Welcome to Physitrack's Q4 2025 results webcast. I'm Henrik Molin. I'm the CEO and founder of Physitrack, and I'm joined today by Matt Poulter, our CFO. Let's kick this off. We will start by taking a little look at the financial consolidation for the fiscal year, and we'll go through business updates from our two divisions. Matt will take you through the financials in detail, and then I'll come back to strategy and outlook before we open up for Q&A. Now, as usual, you can use the Q&A function on your Zoom panel at the bottom of your screen. All right, let's do this. 2025, as you know, was very much a financial consolidation year for us. We improved a lot of things structurally in the business. If you look at the headline numbers, adjusted EBITDA is up 21% year-on-year. Adjusted EBITDA margin now sits at 35%, and we delivered a EUR 2 million free cash flow swing year-on-year. We've simplified the business. We've cleaned up unprofitable revenue streams. We stepped away from areas that were not accretive. Overall, it's a leaner, it's a meaner SaaS business. We spent a lot of time on that in 2025. Growth did slow as a consequence. Revenue for the year was broadly flat. We had contraction in wellness as we exited low-margin contracts, but ARR has remained very stable, and as we exit 2025, 92% of our Q4 2025 revenue is subscription-based. That's the holy grail for a SaaS business. This is predictable, stable, recurring cash flows with a higher margin structure. We're also really well positioned for North American acceleration, thanks to our New York-based team, which actually is not only a commercial push into the U.S. and north of the border, it's also a cultural dynamo for the wider organization. If we look at the financial highlights, pro forma revenue is EUR 13.5 million. Free cash flow has improved materially over the last several quarters, as we've seen. The trend continues. Recurring revenue now represents a two-center business, like we just said. EBITDA less CapEx has improved dramatically, close to 200% improvement in Q4 2025. Full-year adjusted EBITDA less CapEx growth is 277%. These are really big structural numbers. Nice, big swings. Adjusted EBITDA margin for the full year is 35%. EBITDA less CapEx margin is 11% for the quarter and 14% for the fiscal year. We're seeing real operational leverage here. If you look at the divisional split, 83% of the business is now Lifecare. That's where we put tools into the hands of healthcare providers around the world so they can make their patients feel better, faster. Seventeen percent is wellness, where we put tools into the hands of employers so that their employees are healthier, happier, and more productive. Let's take a look at Lifecare. Revenue is EUR 11.3 million, up 7% year-on-year. ARR is also EUR 11.8 million, up 9% year-on-year, reflecting a very stable customer base. Adjusted EBITDA is EUR 5.5 million or 49% margin. Adjusted EBITDA less CapEx is EUR 2.9 million or 25%. These are very strong SaaS numbers. ARPL is up 6% year-on-year to EUR 171, driven by pricing optimization and exiting low-margin contracts. SaaS growth margin sits at 86%. Churn remains stable on a 12-month look-back basis at around 1%. Customer lifetime values continue to expand. Q4 adjusted EBITDA less CapEx of EUR 0.7 million is helping fund group investment in a very disciplined way. Moving to wellness, pro forma revenue contracted 13% year-on-year as we exited physical care delivery and legacy low-margin contracts. What remains is a very focused enterprise SaaS business with care escalated through partners rather than delivered by us. ARR is EUR 0.9 million. ARPL is up 56% year-on-year, reflecting the shift towards higher-value enterprise relationships, of course. Adjusted EBITDA margin is 5%. Adjusted EBITDA less CapEx margin is minus 4%. This has been a restructuring year for wellness. That work is largely complete. We've merged teams into unified structures. We've reduced operational complexity. We improved the SaaS growth margins versus last year, and we materially reduced costs without compromising workflow or velocity. Entering 2026 as a leaner and meaner fighting machine, we are more sustainable, we're more scalable, and we're better positioned for a commercial upside. Execution priorities on this slide, pretty busy, but North America is central for many reasons. We have $2 million of revenue in the U.S. today. That should have been double-digit million ages ago, and I believe it will be over time. Having a dedicated team on the ground in New York with geographic proximity and customer access is really key. It's not just about North America. The New York team acts as a cultural dynamo for the group, the intensity, the workflow discipline, the energy, that spreads globally, we did this on a largely cost-neutral basis. We recycled headcounts. We've not compromised cash flow to build this presence in the greatest city in the world. Well, after Umeå and Sweden, of course. On product unification and value expansion, you've seen early examples of Champion Health and Physitrack cross-fertilizing. Champion is becoming a preventative ecosystem with care elements. Physitrack is incorporating emotional well-being and preventative components into the offering. It strengthens the ability to expand revenue within existing customers and not just to sell more licenses, but to sell more value. We're also focusing on bundling Physitrack more coherently this year. We're looking at continuing education through PhysiCourses, joining up right next to home exercise prescription and Remote Therapeutic Monitoring in the U.S. These bundle offerings, they strengthen our competitive positioning, it gives us more firepower against players like MedBridge, it also creates more revenue expansion potential. On financial strength, 2025 has given us a real springboard. Strong free cash flow means we can invest in innovation, people, commercial acceleration, it also means that we can invest in shareholder value. On that subject, Matt's gonna dig more deeply into the share buyback program. We announced that last week. We've had AGM authorization for years, now