Yes. Hi, Bengt. I will just introduce the webcast. No problem. Hello and welcome everyone to this Q1 presentation with the Pagero Group. With us today we have CEO Bengt Nilsson. My name is Christopher Bergin, and I work for Finwire Media. After the presentation, there will be a Q&A session, so if you have any questions, please visit finwire.tv and click on this webcast, where you will find a form, where you can write your questions. But we will take the question, as I said, after the presentation. With that said, Bengt, please take us through Q1. Thank you very much. Okay, I greet you all. Welcome to this session here. We're gonna do a presentation of our Q1 report. I just wanna add that this is the Q1 I will say we have created some form of normality in the business compared to other issues we have had in the world before. There have been certain things adding to the complexity, of course, in the supply chain and stuff like that, but I will say that the normality in industry has come back to investment mode, and people really see that they need to do something about the automation of the digitalization processes they are all in. I'm gonna take you through this, and I'm gonna see to that you get a good picture of what happened in Q1. We are doing exactly the same in Q1 as we did in Q4. We're doing it better, we're doing more, we're doing it all over the planet. The drive for regulation is continuing. Country by country is adding, "We want an e-invoicing mandate in Malta," the way around the whole government traffic in Malta now, and that's being implemented in the Peppol infrastructure. We have several other countries that are coming on that we are doing a lot of work. We're in Saudi, France, in Germany, and so on. This bandwagon has just started. We also see that a lot of companies today are looking at, "How can we automate important parts of our supply chain? How can we really see to it that we have a digital process? How can we make our buyers have a simpler life together with us? And how can the sellers be connected to the infrastructure, the IT infrastructure?" We wanna combine these things and see that digital traffic is sort of the one that will prevail or will win this. We also had a very challenging and interesting quarter where we sort of had a great launch of our banking solutions, which means that we sort of introduced now the latest version of the banking solution for P27, and over SEK 10 billion were transferred in the month, accumulated for the 12 previous months in March. It's going the right way. We're doing a lot of good things in the product side. We're delivering it SaaS. We are working as a SaaS company, and we are all over the planet. It's going great. Regulations, automation, of course, are contributing to ESG, and we are giving sort of a remark in that we are making things better for the environment. We don't focus on the environment. That's a result of what we do when we comply to regulations, we comply to automation in industry, and it's sort of a free bonus thing that is happening all over the place. If we look at the world, we are having great success in Latin America. We are now starting to see a growth, and I would say a success in the North American operation also. Our R&D offices in Santiago and in Mexico City are developing products now for the Focusing on the Latin American market, we are now connecting that to the infrastructure and the platform of Pagero Online to really be able to serve One connection - global reach to all our customers wherever they are on the globe. We're also having good inroads in Africa. We have good inroads in the Middle East. We are also having a continued development in the European market. Some people would probably say that the Nordic market is sort of outsold. On the contrary, I would say we are now moving to the second and third generation of networks that people want to have. Companies wants to connect to the suppliers. Companies wants to connect to their buyers digitally all over the planet, and that is going on as we speak. We see now countries like Spain, for instance, now introducing demand in the Basque region. We are complying to that. People operating in Spain don't only have to be able to do it in the Spanish way, they have to do it in the Basque way also. They have to do it probably in other regions where they have different demands that we are sort of complying to. It's a continuous developing of the company, and we are over 700 people today doing this around the clock all over the planet, and that is securing a safe ride for our customers to really work with the product, work with the different functionalities, and we will see to that they're 24/7 being served by a Pagerian that will help them all around the world. It's looking very promising at the moment, and we think we have sort of come to a next level, if that I can use that expression, when it comes to people really understanding the benefits of going all digital in their operations. It's not a question of cost, it's a question of moving a cost that you already have to create a greater benefit at the same price, I would say. In some cases, even at a much lower price. We will see this continue at least for the next 10 years. This is a long time ride. Pagero is not a sort of a one-day animal. We are doing this for continuous developing in order to build the world's largest open business network for the benefit of the industry, B2B traffic all over the world, to e-enable, I would say, free open trade in the best of ways. If we look at the SaaS model and the KPIs, we have put some of them up here, the recurrent revenue is roughly around 88%. It was before 91%. That is because we have seen more demand for service-related revenue from us. We have increased that part of the business, so people really want us to help them. It's not something we wanna do really to do the consulting side, so we have partners helping us, but we're also doing some of that share also ourselves. We