Hello everyone. I believe we are live now.

This is Claus from Konsolidator, and this is Jack also on the side. We were supposed to sit together in our office, but because of the snowfall here in Denmark, then we're sitting at home.

We're also trying out some new technologies today, it's going to be a little bit interesting how this will fall out. I cannot see whether everybody is in, but I believe that we will start slowly.

Is that okay, Ida, that I start?

Yes, you can start.

First we should try to see the presentation that we have prepared for today. I believe you can see that now.

Yes.

What Jack and I, we will talk about today, that's of course about our annual report for '25, which we we announced today. We will also give you a little insight of of our expectation of 20 2026 and including in that also a little bit about our strategy.

Let me get started. These are the four topics that we will cover today, or the three topics we will cover today, a little bit on our strategy, the financial review by Jack, and then I will give a little introduction to our metrics and also the outlook for for '26, which we guided on couple of weeks ago, or we sent out to the market a couple of weeks ago.

First, a lot of things are happening in Konsolidator, which I will also elaborate on, for example, that we have advanced our product offerings. Now instead of only have a consolidation tool, we have three more.

We have FP&A, we have a data warehouse, and we also have something we call the hub. What's extremely important for a company like ours is that whenever we launch new product, that we still make that we stay put to our, you can say, our vision and to what our belief is in in the world of large data volume today, that is that we also must deliver reliable data to our customers.

That is something which is extremely important to us, which sounds obvious, but is actually not so so easy. That is something that we will care a lot about, our customers can also rely on the data that we provide to them.

We have four pillars. We presented this new strategy a year ago, we call it Resilient Growth.

What we are looking at, that is to expand our product through partners, that's the first pillar, the D365 partners, that's Microsoft partners, and also other kinds of partners. That we have done since 2023, and we are continuing on that.

For those of you who are a little bit deeper in our numbers, you can see that we continue to expand this network, and we are also getting a higher and higher volume, higher, higher amount of our customers through the partner channel. That is good for two reasons.

First, it's a faster and easier way to to expand international, and secondly, it's cheaper for us. Our CAC, customer acquisition cost, will fall the more customers we get through the partner channel.

That's obvious something that we are trying to to achieve. Second thing, that is we are fairly small company, but still customers, they need and want more and more and more.

Whenever we see that there is something which fits our customers and that we could provide, we are looking into whether that is something we believe that we should build ourselves, or we should buy, or we should partner up with with some strong partners. The first example of that, that is our FP&A tool, which we decided to have a year, year and a half ago, but first spent like maybe six months to discuss and to analyze whether we should build it, or we should buy some product out there, or we should partner up with some someone.

We decided to build it ourselves, and we started that journey in May last year and had the first version on the street here in in January, where we have the first version sent out. That's an example of this of this second pillar, build, buy, and partner.

Now because the FP&A tool is on the market and is so important for us to get out to customers, we have decided that that has to be a pillar in itself. We have replaced the banking pillar with the predictive forecasting, the FP&A tool.

The last pillar, that is resilience, and that is this strong operational foundation where we need to be stronger, you can say adapting costs to the growth, and also have a cash flow generation which is positive. That is for us what is a resilient growth.

These are the four pillars that we will continue to to look at into 20 2026. A little bit about the the Konsolidator suite, which we have introduced before.

A year ago, we had only, you can say, one component in the suite and that was Konsolidator, and now, a year after, now we have three more. We have an FP&A tool, we have a data management tool built, a data warehouse in in Microsoft Fabrix, and we also have a a reporting platform, we call it the hub, which is the platform is the Power BI.

Now we have a full suite that we can offer to to our customers. The reason why and, you can say, the the upside for having this suite, that is that first and foremost we can we can target much larger customers, much larger groups that that than we could before.

As I said before, we have moved from having just one product to now to have four components in in in the suite. It's out.

It's it's live. The Konsolidator has of course been there for for many years.

The hub is a Power BI platform, so that will continues to develop, but we have the first version out and presenting to to customers. We also have the data warehouse ready for customers, and we also have the FP&A product out on on the street.

With these products, we will of course continue to to focus on resilient growth. As I said shortly before, for us resilient growth, that is to be profitable, as we will get into.

We expect to be profitable in in '26, and we will continue to grow profitable. We will also be cash generating.

That will also be a mantra for us in the future that we are able to generate more cash than than we spend, and then we will continue to have strong SaaS metrics, continue to improve on our SaaS metrics. That is what resilient growth is to to us.

Yes, and with this, I will swap to to Jack. Now I'm getting a little bit nervous because now I'm not 100% sure who will take over the screen, but but let's see.

Thank you, Claus. I don't see a slide.

