Half Year 2026 Leaddesk Oyj Earnings Call

August 14, 2026

Olli Nokso-Koivisto: Hey, welcome to LeadDesk's H1 presentation live from Stockholm. Welcome everybody to LeadDesk H1 report presentation live from Stockholm. Today we are hosting for the first time outside of Finland, in Stockholm, which is, of course, as you know, a vibrant capital market city. As well as that, of course, it was our first market outside of Finland. Now after the recent signing of ACE acquisition, it is going to be our largest market then by the end of the year as well. I am happy also to be here as we see that the Swedish market has performed well. For example, European sovereignty has been a big topic here for quite a few years already, while other European countries are picking up on that trend.

Olli Nokso-Koivisto: Hey, Welcome to LeadDesk's H1 Presentation live from Stockholm. Welcome everybody to LeadDesk H1 report presentation live from Stockholm. Today we are hosting for the first time outside of Finland, in Stockholm, which is, of course, as you know, a vibrant capital market city. As well as that, of course, it was our first market outside of Finland. Now after the recent signing of ACE acquisition, it is going to be our largest market then by the end of the year as well. I am happy also to be here as we see that the Swedish market has performed well. For example, European sovereignty has been a big topic here for quite a few years already, while other European countries are picking up on that trend.

Speaker #1: Hey. Welcome to LeadDesk's Q4 presentation, live from Stockholm. Welcome, everybody, to LeadDesk's Q4 report presentation live from Stockholm. Today, we're hosting for the first time outside of Finland, here in Stockholm, which is, of course, as you know, a vibrant capital market city.

Speaker #1: And as well as that, of course, it was our first market outside of Finland, and now, after the recent signing of the ACE acquisition, it's going to be our largest market by the end of the year as well.

Speaker #1: I'm also happy to be here, as we see that the Swedish market has performed well. For example, European sovereignty has been a big topic here for quite a few years already, while other European countries are picking up on that trend.

Speaker #1: So, today we are looking at the growth journey we've been taking, and the latest steps there, and of course then focusing on our first half-year this year.

Olli Nokso-Koivisto: Today we are looking at the growth journey we have been taking and the latest steps there, and of course then focusing on our H1 this year. On the agenda, we have many topics, but before that, I would also, of course, like to introduce my CFO, Teemu Rautiainen, who is here together with me.

Speaker #1: And on the agenda, we have many topics, but before that, I would also of course like to introduce my CFO, Teemu Rautiainen, who's here together with me.

Speaker #2: Hello.

Teemu Rautiainen: Hello.

Speaker #1: And with him, we're going to be presenting, firstly, of course, the first half-year takeaways. I'm going to be presenting Leaddesk in brief, so looking at the things that we've been doing in the first half as well as then, of course, deep-diving on the ACE acquisition and opening up the logic behind that.

Olli Nokso-Koivisto: With him we are going to be presenting firstly, of course, the H1 takeaways. I am going to be presenting LeadDesk in brief. So looking at the things that we have been doing on the H1 as well as then, of course, deep diving on the ACE acquisition and opening up the logic behind that, and then giving up to Teemu to present the financials and then looking at the outlook for the rest of the year. As typical for our release casts, we will be having a fireside chat together with the background then at the end of the session so you have the chance to ask your questions at the end then, and post them on the Q&A section in the meeting. Then moving along first to a short executive summary and the key takeaways of our first year.

Olli Nokso-Koivisto: With him we are going to be presenting firstly, of course, the half year takeaways. I am going to be presenting LeadDesk in brief. So looking at the things that we have been doing on the H1 as well as then, of course, deep diving on the ACE acquisition and opening up the logic behind that, and then giving up to Teemu to present the financials and then looking at the outlook for the rest of the year. As typical for our release casts, we will be having a fireside chat together with the background then at the end of the session so you have the chance to ask your questions at the end then, and post them on the Q&A section in the meeting. Then moving along first to a short executive summary and the key takeaways of our first year.

Speaker #1: And then, handing over to Teemu to present the financials, and then looking at the outlook for the rest of the year. As typical for our release casts, we'll be having a fireside chat together with the background at the end of the session, so you have the chance to ask your questions at the end and post them in the Q&A section of the meeting.

Speaker #1: But then, moving along, first to a short executive summary and the key takeaways of our first year. So, looking at profitability first, this has been a big topic.

Olli Nokso-Koivisto: Looking at firstly profitability, this has been a big topic we have been discussing. On the profitability, we are happy to say that we are improving quarter-over-quarter our LPM. So we are steadily on track to our target of 20% of EBITDA. Our overall revenue declined a bit, but on the other hand, looking at the Nordic own software side, we were growing, which I am super happy about. As we have said, we are doing portfolio management, and we are looking at our portfolio, and we have been downscaling on resale revenue that we have had previously to a small extent, but we are downscaling on that at the moment, focusing on our own software, our own AI IPR, where of course we have the best business and the happiest customers.

Speaker #1: We've been discussing and on the profitability we're happy to say that we're improving quarter over quarter. Our LTM, so we are steadily on track to our target.

Speaker #1: Of 20% of EBITDA. Our overall revenue declined a bit, but on the other hand, looking at the Nordic own software side, we were growing, which I'm super happy about.

Speaker #1: So, as we've said, we are doing portfolio management and we're looking at our portfolio. We have been downscaling on resale revenue that we've had previously to a smaller extent, but we're downscaling on that at the moment, focusing on our own software, our own IPR, where, of course, we have the best business and the happiest customers.

Speaker #1: And lastly then, of course, as I said earlier, the ACE acquisition—Telia ACE acquisition—that we announced after the period, that's a big topic.

Olli Nokso-Koivisto: And lastly then, of course, as I said earlier, the Telia ACE acquisition that we announced after the period, that is a big topic. It has a big strategic meaning for us, and I will be happy to share a little bit more later on on that. In general, the two large numbers I would like you to remember is we grew by 5% with our own software in the Nordics, which is our home market. On the other hand, we have been growing LPM EBITDA quarter over quarter, now reaching 18%, just two percentage points away from our target of 20%. With those words, I would then like to jump on to present LeadDesk and some of the great things that we have been doing, firstly on the vision side. On the vision side, AI is naturally a big topic and the positioning needs to evolve by that.

Speaker #1: It has a big strategic meaning for us, and I'll be happy to share a little bit more later on that. In general, the two large numbers I would like you to remember are: we grew by 5% with our own software in the Nordics, which is our home market.

Speaker #1: And on the other hand, we've been growing LTM EBITDA quarter over quarter, now reaching 18%—just 2 percentage points away from our target of 20%.

Speaker #1: With those words, I would then like to jump on to presenting LeadDesk and some of the great things that we've been doing—firstly, on the vision side.

Speaker #1: So, on the vision side, AI is naturally a big topic, and the positioning needs to evolve with that. I'm just going to jump into that now.

Olli Nokso-Koivisto: I am just going to jump into that now. For some reason, the mute didn't work there. Sorry about that. On the vision, we are working towards becoming Europe's most trusted AI-driven, voice-first customer interaction platform. That is the target. What we want to achieve is that we want to be Europe's most trusted AI-driven customer interaction platform. Just want to pause here for a sec. I will explain what this means now. On this, if we look at what it means to be Europe's most trusted AI-driven, voice-first customer interaction platform, what it means is that firstly, as we all know, European sovereignty has become a huge topic across Europe. As I said earlier, for example, in the Swedish public sector, this has already been a big topic for quite a few years.

Speaker #1: And for some reason, the mute didn't work there. Sorry about that. And on this, so on the vision, we are working towards becoming Europe's most trusted, AI-driven, voice-first customer interaction platform.

Speaker #1: So that's the target. So what we want to achieve is that we want to be Europe's most trusted AI driven customer interaction platform. Just want to pause here for a sec.

Speaker #1: I'll explain what this means. Now. So on this, so if we look at what it means to be Europe's most trusted AI driven voice first customer interaction platform, what it means is that firstly as we all know European sovereignty has become a huge topic across Europe.

Speaker #1: As I said earlier, for example, in the Swedish public sector, this has already been a big topic for quite a few years. But we have been built in Europe, for Europeans, and we've always relied heavily on European suppliers and been very much European.

Olli Nokso-Koivisto: But we have been built in Europe for Europeans, and we have always relied heavily on European suppliers and been very much European. This now is something that is brought also to the vision level. We want to be European by heart. On the other hand, what we are doing, and especially now looking at the acquisition of Telia ACE, this takes us even further there. We are working with mission-critical organizations and with very high demands on the quality of service that we must provide. This has always been the case, but this is just now underlined by the fact that we are serving Nordic customers on all sectors, public sector, enterprises, and so on, and we need to have that trust. On the other hand then, AI is something that is transforming the world, and it is transforming how organizations communicate with their customers.

Speaker #1: And this now is something that is brought also to the vision level. We want to be European by heart. Then, on the other hand, what we are doing, and especially now looking at the acquisition of Telia ACE, this takes us even further there.

Speaker #1: We are working with mission-critical organizations, and we have very, very high demands on the quality of service that we must provide. This has always been the case, but this is now underlined by the fact that we are serving Nordic customers in all sectors—public sector, enterprises, and so on.

Speaker #1: And we need to have that trust. On the other hand, AI is something that's transforming the world, and it's changing how organizations communicate with their customers.

Speaker #1: And at this, we are AI-driven. We're not hoping to be a fundamental AI bedrock such as OpenAI and so on. We utilize the technology here, also trying to be sovereign European, and then bring that benefit and help our customers in their AI transformations.

