Hello, everyone, and very welcome to Sinch Q2 2026 Earnings Presentation. My name is Mia Nordlander, and I'm Senior Vice President, Investor Relations and Sustainability.

And with me here in the studio today, I have our acting CEO and CFO, Jonas Dahlberg; and our Senior Vice President, Corporate Control, Sofia Ohlander. You will hear Jonas and Sofia present the quarter, and thereafter, we will have time for questions.

[Operator Instructions] So once again, very welcome, and I hand over to you, Jonas.

Thank you, Mia. So let's look at the first quarter highlights.

So on the highest level, I would characterize the quarter as stable, largely in line with expectations we had when we exited the first quarter and most importantly, with strength where it matters the most. We accelerated organic revenue growth to 6%, driven by Americas and the API product category, and we experienced stable organic revenue development in APAC and EMEA.

We delivered solid profitability and strong cash flow. Organic gross profit was a little bit on the soft side due to unexpected developments primarily in APAC.

Nevertheless, adjusted EBITDA margin is within our target range and cash conversion is significantly ahead of guidance. We continue to experience strong commercial momentum led by Americas with an increased share of cross-sales, proving the value of our joint go-to-market model.

And our market leadership is reaffirmed by industry analysts and key customers such as Gartner, IDC and Adobe. And with those highlights, let us look at performance by region.

So what developed as expected, and if anything, actually better than expected is our largest region, the Americas, now represented 2/3 of group gross profit. The Americas grew 9% organically during the quarter, and this revenue predominantly comes from the API product category that delivered mid-teens organic revenue growth, driven by messaging and e-mail.

And this is a sign of strength in several ways. Americas is the largest region, growing close to double-digit.

It's proving the strength of the market, and it proves our position in this important market. And the growth comes exactly from the right product category that is the API product category.

Combined, this bodes well for the future. Strength in the U.S.

and in APIs is key to win in the emerging API customer communications market. Now in parallel, Americas grew gross profit by 10%, thanks to a combination of the growth we just talked about in the API product category, but also reduced transmission cost for network voice.

In all, Americas developed in line with expectations or actually slightly better. EMEA also shows encouraging signs.

After 3 consecutive quarters of revenue decline, revenue has stabilized in EMEA. Fixed-price messaging supplier contracts are stable, both on sequential basis and compared to the same period last year.

And we also expect these contracts to be stable going forward. However, while the stabilized revenue development is encouraging, we have a slight organic GP decline in EMEA, and this is driven by basically discontinuing a specific product and churn from that.

And this is the same product that dropped out of Americas during the second quarter last year, which means this product now is essentially discontinued. In APAC, which is the smallest of our regions, we continue to face headwinds.

Some of these headwinds are temporary, but some are also expected to persist going forward. India is solely responsible for the organic revenue decline in APAC and is impacted by challenges, including a SEK 17 million additional revenue provision related to the same customer dispute as we disclosed in Q1.

In Australia, we also had some margin compression in applications, but there are also signs of strength here. We saw strong growth in e-mail and messaging APIs outside of India.

While we can't be certain that we have completely bottomed out in APAC, we believe that the worst is behind us. India represents low single-digit percent of group profit.

So whatever happens, can't have much of an impact going forward. And we should recognize that APAC in total is still our most profitable region.

So that's a sign of strength. Moving over to commercial momentum.

In the quarter, we continue to experience really strong commercial momentum. My intention is not to go through every individual deal.

Rather, I'd like to relay a few overall highlights. First, we are closing deals across all motions, new customers, existing customers and through partners.

We have closed many sizable deals with 6-figure euro or U.S. dollar amounts and one 7-figure U.S.

dollar expansion. And the deals are predominantly American, but it comes from all geographies.

and the deals span industries, including tech, retail, financial services, media, travel and more. So this means we continue to develop a diversified customer base across geographies, sales motions and industries.

And I think this provides a strong jump-off point to the future. Now I'm early in my CEO tenure, but I've witnessed a lot of strength across the business over the last year as CFO.

And I'd like to share some thoughts on the growth engines I see for the future. So broadly, I see 3 levers of growth going forward, delivering on different time horizons.

