Talenom Stock

Good morning, everyone, and welcome to join Talenom's Q3 Review 2026. My name is Juho Ahosola, and I'm the CEO of Talenom and with me here today is, as usually, our CFO, Matti Säkkinen.

Good morning, everyone, and welcome also on my behalf.

Thank you. Okay. Let's kick off. So here is the agenda for today's review. So I will start with a short brief about Talenom, if we have some new investors online and then I will comment highlights of review period as well as our development during this review period, Q3. And then after me, Matti will comment financial performance in a bit more detailed level as well as outlook and guidance. And at the end of this session, there's time for questions as well.

Okay. Let's then start. So a couple of comments about Talenom, if we have some new investors online. So comments about post-demerger Talenom. So first of all, what is Talenom, what do we do? So we are a service company. First of all, we are providing financial management services such as accounting, payroll and consulting services and our mission is to help entrepreneurs succeed. And we are operating in 3 countries in Finland, Sweden and Spain as well.

And we combine in our growth both organic growth and then selective acquisitions. And our approach as a company is to combine strong local expertise, strong local ownership with scalable One Talenom concept. And we also want to use best-in-class digital solutions, technology, software and AI as well. And that's our way to create value for our clients and then also for owners.

Then if we look briefly in our products or services or revenue streams from investor perspective, starting from our core services. So our core services are accounting, payroll and account receivable services. And these services are almost completely recurring, so revenue that comes from these services is recurring. And in addition to these core services, we also have different kind of value-added services, quite a large range of these.

And there, we could mention, for example, HR services or legal services or BI services. And these value-added services, they are important also like for 2 reasons, basically, from a revenue perspective, we see there are a lot of growth opportunities and then they are also supporting our customer experience. And then in all our operating countries, we have also industry-specific teams and solutions for our clients. But that's our service portfolio.

Then a short comment about markets that we operate. So basically, the market structure in all our operating countries is pretty similar. So there's high fragmentation, a lot of small companies, small players and then we can also recognize this consolidation trend in all our operating countries. And then if we look into our market shares in these 3 countries, starting from Finland, our market share is roughly 5% and market size EUR 1.4 billion.

In Sweden, slightly bigger market, and our market share is roughly 1%. And in Spain, as we can see, this size of the bubble illustrates the size of the market, massive market and then market share 0.1%. So quite remarkable growth opportunities. And we are not looking to expand to new countries in the near future and basically, the reason is here that in all countries, including Finland, where we have a long history, we have really massive growth opportunities. But that's what we do, that's our services summarized and markets where we operate.

Let's then move into this review period and comments about that. First of all, a couple of highlights about Q3. So first of all, this was quite solid performance from Talenom team, I would like to say we progressed well with our strategy, and things are going pretty much as planned right now. When it comes to figures, our group sales that grew a bit and then comparable EBITDA improved in all our operating countries, which is really positive.

Then short comments about countries, starting from Finland from Finnish team, really good performance, especially profitability-wise, strong profitability and this Finland strong profitability and cash flow creates really solid foundation for the whole group as we know. In Sweden, our most important goal for this year is to improve profitability, create profitability turnaround and as we can see from figures, it's going to the right direction and progressing as planned. So we are really happy with development profitability-wise in Sweden and team Sweden has done really good work here.

And in Spain, we have continued our acquisition-driven growth and profitability is also now step-by-step developing into right direction. And then also worth mentioning that during the review period and also here in Q4, we are really focusing on AI, and we can see that, that creates a lot of good opportunities for us to create even more client value. I will comment that a bit later. But overall, quite solid performance from the team, I would like to say.

Then comments about our focus areas. So we have named 3 focus areas for this year '26. First of all, implementation of the new strategy as we have finalized this demerger with Easor in early March, so since then, we have been working as an independent company and implementing our strategy in all our countries. Then also super important, improving profitability in Sweden and Spain, that's our second focus area. And third one is implementation of growth strategy, so working with growth in all countries.

And then comments about these areas. So first, starting from strategy implementation. I would like to say that no big news from here. We are making good progress with strategy, 2 main components basically here is One Talenom concept, we are implementing that across all teams at Talenom. And then we are also working a lot around this, our software neutral strategy in all countries. And no big news this time, things are going pretty much as planned strategy-wise.

Then when it comes to profitability in Sweden and Spain. Starting from Sweden, so profitability trend is right and we have continued actions with profitability and it's developing definitely to the right direction. And our Swedish team has done a really good job around this. And overall, the situation is that churn-wise, we are really happy with the development and churn is now reaching or is at like sustainable level, and we are happy with that.

And now we want to focus more on sales and creating growth through sales. And we have also made some organizational changes there to support our growth. But overall, we are happy with this profitability development and with growth, we are working extremely hard in Sweden. Spain, we are going to the right direction. Profitability improved slightly and what is challenging us is still these integration costs and higher software costs for this 2026.

And we have a plan how to reduce these integration costs. As we know the history in Spain, we have conducted quite many acquisitions in a short period of time and because of that, we have a lot of these integration costs in, but we have a plan how to reduce those, and we are working with that. And now we can see that development profitability-wise is right. And also I want to highlight that we see a really great potential in Spanish market over time as well as in Sweden, of course.

And then third point, implementation of growth strategies. A couple of comments from here. First of all, of course, we have been working a lot around systematic sales and marketing efforts and also leveraging AI in marketing and sales. And then also the software strategy, that's pretty important for us and we can see. I would like to say that quite promising results there with this new software neutral strategy. So these are basically the main elements that we are working with growth, right now. But overall, this strategy progress or how it's going with these 3 components, I would like to say that pretty much as planned and no big news this time from strategy field.

Then last comment when it comes to our operations and actions is about AI. And we were thinking that this is important to open for investors as well how we think in terms of AI. So Talenom has a long history as a digital frontrunner in our field, and we have always used best tools, technologies, software and we have a long history in this digital frontrunnership, so to say. And of course, AI is important for Talenom and an important part of our strategy.

And we can see that we can leverage in multiple ways. First of all, in our everyday work, we have quite many people at Talenom, helping our clients. So in that our everyday work, we can use it in multiple different ways. Then secondly, as we know, there's different processes in this work, and we can use AI there as well in pretty many, many ways. And last but not least, creating new customer value, like how we prepare meetings, what kind of reporting we can do for our clients. There's several ways to use AI in good ways and to create customer value.

And what is the important thing or most crucial element when it comes to AI, is that our customer need has not changed. So for a long time, our clients hasn't been paying for this routine work or manual accounting or payroll work. It's about that peace of mind, someone takes care, someone takes responsibility, anticipation when it comes to future elements like that. So it's not about manual work.

And this is why our clients choose us. So when we are acquiring new clients, they come to Talenom, because of this, not because of that manual work. And we believe that this need will remain the same and our clients need someone who really looks after helps them, looks towards the future and creates with that service, that peace of mind. And AI can support us in this customer need.

And then a short comment about our financial figures. So when it comes to net sales, that increased a bit 3.6% and then EBITDA, it was relatively strong during this review period, and that increased 19.6% and as well as this operating profit improved to the right direction. But Matti will comment now financial figures in a bit more detailed level, and then it's time for questions. Thank you at this point.

Thanks, Juho. Okay. Let's jump to financial key figures, and I will focus on comparable figures and also the continuing operations. And let's start with the group's comparable net sales. Our net sales was EUR 25.4 million and growth was 3.6%. We had positive growth in Finland and Spain. And in Sweden, we had negative growth.

