt. Och att få jobba med att hjälpa dem växa med Fortnox, det hjälper ju både dem och vår affär. Så att, att därför göra något som man märker på riktigt fungerar och få feedback från så otroligt många nöjda kunder, ja, ja, det är den häftigaste av känslor. Ja, exempelvis, så gjorde vi några små justeringar i hur och vart man ansöker om Fortnox Företagskort, och det ökade antalet ansökningar med 80%. Sen gjorde vi liknande experiment, men med kopplingen till Skatteverket, vilket ökade antalet aktiveringar med över 400%. Ja, och när man gör sådana små justeringar som verkligen funkar och gör skillnad, den känslan är helt otrolig. Både Fortnox Företagskort och kopplingen till Skatteverket underlättar och automatiserar administrationen väldigt mycket. Så vi vill ju såklart att fler av våra kunder upptäcker det, hur det är att ha mer av Fortnox utbud. För det är först när de har helheten som de på riktigt kan uppleva Fortnox som den företagsplattform som vi är. Att arbeta så här är verkligen en ständig lärandeprocess. Vi testar oss fram hela tiden och misslyckas. Det är ju otroligt klyschigt, men man måste göra det för att lyckas. Och vi måste vara hela tiden nyfikna och våga lära oss mer om våra kunder. När vill de få höra mer om vårt utbud? Och när vill de istället arbeta i fred? Och hur kan vi så konkret och lättförståeligt som möjligt berätta för dem vilket värde vi skulle skapa för just dem? Det är både väldigt utmanande och otroligt motiverande att jobba på det här sättet. Vi har högt satta mål för att det som vi berättar ska vara relevant för just den kunden. Egentligen precis som jag tänkte när jag jobbade i supporten. To me, this way of selling is right down my alley. As you say, in Swedish, it feels good in your stomach. It's about caring about the customers, and it's not just pushing products, or what are your reflections? I think that is one of the biggest misunderstandings in the platform. I think that we have a lot of salespeople that are pushing sales. We have a lot of Märta people, superstars in what they're doing, you know, looking into the interest of our customers and making sure that, you know, we're helping our customers to become more, more successful, and yes, that is driving order intake, and that is driving ARPC. But if we were to be too pushy, as Märta explained, or if we're not doing it for the right reason, you know, we will never - we would never be as successful as we are. And this is important to understand that. M aybe we can even look at the order intake chart to explain that a bit more. So actually, more than 85% of all orders are generated in-app. Yes, we have marketing, we have salespeople, we have Fortnox.se. We can even do sales through API, so we have different ways of doing it, but the majority of the order intake is happening by itself inside the platform. You thought that we saw the product manager, because that was her role, Märta, but the Märta roles in Fortnox is actually the persons that are driving order intake. I think this is the biggest misunderstanding when you're looking, as an outsider looking into Fortnox, that this is the core of Fortnox. It's not—so this should not be mixed with new customers, because you can also sell to new customers inside the platform. If you're in, for instance, are an accountant, then you can sell to new customers. So this is not the same thing as y ou cannot look at chart and say that it's 85% is sold to existing customers, because if you have our group, group product, or if you are an accountant, you can also add new clients, and with that, you know, add order intakes to new clients as well. So this is driving both, you know, order intake on existing customers, but also driving order intake on new customers. All right. And with that feel-good note, we are almost halfway through, which means that we're gonna take a little break, and we'll be back in about 10 minutes, so at 3:49 P.M., to be exact. See you soon. Welcome back again. See, some of you are still getting coffee and snacks, and that's fine, but we're gonna keep going so that we can keep our time. We hope that those of you who are sitting have at least refilled your coffee, because now we're gonna dive into our third and last essential part of our business platform, which is money. And before we go into that, it's worth paying some attention to how our price and revenue types are connected. So this is for some of you, maybe something that you already know, but this is important to understand with the upcoming slides. So that's why we're just, you know, explaining that in a bit more detail. So we are reporting three revenue types, which is subscription-based revenue, transactional-based revenue, and interest. So those are the different types, and that is also connected to our price model. So that is we have products that can be sold these ways. So this is the way that we're charging for the products that we have. This gives us a really good flexibility on pricing, because then we can say that, okay, one product might cost for access, so you need to pay per user and month to get access to that product, but usage is for free, and there is no interest rate. Or it can be that access is for free, so you can access this product as much as you like for free, but usage is something that you pay for, or it can be a combination. So bookkeeping is you only pay for access, but usage is for free. Invoicing is you pay for access, but you also pay per invoice. And it can be like the basic invoicing product. That one is the access is for free, and you only pay per invoice. So it's quite a simplification, so it's quite an easy business model, but it's quite powerful because it gives us the flexibility to optimize that. So for instance, some of the lending products, like factoring, access is for free, usage is for free, and you only pay interest rate. So then we can model this over time to optimize and connect value with price over time, and that is something also then that you can follow in our reports, because then the price model is then connected to the revenue types. So that's important to understand going forward. So to clarify a little more, we've also taken a couple of workflows, as we've called them, to exemplify how we're moving towards the customer's payment flows and how we handle the business' money. So let's see one of those. There we go. We have some examples of how Roffes Bygg is engaged in some of these workflows. So the first one here is how they pay invoices, and we've called them accounts payable. S o without going into details, because we are actually going to use Offerta as our example company later, but this is just an ordinary accounts payable flow that can be connected to any organization in the platform. This is important for us to explain to you guys, which has an interest in Fortnox, is how we're doing this, that, yes, we are interested in, you know, bringing the money flow in the platform, but it's equally important that we're doing it in the right way, so to say. So we're doing it through