Good morning, warm welcome to all of you and this presentation from Pagero. We have Pagero and their CEO, Mr. Bengt Nilsson, with us this morning. He is going to present the interim report for the first quarter. My name is Fredrik Hansson, and I'm from Finwire. Bengt, the audience is yours. Thank you very much. Thank you all for checking in and listening to this quarterly report. I think in a way, when we, for 5 quarters ago, launched a plan to build the world's largest business network, people maybe thought that was a sort of too ambitious plan. We have now been executing for 5 quarters, and I would say that the stars are aligned. We are sort of now seeing all the signs in the market and in our development that we are on track to do that and develop the company so that in 2025 we do 1.5 billion SEK in ARR, and we would do EBIT margin of 20%. I'm gonna go through that so you get a feel for where we are at the moment and where we are heading. you know our product. We are doing a lot in the world when it comes to compliance. That is connecting our platform, that is sort of helping people to do trade between buyers and sellers to government infrastructures. The world is now on a path where all governments will contact their, sort of their taxpayers with their platforms. They wanna connect it. They wanna see that people are paying the right taxes, and they wanna see that being done electronically. This means that all nations of the world will, over time, the next, I would say, five to six, seven years, go digital. This will help us a lot environmental-wise. It will help us a lot to do the right taxation of companies in the world, and will also create a total different infrastructure for businesses to do what they do best, sell and buy things. That's where we are. I'm not gonna talk more about the product at the moment. I go further to look at the numbers. We are today over 800 FTEs. We have, in the past couple of years, been building product, and in parallel, we have built organization. You all know that building a product is one-third of the cost of launching things. One-third is marketing and one-third is selling it. We are now in over nine regions of the world where we are selling our products and representing the Pagero way, the Pagero story, and that is now there. It's in place. We will see a little bit slower path when it comes to growth of number of staff going forward. Countries, over 30+ and over 85,000 customers in the platform. We are developing things in the platform that will allow us for exponential growth, and we will come back to that in coming quarters. It's a very interesting moment in the development of technology, as you all know. If you look at the numbers, we had a growth of 32% in the net sales growth. We had an ARR growth of 33%, and we have an EBITDA margin of -9.4% or -11.7%, in line with what we have predicted according to our plan. 86% of the revenue is recurring, 88% is our gross margin, and customer churn is very low, 1.8%. This is in brief the numbers, and we are now heading for Q2, but we have a very good start of the year 2023. If we look at it, we reached almost SEK 180 million in revenue in Q1, and organic growth is 32%. This is important because we see now growth in all regions of the world. We see growth in North America, Latin America. We see growth in Australia, New Zealand. We see growth in Central Europe. We see growth in Western Europe, in the Nordics. Mature markets are also growing, which means that it's not a market we're just sort of happy with what has been sold and has been done. It is a development all over. People are changing networks. They're going to more modern structures, modern technology, and so forth. ARR grow to SEK 660 million, an increase of over 33%. I would say, will we keep up this pace? It will be really interesting to see where we are heading for 2025. Group EBITDA amounted to SEK -21 million compared to SEK -12 million in previous years. That is all according to the plan we had. Cash flow from operations amount to SEK -9.7, comparable SEK 7.5 in the comparable quarter last year. We have a strong cash position. It's important. We raised money from you, from the shareholders 5 quarters ago to execute on a plan until 2025. We have the funds that we need to do this, and we will develop the company accordingly, and we will also balance what we are doing according to the number of... the amount of money we have in the bank. We have a program that was sort of fully exercised in 2023 now. It was 2020 it was sort of announced, and 2023 it was now executed, and we raised SEK 54 million. I'm very happy to say that most of that was to people that are very close to the company or working in the company. It's good to see that everybody has such a faith in what we are doing. We have started our partner program. I think it's important to describe for you all that we have a strategy where we work with partners all over the world. We believe that partners relying on Pagero Network is the basis for executing on our future. The partner program is such that they connect their products. They are best at doing what they are doing. We are best at doing what we are doing. They're partnering with us both from a technical point of view. They're also partnering with us from a commercial point of view. We have one good sign. That's Thomson Reuters, which is a tax engine company, globally renewed, one of the largest ones in the world, that are now working fully with Pagero globally to secure and see that the flow of data is being done in the right way when it comes according to taxation. We will see more of this coming, but I think that's important for all to understand that if you believe that we have a high cost of sale organization-wise, that is because we are building a partner organization in parallel with a direct sales organization to support a strong growth going forward in the next coming three to four years. If we look at ARR, SEK 660 million, a 33% increase to compare that with 18% in the past. Important to understand that the SEK 4.2 million order impacted ARR with SEK 2.1, so that's to be very explicit. We signed that one in the absolute end of the quarter, and that is gonna start being delivered and showing the numbers in the PNL from Q2. The growth, this is really good for us. This is where we see now that large companies, tier two companies, small companies are joining the network and are helping us to grow this all over the world. We see that one connection, global reach, is what people want to have. They want to have someone that takes care of the connection to governments, the changing