Thank you very much. My name is Michael, and I'm the co-founder of Innoskripta, I'm here since the start of the company.

Together with Alexander Meyer, also which is CFO and also co-founder with me, we will together present you the preliminary results for this year. A short recap, what are we doing, yeah?

Our mission is we want to help companies make their research and development more transparent, and this way not only gaining efficiencies in their R&D operations, but also getting tax cashbacks from governments, yeah, which they're entitled to with their documented R&D expenses. For that we developed a very extensive software solution called Clusterix, and this helps companies streamline and organize their R&D expenses, and therefore claim tax credits with a high degree of security, yeah, in case of any audit comes.

Just a few words about our product and technology highlights, yeah, which we will extend further in our yearly report, but just to give you some insights, yeah, what did we do in 2025? What did we invest our R&D spend ourselves, yeah?

As most of you probably know, we are a sales organization, so that means we have a lot of sales people. One of our main, let's say, priorities is always to drive efficiency there, yeah, to increase the quality also of the sales pitch, to have a high quality sales pitch, but also to increase the efficiency.

For that we developed a feature called Pitch Deck, yeah, and this extracts data from company websites and drafts highly personalized pitch materials. The problem is a little bit that when you have a growing sales organization, all the sales people do their own slides, yeah, you have no real control about the quality of the emails they send out, yeah, and basically this a tool which helps us internally to raise the quality, yeah, to draft emails, yeah, to draft presentation materials with the help of AI using real data from the company just to give them a little bit more of a personalized and a more high quality sales pitch, yeah.

The second highlight I want to mention is Cluster Courses or Clusterix Courses, where we basically provide learning materials for all the newly onboarded employees we have, yeah. We regularly hire people, yeah, sometimes also with no prior industry expertise.

The challenge here is a little bit how do you bring them up to speed in a highly challenging environment. Yes, they speak to CFOs, yeah, there this a very technical and very complex sales pitch, and also to maintain quality and to give them some kind of proper background education.

Of course, we have internal processes, but also this AI-driven software helps us to streamline the education there and to bring them up to speed so they are successful in the field, yeah. Both of that features are also ready for the international market, whenever we pursue our international expansion, both of those features can be used, yeah, as well domestically as well as internationally.

Then we have the no-code application, yeah, I think most of you probably saw it in our press release that we are ready to configure country workflows within 2 weeks now. This is a very fast and streamlined process now where you basically can collect the necessary documents and generate let's say internationally compliant workflows, yeah, and this helps as well for other market entries.

Last but not least, we continue to develop Clusterix, yeah, we gave it a fresh and let's say more operating system environment, yeah, and basically this is what we want to release in '26, yeah, which will let's say bring it more to a level of an operating system where we have the let's say single components aligned like in an operating system, and let's say ready for use, yeah. With that comes another let's say important development, yeah, we are currently working on a highly secure R&D data storage product, yeah.

Then, as you probably all know, the geopolitical situation is quite tense at the moment and there are high uncertainties, and we got some customer requests about let's say future strategies where to host data, yeah. There are a few European options at the moment available, but we would like to position ourselves as well here as not only a processor of data, but also provider who stores data in a very secure environment, yeah, and which will help also because we already have the software for it, yeah, and basically could switch the backend here.

Some words about the customers we're getting increasingly, yeah, just to give you some color on that, in '25, we had let's say more success in getting bigger names on board, yeah. As you probably can see from our materials on the investors page, let's say bigger names or let's say corporates are driving the bottom line for us, yeah, and they have a higher let's say gross margin, and let's say, of course, way higher revenues.

Of course, it's very hard to win them in an enterprise sales pitch, but with increasing successes, yeah. Just to show you some names here, which are currently our customers, but also a lot of other corporations, we are not allowed to show their logos, yeah, '25 was really for us a very successful year given that, and we see continued traction in enterprise sales and winning larger clients with our solution.

