Good afternoon, and welcome to Gofore's Q4 and full-year results presentation. Intention today is to, of course, give you an idea of how we did in Q4 and last year in '25, but also to give you an idea of in what shape Gofore currently is to face the challenges of the future, because we expect there to be a lot of challenges also for the future.

Presenting today is me. I'm Mikael Nylund, the CEO of Gofore Group, and I will have some guests during the presentation with me.

How we're going to do this is that we're going to start with the Q4 and full-year results and highlights from that. Then we're going to look at the financial highlights, then some outlook, and to round this presentation off, we will talk about AI, the topic that, of course, a lot of investors are pondering about right now.

We'll have a few expert guests today here talking about what AI means for the consultancy business, for digital consultancies. As said, let's start with how we did in Q4.

Q4 was rather good, I'm happy to say. Profitability-wise, we improved much from a weaker '25, and especially a weaker first half of the year.

The year '25 was very much a tale of two halves with a weak first half, and then going into the second half, after some corrective measures, a much stronger performance, and that was well rounded off in Q4 with a healthy profit margin. Growth-wise, there's two important highlights, I think.

First one is that we've had negative organic growth since the start of '24, and now was in Q4 the first quarter where that negative development stopped. Organic sales pretty much at a plus minus zero situation.

Also that the investments that we've made, because '25 was very much a year of big investments for us, have started to pay dividends, and overall net sales growth was up 20%. A significant growth from the Q4 before.

Shortly looking at the sentiment for Q1, we are cautiously optimistic, I would say. Expecting a little bit of tailwinds from the improving demand, and, of course, especially expecting positive development from the investments that we made, with business in Finland being supported by a big acquisition in Huld, and the business in DACH being supported by also a very big acquisition compared to the size of the business there in eXperience.

We will look a little bit more on these acquisitions also today. We are in the midst of integration, so that will be a little bit of a strain on Q1 and on the customer hours that we can book for that period.

A little bit more on the Q4, as said, profitability was high, by far the highest profitability of the year at adjusted EBITA 14%. Utilization rates were at a good level, highest level of the year, which is often the case in Q4 with a bit of a kind of a busy calendar there.

As said, net sales increased by almost 20%. This is really important for us, and ended up at €59.6 million.

We have also in Q4 made measures to support future profitability. Cost synergies from the Huld acquisition, which was closed in September, beginning of September, have been implemented in Q4.

The results will be more visible during '26 gradually from those decisions. A one-off item basically was the compensation of €3 million we got from an arbitration award for a dispute that we've had, and from this, most of it is as one-off items that affect previous years from '25 have been adjusted, but some of the arbitration award affects also the adjusted EBITA in '25.

We're still struggling a bit, as is the industry as a whole, with the customer price level. Pretty much level for the Q4 at -0.2% in customer prices.

Average salary change was +1.9% in Q4, but this mainly includes out of the ordinary one-off items, I would look more on the full-year development there being +0.9%. Pretty much balanced with the customer price situation, but not the situation that we would like.

Customer price development is a major issue for Gofore, for the industry as a whole. If we look at the full-year situation, as I said, very much a tale of two halves, very different halves in H1 and H2, H2 being pretty decent half for us, and goes more to show in which shape Gofore is for the started year, for the future years, and for the future challenges.

What happened in spring of '25 was that we made a major restructuring operation, and that has meant that our skill structure is better aligned with customer needs now in H2. We've managed to reduce costs, and we've maybe had a little bit better market situation as well with a little bit stronger customer demand in H2.

Especially this is relevant for the private sector and the manufacturing industry clients there, and also based on our strategic decision to go into a new industry of defense and space, and as security-related customers, also the demand in that area is quite healthy. As said, we did investments in '25, and that's already visible in the numbers for '25, will be so in the future.

Looking at the last 12 months pro forma revenue of at the end of December, we see that we are at a level of €250 million, which, of course, is due to and thanks to the acquisition of Huld, and is an important milestone or important step on our growth journey. Huld was the biggest acquisition we've done to date, and that's something that reflects also, of course, on the integration work, and as said, we are expecting that to have a little bit of an effect on the beginning of this year when we are in the midst of the biggest operational integrations with Huld, Huldions joining the Gofore organization now at the turn of January, February.