Olli Nokso-Koivisto: At this, we are AI-driven. We are not hoping to be a fundamental AI bedrock, such as the OpenAIs and so on. We utilize the technology. Here also trying to be sovereign European and then bring that benefit and help our customers in their AI transformations. We see this as a huge topic. We are in the right place to carry out this exercise with our customers. We have the data and the conversations flow through our platform, so we are the natural partner for our customers to implement AI in their customer interactions. Then moving along to voice first. This is one of the superpowers that we have. Our history is from voice. We have a lot of investments into voice. We can provide mission-critical level voice services to enterprise and public sector.

Speaker #1: We see this as a huge topic. We are in the right place to carry out this exercise with our customers. We have the data.

Speaker #1: And the conversations drove flow through our platform. So we are the natural partner for our customers to implement AI in their customer interactions. Then, moving along to voice first.

Speaker #1: So this is one of the superpowers that we have. Our history is from voice, and we have made a lot of investments into voice.

Speaker #1: We can provide mission-critical level voice services to enterprise and public sector. And this is really something that sets us apart from many of the competitors as well.

Olli Nokso-Koivisto: This is really something that sets us apart from many of the competitors as well. We, for example, have a very strong CPaaS platform of our own. We do not fully rely on others, but we have that inside the portfolio. This is also a big differentiator towards many of the competitors. Customer interactions, that is where we thrive, and that is where we are best. So we help organizations with their customer interactions, and that is where we want to succeed and we want to prosper. Lastly then, we are a platform. We are utilizing other technologies naturally, and we are helping our partners provide services to our customers. We are gaining the scale where other companies now integrate to us to be able to provide services to our customers. So Europe's most trusted AI-driven, voice-first customer interaction platform. That is our vision 2030.

Speaker #1: For example, we have a very strong CPaaS platform of our own. We don't fully rely on others, but we have that inside the portfolio.

Speaker #1: This is also a big differentiator compared to many of our competitors. Customer interactions—that's where we thrive, and that's where we are best. So we help organizations with their customer interactions, and that's where we want to succeed and where we want to prosper.

Speaker #1: Lastly, we are a platform utilizing other technologies naturally, and we're helping our partners provide services to our customers. We are gaining the scale where other companies now integrate with us to be able to provide services to our customers.

Speaker #1: So, Europe's most trusted AI-driven, voice-first customer interaction platform—that's our vision for 2030. Then, looking at LeadDesk in brief for those of you who haven't participated earlier.

Olli Nokso-Koivisto: Looking at LeadDesk in brief for the ones of you who have not participated earlier. Firstly, what does LeadDesk do? We provide a cloud-based communication platform for customer service and sales enablement. So the use cases being, for example, customer service, and sales organizations across enterprises or public sector. We service the most demanding organizations like, for example, banking, finance, insurance, also the public sector, and especially the healthcare sector. These are in the fundamental core of our offering. We operate across Europe, so our home market is Finland, Sweden, and Norway. That is our home market. Then we span across the continental Europe, reaching down to Mediterranean and Spain. As said, we aspire to be the most trusted AI-driven, voice-first customer interaction platform for European companies to trust on and have their custom operations run on.

Speaker #1: So, firstly, what does LeadDesk do? We provide a cloud-based communication platform for customer service and sales enablement. So the use case is, for example, customer service and sales organizations across enterprises or the public sector.

Speaker #1: We service the most demanding organizations, like for example banking, finance, insurance, also the public sector, and especially the healthcare sector. And these are at the fundamental core of our offering.

Speaker #1: We operate across Europe, so our home markets are Finland, Sweden, and Norway. That's our home market. And then we span across continental Europe, reaching down to the Mediterranean and Spain.

Speaker #1: And as said, we aspire to be the most trusted, AI-driven, voice-first customer interaction platform for European companies to trust and have their customer operations run on.

Speaker #1: Then, looking at a bit of the numbers—not stealing the thunder from Teemu—but if we look at our growth journey, we've been growing heavily since 2014: 22% CAGR.

Olli Nokso-Koivisto: Looking at a bit of the numbers, not stealing the thunder from Teemu, but if we look at our growth journey, so we have been growing heavily since 2014, 22% CAGR. Since we listed in 2019, we have been also focusing quite a bit on our profitability and have to say that we have been able to increase it quarter over quarter, now reaching 18% LTM for the H1. As earlier communicated, it is a bit of repetition, of course, but what we are focusing on now is the profitability part. That is our core focus. We want to focus more. We do portfolio focusing, operational focusing, focus, focus to gain better profitability. Then by having that better focus and alignment, we can reach then to the higher growth phase and investments into growth while maintaining that profitability.

Speaker #1: Since we listed in 2019, we have also been focusing quite a bit on our profitability. And I have to say that we have been able to increase it quarter over quarter, and are now reaching 18% LTM for the first half.

Speaker #1: As mentioned earlier, this is a bit of a repetition, of course, but what we are focusing on now is the profitability part. That's our core focus.

Speaker #1: We want to focus more, we do portfolio focusing, operational focusing, focus, focus, focus, to gain better profitability. And then by having that better focus and the alignment, we can reach then to the higher, higher growth phase and investments into growth while maintaining that profitability.

Speaker #1: The SaaS business is all about scale, so, of course, scale matters here. We believe that we can then profitably grow also in the future.

Olli Nokso-Koivisto: SaaS business is all about scale, so of course scale matters here, and we believe that we can then profitably grow also in the future. So that is briefly about LeadDesk. Then I want to move on to the Telia ACE acquisition which significantly strengthens our Nordic position and enables then a larger market for our AI offering. On this, I just want to give a bit of a background to our previous acquisitions as well before diving into the logic behind ACE. So if we look at what we have been building throughout the years, so we have a repeatable M&A model here where we gain scale and can create value, and that is the idea. Firstly, we have been consolidating the market. That is the first pillar. So we have vertical solutions that we have been consolidating the market on.

Speaker #1: So that's briefly about LeadDesk, and then I want to move on to the Teria ACE acquisition, which significantly strengthens our Nordic position and enables a larger market for our AI offering.

Speaker #1: And on this, I just want to give a bit of background on our previous acquisitions as well, before diving into the logic behind ACE.

Speaker #1: So if we look at what we've been building throughout the years, we have a repeatable M&A model here, where we gain scale and can create value.

Speaker #1: And that's the idea. So, firstly, we have been consolidating the market—that's the first pillar. We have vertical solutions that we've been consolidating the market on.

Speaker #1: And now these vertical solutions sit on top of our foundation, which is our cloud operations and CPaaS. What this means is that in a mission-critical communication platform, the SLAs are 20 minutes.

Olli Nokso-Koivisto: These vertical solutions sit on top of our foundation, which is our Cloud Ops and CPaaS. What this means is that in our mission-critical communication platform, the SLAs are 20 minutes, that's not 20 minutes for replying to inquiry. That's 20 minutes from problem to resolution. That's something where really operational excellence matters and that we've built and that we can utilize across our vertical solutions. On the other hand, we have our CPaaS platform. As I said, we're really happy about being voice first and about our voice platform. Here we can of course provide the same guarantees on the availability and quality, but also this is the fundamental layer that connects our verticals help our customers achieve. That's done by expanding the LeadDesk offering across all these vertical solutions.

Speaker #1: And that's not 20 minutes for replying to an inquiry. That's 20 minutes from problem to resolution. And that's something where really operational excellence matters.

Speaker #1: And that we've built and that we can utilize across our vertical solutions. On the other hand, we have our CPaaS platform, as I said. We're really happy about being voice-first and about our voice platform.

Speaker #1: And here, we can of course provide the same guarantees on the availability and quality, but also, this is the fundamental layer that connects our vertical to help our customers achieve.

Speaker #1: And that's done by LeadDesk expanding the LeadDesk offering across all these vertical solutions. A great example of one of the acquisitions here was, for example, Forentik, which we did at the beginning of the year.

Olli Nokso-Koivisto: A great example of one of the acquisitions here was, for example, Fluentic, which we did at the beginning of the year, providing the capabilities of multilingual customer service and sales to all our platforms. That's a great example. For example, providing multilingual live translation to all the platforms that we can then offer independent of the underlying vertical solution. This is a big opportunity for us going forward. Then moving on to actually then Telia ACE. What is Telia ACE? Telia ACE is a trusted platform for mission-critical customers. It's a communication platform for mission-critical customers. It's built for sovereign European. It's sovereign European and it can also utilize, together with us, it can utilize our AI functionality, for example, the Fluentic live translations then in the future.

Speaker #1: Providing the capabilities of multilingual customer service and sales to all our platforms. So that's a great example. For instance, providing multilingual live translation to all the platforms that we can then offer independent of the underlying vertical solution.

Speaker #1: And this is a big, big opportunity for us going forward. Then moving on, actually, to Teria. So, what is Teria ACE? Teria ACE is a trusted platform for mission-critical customers. So, it's a communication platform for mission-critical customers. It's built for sovereign European—so it's a sovereign European—and it can also be utilized together with us, it can utilize our AI functionality, for example, the Forentik live translations, then, in the future.

Speaker #1: On top of that, we see that our voice platform is well developed, and integration to our CPaaS platform will benefit the existing customer base and also enable future customers.

Olli Nokso-Koivisto: On top of that, we see that our voice platform is well-developed and integration to our CPaaS platform will benefit the existing customer base and enable also future customers. ACE in itself fits very well with our core industry focus as well as much of its customer base is in public sector, healthcare, and financial services. That's a very good add-on to the mix. On the actual acquisition deal that we signed in July. In July, we signed a deal to acquire, subject to, of course, regulatory approvals and the normal things to acquire the Telia ACE platform, the IPR, and the engineering department and everything that's needed to really handle ACE. Through that, then, of course, we gain a fantastic platform and a great opportunity.