really solid and smart workflows. That is important to us because we're doing it for real. We always do something from bottom up at Fortnox, so we don't just add a payment rail without connecting that to the real workflows that is inside the platform. So we're building from the bottom up. We're building on the position that we already have, and that is how we're, you know, bringing the money into the platform, so to say. And bringing the money into the platform is, of course, you know, an opportunity for us, but it also lies a lot of customer value there because the user experience becomes so much better when we are also bringing the money flow inside the platform. But it's very hard to come from being just handling money flows to try to go in the other direction. It's very hard to go be a payment provider and try to deliver workflows. So for us, it's we think that we have a much better position going from really smart and solid workflows, and then take the platform to also handle money flows. That is how we're building this flows. Now we're in these examples, trying to connect these flows, and this is just examples. But this is a company that is handling their accounts payable, and now we're connecting that with the different products that we have in these workflows, and also giving you some, in next slide, a couple of ARPC examples. So now we're back to the office, bygg. I just got too excited 'cause this is where things start clicking for me when we get down and dirty with real-life examples. But so what does this all mean for ARPC? So I can understand that it's sometimes hard to understand how it really works in the Fortnox platform. So, and this is not something that I like to do, honestly, because it's really hard to find a typical business in the platform. So you shouldn't model this, that this works for everyone, all companies within the platform. But it is a realistic example. So we have taken a company which is fairly common in the platform, one owner, two employees, and we have tried to explain if that company were to do accounts payable in the platform, how much would that drive ARPC on that client? So this is typical example. There will be some revenue coming in from the accountant, so that is the digital agency. So some revenue will come because of their usage. You need a bookkeeping license to have access to the bookkeeping. Two approval products in this example, so two of the employees are paying for the approval capabilities. And then, since this is a construction company, they use the business card, and we earn money on transactions on the business card. So that is also, sorry, it was auto interpretation and bookkeeping. So, so that was this case. So, in this case, they're using the auto interpretation of supplier invoices and, AI bookkeeping thing, which is paid per interpretation in the platform. And in this example, and this is a fairly realistic example, they have, like, 50 supplier invoices, so that means 50 times 449 SEK. And then we have the upcoming product, payment product, which we haven't released yet. So this will be up on that. If you don't include the upcoming payment product, a company like this will have an ARPC of about 500 SEK per month, if they are doing accounts payable in the platform. Just an example, but a fairly, fairly realistic one. Speaking of upcoming payments, David Johansson Rabell is Head of Product at the business area of Financial Services, and he's truly passionate about bringing Fortnox closer to businesses' payments flows. Let's see very quickly what he has to say about it. Payments, payments, payments. A A big part of entrepreneurship, right? For us at Fortnox, payments are more than just transactions. They are actually part of the foundation for how companies operate, survive, and grow. Payment is perhaps the propellant for the engine, or the lubricant, or even better. Liquidity is the blood circulation for companies, and it is through efficient payment flows that the business can pulse and function optimally. So a stable blood circulation in the body is essential for health, and the same applies to the payment flow in a company. Preparation and execution of outgoing payments are not just Preparation and execution of outgoing payments are not just routine activities, but they are also active decisions that strengthen business relationships and promote growth. promote growth. And in the same way, incoming payments are an indicator of the company's health and success. Each Each payment confirms the trust of customers and partners. We at Fortnox make payments smart and easy. Through our platform, we provide the tools that companies need to manage their payments effectively. Our technology is secure, user-friendly, and designed to meet today's and tomorrow's business demands. We integrate and automate payment processes so our customers can focus more on their core business and less on administrative tasks. Cash flow on autopilot, if you will, with maintained control. Through continuous development, simplification, and optimization of payment processes, whether it involves outgoing payments or receiving payments, we help our customers maintain control over their liquidity and finances. With Fortnox as a partner, companies can be confident that their financial flows are handled with expertise and care. And we believe that every payment strengthens the business and contributes to long-term success. Through our products, we make payments smart and simple. That's that. Payments really are at the core of our offering now, isn't it? What is this upcoming payment product on the top? You said it a little bit, but what is it? I t's something that we have worked on now for several years, and we have already released the business to consumer side. So when you are a consumer, you can pay invoices in Fortnox nowadays. So what we're releasing now is the equivalent on the business side, so to say. So when you have supplier invoices, salaries, or tax that you need to pay, you can, with this product, pay that inside of the Fortnox platform. And yes, of course, there are business opportunities around this, but you can also imagine the customer value when we're bringing businesses, people, and money inside of the same platform. So we're really looking forward to that. We're piloting it right now. We have not announced any release date, but it looks promising and really good. All right. Then we're gonna move on to another workflow, which is really important, as we move toward money, and this is employees. Elaborate a little bit on this one. Yes. So one might think that, you know, handling employees are only for bigger companies, but even if you only have two or three employees, you have an owner, and you hire two people, they are also employees that you need to handle. So in a similar way, those workflows, you know, we're trying to simplify things as much as possible, but to be honest, it's actually not that simple. So sometimes we also need to explain that these workflows are complicated by nature. We're