Thank you very much. As you mentioned, I'm the CFO of cBrain, and we're very happy to present to you today our interim report of 2026.

I should convey my regards from Per Tejs, who could unfortunately not be here today to do the introduction himself. This is due to that he is attending a meeting, as we speak, in the foreign ministries with all the Danish ambassadors from the Global South.

Thought that this was a big opportunity, this is why he's not here today. We'll give the presentation.

Before we go to the questions, we'll give a short intro to the main findings, the main results of the interim report, and then we'll be happy to take questions. If we start with the key messages, the main message is of course, sorry, is of course that we are back in growth.

cBrain has returned to growth while maintaining high profitability and increasing strategic momentum. As you may imagine, there's a very good spirit, a very good feeling in the company.

We're back. After having had a relatively weak '25, we're now we're now back in growth, and we feel a momentum in a very variety of areas.

To just to take you through the main findings, the first of course being that we have returned to growth. Our revenue in the first half of '26 is 140 million, representing a 6% increase compared to first half of 2025.

One of the main findings here as well is that we I think we're seeing now the initial results of our revised growth plan from '26 for '26 to '28 and our our new strategy. We think that the initiatives that we have been working on in '25 and implementing here in '26, we are now beginning to see the results of those initiatives.

That is of course very good news. Also we have a good feeling about the second half.

We have a specific series of activities that we are following, we think the momentum will continue into the second half. This allows us to maintain our full-year guidance of 10 to 15% revenue growth in '26 with a strong margin of 20 to 25 EBIT.

Also some of the things that we that that are taking the agenda here in in the company as well as in other companies is that AI is is becoming a defining moment. We see AI and are working on making AI a growth driver in the company.

This is due to that we are enabling the F2 platform with AI across the whole functionality of the platform. We have a pretty strong AI offer, we think.

Also, as you probably have noticed, there's some progress in our activities in the United States. We've been in the US for 5 years, and in the beginning of this year, we announced that we had two POCs, proof of concepts, going on in the US.

As you probably saw in on Monday, we could announce now that we have the first formal contract on a real assignment with the State of California. We were in competition with 50 other companies delivering an AI-enabled solution to reduce permitting timelines in in several aspects of permitting.

We're very happy to announce that we got the order, so that was of course a very big day for cBrain. Also it's not only in the US that we feel we are going ahead with a strong position on environmental permitting.

Environmental permitting is of course one of the main segments we're following in our strategy, the other one being paperless paperless ministries. Related to environmental permitting, we of course see the the paying off in the US, but also in Europe, we see increased interest.

I'll I'll just mention here that the European Commission came out earlier this year with a study where they compared permitting solutions in 14 different countries, and we were actually highlighted as the most advanced platform, more most mature environmental platform in in Europe. That was of course also a thing that we took note of.

Mm-hmm. As I started with, there's a very good feeling in the company, and looking ahead, we feel the momentum we are experiencing now will pick up.

With AI products being delivered and AI the platform being AI-enabled, we feel very confident in in the the rest of the year and the coming years. This is quite this is quite a nice message for us to convey at the interim report.

Taking a deep dive into the numbers, as you all know, last year we experienced for the first time in the company's history a decline in the revenue growth, where we decreased half-year to half-year 5% in the first half and 8% in the second half. As you can see from from the table here, we're now back in growth with 6% in the first half of '26, corresponding to the same to the same emotion we saw in '24.

We expect in the second half of '26 a growth half-year to half-year of above 15%, in the high scenario current high scenario of 25%. This corresponds to a full-year a full-year guidance of 10 to 15% revenue growth.

We can come back during the questions to where we see potential for growth. Also maintaining our EBIT margin of 20 to 25% for the full year of '26.

Compared to '25, pretty strong numbers, and we are very happy that the the strategy seems to be working. If we take a closer look at the numbers, as you can see, most of the the revenue growth is driven by a national demand, domestic increase in domestic revenue.

The Danish the Danish revenue grew from 89 million kroner to 111, corresponding to 24%, there was a strong pickup in the Danish market. This is even though we had the longest government formation period in Danish history.

It took more than 3 months from the general election until we had a functioning government. Normally this affects our revenue negatively because the ministries are busy are busy forming the government instead of buying projects for digitization.

The other side of this of course is that the international revenue decreased to 29 millions, and this is mainly due to some of the big license sales that we had in Germany are coming to an end, and we haven't yet had new big licenses abroad. I'm sure we'll get back to that during the questions.

If you look at the underneath underlying business, also we had some, as you all know, some solid and robust traits there. I'll quote just that our subscriptions grew to with 8% to 88 million, corresponding to 63% of total revenue.