Speaker #1: ACE in itself fits very well with our core industry focus, as much of its customer base is in public sector, healthcare, and financial services.

Speaker #1: So that's a very good add on to to the mix. On the actual acquisition deal that we signed in July so in July we signed deal to acquire subject to of course regulatory approvals and the normal normal things to acquire the Teria ACE platform the IPR and the engineering department and the and the everything that's needed to really handle ACE.

Speaker #1: Through that then of course we gain a fantastic platform and and a great opportunity. But at the same time of course there are commitments and revenue involved and this by this then we we become our Sweden becomes our largest market.

Olli Nokso-Koivisto: But at the same time, of course, there are commitments and revenue involved, and by this then Sweden becomes our largest market, our single largest market then in the group, surpassing Norway that was previously the largest. It also enhances our reseller network as then Telia will become our reseller in the markets it operates in. On ACE itself, some numbers, over 100,000 users across the Nordics and over 90 really committed communication professionals primarily in Sweden, Lithuania, and Finland. Lastly, but not least, then if we look at the pro forma revenue for the combination of LeadDesk once this deal is concluded, then on the pro forma side, we will reach over EUR 50 million in revenues, thereby giving the scale that's fundamental to any SaaS business that I also mentioned earlier.

Speaker #1: Our single largest market then in the group, surpassing Norway, which was previously the largest. It also enhances our reseller network, as then Teria will become our reseller in the markets it operates in.

Speaker #1: On ACE itself, some numbers: over 100,000 users across the Nordics, and over 90 really committed communication professionals, primarily in Sweden, Lithuania, and Finland. And last but not least, if we look at the pro forma revenue for the combination of LeadDesk once this deal is concluded, then on the pro forma side we will reach over €50 million in revenues.

Speaker #1: Thereby giving the scale that's fundamental to any SaaS business that I also mentioned earlier. So here if we look at the other strengths that the scale then brings so on the on that side so at the moment of course we have good offering but with this team and the added capabilities basically what what we foresee is that we can now start competing in all the all the even the most complex tenders across the Nordics and Europe in the future.

Olli Nokso-Koivisto: Here, if we look at the other strengths that the scale then brings, on that side, at the moment, of course, we have good offering, but with this team and the added capabilities, basically what we foresee is that we can now start competing in all the even the most complex tenders across the Nordics and Europe in the future. Of course, there is also economics of scale to be gained here, and I believe that in the midterm, this would also be very beneficial for our profitability and revenue growth going forward.

Speaker #1: Of course then there's also economics of scale to be gained here and and I believe that this in the in the midterm this would also be beneficial for for our profitability and and revenue growth going forward.

Speaker #1: And lastly but not leastly the opportunity to provide our AI solutions to these customers so that the existing Teria ACE customers I'm really enthusiastic about going going and meeting with those customers as well hopefully then later on and really providing then then opportunities for for upgrading on the AI path and really getting for example the multilingual capabilities from our our offering or AI based chatbots AI insights analytic analytics and so on.

Olli Nokso-Koivisto: Lastly, but not leastly, the opportunity to provide our AI solutions to these customers, so the existing Telia ACE customers, I am really enthusiastic about going and meeting with those customers as well, hopefully then later on, and really providing then opportunities for upgrading on the AI path and really getting, for example, the multilingual capabilities from our offering or AI-based chatbots, AI insights, analytics, and so on. Super excited about being able to bring AI into the mix. As you know, and you have seen from our releases as well here, we are really excited about being now able to work together with Telia to continue the success of ACE. Also at the same time, it is very important for us to be able to bring these other functionalities to the markets together with them.

Speaker #1: Super excited about being able to bring AI into the mix. And as you know, and you've seen from our releases as well here, we are really excited about now being able to work together with Teria to continue the success of ACE.

Speaker #1: And also at the same time it's very important for us to be able to bring bring these other functionalities to the markets to together with them on the on the other side then we are getting over 90 great professionals developing developing the product platform and and that's something we need to also pick up on and we need to constantly develop and make it even better in the future.

Olli Nokso-Koivisto: On the other side, then we are getting over 90 great professionals developing the product platform and that is something we need to also pick up on, and we need to constantly develop and make it even better in the future. Naturally, on the other side, we do have an existing partner network also across the Nordics, and we are remaining committed to an open partner model, and we do foresee that the open partner network works in our favor. We have been able to have some great successes, for example, in Norway there. Lastly but not least, we have done quite a few acquisitions in our past. The one learning from those to share is that it is all about the people. Nothing works without the people. I have a saying that companies, they are just VAT numbers.

Speaker #1: Naturally, on the other side, we do have an existing partner network also across the Nordics, and we are remaining committed to an open partner model. We do foresee that the open partner network works in our favor, and we've been able to have some great successes, for example, in Norway there.

Speaker #1: Lastly, but not least, we’ve done quite a few acquisitions in our past. The one learning from those to share is that it’s all about the people.

Speaker #1: So, nothing works without the people. I have a saying that companies—they are just VAT numbers. A synonym for a company is 'fellowship' in English, and a fellowship is what we are.

Olli Nokso-Koivisto: Synonym for a company is fellowship in English, and a fellowship is what we are. We need to be on this journey together. We need to get one team together. We are going to be about 300 customer interaction professionals, so we need to work as a fellowship to really bring that sovereign European AI-driven, trusted platform to our customers. That is what we now need to do, and that is the number one thing also on my agenda. It is all about the people, and we need to now succeed together. After the transaction is concluded, we need to build one team and work on one target and one goal. But super excited about getting so many long-time professionals in the communication space on board. Here, I will conclude my first session and give it off to Teemu for some of the financials to share with you.

Speaker #1: We need to be on this journey together. We need to get one team together. We are going to be about 300 customer interaction professionals, so we need to work as a fellowship to really bring that sovereign European AI-driven, trusted platform to our customers.

Speaker #1: That's what we now need to do, and that's the number one thing also on my agenda. It's all about the people, and we need to now succeed together. After the transaction is concluded, we need to build one team and work towards one target and one goal.

Speaker #1: But super excited about getting so many long-time professionals in the communication space on board. Here, I conclude my first session and give it off to Teemu for some of the financials to share with you.

Speaker #1: Thank you, Olli, and it's nice to be presenting here in Stockholm also on my behalf. I'll start my presentation by discussing our top-line performance and the revenue mix. Then, I will discuss the increased profitability, and end the presentation with the balance sheet structure.

Teemu Rautiainen: Thank you, Olli, and nice to be presenting here in Stockholm also on my behalf. I will start my presentation discussing our top-line performance and the revenue mix. Then I will discuss the increased profitability and end the presentation with the balance sheet structure. Let us start with the top line. As you have read from the release, while our aggregate revenue came slightly down in the H1 of the year, our own software revenue in the Nordics grew in this period. We are happy about that because that is the core of our business. In H1, our revenue declined by 3% to EUR 19 million, and in the LTM period that we like to look at, the revenue was EUR 38.8 million, and the decline was 1%.

Speaker #1: So, let's start with the top line. As you have read from the release, while our aggregate revenue came slightly down in the first half of the year, our own software revenue in the Nordics grew in this period, and we are happy about that because that's the core of our business.

Speaker #1: So in H1, our revenue declined by 3% to €19 million, and then in the LTM period that we like to look at, the revenue was €38.8 million and the decline was 1%.

Speaker #1: The decline was due to the fact that we that we announced already earlier in our outlook for 26 that we are reviewing our portfolio and we are reviewing the some unprofitable customers and products and now we have indicated that that is roughly 8% and and the impact will last until mid or until the end of 28.

Teemu Rautiainen: The decline was due to the fact that we announced already earlier in our outlook for 2026 that we are reviewing our portfolio and we are reviewing some unprofitable customers and products. We have indicated that that is roughly 8%, and the impact will last until the end of 2028. We estimate that maximum half of that will impact this year. So part of that impact in the H1, and there will be some impact also in H2. Additionally, also what we have communicated earlier, the Spanish telemarketing regulation has intensified, and that has impacted our CPaaS communication platform as a service revenues in Spain. On the other hand, and positively, like I said, our own software revenues grew by 2% globally and by 5% in the Nordics.

Speaker #1: And we estimate that at maximum half of that will impact this year. So now we saw part of that impact in H1, and there will be some impact also in H2.

Speaker #1: Additionally also what we have communicated earlier in the Spanish the Spanish telemarketing regulation has intensified and that impacted on our CPAS communication platform as a service revenues in Spain.

Speaker #1: Then, on the other hand and positively, like I said, our own software revenues grew by 2% globally and by 5% in the Nordics, and this was driven by the positive Nordic momentum, especially in the customer service software, for example, in our JSON products and also the recent acquisitions we have done. Then, looking at our ARR, we changed our ARR KPI or metric from the beginning of the year, so currently we report the revenue-based ARR instead of the ARR contract-based, and that is because we feel that is more comparable to our peers and we believe that also is a better indicator of our performance in the period.

Teemu Rautiainen: This was driven by the positive Nordic momentum, especially in the customer service software, for example, in our Zisson products, and also the recent acquisitions we have done. Looking at our ARR, we changed our ARR KPI or metric from the beginning of the year. Currently, we report the revenue-based ARR instead of the ARR contract-based. That is because that is more comparable to our peers, and we believe that that also is a better indicator of our performance in the period. The impacts in the ARR obviously are same as with the revenue, but since the ARR measures the last 3 months of the period, the impact was slightly higher because they happened in the middle of the quarter. So measured at the end, slightly higher impact.

