Welcome, and thank you for looking in here. We are going to present our '25 results.

The presentation will have two sections. We'll talk about the '25 results, about the short-term outlook for '26, and then we'll talk in a little bigger picture about the strategy plan.

We have announced a three-year strategy plan from '26 to '28, talking about our offering, our go-to-market in the new strategy, and also around the AI, which is key to the strategy. Just a quick look into the '25 results.

Excuse me. If we're looking to the '25 results, we are presenting a pretty solid business.

Yes, we have a decline in total revenue of 6%, but looking a little deeper into the numbers, you'll see that we are growing subscriptions by 18%, which also means that software represents 78% of total revenue. We are also presenting a pretty nice EBIT margin of 22%, that's slightly higher than we have forecasted earlier.

As a result, we are also raising the dividend about 56% to 1 krone per share. The I mentioned before we had a decline in total revenue, that's very much due to the one-time software licenses.

Previously, we had some very large international one-time licenses, which are smaller in '25. The point is we have had a strong focus on building large customers, but as part of preparing for the '26 strategy, we have now piloting and preparing for the growth.

The result here is also that we have not reached what we expected on the large customers, so that has a one-time direct effect on the on the '25 results. We've seen some postponed international large projects.

It's not that we have given them up, we are still close to them, but we are a little cautious on on expectations there. We did also expect that there would be a fourth-quarter government spending, which did not came in this year, primarily this is primarily in Denmark, but that's due to some of the government changes going on here.

Clearly, the lack of the large international licenses had effects on the export, which is lower, it's but we still have a 28% of total revenue in in exports. Services is almost flat, but that's very much as part of the strategy, as we are moving more and more of our services to working with partners.

If we look at the preparation and the piloting we've did in '25, there's been a very much focus on preparing going into segments, which we see as a key driver in growing the business, and working with partners. Then, of course, also building and integrating the AI into the platform, which is a key element in the growth as we are moving forward.

Talking a little more into the '26 to '28 plan, we're talking about what we call land, expand, innovate. Key elements to the plan is that we are limiting our organizational restrictions, which means how many resources do you need to growth.

As we're moving working more and more towards partners and selling of standard software, that is restricting the resources needed to do that. We're also reducing the complexity of our business, which is essential to the growth.

We're talking about moving from accounts to land and expand, and that is really a in one of the key changes internally, because we earlier we organized around large customers and building them. Now we're moving into what we call land and expand, and we are illustrating that with this matrix where we have new products and new existing products, we have existing customers and new customers.

This means that our our growth model is landing new customers, growing with them, which we call expand, and then innovating, creating new products with the customers. That's kind of our our journey with customers.

We are organizing internally, that's part of the change as we're moving to this new strategy plan. What you'll see is we are focusing on market segments.

I'll get deeper into that in a second. Landing new customers as we have that focus.

We are beginning to work with partners to scale around these segments. Then we're building a customer base where we, by adding more processes and products, including the AI, can expand the the footprint with customers.

Then still, yes, of course, working with selected large customers, but we expect that you have seen the the changes here, coming up, going down, and so on. We still see large customers as important for the business, but not as a kind of the sustainable growth.

As we are looking into the short-term outlook for the '26, we will clearly have effects related to the fact that we're doing these organizational changes, but we still forecast 10% to 15% growth, and we believe that we'll be able to do that with maintaining pretty solid earnings of 20% to 25% while we're doing this. We're now and have initiated the '26 to '28 go-to-market plan.

We focus on landing new customers. We have announced two segments: the paperless ministry and environmental permitting, which we announced in '26, and we are prepared and been working on that.

As you may have noticed, we landed a large government agreement with the Aarhus Municipality in the autumn, and we believe that that will pave the way for a local government segment. The scaling with partners, we had some initial good results and experiences in '25.

We have mentioned the Romanian project where we've been able to deliver a project for a pretty large project for the Romanian pension, National Pension. Key here is, of course, the service builder, which allowed partners to define and implement the the the processes.

Expanding our footprint with customers, yes, we see the processes and the workflow automation, two key elements for here for us. The service builder, which allow us, of course, to build processes, but also allow the customers to do it themself.

The AI as a key factor, cuz integrating AI and processes, we believe that's really one of the areas which is the growth. We're talking about an F2 AI task specialist.

I'll get back to that later. Last element here is we'll continue to further develop and innovate with the large customers, which is still our, you can say, this our labs in the fields being allowed to see new products.

Just a short thing on the markets, and then I'll get back to the to the business. We see there's a real lack of competences in the of of of resources in the IT field.