Firstly, it's about doubling down on our current success, and this is the U.S. It's the fastest-growing market.

It's also a market where we are growing the fastest. And as mentioned earlier, this is also where the world's AI companies are coming from.

And this is the next wave of growth that we see happening. And our San Francisco office is just a couple of blocks away from all these giants.

So we think that Americas is and will continue to be a key growth engine. Now secondly, in the product dimension, here and now, it's about continuing to grow our e-mail business.

We have talked a lot about RCS in the past. RCS is growing very fast, but from a low base, but e-mail is truly a meaningful part of our business, and we'll talk a little bit more about that.

Next wave is about increasing our net revenue retention. And the way to do this is target fast-growing customers, increase up and cross-sell and strengthen loyalty to reduce churn.

We'll talk about more about that in a bit as well. And finally, it's obviously about developing our product portfolio of innovative products and solutions for the future.

Now I will talk more about all these levers as we continue in this presentation, but I want to start with e-mail. So most people know Sinch as a messaging company, and that's great.

But what most people don't realize is that we are actually quite diversified across e-mail, messaging, applications and voice products. And e-mail is very much a contributor to our success.

Actually, from a bottom line perspective, e-mail is roughly the same size as messaging with the same EBITDA contribution. So -- and e-mail is also truly a growth engine for Sinch.

We have, over the last few years, grew at a double-digit clip consistently in e-mail and at high profitability, this has a meaningful contribution to value creation, both here and in the future. So what is Sinch e-mail?

What's special about e-mail? So Sinch e-mail is a developer-first platform that enables businesses to send, receive and optimize e-mail customer communication at scale, whether it's marketing campaign, transactional updates, identity verification or customer service.

The platform helps businesses to communicate with their customers on a daily basis. Our customers ranges from start-up to some of the world's largest and global brand, many who depend on Sinch e-mail for mission-critical communications.

And what sets us apart is the strength of our platform behind it. We have 99.99% uptime, meaning just a few minutes of downtime every year.

And we do this with 97% delivery rates in e-mail. And I think as all of us can relate, our e-mail inboxes is a very cluttered environment.

We have spam filters to protect us from unwanted e-mail. But sometimes these e-mail spam filters, they err on the conservative side, and this is where our delivery rate comes in.

97% is very strong. And the platform is certified for industry standards for security and data privacy, making it a viable solution for mission-critical enterprise solutions, including healthcare.

But maybe this becomes best understandable when we start to look at the numbers, putting delivery behind it. On average, we deliver 1.6 million e-mails per minute, and that sums up to 850 billion e-mails a year.

And the volume is growing with 20% (sic) [ 21% ] a year. So we're soon looking at passing 1 trillion e-mails per year.

The takeaway is this, e-mail is not just another product in Sinch portfolio, and it's definitely not a commodity. It's one of our largest businesses.

It's a rock-solid platform delivering customer communications at massive scale, and it's a key driver of value creation, both today and tomorrow. Moving over to net revenue retention.

And one theme there is to increase our cross-sales. As you know, Sinch started to integrate our independent business units about 3 years back with a joint go-to-market model.

We spent considerable efforts integrating, allowing for cross-sales across channels. This has not been easy, but we're now starting to see the benefits of our hard work.

In fact, if you look at the second quarter, 50% of the top 10 new deals in the quarter were cross-sales of products to existing customers. This means an existing customer of one product line, say messaging that actually buys into a new product line such as e-mail and voice.

So cross-sales is getting traction and with the broadest and most global offering in our industry, this is not only a growth engine for new deals, but it's also galvanizing the relationship with existing customer, increasing loyalty, reducing churn. And together, we think this is an important growth driver for Sinch going forward.

Now another part of increased net revenue retention is to target fast-growing customers. Our industry -- in our industry, 95% of the revenue typically comes from existing customers that we had 1 year back.

So a safe bet to growth is making sure to go with winners. And the winners right now are the AI natives.

That is companies that didn't exist a few years back, who base their entire business model on AI and who grows extremely fast. Now similar to existing customers of Sinch, they need customer communications, but they are growing at a much higher rate, meaning they need massive scale and reliability from day 1.