Last but not least, we want to address an important point, yeah, and this is a little bit the current fear of investors of AI, is AI replacing software itself, can you vibe code a solution like Clusterix, is Innoskripta to be replaced by Claude Code in 2 or 3 years, yeah? What we did is we asked a professor we worked in the past long before the onset of this large language models, yeah, and we asked him, what do you think about it, yeah?

This is Professor Althoff from the Technical University of Munich, yeah, and which is basically an expert in this field, yeah. We did say some AI projects in the past, yeah, and he said basically, let's say it's a big, important thing you have to remember, because what an LLM does is it generates, yeah.

Basically, it does not know the truth, yeah, it generates you an answer given on a prompt that you give, yeah, and so the formal correctness let's say of a complex real-world situation, yeah, this is not something you can expect from an LLM, yeah. This is an important point to stress, yeah, because we believe Innoskripta and the business model of Innoskripta is here to last, yeah, because let's say what is our key value driver?

Our key value driver is a terminal precision, yeah. If you do, let's say, a tax return and then you fill in a number for your R&D expenses, you want this to be absolutely correct, yeah.

When there's something generated, this is not something what you would like to see there, yeah, and especially, when you can change the prompt and then you get a different result, yeah, this is very critical, yeah. Then, of course, interconnected systems, yeah, are hard to replicate, yeah.

What Clusterix is doing is it really connects HR, time tracking, project management, task management, this is a very complex endeavor, yeah. There are a lot of data handovers, yeah, the data structure itself is very complex, yeah, and at the end we just don't see that.

We use let's say all modern AI tools ourselves in our R&D, yeah, but, of course, we see the current challenges and difficulties using those tools, yeah, and if you just generate code, at the end you get a lot of bugs, yeah, and you need to know what you are designing here, and the design of our system itself is quite complex, it's not an easy system. Last but not least, if you're in the situation, you are the CFO and you used an AI solution, yeah, to generate your documentation for your tax return, the question is, when there is somebody coming and is checking your books, yeah, an auditor, yeah, who's taking responsibility for that, yeah?

AI cannot take the responsibility, and I think that's also a very important part of that, yeah. These compliance-heavy field in that we are, this is something where you need a proper process, a proper management, yeah.

I think we showed that quite successfully in the past that we are a trustworthy partner here, and it remains to be seen if AI let's say can grow beyond its boundaries, yeah. If you think about the nature of the current LLMs, they are text generators, we believe that we have let's say a strategic position far beyond the next couple of years, yeah.

Just to short recap in the past, how was the financial performance in the last 5 years? It shows it quite nicely that we essentially from 2020 to 2025 let's say saw a pretty tremendous growth as well as in revenue as in EBIT, yeah, but at the end we are here to say that we believe that this trend will continue, yeah.

That doesn't mean that we will keep the growth rates as tremendously high as they are at the moment with 60%, yeah, this is a pretty challenging task, but we see at the moment no fundamental change in the business logic, in the business drivers, we don't see any competitor coming up with an revolutionary solution, we don't see any AI solution challenging us, we don't see anything which brings us to the assumption that our dynamic growth path will not continue in the future, yeah. Last but not least, just underscoring this is our deep belief in the company, yeah, we didn't bring the company public just to offload all the shares, yeah, and walk away, yeah, we're still here in the company, we work here, and this is essentially our focus, yeah, our life focus, and we are here to stay, yeah.

We want to also support the shareholders which believe in us, and of course, we made some buybacks, yeah, also recently. We got some questions from investors what were the buybacks in the closed period.

Simple answer is that all buybacks or let's say all transactions are let's say advised by a lawyer, yeah, we don't do any transactions without legal advisory. At the end, for this let's say closed-order purchases, yeah, the orders were placed already way before the closed period, yeah, and this is why I was not allowed to change the order, yeah, this is the background.

Handing over now to Alexander Meyer, who's presenting let's say the quantitative part of this presentation.

Thank you very much. Now I can see that.

Again, highlighting our deep belief in the company with our buybacks, yeah, overall, we still directly and indirectly own close to 80% of the company, and as much as for outside investors, it's our personal goal as well, yeah, to drive the value of the company, to achieve long-term success, yeah. At this point, again, thank you for the trust of especially the initial investors, and we work very hard on a daily basis to improve results, and hopefully also convince our shareholders in the stock market for future performance.

