Hello, everyone, and very welcome to Sinch Q4 2025 presentation. My name is Mia Nordlander, and I'm Head of Investor Relations and Sustainability.

With me here in the room today, I have our CEO Laurinda Pang and our CFO Jonas Stålhandske. Today, you will hear Laurinda and Jonas present the quarter, and thereafter, we will have time for questions.

To ask a question, please push pound key and 5 on your telephone keypad. I will come back to that again.

Once again, very welcome, and I hand over to you, Laurinda.

Thank you so much, Mia. Thanks, everyone, for joining us today.

2025 was a year of disciplined execution where we achieved record-high profitability while regaining our growth momentum. The fourth quarter marks a strong finish to the year, and I'm pleased to report another period of continued organic gross profit growth and improved profitability.

Let's turn to slide 2 to look at the highlights from the quarter. The fourth quarter shows that we are firmly on the path to regained growth, with solid momentum in our largest businesses, the Americas and our API platform, which was partially offset by headwinds in EMEA and APAC.

We are closing the year with record-high profitability. Gross profit grew 3% organically, and our gross margin expanded by 2 percentage points to 35%.

Combined with our disciplined cost control, this resulted in an adjusted EBITDA margin of 14%, an increase of 1 percentage point year-over-year. Our cash conversion for the quarter was a solid 84%.

Finally, we continue to return value to our shareholders. We have now repurchased 8.8% of our outstanding shares, and we have called an extraordinary general meeting later this week to seek approval for canceling these shares.

This cancellation is a strategic step as it will enable the board to decide on additional buybacks within the 10% limit until the 2026 AGM. Please turn to slide 3.

Our performance this quarter and throughout 2025 is a direct result of our strategy built on three pillars: reaccelerating growth, expanding our EBITDA margin, and active capital allocation. Our focus on healthy product mix, commercial discipline, and operational efficiency is driving our progress, and we remain firmly on track to deliver our midterm financial targets.

Now, let's look back at the full year on slide 4. When we put that strategy into perspective, you can see on this slide that 2025 was the year our disciplined execution has placed us on a strong trajectory toward our midterm goals.

We achieved exactly what we set out to do. We rebalanced, regaining our growth momentum while simultaneously delivering record-high profitability.

This performance was powered by solid development in the Americas region and in our API platform products. I'm pleased with the progress we are making towards our key financial targets.

In fact, with an adjusted EBITDA margin of 14% this quarter, we have already reached our target range that we set for the end of 2027. With gross profit growing 4% organically year-over-year, we are firmly on our way towards our 7% to 9% year-on-year financial target for the end of 2027.

We continue to be focused on building a resilient and sustainable business through diversifying our customer base, winning in next-generation messaging and email, as well as improving our commercial terms, which supports top-line revenue growth and continued profitability. Also, our performance is being recognized externally.

We were named a market leader by both IDC and ROCCO. For the third consecutive year, Gartner named Sinch a Leader in its Magic Quadrant for CPaaS, which is a powerful validation of our global reach, competitive position, and consistent platform leadership.

On slide 5, you can see our progress on our growth priorities. Our progress is anchored in a clear strategic framework built around four growth drivers.

I will briefly touch on each of them here and then go deeper on selected areas in the following slides. The foundation of predictable, high-quality growth comes from four core drivers, as I mentioned.

Our enterprise customer base grew a consistent 5%, with leading brands such as Google and Albertsons among the top contributors to gross profit growth. At the same time, our high-margin self-service products delivered another stable quarter of 10% on a year-to-date basis.

Building on this stable base, next-generation messaging is an important growth driver. Adoption of RCS continues to increase, with volumes growing 260% year-over-year.

Customers, including PayPal and OneMain Financial, ranked among our top 10 customers by volume in the fourth quarter. Finally, we are expanding our partners and ecosystems channel, which serves as our strategic gateway to the AI economy.