connections to governments. They're seeing that they are complying with everything. They can focus on what they are doing. We are focused on seeing that they get their invoices out and hopefully get them paid. That is what we are sort of working with 24 by 7. The organization in place, product in place. Further develop that with new messages types, new services, everything to be really see to that they have a smooth ride out in their business or trading between their trading parties. If we look at net sales, as I said in the past, growing with 32%. People can think, "Why was it 53% in the past?" Yeah, that's because we had Gosocket, our acquisition in Latin America, impacting the numbers. The comparable numbers is 24% organically in the previous period, and now it's 32%. As you see, we are continuing to grow and fuel the business quarter by quarter. I think in the world we are living today, it's very important for everyone to understand growth is the most important thing in a way. I mean, we can haggle about that we have to do EBITDA numbers. We wanna look at cash flow. Of course, we need to be careful about cash flow. Of course, we need to have the goal to make a good EBITDA or EBIT level, I would say. We need to have business. We need to have size. We need to have volume. We need to be targeting to try to dominate the part of the market to be the number one player. At least that is the goal. As you know, if you compete, you can get a silver medal. You can get a bronze medal in Olympics. In our business, you can only get the gold medal, and we are trying to get that gold medal. I want you to sort of like what we are doing when it comes to that. If you look at the business, we have what we call established markets. We have sort of separated the business into two parts. One is this established market, one what we call investment markets. If you look at established markets, there we have. That's representing 83% of our total net sales. It was 90% in the past. Now it's 83%. This is good. We are growing in 21% in net sales growth in these markets. That's Nordics. That's Germany. That's Latin America. We have an EBITDA margin of 34%. Not bad. Rule of 40 says 55%. We are strengthening established market and taking market share in established markets. That is a key factor, and that is something that you should really embrace. We think this is good because we see then that people likes our products, and they are continuing to invest in our products. When we come to investment markets, what is the investment market? Traditionally, that is small markets in the sort of in the close neighboring to the so-called established market. These investments market we call is North America. It's U.K. It's France. It's Spain. It's Germany in a way when it comes to e-invoice. In these investment markets, it is 17% of our total net sales, growing from 10% in the past previous quarter. We have or the last comparable quarter. We are growing net sales with 124%, and we have -204% EBIT margin. That is because we are investing in organization. We are investing in platform development in certain ways also to really get closer to governments like Japan, et cetera. If you look at this here, we have -264%. Now it's -80. Rule of 40 is getting there, and I'm gonna show you an interesting graph here because everybody talks about scalability. If you look at investment market sales growth, it has grown from 55, 73 in Q3 2022. In Q4, it was 88%. In Q1 2023, it's 124%. If you look at the EBITDA margin, it's also improving gradually in investment markets. If you look at group Rule of 40, we're now up to 24. It was at 11. 5, 11, 24. Group EBITDA is going from 16, -12, -12, -7. We are now seeing a shift in the whole business because we are now doing more business in what we call investment markets. I would say all over the place, I would say. We are now seeing signs that scalability is in the business, and that we are improving the group numbers, like I would say day by day, or quarter by quarter. Let's stay there. EBITDA margin in the group, I've talked about it before. We are committed, and I'll reiterate that, to achieve profitability goal of 20% EBITDA margin by 2025. If you look at that, this will be a really strong network globally when we have reached that goal. We will be all over the planet. We will be sort of, one of the contenders for... That what everybody will look at when they look at having a network for global trade, and that's what we are targeting. power growing customer base and usage, of course, is important. It's been growing. We have 3,700 new customers since start of Q1. We have signed largest deal in the company's history, SEK million over 24 months, SEK 4.2 million. We are signing deals in real estate, mining, government, personal hygiene, and aviation during the quarter. Of course, all of those signed deals are not impacting the numbers at the moment because they are in the early stage of implementation, early stage of setup, early stage of on boarding. Of course, they will, as we go towards Christmas, they will impact the numbers in the company as we go by. If you look at new sales coming from an existing customer base, that was 28%, but that's because the deal that we signed in the end of the quarter impacted the number because that was not an existing customer. If you should compare it and take away that deal, 70% of the business in Q1 was existing customers signing up for Pagero Network to grow their business further. That's a very good grade, I would say, to what they think about what we are doing and what we are achieving for them. Very important for us to have their loyalty, we are happy to really work with them 24/7 all days, yeah. Q1 regulatory highlights. There is a bandwagon going on in the world now, country by country joining this, there are a lot of initiatives that we are all being sort of part of. We are part of initiatives in North America. We are part of initiatives, of course, working in Japan. We have recruited our first Japanese on soil manager or sales/representative. We are seeing now that Germany is introducing B2B invoicing obligation as of 2025. That's one of the largest industrial nations, of course, as you know, in the world. France is doing the same. That was coming previously. All these markets are in the sort of virgin stage of development. We are there. We have people on the ground. We are developing certain things that is sort of special for these markets, and we are targeting this very, very professionally all the way, and we are there. Of course, these investment comes pre making money, pre earnings. If we don't do that today, it