Okay. Good, here we see the long-term development of our top-line growth, yeah.

Again, I would like to remind our audience that we started off in 2022, if we look a couple of years back, with roughly €27 million in revenue. We constantly managed to grow substantially in the region of roughly 50% in the last 2, 3 financial years, going from 26, 27 to close to €40 million, and then prior to the IPO, disclosing that we grew to €65 million.

Today, we are very happy to present what we also posted in our ad hoc news, that we managed to grow our revenue further to €104 million, yeah, representing a growth rate of close to 60%. If we have a recap of our EBIT development and look back in 2022, there we started off at roughly €9 million, we had tremendous EBIT growth, yeah, growing initially to 15.5, and then prior to the IPO, we released the numbers of €38 million in EBIT, yeah, and again today, we are happy to report that we also see a positive development in absolute terms of EBIT and also profitability margin.

We can disclose at this point of time that we, yeah, before audit, expect a financial EBIT result of €63.6 million, and that represents an EBIT margin beyond 60%, yeah. If you remember from the past, we always had the goal to stay around a 50% margin, we are willing in the future to sacrifice margin for growth, yeah, and with the recap of the growth drivers, working organizational efficiency, this led to a slightly higher margin than, yeah, originally expected by the analysts.

That leads us now to the different cost categories, yeah. Again, I'd like to highlight the development of sales and marketing costs, where we see a gradual increase, yeah.

This is one of the main items where we try to invest our funds, it's exactly our sales force and sales processes, yeah. We started off with €7.7 million in 2022, and in '23, '24, we already see that the absolute amount that we spend stayed quite constant, and we worked on organizational efficiencies, increasing our revenue.

Our idea and desire is to continue investing in sales and marketing. We have big ambitions here, and in absolute terms, we increased our spending from roughly €13 million to above €19 million, but as our revenue growth is also substantial, it more or less stays in line as a percentage of revenue with the figure from 2024, yeah, with roughly 19%.

R&D, our own software development, is another driver of our future sustainable growth, yeah. Here we again see the historic development starting off at €2.1 million, increasing spending to 3.4, onboarding more developers on our platform, and we continued this journey in 2025, where we nearly doubled our R&D expenditure.

It's always important to invest in quality growth in this segment, yeah. What we learned with excellence of development processes is not necessarily about the number of developers, but about the quality.

We have very high quality focus in hiring, and together with our HR team, we managed to allocate a much bigger budget and to develop an even more sustainable workforce in R&D, where we believe this prepares the path for further growth in the future, yeah, leading to €6.6 million in spending last year, and this is representing basically a cost of 6.4% of revenue. G&A is something where we always try to be very cost-efficient, yeah.

We started off with €7.5 million in 2022, at that time it represented basically a percentage of roughly 28%. We've managed to grow our company and still managed to be very efficient, very effective despite the IPO.

We grew to €8.4 million in expenditure in 2023, 11.4 in 2024. Now we see a slight increase in spend from 11.4 to €15.2 million last year, it's a substantial growth.

However, again, if we look at it as a percentage of revenue, we basically show that we can scale and grow and have operating leverage. As a percentage of revenue, we slightly improved the metric from 17.4% to 14.6%.

In summary, we have our EBIT bridge, there we see how we get across the 3 cost categories to our final EBIT result. We have a gross profit of €104 million.

If we look at sales and marketing expenditure, R&D expenditure, and our G&A costs, we arrive at preliminary EBIT of €63.6 million, and this represents an EBIT margin of 61.1%, yeah. We are extremely proud to share this result.

This is beyond the expectations of the analysts with whom we try to communicate and talk regularly. We would like to highlight that especially, yeah, the first year after the IPO was very important for us to, yeah, show and prove the market that we believe in our company, that we believe in the numbers, we're here to stay, yeah.

The IPO was just a beginning for our further future growth case, yeah, and this is the result of the year 2025. Of course, we remain ambitious and would like to continue the growth trajectory or similar growth trajectory in the future.