This includes signing new, innovative AI partners such as Lovable. In parallel, we are also deepening relationships with established global leaders across our ecosystem.

A strong example is Adobe, where we closed several significant deals in the fourth quarter. Now, let's look closer at the quality of our enterprise customer base on slide 6.

This chart clearly illustrates a key strategic achievement. We are building a more diversified and resilient customer base.

Growth is increasingly driven by a broad set of enterprise customers beyond our top 10. This deliberate shift reduces our exposure to highly competitive, lower-margin traffic and is a key driver behind our margin expansion and improved earnings quality.

At the same time, it's important to note, though, that this is not a story of substitution. We continue to maintain our strong and stable position with some of the world's largest CPaaS customers who rely on our global network and platform for their communications.

We are simply layering on new, high-quality growth. Let's turn to slide 7.

Our market leadership is now translating into strong and accelerating commercial momentum, particularly in our largest market of North America. This is not a coincidence.

It's actually a result of the deliberate changes in our go-to-market strategy and operations that we put in place last year. Those changes were focused on creating a more disciplined, accountable, and effective commercial organization.

We started by aligning our entire commercial team around a segmented operating model to focus our resources on the highest-potential customer tiers. This strategic alignment was underpinned by true operational rigor, including a significant simplification of our job architecture to create clearer roles and accountability.

That structural clarity is brought to life by a culture of high performance. We radically streamlined our sales compensation plans, which have directly led to improved quota attainment, and integrated tools like our new CRM to establish a disciplined, data-driven business cadence.

The results of this transformed approach are clear. In the fourth quarter alone, our team delivered significant wins, including securing a seven-figure, multimillion-dollar deal with a leading HR software company, expanding our partnership with a leading hotel chain to over 100 countries, and landing a seven-figure voice deal with a large US health insurer.

These are not just isolated victories. They're actually proof points of a strategic transformation that is delivering sustainable, high-quality growth.

Let's turn to slide 8. Our leadership in next-generation messaging is a key pillar of our growth, and nowhere is this more evident than with RCS.

We are at the forefront of a major technology shift, with our RCS volumes in the fourth quarter increasing by 260%. The driver is simple: RCS delivers better outcomes because it changes what messaging can do.

It turns one-way notifications into rich, interactive experiences that can generate up to 10 times the engagement of standard SMS, translating into higher conversion rates and stronger ROI for our customers. Here's the most exciting part of this for us: despite this incredible growth, RCS still accounts for only 3% of our total messaging volume.

We are in the early stages of a multiyear technology shift, and capturing this transition from SMS to RCS is a significant and durable growth tailwind for Sinch. When our clients see a step-change in engagement, they don't just send more alerts.

They create entirely new conversational journeys. This expands their total interactions and spend on our platform, driving revenue growth.

At the same time, enabling these higher-value interactions embeds us as a strategic partner, and that strengthens our customer relationships, reduces churn, and increases lifetime value. Let's turn to slide 9, please.

Our strategy for winning in the AI economy is built on a proven playbook. Since our founding, Sinch has been the communications backbone for the major technology shifts, from mobile to the cloud, and we are a key part of the tech stack for leaders in each of these eras, and we are now the indispensable backbone for the AI era.

We're the trusted execution layer within the AI ecosystem itself. We are embedding our technology with both established AI leaders and on platforms like our new partner Lovable, where the long tail of new AI-native businesses is being born.

This strategy creates an incredibly efficient growth engine. It allows us to capture the next wave of agent-driven communication volumes at its source, building a durable, strategic moat for the decade to come.

We are ensuring the next wave of global innovation runs on the Sinch platform. As I hand the word over to Jonas to take you through the financials in details, let me summarize quickly.

We have delivered a strong year of profitable growth as a result of delivering value to our customers and partners and by executing with discipline. We're confident in our strategy and our ability to continue creating value for our shareholders.

Thanks for listening here today, and I look forward to taking your questions shortly.