doing it fairly easy for the end user, but we're handling quite complicated flows, and a lot of parts of our offerings are involved in even a quite simplified workflow as handling people and their time and their expenses. So, so this could be, again, a typical workflow when you have employees in the platform and all the involved products. And in the same way, then, how that then contributes to the ARPC when using this Roffes Bygg example, if that is suitable. So fairly good contribution here as well. You know, you need payroll, you need time reporting to be able to do time, and in this example, the time reporting products is the pre-system for the invoicing part. So then you do time reporting here, and then you can automatically do invoicing because this is a construction company that normally invoices its time, so to say. And one person is doing approvals. I guess that is the CEO, the owner, so approves all different expenses. So then you need an approval license, and then three employees, so I guess also the founder and owner wants salary. So three payslips per month and a couple of travel expenses, and this was the example with the business card, so they also have expenses per employee in the business, so they are using the business card for expenses. So although the business card is for free for Roffes Bygg, we earn money on transactions. And again, you know, this is as realistic as it can be. So of course, you can argue exactly what that level should be, but we have taken all our data and trying to find an example which is as realistic as possible. And i n this example, the business card generates about 220 SEK per month in transaction earnings for Fortnox. No cost on Fortnox. So you should not, you know, mix this picture with the cost, because some of the ARPC is driven indirectly with revenues. This is the ARPC impact that Roffes Bygg has if they are utilizing the platform for handling their employees and their expenses. So 800 SEK. So if you're doing then accounts payable and employees, and you are Roffes Bygg, that contributes to, like, 1,300, and that is then the number that should be compared with what we are reporting with, which was 276 in average in the platform right now. Just so that you understand where we are right now. So if you're using these two, and you are Roffes Bygg, you're fairly good contributor to the overall ARPC in the platform. Impressive! We have a third workflow, which is accounts receivable. Say something about that? S o this is the third main workflow in the platform, which is accounts receivable. Again, one might think that when you're distributing customer invoicing in the platform, it starts there. Of course, it doesn't start with customer invoicing, it starts somewhere else. It normally starts with a lead or a quote or offer, which we also have in the platform. So when we also have with Offerta, you can also get your businesses that way. So of course, you know, that is also so important in the platform that we're creating workflows that holds together. So when you're distributing an offer or a quote to a customer, a lot of information is included in that, that we want digitally to be transformed later in the workflow, because you don't want to type things several times in the platform. So that's also how we're building, you know, solid and smart workflows. So you should not think that, you know, distributing customer invoices starts there. Of course, it starts somewhere else. And again, that also takes us to the opportunity of financial services to build really solid, smart workflows all the way. Financial services have clearly become a more important part of our offering, and with increased usage comes more data. Using this data in the right way creates a golden opportunity for us to help our customers even more than we already do today. To learn more about how this data enables us to do that and how to create better financial solutions for SMEs, we're going to listen to Erik Narby, Fortnox's Head of Data Science. When our customers use our systems, we collect large amounts of data. This is data about the customer's business, invoicing, their finances, and much more. You can simply say that no one knows our customers as well as we do. But the information we want to access is hidden in these large datasets that we collect. A few years ago, we built a team consisting of really sharp software engineers and data scientists. This team's task is to find structures in this data to be able to make automatic credit assessments using machine learning. Today, we can estimate with very high precision whether an invoice will be paid on time or if a company will be able to make its payments going forward. With these assessments, we can offer our customers fair financing at very competitive terms. It also enables us to scale our credit business with high automation while maintaining a low risk level. Additionally, the more customers we acquire and the more they use our products, the more data we collect, and the greater our opportunities to improve our credit assessment algorithms. Data is truly our superpower, and in the long run, there should be no reason for a Fortnox customer to go elsewhere for the type of financing we can offer. We have come a long way in recent years, and yet it feels like we've only just begun. So then, if Roffe and his company were to use this platform, how would it impact their ARPC? Yes. So, some of the price points on accounts receivable are a bit higher. So, but again, that should not be, you know, mixed with, that it's, pricey for the end user. So this is, again, a very realistic example. Of course, if you are a construction company that doesn't need any customers, then you don't need Offerta, so then you should not pay for Offerta. But if you need Offerta platform, paying 5,000 SEK a month is a bargain. And in the same way, if you don't have, you know, challenges with your cash flow, then you should not use factoring. But if you have cash flow challenges, which most of the construction companies, at least of that size, have, then paying 11,000 SEK for factoring is quite a bargain as well. So, you know, you should not, you know, misunderstand that this—because this ARPC number seems so high compared to the 7-276, but it's actually a realistic one. And if you look at the price point, it's quite low, to be honest. And that, as Erik explained, you know, he really explained the DNA of Fortnox. We're making it from the bottom up, and we're making, we're doing it for real. And, you know, we are really into making scalability business because we need—if you are on the price point that we are and delivering value to all these small clients, then you need to be scalable in all different aspects. And we have heavily invested in our financial services to be able to deliver value also to the smallest companies within the platform, and doing it with a reasonable price. So yes, if this Roffes Bygg is using the platform for accounts receivable, they are paying for invoicing, they are paying