And this is exactly what Sinch provides. We're offering the same products as we do to our traditional tech customers, and we're winning with proven commercial models that we have successfully used in tech.

Essentially, we're talking about 3 different motions. Firstly, the direct customer relationship where one of our customers are using our products for their own benefit.

Secondly, reseller motions. This could be a native integration where customers effectively resell our products as an integrated part of their own offering or thirdly, a partner motion over a marketplace where customers can sign up -- that partners' customers can sign up for our products.

Across these motions, we have many years of experience from tech. And during the last 6 months, we won several hyper-growing AI companies.

And we will expand this relationship and also focus on winning new customers in this segment. Lastly, we're innovating our product offering to deliver new and exciting products for all customers, products that will deliver growth in the future.

And as we did last quarter, I want to showcase our innovation. This time, we look at the conversational commerce use case.

And this solution uses several of our products to drive a better end customer experience, improved sales conversion and ultimately growth for retail. The innovation here comes from solving existing pain points in new ways.

And what you'll see here is an e-commerce experience entirely over the messaging channel, highly personalized to the individual customer with no handover between channels with minimal friction to purchase, all working together to maximize sales conversion for the retailer. And the example you will see uses several of our API products and the benefits here are clear.

No passwords, no forms to fill in, no handovers between channels, jumping between messaging and the web, no hurdles. It's truly a frictionless experience.

This is live with customers. It builds on products we already have today, but pulling them together provides a new type of experience, and we think this type of solution will provide very meaningful growth going forward.

So we're going to take a look at it before handing over to Sofia, who will walk us through the financials. Please?

And now it's time for Sofia to present the financials. So over to you, Sofia.

Thank you, Mia. I'll start with a few words about myself.

My name is Sofia Ohlander and I am Senior Vice President at Sinch. I have been at the company for about 5 years working in various roles across finance and for the past year, working very closely with Jonas, supporting him in his role as CFO.

And very happy to be here with you today to present the Q2 financials. Let's start with the top line numbers.

As a reminder, as we report in SEK, while USD is our dominating trading currency, we always point to organic growth to measure the underlying performance of our business. And organic revenue growth came in at 6% in this quarter, which is an acceleration versus last quarter.

This is driven by Americas, our largest segment, and API, which is our largest product category. This is very pleasing to see, of course, and Americas came in at 9% revenue growth.

Cost increases from certain U.S. suppliers were passed on to customers at cost, supporting organic revenue growth by about 2 percentage points.

While this has an effect on gross margin, it's a natural part of our business, and we don't see this as a sign of a shift in underlying profitability. As a side note, the contracts that we sign in Americas API are actually coming in at stable margins.

So all in all, in Americas, we see momentum and solid performance in our business. After a few consecutive quarters of decline, EMEA has stabilized at flat revenue growth.

And APAC comes in slightly negative. And the negative revenue growth in APAC is really driven by India, where we had a SEK 17 million revenue adjustment from a customer dispute, and that was actually the same customer dispute that we spoke about in Q1.

So as Jonas mentioned, India represents a small share of our business. And even if a one-time revenue adjustment like this has an impact on group numbers, further downside should have a limited effect sequentially.

Moving on to GP. Organic GP growth came in at 2% in this quarter.

And again, this is driven by Americas and API, where we have our messaging and e-mail products. Further, GP growth is strengthened by network connectivity, where we see the benefits of the shift of TDM to IP technology and Americas GP growth came in at 10%.

EMEA declined in this quarter, 4% negative organic GP growth. And this is largely driven by churn in the legacy verification product.

And like Jonas mentioned, it's the same product where we saw churn in Americas last year. And API -- sorry, APAC came in at a negative 18% GP growth.

And this is largely driven by India, which again represents a small part of our business. And in APAC, we further have some margin compression in our applications business in Australia, which weighs on GP growth.

So all in all, accelerated revenue growth and stable GP growth in this quarter. Let's take a closer look at the gross margin.

The gross margin is slightly down sequentially and down by 1.6 percentage points on a year-over-year basis. This is driven by a few different factors, which I will lay out before you.