Thank you, Laurinda. Without further ado, let's get into the numbers.

Let's flip to page 11. As in previous quarters of 2025, we faced strong FX headwinds in the fourth quarter, actually pronounced headwinds, and the negative FX impact was -10% on net sales and -11% on gross profit.

Adjusted for FX, we have a reduction on organic revenue mainly driven by reduction of low-margin contracts. Combining this also with a positive mix shift, this yields a continued positive organic GP growth of 3% in the quarter, at similar level to the 4% average we've had throughout the year.

The Americas is the engine, let's look at that in more detail by flipping to the next page, 12. Americas is our most important region by size.

It's more than 60% of our gross profit and is the group's growth engine in the year and in the quarter. Americas delivered 7% gross profit growth, with a 3 percentage point increase of the margin to 36%.

What's also great to see is that the largest business we have in Americas, the API business with enterprise messaging and email, is the main contributor to growth. The growth in the API business was strong and outpaced the decline we've seen in verification with then email and messaging.

Also, network connectivity shows stable underlying performance. What's important though to understand here about network connectivity is that in Americas, we had a hit on revenue of approximately 60 million related to a traffic dispute with a customer.

At the same time, we have a positive contribution for almost the same amount, completely unrelated, in API platform related to traffic fees from a supplier. Combining these two, the effect on Americas gross profit and group gross profit is nil, but you'll see some movements between the segments.

Moving over to EMEA, we see strong growth in Applications, also the core part of API messaging grew strongly, but we continue to face headwinds from the fixed-price contracts in EMEA. These contracts are being phased out, and as of the end of the first half, we expect no impact from continued phased-out of these contracts.

In APAC, we have strong growth in the API business, except continued decline in India and also some competitive pressure in Australia. It looks like a mixed bag, but the important takeaway here is the most important business we have, which is on the region level, the Americas, and on product categories being the API business in email and messaging, they are doing very well.

Let's flip page and look at what's happening on margins. It's actually record-high delivery.

We have continued improvement of margins in the quarter. We have strong gross margin of 35%, and for the year, the highest gross margin and EBITDA so far.

We've already covered actually most of the important drivers. It's about mix shift on product level and reduction of low-margin contracts, and combined, this drives this very solid and continued gross margin expansion.

On the EBITDA margin side, also what contributes is disciplined cost control and continued synergy extraction. Real quick, flip to page 14 to look at the cost development.

Here, the nominal numbers show actually a decline of OPEX with 8%, but also here, we have FX effects at play. If we adjust for the FX effect, we still have a very disciplined development on cost, with only a 1% organic increase of OPEX.

Combine all, we have an organic growth of adjusted EBITDA of 6%. We have an even higher improvement of non-adjusted EBITDA.

What we have here is last Q4, a 700 million provision on indirect taxes in the fourth quarter. Moving over to cash flow, that's on page 15.

Super strong cash conversion, seasonally strong quarter, 84% cash conversion. That's free cash flow of 1.5 billion over the last year, and that's a 40% cash conversion.

It is within our guidance range of 40% to 50%. Important to remember last year we had 60% cash conversion, now it's 40%.

If you look over time, our cash conversion is 50%, but we have some working capital swings. You can see that in the cash flow on the right-hand side of this chart.

Just to prove the point that you shouldn't be concerned about this, it's more normal swings, we turn to page 16. As you can see, working capital here, net working capital, is still in a favorable position.

That means we have a negative working capital. What you see here in the quarter is a seasonal increase in payables that contributes to a positive cash release.

In a nutshell, some swings between quarters, but truly continued solid working capital. Turn to page 17, looking at leverage.

We're still at a solid 1.6 times leverage. This is a slight increase from the trough in Q2, driven basic by the share buybacks we've done.

We bought 62 million shares during this period for close to 1.9 billion. In addition, we bought shares through an equity swap arrangement of 364 million on top of that.