Our comparable EBITDA was EUR 5.8 million, and this improvement was almost 20%. The quarter's profitability was strong, and I'm happy to say that we improved all this profitability in all our operating countries. Operating profit development was in line with the EBITDA development. We had only a small increase in our depreciation level. And operating profit was EUR 2.2 million and improvement there was 55%.

And now with some country-specific key figures, and we start with Finland. In Finland, our growth was 2% and net sales was EUR 16.2 million. This growth was totally organic. And during Q3, we didn't see any significant changes in this general economic environment, compared to the previous quarter. We still see positive news for this market overall and we hope that this will impact also to the activity level of the companies. And of course, it would open more growth opportunities for us also in the future.

Despite this low revenue growth in Finland, our comparable EBITDA increased. It was EUR 5.4 million and improvement was over 10%. During the year, we have actively managed our cost level with this challenging growth environment. And of course, happy to see this strong profitability in Finland in Q3.

Then we go to Sweden. In Sweden, our growth was minus 10.4%, and it was approximately at the same level with H1. Net sales was EUR 3.9 million. This high churn level in 2025 is still impacting to this our net sales development. And good thing is that, as Juho said, we have now stabilized our customer churn in the acceptable level. And now we are more and more focusing to sales activities and we expect that it will support our growth in the future.

Despite negative growth in Sweden, our comparable EBITDA improved well. It was EUR 0.1 million. This has been one of our high priority in Sweden during this year and very happy to see this positive trend is continuing at the moment. We still are on the track to achieve positive EBITDA this year in Sweden.

And Spain, in Spain, we had the strongest growth. It was 23%, and we ended up to EUR 5.4 million net sales. We have made 5 acquisitions after the comparison period, and this growth came mainly from these acquisitions. New customer acquisitions continued also steady performance, and it will support our growth in the future.

Spain's comparable EBITDA was EUR 0.3 million, and it went forward slightly. These integration costs and also higher software costs are slowing down our profitability improvement, but we continue our efforts around these profitability improvement actions and also implement this One Talenom concept, and we expect that we can improve our profitability step by step in the future.

And now let's look at our outlook and guidance. Our guidance for 2026 is unchanged. We expect that net sales will be between EUR 110 million and EUR 120 million and comparable EBITDA will be between EUR 18 million and EUR 22 million.

And now it's time for the questions.

And for the start, I kindly inform you that I'm combining the similar questions, so we don't ask those twice. So Juho and Matti, the first question, how has AI increased competition, lowered prices or changed pricing models in accounting?

That's a good question. I think here, it's important where the client value comes from. So basically, for those accounting offices who are invoicing hourly based from manual work and manual accounting, manual payroll, it's not about service. I think those players will be in quite remarkable challenges with AI. But for us, I think it's about the client value that we create and I want to emphasize that now when clients choose us, they are not thinking about like how we do or what is the way to do that manual work.

It's about that client value anticipation, future orientation, basically the value that we create for our clients. And of course, when it comes to this manual work, there will be price pressures in this industry, and it's more shifting towards what kind of value we create for our clients. And we believe that, we as a digital frontrunner have a really, really good and solid position here. And at the same time, we have already for quite many years been going to this direction and it's not new for us that way. Yes, I answered the question for manual work, definitely.

Yes. Yes. So then we go to Sweden. Have you considered leaving Sweden, if the growth doesn't improve?

No, we don't have such a plans now, and we are working hard around growth and as we can see that from the figures, profitability is definitely going in the right direction, and we are happy with that. And churn-wise, we are in a good position and team has done really, really good work and now we are focusing more and more in sales, and we have made some changes also around that to support that future growth.

Yes. And including the same question, would it make sense to invest in Spain and Finland, instead of Sweden, because there are many more opportunities here and more growth?

Yes. Good question. I could comment and maybe you could then combine. So if we are looking our investments recently or during a couple of past years, we have invested most in Spain with acquisitions basically. So I think we are not that massively investing in Sweden. We are more like running that business there and those costs are mostly in P&L, but maybe, Matti, you could.

Yes. And of course, we are all the time estimating that what are the best country to invest and also where the best profit for our investments.

Yes.

And that's what we are doing all the time, thinking what kind of investments create most value for our owners in the long run.

Yes, exactly. So how much free cash flow can Talenom generate annually after all investments and lease payments?

Good question, and we will report our cash flow in the financial statement release.

Yes. So again, in Sweden, does the planned focus on growth in Sweden require meaningful investments? Are you spending new sales and marketing in the country currently?

Yes. I think we are doing sales. And of course, we are investing that way in sales and marketing and we also, in the future, want it to be that way that we have like foundation where we can grow. So of course, we are doing things around sales and marketing in all our operating countries, because we want that over time, we are having organic growth in all countries.

Yes. So then we go to Spain. Could you provide a concrete example of a Spanish accounting firm acquired 2 or 3 years ago? And what was the EBITDA margin at the acquisition time? And what is today and what drove the improvement?

Big picture, I could comment first. So of course, we are integrating those to Talenom, we have like centralized support functions. It's a bit challenging to say it that way, but Matti, do you have something?

Yes. As we have commented that we have a little bit like some double costs after these integrations. And we are all the time like going forward with this cost level and all the time, we believe that with this hard work around this One Talenom concept, we will also improving our profitability in all units and offices.

Definitely. And still for us, Spain is a super attractive market because it's of this low digitalization, and we see a lot of potential there. And we can also see that these elements that we are working with, they are working in team level. But as said, of course, because we have the centralized functions and then we have this like integration costs, it's a bit hard to answer that specific question.

Yes. So we stay in Spain. So credit control, maybe the main topic here. So have you fixed the credit control issues in Spain? Can we be confident that there won't be any other big write-off like we have like different or that kind of stuff coming.

Yes. Good question. We have improved our processes in Spain, and we really believe that we have good trust for the future in terms of accounts receivable management.

Yes. And overall, in Spain, of course, like as we have been integrating, we have, at the same time, building multiple processes. So this work that we are now doing in terms of integrations and building these processes, it creates a solid foundation for the future, which is important as we want to grow in Spain.

Yes. And same asker is asking that, are we mainly buying revenue rather than profitable growth in Spain?

I think we have been doing selective acquisitions. So we want to always to find good acquisition targets, and it's also important that we are selective. So we have said no also multiple times, so that's important. So good companies with good people and good local management. So that's what we are acquiring and then also this growth orientation. So we want to have offices, which are growing in the future as well. So answer what we are buying is good accounting offices.

Yes. And one last question, what was the organic growth rate in Spain?

Good question. We have not reported the exact figures in organic growth, but as we commented, the main part of this growth came via acquisitions, but there was also small like organic growth.

Thanks, Juho and Matti. I hope we have all the questions answered now. So thank you so much.

Thank you very much.

Thank you very much.

Good morning, everyone, and welcome to join Talenom's H1 release webcast. My name is Juho Ahosola, and I work as the CEO of the company. And with me here today, as usual, is our CFO, Matti Sakkinen.

Good morning, everyone, and welcome on my behalf.

Okay. Let's start then. Once again, welcome from my behalf as well. Here's the agenda for this review. So I will start with a short brief about Talenom if we have some new investors online. Then I will comment Q2 highlights as well as our development during the review period. And then Matti will comment after me our financial performance in a bit more detailed level as well as outlook and guidance. And at the end of this review, there's time for questions as well, which you can ask throughout the review with the chat feature.