We know that, for instance, in Denmark, in by 2030, there will be a gap, at least from the analysis saying that will be a you'll need 70% more IT engineers. We believe this is one of the key drivers in the market pointing to using standard software, which is our offering.

We also see security as a still more important thing. When you have a landscape of many different systems and open-source components and so on, controlling the security is really very complicated.

We also see an appetite for the type of products we're delivering, because this having one integrated standard platform makes security control much easier. We also see the whole sovereignty and interoperability as a key area.

What you may have seen is that we are doing projects, for instance, with the Danish Ministry of Digitization on how you can create the freedom you want to want have the free choice between which kind of of of processes and so on you want. Again, that's a driver for us.

The last element, clearly AI. I think everybody's aware that AI is driving us to rethink how we work, the workforce, and of course that's something we're doing a lot with our customers.

It's also infecting even the way we are building products and our internal development. One thing which we saw in during '25 was the announcement from the White House that they are now moving from a strong focus moving from building these large system-integrated-based solutions to focus on commercial off-the-shelf.

Of course, it's not something that happens overnight, but we really see all this as a key driver for the whole cBrain story. If I look at our journey, and I think this is essential to understanding our '26 to '28 strategy plan, when we started off in '25, we had a focus on document management.

What we did was we Excuse me. What we did was we turned it around, because at that time, document management was very focused on archiving.

We turned around and said we realized that, people are not really using the document management systems. When we started working with the Danish ministries, 15% or 20% of the documents that should be in the archives were in the archives.

We were successful in turning it around and said, 'What if we started with users?' and saw document as a document management and and compliance as as as the effects of supporting the users.

Users first was our success, and we were pretty successful in in building that up. The next thing we did was we added the process layer and the self-services.

We added the ability to configure your system as an open-source declaration. This is where we created what we call the tool chain, and we have and building process libraries, which we've been talking about earlier.

The next round for us have been adding registries and what we call mass operations. By adding that, we now have a complete platform.

Key elements here is that now we have a platform which is ready for partners. It also means that we have embedded the AI into that platform.

If we look at the journey, we have moved from document management to process management to have an enterprise platform, which is our offering as we're moving into to '26 to '28. Again, if we look at the customer journey, we moved from ministerial departments as a key focus in the early days.

We then moved into agencies. We started going international.

Now we are moving into the era of working with partners, which is, of course, the long-term scaling. Looking a little deeper, we were successful, I mentioned, with the ministerial departments.

Reality was we got almost all of the Danish ministerial departments. We also got the National Digitization Award being able to get all of them on exactly the same standard software.

We moved into agencies, and today we have around 75 Danish organizations in total on the F2 platform, which I think is very unique. This is also where we got the second National Digitization Award in '17, being again able to deliver standard software for agencies like we did first for the departments.

Moving on, with this, we were been able to actually move into pretty large deliveries. The Danish EPA have now more than 150 processes in the F2 process library, supporting everything from grants management to inspections and so on.

We have Deutsche Rentenversicherung now with 6,000 users. We have delivered a new hunting license register with 180,000 users in Denmark.

We have delivered the the dividends return system for the Danish Tax. We have delivered ESR registry with OECD reporting supporting 35,000 companies in the UAE.

During last year, as I mentioned, the National Pension Fund in Romania, which will, at when fully delivered, will have 4,000 users and supporting the the the national all the citizens with more than 90 different citizen workflows. Where?

Here it was. Reality going international, we now have implementation with with governments in in five continents.

Ready for moving into the large to the next step here, working with partners, and this is where we have our platform ready for doing that. The platform, you see, is divided into four areas.

I'm not going to take you clearly deep into that, but being able to support what we call case and services, which is kind of our core, being able to do the self-services with the portal, being able to support registers, and supporting something which you may find a little strange, we call it mass operations. The idea here is that you may actually want now to to address 4,000 citizens.

What you do is you select 4,000 citizens in the registers, you open up 4,000 cases, and operate them. This is an example where you're mass operating citizen services.

This is kind of the complete platform, and this is our definition of what we call commercial off-the-shelf platform for for government. Ending up, I would like to talk a little about the AI.

Clearly, everybody is talking about AI, what's our position and and where do we fit in? Key area for us is something we call an AI task specialist.

Before going into that, just let me give you an example talking a little about a a process in government, because when you look at a government organization, they have a lot of different processes. An example of a process may be issuing a driver license.

If you look at the process, there may be a self-service where you type in, 'Yes, I would like to have a driver license.' There will be a number of steps before it's issued.

During these steps, you have a number of tasks. You may do a screening and decide, is this citizen actually 18 years and old enough and et cetera, et cetera.