Still have 3.7 billion available in credit facilities that we can use for general corporate purposes, such as buybacks. Now, to the topic of buybacks, move to page 18.

Back to our strategy, it is to have an active capital allocation strategy. We have returned cash to shareholders through the buyback program.

In the 2025 AGM, the board got a mandate from the AGM to buy back 10% of the shares. That started after the report of the second quarter.

Then we have stepped up treasury shares to first 1.8% end of Q3 to 7.3% at the year-end, and currently, we hold 8.8%. With this background, the Board of Directors have convened an extraordinary general meeting for shareholders on Thursday to vote on cancellation of the existing treasury shares.

A positive vote would enable an additional 10% buybacks until the ordinary AGM in May. The question is obviously then how much shares can we buy back?

I'd like to first be clear that the board will at every point in time decide what's they think is in best interest of the shareholders, this is more an illustrative example. We've had an average free cash flow conversion of 50% over the last few years.

With the current situation, we can easily buy back 10% of our shares per year. Add on top of that our current GP growth rate and our existing margins, we can more than double profit per share in 5 years.

This is what I would call the bedrock case for Sinch. On top of that, obviously, as we step up towards our organic GP growth target, this can be even more favorable.

With this background, the Board of Directors believe it's in the shareholders' interest with flexibility for accelerated buybacks. Just before we open up for Q&A, just remind you about our strategy on page 19.

We will continue to execute for growth reacceleration, continue working with our profitability within the target range, and then active capital allocation, including share buybacks. With that—

Thank you so much, Laurinda and Jonas. Now, it's time for questions, and I want to remind you to push pound key plus 5 on your telephone keypad to ask a question.

Let's open up the line. First, I have Erik Lindholm-Röistål from SEB.

Hello, Erik.

Yes, good afternoon. Thanks for taking my questions.

I'll start with two here. You have highlighted sort of several headwinds to growth, most of which seems to have been present already in Q3.

From your point of view, is there really anything new in terms of headwinds that's started to impact you here in the quarter, any changes in the sort of competitive intensity? Then secondly, I just wanted to ask sort of on the AI part.

Twilio seems to be having a solid acceleration in AI use cases and AI customer intake, particularly around voice. Have you seen any sort of impact, increased customer intake or increased usage from AI agents here?

Thank you.

Hey, Erik. This is Laurinda.

Thanks for the questions. With regards to headwinds, we don't see anything new.

To your point, which is correct, we did call them out in the third quarter and we saw them again in the fourth quarter. We also said this morning that we expect similar trends in the first half of this year in terms of the headwinds, but we also see the momentum continuing in both the Americas and API, very similar to the second half of 2025.

With regards to the AI use cases, we made the announcement with regards to Lovable being a strategic partner, and it is just an example of the use cases that we are both pursuing as well as winning. We've established an AI partnership team that we are deploying around the world to pursue these partnerships so that we can natively integrate with these AI-native companies, both in terms of the LLMs as well as those who are building platforms to enable other AI-native companies and applications to be created.

We're very optimistic about this opportunity. The reason being is because we believe that we have the exact right infrastructure and capabilities to execute in this AI economy.

Agents, to your point about the agent use cases or agents really proliferating and exploding customer communications, we agree with that sentiment. We do see communication volumes starting to increase, and we believe that we have the appropriate channels of communication at scale in a trusted environment to be the best-poised partner for those AI companies.

All right. Excellent.

Just one follow-up if that's all right. Just on the gross profit growth, as you mentioned there, just quantifying what you said, is it fair to say that you see similar growth as in H2 now into H1 on gross profit?

Yes.

Yeah. All right.

Perfect. Thank you.

Thank you.

Okay. Next one, we have Laura Metayer from Morgan Stanley.

Hello, Laura.

Yeah. Hi, Laurinda and Jonas.