we have the cash flow to use it. It provides liquidity support in a micro cap setting, we can also use treasury shares for equity-based incentive schemes. We now can align shareholders and the teams, and we preserve liquidity. It's a sensible tool to have in the toolkit. Finally, on wellness, we reset the business. It's focused on enterprise SaaS. We've exited the legacy low-margin contracts. We've simplified the product, refined the commercial methodology, reduced the complexity, and improved margins. The plan from here is to rebuild the revenue growth from a simplified, higher quality base. 2025, it was about doing more with less, cleaning up, strengthening margins, securing predictable revenue streams, cash flows, and building a foundation for acceleration. I'm gonna hand over to Matt now to walk you through the financials more in detail. Matt, over to you. Thanks, Henrik, good afternoon, everyone. Let me take you through the numbers. FY 25 was a year where we made a lot of the right calls structurally. We simplified the portfolio, we drove profitability significantly higher, and turned free cash flow decisively positive. Those are real achievements, on the top line, we didn't grow at the rate we set out to you, and that's something we're not satisfied with. Henrik touched on it, and it's important I acknowledge it too. Growth below our own expectations is not something we gloss over. Let's look at what the year actually delivered. Reported revenue came in at EUR 13.5 million, down 3% on a reported basis. Some of that decline is intentional. We exited revenue that was diluting our margins, that required disproportionate management attention. Frankly, it just wasn't the business we wanted to be. On a pro forma basis, stripping those disposals out, revenue grew 3% to EUR 13.5 billion from EUR 13.1 million. That's the underlying trajectory. We're moving in the right direction, not fast enough. That's what 2026 is about. Where the year really delivered was profitability. We managed to expand our margins by 7%, up to 35%. Also that, in turn, improved our cash position. That's probably the number that we're most proud of. Free cash flow and continuing operations went from negative EUR 1.6 million to positive EUR 1.2 million, a swing of around EUR 1.8 million on a like-for-like continuing basis. If you compare the total reported cash outflow we disclosed last year of a negative EUR 1.8 million, which included the Fysiotest and the wellness disposed businesses, the full swing is closer to EUR 2 million. That matters because it reinforces that those divestments were absolutely the right call, not just strategically, but from a pure cash perspective. We were carrying businesses that were consuming cash. We stopped. The results speak for themselves. Next slide, please, Henrik. Let me give you the full revenue picture, because there's a few layers we need to unpack here. At the reported level, revenue is down 3% for the year and 8% in Q4. As I said a moment ago, the reported number is distorted by the deliberate actions we took. Wellnow, Fysiotest and the exit, the lower-margin wellness clinic contracts. These were planned exits, not revenue we lost through competitive failures. The cleaner read to pro forma, which was up 3% for the full year, minus 3% for Q4. Q4 being negative is something we're keeping a very close eye on, it more reflects the wellness reset still working its way through, we expect to see this to stabilize and improve through 2026. On FX, there's an important nuance here. On a constant currency basis, pro forma revenue grew 6% for the full year. That's a 3 percentage point gap between reported and constant currency, which is driven through USD and GBP movements against the euro. The good news is that because we operate as a global business, that does become a degree of natural hedging. Our cost base in those same markets offsets a meaningful portion of the top-line FX impact. While it shows up in the revenue line, the EBITDA impact is a lot more muted. That said, FX is an area we monitor continuously, and we're making sure that we have the right protocols in place so that we're not caught out by significant swings in either direction. Looking ahead, how do we get the growth rate moving? Henrik touched on it, the short answer is several things working together. North America is the single biggest opportunity, we're investing there with dedicated commercial hubs in New York, as well as creating a hub in London to spearhead the EMEA sales. We're also focused on cross-selling between LifeCare and Champion Health. These are complementary propositions that we haven't fully leveraged yet. Platform enhancements across both products are creating higher value bundles and improving our competitive position in enterprise tenders. Specifically on Champion Health, we're refining the go-to-market approach, moving more towards a preventative health, healthcare positioning that we believe resonates strongly with large enterprise buyers, who are increasingly thinking about employee health as a strategic priority and not just as a benefit. That shift in framing opens up a different and larger conversation with HR and C-suite decision-makers. Next slide, please, Henrik. Before I get into the profitability charts, a brief note on the statutory reported position. The business showed a loss for the year at the reported level. This is almost entirely driven by non-cash charges, impairment, disposal costs, and transactional costs associated with the portfolio rationalization. These are one-time costs of doing the right structural work. They're real accounting entries. They don't reflect the underlying earnings power of the business we're left with, which is why the adjusted metrics are the right lens here. The operating model is genuinely in good shape. The left-hand chart shows our quarterly EBITDA margin trend going back to 2023. What you see is a business that's structurally rerated from a 28%-32% EBITDA band to now a run rate firmly in the mid-thirties. Q4 came in at 34%, and the full year for 2025 is 35%. The right-hand chart shows EBITDA less CapEx by division, and this