But let's roll out. So a short brief about Talenom, what do we do and what kind of companies is Talenom. So Talenom is a service company. First of all, we help entrepreneurs succeed with different kind of services, accounting services, payroll services and different kind of consulting services as well. And we operate in 3 operating countries: Finland, Sweden and Spain. And we combine our growth 2 elements, organic growth and then selective acquisitions. And our approach is to combine strong local expertise and ownership with our scalable ONE Talenom concept, which creates better business outcomes in different ways. And software-wise, we work with best-in-class solutions and software in all our operating countries. And this creates the way of sustainable growth for us, and we help our clients grow as well. But that's Talenom at class.

When it comes to our services and revenue streams as well. So we have core services, accounting services, payroll services and account receivable services, and these are highly recurring and that's, of course, positive. But in addition to these core services, we have also different kind of value-added services such as HR services or legal services or, let's say, business intelligence services. And we see these value-added services important in basically a couple of ways. So first of all, they are important source of growth for us in the future as well. And then secondly, they are important in terms of customer retention. So that's why we are focusing on this in addition to, of course, this our core. And we have also industry-focused solutions for different selected industries. But that's our service portfolio. So revenue comes from services and the type of revenue is highly recurring.

Then last point when it comes to this, so our markets where we operate. So we have 3 operating areas: Finland, Sweden and Spain, and we are not looking to expand into new areas or countries during near future. So basically, here is the reason when we are looking at markets, we have a lot of room for growth in all our operating countries, and we believe that we can grow remarkably in all these countries during upcoming years. And market-wise, the structure of accounting market is pretty similar in all countries, Finland, Sweden and Spain. So we can recognize this fragmentation and then also this consolidation trend in all countries. But the main point is that we operate in these 3 countries, and we see great growth opportunities in all our operating countries.

That was a short summary about Talenom, and let's then move into the second graph. And here's some highlights, and then I will comment our strategic development as well. So starting from the summary. So this first -- this second quarter was the first full reporting period for the new Talenom after the split with Easor. And overall, I would like to say that it was positive in many ways, and we made good progress in multiple areas and in our main KPIs during the start of this year and Q2 as well. So many things are going and many KPIs in the right direction, and we are super happy on that. And I'm thankful for all our personnel of that hard work around this.

During the review period, we continued the implementation of ONE Talenom concept, which is really central part of our strategy as we have communicated. And we also worked around this country-specific growth strategies a lot. And when it comes to software strategy, I would like to say that good progress around that. And we believe that this new software neutral approach for this new Talenom is opening significant growth potential for the future. So overall, I would like to say that positive quarter, I'm super thankful for our personnel, all the hard work around Q2.

Here are our 3 main priority areas for this year 2026, and I will now open how it's going in terms of these 3 areas. So first of all, implementation of the new strategy in all countries as we have just started this new chapter of Talenom. Then improving profitability in Sweden and Spain, important as well and then implementing growth strategies in all operating countries.

But let's start from the first one. So when it comes to strategy implementation during Q2, we continued systematic work with ONE Talenom concept in all our operating countries. And I would like to say that it's this implementation of new strategy is going as planned. During Q2, we measured ONE Talenom index, which describes for us the degree of implementation of the ONE Talenom concept. And as well, we measure customer experience, customer satisfaction. And these both metrics are developing into the right direction, which we are super happy about. And then when it comes to this new software strategy, extremely important part of our strategy, also growth-wise. So we made multiple collaboration agreements with several new system providers. And as said, we believe that in the long run, this will open up significant potential for us. And initial experiences around this new software strategy are positive in the organization.

Then secondly, improving profitability in Sweden and Spain, starting from Sweden. So in Sweden, we can see a positive profitability trend. I would like to say that Swedish management has done really hard and amazing work around profitability. We are now definitely going in the right direction as well as in multiple other metrics such as customer experience, employee experience and ONE Talenom as well. And as we know, we have adjusted our cost base in Sweden remarkably during this year, and now we can see effect on our figures. And of course, we are here building the base for future profitability for upcoming years as well.

Then when it comes to Spain, comparable EBITDA was weighed down by acquisition integration costs and then particularly this EUR 1.2 million impairment of trade receivables. And it's worth emphasizing that profitability was in line with comparison period if we exclude this onetime item, this impairment of trade receivables. And when it comes to these integration costs in Spain, we have a really -- I would like to say that solid plan in place to improve profitability and cut these integration costs in the future. But maybe this like profitability trend and our like development in Sweden is something that is very positive for us.

Then thirdly, implementation of growth strategies in all operating countries. So we continued work around these growth strategies in all our operating countries. And we really believe and we have good indicators that this product software offering will open over time, really good and significant growth potential for us. Also, when it comes to growth, something we want to communicate and emphasize that the market conditions in Finland, they have been really, really challenging, and they weighed on our growth towards the end of the year. But in any case, we continue systematic work to support our long-term growth and our sales team in Finland has done really good work in these challenging market conditions, and we want to focus where we can and we can focus on our actions. And we believe that over time, market will support our growth as well. as well as this new software strategy.

And when it comes to second part of our growth, so acquisitions. So we executed 2 acquisitions during review period in Spain for this second quarter. So that about strategy implementation and these 3 main areas for this year. Here is the summary of our financial figures. So comparable net sales, it grew a bit 2.8% EUR 30.6 million. And then EBITDA, it's important to emphasize that comparable EBITDA declined slightly due to this impairment of trade receivables in Spain and was EUR 5.8 million. And then operating profit, you can see from the right-hand side, but Matti will comment on open figures now next in a bit more detailed level. Thank you at this point.

Thanks, Juho. Okay. Let's jump to the financial key figures. And in my slides, I will focus on our continuing operations and comparable financial figures.

Let's start from the group's comparable net sales and our growth was 2.8% in Q2 and net sales was EUR 30.6 million. This growth came from Finland and Spain. In Sweden, our growth was negative. Group's comparable EBITDA, it was EUR 5.8 million in Q2 and 18.9% of revenue. The profitability development in Finland and Sweden was positive and was impacting positively to our profitability. On the other hand, this nonrecurring environment in Spain was impacting negatively to our profitability. Group operating profit was EUR 2.3 million and 7.7% of net sales. This development is in line with our EBITDA development. Depreciations were approximately at the same level with the comparison period.

And then let's jump to the country-specific key figures. In Finland, our growth was 1.4% and net sales was EUR 18.7 million in Q2. This growth was entirely organic. And we still see in Finland that this economical situation is challenging our growth actions. Related to these challenges, we see that customer churn is a little bit higher than normally. And also, we see markdowns to the lower level of activities in our customer companies. It's great to see these positive signs from the Finland's economic growth. And it's meaning that in our business, the impacts will be happened with the delay. So that's, of course, positive for the future. The profitability in Finland was strong. Comparable EBITDA in Q2 was EUR 5.7 million and 30.2% of net sales. The business performed very well. On the other hand, we have adjusted our resources and costs to meet this challenging growth environment. There were also some timing differences of expenses between the quarters, and that was also impacting positively to this development in EBIT.

And now in Sweden, we see that our growth was negative, minus 9.9% and net sales was EUR 5.9 million. We had high customer churn in Sweden in 2025, and this is still impacting to our net sales development. On the other hand, we all the time see that this trend from the new customers and customer churn is going to the right trend, and we expect that it will also impact to our net sales development in the later phase. Comparable EBITDA in Sweden was EUR 0.7 million and 11.6% of net sales. We have continued these cost adjustments and profitability actions in Sweden, and we are very happy to see this positive trend in terms of profitability. Of course, we continue these actions, and we expect that we are on track to achieve positive EBITDA in Sweden during this year.