would be a misery a couple of years down the line or a year from now. I think everybody that's investing in companies like tech companies should understand that there is a phase that you need to go through. You need to have organization. You need to have the product ready for the market, and you need to be prepared to do the investments that are there. Otherwise, you shouldn't be in this business. You should be a local player somewhere in the world. We are not a local player. We are having customers over 144 countries, and they are all relying on that the network works 24 by 7. I assure you it is working 24 by 7, and we are improving the services we have. The expansion among customers is not only countries, it's also services that they need from the network. If we go past this, I think it's interesting to look what are we talking about? What market are we talking? We talk about only invoices. The market has gone from being a market estimate of EUR 4.3 billion in 2019 to a market of EUR 18 billion in 2025. Legislation is a game-changing accelerator that makes it necessary to do this. It's not an option. You can't say, "I will not do it. I will send my stuff on a paper." The paper is gone. It has to be electronically. The only question you have to put to yourself is that who will win this game? Who will be the number one player? Even if you are number five in that game, you will have sufficient business, so you will have a very good operational EBITDA level when you're done in this. That's what we are doing. Thank you very much, and I hope you will enjoy reading the report. I think the marketing department has done an excellent job trying to provide you with as much information as we can give you and doing it in a very prudent and a, and a very clear way, I would say. If you have any questions, please address them now or you send me a email or someone in the company that's in marketing, and we will try to answer it for you as quick as possible. Thank you very much. Thank you, Bengt. We have some incoming questions for you. The Q&A is starting right away here. Can you elaborate a little bit on the developments seen in your investment markets? I would say, as I said in this presentation, we are seeing good progress all over the line. Especially, I would say, in markets that investment markets that do not have a firm legislation at the moment. You can say that is countries, that is markets like North America, Western Europe. We foresee that that movement will continue, and they will accelerate. We have a client here saying, "Congratulations on the EUR 4.2 million order. Are you expecting more of these in the future? I mean, we are expecting to sign a lot of more deals in the future, it's not a strange deal. It's a deal that is part of a great opportunity. I would say that synchronizing, of course, we expect it, but we don't take it for granted. We are working hard to get several more deals like this, and our organization is doing an excellent job. I foresee that we will do more. Yes. What is the potential then in this order that, over time? Without addressing it specifically, we say if you do these orders are always initial orders, initial business that we sign. It could be a couple of countries, large volumes of transactions. You could say in general, these companies, if they embrace Pagero and think we are doing a good job, they are operating all over the world, so they will probably expand their footprint with us. The answer is, it is a part, probably. How? It's up to us, I would say. Okay. Yeah. How should we think about operating cash flows in this year? Is it fair to assume negative operating cash flow will peak? That is a good assumption, yes. How does the cancellation of P27 in the Nordics affect you? Not at all. We are in the part that is addressing the ISO certification, ISO format, I would say, which means that we are seeing that the banks are getting the orders in a structure way that they want to have. I talk about all the banks in the Nordics or wherever they are. The P27 project was sadly canceled. It was a good idea to have a good netting, more modern netting infrastructure for the bank environment in the Nordics. We hope that we will see that coming back. As you all know, business to business is an operation where you need to have traceability. And that's both legally and from a customer point of view, a necessity. We are a little bit surprised that it didn't, they didn't get it together, but we were not, are not impacted by it at all. Yes. Thank you. A question about economic climate globally. Do you see any difficulties execute your strategy going forward, or are you unaffected by the downturn in global economics? I wouldn't stand here and say that we are unaffected, I would say that the drive to be compliant, I mean, people are still doing business globally. As we all know, the global industry is going pretty well at the moment, and it's developing very well. Trade is there, trade is happening. They need to be compliant. We are giving them something that they cannot avoid. They have to have it, and they don't have the choice. The vendor, I think, are best at serving them. I wouldn't say that we are impacted in any way. Of course, if the market was better, we would probably do a little bit more deals and businesses. I think especially the tier 4s, the small businesses are impacted in a lot of way. People are more restricted to buying things and stuff like that. Of course, there is an impact. We don't see that in general in any, you know, in the numbers. As you see. I would say it's not at the moment, no. Okay. Thank you. We have one last question for you, Bengt. We see a slowing increase in numbers of FTEs added during the first quarter. Is this something we can expect will continue on the following quarters? Yeah. I mean, we are growing the business. It's a, it's a good question. We are developing more and more services, so we are adding resources to the R&D operation. We have built out the organization in general all over the planet for the last two years, as you have seen in the numbers. We believe that the growth of that will slow down as we go further on. Of course, if we see market explosion in certain places of the world, you could say U.S., for instance, we are definitely prepared to increase the number of feet on the ground to grasp that opportunity that will be in the market. It depends a little bit. We will do that in a prudent and a knowledgeable way. Okay. We're thanking you, both Pagero and Bengt for this presentation and good luck in the future. Thank you very much. Thank you for listening, all of you. Thank you.