We've spoken before about the shift of TDM to IP and that has a positive impact on our gross margin, and we see that also in this quarter. The challenges in EMEA and APAC that I mentioned, they weigh on the gross margin, and these effects combined more or less net to 0.

So why does the gross margin go down? The increased COGS that we pass on to our customers as cost has an effect of about 1 percentage point on the margin, a negative effect.

And the remaining is really FX. In Q1, we mentioned that sometimes we have revenue in COGS in different currencies and with rapid FX movements, we can see a temporary impact on our gross margin, and that impact in Q2 is negative of 0.5 percentage points.

And with this, we are confident that our gross margin is within normal variations. If we look at adjusted EBITDA, we see that adjusted EBITDA is steady sequentially.

It's down 0.2 percentage points, but then we see a drop of 0.6 percentage points on a year-over-year basis. And this drop is really driven from the gross margin.

What's pleasing to see is that adjusted EBITDA and EBITDA are moving closer and closer together, and this is really driven by the reduction of our adjustment items. And in our adjustment items, you can see our transformation costs, which primarily is integration costs, which are down 2/3 on a year-over-year basis, which represents SEK 30 million.

And integration costs are down since we finalize integration projects such as CRM and a joint HR system, et cetera. Moving on to take a closer look at our costs.

We continue to be in control of our costs. We have an adjusted OpEx increase of 1% in this quarter, and that gives us an adjusted EBITDA growth of 4%.

And it's relevant to look at the distribution of this OpEx increase. While G&A is down on a year-over-year basis, we reinvest the savings from these functions into growth functions.

And by that, we mean product, technology, sales and marketing. And we will continue to make select investments into growth initiatives in these functions.

Simultaneously, we will focus on driving productivity improvements across the board. Adjustment items are down, which gives us an EBITDA growth of 7% in this quarter.

A closer look at cash flow. Our free cash flow came in at SEK 751 million in this quarter, and that gave us a cash conversion on a rolling 12 basis of 61%.

This is above our guidance and it's a strong cash flow. I want to emphasize a point that we usually make, which is working capital may have swings between the quarters.

We have large customers and large suppliers, and we can see temporary ups and downs. These fluctuations are part of our business.

And with that said, it's very pleasing to see a solid and strong cash flow in this quarter. Let's see what this does to our leverage.

Our leverage is slightly down in this quarter at 1.9 versus 2.0 in the previous quarter, and this is really driven by the cash flow. In Q2, we have repurchased 4 million of our shares.

And since the start of the program, we have repurchased 15% of our shares. This is on the back of solid profitability, strong cash conversion and a solid financial position.

And this morning, the Board of Directors initiated a new buyback program, enabling us to repurchase up to 10% of our shares up to the next AGM in 2027. So with that, I'll hand over to Jonas for some concluding remarks.

Thank you, Sofia. So concluding the quarter before opening up for Q&A.

So accelerated organic revenue growth led by the engine that's Americas growing at 9% and where it matters the most, that is Americas APIs growing mid-teens organically. Solid profitability, strong cash conversion, GP a little bit on the soft side, but that is mainly about APAC.

And we continue with super strong commercial momentum, and that's why we're looking ahead with confidence, also thanks to a strong market position. And with that, let's do Q&A.

Thank you, Jonas, and thank you, Sofia. Now it's time for questions.

[Operator Instructions] So we will start with the phone. I think first in line, we have Erik from SEB.

Just a couple of questions from me. I'll start off on the gross profit growth, and Jonas, you have previously spoken of an acceleration in growth in the second half.

And you grew organic gross profit here 4%, I think, in H1. Is it fair to say that -- I mean, you still expect this?

And how much of an acceleration are we talking about here? Is it growth in the high single digits?

Or yes, what do you expect for the second half? I'll come back with another question.

Yes. So what we said when exiting the first quarter was we expect the second quarter to be stronger than the first quarter, and that applies to top line and organic GP growth.

And I don't want to be more specific than that, but we believe second quarter will be stronger than the first quarter on those 2 metrics.

The second half, I guess...

The second half of 2026 versus the first half of 2026 in terms of organic growth numbers, yes.

All right. Excellent.

Just wanted to ask on the dynamics in EMEA and APAC. Net sales growth looks to accelerate quite clearly.