Then we jump to Spain figures. The growth was 26.2% in Spain and net sales EUR 5.9 million. We have made 4 acquisitions in Spain after the Q2 2025, and most of the quarter's growth come via these acquisitions. We also continued steady performance with our new customer acquisition, and it's meaning that it's also supporting our growth during this year and in the future. Comparable EBITDA in Spain was minus EUR 0.6 million and minus 9.4% of net sales. We have integration costs and also increase in fixed and software-related costs, which are impacting negatively to our profitability development. In addition of that, this nonrecurring impairment of trade receivables is impacting significantly to our profitability development in Q2. And next, we jump to outlook and guidance. We expect that our net sales will be from EUR 110 million to EUR 120 million and comparable EBITDA from EUR 18 million to EUR 22 million. So our guidance is unchanged.

And now we jump to the questions.

We have some questions online. So let's get started. Is there any of that Spanish EUR 1.2 million write-down still collected? Can it still be collected? Or is it all gone?

Yes. Of course, it's possible that there is some opportunities to collect them. But there is high risk for them, and that's the reason that we have made this write-down.

Yes. Yes. So what is included in the EUR 2.4 million software and digital investments now when we are a service company. So is those?

Yes. We are still continuing our investments related to our automation processes and also different like AI improvements, for example.

And it's also worth mentioning that during this review period, we finalized this like financial report for our client like AI-packed report. So that's one item there where we have invested in the future as well, we are going to develop digital solutions such as AI solutions to -- in line with our strategy.

Yes. So do we have any results seen now from bringing the Fortnox back? So is it bringing any results?

Well, I think we are now talking about Sweden here. So we don't have this kind of like projects bringing some software back or like or so we always want to find what is the best solution for our clients and sometimes it might be Easor or sometimes it might be Fortnox and sometimes it might be some other solutions. So we always start from a client perspective. That's our strategy. And it's true that Fortnox it's really good and important software for us in Sweden.

Yes. So when do you expect the international acquisitions to improve margins?

Well, if we start from Sweden, I think we have been quite clear with that. So we are now looking at this positive EBITDA and working hard around that target. And when it comes to Spain, I think there -- where we have done our recent acquisitions, there's a lot of different kind of integration costs and it's not only one thing. It includes software cost and broker cost and different kind of personnel costs from HR and other support functions. And of course, we have a plan in place how to reduce that cost over time. And in Spain as well, our target is that positive EBITDA for this year.

Yes. So do we have any more acquisitions coming from this year?

Well, as I said, in our growth strategy, we have 2 components: organic growth and acquisitions. And maybe that's something I would like to highlight that we are never doing acquisitions only because of growth. We are super selective, and we want them to fit well and create long-term value for our owners.

Yes. So next one, did you transfer price any Finland profits to Sweden? Or was it -- was this just global improvement?

Yes, good question. These improvements is, of course, local. So the Swedish management has been done very great work there, and we have made many local improvements in our costs and also the financial performance as well.

And maybe something I would like to highlight from Sweden, this great work that local management has done, and it's not only this profitability, it's, of course, super positive that now we can see it in financial figures, but also around customer experience, employee experience and this new strategy and ONE Talenom. So great work from in Sweden.

Yes. One more in Sweden. Revenue is still down about 10%. So has new customer acquisitions already exceeded or churn? What is the real time line for revenue to come to growth?

As we have communicated, it's like this net growth, it's going to the right direction. There's differences between months. Trend is still positive. It's definitely going to the right direction. We had previous year really high churn. And now when thinking about different growth elements, churn-wise, we are really progressing as planned, and we are really happy with that development. Now we are focusing more on accelerating like sales and improving sales levels. So we have made during the spring some adjustments in the organization as well to support our -- accelerate our growth and sales in the future. But all in all, we don't promise any specific date for this, but we are going to the right direction, as Matti also said.

Yes. One more question. Has Finland and Sweden recent economic recovery been visible in your monthly results?

Well when it comes to volumes, which is quite concrete way to measure this activity, we don't yet see that positive trend. But we are super happy to hear this news now from multiple different sources of this economical situation in Finland and Sweden as well. And we really believe that, that will boost our sales and growth. And to me, it seems that as we have now been working around this new software strategy and our sales teams in both countries have been working super hard. So we are more ready when we get a big boost from the market as well. So quite confident with that.

Yes. Thank you, guys. That's all for the online questions.

Okay. Thanks, everyone, for joining this review. Thank you.

Thank you very much.

Good morning, everyone, and warmly welcome to join this Talenom's Q1 2026 business review. My name is Juho Ahosola, and I'm the CEO of Talenom, and I started in my position in the beginning of March, as well as my colleague, Matti Sakkinen, CFO, who's here today with me.

Good morning, everyone, and welcome also from my behalf.

Thank you. Okay. Let's roll out then. So here's the agenda for this review. So I will start with a short strategy recap. And after that, I will comment review period. And then after me, Matti will talk in a bit more detailed level about financial figures and financial performance and then outlook and guidance. And at the end of this session, there's time for questions as well. And you can ask questions with the chat during the presentation as well.

Okay. But let's start then with a strategy review. And basically, the big thing of this first quarter and review period was this demerger with Easor. So company started in last fall, last September, a strategic review of the potential separation of the Easor software business into an independent stock-listed company. And after a couple of different stages, we are finally here that there are 2 independent companies, Talenom and Easor and both are operating with own managements, own Boards, own growth strategies and no cross ownerships or structures like that. And this was basically the biggest thing of this review period, and we're super happy and excited that this is now finalized and we can move on as an independent service company.

The reasons behind this demerger, as a reminder, so basically, we had 2 main drivers or 2 different drivers for this big move. So first of all, both companies, Talenom and Easor, can operate from a software perspective much more flexibly and also grow faster in the long run. Easor, they can acquire clients through other accounting firms or other channels they found working. And we, in Talenom side, we are no more kind of like dependent on one single software solution in any level, and we can always use the best available tools and solutions to support our clients.

And secondly, from investor perspective and also from operational perspective, it is much more clear case, it gives a lot of focus, and we here in Talenom side, we can focus fully on our clients in creating great customer experience with services. And to be clear, with our software strategy, we always use best-in-class solutions for our clients. Sometimes it's Easor or sometimes it could be some other solution.

Then if we move on and think about this new Talenom as we say here internally, so this new start. So what do we do? What's our thing, so to say. So we are a service company. First of all, we help our clients, entrepreneurs usually with different kind of accounting, consulting, payroll services. And we are operating in 3 countries: Finland, Sweden and Spain. And in our growth, we combine 2 pillars. So first of all, organic growth, which is super important for us and where we want to deliver and then selective acquisitions.

And how we work? What is kind of the core of our strategy? So we combine strong local ownership, local expertise with the scalable ONE Talenom concept. And combining these 2 elements, we believe that we will achieve great long-term growth. And this ONE Talenom concept is a really important part of our strategy, and we have seen that it affects positively in our main business outcomes like employee experience, customer experience and profitability as well. So that's the new Talenom.

Then a couple of words of our operating areas and organizational structure as well. So we are operating in 3 countries. Company has been started in Finland, 1972, more than 50 years history, a strong growth history and a solid organization. In Sweden, we started 2019 through first acquisition and in Spain 2021.

And here on the right-hand side, you can see this from financial statement our personnel is located in different countries and offices. And important thing or part of our strategy is that we are not in the near future looking to expand to new countries. We believe that we have massive growth opportunities in these existing markets.