Last but not least, here basically the core message is that we managed to turn our revenue into cash flow, yeah. We see in 2024, we had an adjusted EBIT of €38 million and an operating cash flow of roughly €21 million, and this year it's 63.6, yeah, and we have an operating cash flow of €41 million, yeah.

We managed to convert it in cash, and if you remember, in the past, we had very long payment terms that we offered our clients during our collaboration, roughly 1.5 years ago, we addressed this issue by shortening the payment terms, collecting our cash earlier, and now slowly over time it becomes visible, yeah, that we improve our cash collection. Yes, and this so far was the summary of our let's say rough update what happened in 2025, including first financial numbers before we release the full annual report.

Thanks a lot for joining this call, and now we are open and happy for a Q&A session to address your questions. Thank you.

Alex and Michael, thank you so much for taking my questions. I have one to start.

I just wanted to ask a little bit on the funding environment and how you see that evolving in Germany at the moment. Obviously, we are looking at an increase in the cap of applicable R&D spend for tax credits in 2026, but could you maybe help us understand a little bit how that will impact the business kind of timing-wise?

I'll start there and then I have another question after. Thank you.

Yes, I am happy to take this, Gustav. Thank you for this question.

Generally, we see very strong government tailwinds over the period since inception of German tax credits. There has been increased generosity for the fourth time now.

In 2020, it started with a much lower cap of €2 million cost that you could hand in, yeah. For the audience, the funding rate right now varies between 25% to 35%, yeah, just that presented here.

The same year, this cost limit was increased to €4 million, yeah, increasing generosity. Then early 2024, this limit was raised to €10 million of expenditure per year that you can file with the financial authorities.

Since the beginning of this year, there have been 2 major developments. Number one, the cost cap gets lifted by another €2 million to €12 million, yeah.

Effectively, that means that every applicant, provided they have this eligible R&D expenditure, can receive 20% higher funding because this cost cap is risen by 20%. Another effect, yeah, and that's at least of the same relevancy, is from this year, every company, regardless of their R&D budget, automatically gets a 20% surcharge allocated by the German government.

That means that the effective funding rate for every client, no matter how much the R&D expenditure is, automatically increases by 20%, yeah. Example, if I'm a company that has €1 million in R&D expenditure, from the government's view, as of this year, it is €1.2 million on which I get my funding.

If I have €2 million, it is from the government's perspective €2.4 million, yeah. These are positive tailwinds beyond, yeah, what happened in the past, and it means if we do our job very well, that potentially offers a scenario where we can generate 20% higher revenues with existing clients and new clients in the future.

I would like to jump in here and also provide some additional coloring here. The 20% surcharge in our view, as we see it, could be only the beginning, yeah, because typically in other funding programs from the government, you have surcharge rates which are way higher, like 100%, yeah.

As we see it, the German economy is still not in a very good shape, yeah, Germany is still the biggest economy in Europe, but we are spending only a fraction of France and Great Britain for tax credits, yeah. The government is trying to actively change that and to make the German tax credit system more generous, yeah, and this is something we see as a trend to continue in the future.

Great. Thank you.

Then just a question on new versus existing clients, and how that developed in the second half of the year this year. Did you see a greater uptake of existing clients filing for tax credits, or was it predominantly driven by new clients?

Maybe I take this question here. We see as we discussed in the past, our main focus is still the new client generation, yeah, since we have a constantly low churn rate, yeah, and every new client for us means that they don't go to the competition, yeah, we still have a heavily focused in new client generation, but we see a constant growth in revenue coming from existing clients, yeah.

This is since we also, of course, are improving the aftersales processes, we are improving the visits to the customers, the kind of data we are getting there, yeah, the kind of standardization of this whole aftersales process has also greatly improved in 2025, and we see, let's say, in the sales representatives which are doing aftersales, we see let's say, typically, very high revenues per head, yeah, which are typically 3 to 4 times higher than in the new client generation bucket, yeah, since, of course, there is an existing client relationship, and yeah, we cannot provide as of this moment a definite number, but we can give let's say a qualitative answer, and we see let's say an increase in traction on existing customers, but we see still a very big potential here, yeah. The aftersales department is still very small, yeah, out of 100 over 100 sales people, only 5 are doing aftersales, yeah.