I just see a black screen now and my own picture. I'm not sure if I should be able to see a slide at all.

I'm not.

I think you should share, right? Shouldn't you?

Should I share? I will share then.

Just a second.

Can you see it?

Not yet.

No. Just a second.

I will try again. How about now?

Yes, but not in presentation mode.

No,

that will

be there.

Cool. It works.

Okay. Does it work?

Yes.

Wow. Great.

I am going to present two slides: one where I will focus on our six months, the second half of 2025, and then also for the second slide a full-year slide. On the left-hand side, you can see the numbers split into the first six months and the second part six months of 2025 and 2024.

If you look at the third line, revenue, it has been increasing all through for each six-month period since H1 2024, as you can see, going up to 13 million for the last six months of 2025. That is an increase of 26% compared to 2024.

We both saw increases in subscription fees and also in onboarding consultancy fees, which was fairly high, 138% increase, which came from, as Claus also said, we have larger customers, meaning the onboarding is getting bigger, and we need to involve more competencies from our part, meaning more hours, and also as Konsolidator is growing functionality-wise, we also need to include that in the onboarding. Those are some of the reasons.

We also, if you go down further down, there is an EBITDA, earnings before interest, taxes, depreciation, and amortization, which shows a 500,000 Danish kroner profit for the last part of 2025. As you can see how it's been increasing since H1 2024 by more than 5 million, 6 million.

Of course, this will also have impact on our cash flow, and looking at the cash flow highlights, the operating activities, which Claus also mentioned in the strategy, it's positive for the last six months of 133,000 for that six months compared to a negative of 3.6 million in 2024, primarily done by the improved EBIT loss, but also the changing in our subscription and upfront payments from onboarding fees has also done yeah, improving the working capital a lot. In the second part of 2025, we also had a capital increase of 2.7 million.

Going to the full year, on the right-hand side, you have '25 and also '24. If we look at the revenue again, or you could say that the revenue has increased by 25%, but we have also reduced our cost, which is some good.

We saw back in '24, we restructured the whole marketing department, and now we see the full effects of that, as the restructure came in the late parts of 2024. The income is also impacted by some other income of 2 million, our loss ended at 6.6 million for the year, improving by 8.2 million compared to 2024.

Looking at the balance sheet, we have our equity for the group. It's negative by 3.6, but if you look at Konsolidator alone, we have a positive equity of 0.7 million, 700,000.

Part of our balance sheet is our two loans: one to EIFO and one to Elve Capital. During 2025, we started to repay the loans, and this has impacted the cash with 1.5 million, which we repaid the loan this year.

Going forward, we will have annual installments of almost 5 million a year, which is divided into around 3 million in repayment and 1.9 in interests. It is possible this year to renegotiate the terms of this loan, and with the improved numbers that we see, we will try to renegotiate different terms and we expect to do so by the middle of the year, around.

If you look at cash flow again, it has also improved by 8 million, the operating cash flow, to just a minus of 1 million for the entire year. Again, it's the same effects, the improved [unclear] that are paid annually now compared to a quarterly payment.

During the year, the total capital increase we had during the year came to 4.8 million. We had one in February and one in November of last year.

All in all, improvements on many many things with the numbers, which we expect to continue. Then we will switch back to Claus presenting, I think it was SaaS metrics.

Yes.

Yes.

Yeah. Just need to get by Jack's slide.

Yes. There it is.

Let me go through the SaaS metrics, and the next slide, or the first slide, yeah, contain a lot of numbers. I know that.

This is also, I think, page 27 or something like that in annual report, there you can go in after this session to look for yourself, and there's also some explanation in there. In general, if you just look at the bold, you can see that we improved on all the SaaS metrics actually fairly positive, except for the churn.

I will get into that because the 12.6 on churn is of course not acceptable, that's too high. I will elaborate a little bit more on that later.

You can say first on the positive numbers that first and foremost, you can see the EBITDA losses has gone from 9.3 million in loss in '24 to 2 million loss in '25. That's a huge improvement, and now we're getting very, very close to break-even.

As you know from our guidance, we will also expect a positive EBITDA in '26. Same and as Jack, he also short mentioned, we have restructured the sales and marketing department and reduced the cost in marketing a lot, obviously we are satisfied with the growth, both the 15% in ARR, contracted ARR, but also in the total revenue of 25%.

It's not easy to reduce cost a lot and at the same time make your top line to grow, we are very satisfied with that. The Rule of 40, I'm not sure how many of you are familiar with the Rule of 40, but Rule of 40, that's a KPI which is used in SaaS companies and is the sum of the growth and the EBITDA margin.