Also worth mentioning when it comes to this Easor split that during previous year, we built organizations in both like organizations, Easor and Talenom. And also in Talenom side, we gather management team and local management teams as well in countries. And that's important that we have now structures in place.

When it comes to our revenue sources, revenue sources of new Talenom, so the main part of our revenue comes from our core services. So accounting services, payroll services, account receivable services. These are highly or almost completely recurring. And that's, of course, important and easy to forecast as well. And then in addition to these core services, we have value-added services, for example, CFO services or HR services and business intelligence services. And we see that these are important source of growth in the future, and we are also focusing on this.

And then secondly, they are supporting our customer experience. So affecting positively on customer experience, and in that way, customer retention. Also worth mentioning that we have industry-focused teams for some selected sectors, and there we can give even deeper like knowledge and service for our clients. But revenue, mostly recurring, and that's important and comes from services.

If we then look into our markets where we operate, so we have 3 markets. And basically, the structure of markets, it's pretty much the same. So there's a lot of fragmentations, a lot of small companies and players in the field. And then we can also recognize this consolidation trend in all our operating countries.

And the main point here is that when we are looking at our market shares in Finland, where we have a really established organization, strong history. We have roughly 5% market share in Sweden, more or less 1%; and in Spain, 0.1%. So when we are looking at those pie charts, we can see that there's a lot of growth opportunities and potential in these, our existing markets. So that's basically the reason why we are not looking to expand to new countries in the near future. We have great opportunities in these existing ones.

Next, I will walk us through the key elements of our strategy, 3 main areas. So first of all, starting from ONE Talenom concept. So this is the core of this new Talenom's strategy. And ONE Talenom is our concept. It combines our processes, best practices, ways of doing things, way to lead basically this organization. And we have built this concept. And then, of course, we are further developing it and testing it. And we can see that when we are applying the concept, it affects positively in our business outcomes in terms of employee experience, customer experience and profitability as well. And this is very important part of our strategy for upcoming times, and we really believe and we have seen that this works for us.

Second point of our strategy is M&A. So we have done a lot of acquisitions in the past and also during this review period. So I would like to say that we have, first of all, learned a lot when it comes to acquisitions. So we have found our way to acquire companies and like found good companies to acquire. And we want that companies that are joining us are growth-minded, they really believe in this ONE Talenom concept and approach as well. And then they can build that organic growth in the future, which is important for us.

And maybe something I want to highlight here is that we are not doing this kind of like volume acquisitions at all. So only because of revenue, we never acquire. So if we don't find suitable ones, then we don't buy. So that's an important part that we are really, really selective. That's something that I want to highlight.

And then third part, organic growth. So in addition to acquisitions, this organic growth is really important for us, and we believe that it's the most challenging part of growth in all organizations. And there's basically 2 parts. First of all, acquiring new clients, selling to new customers. And we have in all our countries sales teams, marketing teams, organizations for doing new customer acquisition.

We are doing a lot of marketing, digital marketing. We have a strong local footprint in areas where we operate, and we do a lot of activities around new customer acquisition. Worth mentioning that in Spain, especially, it's not that normal in this industry to actively sell for new clients. And we are doing that and see that as an important part of our strategy and way of doing things.

Then secondly, as I mentioned, we have different kind of consulting services. And we believe that this is one like area where we can grow and we see that it's important in a couple of ways. First of all, revenue-wise, we see that it's a good source for growth. But then it's also important in terms of customer experience and it supports retention. So the clients that are buying more services are usually those who are the heaviest ones. But organic growth, it's definitely one of our focus areas.

If we then move into this first quarter, so Q1. And here's a couple of highlights from the review period. So first of all, as I mentioned, this demerger split with Easor was basically the biggest thing. And at this point, I also want to thank our personnel and, of course, personnel in Easor. Easor as well organization did a lot of work around this and it was a really massive exercise. And now we are super excited that this is completed and we can focus in developing this new Talenom as a service company. And this is important that we are finally here, super excited.

Then during the review period, we also continued to work with our strategy and growth strategies, ONE Talenom, and it's been a good start that way. I'm happy with the work that the organization is doing and proud of the organization, how we have started with the strategy and this new era.

Then third point, as I said, we are now in this software-neutral environment, so to say. So we can really choose softwares that we are using. I want to emphasize that Easor is an important partner for us in the future as well. That's obvious. But in the long run, we believe that when we can acquire now clients with other softwares as well, that is opening doors for us and opening significant growth potential. So that's something that we are working with right now.

If we then look into those priorities which we have set for us for this year 2026. So we have 3 areas. First of all, this implementation of the new strategy as we have started 1st March as a new company or like new Talenom, it's important that we work a lot around this implementation of new strategy and ONE Talenom concept, especially.

Then secondly, super important to us, we want to show profitability and profitability improvement, both Sweden and Spain. That's something where we are focusing whole this year. This is important for us that we have 3 countries that are EBITDA-wise profitable.

Then third one, implementing growth strategies in all countries, where a lot of working around growth. And then also, as I said, these acquisitions are part of this third focus area. So these 3 areas. And here's a couple of points how it's going with those. So first of all, with strategy. As I said, we have been working with implementation of ONE Talenom concept in all countries, and I'm happy when I'm seeing how it's going. Management in all countries is doing good work in my opinion.

And maybe something I would like to highlight here is that we have measured during this review period employee satisfaction and customer satisfaction. Good results from Finland. It's not mentioned here. But in Sweden and Spain, we had, I would like to say, that really remarkable improvement. And that's really, really good. I'm happy with the figures that we are seeing. It's definitely going to right direction. And usually, it tends to go in that order, that, first employee satisfaction goes to right direction, then customer satisfaction. And then we can see finally those improvements in financial figures as well. That's usually the order.

Then when it comes to profitability in Sweden and Spain, I want to highlight that this is extremely important for us that we can succeed in all our countries and be EBITDA-wise profitable. That's obvious. In Sweden, we moved slightly into right direction, and I'm happy with the trend that we are seeing. And we have taken a lot of actions during last year and then also in the beginning of this year during this review period. And we believe strongly that we will deliver that positive EBITDA during this year from Sweden. Management has done a lot of work locally with profitability, and I believe that we will deliver.

Then when it comes to Spain, profitability was weak. And reasons behind the figures, basically a lot of integration-related costs. So that's maybe the main topic I would like to say. Then we increased some investment in sales and marketing. And that's also important, that, in Spain, we want to keep this growth track and focus on organic growth because we see a lot of potential. So we have not been cutting from sales and marketing costs that way. And then also because of this demerger, some software-related costs.

And then like when it comes to this integration costs, it's both like operational costs and then personnel costs as well. And we have a clear detailed plan for the rest of year, for the whole year, how to work with development of and improving profitability in Spain. So really a detailed plan for that.

Then thirdly, implementing growth strategies. This is important for us as we want to be a growth company. And we have been working a lot with like these software strategies. It's important element for us, and we believe that in the long run, it will open us remarkable opportunities. In the short run, we don't see that we will see effects in our figures. But in the long run, it's really, really important and offers a significant growth potential.

Then something that I want to also emphasize is that in Finland when we are looking at this like market conditions, it's really challenging. And actually, accounting market declined previous year and we believe that it will remain really challenging for this year as well. But at the same time, like our approach is that we want to be a little bit better every day. We work really hard with growth strategies, with actions, and we focus where we can. So it doesn't make any sense to focus on those market conditions or challenges. We focus on our actions, and we believe that over time that it's right approach.