Speaker #1: The impacts in the ARR obviously are the same as with the revenue, but since ARR measures the last three months of the period, the impact was slightly higher because they happened in the middle of the quarter. So, measured at the end, there is a slightly higher impact.

Speaker #1: Positively, and as we have discussed earlier, we have been focusing on our net revenue retention, NRR, and that improved in the first half of '26. We haven't disclosed that number, but we can say that the number improved, meaning that we have been able to grow with our existing customers.

Teemu Rautiainen: Positively, and what we have discussed earlier, we have been focusing on our net revenue retention, NRR, and that improved in the H1 of 2026. We have not disclosed that number, but we can say that that number improved, meaning that we have been able to grow with our existing customers. Olli already highlighted, but I also want to highlight the Telia ACE acquisition. That is taking us when closed end of the year to about EUR 50 million revenue. That is a step up in our revenue and taking us to a new scale. That is important and making Sweden as our largest single market, making us even stronger in our Nordic home markets and increasing the momentum in the Nordics. It is also increasing our revenue in customer service software, which is also important and core of our business. Looking at the revenue mix.

Speaker #1: And then Olli already highlighted, but I also want to highlight the Telia ACE E acquisition. So that is taking us, when closed at the end of the year, to about €50 million revenue.

Speaker #1: So that is a step up in our revenue and taking us to a new scale. That is important, making Sweden our largest single market and making us even stronger in our Nordic home markets, thereby increasing the momentum in the Nordics.

Speaker #1: It's also increasing our revenue in customer service software, which is also important and core to our business. And looking at the revenue mix, Leaddesk has three businesses.

Teemu Rautiainen: Leaddesk has three businesses. Leaddesk has software business. Leaddesk has the CPaaS business, Communications Platform as a Service, and a services business. Our software represents 76% of the total revenue, while CPaaS is roughly 20%, and then service is a couple of percentages. Our software further breaks down into our own software, which is the blue part in the graph, and then some third-party resell software revenue that we are reselling to our customers. That is the gray part. That is roughly also the part, the 8% that we are reviewing currently. When looking in more details, our own software revenues, it comprises of customer service and AI revenue and sales enablement software revenue. Leaddesk started with a sales enablement focus, so software to sales improve the productivity and efficiency of sales processes.

Speaker #1: Leaddesk has a software business. Leaddesk has the CPaaS—Communication Platform as a Service—and the services business. Our software represents 76% of the total revenue, while CPaaS is roughly 20%, and services a couple of percent.

Speaker #1: Then our software further breaks down into our own software, which is the blue part in the graph, and some third-party resell software revenue that we are reselling to our customers.

Speaker #1: That's the the grey part. That's roughly the also the part the 8% that we are we are reviewing currently. If when looking then more more in more details the our own software revenues it comprises of customer service and AI revenue and sales enablement software revenue.

Speaker #1: Leaddesk started with the sales enablement focus. So software to sales improve the productivity and efficiency of sales processes. Then Leaddesk started building customer service software in-house and through the acquisitions has increased the share of the customer service revenue to to higher and the and AI to higher than the sales enablement.

Teemu Rautiainen: Leaddesk started building a customer service software in-house, and through the acquisitions, has increased the share of the customer service revenue to higher, and AI, to higher than the sales enablement. Most recently, the Zisson acquisition took that revenue higher than the sales enablement. Now, the announced Telia ACE acquisition will make the customer service and AI revenue more than half of the total revenue of Leaddesk and roughly two-thirds of our ARR. That is a significant step up in the customer service revenue. Why is it important? It is important because customer service software is usually bought by bigger companies, bigger customers, meaning that net revenue retention dynamics are better. Usually, retention is higher. We have more upsell opportunities, so we have better growth opportunities, and we can build a scalable business based on that.

Speaker #1: Most recently, the JSON acquisition took that revenue higher than the sales enablement. And now, the announced Telia ACE acquisition will make the customer service and AI revenue more than half of the total revenue of Leaddesk and roughly two thirds of our ARR.

Speaker #1: So that's a significant step up in the customer service revenue. Why is it important? It's important because customer service software is usually bought by bigger companies. Bigger customers mean that the net revenue retention dynamics are better.

Speaker #1: Usually, retention is higher, we have more upsell opportunities, so we can build—we have better growth opportunities and we can build a scalable business based on that.

Speaker #1: It's also an area where we have we have built our own AI especially for the customer service and as only outlined we have now a bigger customer base and we have opportunities to take our own AI software products now to this bigger customer base.

Teemu Rautiainen: It is also an area where we have built our own AI, especially for the customer service, and as Olli outlined, we have now a bigger customer base, and we have opportunities to take our own AI software products now to this bigger customer base. So that gives us growth opportunities going forward. Thirdly, also, the regulation is more stable in the customer service. So that gives us better growth opportunities and enables us to build a more scalable business, which also then drives our revenue and profitability up through the scalability. Moving into the profitability. As Olli also said, our profitability improved in the H1 of the year. In the LTM period, the profitability, EBITDA was 18%, while in the H1 it was 15%, roughly one percentage point higher than last year, and at the lower end of our guidance.

Speaker #1: So that's a gives us growth opportunities going forward. And then thirdly also the regulation is more stable in the customer service so so that's enables us to build or gives us better growth opportunities and enables us to build the more scalable business which also then drives our revenue revenue and and profitability up through the scalability.

Speaker #1: Then, moving into the profitability. As Olli also said, our profitability improved in the first half of the year. In the LTM period, the EBITDA profitability was 18%, while in H1 it was 15%, roughly a 1% increase.

Speaker #1: ...higher than last year and at the lower end of our guidance. Then looking at last year, we increased throughout H2 because of seasonality.

Teemu Rautiainen: Looking at the last year, we increased throughout the H2 because of seasonality. So that is what we believe that will happen also this year. How did the profitability improve? It improved through our systematic work on increasing our productivity efficiency. We have a lower headcount at the moment than a year ago. We did a lot of work with Zisson on the integration and synergies, and then also the portfolio refocus, so better revenue mix. It also contributed to the increased profitability. In H1, the one-time items impacted roughly 1.5 percentage points on the EBITDA margin, mainly coming from the Q1 of the year. Looking at the operative cash flow. EBITDA converted to operating cash flow and before working capital change, that increased by 2% from last year.

Speaker #1: So that's what we believe will happen also this year. How did the profitability improve? It improved through systematic work on increasing our productivity.

Speaker #1: So, efficiency-wise, we have a lower headcount at the moment than a year ago. We did a lot of work with JSON on the integration and synergies, and then also the portfolio refocus.

Speaker #1: So, a better revenue mix also contributed to the increased profitability. In H1, the one-time items impacted roughly 1.5%—it's 0. on the EBITDA margin, mainly coming from the first quarter of the year.

Speaker #1: Then, looking at the operative cash flow, so EBITDA converted to operating cash flow before working capital changes, that increased by 2% from last year. Now, in H1, due to the negative working capital impact, the actual operating cash flow was lower than last year.

Teemu Rautiainen: In H1, due to the negative working capital impact, the actual operating cash flow was lower than last year. The negative working capital impact, EUR 0.9 million compared to last year, was due to the timing of payments both in and out of the company and something we are working on constantly to improve, and it is, of course, crucial for us to improve that also. After the operating cash flow, we invested in product development roughly the same amount as last year, and also paid back our loans. The loan repayments lightened our balance sheet. Moving on this slide, our balance sheet was total assets were EUR 3 million lower than at the year-end, and half of that is coming from the liability side. Loan repayments and also the working capital impact is visible there.

Speaker #1: The negative working capital impact—€0.9 million compared to last year—was due to the timing of payments both in and out of the company, and is something we are working on constantly to improve. It is, of course, crucial for us to improve that as well.

Speaker #1: Then, after the operating cash flow, we invested in product development, roughly the same amount as last year, and also paid back our loans.

Speaker #1: And the loan repayments lightened our balance sheet and moving on this slide. So our balance sheet was total assets were 3 million lower than at the year end and half of that is coming from the liabilities side so loan repayments and also the working capital impact is is visible there.

Speaker #1: And then half of that coming from the equity side, and that's because of mainly the goodwill amortizations contributing to negative net profit in the FAS accounting.

Teemu Rautiainen: Then half of that coming from the equity side, and that's because of mainly the goodwill amortizations contributing to negative net profit in the FAS accounting. Our indebtedness, net debt to EBITDA on LTM basis was stable, and that gives us a good basis to continue executing our strategy, when approved, continuing the integration of the Telia ACE platform to our organization and continuing the plans we have outlined earlier.

Speaker #1: Our indebtedness, so net debt to EBITDA on an LTM basis, was stable and that gives us a good basis to continue executing our strategy, continuing, when approved, the integration of the Telia ACE platform into our organization, and continuing the plans we have outlined earlier.

Speaker #1: So, overall, we are well positioned to go towards the future, and I'll now let Olli talk more about our outlook.

Olli Nokso-Koivisto: Overall, we are well-positioned to go towards the future. I'll now let Olli to talk more about our outlook. Thank you, Teemu. Looking into the future, of course, what we're doing now is we're building Europe's most trusted AI-driven, voice-first customer interaction platform. That's the vision and mission we're on. We achieve that by following our strategy. We're now halfway to our target of EUR 100 million in revenues with the ACE acquisition. At EUR 50 million, we're halfway to our target there of EUR 100 million for this strategy period. Of course, there's a huge AI opportunity that also lies ahead. As already communicated on the call quite a few times, we are now in the strategy phase of strengthening profitability. We want to get to the 20%, which we see is in sight.