In December, we also announced the other investment in the DACH region by acquiring eXperience, and as promised, I will come back to a little bit more about the acquisitions next, almost next in the presentation. The Board of Directors has proposed a dividend of €0.49 per share, a slight increase from last year, which is, of course, reflecting on the board's also confidence that the weaker H1 was just a one-off situation, not the normal state of affairs for Gofore, and that we can improve for the future, and we are well positioned, as we will go a little bit deeper into in the financial highlights, also to use the balance sheet for further investments if we find suitable targets.

Again, '25 was very much a tale of two different halves. H1 was the most difficult half-year for Gofore pretty much ever, and that was due to weak customer demand, resulting in a big free capacity, in a big bench.

We also, to add on top of that, we had some profitability challenges in certain projects, which were then handled in H1, and that resulted in change negotiations, in restructurings, where we effectively made a layoff of 80 people, and that brought the €2.4 million of savings then going forward from that. That's the big reason why H2 was very much different from the first one.

We had a better alignment of skills and expertise of our consulting force with the customer needs. We had the cost reductions supporting the profitability, and we also improved on the delivery situation, no big profitability challenges from projects in H2, although some tails affected H2 still.

As we see here, H2 is again in a more healthy double-digit profitability margin, even though, of course, H2 includes the seasonally weakest quarter of the year in Q3. That's a good sign for us.

For growth, the investments, I want to highlight once more the investments that we made during '25. In summer, we acquired Huld, and in December, we announced the acquisition of eXperience in the DACH region.

If we look at the situation in terms of real growth in terms of last 12 months pro forma net sales at the end of January, we are at €228 million. A marked growth from what we've seen during '23, '24, '25, and that's important for the Gofore growth story.

Acquisitions, first Huld, as said, the biggest acquisition to date, 400 experts added. That's a big amount of additional expertise to the Gofore crew at an enterprise value of €54.5 million.

Very strategic acquisition in the sense that this is something that we did to implement our strategy of going into the defense and space industry. Huld has a very long history of very niche expertise in the space area with satellite software, downstream data handling, situational awareness, and this is something that we see as a strong growth area, but also in terms of on converging needs from defense, security, like national security, and then space technologies and industries.

Space will be supporting the growth of our whole strategic industry of defense and space. It's also a complementary investment into the what we call the intelligent industry customer segment, a significant complementary investment there with almost doubling the number of experts there, and especially bringing specific know-how of industrial cybersecurity, which is something that is a very growing area with these customers.

For cost synergies, in Q4, we implemented the decisions that will ultimately result in around €1.3 million in cost synergies during '26. Also important in that sense.

The other acquisition is eXperience, German company supporting our DACH business, German company based in Baden-Württemberg and having operations as well in Switzerland, and also Liechtenstein with the Liechtenstein state being the public sector customer there. This is also, as said in the beginning, a very significant addition relative to the DACH operation size, doubles also that roughly.

We start the year of '26 now with 200-plus experts and also a target of growing our business there in double-digit numbers. eXperience brings a good customer portfolio and diversifies also the expertise that we have there.

As part of eXperience Group, there's also a company called Impact Strategies that kind of diversifies the expertise that we have in the DACH region into the same direction where we've gone over the years in the Finnish business. Bringing the advisory business, the management consultancy business with a specific focus on sustainability matters, which is something that German customers are very much interested in.

An important growth step on the DACH timeline of growth as well. What is always important is that how we do with the customers, and we're, of course, very very happy that during '25 also, we managed to improve in that area.

Many customers are operating under strict budgets, under kind of economic pressure themselves, demands are high. In that sense, I'm super happy that we managed to improve the NPS score from 65 from the previous year to 68, and a lot of our customers feel that we can meet or exceed their expectations, which is also, of course, super important.

The amount of returning customers was 93%, and the amount of customers that we invoice over €1 million per annum was one one bigger than the year before. I think a good result also in the tough market conditions, goes to show that the strategic partnerships that we always try to build are ones that also hold up in the tougher market conditions.

That brings me to the strategy part. No changes here, but important to remember and note that Gofore is focused on chosen strategic industries, those strategic industries being the three that I think I mentioned in the presentation already: digital society, defense and space, and the third one, intelligent industry.

We know the customer industries. We have a long history with all of them.

We understand the customer industry-specific problems and the challenges, and we can help our customers solving them. We're still very much committed to our geographical focus in Finland and DACH, and have been investing into the DACH region, as said.