And in Spain, also when it comes to growth, acquisitions are an important part of it, and we completed a couple of acquisitions in the beginning of review period, and one after as well. So it's going according to plan.

Here are the financial figures and highlights from there. So as we know, net sales -- when it comes to net sales, it grew a bit, driven by Finland and Spain. And then EBITDA and operating profit-wise, it decreased a bit as we were expecting as well.

But Matti will next go through financial figures in more detailed level, and then it's time for questions. Thank you at this point.

Thanks, Juho. Okay. Let's jump to the financial figures. And in my presentation, I will focus on comparable figures in our continuing operations. At first, let's look at group's net sales. It was EUR 30.3 million in Q1, and our growth was 4.5%. This growth came from Finland and Spain. And in Sweden, we had negative growth.

Our group's EBITDA, it was EUR 5.5 million and 18% of net sales. The development in Finland and Sweden had positive impact on profitability in euros. On the other hand, this development in Spain impacted negatively to our profitability. Operating profit was EUR 2 million and 6.5% of net sales. In addition to this a little bit lower EBITDA, we had a little bit higher depreciations and amortizations in the period.

And now we jump to the country-specific key figures, and we start from Finland. In Finland, we continued stable performance. Our net sales was EUR 20.2 million and our growth was 3.7%. And this growth, it was entirely organic. But still, we want to say that this general economic situation is continuing challenging. We see lots of bankruptcies in Finland and also companies are closing down the businesses. We estimate that this will also impact to our growth during the rest of the year.

EBITDA in Finland, it was EUR 5.9 million and 29.2% of net sales. This EBITDA improved due to the revenue growth. On the other hand, as we have commented earlier, our relative costs are higher after this demerger and it was impacting negatively to our profitability and especially this relative profitability.

In Sweden, our net sales was EUR 5.4 million and decline in net sales was almost 9%. The previous year high customer churn was impacting negatively to our net sales development. We have continued our efforts to reduce customer churn and acquire new customers. And we still see that this net impact of the new and lost customers, this trend is going to the right direction, and we estimate that it will also help our net sales development in the future.

Profitability in EBITDA, it was minus EUR 100,000, so a small improvement there. Of course, this decline in the net sales was challenging our profitability development. But we have continued these cost adjustments, and we still estimate that we can achieve positive EBITDA in Sweden in 2026.

In Spain, we had a strongest growth. It was 31.8%. And our net sales was EUR 4.6 million. This growth, it came mainly from the acquisitions. We have made 4 acquisitions after the comparison period. So this was good growth for us. In EBITDA -- so the profitability in EBITDA, it was minus EUR 300,000. And as Juho commented earlier, we had some integration costs and increased investments in sales and marketing and also higher cost in software. So these were impacting negatively to our profitability. But we are continuing our efforts in terms of profitability development and we estimate that we can turn this on the right trend during the rest of the year.

And then let's look at outlook and guidance. Our guidance is unchanged, meaning that we estimate that our net sales will be from EUR 110 million to EUR 120 million and comparable EBITDA will be from EUR 18 million to EUR 22 million.

That's all from my side. And now it's time for the questions.

Yes, there's quite many questions from online. We are starting from Finland.

So strong growth, 3.7%. And where did it come from concretely? What was the contribution from pricing and volume and so on?

Yes, it was mix of the customer base and also, of course, the price increases are impacting positively to our growth in Finland. But as we commented, yes, it was good growth in Q1. But still, we see that this economic situation is a little bit challenging our growth efforts. And of course, as we said, we estimate that the rest of the year, we will see like these continuing challenges about this region.

Yes. So how about the trend in this growth? Are we seeing that it's going to be at the same level upcoming quarters? Or what is our point on that?

Yes, I could comment on that. I would like to say that this was quite a strong quarter. And as we -- when we are looking at the situation now and looking into the future, I would like to say that it might be challenging to keep that track going. But we are working hard around the growth. But as said, when looking towards future, it's challenging market conditions.

Yes. Then we go to Spain. Here is breakdown in Spain growth in Q1. How much was the organic and how much M&A driven?

It was mostly inorganic. Some organic growth as well. But at the same time, when we are looking at our like sales and churn figures, we expect that we will have support from organic growth during this year. So team is doing good work around like new customer acquisitions. And I would like to say that churn is also well under control in Spain. So when thinking Spain, in general, we don't see that kind of like trends that we saw in Sweden at the same time with the story. So like Spain is doing well, yes. And now I meant how it was in Sweden back in a couple of years ago.

Yes. So in Sweden -- positive EBITDA for full year 2026 in Sweden would require clearly positive EBITDA in Q2 and Q4. Q2 is seasonally strong. But do you expect to be profitability in Q4 and Q4 -- Q3 and Q4?

Of course, we know that we have some seasonality changes between the quarters. But if you look at the full year profitability, we estimate that it will be positive in EBITDA-wise.

And our actions are in line with that market.

Yes. Then the guidance for 2026. Was Q1 in line with your expectations? And are you ahead or behind the assumed development?

I'm glad to say that things are going in line with our guidance. And of course, that -- like Finnish figures were quite strong in Q1. But like in general, it's going according to the guidance and plan.

Yes. So then the asker wants to know about the seasonality and how the accounting high season goes in Spain and Sweden like compared to Finland?

Yes. Usually, like the high season, it's a bit different in Spain. So basically, this Q1 is not usually that strong in Spain. And it's -- like Q2 and then also July actually is part of that high season like invoicing-wise. And usually in Spain, like the holiday season is a bit later or later than in Nordics. So it's usually like in August. So that plays also important role here. But it's -- the high season is longer than in Finland and Sweden.

Yes. So there's also some questions in Finnish. The one -- I'll try to translate it because we are speaking English here.

So we have more offices compared to revenue in Spain and Sweden. Any plans to grow the number of offices in those countries at low costs, yes?

Yes, it's true. Especially, in Sweden, we have a lot of small offices. And of course, that's like one element that we are like considering what is the right way to organize our office network, both to support our profitability, but then also to support our growth. But when it comes to costs, our -- like we have plans in both as this -- like improving profitability in Sweden and Spain is important objective or target for us. So our plans are aligned with that. And of course, this like office network is one element to consider.

Yes. There's still one question on Spain. So the profitability improvement plan, what are its concrete actions? And which quarter do you expect them to start showing in numbers?

I could comment first. So there's a lot of like -- first of all, like software-related costs, like when we have acquired companies and then we are integrating those companies to our IT system. So when like changing environment. That's one thing. Then we are implementing new ERP system. So a lot of costs from there. And then also some personnel costs. And we have clear really detailed level plans how to work with those costs. But I think it's quite normal that in this kind of speed of acquisitions, there's kind of like double costs. So trying to reduce those, first of all.

And then at the same time, we have been investing in sales and marketing, which is important that -- because we want also to keep this like positive trend in terms of new customer acquisition on the right track. It's important that like we keep that growth going, I mean, organic growth. But yes, like those operational costs, IT costs and then, of course, costs in terms of personnel.

Yes. So there is still one question regarding to Sweden. There's - revenue decline of 8.9% was steeper than expected. So has churn stabilized in Q1? Or is there still a [ lot of ] decline coming through?

It's from previous year. So we had high churn previous year as we have commented. But now definitely it's looking good and trend is really positive and we are like happy with the figures that we have seen in the beginning of this year. Then also worth mentioning that those like customer experience results and then also results from employee survey were really high, and it gives a lot of trust. So like operational figures are definitely going the right direction in Sweden and management is there doing really good work.