Of course, we are very conservative here, we want only the best sales people to do this, yeah, and to just maintain the client relationship, since it's very hurtful when a client leaves us, yeah, we want to make sure that we have the highest quality here, and so we are very careful with that, yeah, but at the end, we still see a great potential for the future to harvest on this let's say existing relationships we have here.

Great. Thank you very much.

Yes. Hi, guys.

Thanks for taking this call. A couple of questions, because you just spoke about the two major regulatory tailwinds that you have starting from this year.

Can you remind us what percentage of your current client base is already maxing out the current €10 million cap?

I'm happy to take this. Within this presentation, we don't present any specific numbers regarding this, but what we see in practice on the ground is that there's still is a certain fraction of customers which we can continue to develop.

The main reason I would like to highlight is the journey of a large client, yeah, which big corporations typically go with us, yeah. After selling a license to them, we onboard them into our platform.

Very often before giving the full capacity of relevant R&D expenditure, despite signing a long-term contract, the attitude is we'll start with a sample project. Instead of figuring out how I give you the full €12 million expenditure, or €10 million for the past, we'll start with a sample project worth €2 million or €3 million, yeah.

The companies don't lose anything at this point of time because legally, they can claim up to 4 years backwards. Now what happens when we hand in a project via our platform, this first approval where I get an innovation approval, a first step in Germany, takes 3 months.

Now the challenge in the model is that the cash collection for the client happens at the second step, which takes usually another 6 to 9 months, yeah. Overall, when a customer starts working with us, from onboarding data to final cash collection, there is a period of 12 months, yeah.

Very often, this is the moment that corporations want to see, yeah, they're happy with the first R&D approval, they're motivated to continue the collaboration, that's why we have low churn rates, but at the same time, the cash collection is quite late, and this is often the event that companies are waiting for until we can get more R&D expenditure onto our platform. This was a long explanation, and did this address your question?

It does. It flows very nicely into my next question, because can you quantify for how many years the average new client makes a claim when you onboard them in the first year?

Is that what you covered in the previous answer when you said new client business is roughly 3 to 4 times as high as existing, or did I understood wrong on that part?

We cannot provide a quantified number here, but there is an inverse let's say effect, yeah. Companies start working with us, very often they don't give their full R&D expenditure potential, a few of those clients do, yeah, but basically, we still see a lot of hidden potentials to increase, let's say, the R&D expenditures that we find for the past references.

An example to underline this is our strong Q4 filings, which lead to very high Q1 revenue, yeah. Historically, we always had a strong Q4 revenue, and since last year, it has changed, yeah, because we have the strongest hand-ins of volume in Q4, which transfers into revenue with a 3-month delay, yeah, this is the R&D approval, this is our revenue recognition.

Whatever happens in our platform in Q4, you hand in the R&D expenditure, transfers into revenue in Q1, yeah. Let's say, a metric to underline that a lot of companies have not fully utilized their R&D potential, their cashback potential, shows that in Q1, the revenue for 2025 was extremely high, yeah, and that the reason is a lot of money from 2020, which hadn't been claimed and would have been lost after 4 years, after Q4 2024 was filed for, yeah, and this led to very high revenue in Q1 2025, and we see similar patterns with the behavior of Q4 2025 and revenue development in Q1 2026, yeah, which that's something that we would expect, yeah, to see again, and this is something we will publish with the Q1 update.

This is just a fact to underline that a lot of revenue potential still is within the customers because they're very conservative of filing costs and until they have finally seen the cashback.

Great. You highlighted in the beginning of your presentation the technology you're employing now within your pitches and so on.

Can you comment on how your customer acquisition costs have been developing?

Just in terms of a qualitative answer, what we try to highlight is to show you that we are always concerned and focused on organizational efficiency despite available capital. This is an example how we, despite in the terms of percentage, are slightly decreasing our expenditure for sales and marketing, that we still manage to more than proportionally grow our revenues and profitability, yeah.