We are working very hard, I think, and getting results out of improving the way we create value to our customers. The expectations are changing.

They are quite high at the moment, and we believe that we are in a good place to build on the exceptional offering, and we will come back to that a little bit in the AI theme as well to tell to how Gofore as a whole is tackling the challenge that customers, of course, place on us also in terms of the AI transition. As said, three strategic industries: intelligent industry, defense and space, and digital society.

We are focused on these customer domains. We are focused on these customer problems in these domains that are domain-specific and different from each other, and that's why we can produce a good value to all of our customers in these strategic industries.

Good. That was about Q4 and full-year '25, and hopefully also giving a little bit of an idea that we feel, at least ourselves, that we are in a good shape to tackle the future challenges.

Now for the financial highlights, which usually are given by the Chief Financial Officer, but today I'm here giving also you the financial part of the presentation. We are in the midst of a change in CFO, outgoing CFO Teppo Talvinko is not available today, but we will have an opportunity to have a short introduction from our incoming CFO, shortly to that.

To start off with the net sales analysis, big picture, of course, is that growth is driven by the Huld acquisition, which is reported in the numbers since beginning of September. There's an increase in volume, both on own crew sales and subcontractor sales.

Private sector sales was around 8% up year-on-year, again driven to a large degree by the Huld acquisition. There are strong areas which are growing and compensating for other areas which are not as strong.

Areas with cybersecurity, many areas of our advisory business are growing. Here we wanted to highlight also the simulator product sales, which increased 60% year-on-year, a sizable increase there.

Simulator products are especially for the intelligent industry customer segment, an important part of our offering. Kind of augmenting the consultancy offering that we have for these customers with our own technology in areas which are important for all of the manufacturing industry clients, especially in the mobile work machines area where simulator technology is used in a lot of different scenarios, especially as virtualizing the product development.

We are very happy that that area is on a growth track, and that also is an indication that the digitalization, the transition to more digitalized products from a very physical world where we've been only recently is ongoing in this customer segment. Profitability-wise, again, I want to say that the important part here is that first half and the second half are very different from each other.

Volume-wise, H2 was much stronger, with, of course, Huld acquisition again a significant factor in that, but also the higher utilization rate resulting from a better fit between customer demand and capacity that we have. Employee expenses up a little bit, of course reflecting both on the restructuring, which was positive for the company, and the Huld acquisition, which drives the volumes up, and employee expenses are affected that way.

As mentioned earlier, the arbitration award of €3 million, we have 1.2 of that improving H2 profitability, the rest of the arbitration award was adjusted for as being affecting years before '25. Balance sheet-wise, we are in situation of strong KPIs still.

Cash decreased slightly during the year. Maybe you could say that to a more healthy level of cash, and that's, of course, due to the big investments that we've made with the Huld investment being the main one here.

eXperience is affecting January. Interest-bearing debt increased, same reason behind, of course.

Dividends of €0.49 per share will be paid in normal order after the Annual General Meeting if the meeting decides on these dividends. This is also a sign or goes to show that we believe in the strong financial position that we have, that we are also able to pay rising dividends, and that we consider the first half dip in cash flow and profitability as a kind of not normal situation in any way.

We have still the continued ability to invest when we find good targets during the year. Finally, the cash flow analysis showing strong operational cash flow, especially in H2, and this is something that we expect to continue into the current year as well.

Financing cash flow will be slightly more impactful, of course, in a negative way with the bigger debt position that we have with the changes in '25. Also, dividends will be affecting the H1 cash flow and be impactful in that way.

Now, as promised, a presentation from our incoming Chief Financial Officer. Welcome, Saara.

Saara Ukkonen will be joining us in March, and it's nice to have you here today to present you to the investors. Tell us a little bit who is Saara Ukkonen.

Thank you Mikael, and it's really exciting to join such a great company as Gofore, and just to say that my first experiences have been really really great. It's agile company with very driven people, I'm happy to join.

I have worked in the past couple years in the IT industry, I have been a CFO for company called Vincit, and then I also worked for company called Akkodis, which is a part of Adecco Group. I'm experienced in scaling and building the finance functions, improving the processes, enabling and driving profitable growth, and then also executing M&As.

I have lived now a couple years in Finland. Prior to that, I lived and worked several years abroad in France and in the UK.

Happy to be back here, and I really look forward to bringing my experience and support Gofore in the next phases of growth.