Speaker #2: Thank you Teemu. So then looking into the future. So of course what we're doing now is we're building Europe's most trusted AI driven voice first customer interaction platform.

Olli Nokso-Koivisto: Thank you, Teemu. Looking into the future, of course, what we're doing now is we're building Europe's most trusted AI-driven, voice-first customer interaction platform. That's the vision and mission we're on. We achieve that by following our strategy. We're now halfway to our target of EUR 100 million in revenues with the ACE acquisition. At EUR 50 million, we're halfway to our target there of EUR 100 million for this strategy period. Of course, there's a huge AI opportunity that also lies ahead. As already communicated on the call quite a few times, we are now in the strategy phase of strengthening profitability. We want to get to the 20%, which we see is in sight.

Speaker #2: That's the vision and mission we're on, and how we achieve that is by following our strategy. So we're now halfway to our target of €100 million in revenues—with the ACE acquisition at €50 million, we're halfway to our target of €100 million for this strategy period.

Speaker #2: And of course, there's a huge AI opportunity that also lies ahead. As already communicated on the call quite a few times, we are now in the strategy phase of strengthening profitability. We want to get to the 20%, which we see is in sight.

Speaker #2: We had the LTM of 18% now, and we are then preparing—and are already starting to prepare—for the next phase of focusing more on growth.

Olli Nokso-Koivisto: We have the LPM of 18% now, and we are then preparing and are already starting to prepare for the next phase of focusing more on growth. Our guidance for this year remains unchanged. As said, we are doing portfolio management, and that's why we've given the guidance on the profitability, and that remains unchanged. Here, we foresee that in the long term, there's opportunities to grow organically, both in the Nordics and Continental Europe. As we saw also from the H1, the Nordic own software, not the resale software, which is declining by design now, but own software is growing, especially in the Nordics, which we are very happy about. Concluding on the summary, LPM, EBITDA improved quarter over quarter, up to 18% now.

Speaker #2: Our guidance for this year remains unchanged, and as said, we are doing portfolio management, and that's why we've given the guidance on the profitability—and that remains unchanged.

Speaker #2: And here we foresee that in the long term there are opportunities to grow organically, both in the Nordics and continental Europe. And as we saw also from the first half, the Nordic own software—not the resale software, which is declining by design now, but own software—is growing, especially in the Nordics, which we are very happy about.

Speaker #2: Then just concluding on the summary. So LTM EBITDA improved quarter over quarter up to 18% now. The overall growth was a little bit put down because of the of the discontinuation of certain resale products which we've outlined in the release as well as well as then the the marketing regulation in Spain pressing down on the telecoms revenue there.

Olli Nokso-Koivisto: The overall growth was a little bit put down because of the discontinuation of certain resale products, which we've outlined in the release as well, as well as then the telemarketing regulation in Spain pressing down on the telecoms revenue there. Own revenue from own software, own software revenue in the Nordics grew by 5%, which we are super happy about. Lastly, of course, we signed the acquisition of Telia ACE in July, which we are really looking forward to and are working towards closing right as we speak. That's a short summary of the release. Next up, we'll have a fireside chat together with Lotta Backlund, and we'll get great questions from her and hopefully from you as well. See you in a small bit.

Speaker #2: Own revenue from our own software in the Nordics grew by 5%, which we are super happy about. And then lastly, of course, we signed the acquisition of Telia ACE in July, which we are really looking forward to and are working towards closing right as we speak.

Speaker #2: That's a short summary of the release. Next up, we'll have a fireside chat together with Lotta Backlund, and we'll get great questions from her and hopefully from you as well.

Speaker #2: See you in a little bit.

Speaker #3: Hello, and welcome to the LeadDesk H1 results webcast fireside chat. My name is Lotta Backlund. I'm joined here by Olli Noksakoevisto and Teemu Rautiainen.

Moderator: Hello, and welcome to the LeadDesk H1 results webcast fireside chat. My name is Lotta Backlund. I'm joined here by Olli Nokso-Koivisto and Teemu Rautiainen, and we're going to get started in just a moment. I do want to remind you that in the chat, you can post your questions. Let me tell you, the viewers of this webcast have done their homework. They posted a bunch of questions immediately, so we have a lot to get through. We're going to get through all of your questions and some of mine. Obviously, I did want to note that we are here in Stockholm, which is great. We're going to talk about the ACE acquisition, which has now made Sweden one of your biggest markets, if not the biggest market, which is why we're also here at Nasdaq in Stockholm.

Lotta Backlund: Hello, and welcome to the LeadDesk H1 results webcast fireside chat. My name is Lotta Backlund. I'm joined here by Olli Nokso-Koivisto and Teemu Rautiainen, and we're going to get started in just a moment. I do want to remind you that in the chat, you can post your questions. Let me tell you, the viewers of this webcast have done their homework. They posted a bunch of questions immediately, so we have a lot to get through. We're going to get through all of your questions and some of mine. Obviously, I did want to note that we are here in Stockholm, which is great. We're going to talk about the ACE acquisition, which has now made Sweden one of your biggest markets, if not the biggest market, which is why we're also here at Nasdaq in Stockholm.

Speaker #3: And we're going to get started in just a moment. I do want to remind you that in the chat you can post your questions. And let me tell you, the viewers of this webcast have done their homework.

Speaker #3: They posted a bunch of questions immediately, so we have a lot to get through. We're going to get through all of your questions, and some of mine.

Speaker #3: Obviously, I did want to note that we are here in Stockholm, which is great. We're going to talk about the ACE acquisition, which has now made Sweden one of your biggest markets, if not the biggest market. That is why we're also here at Nasdaq in Stockholm.

Speaker #3: So we're going to try to aim for 20 minutes or so, but the gentlemen said that they're ready to answer all the questions. So, if we go a little bit over, then that might be the case.

Moderator: We're going to try to aim for 20 minutes or so, but gentleman said that they're ready to answer all the questions. If we go a little bit over, then that might be the case. All right. Let's begin with the big picture. If we were sitting here again 3 years from now, what would have to have happened so that you would say that 2026 was a defining year for LeadDesk?

Lotta Backlund: We're going to try to aim for 20 minutes or so, but gentleman said that they're ready to answer all the questions. If we go a little bit over, then that might be the case. All right. Let's begin with the big picture. If we were sitting here again 3 years from now, what would have to have happened so that you would say that 2026 was a defining year for LeadDesk?

Speaker #3: All right. But let's begin with the big picture. If we were sitting here again three years from now, what would have to have happened so that you would say 2026 was a defining year for LeadDesk?

Speaker #1: Yes. So, in three years, I think what has happened, and what I believe will happen, is that we’ll really be able to transform our customers’ customer communication into the age of AI.

Olli Nokso-Koivisto: Yes. In 3 years, I think what has happened and what I believe will happen is that we'll really be able to transform our customer communication into the age of AI. Bring the joy of our software to a really large, broad audience and be the de facto standard for being the most trusted European provider for AI-driven services in customer care and sales. From the revenue point of view, I would like to add that then given the AI opportunity and the customer base, that then obviously our revenue is much higher than currently.

Speaker #1: Bring the joy of our software to a really large, broad audience and be the de facto standard for being the most trusted European provider for AI-driven services in customer care and sales.

Speaker #1: And then from the revenue point of view I would like to add that then given the the opportunity the AI opportunity on the customer base that then obviously AI revenue is much higher than than currently.

Speaker #3: So, the ACE acquisition. Obviously, that was a big part of the report and the topic today, and let me tell you, it's also a topic of many of the questions.

Moderator: The ACE acquisition, obviously, that was a big part of the report, and the topic today. Let me tell you, it is also a topic of many of the questions that we have gotten here. You have described the ACE acquisition as a major step in building a Nordic home market. What do you think is the biggest opportunity that this deal creates that maybe not all investors see yet?

Lotta Backlund: The ACE acquisition, obviously, that was a big part of the report, and the topic today. Let me tell you, it is also a topic of many of the questions that we have gotten here. You have described the ACE acquisition as a major step in building a Nordic home market. What do you think is the biggest opportunity that this deal creates that maybe not all investors see yet?

Speaker #3: That we've gotten here. So, you've described the ACE acquisition as a major step in building a Nordic home market. What do you think is the biggest opportunity that this deal creates that maybe not all investors see yet?

Speaker #1: I think the the opportunity for transforming the customer interactions with AI so this enables us to address now an even more larger audience with our native AI solutions and I think that's something that's maybe hard to grasp that how big actually that opportunity is.

Olli Nokso-Koivisto: I think the opportunity for transforming the customer interactions with AI. This enables us to address now an even larger audience with our native AI solutions. I think that is something that is maybe hard to grasp, how big actually that opportunity is.

Speaker #3: So there are some very specific questions, and actually, they came in very early on. Some of these questions have already been answered in your presentation, but one question is: ACE has a pro forma revenue of $13.1 million.

Moderator: There are some very specific questions, and actually they came in very early on. Some of these questions already got answered in your presentation. One question is, ACE has a pro forma revenue of EUR 13.1 million. What is its current EBITDA level, and what EBITDA margin do you believe the business can achieve once it has been integrated into LeadDesk?

Lotta Backlund: There are some very specific questions, and actually they came in very early on. Some of these questions already got answered in your presentation. One question is, ACE has a pro forma revenue of EUR 13.1 million. What is its current EBITDA level, and what EBITDA margin do you believe the business can achieve once it has been integrated into LeadDesk?