is where it gets really interesting. Lifecare delivered EUR 2.9 million of EBITDA less CapEx, up from EUR 1.9 million in the prior year on an 88.6% SaaS gross margin. It's a cash engine, it's funding everything else. Wellness moved from a negative 0.5 to a negative 0.1. The restructuring is nearly complete, we expect continued improvement from here. At the group level, adjusted EBITDA less CapEx grew 277%. Our platform is maturing, we're doing more with less capital. That's the trajectory. Next slide, please, Henrik. I said earlier that cash was the number 1 figure I'm most proud of this year. Let me show you why. This chart shows a story that I think is really powerful. Cash right back to 2022 and early 2023, you can see a period of consistent cash consumption as we're investing in the platform and integrating our acquisitions. Through 2024, you see a mixed picture, partly because of legacy entities that were consuming cash. From Q4 2024 onwards, we're now looking at 5 consecutive quarters of positive free cash flow and firmly upward. To put some numbers on it, free cash flow from continuing operations for the full year came in at a positive EUR 1.2 million versus negative EUR 0.6 million in FY 2024, and that's on a like-for-like basis. As I noted on the previous slide, if you compare the total reported FY 2024 cash outflow, which is EUR 1.8 million, including Fysiotest and Wellnow, the year-on-year improvement is much closer to EUR 2 million. That's a meaningful inflection and validates the portfolio decisions we made. On the balance sheet, we're in a much more solid position with cash at EUR 0.7 million at year-end. RCF now is drawn at EUR 4.2 million, down from EUR 4.9 million last year. We've been able to pay that facility down rather than drawing on it this year. That's obviously increased our headroom from EUR 0.9 million last year to EUR 1.5 million this year. Net debt is also down from EUR 4.1 million to EUR 3.3 million. We're deleveraging organically. There's no equity dilution, there's no financial engineering, it's just cash generation paying down debt. Crucially, cash generation now exceeds CapEx, which is an important milestone because it means the platform is no longer a net consumer of capital, it's a net producer. That changes the conversation about what we do next with the cash we generate. Next slide, please, Henrik. What do we do with that capital? Our priorities are sequenced deliberately. Maintain liquidity and covenant headroom first, then fund organic growth second. North America product, commercial expansion, selective leverage is the RCF third, and then fourth is a return of surplus to the capital to our shareholders, to yourselves. Last week, we announced the buyback. The board has approved a program of up to 10% of shares under our existing EGM authority, and that's going to be funded entirely from operating cash flows. No RCF drawings. The rationale is straightforward: We've got confidence in our cash generation, and we think buying back our own stock is a sensible use of surplus capital at current levels, alongside providing our teams with an opportunity to be rewarded in the overall company success through an employee share scheme. A few of you have already asked some questions about the mechanics of this, so I need to kind of address a few nuances there. Physitrack, whilst listed on the Nasdaq First North Stock Exchange, it is a UK-registered company, and we're governed by UK corporate law rather than Swedish company law. That's a really important distinction here, because in Sweden, only synthetic buybacks are permitted, whereas under UK law, we have the option of either a synthetic or a classic market buyback structure. We are favoring the classic market buyback route, executed under more safe harbor laws. Before we launch this and before we finalize the mechanics, there's also a few steps that we need to work through. We're working with Santander to get consent for our RCF facility. We don't foresee that being an issue. We also need to complete a capital reduction exercise to ensure we've got sufficient distributable reserves, which is a UK Companies Act requirement. We're actively progressing both, and once we've got a definitive plan, we'll communicate that clearly to the market. This is something we're prioritizing as a business. Henrik, back to you. Thanks, Matt. That's great. As we look ahead, we believe we're very well positioned to accelerate from a durable, high-margin, recurrent revenue base, with a really nice financial springboard. We are reiterating our financial goals. As you can see here, we've also added share buybacks as part of our shareholder-friendly toolkit, supported by positive free cash flow. We're really excited about the future of this business and can't wait for what lies ahead. Now, before we move into Q&A, quick reminder again, you can submit your questions using the Zoom Q&A function at the bottom of your screen. All right, thank you for this first section. Let's open it up for questions. I'll see you on the other side. All right, good stuff. Let's get cracking with a number of questions that have come in. First up, can you comment on sales momentum and the outlook for top-line growth? We measure sales activity and momentum extremely closely, and so these are some... It's very KPI driven. It's very data-driven. We use systems like HubSpot, which is the, so the ground zero for everything that we do data-wise. There are also tools that we use that is in front of the sales team as they work with customers. Systems like Gong, for example, that takes apart every single conversation that a customer will have with a salesperson when they're on a call together. For example, you get some really interesting KPIs there in terms of how a salesperson is performing, what% that he's speaking during a sales call, for example, and also what the customers are asking, stuff that I can feed into product development, and then we can make product calls on that. It's very data-driven, and this is where we look at what momentum we have. We look at the sales pipelines, we look at the probability of closing, we look at