You take the revenue growth of 25%, and then you take the EBITDA loss of 2 million and divide by the revenue of 25%, and then you add those two numbers together. Then we are now at a positive Rule of 40.

It's called Rule of 40 because you are supposed to be at 40. As you can see, last year it was -40, and now we are +17.

Again, we expect to continue that journey, our Rule of 40 will getting closer and closer to 40 as we progress. Some on the bottom line is a little bit more advanced, you can say, I will not go deep into those, but just mention that the CAC payback is important, that is how expensive is it to get a customer, and obviously the lower the cost is, the faster the cost of acquiring the customers will be paid back.

Again, as you can see, a year ago it took 43 months before the customer had paid back the cost of getting it, and this year is 23. Our customer lifetime, which is two steps to the right, the customer lifetime value divided by CAC, that is how much is the value of the customer compared to the cost of getting it.

As you can see, that four is that is high. The general thumbs-up rule is that that number has to be between three and five.

Even last year, where we had this very high CAC payback period, we had a number of customer lifetime value above CAC which was higher than three. Obviously, you would like that number to increase even further, and this 4.1 this year is definitely satisfactory.

In general, after restructuring the sales and marketing and also after getting Spain in, we believe that there's a fairly good balance between the sales and marketing cost and what the amount of customers that they are acquiring. That ratio is actually satisfactory and is at a level that we are happy with.

Net retention to the right is on the other hand not satisfactory, and that is because of the churn. Until now, we haven't had that many product to upsell, it's difficult to have a net retention above 100, and then with the churn, then you will have a net retention which is below 100.

We believe that with the lower churn rate and then upsell of FP&A, data warehouse, and the hub, that we will be able to get to a net retention closer to 100 fairly soon. I promised that I would say a little bit about churn and I will do that on the next slide, it's not forgotten.

I will now move into looking a little bit into '26, starting with the ARR. We have guided that we will be in the area of 27 to 29 million, which is a growth equivalent to something between, yeah, almost 10 to 20%.

As you all know, it's difficult to predict, and the world is unknown. It's always difficult to foresee what is happening in a year ahead.

We have been listed now for six years, and every year has had some kind of surprise, of course it's difficult to estimate. We believe that we have a fairly good, strong go-to-market model, we believe that we can continue to grow.

We can definitely see that some of our competitors, they have a little bit more difficulties in securing double-digit growth, but we believe that we can continue with that because we believe we have a fairly strong go-to-market machine. Again, as I said before, the cost of acquiring customer is also at a satisfactory level, and our partner is also performing, we are comfortable with guiding a growth of above 10% in '26.

Revenue, as you can see, we have the same level of guidance, 27 to 29. In general, our, as you can also see on the graph, our revenue tend to equal fairly close to the ARR, so that is the reason why we have the same guidance on revenue.

As you can see, the '25 numbers for revenue was a million higher than the ARR, so that is the reason why the growth rate for revenue is a bit lower than the ARR growth, but again, fairly close to each other. The EBITDA, you can see over the years, we had huge negative EBITDA, but now we're moving into a time period where we expect positive EBITDA.

We believe, again, coming back to our go-to-market model and the way we operate, we believe that now we have reached a level where all parts of the organization, development, sales, marketing, onboarding, customer success, etc., are at a level where we can actually scale from here. We believe that we can continue to grow with more or less the same cost, so that's the reason why we believe we can grow with, you can say, with steady numbers and still be profitable.

Of course, we are proud to reach that level. Of course, we have to get to there first.

I know that's only a guidance, but we believe that we are a place where we can continue to show a profit. Now to the churn.

As you can see, and as I said, the 12.6% we had last year, that is definitely not satisfactory. We have worked with churn for a number of years, and you can see on the graph that we used to be at a low churn until '21, and then suddenly '22, '23, '24, and almost also '25, we have been, for us, at an unnatural high level.

There's all kind of different reasons for that, but some of them are something you cannot do anything about, bankruptcies and merger and acquisition, which has been higher at a higher level for the past couple of years than previously. That is something you cannot do something about.

Of course, there's also been other things, other areas where we could do something about it. We have worked very hard on improving churn.

Far, we haven't managed to be able to. As you can see now, that we know the churn for nine months ahead.

We more or less know the churn for this year. We have a couple of months left where there can be some churn, and again, there can be bankruptcies, which you cannot prevent.

In general, we can see and we are fairly comfortable that the churn finally will get down to a more reasonable level this year. If it end at 9, that's of course a huge improvement.

That's an improvement of 30%, but that's not where we want to be. If you end down closer to 6-7%, then we're definitely believe that we have come a long way.