That is maybe how I can address this question at this point of time.

Perfect. Then finally, maybe can you talk more about the current status of your international expansion plan?

You said you're willing to sacrifice margin for growth in the future.

Yes, maybe I take this one up here. We are running currently experiments, yeah, that means we are probing several markets at a time at the moment, yeah.

Of course, this is a challenging task since these are established markets where there is an established competition, yeah, but we believe government tailwinds are also present in other countries like the UK, which is seeing really a crackdown in let's say fraudulent providers of R&D credits, and which are seeing increased documentation requirements, which are seeing increased responsibility where you have to name project responsibles now, but also, of course, the US, which is naturally the biggest market for us, with the biggest volumes in the world, yeah, which is also seeing major scandals of established players, yeah. We believe these are avenues for entry, and yeah, we are currently in the stage of forming teams there, yeah, and bringing them to life.

This is challenging because essentially you have to start the organization from zero. We let's say investigated if we could do M&A, but we, for the sake of preserving the company culture and for the sake of preserving let's say that what made us successful in the past, we do not want to distract us here, and we rather choose this path.

This is to the upside, yeah, which is let's say a little bit longer and more stony, but on the other side, it's not as risky, yeah. We don't have any big capital outlays, yeah, we have no big capital spending, this is essentially smaller amounts compared to our current traction and profitability, we don't see any impact on margin right now, yeah.

We don't see, let's say, at the moment, a big investment. Of course, also to our philosophy, it belongs that the teams which we build up here, they have to prove themselves, yeah, they have to make revenue, they have to be profitable quite soon, yeah, otherwise, we will not continue.

When they do very well, yeah, they will have very high rewards. At the moment, we don't see a major impact on margins, yeah, but of course, if there's an opportunity to invest, yeah, we will always do it, yeah, we would never choose let's say the option not to invest, yeah, but on the other side, given that we are following this path, we are more let's say conservatively approaching the investment side here on the international expansion.

We are doing an expansion at the moment in 4 different countries.

Perfect. Thank you very much.

Hi, yeah, thanks for taking the question. I was just wondering if I look at your consensus revenue growth for the year ahead, it looks like it's just under 40%.

I'm wondering how much of that growth can you already say that is in the bag? In other words, how much is it going to be annualization of customers that you have won last year?

How much more do you really need to win to hit those estimates? Do you think you can achieve that with a similar amount of spending on sales and marketing as a portion of your sales, please?

Thank you.

I'm happy to take this. Let's say we are highly confident that we can, yeah, show that we achieve this growth trajectory what the analysts are forecasting.

This is also our personal ambition, yeah. There is a certain amount of customers that has not been monetized, yeah.

We signed a lot of customers last year, we saw a strong growth trajectory of new clients because this market in Germany, our core market where we have kicked off, is still very much underserved, and we still see a great opportunity to increase a client base with long-term contracts. A lot of those contracts that have come in, clients are still in an onboarding phase, yeah, which typically takes a couple of months from signing until the first initial data is onboarded into our platform, and the client can be monetized.

At the same time, we see effects through our aftersales department that the existing client base is coming back, yeah. We don't have any quantitative number that we communicate at this point of time, but if we see our client growth, if we see the behavior of old clients, how we can develop them and find more relevant expenditure, onboard that into our platform, and then at the same time believe on our current traction with existing let's say sales conversations that we are having, then we are confident that we can be on a path to achieve those numbers.

We also consider to provide a proper guidance towards April, towards the time of our annual shareholder meeting, and then we will comment more in depth on our guidance for this year.

That's very helpful. Thank you.

Yes, thank you for taking my question. According to official numbers from the Ministry of Finance, the payout for R&D credits in 2025 has increased by 60%, in line with the top-line growth that you have been showing.

That would imply that you haven't really gained market share. Now, your market share is already fairly high, but going forward, should we assume that you can gain market share or that, at least in Germany, you then will just grow in line with the R&D tax credit market?