for quotes and orders, they are paying for Offerta, and they are distributing their invoices via our invoicing service, which is SEK 490, and then factoring. We have not included, because there is also a collection revenue here, but we have not included that. But just so you know that there is also a collection revenue here, but it was messy to put in this slide, but that's also part of it. So yes, pretty good contribution to the ARPC, although it's a fairly small company with only two employees. All of these then add up to Fortnox's ARPC? Yes. Yes. I think you have a fun number to show us there. I don't know. I think you do. I think you have a fun example of how Fortnox looks. A fter this slide, I guess. Yes, and just to sum things up, regarding the ARPC, so this is the outcome of the ARPC that we have had, and I always get a lot of question, "What is driving ARPC?" And then I think it is important to understand that it's a little bit of everything. So don't think that it's just one thing, and that's the beauty of the platform, and that's the beauty of our business model. It's a little bit of everything. So you have just seen a small portion of things that are happening in the platform, automatically, naturally in the platform, and that is driving ARPC. So you shouldn't think that it's just one thing. That's not the case. Yes? And then I teased it. I ruined the whole surprise. You were one slide ahead. I'm so fast. But we do have a fun slide that you were gonna talk more about. M ore like a fun slide. Because I get a lot of questions regarding how would ARPC be driven if there were bigger organizations, because, you know, the Roffes's big examples, you know, drove ARPC quite good. Then it was two employees and one founder, then a bigger organization must drive ARPC much more. And I don't like to mention companies, because then you guys would do modeling around that and think that it's a typical company, and there are no typical companies in the platform because we have them all. So now, just for fun, we have taken Fortnox AB, so our own company, as if we were to pay for our own usage, just for fun. So that would drive accounting revenue, that would drive the billing revenue, that would drive report and analysis, that would drive the payroll system. We are actually not using the payroll system on all subsidiaries yet, because the payroll system was originally not developed for as big organizations as Fortnox. Now, it's on par there. So now we are also migrating to our own payroll system, and that will also drive some ARPC in this fun example. Then we, of course, will use the business card for expenses, and then we will use our own invoice distribution to distribute invoices. We will eventually, of course, use the payment product. It's not, we will probably not use factoring because we're quite solid on that side. And I don't think that we will, you know, use our own corporate lending. We are currently having a revolver of SEK 500 million, and that's not the level that we are on in our corporate loans. So we have removed those financial services here. And you should also know that this seems like a big number, but if you just look at the price point on other services that we are already paying for, you know, because to be honest, it's like SEK 492,000 of this money is invoicing service, and that is probably a fairly high number. So if we were a real customer, we would probably negotiate that to put that on a lower number. But the other numbers are ridiculously low, because that means that it's SEK 60,000. We are a big listed company, and to pay SEK 60,000 a month for your ERP system, that includes everything. You know, we have a price point on, you know, like our ticket system on the support side. The price point of that is like SEK 300,000-SEK 400,000 a month. Our communication software that we use internally is like SEK 100,000 a month, and then to pay SEK 60,000 for your full-blown ERP system is a really low number. So you should. I t feels like this ARPC number is huge. Yes, if you compare it with 276, it's a fairly big number, for sure. But if you look at the price point, it's not that, that big. And I think this is also showing that we're quite immature in how we're pricing the enterprise side, because we need, you know, a, an ability to discount invoicing service, because, you know, a company like Fortnox would probably have the ability to, to negotiate SEK 490,000 for distributing invoices. But also on the other side, of course, it should cost more than SEK 60,000. So this is also how, you know, how immature we are regarding pricing on the enterprise side, but it's also showing, I think, an opportunity going forward. But just before we leave this slide, I don't want you guys now to take SEK 552,000 times 700,000 and say that that is our TAM next year, because that number will be too big. Just so you know. All right. But it seems pretty obvious to me, after these three parts of the platform, that we have endless opportunities and possibilities to do things. How do we make the most of all of these to make sure that they become actionable for us? I think that's, that's the challenge going forward. But one should understand that the opportunities that we're talking about now is not something that we made up right now. Those were, those were the opportunities that we talked about 3.5 years ago. Those are the opportunities that we're delivering on in the business plan. So it's really there, and we're delivering on them, and in this, you know, part of the presentation, we're also going to talk on how we're doing and how we're delivering on these opportunities. I know you've said before that we can do with these three things, with everything that we are, we can do anything we want, but it's got to be challenging when we can do anything that we want to prioritize, 'cause we can't do everything we want. So that is something that we're gonna talk about, because to be able to deliver on all this, we need the right people, we need the right technology, and we need to prioritize the right things. So we need our ways of working to be really good, we really need to have superior technology, and we need people. So starting with people, then. Last year it was 700 job applications, and we hired, like, 150 of those people. So yes, we're growing, and we're hiring people, for sure, but there are also a lot of people that want to work here. So even though that we're growing, we're quite, we're picky, to be honest. We're only hiring the best people, and that is really important for us going forward. To be honest, you know, before when you were a tech company, it was pretty much. It was enough that you bragged about that you worked with the latest technology and that you had modern ways of working. That was your unique selling points in the ads, that, you know, we work with the latest technology, and here, you can work with agile things. That's not enough anymore, you know. That doesn't, you know, bring the best people here. You need a strong purpose, and