As you said, you have been working in the IT industry for the last couple of years, and it's been kind of a turbulent time with not only the Gofore numbers showing that, but also the industry numbers showing that many companies kind of feeling the change in the economic climate, maybe even the changes in the technological landscape with AI and so forth, but I would say more of the economic climate. There probably will be a little bit of winner and loser situation in this for the future, and I would like to ask you, what do you consider to be the success factors that make a company the winner in a turbulent period like this?

I have couple points. I think one is adaptability.

As you said, the industry has been in the constant change, and the technologies are also constantly changing. The winners are the ones who are able to adapt and then transform.

Then I think one important point is focus on the client. Basically understanding the client needs and business problems, and actually helping to solve those and deliver real results rather than just technical work.

Then I think at the end, it comes down to having the best talent and best people. Who has the skilled and smart consultants that the client trust and want to employ again and again.

I think at least with those three, you go quite far.

I think we understand each other quite well here, and I do believe that Gofore is well placed to deliver on those success factors. Thank you, Saara, for this presentation, and looking forward to being with you here in the future results presentation.

Thank you. Me too.

Of course, at this point, I also want to take the opportunity to give huge thanks to Mr. Teppo Talvinko, who has been for six years my partner in crime up here and talking to investors and on many occasions.

It's been a pleasure working with you, Teppo. Then next, let's look a little bit on the future, on the targets and outlook for '26.

A reminder, Gofore has ambitious targets set by the board in '24 in the midst of the little bit more difficult economic cycle, and we have not seen any reason to change this. This is what we believe in and want to work towards.

If we look a little bit where we are right now, the growth target, we are actually on track, and that's, of course, at this point thanks to the bigger investments that we made during '25. Those investments are also super important for this year, for the coming years organic growth.

I believe that they have not only made Gofore bigger, but they have especially made Gofore a lot stronger to compete for that growth that we will need in the future. Profitability-wise, as I showed you, the second half of 2025 was closer to our profitability target.

We are not there yet. We have a lot of work to do, but also we consider that we have the right tools here in place to take also our profitability in the coming years to the level that we have been targeting for well, almost ever, the 15% target being the longest living part of the target setting that we have.

If we look at the outlook a little bit, here you will find the Q1 performance drivers that we've included in the results report. If we first look a little bit on the fundamentals in Finland, we do see from the beginning of the fourth quarter, and we are estimating that the Finnish economy will grow in '26, and the growth will accelerate in '27.

These are important of course fundamentally wise for our growth. The same goes a little bit for the German economy.

We've been, I would almost like to say, a little bit unfortunate with bad luck being focusing on the two two countries in Europe that have been the weakest in the current economic cycle. Both Germany and Finland have been suffering in the last couple of years, but we also see that the German economy is expected to grow this year.

Again, very very important. Especially for the Finnish growth, it is estimated to be driven by export industry by manufacturing industry.

That suits well with the customer segments that we are focusing on. Looking a little bit on the shorter-term drivers here, growth-wise, we, of course, have the capacity increases from the investments that we've made from the acquisitions, and that's going to continue the growth in Q1.

That's something that is almost a certain. On top of the acquisitions, we are expecting a little bit of total capacity growth also.

We have areas where we recruit quite actively right now, and that's important. Then there's, of course, also the areas that are not yet, at least, in a similarly strong situation.

To have the capability areas that are growing, that's important, and we expect the net change here on top of the acquisitions to be positive in the first quarter. Especially we are accounting on demand to pick up within the manufacturing customers and the DACH market.

It's smaller here, but, of course, we do also see that there will be growth during '26 in the defense and space industry. Profitability-wise, we expect the good level or the kind of fundamental drivers for the good level to continue from Q4 to Q1.

We've had, let's say, better transition of the year than we've seen in going from '24 to '25, or going from '23 to '23 to from '23 to '24 in terms of customer demand quite well holding up over the year change, and that's always a good signal for the coming year. On the other hand, what we've highlighted in the report as well is that the absences during January have been on an unusually high level, so that will be also reflecting on the results for Q1.

As will also do the integration work. There is some integration work related to bringing together Huld and Gofore organizations operationally now, and that will result in a slight loss of customer work, and that will be reflected on the Q1 profitability.

Nothing we are worried about. It's just something that has to do with the integration work, and nothing structural.