If we look at government processing, we have a model for that, which is core to our process delivery, where you have a number of steps, each of them doing tasks. Going to public how you work in in government, each task has an instruction.

This is what you do as a public servant. With this, we can define this using the service builder.

That's part that's really part of the innovation in cBrain. Instead of building that, building an an individual solution, you can define a process using the service builder.

In the service builder, you define workflows with tasks and steps, and you can it's controlled the execution. Thereby, whenever somebody asks for a new driver license, it opened up a case and go through these steps.

That's a way of automating government work. Now what we can do is, with the task AI task specialist, we can now digitize the instruction and the prompts down to the individual tasks.

Most of our competitors will be talking about agents, which are people kind of holding your hand as you move forward and supporting your task. What we do is we're down to the task level.

This is where the real work is work going on, because each task, may just take a few minutes, but if you have to do thousands of these tasks, that is really where you're spending all your time in government, to make sure that you do the task and at a high-quality level. Each of these have an instruction.

What we can do with the F2 AI task specialist is you can automate the individual task. You can tell it, you should screen this, you should look for this, and do this, and the result is so and so.

What we do with the task AI specialist is we automate the task. This means that, and that's the reason we talk about a colleague, because now what you see is you have an AI and humans sitting side-by-side and executing this.

The simple business case here is that every time we can have an AI task specialist taking over the part of the work which was done by a human before, you'll free up that time. This is it it leads to two things, the automation here.

Clearly, it takes away time, which is money. Secondly, what it does, it often can give you a higher quality, because when you have, let's say, 20 employees sitting and doing this task, depending on who's doing it, you may have different effects.

Now what we can deliver for government is higher quality and automation of work. Then you may say people get sacked, they are losing their job.

They're not losing their job because there's a lot of things to do in government, but we are automating a lot of the tedious work and and so on, because often, as an employee, you have to sit and read through 20 or 30, 40 pages to understand something and agree. This is something you can do extremely fast with an AI.

We have pretty good first examples of doing these. Ending it so this is really supporting in on our land, expand here with the process and workflow automation.

We can use this the integrated task specialist to automate and help on the processes. That was I think that ends up my presentation here.

Move us on to the questions.

Yeah.

How do we take these two?

Yeah. Let's take the second one first and yeah.

We have a question here from Mikkel. 'Do you believe you are better positioned versus competitors in terms of AI?

Are you afraid that AI will totally eliminate the need for cBrain software over time as customers can use coding to build their own tools? Thanks.'

Good two questions in this. As I tried to explain with the task specialist, I think there is a very nice sweet spot for cBrain in the AI, because our focus has been from the very beginning to support the processes.

For us, AI is a nice add-on. Therefore, I'm also using the phrase that we see the AI as a new digital colleague, because up until now, cBrain has focused on not the content, but actually the processes.

Now what we can do is we support the processes, and now we can also help, as I said, the AI taking over what the user would be doing. We have already with the F2 eliminated the process control and these steps and so on, AI fits nicely in as an extra component.

I think we have an advantage there, the combination of the service builder, which allow you to define your processes, and the AI task specialist. In reality, we can now have our customers setting up the processes and defining their AI and doing that on their own.

Should we take number three? Then we can go to number one afterwards.

Could you please give some color on the assumptions you have regarding one-time licenses in your guidance? Say that larger contracts wins represents upside potential, I guess not a lot has been included in the guidance.

That's correct, Mikkel. Clearly, we expect some one-time licenses.

When we're talking about the upside is that, yes, we're working on a number of larger deals, and we have some expectations that things could happen for us in Germany or in the US, and we've talked about that before, but we have not taking a larger portion in. It's clear if we land a new super accounts like we did in Germany, that will positive effect the numbers.

We can take the last one there. Let me see if I can scroll down here.

'On the reprioritization of commercial investment, I appreciate that you reiterated the organic gross guidance 10% to 15%, but could the reprioritization in fact indicate met with some challenges, that meaning you don't see the need to spend so much money?' I believe you are referring to that we in '25 set aside a larger sum for investing in US or US if we saw opportunities.

That was set aside in '25 as a one-time, and that was because in the beginning of last year, we saw some opportunities where we believe that it could make sense to do a larger one-time investment. We don't see similar options right now as we're moving into '26, therefore, these were one-time for '25.

We also told that, and we have not prolonged them as we are moving into '26. Hmm.

I don't know, Lars, do you have comments? There's a number of questions on the first one here.

We could take the first one. It's about how to grow the FTE, how we expect the FTE to grow in light of the partner strategy.

