Welcome to Nordtech Q3 2026 report presentation. We will begin with a presentation from the company speakers, CEO and co-founder Nils Bergman and Deputy CEO and CFO Per Asplund. Following the presentation, we will open up for questions. To ask a question, press star 5 on your telephone to enter the queue. When it's your turn to speak, press star 6 to unmute. I will now hand over to Nils Bergman. Please go ahead. Good morning everyone, welcome to Nordtech's 3rd quarter report. So I'm Nils Bergman, CEO and co-founder of Nordtech, and with me today here is Per Asplund, our CFO and Deputy CEO. So this is our first full quarter as a listed company where we see strong earnings growth, a broad ARR growth from the companies, and a new acquisition after the quarter. A quick word on how we'll run today. So I'll start just in short with who we are, then take you through the quarter. Per will take you through the quarter in more detail, and then I'll come back on acquisitions and how we take the group from here, and then we open up for questions. So Nordtech in 60 seconds. We are a long-term home for niche B2B software companies in the Nordics. We've made 25 acquisitions since we started in 2021. We're around 400 people across the group, and in summary, we do 3 things. So we acquire niche leaders, typically top 3 in their niche. Already growing and profitable. Their systems, they are what customers use to plan, monitor, and stay compliant. So must-have software. And we accelerate them. So each company, it keeps its brand, culture, and customers. And what we add is what they often couldn't build alone. So commercial structure, pricing, recruitment, and AI. And we own for the long term. Taken together, these companies, they have grown and been profitable for more than 2 decades. And companies like that, we think, need an owner who things in decades too. So with Nordtech, we are building the owner that we ourselves would want to see in entrepreneurs. Our strategy is simple but disciplined. So we want to grow the companies generate cash, and reinvest it into new ones. Before we get into the quarter, I want to start where we always start ourselves, the rolling 12 months. So individual quarters, they will move around. The trend is what we manage. And if we look at the trend on the 12-month basis here, we can see a net sales of €756 million and an adjusted EBITDA of €218 million. And on the right hand, you see the ARR, which amounts to €699 million in the quarter against €584 million a year ago. It's 87% of our recurring revenue, uh, and what makes this trend durable. So looking at the trend, it shows us that earnings have grown faster than sales with an organic growth of 9%, in line with our historic period. And the margin is now at 29% against 26% a year ago. Now to the quarter then. So net sales grew 36% to €190 million. €242 million, of which 9% organic. Adjusted EBITDA grew 49% to €59 million, the highest to date, and that gives us a margin of 31% against 28% a year ago. The 9% organic, it's in line with the 8 to 10% we've had here in the previous years. All 3 segments, they contribute, and it's volume. So it's mainly a strong intake of new customers followed by existing customers using more. And this is the growth that we value the most, and the demand, it remains good. And this shows up in our ARR as well, the more forward-looking measure. The companies in the group, they added €22 million in the quarter against €5 million a year ago. And this in the summer quarter, which is normally the weakest for new contracts, and Per will show you what that means for recurring revenue here in the quarter. So over 12 months, a cash conversion after CapEx of 90%, a net debt closer to zero after the end of the quarter we acquired Carnegie. We acquired Lizify with expected net sales of around €20 million for the full year of 2026. I'll come back to that a little bit. later. So next, adjusted EBITDA per share. It's our first of our financial targets. It shows how much of the growth comes to each share. So over the last 12 months, it grew 50% to 4.8 kronor per share. Our target is to grow with around 20% a year. Adjusted EBITDA itself grew faster than that. The difference here is the shares that we issued at the IPO in June, so they entered the 12-month average here gradually over the 4 quarters from there. And then growth with quality, as we call it. It is our second of our financial targets. It measures the return on the capital we invest. Plus the organic growth on top. So this shows how value increases in the companies that we own. Over the last 12 months, it was 22%, in line with last quarter and above our target of more than 20% a year. Over time. So on that note, I'll hand over to Per, who will take you through the numbers in more detail. Thank you, Nils. Let's take those numbers apart. So of the 36% growth, 9% was organic and 26% came from acquisitions with limited currency effect for the group. The organic growth was volume-driven, as Nils alluded to, new customers and increased usage among existing customers, with a marginal price effect on group level. Adjusted EBITDA up 49%, showing how gross margin does the work. Revenue growth carries high incremental margins while the cost base grows more slowly. The mixed effect from acquisitions and a one-off effect in one of— cost in one of the segments worked the other way. Nils mentioned the $22 million of ARR the companies added in the quarter. Most of it came in September, so it's not yet fully visible in recurring revenue, which grew 8% organically. Non-recurring revenue, mainly services in customer projects, grew faster than recurring and is 12% of the net sales against 10% last year. Again, the acquisitions from Q3 count as organic from the 1st of September this year, so one month of them is already in the 9%. The 4th quarter is the first full one. Finally, the bridge, as in July, operating profit was €15 million against €8 million, add €30 million amortization of intangibles, €27 million of which is acquisition-related. And you're