we have a really strong purpose, because if you just look at our vision and how we are actually contributing to society, we have more than 500,000 organizations in the platform right now. When we're delivering on our vision, that we're making them just a bit more successful, all of these is more than 500,000 organizations. Of course, that has a huge impact on the society as a whole, and that's a really important purpose. When we're hiring people for that reason, because when they're here for that reason, that may not make such big difference in the short term, but in the long run, it makes a huge difference. Because with a strong purpose, you will be able to attract the best people, and they are here for the right reason. Again, it doesn't make a huge difference next quarter, or maybe not next year, but in the long run, it will make a huge difference to have the right people here for the right reason. And that is really important. I think we stand out compared to all other tech companies, because we have the best purpose, and that is attracting the best people. And I know it works, 'cause I've got information from HR that in Q1 this year, 2,760 people applied again, so it seems like we're gonna beat the 7,000, p robably. It will be even more this year. Even more this year. We're aiming for 10! Well, that's my goal, anyway, who has nothing to do with it whatsoever. But being in Småland, which, at least in Sweden, is known for being a little stingy, if we're honest. Not me, I'm from Stockholm, but Småland is. We have a steady stream of potential employees. We have a way of achieving operational excellence with these genius employees that come to work here. It's gotta cost us a fortune, though. We have good salaries, salaries, but again, that is not what driving people. Driving people are a strong purpose. But we also have our offices close to good universities, so we have office in Malmö, we have office in Linköping, we have office here, we have office in Stockholm, and that gives us an ability to grow in different regions for different reasons and attract different, you know, personalities and competence in different regions. And to be honest, you know, we have really good people in Stockholm, and they are contributing really good to the company, but the salaries are also much higher in Stockholm, to be honest. So that also is keeping our cost level down a bit, that we have offices all over all over Sweden, so that we're not just in Stockholm. We will have, always have a Stockholm office. It's important for us, but we also have the ability to hire people elsewhere, which are on another, payroll level. So that is also holding down the cost a bit. Nice. And clearly, I moved here from Stockholm, so it's not so bad. Is there anything else that's key for Fortnox? S o of course, the technology, and you've seen some of our superstars here, like Erik and Alexander. And a fun anecdote about Alexander, he’s rejoining Fortnox, as you said, but he’s modest, but he was actually the chief architect for the platform that we’re using right now. So he was one of the superstars or masterminds behind the platform that we have already now. And then he was, you know, moved to another company for a couple of years, and then he contacted me and Jesper, which is the CTO here, said that, you know, that was, like, a year ago, “I want to come back now, because now the technology is here for me to create what I wanted to create as a starting point at Fortnox.” Now, the technology is there." So that's why Alexander is here. So yes, the technology is impressive, I would say. That was one of my early insights when I started here, like, almost I'm in my fifth year now. That I was really impressed by the product and the technology here, so that stood out. The people and the product were better than you expect when you are an outsider. So the technology is superior, anything else that I've seen, and it's really scalable, and it's built based on scalable from start. And since Fortnox has been, you know, a SaaS subscription-based business from start, everything has to be automatically done and very efficient. You know, our customers are paying SEK 276 per month in average, and we're still delivering an EBIT of 40%. It's, you know, it sounds impossible. Of course, a lot of that scalability lies in the scalability of the platform that we have and that we're building on right now. So it's quite impressive, the platform that we have, and something to build on going forward. All right, then. So we have great people. We have a solid technical platform. We have cutting-edge technology, but there also seems still like we have a million things to choose from. If we have the means to achieve anything, still, how do we know what to do? Is it difficult to prioritize? I actually don't like when I get the question about, "What is your most important key success factor?" Because I think that when you run a company, you need to take care of a bunch of different aspects to, you know, to create a really successful company, you cannot just focus on one thing. But if I now, you know, need to answer that question anyway, it's actually prioritization. So that's the number one most important thing for us, prioritization, and that is what we're spending the most of our time on. So I think it's obvious that we have opportunities. We have a lot of opportunities. We have really good people. We have really good technology. So that's the foundation that you can do anything on. And then it becomes so important to make sure that you're doing the right things. And also, most of the things that we're doing, since we're doing it for real, and we're doing it bottom up, takes quite some time. So, you know, like the business card that we have talked about now, it's a fairly new product. We released that, like, 6 months ago. We probably started that, like, 4 years ago. So it's like, you know, it's many years from idea until most of our customers are using it. But we're doing it for real, so it's fine. We're in no hurry in that sense because we're doing it for real. But still, that feedback loop, you know, if that takes four years before you can verify that it was the right one to go for, then you really need to invest to making sure that you're going for the right one. So, so focus and priority is the number one thing when you run Fortnox, I would say. Our prioritization strategy is just to say no to a bunch of stuff? E xactly. All right. But then how would we know what to say no to? Because we could have just said, "Nope, nope, nope," to everything that comes in. Is it that everything we say yes to should be tied to our vision, which we talked about in the beginning? Yes, of course. We're driven by our vision because if we eventually can be sure that the businesses that are in the platform becomes more successful than if they were not in the platform, of course, you know, that's the most important thing. So all of our R&D investments has to point in that direction, one way or another. But then you should