Our recurring revenues gives us a very strong base for executing all the elements in our strategy. Also if you look at our EBIT and our EBIT margins, those are also growing compared to '25.

Yes, I'll go a little bit into some of take you a little bit into some of the visions and some of the strategy central elements in our strategy. The main the main message here is actually that, as you all know, we've been working on becoming a leader in COTS for government, COTS, commercial off-the-shelf, solutions for government.

AI also is a defining moment now. How do these two elements correspond?

The main message from us is that we see AI as accelerating the shift towards COTS for government. That case is strengthened by cBrain business case with the F2.

What what do we mean by that? Some of one of the things with with AI is that the coding becomes faster basically, increasing the strategic value of having a platform in which you can absorb different technologies.

It becomes, to speak, more important as we are able to have faster faster new solutions that you also have a framework for for holding on to your central central systems and not being and that you don't that you're not forced into changing systems every time there's a new technology. In that way, AI strengthens our core business case.

With the with the F2 platform, what that what it does is that it actually allows us to absorb new technologies when the language modules models change. We are still have the platform where your data as a company, your data and your processes are still unchanged and in compliance, and you can keep operating on them even though you change the different AI models beneath.

In that way, F2 becomes a platform for the ongoing technological change that happens around you. We see that with our Danish customers, and we see that also internationally when we go to the California.

We are able to apply different technologies within the F2 framework. In that way, our central ambition remains unchanged.

We want to be the leaders of the COTS for government shift and supplying our customers with AI-integrated AI solutions. Also we have a new F2 product strategy, and I'll get back to that, the elements of that in the next slide.

Bottom line, we have a new growth plan with the segments you know and the land, expand, innovate agenda that you know. We see that as being supported with with the new the new shift towards AI.

Taking a deep dive into our product strategy, as you all know, we have a blueprint for the F2 platform. We explained that during our former presentations.

It is a roadmap, to speak, a framework from for where we are developing the F2 platform. We have the core in the middle, and we have our the whole website solutions portal in the left side, and we have our registries and mass operations around the the core.

We are actually now we have moved from being a document platform to being a full-blown enterprise platform for public organizations. This is the main framework for our product development.

Within that framework, we have four focus areas: one being, of course, AI, and I'll get back to that in a minute in a minute. Basically, we are not seeing AI as an added product to the F2 platform.

We are seeing it as a technology that we are embedding full-blown into the the platform in many ways, thus allowing us to to make the benefits of AI available to all our customers across the platform. Also sovereignty is a huge focus area, especially in Europe, where the dependence on big tech giants is becoming increasingly a question that you have to be able to answer.

To go back to the point from before, if we see F2 as an infrastructure, we see it as a framework for technological change. We are actually able to within the F2 platform to to change different editors.

For instance, if you want to change the Microsoft 365 platform with open-source platforms such as Collabora and LibreOffice, you are able to do that. Correspondingly with other technologies and other vendor technologies, we are able to take the functions and integrate them into the platform and shift them if you want to make a shift.

What the F2 platform does is that it's not we're not trying to take the big tech giants head-on or we're not in opposition to the big tech giants, but we're trying to provide our customers with the freedom of choice so that they may pick whatever vendors and technology partners they want. In that way, F2 is also a platform for ensuring sovereignty.

You keep your processes and your data in the platform, but you can change the different technologies that you're working with within the platform. The Service Builder, you've heard a lot about that within our previous presentations.

It's basically a no-code/low-code tool that allows our customers to build and to configure and to change and keep updated all their internal processes, whether it be administrative processes or whether it be services towards citizens and companies. Our whole Service Builder concept is under heavy development.

Also it becomes a framework from where you can control your AI agents, and you have a framework for actually controlling your whole your whole organization, the whole operating model of your organization. The fourth and final strategic focus we have is the enterprise initiative, which is largely about being even better at making registries and all the things that make a whole enterprise platform for for public organizations.

In that way, we feel we have a pretty strong product strategy with these four focus areas allowing us to develop our platform further and ensuring that we are in the frontline and able to win the COTS for government market. Going to the next, one of focus areas we have, as mentioned, was AI-enabling the whole F2 platform.

This actually This is actually all about turning AI into a growth driver. We embed AI directly into all the different functions and the different elements of of the F2 platform.

In that way, you don't have to have several added platforms on the side from where you copy and use AI there. You can actually work with AI within the platform.

That's had has a lot of consequences, including increased sustainability, lower energy costs for the customers, etc. Within the long-term AI, this is really what we feel is the right strategy for for the platform.