Speaker #3: What is its current EBITDA level, and what EBITDA margin do you believe the business can achieve once it has been integrated into LeadDesk?

Speaker #1: That's something we haven't disclosed yet because the the ACE Telia ACE acquisition will be a carve out acquisition. So it's not the business unit but it's a it's a carve out of operations so then there are no historical numbers and then also the how we do accounting is also differs a bit so then we communicated that it's it's a quite low profitability such but it's excluding then the the the R&D capitalizations which are then in this kind of business quite big and then obviously the synergies and and the economies of scale and things.

Olli Nokso-Koivisto: That is something we have not disclosed yet because the Telia ACE acquisition will be a carve-out acquisition. It is not the business unit, but it is a carve-out of operations. Then there are no historical numbers. Also, how we do accounting differs a bit. Then we communicated that it is a quite low profitability sort, but that is excluding the R&D capitalizations, which are then in this kind of business, quite big. Then obviously the synergies and the economies of scale and things. We have not disclosed, and we will come back to that later.

Teemu Rautiainen: That is something we have not disclosed yet because the Telia ACE acquisition will be a carve-out acquisition. It is not the business unit, but it is a carve-out of operations. Then there are no historical numbers. Also, how we do accounting differs a bit. Then we communicated that it is a quite low profitability sort, but that is excluding the R&D capitalizations, which are then in this kind of business, quite big. Then obviously the synergies and the economies of scale and things. We have not disclosed, and we will come back to that later.

Speaker #1: So, we haven't disclosed, and we will come back to that later.

Speaker #3: All right. For our regular viewers, you'll remember we've been talking about the Zion acquisition for many webcasts or many results calls before. So how does the ACE integration compare to your previous major acquisitions, such as Zion?

Moderator: All right. For our regular viewers, you will remember we have been talking about the Zisson acquisition for many webcasts or many results calls before. How does the ACE integration compare to your previous major acquisitions, such as Zisson?

Lotta Backlund: All right. For our regular viewers, you will remember we have been talking about the Zisson acquisition for many webcasts or many results calls before. How does the ACE integration compare to your previous major acquisitions, such as Zisson?

Speaker #1: Yes, so what we've been doing is building on these vertical solutions, and we've also been focusing on the markets. Historically, the markets have had different solutions built for those purposes and needs. Here, I think it makes a lot of sense. On the Zion platform, we have a really strong platform for certain use cases, and then on the other hand, ACE is a great platform for certain other verticals.

Olli Nokso-Koivisto: Yes. What we have been doing is that we have been building on these vertical solutions, and we have been focusing also on the markets. Historically, the markets have had different solutions built for those purposes and those needs. Here, I think it makes very much sense. On the Zisson platform, really strong platform for certain use cases, and then on the other hand, ACE is a great platform then for certain other verticals. This all boils down to having the right solution in the right market. A good example is one of the first acquisitions, Capricode, now called LeadDesk Callbox. It is a solution for the Finnish healthcare industry that is also quite useful now in Sweden. Basically, the focus, because of the requirements in the market, it fits well there.

Speaker #1: So this all points down to having the right solution in the right market. For example, a good example is one of our first acquisitions, Capricode, now called LeadDesk Callbacks. It's a solution for the Finnish healthcare industry that is also quite usable now in Sweden, but basically the focus, because of the requirements in the market, it fits well there.

Speaker #1: So we have these vertical solutions, which fit well together and can work together. Now we have one more in the family, which I'm super happy about, and then we can utilize AI across all these. For example, the forensic multilingual system, as well as, of course, our cloud operations and CPaaS, which bring them all together.

Olli Nokso-Koivisto: We have these vertical solutions which fit well together and can work together, and now we have one more in the family, which I am super happy about. Then we can utilize AI across all these. For example, the Fluentic multilingual system as well as then, of course, our cloud operations and CPaaS, which bring them all together.

Speaker #3: There's actually, specifically sort of connected to that, another question, which is: The ACE platform—are you planning to convert the existing Telia customers to your call center as a service, or should we expect the synergies mainly to come from the AI offering upsells?

Moderator: There is actually specifically connected to that, another question, which is the ACE platform. Are you planning to convert the existing Telia customers to your call center as a service, or should we expect the synergies mainly to come from the AI offering upsales? Telia ACE has 100,000 users. How are you planning to commercialize and price the AI offering?

Lotta Backlund: There is actually specifically connected to that, another question, which is the ACE platform. Are you planning to convert the existing Telia customers to your call center as a service, or should we expect the synergies mainly to come from the AI offering upsales? Telia ACE has 100,000 users. How are you planning to commercialize and price the AI offering?

Speaker #3: Telia ACE has 100,000 users. How are you planning to commercialize and price the AI offering?

Speaker #1: Yes, so we're committed to the Telia ACE platform, servicing the existing customer base and new customers on that platform. It's a really strong platform.

Olli Nokso-Koivisto: Yeah. We are committed to the Telia ACE platform, servicing the existing customer base and new customers on the platform. It is a really strong platform. The synergies come more from the fact that we have the know-how on how to do this. We have our Cloud Ops, our CPaaS, which we can utilize to bring benefits to customers, upsell opportunities. AI is a big topic. There is a big transformation happening. Existing functionality being maybe deprecated then through upsell, then converted into AI, and so on. It is all a mix of course, there are scale benefits naturally. As we know the business, we have acknowledge here, but it is mostly then about how can we help those customers in their AI transformation journey going forward? How can we bring that multilingual capabilities? How can we bring better trust capabilities, automatic email routing?

Speaker #1: So so the synergies come from more from the fact that like we have the we have the the know-how on how to do this we have our cloud ops our CPaaS which we can utilize to bring benefits to customers upsell opportunities AI is a big topic there's a big transformation happening existing functionality being maybe deprecated then through upsell then converted into AI and so on.

Speaker #1: So, it's all a mix of—like, of course, there's scaling, scale benefits naturally, as we know the business, we have knowledge here—but it's mostly then about, like, how can we help those customers in the AI transformation journey going forward.

Olli Nokso-Koivisto: As we know the business, we have acknowledge here, but it is mostly then about how can we help those customers in their AI transformation journey going forward? How can we bring that multilingual capabilities? How can we bring better trust capabilities, automatic email routing? There is so much AI in the customer interaction space.

Speaker #1: How can we bring that multilingual capability? How can we bring better chat capabilities, automatic email routing? There's so much AI in the customer interaction space.

Olli Nokso-Koivisto: There is so much AI in the customer interaction space.

Speaker #3: All right. Let's stop here in Sweden for a moment. So, with this acquisition, Sweden will become your largest market. What growth opportunities do you see in the Swedish market going forward?

Moderator: All right. Let us stop here in Sweden for a moment. With this acquisition, Sweden will become your largest market. What growth opportunities do you see in the Swedish market going forward? The question asker also says, historically, your competitive position has appeared relatively stronger in Finland and Norway than in Sweden.

Lotta Backlund: All right. Let us stop here in Sweden for a moment. With this acquisition, Sweden will become your largest market. What growth opportunities do you see in the Swedish market going forward? The question asker also says, historically, your competitive position has appeared relatively stronger in Finland and Norway than in Sweden.

Speaker #3: The question asked also says: Historically, your competitive position has appeared relatively stronger in Finland and Norway than in Sweden.

Speaker #1: Yes, that is true. So we've been much stronger in Finland and Norway, and those have been the markets also where we've been focusing.

Olli Nokso-Koivisto: Yes, that is true. We have been much stronger in Finland and Norway, and those have been the markets also where we have been focusing. Looking at the Swedish market, I think there is a great opportunity there. We have existing customer base here. Now at the moment, it is our third largest market. Then it is going to be our largest, and the amount of investments into the market that we can put is, of course, going to be on a totally different level. Thereby then, of course, bringing the growth opportunities also higher. But I think that on the Swedish market, if we just look purely on the meta level, there are 10 million people in Sweden, 5 million in Norway, 5 million in Finland. I think that after this acquisition, they are proportionally now correct.

Speaker #1: So looking at the Swedish market I think there's a great opportunity there. So we have existing customer base here it's now at the moment it's our third largest market and then it's going to be our largest and the amount of investments into into the market that we can put is of course going to be on a totally different level.

Speaker #1: Thereby then of course bring the growth opportunities also higher. But I think that on the Swedish market if we just look at the purely on the on the meta level so there's a 10 million people in Sweden 5 million in Norway 5 million in Finland I think that after this acquisition they are proportionally now like correct so we are on an equal footing in each of the markets and now we can really excel and bring bring those new customers in each of the markets.

Olli Nokso-Koivisto: We are on an equal footing in each of the markets, and now we can really excel and bring those new customers in each of the markets. There is a lot of market there still to be taken. It is just the first steps now.

Speaker #1: So there's a lot of market there still to be taken. It's just the first steps now.

Speaker #3: Well, and that's what it means for LeadDesk. But we actually have a question about what this means for Sweden, which is: how are you seeing your significantly larger size in Sweden impacting the local market dynamics?

Moderator: Well, that is what it means for LeadDesk. But we actually have a question what this means for Sweden, which is, how are you seeing your significantly larger size in Sweden impacting the local market dynamics? Does the transaction imply now that there is one competitor less in your tenders since you acquired ACE?

Lotta Backlund: Well, that is what it means for LeadDesk. But we actually have a question what this means for Sweden, which is, how are you seeing your significantly larger size in Sweden impacting the local market dynamics? Does the transaction imply now that there is one competitor less in your tenders since you acquired ACE?