will probably be roughly around 88% recurrent revenue going forward, and with that's sort of a number we feel very content with. Gross margin around 87%. It can differ a little bit. It can go up and down a little bit, but it will be around 87%. It was 88% in the past Q1 2021, but it will be between 87% and 88% going forward. Customer churn is low, 2.8%. It's been 2.8% for a very long period of time, and that makes our CLV:CAC very interesting. I mean, on an investment in a dollar, it gives $15 back over a period of time, and it's been so for a very long period. The most important part here is that we have what we call established market. Those are not markets where we sort of have, you know, that are outsold. We have sort of a mature market. Those are very immature market. We, as a Pagero organization, is established in being having a full service suite of resources on ground. In those markets, which are 89% of our revenue stream, we have a 28% EBITDA margin. As you maybe remember, we had set a goal that within 2025, we're gonna have SEK 1.5 billion in ARR, but we're also gonna have an EBITDA margin of 20%. We're on good track to go there, and we believe definitely that this is something that in some markets will be much greater, much bigger, of course, because the demand is there. It's definitely doable. Those of you that maybe has some doubt in our profitability way, our way forward, should understand that if we weren't investing in these other markets, we would be sort of not looked upon as a global player. We want companies to come and challenge us and say that, "We have business in countries that are now doing a new legislation. Can you help us?" Of course, we're gonna help them. In one way or another, we're gonna see to that they can be served by Pagero to comply with the rules and regulations when it comes to selling and getting an invoice paid. Of course also they wanna connect to their suppliers globally, wherever they are, and they wanna rely on it. They wanna have the most important business messages, and they wanna connect and understand that this supplier is a valid company. They do exist. It's not a joke. We will supply those things in the Pagero Network also going forward. If we look at the world a little bit more differently, you can take this picture here, is the GDP of the world. We are, as you see, in the green right part here with the lower part, you have Germany, U.K., Italy, and France, Spain, I would say. It's utterly important to understand that those are key markets in that part of the world, in Europe. If we take another example nowadays, you take the Nordic countries where we are very strong. They are sort of the size of Italy you could say, or California, to take another comparison, so they could be one of these sort of parts of the world. If we take one problem country we have now, which is Russia, you see them in the right corner. If you take Russia away from the world, it wouldn't even have an impact on the world. We need to know that even if Russia is a large country, the GDP impact is very, very low. It's important for us to be a good, strong supplier of these services in Germany, in U.K., in Italy, in France, in Spain, and in the Nordics. If we do so, and help also supplier countries like Poland and Hungary and so on, we are dominating that playing field. If we go to another one, Middle East, the most important country there is Saudi Arabia. You can also say Turkey is on the list. Turkey, Saudi Arabia, can you support that? You will have a growth into the other areas in that part of the world. Same goes for Africa, where you need to have South Africa, and you need to have Egypt, and you need to have Nigeria, so going forward. If you look at this list here, you see how we think. The most dominating thing of this picture is U.S. If you're big in U.S., you are big all over the place. We have invested for several years to become a real player in the North American market, and we are now gaining momentum. We have really, really cool brands in that part of the world. We have also I would say among the tech companies, we have the three, four biggest brands in our portfolio working with us throughout the world to implement Pagero Network globally from their operations they have in not only U.S., but all over the world. We believe this strategy is extremely important for us to drive. There is a cost to develop this. Of course, if you don't do it, you have chosen to be a marginalized player somewhere in the world, and we're not gonna be that. We are betting on being one player that can sort of support and service the rest of this world. If we look on the side which is Asia, Oceania, we are pretty good there also. We will see Japan coming up on the radar screen in the coming quarters. We are doing investments there already. We will see during the winter of this year that Japan will be a Peppol market, and we will be connected to that platform, and we will serve them as we serve anything else in the Pagero Network. As once again, key markets, U.S. and Germany, they are showing good momentum at the moment. Latest report I got was Germany accumulated for the year, the largest selling market we have in the company. That's a good information for you to know. Our investment in Saudi after the legislation and now step number 2 is continuing. We have got over 200 major brands in the Saudi market by doing that. We are now entering Japan with a new Peppol market from 2023. The LATAM markets are continuing to grow with double digits, and the strategy one connection global, which is really fueling growth. We strongly believe and urge you to understand that the Pagero, the Pagero stock, the company, we're here for the long time-term, and we are here to really create a network which have tremendous growth going forward, but also sustainable growth. That's what we are achieving here. To look at the Q1, the business highlights, we increased our revenue 53%, of which 24% was organically. We