It consists of different elements, one of them of course being that we embed generative AI into the the platform. We are able within the platform actually to work with agents within the different workflows.

The product which delivers this is F2 AI Task Specialist. We have announced different messages.

We have announced the product launch earlier this year, and we're working now with several Danish customers on implementing this technology in in services towards citizens. We see this as a very strong strong product that allows the organization to over time to fully automate different processes and services.

As already mentioned, also the Service Builder is a very important product related to AI because it provides the framework from where you can prompt your different your different Task Specialists, and it gives you a controlled environment from where you can actually deploy your different AI Task Specialists into your into your into different services and processes. Then as we as we announced two weeks ago with the California process, we actually have developed a new product.

This allows us to summarize and to structure all the different huge amounts of informations that you are actually relying on when you, as a public organization, are trying to make decisions. Being able to vectorize and to summarize and to prepare these huge amounts of data, we are able to use AI much more efficiently within the platform.

To speak, we use AI on the relevant data, thus increasing the computing computing computing powers, etc., and improving the results significantly of using an AI. The more focused data foundation you have, the more the better results from AI.

This is new product where we, to speak, we take AI to the government data instead of taking the government data to the big AI solutions. This plays to the next point, namely that we want to use AI in a sovereign, secure, and sustainable manner.

This of course means that we can provide our AI services on-prem. You don't need to put your confidential data into cloud environments.

You can do it on-prem. We're also able to provide cloud services if that's relevant, but we can do it on-prem.

In Denmark, for Danish ministries, that's a very important point due to GDPR regulations, etc. Also that has some implications of reducing the costs of moving data and and being able to perform and use AI in a more sustainable manner.

We think that's an added benefit of actually convening sovereignty and AI issues. In that way, as we mentioned before, AI strengthens the COTS business case.

It gives us the ability to integrate AI across our common platform. That's what we see also from our customers.

That will be the deep dive into into some of the strategy elements. I won't go through the financial highlights.

I'm sure they'll pop up when we have the the questions. I think that will be the introduction to to the half-year report from from my side.

We're happy to take questions.

Sure.

Yes, thank you for taking my questions. My question is related to the full-year guidance, which you're reiterating.

You're guiding for H2 growth of above 15%, and I appreciate that the comp is easy. I believe it's -8% from last year.

How much of that acceleration in the guidance, or embedded in guidance, is already visible in the backlog today versus depending on new deals that you need to sign during the remainder of this quarter and Q4?

We learned some lessons last year when we were not able to see the decrease in revenue in the second half of the year until late in the process. We're quite conservative and have put in a conservative mode in this year's guidance.

Related to your question, both on the international side and in the domestic side, we have a solid backlog of activities that we're following, and we are quite confident that we will reach our guidance this year. This goes both for the Danish market where as you can see in the first half, in spite of the long government formation period, we picked up a solid momentum.

You can see that both with potential new customers and also with existing customers that have a pipeline of specific tasks. Some of them we haven't signed the order on yet, but we can see that the pipeline is quite visible.

To your question, we have a high visibility, especially in the Danish market, but we also have it internationally, both in the US. We have a contract now with California.

There are other activities that we're following in the US market. Also in the European market, we have different promising activities.

If all of that goes through, we will look into a positive adjustment of guidance later this autumn. Keeping in mind the '25 experience, we are more cautious this year.

We're very confident we will reach the guidance we have announced.

All right, thank you, Lars. Then yeah, my second question also goes to guidance somewhat, at least, but that's on the margin side.

You're guiding 20 to 25% EBIT margin. That implies a H2 margin, at least if we take the midpoint of the sales guidance, then that will actually be materially below the 26% you delivered in H1.

Historically, looking at my model here, costs have been lower in H2 than in H1, at least in the last couple of years. Why would that change this year?

Could you talk about some of the swing factors?

Sure. We're very aware of that.

We expect an EBIT in the second half in the low 20s, we're still within our EBIT interval. This is due to some of the investments that we're currently executing our new growth plan.

For instance, in customers we're expanding. We're also expanding in our solutions department and different parts of the organization.

We are picking up, and therefore we will see a different pattern. Of course, when we have revenue growth, our whole model is that our revenue actually grows faster than the costs, but with the implementation of new strategy and the measures we are putting in place, we are currently recruiting new workers.

We have a close eye on how the EBIT develops in the second half, but currently we're within our present guidance.

All right, thank you so much, Lars. Great answers, and congratulations on a good report.

Thank you. I hope we were able to convey that there's very good feeling in the company right now, optimism is the main character.

Thank you.