the lengths of the sales cycles, and we break that down into what is then a forecast on where we're gonna end up. We have reason to believe that we have really good momentum. We look at it very, very closely and not just reported revenue. It's a high quality of deals in the pipelines. The conclusion is that we are returning to stronger top-line growth based on that data. It's not based on hope, wishing, and praying. It's based on what's actually sitting in the funnel today and how those deals are progressing through the different stages. From a visibility perspective, we feel really, really confident about the trajectory of where this is going. Another question: How would you characterize the pipeline today? The pipeline is very strong. It's quite enterprise-heavy. That means larger, more strategic deals, and they have longer sales cycles. The upside is that, even if you land just a handful of these deals, they meaningfully move the needle for us. The challenge is that these initiatives are large in scope, and they're often quite strategic for our customers. That means that there are multiple levels of decision-making at their end, and decisions can take longer than expected. We work strategically with not just the people who are running tenders or that are the operational people behind the implementation of technology. We also work with the end decision-makers, the CFOs and the CSO, CEOs, at an early stage so that we can get sign-offs. That said, the level of interest is really high, and the deal sizes are substantial. While timing can vary, the underlying opportunity is very real. Now, I had a question on mix and match a little bit. had a question: Did we change our go-to-market approach in the recent years, or are you largely selling in the same way as before? This is something that's evolved a lot over the years, and so, the sophistication of our counterparties is higher. The way that they take apart an opportunity, especially if it's on a strategic level, it's a big investment, it is very different. I think there's a whole other body of knowledge out there around systems and tendering and how things fit in in an organization. There are also a high degree of sophistication in terms of building for your own benefit, using your own tools and your own teams. We are in competition with customers' internal teams and their desire to maybe build something that's proprietary. Things have changed quite drastically. I'd say it's very, very far from how we've done things before. In terms of our go-to-market for product-led growth, that's obviously something that's in constant evolution to make sure that you fit the palette of the end buyer of that. You can see how we've changed. Just visually, if you look at our campaigns, how we communicate in our newsletters, how we communicate on social media, it's a very, very drastic change, and also the methodology, the underlying tools that underpin the PLG funnels, they've changed and they keep evolving and changing. Yeah, you can't expect the same results by doing things the same way. I think that's the definition of madness. I think I was paraphrasing Einstein. All right. Are there any specific large deals that could impact performance in the near term? Yes, there are specific. There are several high-volume enterprise opportunities in negotiation or formal RFP processes. In America, for example, we have been approached by some very, very major players, which is we engage on the back of having a strong brand with the big hospital systems, notably in New York. A number of these could materially move the needle for the region over the coming months, and also they will have an impact on, you know, the wider organization. It's not just a US success story if they close as expected. As always, we remain really prudent in our assumptions around timing, but these are meaningful contracts that have the potential to significantly impact growth. All right, there's a question on AI versus CapEx. Do AI initiatives require additional CapEx? No, not from where we are sitting now. There are no material changes to CapEx requirements in relation to AI. We've had a number of R&D initiatives underway for a very long time. Actually, we started with AI development already in 2019. That's the furthest that we go back, but in a big way, in 2022, as we got the first API into ChatGPT before it was even a consumer product. What it boils down to is not so much resourcing, it's about prioritizations, and we have to prioritize things in the roadmap rather than look at incremental spend. There are things that touch on UI, UX for both the Physitrack platform and the related PhysiApp, for example, and other products in there that are non-AI in nature, but they move the needle for certain customers. It's a matter of just shifting resources around in a dynamic way. We are reallocating focus towards AI where it's appropriate, but we already have a very significant effort in that space and have had for a long time. It's not a matter of stepping up or having new capital outplace to execute on those plans. Next question here: How should we think about net revenue retention and the new U.S. CSM hire? The CSM hire in the U.S. has been very successful. We have a strong presence on the ground there, and it's very much focused on expanding revenue within existing North American accounts. There are, I think, 18 accounts that are really high priority for this. The objective is to drive deeper adoption inside of these ecosystems. In some cases, we've only just scratched the surface in terms of usage. We want to scratch the surface in terms of cross-pollination between the different components we have, both in the Physitrack platform and also with Champion Health. There are additional modules. There's an overall account growth that has very, very high potential just with existing relationships. That systematic approach to it, which we've actually never really had in North America, will be a very important lever in pushing NRR above 100% again. It's about being more proactive. We need to be closer to the customer. Obviously, that geographical proximity is really, really