Three questions from me, please. On the network connectivity business, was the weak organic growth only due to the customer dispute, or was there anything else to call out this quarter?

Second question, on the mid-term organic growth targets, I know you've talked a little bit about the drivers for that growth acceleration. I'm curious to hear if there's one driver that you would call out that would be the main one that you expect will drive acceleration of growth to the 7% to 9% target that you've set.

Then last question, on your midterm guide for the margin. Obviously, you've already reached the top end of that guide.

Do you still see more opportunities to continue increasing the EBITDA margin? Thank you.

Sure. Thanks very much, Laura.

In terms of network connectivity, to your point, we called out that one-timer of 60 million SEK. There's nothing else that we would call out around network connectivity.

We'll continue to manage that business as we have been, which is to manage it for cash ultimately, and so that's been a pretty stable business for us. In terms of the mid-term targets, to your point, we called out four growth drivers, and that was around enterprise growth, self-serve, conversational messaging and email, and then finally, partnerships and ecosystems.

All four are important, but if I were to pick one, it would be around partnerships and ecosystems. We see enterprises starting to purchase more and more through partnership, and also the AI ecosystem very specifically requires a tremendous amount of integration to be built in the broader ecosystem.

I think that particular area of focus around partnerships and ecosystems is the one that we absolutely need to nail. Then finally, in terms of the midterm targets, with regards to our adjusted EBITDA, for everybody's purposes, we have targeted 12% to 14%, and to your point, we're at the top end of that range.

We're going to stick with those targets at this moment in time. We are always looking for opportunities to create efficiencies within the business.

You should expect to see us do that as a normal course of business practice. We also need to ensure that we're investing in growth.

We're going to retain that financial target at this time.

Very helpful. Thank you.

Thanks, Laura.

Thank you. Next one, we have Thomas Nilsson from Nordea.

Hi, Thomas.

Hi, everyone. Thank you for taking my question.

With your current modest leverage, how should investors think about the balance between share buybacks, M&A opportunities, and debt reduction over say the next 12 to 24 months?

Yeah. I think we have a clear capital allocation strategy.

Currently, we think it's in the shareholders' interest to continue the buybacks, and that's why the board has recommended shareholders to vote for this cancellation of shares, and hence, that provides more flexibility to commence the buybacks. If the share would rerate significantly, it could be that M&A becomes more attractive, and then we switch gear basically to M&A.

The board will at every point in time assess what's the best capital allocation. When it comes to leverage, we have a leverage target, which is that we should be below 2.5 times.

We could for periods go over 2.5 times, but 2.5 times is the target.

Okay. Thank you very much.

Thank you. Now we have Fredrik Lithell from Handelsbanken.

Hi, Fredrik.

Thank you very much. Thank you for taking my questions as well.

I just had sort of a housekeeping. The fixed-price contracts that you ended and that you have described and talked about since last summer, are there any other of those new types of contracts that you sort of cancel or discontinue, or is it the same that you talked about in the fall?

That's pretty much the first question. Laurinda, could you talk a little bit more about America and what drives the growth for you, because it's quite healthy right now and it also looks quite broad-based when you look at the type of clients you're signing up?

Are you that are more active in new sales, or is it the market that is turning more sort of growth-oriented or also could you talk about that? Thank you.

Sure. Absolutely, Fredrik.

Why don't you take the first one, Jonas, and I'll jump back on two.

Yes. When it comes to the fixed-price contracts, these are the same contracts that we talked about earlier.

Many of these contracts have a three-year duration, it takes some time to face out.

Yeah. Thank you.

Fredrik, I appreciate the question on the Americas. It's a combination of a number of things.

This was the largest region that had probably the most complexity in it when I look at Sinch, meaning that all of the acquisitions that we had done historically, they all had meaningful presence in the Americas. When we attempted to transform this part of the business, we had a lot of consolidation coming from a lot of different entities bringing these sales teams together.