January was reported as part of our full-year report, and let's say that roughly in line with what I just said. Holiday period was a little bit of a surprise to us.

Capacity developed as expected. We added to the capacity numbers, added eXperience, otherwise close to net zero change there, I think.

A little bit of a positive change, but very small. I want to round off the outlook part with listing our priorities for '26, what we will be focusing on and what we also encourage the investors to look at.

First one is that we want to make sure that the integrations from the big investments in '25 are successful and that we maximize the value of those investments. We will see cost synergies realizing during '26, and we will also see business results improvements during '26 from both Huld acquisition in Finland and the eXperience acquisition in DACH, or that's what we are targeting.

Secondly, what is super important is, of course, deliver on the turnaround in organic growth. We are now at zero level looking at Q4, and looking forward, we want to see that as a trend, and, of course, return to the positive organic growth track.

That's extremely important for our future performance. This will especially be true in the DACH region where we are targeting double-digit growth in terms of net sales in this year.

Thirdly on the agenda and priorities is our slogan of rethinking consulting, which means the development of our offering portfolio, making sure that we, with the chosen focus industries, we are in a place where we can develop unique value to our customers. We've done a lot of work here, and now is the time to reap the results of that and get the results actually visible in performance numbers.

That's the three-part priority list that we have set out for ourselves in '26. That concludes the targets and outlook part, and as a last one, I want to welcome Tommi Rasinmäki and Osmo Haapaniemi here with me, and we will be talking a little bit about AI development.

Welcome, Tommi and Osmo.

Thank you.

Thank you.

Osmo, you are the Managing Director and founder of Valimo Studios, which we will come back to shortly, and Tommi, you are working in Gofore as the Head of Business in our Management Consulting part, which is also responsible for the AI advisory services that we do with our customers. Good to have you here, and I will let the experts do much of the talking, but to start with kind of give the big idea of how we at Gofore approach the topic of AI, which is, of course, a big change for our customers.

It's a big change for the digital consulting industry. Some even consider it to be a disruptive change.

We'll see about that, I guess. We are prepared, of course, to face big changes from there.

What our playbook basically is to, of course, see to it that we upskill our workforce, that we are attractive to new talent, because in times of change, of course, you want to make sure that you also get the new talent from the market. Secondly, we develop our own AI offering and expertise.

Basically, that's where we want to position Gofore as a comprehensive partner in AI transitions for our customers. We think we have just taken the first small steps in these AI transitions with the customers, and they will need a lot of help in concluding the transition.

That's where we are strong. Again, focusing on specific industries, that means also that we can give the AI technology some specific value in the industry context, and make sure that our customers get what they want from their AI investments.

Kind of a plus one in the playbook is that we are, of course, looking at investment opportunities also in the AI context, and what we now have is Osmo here from our group company Valimo Studios with which we have together with Osmo and Ope Sassi founded, and that's an important addition to our portfolio. Basically building on that playbook, we're going to have this short discussion about AI development, and we're going to start with Osmo, and maybe you can tell us a little bit about what Valimo Studios is and why it exists.

Yes,

thank you, Mikael, and good to be here. Valimo Studios is a new specialist company in Gofore Group specializing in AI transformation, and our core mission is to help customers operationalize AI and that way create new business value out of the new technological capabilities that we now have at hand.

Maybe a few words about me and Olli-Pekka, 20 years in the consultancy business and having led different consultancy businesses. Last year we came together talking about the transformation and the change to consultancy business, but even more importantly to customers' businesses.

We just saw that this is a kind of a place and a situation that kind of requires a new approach also to the market, and that's why we decided to found a new company. Overall, we see that as of now, technology is moving a lot faster forward than companies are changing, and that creates a kind of a growing adoption gap.

Now AI is moving from a kind of a passive tool, copilots, personal productivity, more into agentic workflows and processes. Most probably at some point, we will have a AI as a kind of a agents and coworkers working with us.

That creates a kind of a massive change for companies, and they need to rethink their processes, operations, technology landscape, and how all these enabled them to serve their customers in the best possible way. We try to build Valimo to kind of a bridge this gap and help companies to kind of solve this challenge.

Yes, thanks, Osmo, and great to have you in the group. Welcome officially into the Gofore Group.

You and we together talk about Valimo Studios as a AI-native consultancy as opposed to the, can we say, the legacy digital transformation consultancies. To be honest, there are a lot of these AI-native consultancies popping up now every week or so.