at an EBITDA of €45.5 million. Add €13.5 million of items affecting comparability, and you're at €59 million. Of the €13.5 million, €10 million is a non-cash remeasurement of contingent considerations driven largely by the acquired companies tracking above the plan we paid for, the kind of charge we're happy to take. And €2.7 million is the tail of the listing costs. Net financial items were close to zero after we repaid the debt at the listing, so profit for the quarter was €8.5 million against €2.3 million. And the segments. So 3 segments and spread, a spread of end markets. As I said in July, the segments group companies with their most relevant peers, so compare within segments rather than between them. Starting with Operational Solutions, which grew at net sales 49% to €81 million, most of it acquired, and the underlying growth came mainly from new customers with higher service and implementation revenue on top of the software. That and timing— the acquisition of this segment from September last year is fully in the ARR comparison but only one month in the last year's sales. It's why the net sales grow faster than the ARR. ARR was up 80% and with a net increase in the quarter, mainly from new sales. Adjusted EBITDA grew 43% to €22 million on the acquisitions and stronger profitability in several of the companies. Margin at 26.7% against 27.8%. Mainly related to one company that carried costs for a customer commitment and higher project costs, which was largely offset by stronger margins in the other companies. Over 9 months, the margin is up almost 3 points to 25.6%. Business Platforms grew net sales 29% to €65 million, recurring revenue 30%, and ARR 27%. Almost all revenue here is recurring, so the 3 move together, and the organic growth comes mainly from customers doing more within the company's systems. Adjusted EBITDA grew 29% to €26 million with the margin unchanged at 40%. The operating leverage is there, but the January acquisition hides it. So we typically acquire companies with margins in the low to mid-20s, and against the segment margin of 40%, that dilutes the average by a couple of points. Unchanged margin therefore means that existing companies strengthened theirs, and for the 9 months, adjusted EBITDA grew 33% against net sales up 28%. And lastly, Public Infrastructure. So the segment grew net sales 25% to €47 million, mainly from acquired operations, and the underlying development was stable with increased usage among existing customers and price adjustments in several companies. ARR grew 13%, and the gap to recurring revenue of 28% is the same timing effect as in Operational Solutions. Adjusted for it, recurring revenue grows in line with the ARR. Adjusted EBITDA grew 11% to €16 million with contributions from acquired operations and improved profitability in parts of the existing ones. Margin at 33.7% against 37.9%. And that hole is the difference of the acquired operations. So in July, I talked about a margin of 23% in the second quarter, and the integration of the asset acquisition led to cost adjustments and one-off costs that weighed on the third as well. And even so, the margin is up sequentially. In the existing companies, the cost base is stable. So a few points on cash flow. Cash flow from operating activities was €10 million in the quarter against €3 million last year. Before working capital, it was €53 million against €29 million. Following the higher profit for the group. The summer months tie up working capital as they did last year, so €43 million this quarter. And so the third quarter is seasonally the weakest, and we, as per usual, look at it over 12 months. €149 million from operating activities, and keep in mind that this is after the listing cost from the spring. Against €122 million for the full year of 2025. €126 million after investments and cash conversion, which then is operating cash flow after CapEx over EBITDA. came in at 90% on the last 12-month basis. In July, we flagged around €54 million of outflows for earnouts and put-call options in the third quarter. €60 million was paid in the quarter as planned, and the remaining approximately €38 million falls out in the fourth quarter. No acquisitions were completed, but as we've communicated, Leasefi in October will be in the fourth quarter. cash flow. A few points on the net debt. It came in at €76 million at the end of the quarter after the minority payments, or 0.3 times our adjusted EBITDA. against the target of below 2. Of the €76 million, €86 million is earnouts and minority commitments. So excluding those acquisition-related commitments, we are actually in a net cash position. And the capital at work is also earning more, so the return on invested capital over 12 months was 13.6% against 11.5% a year ago, and return on capital employed was 16.2% against 13.5%. We have a strong balance sheet and return on the capital in it is rising. So with that, back to you, Nils. Thank you, Per. So after the quarter, we acquired Licify, and I thought I'll share some notes on this company. So just the short history, Licify began as a lease procurement business, and they built its own software to serve those clients. So the product was designed by people who had done the work by hand. And we often find that in good companies that we buy. So the software grows out of the customer's problem, and they sit with the know-how to solve it. So strong domain expertise. And then as an example what this software does, so under IFRS 16, for example, most leases, they go on the balance sheet, and every change to a lease, it has to be recalculated before the auditor signs off. So Licify is where those calculations live. So once the customer's history is there, switching means revalidating years of numbers. So if you do And most of this market still does this in spreadsheets. And this is a niche that we know well. LeaseWrite has been a part of Nordtech since 2024. serves the public sector, while Licify's customers are mainly private companies. So we now have 2 of the leading businesses