The way that I think about it is, the North Star was defined for the go-to-market channels, which meant that we had a full Sinch portfolio across all of the different channels of communication, and we wanted our sales teams to be able to offer that full portfolio to their customers ultimately. That took some time, of course.

It requires training and enablement, it requires changes of incentive plans, which also take time for sales people to absorb and understand how to operate within their incentive structures. It requires tooling and visibility into their customers.

A lot of the work has been done in the background to make sure that the sales teams have that enablement, that visibility, and also are focused in on the highest growth opportunities. A big part of what took place during really the last 18 months or so in the Americas was a big effort around segmentation, making sure that we had the right capabilities and the right talent focused in on the highest-potential customers.

That translates differently by segment. It's a number of things.

Certainly, the market is strong, we see that with some of our competition. Had you given me this market 2 years ago or 3 years ago, I don't think Sinch Americas would have been in a position to capitalize on it, but we are now.

Do you feel also the same sort of the response from large enterprises that they recognize you in a different way today after all your internal efforts to sort of also have a bit the window to the clients?

I think the large enterprises were frustrated by us in prior periods because we did not face them in a unified way. That's not the case now.

There's a very specific account relationship and account-based marketing, quite frankly, that we face off to these customers. The conversations are also elevated within the enterprise.

You're no longer just speaking with engineers or marketers, you're speaking at a higher level within those organizations to be able to discuss and negotiate larger commercial opportunities.

Okay. Thank you very much.

Clear.

Yeah. Thanks, Fredrik.

Thank you. Next one, we have Victor Cheng from Bank of America.

Hi, Victor.

Hi. Thanks for taking my questions.

Maybe just two from my end. Going back to the point about buybacks, M&A, and the balance of that.

Have you seen maybe some of the targets that you track valuation coming down? Is it an opportunistic moment to maybe look at more acquisitions, or maybe on the private side, that hasn't really reflected some of the derating that we saw on the public side?

Then secondly, just on the whole kind of AI-driven conversational messaging narrative. Can you help me understand maybe overall what levers there are to monetize AI, have you thought about maybe a different pricing model, outcome-based pricing, or what not?

Thank you.

Jonas, you want to take the first one, please?

Yeah. To your first question, what we're looking at and how those valuations are changing, I can't really or don't really want to comment that.

Obviously, valuations in general are being challenged by the market. If opportunities arise, we will act on that.

Far, we found it to be more attractive to do share buybacks.

On the second one with regards to AI and more broadly conversational messaging, when we think about the role that Sinch is playing within the AI ecosystem, it is to enable or execute the communication layer. As more and more agents are tasked with workflows and certain business outcomes, they will decide ultimately who they choose to send communications through.

What we're doing now is trying to natively integrate with these AI platforms and these AI-native companies to ensure that Sinch is the obvious choice for those agents. In terms of pricing models themselves, I don't think that we've figured out a new, interesting way to do it just yet.

Obviously, each commercial agreement and relationship does tend to have nuances to it, they could differ. I do think that there's an opportunity to layer intelligence and orchestration into this model in a way that hasn't existed before.

Those are areas that we have a right to win in and that we will continue to explore in order to further monetize this opportunity.

Very clear. Thank you.

Thanks, Victor.

Thank you. Next one, we have Deepshikha Agarwal from Goldman Sachs.

Hello.

Hi. Thanks for taking my question.

I just had a little bit of a housekeeping sort of a question. The first one was basically up until the third quarter, it was indicated that there will be sort of a reversal of the revenue impact that was there in network connectivity in Americas that would impact in the fourth quarter, but again, we have sort of a COGS reversal as well, which sort of netted off.

Just wanted to understand this dynamic and how to think about it going forward. The second one, and then again also on the top line, it's basically understanding the bridge between the current 3% organic growth fourth quarter, how should we think about it in FY 2026 in terms of the growth trajectory for the gross profit?