What makes Valimo different?

Maybe I'm not too fond of the term anymore. It's been kind of a little bit overused at this point.

If we start with what does it mean to us, I think it kind of starts from the company being kind of designed for the AI era. We leveraging AI in our internal ways of working and processes, more importantly in delivery, taking the kind of productivity benefits of the new technology to provide more value to the customers.

Of course, full focus on solutions that leverage AI to create that add-on value to the customers. Then what differentiates us, when we were setting up the company, we were a little bit surprised that on the kind of new companies field, there were companies focusing quite a bit to strategy part and then to technology, agents, this and that, and we wanted to kind of take a kind of holistic approach.

We are building a company with multidisciplinary team from strategy to technology and then to adopting those solutions. Maybe that's one area.

Then we are a team of super experienced consultancy business persons, and nobody knows where AI is in two years' time. Personally, I think that our biggest competitive advantage is the kind of agility and speed we can learn.

Having a discussion with customer and learning something, and then next day having it kind of thought through and a part of our story, that's one. Then, of course, Gofore, we want to have a kind of industrial partner who can bring the credibility from the beginning, and then, of course, the scale when we kind of enter bigger transformation projects, and so those three, I would say.

To me, that makes a lot of sense. I like it.

Tommi, as said, you are heading the Management Consulting at Gofore, and as such, you see from the, let's say, holistic perspective what our customers are actually doing and at what phase their AI transition is. Can you tell us about Gofore's holistic approach to AI transition?

Absolutely. Thank you, Mikael.

Our approach is comprehensive, as you mentioned. Let me try to cover it through our AI transition model called AI Beyond Tomorrow.

I think the best way to do it is through some concrete examples, I think we can jump to that. I think that what it takes to succeed in AI transition is about leading this kind of systemic vehicle, not just the disconnected parts of it.

If we start looking our framework from the bottom, at the base is the data and the platform foundation. In practice, this means a lot of work with the data, data availability, data quality, also about the technical governance, meaning and ensuring the controlled and secure environment for AI solutions development.

To speed up our clients' work in this area, we have productized our services called the AI landing zone, which is the collection of best practices just how do you in practice to put up this kind of a platform and data foundation. On top of that, you can see these four wheels, to say.

If we start from the individual part, it is about the services like workforce upskilling, training services, also about the cultural change adoption, because things are moving really fast, you need a good innovation culture. One hot topic today on that is the AI 1000 trainings.

It's the training focused for the management teams and board members and business owners. Gofore is one of the founding partners of that training model, and it's been initiated by the AI Finland.

Just last year, we were awarded as the training partner of the year in the Finnish AI Gala as well. We've done multiple trainings for different kind of companies from big to small, and it's been really really great.

One thing to mention, we have just announced today the strategic partnership with the AI Finland and their team, looking forward to even more close collaboration with them. If we point out one thing from the organizational wheel, I would highlight the importance of enterprise architecture.

It haven't gone anywhere, and I think it's actually even more important now when we are figuring out how we get AI into our organization operations and processes and how do we develop that. The business wheel, it's all about what AI really enables.

It's about product and service innovations, ending up into a new business models. Gofore is really well positioned, as we've been talking already, that we've been quite systematically building our capabilities, the end-to-end capabilities all the way from strategy work to the development and maintenance of this new type of innovations and solutions.

Of course, important part of it is the fourth wheel, digital development, and I think this is the wheel that is at the fastest disruption at the moment. At Gofore, we help our clients to move towards the AI-native digital service production that runs on top of the AI platforms.

We can provide a clear path to this changing operating model. To me, I feel like the bottleneck is not anymore in the speed of coding, we need to look at the whole lifecycle of the digital development starting from how we define the business needs, how we do prototyping, coding, of course, as well, all the way to how do we do it in the secured and controlled manner and ensuring the quality.

To run these wheels, we need an engine. The AI transition engine is the leadership that connects technology and people, sets direction, and keeps the organization moving at the right pace as well.

All in all, to get the AI investments paying off, you need to have the strong foundation, four wheels aligned, and the well-led engine.

Put. From both of you and from the things I hear from customers, I think we are now really entering the time when customers kind of realize that it's not just about adding a tool or adding a simple individual productivity tool like Copilot, which some people use and some don't, to be honest about that as well.