Yes. Thank you. That was all the questions for now.

Thank you.

Thank you very much.

Thank you very much.

Good morning, everyone, and welcome to join the Strategy Review 2026 of Talenom. My name is Juho Ahosola, and I'm the new CEO of Talenom. And I have started in my role in the beginning of this month. And at the same time with me, in his role, started our new CFO, Matti Sakkinen, who's today here with me. Warmly, warmly welcome.

Good morning, and welcome also from my behalf.

Okay. Let's roll out. So, the purpose of this call or meeting is to go through our strategy, open it a bit more detailed level. There's quite a lot of same content that we had in our previous Q4 release, but it's also included some new and deeper information what might be interesting for investors.

So let's start by walking through this content of this review. So we're starting with demerger background with this Easor demerger. Then I will talk about Talenom, what's this new Talenom, so to say. And then a couple of thoughts of industry evolution, markets and AI together. Then I will comment key elements and focus areas of our strategy as well as our situations and outlooks in different countries. Then we will talk briefly about risks related to our business and then priorities of this year 2026. And after me, Matti will talk about financials, outlook and guidance for this year as well as summarize Talenom as an investment case. And you can ask questions in chat during this session, and we will then answer after presentation.

Once again, welcome to [ join. ] As I said, let's start with this split or separation or demerger, how we want to call it. So basically, this was the big thing of 2025 for us as a company.

So to summarize, company started a strategic review of the potential separation of the Easor software business into an independent stock-listed company. And after a couple of different stages, we are finally here that from the beginning of this month, we've had two independent stock-listed companies, Talenom and Easor. And to be clear, both companies are operating with own independent strategies, boards management teams, and there's no any cross ownerships or similar structures between these companies. So I want to emphasize that, two completely independent cases now and in the future.

And we are super happy as a company that this is now finalized, and we can really focus on executing our own strategy here in Talenom side.

Then I would like to comment briefly on these reasons behind this split. So what were basically the main drivers, why we made this decision as a company to separate Easor into an independent stock-listed company.

So first of all, both companies can operate more flexibly and grow faster. Easor, on their side, they can acquire clients through other accounting firms and companies and whatever channels they found working. And we, at Talenom side, we are not any more dependent in any way of any single software provider. And we can always use the best solutions to meet our clients' needs and that, of course, opens some doors for growth.

Then second point, equally important focus. So as we know, in business, it's super important to focus on something and focus where you're good at. And at Talenom side, we can focus probably on this service business, its development and superior customer experience. And I honestly also think that this case this way that two separate companies with different kind of value drivers, it's much more clear for investors as well.

And when it comes to our software strategy, I want to emphasize that we use best solution to meet our -- solutions to meet our clients' needs and sometimes it's Easor, sometimes it's some other software. But we always start from a client perspective and also that kind of solutions that support our growth and our clients' growth.

Okay. That's about the split. Let's then move towards future and where we are heading. So starting from what's Talenom. So Talenom in a breif. So first of all, we are a service business. That's something I want to emphasize. So we're providing financial management services. And the main idea of Talenom remains the same that it has been over 50 years, actually. So we are helping entrepreneurs succeed. And we are doing that with different kind of accounting, payroll and consulting services. And we operate in three countries: Finland, Sweden and Spain. And we are combining our growth, these two pillars, so organic growth and then also selective acquisitions.

And how we operate? What's our way? So we combine two elements. We want to have this kind of like strong local ownership. We want to be super local. And then at the same time, we combine that with our scalable ONE Talenom concept, which provides good results and better results in terms of customer experience, employee experience and profitability as well. So a combination of these two.

And then, as I said earlier, we are using best-in-class software and solutions to meet our clients' needs. And with this setup, we believe that we can deliver sustainable and well-managed growth over time.

So to summarize, service company, helping entrepreneurs succeed with accounting, payroll, consulting services operating in these three markets, three countries, combining these two elements in our growth, and then strong locality and then there's ONE Talenom concept in addition to that. That's our approach. That's Talenom.

Okay. Let's move on to our operating areas and operating countries. So Talenom operates as I said, in three markets: Finland, Sweden and Spain. In Finland, company is established, and in 1972, more than 50 years strong history, strong brand or strong brand recognition and really established organization, so to say. In Sweden, we started our operations 2019; and in Spain, 2021. And we have nowadays roughly 1,200 employees in these countries divided as you can see from the right-hand side map.

And we are not looking to expand to new countries in the near future. So we are focusing on this, our current markets, and I will explain later why we want to stay in these markets and why we see there are enough opportunities for us in the future.

Then when it comes to organizational structure, as I said, 2025 was basically the year of this -- like building these organizations in both companies, Easor and Talenom, and we also built management teams for both companies and also local management teams for countries to support both independent companies. And it took a lot of effort and energy from the company, but now we are really happy that this is finalized.

And here, we can see our group management team, which I'm really proud of. And I'd like to say that we have a lot of diversity in our group management team in Talenom, people from different backgrounds and perspectives as well, which is super important. And in addition to that, we have strong industry experience and expertise. So tens of years of industry experience in Talenom management team, which is important.

And then quite obvious point, but I want to also point out that we have global management team, so members from all our operating countries, which is, of course, important as we are an international company. But that's our team in management, I'm really proud of.

If we then move into our services or sources of revenue. And so, as I said, we're a service company and our revenue consists from services. And most of the revenue comes from our core services: which are accounting services, payroll services, and account receivable services. And these are highly recurring. So almost the whole revenue that comes from these services is the type of revenue is recurring. Then in addition to these core services, we have value-added services, and there we could point out CFO services or HR services and legal services as an examples.

And these services are important in two ways. First of all, we see there's some growth potential, so we can be even better in delivering these services and grow with value-added services. And then additionally, these are supporting our customer experience remarkably. So those clients who are buying the most services from us are those like happiest ones, and that affects positively, of course, in customer retention and that way to growth. So important in two ways. And we as a service company, we are focusing on that area now in the future, of course.

Then we have in selected industries, industry-focused and industry-specific teams, and that's an important part of our strategy as well. So with those selected industries, we can provide even deeper customer service and value to our clients.

But that's Talenom in general, like what's this new Talenom? And then I would like to open a bit of our view on this industry evolution, AI and markets and how these things go together. And let's start from markets.

So when we are looking accounting industry in Europe and in our three operating countries, the structure of -- like the industry is quite similar in all our operating countries. So there's a lot of like small companies, average size of an accounting firm is something between two to four people and markets are quite fragmented.

We can also recognize in all these countries, this consolidation trend. It's also driven by this like rising regulation and demand that comes from there. And so a lot of small companies, consolidation in all operating countries recognizable as well.

But let's then look into these, our three countries. Starting from Finland, our home market. So, the market size is roughly EUR 1.5 billion, and our market share is around 5%. And as told, we have operated in Finland for more than 50 years. And when we are looking at pie chart, we could say that our market share is quite limited. So we see a lot of room for growth, especially with this our new strategy in Finland. So my message when it comes to Finland is that it's not -- market is not saturated or full for us. So we believe that over time, Finland represents attractive and good market for us.

Then let's move into Sweden, big, bigger market, roughly EUR 2 billion, market share around 1% and bigger market, attractive market. We haven't found any reason why we couldn't be successful in Sweden. So we truly believe that we can win a market, and we have a lot to win in Sweden as we can see from that chart.

And then Spain represents us massive opportunity, a really huge market, EUR 12 billion around and our market share, 0.1%. So a lot of room for growth and massive market.