also understand that we come from compliance-driven features, and that will always be our core. So we will not, for instance, now that we talked about this payment product, we will never move away from delivering the best bookkeeping product in the world because we want to develop a payment product. So our core will always be the fundamentals when you run a company, and then when we're sure that those fundamentals are there, then we're going for new opportunities. So we have a clear way of prioritizing what is really important when you run a company. So yes, we have some guidance in our vision, but we also have the guidance of making sure that the compliance-driven roles, laws, and regulation, the administration that you need to do when you run a company, that has to be best in the world. So that's how we're prioritizing. All right. So in this picture that everyone here is looking at right now, we focus heavily on our core, as you say, in the far left side of the image, the dark green. But it seems to me that the right side is more fun, more potentially lucrative, and through my blunders, you guys all know now that I am more into the fun part. Couldn't we have started with the business opportunities instead? E xactly, because one might think that, and, and if you're looking, as we have seen on price point and stuff like that, the funny thing is that it's much easier on that side to develop, and the price point is higher, so that's ridiculous. It's more complex than advanced, and the price point is lower. So yes, why don't we go there? But we know that you need to do the things that is core. You need to do the compliance things anyway, and it's really hard to go in the other direction. So although it sometimes takes a bit longer for us, but because we're doing it for real, it's impossible for others to go into the right- in the other direction. It's really hard to take yourselves in that direction to try to do what we are doing if you are delivering services on that side. And that's, to us, building true value, both for us and our customers. All right, then talking about our products, which you've done quite a lot, you recently made a big deal about prioritizing and picking the right things. But if you look at this picture, we have a whole bunch of business areas, a whole bunch of products. I don't think that this is what I would call prioritization. I t looks like we're all over. But that's not the case. So this is priority. This is core. This is what we're focusing on, and this is just a small portion of what you need when you run a company. So, you know, this is, like, 40, 50 products, depending on how you define a product. So, you know, it's still prioritization. These are here because they are really important, and they are connected to our vision, and they are connected to the core value. As we said, we have almost, like, 500 apps in the App Market, and we have, like, in the App Market, also, like, I think it was 8,500 custom integrations in the App Market right now. So there are a bunch of things out there that you need when you run a company. So yes, it seems like we have a broad offer, and yes, we have a broad offer compared to when we only had bookkeeping, but it's still very, very focused and prioritized. We have chosen to have this way of maintaining a prioritization because that gives an ability to data drive and have really solid decisions on everything that we're doing. A product, in our definition, is just a group of features which we want to follow for one way or reason, and it's something that we can put a price on and that we can sell, and then we're following that all the way through the organization. Then we can follow, you know, R&D invest and marketing investments if that is needed. We can follow order intake, we can follow revenue, we can follow usage, and we have a defined way of doing that. So we have a lot of data around all these products so that we can prioritize going for the right thing. So all of these products have their own development team, their own R&D budget, all of that, and that gives us an ability to do prioritization in a really good way. Just prioritization in a really structured way, and we- W e are very, very structured in how we're doing things, I would say. In the whole company. Great! Well, this all sounds great, but it also sounds like a lot to keep track of. So those of us that know work here, we all know how much effort you've put into building the right organization. You take the time, you take the effort. As you say, you're prioritizing, you're organized, and maybe that's less known outside of these walls. And the people that work here all know that the division of responsibilities and how data-driven we are when we do follow up on our goals. But is that enough to keep everything in check? And how do we combine being so data-driven and so particular with our visionary spirit that we talked about before? So you said that saying no to a bunch of things is the most important thing to me. I think that we're. It's hard to keep that exactly what an idea is and when we're saying no, but roughly, we're probably saying no to 90%. So yes, I'm saying no to most of the ideas, almost all of them. And again, it's really, really important that we're going for the right things, because you can imagine if you have, like, 100 ideas, and we see that we can do it because we have the people, we have the technology, we see the opportunity, so we can go for 100 things, and at every moment, saying no to 90 of those. Of course, if you're not careful, you can easily say no to the wrong things. So that is how important it is, because if you're saying yes to the 10% that holds the most customer value, then you become best in the world, because it's so complicated to optimize this and that is also why we're spending so much time on that, to improving ourselves to make sure that we're going for the things that holds the most customer value. It's so important for us because, you know, every percent that we're moving from, you know, not being so important for our customers to being really valuable for our course, that is core for us. And to me, this was just, I think, some slides, some internal slides, we have so much data that we're following all the time, and that is a ll of that is automatically done, so we have so much data on all the decisions that we're taking. To me, you know, structure and data-driven decision is not contradictory to innovation and creativity. To me, that's the base. So if someone says to me, you know, I'm a bit unorganized because I'm creative, you know, that's, you know. When you run a company, that was true. You know, I think that structure and ways of working and clear mandates, it's the base for creativity, innovation. You know, we hire really good people, and they have a role here, a clear role, which is important for making the whole organization work. So, you know, you come into here because nowadays, you know, if we're delivering a product, it can be, like, 100 people involved. So