important. When we work on these key accounts, just having somebody that is actually in the geo, actually in the same city, is also very helpful when you want to work with companies like NYU Langone and HSS that are actually on the ground in the U.S. We can now systematically identify expansion opportunities within the install base in a very, very different way. The U.S. is not a greenfield opportunity for us at all. We've had a presence in the U.S. for about 10 years, but we haven't done it systematically, and we haven't done it in the right way. We can have a lot more success with having boots on the ground, and it's a very, very exciting initiative. As we said, the New York team is actually very, very accretive for the rest of the business as well. That culture, the intensity, the way that they do business, the way that they're more plugged in, the way that the regulation in the American market is different from what it is in Europe, keeps the rest of the business on their toes when they have exposure to that dream team that's in the New York office. Question number 6 here, or 7, depending on how you see it: How do you reconcile a share buyback with incentivizing key team members? Well, there... There was a question here, as well, that said, "Why are you implementing a share buyback when you need to invest money in R&D and maintaining momentum?" Well, they're not mutually exclusive. That's the key here. They work really well together because the model that we intend to apply is to use treasury shares for equity incentive programs. We mentioned that a few times during this call and also in the interview I did, in our, in our spotlight segment. Instead of paying cash bonuses, we can use shares. That strengthens the alignment and the momentum, the intensity, with our team vis-à-vis our shareholders. It also conserves capital. It's a great way of using cash flow and making sure that you actually invest in innovation and momentum, and you can still do something really, really good for the shareholders. This provides us with a lot of flexibility, and, you know, I think we can do some really, really great things in a long-term way. The presence of the New York office has increased the appetite for more share-based incentives. It's not just an initiative that we've had in looking at what's going on with our shares and our valuation, but really, there's a real momentum behind that team, and we want to do whatever we can here to make sure that they are supported on their journey to do some really, really great things. The next question: What's the opportunity from cross-selling? Now, we haven't attached a specific percentage target to cross-selling at this stage, but we do believe it can be quite substantial, and the reason is quite simple. We have some really big trusted relationships in place, and so introducing products that can genuinely help healthcare providers stay healthy, happy, more productive, that's highly relevant to existing customers. The healthcare industry and the way that these very, very brave men and women who do great things for their patients and their clients, that's a very high-pressure environment. There's a lot of stress, there's a lot of burnout, there's a lot of worker absences, there's a lot of attrition, and something like Champion Health can really, really come in and help with that. We have some interesting work that we're doing with companies that are supporting this. There will be some interesting things happening on that front, both in North America and elsewhere as well. We think it's pretty low-hanging fruit from a commercial perspective, and it should be really accretive for customers in terms of outcomes, and at the same time, great incremental revenue for us.... Okay, let's see what else we have here. Here's a good one. From your perspective, what are the main reasons the company is not currently growing at the same pace? I think the same pace as the broader industry. I think there are a couple of things in play here. I don't believe that we had the right team and the right efforts to lead sales for a period. I believe that we had a work from home culture in the commercial team that wasn't accretive for us in terms of us having enough sales momentum and the intensity that was needed. This is obviously something that's that's behind also the push in investing in New York and making sure that you have individuals that have that type of high-intensity situation. Having the office hubs in London and New York are really important for us in terms of just getting back to that momentum that we initially had when we had founder-led sales back in the early days. I think there's a lot to do there in terms of just coming back to that high-intensity culture. Of course, when you're in a process of restructuring, when you have essentially two separated divisions and businesses, you dilute yourself in terms of the momentum you can have. The combination that you have between this, shall we call it, half-complacent work from home culture when it comes to commercials with restructuring, didn't do some great things for us in terms of making sure that we could just keep momentum up there. That's something that's been remedied. It's something that's very much a new initiative for us, and we're very, very confident that you're gonna see some interesting deal activity very, very soon. Okay, do you believe that the current size and structure of your U.S. organization is sufficient to support your ambitions in that market? I think we are well-placed in terms of that team that will be... I think there are gonna be 5 people by early Q2, we think that that, supported with the systems that we have, the way that we can accelerate and have leverage with really, really smart technology, that is enough for the time being. Just note that we had 1 part-time guy on the ground in Houston working the American market for many, many years, and we were able to build quite an interesting portfolio. Just multiplying that, adding the intensity of the New York office, I'm very confident that we have the right dream team in place to just make that happen. Let's see. Question