When we go into the more complicated organizational wholes, we have the enterprise architecture, as Tommi said, and Osmo mentioned the kind of change need for processes, but for whole organizations and even individuals. We know that we are not always as individuals the best to adopt new ways of working, and now we are talking about a lot of professions, a lot of roles in white-collar work that will be actually quite radically changing.

Tommi, could you just mention a couple of concrete examples what we do with our customers in the AI sphere?

Absolutely. Starting from our public reference, City of Helsinki, and their centralized application maintenance solution office, it's a great example.

Might not be the most awesome case, but it's saving millions. The thing why it is saving millions, of course, bringing centralized maintenance solution is already a efficient way, but we are bringing more and more AI into it.

Of course, we're doing it in a kind of a gradual way, taking AI where it is bringing value right away, and we have a great experiences on that, and expecting to save even more and do it even more effectively, the maintenance there. Another thing is the AI governance models.

We have been now doing these kind of a comprehensive governance models for large enterprises. It means defining the roles and responsibilities and also the processes on how to procure, develop, and operate AI solutions.

To mention a few others, I'm really excited about one strategy project that we have ongoing. It combines also the organization-wide coaching and learning into the strategy process.

I think it's actually a smart way to approach the AI strategy work, because it's all about adapting and learning new all the way along as you go. Not with AI, it doesn't work that you set the strategy and just implement it.

You need to learn along the way. One other thing to mention, we're also leading the human side of change in one of the largest AI transformation programs in Finland.

There's few, and there's a lot more, of course.

Yes. Interesting what the future brings.

Before we go to the audience questions, just one short question to both of you. We are now in 2026, as and 2026 might be the year when organizations, on an average, there are leaders, of course, already start to invest more programmatically into AI, coming from kind of the capability building, the expertise, or learning about what AI is, and doing the more of the proof of concept type of projects to something bigger.

Would you agree? Is 2026 the year when we see that?

We will definitely see at least a kind of a big jump forward in that. At least in our customer discussions, the productization, finding the kind of a bigger value lever cases in the organization, and then starting to move those forward is a kind of a very topical discussion that we are having.

Definitely I believe that we are moving forward. Last year we were still hearing that in some companies, majority of the AI investments were going to Copilot licenses, and then they were just given to people, and not much happened.

Now clearly there's a more kind of this organizational productivity approach, which I think makes a lot of sense.

I think even though it's one hype word more, but the agentic approach is really speeding up the production level implementation. Also we're now starting to see the investments in the public sector as well, more and more coming that is focused on AI.

Of course, they have been putting the investment budget two years ago, and now we can see the results and expecting to see a lot more in the coming year.

Public sector, on an average, it's a little bit behind the private sector, I guess, but when the wheels get turning, things will happen. Yeah.

Let's go to audience questions. We have Jaakko Tyrväinen, analyst from SEB, following us, and first question is that the financial markets are speculating that the AI-native software will disrupt the existing SaaS market.

How are you expecting this to impact the IT consulting market? I've been recently learning the mindset of the financial markets, I guess, with the sell first and ask questions later.

[laughs] So this is at least something that's happening there, but jokes aside, I think at least the markets are confused about this. On the one hand, they say that SaaS software will be replaced by more tailor-made solutions, and at the same time, they're saying that there will not be a need for software development.

That's at least something that I'm a little bit puzzled about. Do you have something that you want to add to this question?

I wouldn't call myself as a kind of expert in this field, but I don't think that the kind of a bigger SaaS products are going anywhere. Maybe their role is evolving, and they will definitely be there as a kind of transactional and master of record type of systems.

It will be interesting to see how much companies start to build their own tailored workflows on top of those master of records and kind of moving away from the UIs of those SaaS platforms. Potentially that of course means quite a bit of work for consultants like us to be there and help them redefine those processes and ways of workings, and then connect, for example, AI into those.

If the trend really would be that the SaaS market is dying, that would mean that we're going to replace those solutions by some custom and tailor-made solutions, and that would be a big potential to Gofore and companies like us. We can see this as an opportunity as well.

As mentioned, those players will be there in a form or another.

I think we are a little bit kind of overreacting to the software development productivity topic. Even if it's very fast to build stuff, the faster you build, the more you need to test and the more you need to do work on the kind of product management side and so on.

I don't think that to the overall workload, it's that a major change.

Jaakko's other question is related to that. How has the AI-powered code creation been so far visible in daily operations?