of course, it has to be really clear on your responsibility when we're doing something together. So clear responsibility and mandates are really important. But of course, we're hiring, you know, the best people in Sweden. Of course, we want them also to contribute as persons, but they should know their role, because if they know their roles and responsibility, then the whole machine, the whole factory works, but then up on that, all these good people can also contribute with innovation and creativity. And that is how we're driving the organization. To, so to me, it's not the contradictory to follow things in detail, but to also have a really clear vision that I want everyone to have, to have in mind when they're doing things. I think that is something, a combination, that is the, the best out of two worlds, so to say. So we have purpose-driven people, and all everyone that works here, they know the direction that we're heading in, but we rarely take decisions based on gut feeling. We want to have solid decision based on data. As an employee, I can only confirm, of course. Okay, then moving on. We know how we prioritize. We know that we keep track of things and how we keep track of things. We know what to focus on, how and why, but are we totally alone on this journey? Are we just this little ball of perfection floating around in space, or how is it? No, of course not. Our vision is to, you know, make businesses more successful, and that is something that you never can do on your own. So that is also what the platform is about, to have, you know, co-drivers that is helping us with our vision. So we have authorities, accountants, banks, and development partners, which we have, we have a lot of, you know, organizations and people and stakeholders that, that are contributing to this. But those authorities and accountants and banks are a bit more important than others, so those relationships are invested in on our side to make sure that we, together with those, like the authorities and the banks and all that, that we are together moving, you know, Swedish businesses in the right direction, so to say. We spend a lot of time making sure that this business platform should be for everyone, and the purpose is to, you know, make businesses in the platform more successful. Yep. And then one of the unique things about Fortnox is our open APIs. We don't do everything ourselves, as you said, and with the i t's hard to say API when you're not tech-driven at all. We enable other software developers to integrate into the Fortnox platform and then sell their tailored solutions in our app market. And to date, we have almost 500 integrations. You said so a little earlier. Why is that so important? S o this is actually one of the things that our customers are mentioning as the most important thing when choosing Fortnox, the flexibility and the open platform, because that gives them ability to integrate any other system that they have, but also cherry-pick that. You know, we have a time reporting system that is fairly good and can be used by many organizations. But if you have specific needs on time reporting, I think there are, like, seven or eight time reporting products in the app market as well. So you have the ability to pick best of breeds, and you are never locked in. And this is an ecosystem that is, you know, driving innovation and customer value, not driven by Fortnox. And as you said, it's like almost 500, 450 in published integrations, but then it's like 8,500 custom integrations in the platform. And right now, it's 7,000 developers that are doing software based on these APIs, and it's growing with 100 developers every month. So it's a huge ecosystem that is an important part of the platform. So again, when we're saying that we're driving this vision, we're also, you know, doing it with a bunch of other organizations, for instance, development partners. Nice. And then all kinds of strategic partnerships, not just these developing partners, are important pieces in the growth puzzle for Fortnox, as are acquisitions, which we're going to talk a little bit more now. We've made several acquisitions in the last couple of years to support our growth, and we're going to listen to our Chief Corporate Development Officer, Håkan Rosén, who also walks a very fine line when it comes to prioritization. I came to Fortnox three years ago. Together with my team, I am responsible for corporate development. In practice, this means that we need to find the best strategic partnerships and acquisitions that will move Fortnox forward. Before I joined Fortnox forward. Before I joined Fortnox, I worked for 20 years with various investments, company acquisitions, and divestments, both in the venture capital world and in the corporate world. We have the privilege of meeting many industry colleagues, M&A advisors, and investment banks. In addition, we are influenced by nearly 200 acquisition candidates each year. Out of these, in the last three years, there have been 6 acquisitions and an equal number of partnerships. Fortnox is good at developing products, and we invest heavily in product development, perhaps more than any of our industry colleagues. But we have high goals and ambitious aspirations. That is why we are open to adding additional expertise, products, and market presence if it helps us grow faster and make our offering even better. We focus on the important workflows for entrepreneurs: being able to start a company, offer shares, invoice, and collect payments is crucial. It is also essential to comply with regulatory requirements, take care of employees or suppliers, and monitor the company's performance, as well as forecast future developments. Our offering and collect payments is crucial. It is also essential to comply with regulatory requirements, take care of employees or suppliers, and monitor the company's performance, as well as forecast future developments. Our offering and collect payments is crucial. It is also essential to comply with regulatory requirements, take care of employees or suppliers, and monitor the company's performance, as well as forecast future developments. Our offering has indeed improved through acquisitions. Here are a few examples: With Lagerbolag, you can quickly and easily create a limited liability company. Boardeaser adds advanced reporting and analysis functionality for companies of all sizes. Capcito fast-forwarded us in financial services, and Agoy provided bookkeeping, taxes, and annual reports. The same goes for strategic partnerships, which have also contributed a lot. One example is the business card we launched with the Swedish company Mynt last year, and this year we are launching a solution for customer insight with the Norwegian company Kundesjekk. Our acquisitions and partnerships have made Fortnox appealing to more customers and enabled them to conduct more of their business through our platform. So, in conclusion, strategic partnerships and acquisitions are important tools that help Fortnox maintain a