in lease accounting, so one in private sector and one in public. And you may ask what AI does to business like this. With AI, you can read the lease and you can suggest the number and AI with probability, it's usually right, but an auditor, it needs to be right every time for every contract for every year. So Licify's engine is It's called deterministic. It gives the same answer every time and shows how it got there. And the pricing mainly follows the customer's underlying volume, so our leaner finance team will not affect the revenue streams. So Licify meets our criteria as must-have software, a leader in its niche, uh, needs set by the rules that they create, and already growing and profitable. So that's exactly the kind of company that we look for and acquire. Yes. Which brings me to acquisitions. So we can see here to the left our LTM trend of acquisitions we have since 2021. Made 4 to 5 acquisitions a year, 25 companies in total. And so far this year we've made 3, 2 in the first half already in the numbers, and then Licify completed after the quarter. So together they add around $67 million in annual net sales. Exactly when individual acquisition closes, it's hard to predict, so the number will vary from one year to the next. What doesn't vary is the requirements, and in the quarter that meant choosing not to proceed with one acquisition. So we are very cautious here and look at the right company at the right price. Quality over volume. And we say no to companies every year, and we don't lower the bar to keep up the pace. We do not see any shortage of companies to acquire. Around 800 Nordic software companies meet our criteria. The pipeline is at least as well, well filled as a quarter ago, and as planned, we strengthened the M&A team here in September. So my assessment is that we leave the quarter with good conditions for acquisitions, with the pipeline, the team, and the balance sheet. So to sum up, we had strong earnings growth in the quarter, a broad ARR growth from the companies, and after the quarter we acquired Licify. So earnings grew faster than sales, also organically, and that's the scalability in our model. So high gross margins and a cost base that over time grows more slowly than sales. Adjusted EBITDA grew 49% and the margin was 31% against 28% a year ago. And the growth, it comes from customers. The companies, they added $22 million ARR against $5 million a year ago in what is normally the weakest quarter for new contracts. And the earnings turn into cash, so cash conversion at 90% and a net debt closer to zero. And our acquisitions, 3 so far this year. With unchanged requirements and good conditions for more. So all in all, this is the Nordtech that we described before the listing, and the quarter shows it. However, individual quarters will move around. What matters is sustaining it and the trend. And that comes down to basically 2 things that we work on every day. It's about keep building the companies with profitable organic growth and keep adding quality companies at the right price. So as we like to say, more of the same which compounds, and we are far from done with that. So with that, I want to thank you for joining us this morning. We look forward to updating you with the full year here in February, and with that, we open up. for questions. We will now open up for questions. To ask a question, press star 5 on your telephone to enter the queue. When it's your turn to speak, press star 6. To unmute. The first question comes from Predrag Savinovic at DNB Carnegie. Please go ahead. Predrag Savinovic, your mic is open. Please go ahead. The next question comes from Victor Lindström at SB1 Markets. Please go ahead. Hi, Nelson Parra. Can you hear me? Hi. Hello. Hi. Good morning. Congrats on a solid report. I have a few questions. To start off first, I mean, you mentioned that you see that demand remains good. Could you say that— I mean, are there any differences in the demand across your segments? Not really. I mean, all 3 segments, they continue to contribute. As we've seen before, operational solutions and business platforms are the bigger segments, and therefore contribute with a bigger part. Great, great. And then looking at the net ARR here, could you say anything about the split between new customers increased usage among existing ones and pricing? Yes, so it follows the pattern that we've seen before. So the majority here, it's volume, the absolute majority I might say, with a slight overweight towards new customers, and then there's existing customers buying more. And price is a very small portion of this. So it's the same pattern that we shared last quarter and that we also have shared for 2025 more explicitly here in the the IPO process. All right, great. And then I have a follow-up question here on the Leasefi acquisition. I mean, it seems that the Leasefi's revenue, they, I mean, both combining recurring revenues and I mean, so to say, professional services. So what's— could you say anything about the current split between the recurring revenues and non-recurring, so to say? It's a good question. So I think that it's important that they serve their customers, as you say, with what you could say consultancy or similar. However, that is part of the offering, so the absolute majority is recurring revenue, very similar to what we have on group level. Right, thank you very much. That was all for me. Thank you, Victor. As a reminder, if you wish to ask a question, press star 5 to enter the queue. We have Predrag Savinovic at DNB Carnegie back in line, so please go ahead. Okay, now you can hear me, I think. Yes, hi, Pedro. No, we're all good. Predrag, we seem to have some issue with your microphone, so we can't actually hear you. We don't have any more questionnaires in line, so I will hand back to the speakers. Okay, thank you very much for listening in, and for Predrag, you get to call us afterwards and Per will take you through the numbers so you get your answers. Thank you everyone and look forward to update you here in February.