Gross profit didn't really follow to the same extent. If it's anything to call out specifically on EMEA and APAC on the gross margin?

You explained the Americas one quite well.

Yes. So starting with EMEA.

So what we're pleased to see is we have stabilizing revenue. And as you know, we have appointed a new leader for EMEA to reaccelerate the region.

The impact we see on gross profit is basically exiting, churning this legacy, verification product, which has had super high profitability. And even if that has a financial impact, now this product is essentially gone, both in Americas and in EMEA going forward.

So that is the driver of the drop of margin in EMEA. And so on a sequential basis, we don't expect that going forward.

APAC, there, we have more nuances. So India is mainly the contributor to the revenue decline.

And we have this SEK 17 million provision for customer dispute, and that impacts and fall downs directly to GP as well. But in addition, we have some margin compression in applications in Australia.

That margin compression in Australia, we expect to persist, while the impact in India, we don't expect to persist going forward.

Okay. That's very clear.

Just a final one for me, perhaps on APAC, I think API platform was the main weakness even if you adjust for the one-offs that you mentioned, do you feel like you have a grasp on the turnaround in this region and that you've done the necessary measures to sort of turn APAC around? Or is this still a work in progress?

So we think the worst is behind. We can't be entirely sure that we have bottomed out in APAC.

But what you see is on API in APAC that is largely India. In fact, we have positive momentum in API outside of India.

So India and API is really the intersection, that's what -- where you see it. Look, India, low single-digit GP of the group.

So whatever happens in India won't have a material impact going forward. We still want to be present in India, we believe, in India simply because it's 1.4 billion people.

It's the world's most populous country. And they are fairly advanced on RCS and WhatsApp in that market.

It's a tough market. It's not easy, but it's important for us to be there because we see it as an option for the future, really.

So we're definitely working on turning it around. It can take a few quarters, and I don't want to give any precise outlook, but I think the worst is behind.

And then we take the next question, that is Daniel Thorsson from ABG.

Two questions related to the presentation here. The first one on e-mail.

And if I remember correctly, the e-mail business had quite large share of subscription-based revenues linked to volume packages, of course. But how are e-mail revenues or gross profit developing, for example, here in Q2, when you show that volumes are up 21% year-over-year.

Are they halfway there or even less than that?

No, it's more than halfway. So we have consistent revenue and GP growth double-digit over several years in e-mail.

So there is volume here, will drive like unit price compression, but that's a little bit the name of the game in this volume business. We have the scale, and it's a super profitable product.

And that's thanks to the scale and the platform. Very few people can actually make profit out of this.

We can, and we can do that at a very high profitability. So this is what's over time also driven some of the product mix shift margin improvements that we've seen, and we expect that also going forward.

I can maybe add to that, Jonas, that in terms of e-mail, we also see a very solid double-digit growth across all regions, and that's another sign of strength.

Okay. Okay.

That's very helpful. And the second one, you mentioned that you would like to look more closely into net retention rates ahead.

What are the levels today? And how has it developed during the last few years?

And also potentially, what levels do you target ahead to reach the total growth target?

Yes. So we're not disclosing net revenue retention rate.

Maybe we'll do that sometime in the future. What I can say is this is an opportunity for us to improve.

And I think this is -- with increased cross-sales, targeting the right customers and with multiproduct relationships, we can strengthen our relationships with existing customers. So this is clearly an opportunity going forward.

Okay. I see.

So let's hope to get some disclosure on that in the future then. A final one on operations then.

Employees in the quarter are flattish versus Q1. Adjusted OpEx is also flattish year-over-year.

What's the plan for potential growth investments and headcount development during the rest of 2026? Should we see more headcount in the second half of the year or...

I mean what I'll say to that is maybe a bit of repetition of what I said in my presentation. But you're absolutely right that we have an adjusted OpEx increase of 1% in this quarter.

We have a solid adjusted EBITDA growth, and we come from the back of 18 months of very solid adjusted EBITDA growth. What we will see going forward is the continued reinvestment of G&A -- of savings in G&A functions into more growth functions.