leading position in the market, and I am confident that we will continue to be successful. I mean, again, this once again sounds fantastic, and once again, how do we pay for it? Yes, so it seems like we're putting, you know, gold standard on everything. We put a high bar regarding quality on everything that we do. So, with that said, it is also important to balance, you know, cost and profit and growth. So that's why we have that as one of our, you know, key metrics internally is this international Rule of 40, which is when you're adding EBIT and growth, and it should exceed 40 when you are a successful company. So we have taken that and said that we have our own version, so we want to be a bit, you know, better than that. So we have said that we want to, on an annual basis, to be over 60 when you're adding EBIT and growth. And that is, you know, maybe that number is not that important, but it's really important for us to balance growth and profit. So that is important to us. So if we see that the growth is, for some reason, going down, profit should go up. If we see an opportunity to increase profit, we are prepared to invest some of our profit. So there is a balance between this, and this is important to us. And when you're talking about the cost levels, yes, of course, we are careful on the cost side. We don't, you know, use money for unnecessary things, but scalability is more important for us than actually cost levels. So there should be no cost associated with growth. If a customer adds a new user or if there is a new customer inside the platform, that should not be associated with any costs. Anything associated with growth in the platform is something that we continuously put R&D on to make sure that we scale in all aspects. That is more important on our profit levels than cost is actually, with the growth levels that we have right now. All right. Then maybe we should just look quickly at how it looks and a little bit about how we compare. S o this is just some historical charts, and since we don't need to spend so much time on these, but again, Rule of Fortnox is when you're adding EBIT and growth. And as you can see, over time, we have, you know, been delivering healthy over targets here, and sometimes the profit is going up, and sometimes the growth is going up. But over time, we have been quite healthy on the deliverables here, and being able to balance profit and growth. But it's, you know, it's no funny numbers, it's just growth and EBIT, nothing else. All right, but then if we take this little point, which is Q4 2023, and we compare that to some other Swedish companies. A nd to be honest, we don't compare that much, because we, it's more important—our own targets are more important than to compare what others are doing. But since we are on the CMD, you know, we need to put something out there. So yes, if we're comparing EBIT and growth with a couple of, I wouldn't say similar companies, but a couple of Swedish companies, yes, we are delivering a bit better than these companies. All right, but then if we look at some more similar companies, then, on an international scale, what does that look like? So maybe the Swedish companies weren't the best comparable companies because they didn't run the same business that we did. But if you then compare with international peers, even in that comparison, we're actually delivering both better EBIT and growth than these really, you know, a known brand, and companies that are doing pretty much the same things that we are doing, but doing that in other countries. So, you know, we don't compare, but we are on a CMD. Just because we are, we're gonna compare one more thing, just for fun. Because it sounds like this could be unique to the industry, but I know- Exactly I t's not. Let's compare us to FAANG, the five best-performing tech companies in America, and for those of you that don't know who they are, it's Facebook, now Meta, it's Amazon, Apple, Netflix, and Google, or now Alphabet. The giants that built the tech company. Fortnox Y eah, it's also just for fun. It's a silly comparison because we're tiny compared to some of these companies, and it's hard to keep up these growth levels when you become bigger. But anyway, you know, even with that said, we're doing quite good r egarding EBIT and growth. For extra fun, we also threw Tesla in there. If you put all the companies there, yes, we are actually delivering better, both EBIT and growth, than all these companies. So on a CMD, you can brag a bit, even if we are modest. W ith that, we're actually getting to the end of this presentation, and I know that you will want to summarize your points as well, but I'm gonna do it first. So from where I'm sitting, it seems like, to put it bluntly, we have great people, we have a wide range of customers, we have a whole bunch of helpful products, we're in a stable market position, and we have endless possibilities. That all sounds amazing. And honestly, to me, none of this comes as a surprise, 'cause, I mean, I work here every day. I come to work, I've come to work here for the past two years, and I've had this gut feeling. So it, it's nice to see that it's not just me imagining things because I like my job, it actually is that way. How would you like to summarize? S o, I think that, this should summarize this. You know, we had a CMD 3.5 years ago. We put a business plan out there, and that was the plan, and we're delivering on it. So if you should have just one takeaway, it's that, you know, we have a plan, and we're delivering on it. That's, that's it. Short, sweet summary. Then, we talked quite a lot about our vision in this presentation. Wait, maybe that one as well. Maybe that one as well. For you guys or for us working here. Yes, so, so even that we have a plan, and we're delivering on it, and it seems like the, you know, the, the feeling is that we have accomplished quite a lot. Quite impressive, I would say, that we have been able to deliver on the plan that we have done. But I'm quite sure that if you ask anyone during the day, they will tell you that there are so many opportunities, and we have just started. So the feeling inside when you're working in Fortnox is that we have just started. So yes, you can argue that we have accomplished quite a lot, but we have just started. And once again, I agree. Now, we've talked quite a lot about our vision. We're gonna get back to it again. We started this whole day with it, and for a whole part of this day, we've talked quite a lot about the successful businesses part of it and how we contribute to making successful businesses. But we do also wanna get better at the first part and contribute more to that, which is the thriving society. We've started to work on this in a serious way, and to tell us more about this, we're gonna meet another one of our employees. This time, it's Lina Williamsson, who is our Head of Regulatory and AML, and she is a very clear example of how we help to shape both successful businesses and contribute to a thriving society.