are particularly proud about that. We are now seeing how we in our organic operation is really fueling the business with new customers. There is, everybody should know, if we sign a large customer, it takes quite a long time until they sort of start populating the network with large transactions, but they are coming. It's not a question of they're not coming, it's a question it will take some time to implement certain things in these large organizations, internal systems, and internal way of adopting this way of working. It is sort of a journey that they are on. We are on the same journey, and we'll see the results coming. ARR grow with 45%, which was 18% was organically, also a good number, and we did that to a cost. The cost what we had a negative EBITDA margin of 9.4%. You all should understand that is because we are doing investments in the platform, we are doing investments in countries, we are doing investment also encouraging our customer to really put some more fuel to the bandwagon on growing this trip to do all digital. All digital means that this company, Pagero, will have tremendous amounts of revenue streams. EBITDA margins in established operations around 28%, and that is something we are particularly proud about. We could have increased that one, but we are doing also investments in what we call established operations to grow that. To give you an example, we have signed deals in Germany adding over 70-80 new hospitals to our platform, and in this quarter things are going really good. We also see the adoption rate in conservative markets like Germany growing, and that people are now sort of adopting the digitalization train to really be on it and grow with it. We had a positive operational cash flow of SEK 7.5 million, and we have a strong financial position. During the quarter also, we acquired our R&D operation in Sri Lanka to integrate that. As you already maybe have read, it's quite a worrying times in Sri Lanka, but it doesn't really impact anything on our operations. Me personally, I've been operating in Sri Lanka since 1996, and it had been war times there since for quite a long period of that time, and that really didn't impact on our operations. We see that we will sort of continue to invest there, even if it's troublesome times. We believe in the people there. They are strong, they are good, and they are important part of the Pagero story to move this company forward. We also have been, for a long time, investigating and have been preparing a possible cash offer on one of our competitors in England, Tungsten Corporation. They're sort of the same size of Pagero, but not growing at all. We have this week put a bid on them, and we will see how that goes. It's a public bid, so it's following the takeover rules of England. We need to sort of do it in a certain way, and if we win that one, that will sort of immediately, it grow the presence of Pagero both in many ways, I would say, and I'll come back to that in this presentation a little bit. We've also ISO 27001 and ISO 27701 certified, and this is a commitment from us to see that we really invest in data quality to secure our customers' data and see that we are a safe haven for them for really trusting us in carrying some of their most important stuff in our networks. This is a tedious job. It never ends. We have to continue that. It helps us to become better. It also makes us a trusted partner for the rest of the people working with us, the companies, I would say. It's much easier for them to add Pagero to another understanding that we understand what we do and what we sort of work with. ARR, it gives you some numbers. I don't know if I have to go into them. I have sort of commented on them before, but it's you can see here what happened during the pandemic, Q1 2020, Q1 2021, and now we are Q1 2021 and Q1 2022. We have sort of come out of that dire strait, I would say. We still have a big chunk of the industry that hasn't recovered from the pandemic that will come in hopefully, especially hospitality, we talked about that before. I think that there will be an underlying growth coming back from that also as things goes by. Definitely, this is a growth that is contributed by more demand on digitalization straight over, both from government sector, but also from the industry. I'm particularly industry-focused because I know that companies that really invest in this over time, they will be one of the winners also globally in their own operations, and that will contribute to what we do. If you look at net sales, show sort of the same numbers. You saw net sales growth Q1 2020 to Q1 2021 was nothing to brag about. We're now back to normal numbers, and we will see this continuing going forward into the Q2 and Q3 and Q4 of this year. That's the message I wanna bring to you. If you look at the EBITDA and EBITDA margin, as I said in the past, we have sort of established operation. 28% margin in 89% of our net sales. All those markets are growing. The 11% we have here are investment operations. We will do that. I mean, I think all of you are our shareholders understand that if we lacked investment operations in U.S. or in Japan or other places of the world that we think are important to be able to serve, you would probably complain. We are really doing this because we believe that the end goal here is to build a, you could say, a LinkedIn for business to business in the world. If you can do that, not only connecting companies, but also showing the world that these are companies that are sort of, they do exist, they're existing, they are viable, but also you can connect with all the business messages they wanna have to do enabled trade. You have created something that's a unique animal that will bring a lot of revenue streams in the future. Customer base growing, despite we have deleted 6,004 inactive customers during the period. Despite that, we grow with 17% organically in 47. What we do is that customer, they only sign up but never start