Speaker #3: Does the transaction imply now that there is one competitor less in your tenders, since you've acquired ACE?

Speaker #1: So so I I would not say so because if you look at the like the amount of this on the tenders we see there's many competitors there like it's there's a huge amount of competitors there still.

Olli Nokso-Koivisto: I would not say so because if you look at the amount of this on the tenders we see, there is many competitors there. There is a huge amount of competitors there still. It is some local smaller ones, and then, of course, there is big larger ones like Genesys, for example, which we are happy that we can, for example, compete on an equal setting with in the Nordics. But there is a lot of competition out there, so I do not see any. No.

Speaker #1: It's some local smaller ones, and then of course there's big, big larger ones like Genesis, for example, which we are happy that we can, for example, compete on an equal setting with in the Nordics.

Speaker #1: But there's a lot of competition out there, so I don't see any—no.

Speaker #3: No, no worries that you're monopolizing the Swedish market. All right, a couple more questions related to ACE. You said there's a bunch of stuff you can't disclose yet, but there's a question on what timeline you expect Telia ACE to reach a profitability level similar to LeadDesk today?

Moderator: No worries that you are monopolizing the Swedish market. All right. A couple more questions related to ACE. You said there is a bunch of stuff you cannot disclose yet, but there is a question. On what timeline do you expect Telia ACE to reach a profitability level similar to LeadDesk's today? Is that a question you can answer?

Lotta Backlund: No worries that you are monopolizing the Swedish market. All right. A couple more questions related to ACE. You said there is a bunch of stuff you cannot disclose yet, but there is a question. On what timeline do you expect Telia ACE to reach a profitability level similar to LeadDesk's today? Is that a question you can answer?

Speaker #3: Is that a question you can answer?

Speaker #1: Well I guess the the thing there is that it's going to be one of the business units so of course like on that side going forward the first part is of course like in a carve out acquisition it's super important even more important than in a share deal that we really are there with the people building a one team carve out is always like a lot more problematic because of the internal system carve outs and process carve out.

Olli Nokso-Koivisto: Well, I guess the thing there is that it's going to be one of the business units. On that side going forward, the first part is, of course, in a carve-out acquisition, it's super important, even more important than in a share deal that we really are there with the people building one team. Carve-out is always a lot more problematic because of the internal system carve-outs and process carve-out. There's so much things going on in these kind of processes that I think the next six to nine months, we really need to concentrate on securing that that happens well. Then, we need to always look at the whole. Of course, we need to look at the profitability on the LeadDesk level. It's not about this or that, but it's rather the whole.

Speaker #1: There’s so many things going on in these kinds of processes that I think over the next six to nine months, we really need to concentrate on ensuring that happens well. And, of course, we always need to look at the whole picture—of course, we need to look at the profitability on the LeadDesk level.

Speaker #1: So it's not about like this or that but it's rather like the whole and of course on that we continue striving for the for the 20% and as said we are doing at the moment even we are doing work on the portfolio portfolio management which you see now for example letting go of the resale revenue where we see that there's a there's it's not worth investing in but rather investing in our own software and now this is just a new own software and just want to add that we now we we have now signed the deal we haven't closed it so we we need to go by the process get the regulatory approvals and then do the integration planning together and and so on.

Olli Nokso-Koivisto: On that, we continue striving for the 20%. As said, we are doing at the moment, we are doing work on the portfolio management, which you see now. For example, letting go of the resale revenue where we see that it's not worth investing in, but rather investing in our own software. Now this is just a new own software. Just one third that we have now signed the deal. We haven't closed it, so we need to go by the process, get the regulatory approvals, and then do the integration planning together and so on. Even we would like to, we need to come back to that later.

Speaker #1: So we—even if we would like to—we need to come back to that later.

Speaker #3: Okay. There is a question, and the question asker hasn’t actually specified what this is connected to, but I’m assuming it’s to the ACE acquisition.

Moderator: Okay. There is a question, and the question asker hasn't actually specified what this is connected to, but I'm assuming it's to the ACE acquisition. Could you shed more light on the earn-out parameters? What kind of revenue development is required for the earn-out to materialize?

Lotta Backlund: Okay. There is a question, and the question asker hasn't actually specified what this is connected to, but I'm assuming it's to the ACE acquisition. Could you shed more light on the earn-out parameters? What kind of revenue development is required for the earn-out to materialize?

Speaker #3: Could you shed more light on the earn-out parameters? What kind of revenue development is required for the earn-out to materialize?

Speaker #1: They are very realistic. Of course, we are reaching for growth, so naturally, that's typically what you would see in a typical setup, and those elements are here as well.

Olli Nokso-Koivisto: They are very realistic. Of course, we are reaching for growth. Naturally that's typically what in a typical setup you would see, and there are those elements here as well. But on the specifics, I can't go into specifics.

Speaker #1: But on the specifics, I can't go into specifics.

Speaker #3: All right. So, connected to this a little bit, you've done a lot of M&As. We saw your M&A model in the presentation. How would you describe your M&A capacity after the ACE acquisition?

Moderator: All right. Connected to this a little bit, you have done a lot of M&As. We saw your M&A model in the presentation. How would you describe your M&A capacity after the ACE acquisition?

Lotta Backlund: All right. Connected to this a little bit, you have done a lot of M&As. We saw your M&A model in the presentation. How would you describe your M&A capacity after the ACE acquisition?

Speaker #1: So firstly, operationally, this is the largest acquisition and we're super happy to be able to welcome over 90 new colleagues, taking our headcount to nearly 300.

Olli Nokso-Koivisto: Firstly, operationally, this is the largest acquisition, and we are super happy to be able to welcome over 90 new colleagues taking our headcount to nearly 300. I think there is quite a bit of work to be done. That is, of course, something that restrains our in the short term. But in the long term, I see that the market is still consolidating. It is consolidating also in Europe. We see that what is happening in the Nordics happens a few years later in continental. There has been consolidation happening there, and it is picking up as well. Let us see then what the future brings. But for now, I think that we need to really focus on welcoming our new colleagues.

Speaker #1: So I think there's a quite a bit of like work to be done so so that's of course like something that restrains our in the short term but in the long term I see that the market is still consolidating it's consolidating also in Europe so we see that what's happening in the Nordics happens a few years later in the in continental so they've been consolidation happening there and it's picking up as well.

Speaker #1: So let's see, then, what the future brings, but for now I think that we need to really focus on welcoming our new colleagues.

Speaker #3: All right. Well, moving on from the ACE acquisition—H1 investments amounted to €2.55 million, compared with EBITDA of €2.87 million. What do you consider to be a normalized annual investment level, and what level of EBITDA to free cash flow conversion do you target over the long term?

Moderator: Well, moving on from the ACE acquisition. H1 investments amounted to EUR 2.55 million, compared with EBITDA of EUR 2.87 million. What do you consider to be a normalized annual investment level? What level of EBITDA to free cash flow conversion do you target over the long term?

Lotta Backlund: Well, moving on from the ACE acquisition. H1 investments amounted to EUR 2.55 million, compared with EBITDA of EUR 2.87 million. What do you consider to be a normalized annual investment level? What level of EBITDA to free cash flow conversion do you target over the long term?

Speaker #1: There are a lot of details, but we have earlier said that we are roughly on the previous year's investment level, because last year we invested in our ERP process and tools, and now that's done.

Teemu Rautiainen: A lot of details, but we have earlier said that we are roughly on the previous year's investment level. Because last year we invested in our ERP process and tools, and now that is done, so we are not doing that anymore. On the R&D capitalizations or investments are roughly on the same level. Now need to remember that Zisson is contributing a bit to the increase, but overall, I would say that it is the same level. Then cash flow wise, we have been on the positive free cash flow. We are targeting positive total cash flow, meaning that we can finance the loan repayments from our cash flow. That is our goal. We are not there yet. We need to increase our EBITDA. We need to increase our conversion to get there, but that is where we want to be at some point.

Speaker #1: So, we are not doing that anymore. On the R&D capitalization: investments are roughly on the same level. Now, you need to remember that the decision is contributing a bit to the increase, but overall, I would say that it's at the same level.

Speaker #1: Then, cash flow-wise, we are targeting— we have been on positive free cash flow. We are targeting positive total cash flow, meaning that we can finance the loan repayments from our cash flow.

Speaker #1: That's that's our goal. We are not there yet. We we need to increase our EBITDA. We need to increase our conversion to get there but that's the where we where we want to be at some point.

Speaker #3: Right. Continuing, there's another question—not related to this, but related to CFO duties. One-off had some 1.5 percentage point impact on your H1 profitability.

Moderator: Right. Continuing, there's another question not related to this, but related to CFO duties. One-offs had some 1.5 percentage points impact on your H1 profitability. Should we expect still some one-offs for the H2?

Lotta Backlund: Right. Continuing, there's another question not related to this, but related to CFO duties. One-offs had some 1.5 percentage points impact on your H1 profitability. Should we expect still some one-offs for the H2?

Speaker #3: Should we expect still some one-offs for the second half?

Speaker #1: We we are not we haven't indicated our planned other. So no yes we we haven't indicated anything to come. So these the ones now announced are related to we had employment negotiations in in the beginning of the year for example in Finland so and then some some related restructuring costs.

Teemu Rautiainen: We haven't indicated or planned others, so no. We haven't indicated anything to come. So these, the ones now announced are related to, we had employment negotiations in the beginning of the year, for example, in Finland, and then some related restructuring costs. So no, we haven't announced and are not planning.

Speaker #1: So no, we haven't announced, and are not planning right now.