here on the board. How effectively does the board support you in your role, and do you feel that your board has the right mix of expertise for the challenges over the next few years? I think, if you look at it specifically, having somebody that lectures on AI at Oxford and is right at the front end of the development of AI is a great force of nature to have on the board in the form of Dr. Arar Paul. If you have, you have a person that is in charge of a multi-hundred million hedge fund, with a lot of experience with active investing and looking at a company from a critical point of view in terms of how you should run things to make it more palatable for investors. And also somebody that's very, very R&D heavy in terms of her own portfolio companies, with a great team supporting her in many, many big ways. That is a great person to have on board in the shape of our Chair, Anne-Sophie d'Andlau. Somebody that's very, very skilled in terms of making sure that we can be compliant and have a great process around finances with Jasper Zwartendijk, and making sure that we have that interaction between leadership from a financial point of view and what's needed for investors to feel that we are a safe investment. I think that's very, very powerful. We are looking at what to do with the fifth board seat, and this is something that we are keen on looking closely at from an American point of view, to see if we can have something that can open doors and to be at the forefront of what's going on in the North American market. We have a great interaction between the board. They keep management on their toes in terms of what's needed to be done. I'm very, very happy with that collaboration. It's evolved quite a lot over the years in terms of how we work together day to day. How is the culture managed between a CEO in New York City, a CFO in London, and an engineer in Poland? We have, I think 35 engineers in Poland. We also have our COO in London. The answer is, with the focus that we have on great technology, we have had a culture based on remote working for a very, very long time, ever since we were founded. We have a fluidity in the collaboration between our team members, and it's not something that we are concerned about. I think the exception is the commercial team, we do want those teams to be physically present in our offices, in our hubs, just to make sure they can keep the momentum going. In terms of leadership, I couldn't be happier with the fluidity and the way that we keep each other on our toes, and we make sure that the business is pushed on a daily basis, with what we're doing. According to note six in the year-end report, during 2025, you paid out 317,619 EUR to a Monaco company where Henrik Molin is a member of the board of directors. What is this payment for? That is my salary. I think that answers that question. Let's see. Regarding the EUR 1.1 million deal early 2025, how is this progressing? Will it provide growth going forward? Good question. Yes. It's one of the most exciting things that we ever did for wellness overall, and to bring Champion Health up to an enterprise-level product. It's been a fruitful collaboration. They've certainly kept us on our toes in terms of the stability and the, and also, the, some of the more detailed things that you have to do to provide your technology to governmental end counterparties. That's something that's going well, it's growing, and it's something that will be accretive to revenue as well. It's a great proxy customers for others doing the same thing. On the back of that deal, there are a number of deals that we are involved in that can replicate that in size and scope. Let's see. Is license growth for LifeCare business indicative of future sales growth, or is the size of each license too different to make that analysis? Well, yes and no. I mean, license growth is an important part of it, but there's a lot more in the toolkit in terms of cross-selling opportunities, other components that we have on our shelves, our virtual store shelves, that can boost revenue and per customer. It's not something that brings revenue in isolation. It's not a B2C business, where you look at the sales growth and revenue growth on the basis of the install base. They are connected, of course, because we do get paid per license, but there's a lot more to that story as well with what we do with things like Remote Therapeutic Monitoring as part of it, the data components, and there are some other things as well that are under development with the new AI toolkits and things like that. It is important, but it's not the sole contributor, so don't look at it too closely to draw conclusions about where this is going. Let's see. Lifecare is easy to see as a SaaS, however, wellness is a bit more mystical. Can you share how this service is delivered? That's a SaaS as well. It's you have yearly recurring revenue. You have subscriptions to components. There's a basic version, and there's a pro version of Champion Health, where depending on what the HR team needs in terms of transparency and data management, the revenue model depends on that. It's actually very similar. You have some components on top there, which are related to care delivery through our partnership network. You have fees for managing a body of workers inside of a company in relation to what care they can get escalated to for MSK care. Physical therapy, virtual physical therapy, that can then be referred to an actual physical therapist in a network that I think it encompasses, like, 900 clinics across the UK. It's very much a SaaS model, with recurring revenue, and I hope that demystifies things a little bit. It's very straightforward. I appreciate that we don't have the same availability for Champion Health to just play around with that and to sign up and look at it with product like growth, like we do for Lifecare. It's more of an enterprising type product, where you actually have to have, you know, an account and a relationship, and you need to set that up. I hope that we can just fix that in the future, just so that investors can take a little closer look at that, just to make sure it doesn't come across as a mysterious entity in the middle of everything. Question here: Is the listing in Sweden something that keeps U.K. and U.S.