Thanks for the question, that's very interesting. I think the numbers also state that 30% of the applications are coming from companies below 10 employees, yeah, which is not our target market, and then at the same time, we do have a lot of corporations who don't max out their filing yet according to our hypothesis.

This is a major driver, and then of course, we see this instrument is becoming more known, it's becoming more popular, and that opens doors, yeah, and especially when the C-suite is aware of compliance requirements of audits, this is a continued avenue of growth for us, that's why we are fairly confident to be able to grow in the near to midterm based on the development of the market. Then let's see how we will be executing if we could potentially achieve numbers beyond market growth, but this is then something we would more in depth describe in our proper guidance that we will issue.

Because I don't think that the expectation is that the market will grow by 40% in 2026. If you imply that you're happy with the consensus estimate of nearly 40% top-line growth, you probably would have to outgrow the market.

To outgrow the market can be to grow alongside new clients that still have potential that are underserved or not being served, and at the same time, to continue monetizing the existing client base and tapping into the potential, yeah, but a very good analysis, and thank you for this question, yeah.

Sure. Maybe an add-on on that.

If you really manage to grow at such a high pace, let's say, 30, 35, 40%, whatever, I think it will be nearly impossible for you to grow your cost base faster than what comes in on the top line. In the past, when you were looking at EBIT, when we spoke about EBIT margins, etc., and I questioned whether the margin should go down, you always said that you want to grow profitably, and for you, that was always that basically EBIT grows slightly faster than top line.

Is this also how you would see it in 2026?

Maybe I take this one, yeah, as I outlined already with the international expansion, yeah, just to give you some color on this, yeah. Actually how fast the market grows is not, let's say, especially relevant for us, because if you look, as Alex briefly mentioned before, the question is who is filing, yeah?

For us, of course, the companies which are very small, yeah, they're not the user of our software, yeah. We want to focus on the larger enterprise clients, which have a bigger problem, yeah.

Not they have not only one problem they mentioned, which is in Germany, but they have multinational organizations, they have R&D in many countries, yeah, and yeah, basically, to develop this client relationship to open up other opportunities in other countries, yeah, where we get those clients, yeah, and this is what we want to do, yeah. As I said also earlier, in growing those teams, we are very cautious, yeah.

We don't do M&A, we don't invest, I don't know, we don't hire 100 sales people at a time and then keep them on the P&L, yeah. We want to be really culture-preserving, yeah.

We always invest what it takes, but we never do anything let's say which is for us economically unwise, yeah. At the end, let's say the margin you can expect for some time in the future too that we basically stay at a high margin, yeah, especially if this current dynamics of revenue growth, which is the most important figure for us, if they continue to be there, yeah, definitely.

Okay. Thank you.

Can you hear me this time?

Yes,

very well. Finally.

Sorry, I had technical problems last time around. I wanted to just drill down a little bit more regarding the question that was asked by the Warburg analyst, Warburg Research, and that is regarding, and I say this as a friend of your business, I've been invested since day one.

It's the question of what percentage of your business is done with clients who you are selling 4- to 5-year contracts to, i.e., going back 4 to 5 years, because one of the stock market criticisms that I hear over and over again is that your growth rate will fall off sharply when this client base has been fully exploited. I think there are so many other growth factors in your overall story that there is no weakness in you addressing this issue absolutely full-on.

I'm just wondering if you could just shed a bit more color on this one.

Thanks for the question. Maybe we can think of how we can address this better in a quantifiable manner in the future, yeah, beyond this call what we present today.

Again, remember this inverse effect, yeah, and just this logical bridge from a first-signed contract until revenue recognition with the client, and until the client is reaffirmed that he also finally has a benefit with cash collection, yeah, and this period just takes at least 12 months, yeah. It's very logical to assume that it takes a number of years to fully develop the clients to their full potential, yeah.

That's why we don't see at this point of time that the revenue is overall a collection of several years, yeah, but there is a lot of potential still left in existing clients, which we can develop over time. Then beyond our tax credit growth, yeah, of course, we see opportunities how we can grow our TAM, yeah.