And we will stick to our targets that we have communicated on the Capital Markets Day, which is an adjusted EBITDA margin between 12% and 14%, and we're well within that range. Then I could mention in terms of Q3, we have merit coming in, and that's always a slight uptick.

But having that said, we will continue to manage our OpEx closely.

In addition, maybe repeating what we've said in previous quarters, we are now within the target range of EBITDA, and we will continue to be in that target range. But we prioritize investments in growth ahead of further elevating the EBITDA margin.

We take next one. It's Predrag Savinovic from DNB Carnegie.

If we start with -- when you comment around some of the major larger customer wins, are they typically starting out with one product from you? Or have you also been able to improve the sales motion so you can get a win, including several products from your portfolio?

Yes. Excellent questions.

Thanks, Predrag. It's a combination.

So we see still, I would say, the predominant motion is starting with a single product, but we have an increasing share of solution sales where we packaged several products in a bundle. So that is growing.

And obviously, if we sell a solution with several products, that also drives stickiness in the relationship with the customers.

Okay. Very good.

And then on the legacy product churn in EMEA, is it possible to quantify how much of a drag this has on gross profit and EBITDA now and what that drag can be in the coming quarters?

Sofia, do you recall the specific number?

Yes. I would say -- I wouldn't give the specific numbers, but I'd say that it's a significant part of the EMEA gross profit.

And it's a churn now. So on coming quarters, it will be a drag for the coming 12 months, I'd say.

Similar as what we saw in Americas when it's been washed out over the year, the comparables.

So to be clear, the churn is -- the drop in gross profit is very much related to this.

Okay. Okay.

And then in terms of kind of where you exited Q1 in terms of -- you don't have specific guidance, of course, for what you expect, but would you say that your operating momentum now is on the same level as you kind of commented around it a few months ago? Or has it improved or even decreased post Q2 now?

So the difference really between when we presented Q1 and where we are now is, on balance, Americas is developing more favorably, but we didn't expect the development we've seen in APAC also in Q2. So that was on the negative side of our outlook.

But besides that, it's more or less exactly as we predicted. I think it's important to realize Americas is 2/3.

And looking at APAC, it's -- it has a meaningful impact on the quarter, but it's only 13% of group gross profit. And a lot of this is related to India, which is low single-digit gross profit.

So a small part of the business has an impact in this quarter. But the most important region, the engine, 2/3 of the business is doing well and in line with expectations or slightly ahead.

Let's take the next one in line is Viktor Hogberg from Danske Bank.

Just a housekeeping question. The SEK 17 million negative revenue adjustment in APAC in India, do you expect more ahead?

We saw it in Q1 as well, probably it was isolated. And I know, of course, you see that India is not going to affect much more ahead.

But just is there a risk that we're going to see adjustments also in Q3 and potentially Q4?

I would say now we're fully provided for this specific risk. You can never know if something else will happen, but we don't anticipate anything else, I don't know.

No, I fully agree with that. I think we're well covered with this provision that we've made now.

Okay. And now we have next one, Fredrik Lithell from Handelsbanken.

I have one for Jonas and one for Sofia. So Jonas, if we could get back to EMEA and maybe Europe and if you could put some more color on your sort of strategy and tactics in order to reignite growth.

And if you could combine that with your slides on continued commercial momentum, where you have all the wins, the 6-figure wins, what you have achieved so far and what you see in front of you would be interesting to get some more feeling for the coming 12 months on your ambitions there. And then Sofia, on net working capital, it looks like, for example, in 2025 that we took a step down in Q3 in what it provided.

So is it fair to assume that Q3 is sort of a seasonally weaker net working capital quarter? Is that fair?

So starting with EMEA. So the way forward for EMEA is really to apply the success recipe from Americas, which is really about operational rigor in sales and customer relationships and making sure we have a sales organization that can deliver and sell a multiproduct offering.

So we think we have the recipe and now it's just execution to get that going. And I think we will see positive momentum in EMEA a few quarters from now, latest.

Yes. And on the net working capital, I would not say that Q3 is a seasonally weaker quarter.

It's a strong quarter for us usually on gross profit and net sales. And then as I mentioned, we can have fluctuations between the quarters driven by the fact that we have large customer invoices and large supplier invoices.