Yes, the first one is: How much of the Aarhus contract for 5,000 users is expected to be billed this year and how much next year? When is Aarhus expected to decide if they want to use their option to increase the number above 5,000?

You can take the first one, Jonas, our Finance Director.

Thank you, Lars. All the Aarhus contract is ongoing at the moment.

We are delivering and developing on the contract. In next year, they will go live with a new F2 platform for the whole city of Aarhus.

How much we bill and how much is within it's some accounting practical. We don't go too much into that, but we can talk about the contract amount is already announced earlier, you can go back and read that.

When Aarhus will decide to take the next option, Lars is much more in-- Yeah.

Currently, as Jonas mentioned, we are delivering the project, and they're about to go live in the beginning of next year. The payments follow close to that.

Related to your question is when are they to decide if they're to expand the contract, actually we have some ongoing dialogues now with Aarhus about the use of different functionalities that they didn't get with the tender they put out 1.5 years ago. We have a good dialogue.

If and when they decide to expand the contract and buy new things, we are not there yet, but we are quite confident that they will be happy with the solutions that we deliver and put into operation in the start of '26. In that way, we're also quite confident that we see a business opportunity in expanding our relations with Aarhus.

I might mention in that connection that one of the departments, one of the magistrates of Aarhus, they use F2 in a more extended way than was in the tender. Already one of the departments is using the full F2 platform.

Of course we hope that more of the departments will decide to go the same way. The next question if we follow the written questions: Would it be reasonable to expect revenue growth of at least 10% in 2027?

We haven't issued any guidance on 2027, and I don't think we will in any short term, but I think I will answer the question with that we feel a very strong momentum now, and we're confident that that will continue into the second half of '26. I couldn't see why this momentum shouldn't continue into '27, and for that reason into '28, also with the whole point being that we are seeing now, we think, the initial results of our revised strategy and growth plan for '26 to '28.

We're quite confident that hopefully we will see growth rates of at least 10% in '27, but we haven't issued any guidance on that yet. The EBIT margin of 2026 for first half '26 is higher than 22 for '25.

What is the main reason? I think it's quite simple.

It's the pickup in the Danish market that actually surprised us, even with the government formation period. We were able to pick up orders, and those orders were on standard F2 products, just as grant systems, and so that they don't drive costs as fast as revenue, or not at all actually.

We were able to deliver them within the existing cost structure. Then we have: Which projects are main expected drivers for the growth in second half of '26?

I won't go into details about which projects, but we can say as much as that the Danish market, we expect still further growth in the Danish market. We have a specific pipeline of projects, known projects, that are coming up, so that will put the foundation in the growth for second half of '26.

Also there might be new customers, as I mentioned, both in Denmark and internationally, we are quite confident about the second half. What is your outlook for sales to Germany?

As we write in the report, we're currently focusing on rolling out the existing licenses sold to some of our main German customers, but also we're putting in place new measures to get new customers in Germany. We have a few of those with a little bit different strategies, but they are all aligned to address the segment of paperless ministry.

This is related also to some of the legislations and some of the schemes, political schemes, that are going on in Germany now where they actually introduced last year, I think, a new legislation with a time framework for all the public organizations to be compliant with digitization. It's called E-Akte.

In that way, there's a lot of opportunities, we think, in many of the German authorities. The final written question for us also from Jesper is: Is Netcompany Amplio software a direct competitor for F2, and if so, how do they compare?

Without going into detail about Netcompany's Amplio, I think they launched it as standard software, AI-enabled standard software. That could probably be a debate whether something is standard or not.

I can relate to our own platform, which is completely standard software and also AI-enabled. Within the Danish market where the competition will probably take place, we're not worried about Netcompany's Amplio platform.

That being said, of course we are absolutely focused on being even better at integrating AI into our own platform. I think that will be my answer.

We're investing continuously and heavily into AI in our own platform. From Maximilian Simon: What do you expect on the POC in Washington?

Could you say something to the timeline and the possible similarities to California? I'd rather not go into detail about the POC, but as we have stated publicly, we think both POCs have been concluded successfully, we hope to see a positive development there too, but there's still some work to be done and some things to be clear.

I hope that was answer enough. Maybe we should also mention that Washington and California are not the only activities we have in the US.

There are many many different leads and opportunities that we're pursuing across different states. Yes, I think that was the last of the written questions.

I'm not sure if there are any more audio questions.

Maybe just a closing remark from here. As mentioned, we are very optimistic.

We feel we have a strong momentum, and we are quite confident that it is due to some of the new strategy elements that we are executing. We feel quite optimistic of the coming years.

I think that will be my concluding remark, and thanks for us from the cBrain company. Thanks for looking in.