If we manage to enter a couple of markets, example the UK, which pays out €9 billion every year, yeah, it's multiple times bigger as of now as the German payout because of his underpenetrated market here in Germany. If we manage to go to France, which has a payout of €7 billion a year, yeah, or Canada, or the US, where we also see a lot of synergies with global multinational companies that basically have R&D in those various locations, and we can offer this platform to optimize tax credits globally, yeah, this just widens our TAM.

Beyond this, and this is also on our let's say midterm goal, is to monetize and sell our software fragments, yeah, which is really an ERP to run a whole R&D unit, yeah. If you think of time tracking, project management, even these are potentials in the future to be monetized beyond our core growth case, yeah.

Just wanted to make clear, yeah, that our vision of the company is to sell solutions, to sell software that help companies to become more efficient in R&D in the long term. Tax credits is a milestone on the longer path.

It serves a little bit like the Trojan horse because the CFO and CTOs are suddenly willing to onboard relevant R&D data into the platform, and in the midterm, we might be able to showcase our clients that we could help them with those data and provide a much more value add in the future. I just would like to highlight, we think of this as a long-term global vision that we're working towards very hard.

It's not Germany only despite the major revenue coming from Germany at this point of time. Tax credit is a global market, but even the long-term goal with additional monetization opportunities is there, yeah.

This is what I would like every investor to keep in mind, yeah, this is not an tax credit Germany-only idea and story.

Great. Maybe to add a little bit here, yeah, we have to discuss addressing this issue, yeah, but let's say we have a database of R&D employees, yeah, and all of those R&D employees have salaries, yeah.

They work, of course, at different clients, at different organizations, and so if we just count together, let's say, the sum of the yearly salaries, yeah, and apply a hypothetical let's say, or let's say, because we have of course all the contracts in our system, we cannot only apply hypothetical, but the real number, and if we would monetize this whole database every year, yeah, and basically get the maximum available tax credit for all the clients, then we see that our current revenue for '25 is still way below the potential we could harvest every year, yeah. Again, let's say that our focus are larger clients, yeah, the more larger clients, the better the bottom line, yeah, and also the higher the potential for international expansion.

Great. Thank you very much.

I think that this argument needs to be made very loudly and over a period of time. I have a much more mundane question, second question and last question, that is you're generating a lot of cash, how do you intend to use it?

Are we going to see some nice dividends? Stock buybacks doesn't seem very realistic on the basis of the free float, but how do you intend to deploy some of the cash you're generating?

I'm happy to take this, yeah. We will make a decision shortly, this is always a discussion that we have.

We disclosed in the past that we're ready to pay out a certain portion of that as dividends, and generally speaking, for our further growth, we don't need additional cash, yeah, these are maybe the cornerstones I can mention at this point of time. Our philosophy is rather distribute the cash back to the shareholders, yeah, and regarding buybacks, we are kind of critical because we see let's say the liquidity of the stock already on the let's say limit that we should do, yeah, if we be too aggressive here with buybacks, we have no shareholders anymore, yeah, so that contradicts a little bit the IPO, yeah.

At the end, yeah, let's say we would weigh it in our discussions and announce that in the near future what we intend to do with the funds, but for us, the situation is pretty clear.

Right. A bit of yield support is always welcome.

Thank you very much.

Of course.

Thank you very much for listening and for the questions. It reminds to be said that we are always happy to answer further questions, you can reach out to us over the channel given on the website.

My closing remark here is we remain committed, we remain dedicated, we have a lot of plans for '26, yeah, that means as well geographic expansion as well as let's say new products, which we are actively introducing to our clients right now at the moment. I'm happy to say that we want to continue writing this growth story, yeah.

This is something very important for us, essentially it's our creation, yeah, we want to stay on board here for a very long time in the future, and we want to see this company grow. For us, it's a challenge, of course, yeah, being listed in the capital markets, but as you said, like the first occasion, we didn't disappoint, and I hope, yeah, so that we get some credibility in the future also for our let's say performance, yeah, which we are let's say working very hard to continue.

Thank you.

Thank you. Bye-bye.