Speaker #3: Some different questions around growth. So, excluding the planned phase-out of the software resale business and the regulatory impact on CPAS in Spain, what was the organic ARR growth of the core business in Q2?

Moderator: Right. Some different questions around growth. So excluding the planned phase out of the software resale business and the regulatory impact on CPaaS in Spain, what was the organic ARR growth of the core business in Q2?

Lotta Backlund: Right. Some different questions around growth. So excluding the planned phase out of the software resale business and the regulatory impact on CPaaS in Spain, what was the organic ARR growth of the core business in Q2?

Speaker #1: I'm talking now more about the revenue. So organic growth is a bit challenging for us because the decision is also growing organically. So how do we categorize that?

Teemu Rautiainen: I'm talking now more about the revenue. So organic growth is a bit challenging for us because Zisson is also growing organically. So how do we categorize that? But in the Nordics, we were growing organically. Overall, the organic revenue was declining, and that was because of the same drivers, obviously.

Speaker #1: But in the Nordics we were in the growing organically overall we were the revenue organic revenue was declining. And that was because of the same same drivers obviously.

Speaker #3: And then another question: Could you shed some light on how your AI revenue developed in Q2?

Moderator: And then another question. Could you shed some light on how your AI revenue developed in Q2?

Lotta Backlund: And then another question. Could you shed some light on how your AI revenue developed in Q2?

Speaker #1: We didn't disclose it in this report. We can say that the trend is similar to what we communicated earlier.

Teemu Rautiainen: We did not disclose in this report. We can say that the trend is similar that we have communicated earlier.

Speaker #3: All right. Well, talking a little bit more about AI, what has been the take-up of your AI products within your existing customer base?

Moderator: Well, talking a little bit more about AI, what has been the take-up of your AI products within your existing customer base? That means how many customers are trusting your AI offering, and what AI features are the best performers?

Lotta Backlund: Well, talking a little bit more about AI, what has been the take-up of your AI products within your existing customer base? That means how many customers are trusting your AI offering, and what AI features are the best performers?

Speaker #3: So, that means: how many customers are trusting your AI offering, and which AI features are the best performers?

Speaker #1: Yes. So, if I recall, we've also discussed that over half of our customers are using our AI features, and there's a double-digit percentage who are also paying.

Olli Nokso-Koivisto: Yes, if I recall, we have also discussed that over half of our customers are using our AI features, and there is a double-digit number also paying. I think this might be in the previous reports, but this much we have at least disclosed, and this is also something we are working for the future. Now, you saw the revenue mix here, which Teemu Rautiainen communicated, and that is something we are going to be focusing on communicating better going forward. So how are we doing on the most important transformational points?

Speaker #1: I think it might be in the previous reports, but at least this much we have disclosed. And there is also something we're working on for the future.

Speaker #1: Now, you saw the revenue mix here, which Temu communicated, and that's something we're going to be focusing on communicating better going forward. So, how are we doing on the most important transformational points?

Speaker #3: And so, coming back to the regulatory changes, organic growth and annual recurring revenue have been declining due to regulatory changes and the pruning of unprofitable customer accounts.

Moderator: Coming back to the regulatory changes, organic growth, and annual returning revenue has been declining due to regulatory changes and the pruning of unprofitable customer accounts. When do you expect this cleanup phase to be behind you and organic growth turn to positive again?

Lotta Backlund: Coming back to the regulatory changes, organic growth, and annual returning revenue has been declining due to regulatory changes and the pruning of unprofitable customer accounts. When do you expect this cleanup phase to be behind you and organic growth turn to positive again?

Speaker #3: When do you expect this clean-up phase to be behind you, and organic growth to turn positive again?

Speaker #1: So, as we said in the report, we gave a timeline. We are, of course, making sure that the existing commitments are abided by, so we want to be the trusted partner even though we won't be providing those services any longer.

Teemu Rautiainen: As we said in the report, we gave a timeline. We are, of course, making sure that the existing commitments are provided. We want to be the trusted partner, even though we won't be providing those services any longer. We gave a timeline on that, the largest part of this change. Then, of course, when it comes to regulations, the regulatory changes have happened and are now visible fully. Then, of course, like any other regulatory changes, that is something that is for the regulators. Maybe to add organic growth, they are a bit unrelated. We can grow organically even with the impact, but then it needs to be greater than the impact. Of course, we are working on that. For example, further improving the NRR, winning more new customers. These are the drivers. Then we can grow our organic revenue.

Speaker #1: So, we gave a timeline on that. The largest part of this change, then of course, when it comes to regulation—so the regulatory changes have happened and are now fully visible. But then, of course, like any other regulatory changes, that is something that is for the regulators.

Speaker #1: Maybe to add, then, organic growth is a bit unrelated. So we can grow organically even with the impact, but then it needs to be greater than the impact.

Speaker #1: So, of course, we are working on that. For example, further improving the NRR, winning more new customers—these are the drivers. Then we can grow our organic revenue.

Speaker #3: And you guys did talk about European sovereignty, how that is sort of changing the outlook, or that it is becoming increasingly more important to a lot of our, or your, clients.

Moderator: You guys did talk about European sovereignty, how that is sort of changing the outlook or that is becoming increasingly more important to a lot of your clients.

Lotta Backlund: You guys did talk about European sovereignty, how that is sort of changing the outlook or that is becoming increasingly more important to a lot of your clients.

Speaker #1: Yes, yes. And like I said in the very beginning, I'm super happy to be here in Sweden. This was our first market outside of Finland.

Olli Nokso-Koivisto: Yes. As I said in the very beginning, I'm super happy to be here in Sweden. This was our first market outside of Finland, and it's also been the first market where actually sovereign European has been a topic. Sovereign European systems have been a requirement from the public sector. For example, from our point of view, Sweden has been the frontrunner here by far, which now is picking up also in Norway or has picked up, so Norway is on the same boat now. Finland, not so much yet. Sovereign European

Speaker #1: And it's also been the first market where actually sovereign European has been a topic. So, sovereign European systems have been a requirement from the public sector.

Speaker #1: For example, from our point of view, Sweden has been the front runner here by far, which now is picking up also in Norway, or has picked up.

Speaker #1: So, Norway is in the same boat now, and Finland not so much yet. Sovereign European systems are not really appreciated yet as much in Finland as they are in the other Nordic countries and in some parts of continental Europe.

Olli Nokso-Koivisto: systems are not really appreciated yet as much in Finland as they are in the other Nordic countries and in some parts of continental Europe.

Speaker #3: All right, we're running out of time—or actually, we're one minute over—but I still have one question I want to ask you. Your North Star is more than €100 million in revenue and over a 20% EBITDA margin.

Moderator: All right. We are running out of time. We are actually 1 minute over, but I still have one question I want to ask you. Your North Star is more than EUR 100 million in revenue and over 20% EBITDA margin. What gives you confidence that LeadDesk can reach that level while remaining innovative and customer-focused?

Lotta Backlund: All right. We are running out of time. We are actually 1 minute over, but I still have one question I want to ask you. Your North Star is more than EUR 100 million in revenue and over 20% EBITDA margin. What gives you confidence that LeadDesk can reach that level while remaining innovative and customer-focused?

Speaker #3: What gives you confidence that LeadDesk can reach that level while remaining innovative and customer-focused?

Speaker #1: Yes. I think the largest the last part there is the hardest. So like reaching the target I have full trust there. When when we listed in 2019 we were somewhat over 10 million.

Olli Nokso-Koivisto: Yes. I think the last part there is the hardest. Reaching the target, I have full trust there. When we listed in 2019, we were somewhat over EUR 10 million. I got that question quite a lot, and then it was harder to explain. But now being halfway there, it is maybe the easier question. How do we stay innovative, and how do we stay committed to our vision and the AI transformation? That is, I think, the thing that we really need to work on as a team. As I said, in my head, companies are VAT numbers. Instead of a company, we should use the word fellowship. That is the journey we are on together. If we do not manage to gather up the troops and be a good, great fellowship together, then that is going to be the breaking point there.

Speaker #1: I get that question quite a lot. And then, it was harder to explain, but now, being halfway there, it's maybe the easier question. Then, how do we stay innovative and how do we stay committed to our vision and the AI transformation?

Speaker #1: That is, I think, the thing that we really need to work on as a team. And as I said, in my head, companies are VAT numbers.

Speaker #1: It's like, instead of a company, we should use the word 'fellowship.' And that's the journey we're on together. And if we don't manage to gather up the troops and be a great fellowship together, then that's going to be the breaking point there.

Speaker #1: But I truly believe that that as a Nordic Nordic now a fully Nordic company going forward we can really rock the rock the European market.

Olli Nokso-Koivisto: I truly believe that as a Nordic, now a fully Nordic company going forward, we can really rock the European market.

Speaker #3: Excellent words to end on. Thank you, Olli. Thank you, Teemu. Thank you to everyone who stayed with us. Join us again in six months to find out how the fellowship did for the rest of the year, and we hope to come back with that really good news.

Moderator: Excellent words to end on. Thank you, Olli. Thank you, Teemu. Thank you to everyone who stayed with us. Join us again in six months to find out how the fellowship did for the rest of the year, and hopefully we come back with that really good news. Thank you.

Lotta Backlund: Excellent words to end on. Thank you, Olli. Thank you, Teemu. Thank you to everyone who stayed with us. Join us again in six months to find out how the fellowship did for the rest of the year, and hopefully we come back with that really good news. Thank you.

Speaker #3: Thank you.

Olli Nokso-Koivisto: Thank you.

Teemu Rautiainen: Thank you.

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