Have you been able to speed up the outputs, and if so, have you or your customers benefited from the productivity gains? Yes, and on the other hand, both Tommi and Osmo have been already referencing that code creation as such is not the only thing happening in a software development process.

When you speed up that and get the productivity gains from that, there will be other bottlenecks, and typically when the scale of projects of software development grow, then there are other bottlenecks that need to be addressed that are maybe even more important. AI can be helpful there as well, but it's not only about the software development productivity.

In the daily operations, obviously our software developers are AI-enabled, and we'll be using AI tools, and we're really systematically building that capability to everyone in the software development.

Again from Jaakko, a question: given the foreseeable productivity leap in code creation, he's really into code creation, I see, how are you positioning against those rivals who trust offshoring in their delivery? For example, how large share of your billable hours are coming from software engineering, pure code creation, relative to larger international competitors?

Not commenting on the larger international competitors and what their share of code creation is, ours is maybe comparing more to the domestic competitors. I think we have a little bit of a smaller share of pure code creation work because we have the comprehensive offering and we have the advisory business, we have the quality assurance business, and we have kind of all of the phases of the transition that customers need.

We are a little bit I think less dependent on the software creation capabilities. That's not something that you can even put an exact number on, but let's say 30% of the business is in that area.

Daniel Lepistö from Danske Bank asks that what are the areas or segments where you are recruiting currently and seeing better demand? I've been mentioning some examples, cybersecurity, and especially strong in the manufacturing industry and the kind of cybersecurity of more and more digitalized products and the cybersecurity of production.

Those are very important areas. In the advisory arm of the business, there's several parts that are also recruiting quite heavily, including project management, which is often a kind of a good sign that the customer demand is there.

There's things happening with the customers. They need project managers, so that's always a kind of a good, more general sign.

Data AI part kind of the natural answer to that. Daniel goes on to ask that are you satisfied with your current defense and space capability now post-Huld, or could there be room for further M&A in this space?

Answer is that we are actually quite satisfied. What we got with the Huld acquisition is both a customer portfolio, domain-specific knowledge for both defense and space, but especially I think something that is often overlooked is the ability to operate in security-sensitive environments, which is about, of course, expertise of the experts, but it's also about process-related stuff that needs to be adapted to the security-sensitive environments.

It's about even premises that you have the ability to work with security-sensitive subjects. These are not the subjects where AI tools are brought in first.

Actually, quite often, it is not allowed to use the AI tools, and that's, of course, a security thing happening there, and has to do also with another big topic that we haven't discussed today, maybe in future shows, but digital sovereignty and technological sovereignty that I think has gone from being just a policy concept to being something actually really on the agenda of our customers. From Daniel again: can you discuss the positive outlook for your defense and space business in a bit more detail, especially what comes to opportunities and potential collaborations ahead, also what was the defense and space share of '25 sales through Huld?

We haven't disclosed exact numbers, I won't do it here either, and, of course, it's a little bit difficult to discuss in concrete terms the opportunities, but as we all know, and for unfortunate reasons, investments into defense, investments into security are not the ones where public finances are limited. That's an area, and that's, of course, reflected then to the defense equipment manufacturing part where actually we have quite a lot of organizations working in Finland with product development, both, of course, the domestic ones, but also the big European ones, a lot of them have product development operations in Finland, being interesting customer opportunities for Gofore.

Then we have a question from ST: how is agile and lean processes advisory nowadays? Is data/cloud, AI, or leadership taking major parts of customers' attention, or do they improve on business agility too?

Tommi, do you have some viewpoints on this?

Yes, they are, because now maybe because of AI, the organizations are also evolving. Of course, we've seen a lot of change negotiations in the recent years due to the economic situation probably, but also because their organizations are also changing.

They're changing their operating models, and the roles are evolving because more AI coming into it. There was one study that stated that by the 2030, there's 60% of the kind of job roles are different than nowadays, we don't even know what the roles of the future are.

Definitely there's the need of different kind of consulting related to the agility and the overall management consulting.

Maybe you could even say that in a sense there's nothing new with the change that AI brings. [laughs] We've always lived in the changing world, but AI is only accelerating that, and every organization needs to live with the very fast-paced change.

We've spent a little bit over an hour. I'm sorry we can't take all of the audience questions.

This was all for today. Thank you for being with us in this results presentation stream, and see you again.