-based employees from buying the share? Yes. Yes, 1,000 times, yes. It's actually from time to time, it's very annoying. It's not just about employees, it's not just about our customers, it's about investors as well. The status of Nasdaq First North as a, as a, as a, I think, as a growth market, and so it's a marketplace rather than an exchange, is preventing people from actually fluidly being able to acquire shares. It's definitely something that Nasdaq should take a look at. The availability of these shares outside of Sweden is not as easy as it could be, should be. Yeah, just the fact that you can't... in the U.K., it's very, very hard to go on online brokerage platforms and buying this, buying the shares. There, you have to actually call up a broker, in a lot of cases, pay a pretty hefty commission just to do it. That keeps people away. Yeah, I would love to be on share platforms like, you know, the Schwabs and the other type of platforms, where people can just press a button and just buy Physitrack shares, but that's not something that's currently possible, but I hope that will change over time. Do you feel any concern about AI in relation to the company's future? That's a really relevant question, and you've obviously seen a lot of turbulence around that in the markets with a lot of nice market caps being wiped out across the board for SaaS companies in the last few weeks and months. I do a slightly deeper dive on that in the spotlight segment that was published alongside the report this morning. I think there are two sides to that story. I am very excited about the AI because it makes it possible to do more with less. You can accelerate a team, and you can provide resources in the form of technology without actually having too many people populate that. The way that we do product development, for example, is vastly different today from what it was a couple of years ago, with our ability to bring up concepts and prototypes that are clickable, workable, that you can put in front of customers, for example, and they can have a go at stuff and give you conclusions about what they actually need to, well, acquire your technology, or to evolve with you, or to grow with you. You don't actually have to do anything on the engineering side until you are 100% sure what you wanna do. The product team carries a heavier load in terms of that, but supported with vibe coding, it's something that is highly efficient, and it's low cost. You only really develop stuff with an engineering team when you are certain of what you wanna do. That means that the roadmap is really very tight in terms of priorities. You don't do stuff on speculation with the roadmap, with the engineering team. It's a very big change from what it used to be, because you used to think something up, you would design something on the product side of things, have a simple prototype, and then hand it over to engineering to build it, so it'd be clickable and workable. You show it to a customer. If they reject it, well, then you just spent, like, months working on something in your roadmap that just doesn't work, right? That's super exciting. When it comes to competition, there's something that certainly keeps us on our toes. I mean, I've heard this now for years, that AI is gonna come and eat the lunch of every single SaaS company out there. I think there's some nuance in that. I think there are some companies that should be worried about that, in terms of, like, how do they deliver value to customers, and how easy is it to replicate that? Now, we have to remember that we are inside of closed ecosystems when you look at healthcare, and it is a much bigger hurdle for companies like that to swap out your technology for, AI-based stuff that somebody will tinker together themselves with a development team. You know, stuff like information security, patient data management, and some of those big things, and also EMR integrations. You know, you have some of the biggest EMRs in the world, you know, the Epic and the Cerner of this world, where it's not that easy just to swap something like that out. I think while that's the case, and you're integrated into that, you have a lower probability of being eaten as lunch by AI-based initiatives. It's certainly something that we look at very, very closely, and we look at value delivery for our customers and what we can do to make sure we're at the forefront of innovation for them, so that we have a lower probability of being traded for, you know, for AI. That's... I do think that the world will keep evolving when it comes to AI. It's very important that we stay on our toes with that. In the meanwhile, we're actually benefiting hugely from the revolution that we've seen in AI for workflows across the whole group. That's something that also explains the cash position and the fact that we can actually continue to do more with a lot less. That's not just about restructuring and carving out businesses that are unprofitable. It's about how we can deploy our people into doing things that make money without actually having to spend too much in terms of the team sizes. Right, let's see. The fintech company Block recently announced a 40% reduction in staff. Okay, do you see similar development for Physitrack for the Physitrack teams going forward? Well, we cut a significant amount of staff in the last sort of 13, 14 months. We went from a total headcount, I think, of, was it 160 or something like that? Now we're, like, 70 or something like that, so counting consultants and, like, people that are attached with third-party contracts. We've done a journey like that. If you look at the numbers, I think, you might get a number that's similar to what Block has. Of course, there was stuff that we didn't wanna do with physical care deliveries. It was a, it was a physical care delivery network that we owned, that we parted ways with. A lot of what happened at Champion Health, for example, was the fact that we had doubled up in terms of