executing, that means paying to us, then after a while, we sort of take them away because we see they're inactive. That's just a natural process that we're working with all the time, so that's nothing to worry about at all. Underlying growth, existing customer base, that's also important to see. That's the transaction volumes. We see now transaction volumes coming back to normal growth. What is happening? The happy thing is happening that our customer base is enlarging number of countries they use us in. There are a lot in different message type. That means that they're doing other processes. They also like to do other services like payment, for instance. All these things comes together because their ERP system, their business systems becomes much, much more rich of correct data. They also can do things quicker, they get information quicker, and they can get alerts quicker. They sort of are creating an environment that they can make their operation much better. At the same time, they're connecting their customers and their buyers to their platforms, which means that they have a direct access to the ones that sort of make it their livelihood sort of good and better. M&A, as I mentioned previously, we acquired the Sri Lankan operation, and in March 2022, it was well-received by the 37 people we have there. We are now improving that and then growing that organization. We also announced offer to acquire Tungsten Corporation on May 9th 2022. Why? If I wanna comment on the Tungsten Corporation, I will say it gives us more presence, more people, talented people, geographical expansion. They have a good operation in U.S. that will strengthen our operation there. They have a good operation in U.K. They also have a good operation supporting parts in several neighboring countries to Europe and in Europe. They also have in Malaysia. It gives us network expansion possibilities, and also in some extent, functional expansion. There are things that we think that we should put in the Pagero network platform going forward. We hope that this will sort of pull through, and then we'll be successful in this acquisition, and it will move the Pagero company forward. We will forward a couple of years in development, at least, if not more, and we will become one of the really leading players in our field globally. We would like to do that together with the staff of Tungsten and with the people working in Pagero. We wanna transform the Tungsten people, I'm sorry to say, to Pagerans, but we think that the world is better with more Pagerans. We will try to do that as good as we can. If you look at the regulatory stuff, there are things happening all the time. This is the driver. This is the thing that makes people wants to invest. They wanna solve a problem. India extends its e-invoice and mandate scope. Companies has to comply. Spain is doing that for Basque. Companies has to comply. Poland is doing it. France is doing it. Panama is doing it. If you are a selling company in the world, you want someone to take care of this for you, to really see that this works. You don't wanna have a problem with an invoice. You have enough problems to sell the stuff, and we are sort of taking care of that. We're also taking care of connecting all these countries, all these places with. From a supplier point of view, which also creates other possibilities and other advantages for the people working with these things. Development in Q2. We have paid off all our bank loans. We have a good relationship with our bank. We don't have any debt to them anymore. We have now also offered to acquire Tungsten Corporation, ninth of May. We have a new credit facility of SEK 1.5 billion being secured, whereof SEK 750 million have been drawn down to be able to use for the funding of the potential Tungsten acquisition. We also launched support for P27. That's a new Nordic payment platform. We are an important player in that. We see a tremendous need for that when the bank here within Sweden gonna replace, the clearing houses are gonna become fewer, and we will be an active player in that part of the business. We really can see to that people get full control of the cash flow operations, both from an AR and AP perspective, but also have full control over the banks and the bank payments when it comes to ISO payments, especially when it comes to suppliers and payment of salaries. We believe that this will really propel the company further in this sector. We think that all business messages in a platform are coming together after a while and will contribute to better information for our end customer. We also added a new member in the board. Marianne K. Knudsen will be sort of proposed as a new board member in Pagero from this afternoon, and we welcome her very much. If the AGM says yes to the board, and she'll be a valuable member in the company. Marianne is a Danish citizen. Thank you, all. That's what I had to say to you today. Excellent. Thanks for the presentation, Bengt. Thank you. Now we will also get you up on the screen as well for the Q&A session. Let's start with the first question then. You mentioned at the beginning that this quarter was more like a normal quarter for you. Are we to expect the same type of growth if we look forward? I know it's hard to predict, but are you finding, are you having sort of like an order backlog where you can share some details on, and how do you see the growth going forward? We have an order backlog of over SEK 11 million of things that we haven't delivered yet. That's good. We have a pipeline that's growing all over the place. We have a sales force that is in place in all regions. We are doing both the direct sales, we are doing partner sales, and we are also doing what we call call center sales. Platform sales is something we are working on. We believe that we can do a good quarter in the coming quarters. We don't give any prognosis, but we definitely gonna try to follow the Q1 in what's happening, and we do our utmost