The third one is basically there was a tax provision of about 700 million which was recorded in 2024 which was supposed to be paid out over the course of the next two, three years. Just wanted to understand what exactly will that be and how will the dynamic look from a cash out standpoint on that?

Sure. You want to take the tax provision piece, Jonas, and then I'll come back with one and two?

On the tax provision, our best estimate now is there will be about 200 million cash out for the tax provision during this year, and the remainder in the future. I would like to emphasize this is a preliminary estimate.

Okay. Just to—

Oh, go ahead.

Just to clarify, there was no payout this year would be the way to think about it.

There's been a minor payout so far, but it's very limited.

Yeah.

Got it. Sorry, Laurinda.

I interrupted.

No, that's okay. With regards to network connectivity going forward, the reason why network connectivity has performed as well as it has is we took very specific actions around it.

Remember what we've always said about network connectivity is it's a fairly flat business in the market, and we would continue to manage that business for cash ultimately. The actions that we took over the course of the last year and will continue to try to affect the actual results of network connectivity is two things.

One was negotiating the cost side with our suppliers, and then also rerating some of the pricing that we have with regards to our customers. I think you should continue to think about network connectivity in the same way, in other words, relatively flat growth, and we will manage it for cash.

In terms of the organic growth at the GP level, it was 3% to your point in fourth quarter. We said last year that the first half of the year would equal the second half, it did exactly that, and we averaged out at 4% for the full year.

What we've said today is that we expect the same trends in the first half of this year, meaning that we see the tailwinds and the momentum that we're seeing in the Americas as well as in the API business to continue, but we also expect those tailwinds that we called out around the fixed-price contracts winding down and the pressure in India and Australia to continue also in the first half. You can do your calculations to come up with what that means ultimately.

Sure. Okay.

Thank you so much.

Thank you.

Thank you. Next one, we have Bharat Nagaraj from Cantor.

Hello.

Hi. Thank you for taking my questions.

Just a couple from me, please. How are you preparing in terms of what could be the potential impact when there is more rollout of passkeys instead of one-time passwords?

I've heard recently somewhere in the news that some countries are proposing this and this could happen in other regions as well. I do know that Sinch has all sorts of security approval processes, but just wanted to see if there's any impact and if there's anything else you need to do to prepare for that.

Secondly, if I may, what else do you need to do in 2026 and 2027 to unlock, let's say, further growth within the main lever that you suggested, that's the partner ecosystem? Is there any investments you need to make, development, et cetera, as well, or is it already all done and you think that you're in a good place to deliver on the targets of 7% to 9% growth?

Thanks.

Okay. Thanks, Bharat.

In terms of basically the security side of things and verification, the business that we currently have today with regards to one-time passcodes is relatively small in the overall messaging business that we have. That being said, we do have several different verification and security type of products to be able to offer out into the market.

We also, like many others out there looking at the silent verification and basically verification 2.0 so that we can enable or leverage network APIs around verification. I'm not sure if that's answering your question explicitly, but that's how I think about it.

In terms of the second piece in what needs to unlock further growth, we're on a trajectory to that mid-range growth target. I don't think that there's anything new in terms of investments that we need to make in order to meet that 7% to 9% target that we've put out for ourselves by the end of 2027.

Like I said, we've grown 4% in 2025. The target is 7% to 9% by the end of 2027, and we've got a year and a half in between.

We always said that it would be a steady march towards ultimately that growth. Are there opportunities to invest?

Yes. We will continue to evaluate those and make sure that we get the appropriate returns within the business and for our shareholders.

Thank you.

Thank you. Next one, we have Erik Lindholm-Röistål.

Hello. From SEB.

Okay. No, maybe that was—

Erik was the first one.

Yeah. Thank you.

Thank you, everyone, for listening in to us today. We will be back for the Q1 presentation on 7th of May.

If you have any questions, feel free to reach out to the IR department. Once again, thank you very much, and have a good day.

Bye-bye.