staff. We doubled up in terms of processes and people, that meant that we could cut. I mean, I think we slashed our business with... I'm not gonna put a number on it, we had very, very minimal retention after we were done with the restructuring there, because we could integrate everything in the wider teams and just have one team work with two products. Yeah, we're probably in the same boat as Block with that. Going forward, I don't think so. I think we have a really lean business, what you would see for engineering, for example, is that you might have an evolution of how the composition is between senior and junior engineers, for example. We've already seen that, a lot of the product work that you do now is done in the product team, which means that you don't really have the need for junior engineers that build prototypes. What you do have a need for is senior engineers that can make sure stuff is just safe and secure and shippable, and something that can be deployed in an enterprise environment. You see a shift in the composition rather than, you know, reducing headcounts. Some very interesting times going on, which has also been fueled by the AI revolution. Let's see. Do we have any numbers regarding how big the buyback program should be? I'll pass it over to Matt. I mean, there's obviously a provision from the AGM that limits us to 10% of the share capital. There's also, you know, the safe harbor rules and the size that you can be in relation to the turnover. Matt, what are your comments on that? I don't think there's an exact figure that we can put on it or that we're gonna go out and say we're gonna buy X amount of shares. Everyone should have in mind that this is a long-term capital program for us. It's not sort of something short and snappy. It's something that we plan to sort of do over the long term to... I mean, not start in the long term, sort of, we will progress this. This will be part of our capital allocation policy, but more to sort of return capital to shareholders, as well as incentivizing staff, as Henrik said, with the treasury shares as well. Yeah, there's a balance. We want to see what is the actual need for a share incentive program, and so we're going to try to balance that because we don't want to erode cash flow ideally. If you know kind of how much you want to deploy in bonuses at the year-end, and you can apply that to the share buyback program, and it creates a nice dynamic there with that alignment that you want, without it eating up, without eating our capital. There's some stuff that plays into that as well. Obviously, we want it to turn into a champagne problem because the more successful that New York team is in building revenue momentum, and of course, you know, there's some great people in London as well. It's not just about New York, but the better they are and the faster they move, the more revenue they generate, the more will be in the pot for them in terms of these type of incentives. That will go hand in hand with the share buyback for us. Yeah, revenue has actually a direct connection with the size of the buyback as well, and not just for, you know, the traditional reasons for doing these things, which is to deploy free cash flow into the financial markets, just to support investors. It has a connection with the team and the team incentives. I think we have a last question: What is your market penetration percentage-wise in the U.S./other markets? I'd say, U.S., between the thumb and forefinger, as they say in Swedish, in Sweden, we're probably single-digit% in terms of market penetration in our segment. We should be well above $100 million potential for that market. Depends on how you count, but for just for this segment with physical therapy as a focus, that's so we're very small in relation to that, $2 million in relation to that. If you look at wellness and Champion Health, et cetera, I mean, you just take your pick. I mean, we have 0% penetration in the American market now. The potential is several billion if you do that right, in terms of these big providers, similar. There are providers similar to the deal that we did in Europe, where you have a company that will deal with employee wellness as well as employee care. You have the equivalence of these type of counterparties in the US. They do pretty much the same thing, and, but just for bigger customers, Fortune 500 versus UK, you know, FTSE 500, kind of. Just the scope and the size of those type of deals is just, you know, they're miles apart in terms of potential. Because we have some of those counterparties as customers, I think there's some interesting things that we can do once that platform is localized properly for the U.S. market. There are some trademark-related things that we took care of already years ago in terms of launching Champion Health in the U.S. market. Just a nomenclature piece, we have to call it Champion Life in the U.S. versus Champion Health in the U.K., for example. Yeah, it's interesting. If you look at market by market, if you look at the U.K., I think U.K. enterprise, we're above 90% for home access prescription with these in the insurance-backed segment. I think for the, for the NHS, we're probably like, I don't know, it's hard to say between PhysioTools and Physitrack, we're probably like 30%-40% market share. Australia, for the smaller, it is a smaller, it's a cottage industry there. It's more widespread. I think we are probably like, I'd say 60%-65% of that market. Depending on where we are, Netherlands, also a very high share. France, we're nowhere. They don't have a culture of using home access prescription systems. They like their pen and paper. They like people to come back for more treatments so that they can get the maximum number of appointments out, for example. Varies by market, but yeah, there's still a lot of potential here with this business, and it's very exciting to be part of that. All right. With that, I don't see any more questions. Unless something comes in on the Q&A, I wish you a lovely rest of the day, and keep following the story. Have a great, yeah, rest of t day, and we'll see you soon. Bye-bye. Thanks, all.