best, and we believe that over time these are the numbers you can get used to. Okay. Thank you. Next question. In terms of organic growth, it seems transactions is the primary driver driving growth, quite a lot while license is a bit slower. How do you perceive the rest of the year? Should we expect a similar development? I think when it comes to the connection fees or the fees we have when you connect to the platform, we will see them growing. What we really wanna see is the transaction growth, because transaction use really proves that people are using the platform and using the services. If you see that continues to grow with the numbers we're now, you should be very safe and understand that people are really using the service, so they hopefully like the service, and that's the best measurement. I mean, I think we can predict that this will continue going forward. Yes. More services, more countries, more compliance demands, et cetera. Okay. Thank you. If we look at the recurring revenue and the ARR, it was a strong quarter. Could you share some more details on what segments in Pagero's business that was the main driver of this strong growth? We had strong sales in markets like North America and Germany, as I talked about before, but also the Nordics. It's all with all type of industries. It's in the traditional manufacturing industries, selling globally, servicing globally. It's specially focused on the IT-related companies, do you know, that we, the brand names we know that are globally operating. So I would say it's all over. There's a lot in the healthcare sector, health segment, suppliers to the hospitals of this world. They are looking at this. This is a key area for them to tie the customer closer to the suppliers so they can sort of deliver and focus on patient safety and other things that are issues in that segment. Yeah, it is. I wouldn't say anything special. We are a generic company when it comes to our services. We really see that some of these sectors are really focusing on and has understood the need to do this now and that there's a great benefit to do it. Okay. Thank you. Next question. The high EBITDA margin in established markets, are you excluding any central costs when getting to that number? Are capitalizations included? Yes, everything is included in the EBITDA margin. Yes, we calculate the same way for emerging markets or we call investment markets and established market. I think you can see that in the report how we do it, but if not, we're gonna clarify that. Yes. Okay, thank you. Next question. What's behind the other external expenses declining by SEK 9 million quarter-over-quarter? Is anything related to you acquiring the R&D team in Sri Lanka? There are some. I mean, when we acquired the R&D team in Sri Lanka, before they were on consultancy basis, so that number goes down and moved to salary payments instead, so staff cost. That's what's happening. Okay, thank you. If we look at the possible acquisition of Tungsten, could you provide any synergies you expect if the Tungsten acquisition goes through? In terms of integration, are we talking about a lengthy process before we will see benefits? I mean, in all these integration projects, you can always brag about and say, "This is easy." This is not easy. This is a difficult task to do these things. On the other side, the merits, if you come out on the right side with the right setup, is fantastic. There is sort of a trade-off here. We will do this in a very cautious way. We have done some of these projects before. We know the company very well. We have had a long and lengthy DD process, both on tech, especially focused on technical sides, more than financial, I would say, because you can all read the financial sides. We believe strongly that this is a. Yeah, there are synergies here that are really good. Of course, we need to find them, and we know where they are, but we know to develop that together with the Tungsten staff. I wouldn't sit, stay here and say it's three months and six years and then or whatever. It's not like that. It's we're gonna service also these customers that are relying on Tungsten today. Okay, thank you. Yeah. During the presentation there, you mentioned several markets that you were established on. If we look at the other markets where you're not established yet, is there any particular markets that you're extra interested in? I know you mentioned U.S., but are there any markets where you find great benefits of your products? Japan. Okay. Japan is the main market. Will that be your next target, so to speak? We are already investing in that market, and we believe that. I mean, if we look at supply chains of the world and GDP of this world, Japan is a country or a market that we want to connect into the platform. Definitely. Okay, thank you. If we look ahead six-twelve months, what will be Pagero's main focus? I know if the acquisition of Tungsten goes through, I know that will be a main focus, but are there any areas where you will, I mean, have extra focus the next six-twelve? Compliance and automation is, of course, our field, so we will continue to do that. We talked about payments, we will continue to develop that. I would say it's continuing with the business and being stubbornly boring, I would say, and do the things we're doing and asking our people to really, you know, focus on what we are good at and then deliver that. It will make a dramatic impact on what we do. We think we have the market. The market is there, the demand is there. We have the product. We need to execute in a smart way. That's what we have to do. Okay, great. That was the final question of this Q&A session. Big thank you, Bengt, for the presentation and to answering all the questions. A big thank you to all the viewers and to all of you who have sent in questions. I hope to see you again on the next presentation with Pagero Group. With that said, I wish you all a very good day. Thank you. Thank you, all of you. Thank you.