We do want to be at 5, 5 to 6%, but we will probably not reach that level this year, but we'll definitely make a huge steps in towards that direction. Hopefully we can end of Q1, Q2 say what the churn will be for this year and hopefully it will be much, much lower than last year.

Yes, that was the presentation. It also took almost a half an hour, and we tend to do this within a half an hour, But we have a couple of minutes for some questions if there are some that have some question.

Simon has a question: "When do you expect to be cash flow neutral?" If I should answer that, if you recall, I talked a little bit about renegotiating our loans, and we definitely believe that we can renegotiate those, and with installment of 4.9 million where 1.5 million is interest, then we believe that we can get a new loans where we don't pay installments, and that will get us to the cash flow neutral part.

We believe we get a refinancing of our two loans in July, June-July, hopefully, and then that will carry us on to the neutrality, because we want to maybe postpone the repayments for another year or two. Then there's a question for Daniel, I think it's more your ballpark, Claus.

Can you read it? Can you see it?

No.

Okay. Daniel says, "The share of partner sales is currently increasing.

What is the value proposition for Konsolidator to go with you? Is it because they can build more consulting hours or is there a revenue split or are there other reasons behind the partner

sales?" That's a very good question, because what's in it for them?

Our partner model is, you can say, fairly transparent and, I think, similar to other SaaS companies. We have different kind of partners, but the partners that do everything, do the sales meeting, do the onboarding, do the customer success, those partners, they are both getting a cut of the ARR and they are also getting the, yeah, the onboarding fee.

For many of these partners, they're fairly large companies, the ARR cut is a fairly small amount, which would probably only cover their sales costs eventually. As you're saying, many of them are doing it because of the consultant hours, but also because they have other products, this tied them closer to their customer.

For example, if an ERP partner also is a Konsolidator partner, then they both have the relationship to the customers, onboarding, and building apps to the ERP system, but then they also have Konsolidator on top, they get, you can say, a tighter connection with their customers. For them, higher income and higher stickiness, I think that's the reason for the majority of the partners.

Some also just love our product, they just like to play around with it. In general, of course, they are in there to make money, obviously.

Simon has a question: "Do you expect to dilute the stock holders more in 2026?" To that, no, we do not.

Again, it's the cash will be improved by the renegotiation of our loans, and when that happens, we do not expect to dilute any of our stock holders in '26. Daniel has another question: "Iberia is now the third largest market.

Do you utilize a different pricing strategy for Spain in line with the local purchasing power? Question one.

Question two: Is the office in Iberia profitable as a standalone?"

I can starting with the price. In general, we only have one price, and that is offered to all customers.

Obviously we do know that Scandinavian prices can be seen as high in other part of the world. We have customers in 20-plus countries and on five continents.

It's not only Spain, but when we have a lead in Africa or in Far East, sometimes there are some pushback on the prices. We do listen to that.

If there is a good reason why that they should have a, you can say, a regional-dependent rebate, we are open to that. I know it's a little bit, you can say, answer, but so it's not by default, but sometimes we do listen to whether there's a reason for to give a rebate.

Then it's a rebate. We only have one price list.

I think if that was good enough, then that was an answer to number one. The other, that was whether Spain is profitable?

Yeah.

Yeah. Not now, but they expect to be at least cash flow positive this year.

On whether on a P&L level is positive this year, then I don't think so, Jack. Maybe

We don't expect that. However, again, because of the SaaS business, the cash will come before, because we can invoice the subscription annually.

Cash will come at a at a faster rate than the profits. One other thing that you could look into is of because of we had a consolidated consolidated negative equity of 3.6 million, and that includes the the the some of the or some of the the losses from the Iberian the office as we have a positive in in AS.

Cash flow-wise, it's that's the first part we get, and then comes the the the profits. Mark has a question: "What are the plans for Iberia in 2026 to grow number of customers there?

What are the plans for Iberia in 2026 to grow number of customers there? Are you growing more with via partners or direct sales there?"

Direct sales. The purpose of Spain, that is actually two purposes, and I don't think I've been so, how to say, loud about the second reason.

The one reason, that is of course to grow our product in the Spanish-speaking part of the world, it's not only Spain, it's also South America and also Portugal, even that's Portuguese. Yes, the main focus for Spain directly, that is grow the numbers and be cash flow positive.

That is the goal for 2026, and we believe that we can achieve that. The second thing is that we're definitely looking at Spain to look into whether that's a model that we can copy to other countries.

Spain started in April '24 and will, as planned, at least be cash flow positive this year. Within two years and a fairly, you can say, limited investment, we can go into a new geography.