The partner strategy, as Per mentioned, allows us actually to scale, especially internationally, by outsourcing, to speak, complexity and local knowledge and solution details to partners. In that way, that enable us to scale without having a corresponding growth in the FTE.

That's the central thing about the COTS platform, actually.

Just let me add to that. In reality, you can say we ask the partners to take over the delivery element.

We do not really see our internal consulting and delivery organization growing. However, as we're working with partners, we may see growth as we're building a partner strategy and a partner channel.

That's probably where we'll see the FTE growth. Also

the second question, 'How will new partner strategy impact P&L: higher external expenses, other effects?' Basically, we expect the partner strategy to be a growth driver for our revenues, as we've pointed out on the way.

It allows us to scale without having a corresponding growth in costs. In that way, we believe we'd be able to chase opportunities still across different countries, different regions, without being afraid to insource complexities into the organization.

I think that's the one. Will you take the next one?

I think three and four relates to the things we are doing in the AI space. I'm not sure if I get the question right here, but let me try to So the question here is that related to the revenue side or Because we see AI as integrated component of our offering.

When we are out, we meet a customer, they have a process supporting certain things with citizens and so on. What we deliver is a solution where we combine the process and the AI as an integral.

Of course, by delivering a complete solution fully integrated in the platform, we both deliver the process software and the AI software. We will see revenue from process and from AI, but we may often deliver that as an integrated solution at a fixed price, not necessarily separating the process and the AI.

Clearly, as you're looking into the revenue model, you're also talking about that this may actually have fewer licenses, and that's correct. It's clear that if we are delivering AI agents, you may not have 20 20 users doing a specific task anymore, you may have five instead.

The point is, with our revenue model, as we are charging for the process and the AI, we hope that that will both compensate, but actually deliver and there would be an uplift because it's clear that the real cost for the customer is not the user licenses. If we can help them eliminate significant costs, I think that can If

I may elaborate a little bit more, I'm with some of the customers and I used to be a customer, actually, I think this is really a potential game-changer. A lot of our customers, public agencies, et cetera, they face large budget cuts and increasing, what do you call, demand for quick solutions.

This, being able to within a controlled process environment to automate different tasks and thereby increasing efficiency with several points easily, that's a very potential offer we have. As opposed to many other AI companies who offer agents that doesn't work in context, we really allowed the customers to maintain control while using AI, and that's critical in my opinion.

We're very optimistic about that AI task specialists will be a driver for our sales.

I have to say, we are announcing these products right now and, of course, we are looking very much forward to see the reaction. I'd say that the initial reactions we've seen is extremely positive.

Clearly, our focus right now is on our customer base, where we already have the software in, it's pretty easy for us to sell these add-ons. I expect that we'll, say, around half-year be able to talk much more about it.

Yes. News about Kenya,

will you Yes, we're still working with Kenya. I have to say there's a lot of political things going on, but I believe that we'll be able to talk more about Kenya within not in another far distance from now, but we don't have news on Kenya, but I can share that we are doing a lot of work around this installation with the ICT Ministry.

We're working with a number of partners. In the autumn, we also had a delegation from Kenya visiting us from the ICT Ministry.

I can also see that the things we've been doing in Kenya is gaining quite some attraction in some of the other countries. I was actually with UNDP people from New York this week who was even looking into what's going on.

We cannot really share more on contracting or what's going on there. There's a question here on 'How much do you think can grow sustainable from existing customer base through upsales?'

I'm sorry, of course, we have numbers on that, but that's something we cannot share, as we're not dividing into what is new business and existing business. Last question is whether international customers still prefer the license model over the SaaS model.

I don't think we see a change in that as of now. We still see that the international customers are still having a focus on the license model.

I think one thing which is also driving this right now is the whole sovereignty discussion, which not really has something to do with us, but clearly due to some of the large tech companies from US who are very much driven the SaaS model. I think I see customers internationally trying to push back from the SaaS model, and of course that may have an effect on what we're doing.

Still, as we are selling licenses internationally, we'll still see subscriptions because typically we'll have a 20% to 25% subscription on top of one-time licenses. I think that was on the questions.

Yep. Yes.

You might want to hand back to Heidi.

I don't know Lars, will you sort of say we are having a number of presentations now. This was our first presentation,

and We have a number of meetings with investors in the coming time, and I think the numbers are what they are right now, and then also I think we should add that we're quite optimistic with the new strategy. We have a really good feeling that we have figured out the next steps in order to get our revenue growth back.

We are quite confident in the strategy and optimistic about the different things that we have on the shelves and that we are marketing and selling right now, including, not least, AI task specialists.

I think, Heidi, back to you, and thank you.