So you might see a temporary fluctuation between the quarters and maybe that's what you're referring to in the past year. But I would say it's not seasonally weaker, and it's -- yes, I'll stop there.

Next one is Bharath Nagaraj from Cantor.

Hope you can hear me?

Yes, we can hear you.

Very good. I have a couple of questions.

Is the joint go-to-market model that you're getting traction, is that outside of the Americas as well? Are there any differences you're seeing across the regions in terms of customer behavior, product adoption or other factors?

I would say the Americas market is more sophisticated, but it's not like it's worlds apart. We see similar behavior in EMEA and APAC.

That's why we see similar opportunities in EMEA and APAC as well. So yes, that's my answer to that.

Okay. Okay.

The second question is around for Sinch to close in on your end-of-year 2027 targets, growth targets, what level of EMEA and APAC growth will you kind of be requiring? Or are you thinking that it will be largely driven by Americas at this point?

So Americas will be the engine, and we expect Americas to continue to develop very favorable. And I mean, if Americas continue at the current level, and we just have a flat development in APAC and EMEA, we're very close to the guidance for next year.

So a little bit of positive development next year in EMEA and APAC and sustaining where the growth rates we have now in Americas should take us there.

Okay. Okay.

Makes sense. Just one -- last one for me.

On the Cursor partnership, that's an interesting signal. Can you give us a sense of the commercial model, the revenue potential or any other pipeline that you have for similar marketplace or reseller deals with AI native companies?

So the commercial potential specifically for a single customer, firstly, I wouldn't disclose this if I knew. But quite frankly, it's difficult to know as well because across all these platforms, you can never be sure about the uptake, especially in the marketplace type of situation.

But what we're trying to do is be present in all relevant marketplaces with all relevant AI customers. We obviously won't win them all, but I think we will win our fair share as we did with, if you will, traditional tech, the hyperscalers.

So somewhere, we will really strike a gold, I think. And in other places, it will be more an average type of development.

Again, it's a little bit crystal ball, but this is -- these companies are growing. They need customer communications.

We think it will be a very important part of the growth going forward.

Next one, we have Thomas Nilsson from Nordea.

Your U.S. peers like Bandwidth and Twilio are reporting very high growth rates in AI voice applications.

What growth trends are you seeing in that segment? And how are your recent AI voice product launches being received?

So we see also high growth numbers in AI voice. I think it's important to realize when Twilio reports AI voice growth numbers, they don't disclose the absolute numbers.

And we think we're in a similar position. This is an important part of future growth, but the market is still in infancy.

So the growth is coming from -- the current growth is coming from other segments. On top of that, you see emerging growth in AI voice.

When it comes to uptake of our AI voice products, we have very positive reception of those products, but it's still quite early. So similar to RCS, it's not contributing in a significant way to growth here and now, but we expect that to accelerate over the next few years and then be an important part of the growth.

Okay. And a final question for me, if I may.

You're operating in quite a fragmented market with many companies. What's your view on continuing industry consolidation going forward?

And will you revisit M&A if you find relevant opportunities that are accretive to profitability?

Yes. We also think the market is fragmented, and we think there are clear benefits from consolidation simply because there are scale economies.

We can see that from previous acquisitions we've done within a product category. And we're ready for M&A.

And so we're looking at the market. And if the right opportunity comes up, we will act on that to drive consolidation.

In addition, we're looking at M&A for adding capabilities to further increase the value-add on top of our current offering to be relevant in an AI future. So those are the 2 sort of broad M&A avenues we see.

It looks like Erik Lindholm-Rojestal is back from SEB. Is that correct?

Yes, I'm back with another question. Just a boring housekeeping question perhaps, but still important.

So Sofia, you mentioned 50 bps impact on gross margin from temporary FX mismatch. And should we read this as sort of impacting gross profit and by around SEK 30 million extra?

Or how should we read this comment?

No, I wouldn't see it as that. What I would say is that we have these temporary ups and downs on the nominal numbers for revenue and GP, and that can have an impact on the margin.

When we look at GP and revenue year-over-year, we always look at organic growth and then we take away all of our FX movements. So we know that FX goes up and down and sometimes you win a little and sometimes you lose a little on the gross margin.