It's definitely an interesting model which we look into to see whether we can copy that to other countries. As I said in the beginning, we are a company that now want to have resilient growth, it has to be within the cash that we can generate ourselves.

It will not be in 2026 that we're looking into that, but it's definitely an interesting experiment that we have in Spain that so far has been very positive.

That was the last question, and if you have any more questions, we'll sit tight for next 10-15 seconds. Then otherwise, we will conclude today.

Let me just give more. Yeah.

I don't think there are any more questions. I will say thank you very much for joining this webinar.

Oh, here there is one question. Thank you, Daniel, and Mark also.

Daniel: "Maybe a word on the banking?"

Yes. Banking has been taken out as one of the pillars, but it's not that it has been forgotten, not at all.

We had focus on the Danish bank sector, and we have talked to a lot of banks. Very few, if any, have said no thank you, but all have said postpone.

A lot of things are happening in Danish banking industry, that we have some mergers and also that these bank centrals are behind the banks, they are also a lot of things happening there. Right now nothing is happening.

We are still in dialogue with the banks. We still have the product.

We are still ready. I don't think they're looking at other solution and we still believe that we can add value, but nothing is happening.

It's something that is kind of just lying there. Whenever someone is, of course we keep the contact, talk to them once in a while.

If they are ready, then we will also be ready. There's nothing banking in our budget for '26.

Maybe I shouldn't say that loud if the bank is here. We don't have anything in our budget, but we're still hoping and trying and expecting at a certain time that we will get a bank as a customer.

Mark also has a question: "What's the plans for LatAm expansion?"

Oh, that's a good question. We should maybe have the Spanish director to answer that.

I do know we have one customer in Chile and we do have a couple of partners there. Everything is run from Spain, I don't know whether they have, you can say, a proactive strategy for South America.

There are close natural connection between Spain and the Spanish part of South America. I know they do talk and they do present our product and they do have leads, but whether they have a more proactive strategy, I actually don't know.

Sorry.

Mark has an additional questions: "Are any customers piloting FP&A, and if so, what is the feedback?"

Good question. We onboard our first customer on Monday.

That was Jack. That was Konsolidator A/S.

He was our first customer. That is of course not a coincidence.

We want to take our own medicine before we kind of give it to customers or present it for customers. We have presented it for customers where we have presented our product and we have a number of our current customers that volunteered to start up.

We have a handful or more that we will start up here in February and March, whenever they have time right after their annual report. The impression from our presentation where they haven't tried themselves, I think we have something which resonate to their needs and to, yeah, to what they want.

We are optimistic. We also realistic.

It does take time to send a new product on the market, but that's been a very good response. When we have our Q1 webinar, we will of course have a little bit more knowledge on this, because we do expect to have a number of customers that will try it out here later in February and March to test it.

Yes. Any more questions?

Yes, Daniel has a question: "Do you expect an impact from AI?"

Yeah. Yes, we do.

AI is a topic that we could definitely spend a lot of time on. What is important to us, that is actually what I started with, and there's actually also the reason why I started with, that is reliable data.

Our numbers has to be trustworthy when we send them to customers. As I said, 2 + 2 is 4 always in our system, not maybe 4, or sometimes 4, or possible 4, or it could be 4.

It's always 4. AI is not always extremely good in delivering trustworthy numbers.

I don't believe that you will see AI in our consolidation module. I also don't think you will see it soon at least in our FP&A module, because our customers like to what we call deterministic.

They like that they be able to calculate back the number that we calculate for them in our FP&A tool. I don't see AI in that engine.

I definitely see AI strong in areas like analyzing the numbers, and a AI agent on top of the numbers to create reports, analyses, and stuff like that. AI is definitely something that we are with our fairly limited resources are looking into.

As I said, also our data management system is built on Fabrix, which is Microsoft, and of course, they invest heavily in AI. With the data warehouse, we are, you can say, ready to build an AI agent on top of our data warehouse.

We haven't started that yet, at least not seriously. We have made some small tests, but we have not started it seriously.

That it will definitely be an area that we will look into in those areas.

Another question from Mark: "Any industries who you will focus FP&A on, for example, financial services?"

It's interesting. There's no doubt we present FP&A to the banking we just discussed before, because I think that can also do something for them.

Otherwise, first we will focus on our 280-something customers and kind of present it to them and try to get the feedback and interest from them. That's where we will start.

That we will focus on the first half of the year. After the annual report season, then we have Q2, and we would have a big push on our product to our current customers.

That's where we start.

Yeah. Thank you very much for all your great questions.

It's been good. Also thank you for joining the presentation.

Everyone have a nice weekend and look forward to our next webinar in April. Take care.

Bye.

Take care, everyone. Stay warm out there.