And now with the large movements that we've seen, we chose to call it out because it has a significant impact on the gross margin.

Okay. Okay.

But it's more temporary in nature, the extra large mismatch this quarter or...

I would say that, yes, exactly.

Okay. All right.

Maybe one final question, but you just showed a slide with some AI native company logos. OpenAI was one of the logos.

Is that one of your customers today? And what channels are you helping them in, if that's the case?

I can confirm that. I don't want to disclose which product it is, but yes, it's a customer.

All those companies that we have logos on are customers.

Next one, we have Victor Cheng from Bank of America. Can you hear us?

Is it me?

Yes, it's you.

Sorry, the line just cut off when you announced my name. Maybe just one follow-up on kind of what's being talked about just now as well on AI voice.

I mean you talked about fast-growing AI natives. Can you give us some color maybe on these new customers, AI companies?

How much of that is driving your growth? And how should we kind of expect it to grow within these AI companies?

And where do you see yourself positioned versus your competitors? Are you having a stronger market share with these AI companies?

Any color around that, please?

Yes. First of all, we think this is mainly future growth.

It's not a major share of the current growth. So we're winning logos and that starts at a fairly low volume.

But as they are growing and our services to them, our wallet share and not only the wallet share, but as they're picking up the usage of this product, it will provide future growth. When it comes to our market position, to make it very simple, Twilio is typically earlier on these types of customers because they are stronger with their market position with developers.

We are more enterprise. So on the S-curve, we typically come in a little bit later when these customers need scale, reliability, enterprise support, these types of things.

So that's the position versus Twilio. Versus Bandwidth, I would say, Bandwidth is more specialized on voice.

Our voice capability and quality, I would say, is #1 in the Americas. They have been quite successful in this segment.

So I think it's -- for us to truly demonstrate the strength of our offering in voice to win even more in that segment.

So if I understand this correctly, is it safe to say that you take the view that potentially these AI companies as they grow bigger and become more enterprise that they can -- eventually, there's a pipeline to help them graduate, lack of a better term to Sinch or...

Exactly. And this is -- we've seen this movie before.

It's the same behavior that -- and same development as we saw 10 years back with the hyperscalers. Twilio was early, and we came in with an enterprise motion, and we won many of those customers.

We think the dynamic is very similar this time around.

Next one, we have Deepshikha from Goldman Sachs.

Am I audible?

Sorry -- yes, try again, please.

Can you hear me now?

Yes. Now we hear you.

Can you hear me now? Yes.

A lot of them have been answered, but just maybe 2. One is basically like, obviously, the comment on 2H GP growth being better than first half is reiterated.

And given the comment on typically 3Q being a stronger quarter, both on revenue and GP, should we assume that like the phasing of it will kind of continue to mirror what we saw last year in 2H '25, so 3Q a tad bit better than the fourth quarter? And second is more a housekeeping, is basically on the tax provisions.

I think we see that like, again, we have SEK 200 million in the current provisions. So should we like assume that you will see a similar -- a number similar to SEK 35 million that we saw in the first half like being paid out?

So let me start on the phasing between quarters. Quite honestly, this is tricky.

So that's why we want to talk about half years instead because potential swings even out. So what we're saying is we believe the second half of the year in terms of organic revenue growth and organic GP growth will be stronger than the first half of '26.

Second question, Sofia.

Yes, exactly. On this tax provision, so you're absolutely correct that we have used SEK 35 million of that in the first half of this year.

And we had the same question in the last quarter, and I think I'll give a similar answer that these things are tricky and difficult to assess. And the best estimate that we have at this time is that we will have a short-term outflow of SEK 200 million.

That's a short-term part of the provision, and the rest is long-term. And when we have an update on that, we will make sure to inform you, but that's our best assessment at this point in time.

Thank you. I think that was it from the phone conference.

We don't have anything on the chat today, but I would like to say thank you so much, Jonas. Thank you so much, Sofia.

We will be back here for the Q3 presentation on November 5. If you have any questions, feel free to reach out to me.

Really happy to answer your questions. Once again, thank you very much, and have a good day.