And then as I said that we are not looking to expand to new countries in the near future. So basically, this is the reason. So there's a lot of room for growth in our current markets, and we want truly to focus on this as we have other management teams in these countries and organizations, and we want to focus and win these three markets in the near future.

Let's then look into industry evolution and our view of this industry and how it has evolved over 25 years and what's now important. So this time line or visualization is from Finland, and let's walk the through step-by-step.

So four different -- we could recognize four different stages in the development of this industry. The first was the era of paper-based accounting. And during that time, in early stages of this century, there were a lot of manual work, documents were mostly in paper, low scalability because it's hard to create scalable operating models in that kind of environment. So a lot of paper, not that much scalability and the era of paper-based accounting.

At some stage, digital tools start to emerge. And also, we were frontrunner in Talenom in this development, 2010, 2015, roughly. And then companies, and we as Talenom as well, started to build digital workflows and document started being digital format, which was super important in terms of this development, and that reduced manual work massively. And that was super important for us at Talenom as well for the next third step.

But over time in this industry, we have recognized that software started to become quite similar with each others. So basically, the same main features were in all accounting softwares. So invoicing purchase, handling purchasing voices and then reports and you can go through your P&L and things like that.

And then what it means that from accounting office perspective, it's quite hard to be different with software. So it shifts beyond that technology or software to service. And then the era where we are right now, the step number four, it's kind of like era of this service and advisory. And how we create value and how we want to be different is with that like superior customer experience and focus on creating truly value through service for our clients. And we believe that this is like as a service company only sustainable way to be competitive in the future to be really good on this step number four.

So starting from this paper-based era, then at some point, these digital tools started to emerge, then becoming quite similar. And then from accounting office perspective, how to differ. It's all about service and being really good on that.

And if we think our operating countries, it's obvious that Finland is on kind of like highest level. Sweden, based on our analyst slightly behind, but quite close to Finland as a market in general. And Spain, it's remarkably behind. So I would like to say that more than 10 years, there's still a lot of papers and a lot of manual processes. So -- but that also represents huge potential for us. But that's kind of like, this is our view on this industry evolution and our strategy is based on this kind of thing.

And let's then look into this productivity perspective. So -- and let's keep that previous slide on our minds. So here, we are comparing invoicing levels between Finnish and Swedish and Spanish accountants. And what we can see from here is that invoicing between Finnish accountant and Swedish colleague, there's a gap almost some 35% with Spanish colleague, it's more than 50%. So -- and pricing level is roughly the same in Finland, Sweden and Spain, a bit cheaper, but definitely doesn't explain that gap in here. So this also tells that there's a lot of room for improvement with this our strategy and ONE Talenom concept.

But interesting opportunities -- but interesting opportunities also AI for us. And as this is really a hot topic and of course, obviously important for us as well. I would like to open our approach on AI. So as a service company, we want to be a digital frontrunner. That's in the DNA of Talenom. And we want to use best possible technologies, automation, robotics, AI to free up as much time as possible that we can focus on value creation for our clients. And this is definitely the core of ONE Talenom concept as well. So this is not any kind of like separate part for us. This AI is part of this ONE Talenom concept. It's all about like doing things in clever ways and using best technologies to free up time that we can then focus on delivering superior customer experience.

Here's a couple of use cases that we are already using AI in our operations. So first of all, in our manual work, in accounting and payroll, and this is not anyhow like related to any single software. We are using it in many different softwares. And so reducing manual work in general, important part.

Then secondly, faster and more efficient information retrieval. So when we are searching information and gathering information for our client, it helps a lot there as it's obvious. And then when we are preparing to meet things and meeting our current clients, new clients, we use a lot of like AI in analyzing reports and preparing meetings, finding the right questions and answers as well, so we are already using AI in many ways.

And we believe that for us, as a service company, right strategy is to all the time seek best ways to use AI and that way to strengthen our performance. So not avoiding AI, but taking best out of it. That's our view on AI.

Then last point, when it comes to markets and maybe this demerger as well. So as I told earlier, we are using best possible software always to meet our clients' needs. And now when we are kind of like, we can use multiple softwares in the future. We have recognized two customer segments that we can reach much better within those same markets that I explained earlier. So first of all, that kind of client segment that, clients that are willing to stay in their current systems. So for many clients, it has been simply too much change at the same time, both software supplier and then service supplier.

And then on the other hand, they haven't found always the reason to change that software. So they are quite happy or really happy with their current software. So when we have more of these like software capabilities and then like softwares in our sales portfolio, so to say, we can address that group much, much better.

Then second group, larger and more complex clients. So we have recognized that kind of group as well that there's quite complex software needs and that group has been with our previous strategy, quite challenging for us. And I want to emphasize, I will talk about ONE Talenom concept later, but ONE Talenom concept is not like software related. It's not only made for one single software. It's our whole operating model that works in different softwares like, I told in our Q4 release, our payroll unit, where we are using completely commercial software.

In Finland, it's even more profitable in terms of salary margin than our accounting business actually. So this ONE Talenom concept is not like software related. But yes, these two segments, we believe that we can reach better in the future, which is important for us.

Let's then move into key elements and focus areas of our strategy. I have here three elements I would like to open. So, starting from this ONE Talenom concept, and this is definitely the core of our strategy as new Talenom. So it's our concept which covers best processes, practices, ways of doing things. We have studied this industry in these three countries, more than 50 years, and now when we have found best ways to work. And we will scale these best ways, processes, practices, ways of -- leading ways of leveraging technology, robotics, automation, AI things like that.

And we have now studied how this truly works. And of course, we are happy that it works. So from the right-hand side, we can see one dot present one team here. And we can see the correlation between ONE Talenom Index. So we measure ONE Talenom Index a couple of times a year. And it tells like how much we are applying those ONE Talenom concept elements, and how then it affects on our KPIs, customer experience, NPS, seller margin, which is profitability, and then employee experience as well. And we can see the positive correlation in all these three important areas.

And we can see the same in all our operating countries. And that's important that this truly works, and this is not like Finnish-specific concept, it's made for all our operating countries.

And what this means in practice now during upcoming years, we are focusing on implementing this, of course, all the time further develop the concept, and this is probably the most important element of our strategy right now. And we're happy that it works. And of course, we will then report things related on this ONE Talenom concept in our reviews and how it's going.

Then second point. So starting from ONE Talenom, then M&A. So as we know, we have been working with M&A for many years, conducting multiple acquisitions over past years. And here's a couple of points that I would like to point out.

So first of all, we have learned a lot. So it's always important when doing something that you learn and you become better in that. And we have found our way of doing M&A. And our way is to be super open and transparent when it comes to this ONE Talenom concept and our approach. And we want to find that kind of companies that have the same shared vision, view of the future, found this ONE Talenom practices valuable and believes in those. And that's really, really important. We're also super selective. And what selectiveness means for us in practice? It means that we're saying more no than yes.

So if we don't find that shared vision about the future, it's better than for all parts to say no, that doesn't create value for the company to create that kind of acquisitions.

And then one element that we emphasize also when we are finding acquisition targets and doing acquisitions, that we want to find growth-minded companies. So we want to build organic growth machine in all our operating countries and be even better in that. So it's important that these offices are having that growth mindset. It's really crucial because at Talenom, we want to be a company of organic growth.

And then, of course, when thinking Spain as an example, it's important when we are going to new countries or we want some new knowledge in terms of some particular software, as an example, when it comes to this new strategy. It's one element to consider. So like when we want to go to some new city or area, acquisition is quite good format. And then if we want to have some special knowledge in terms of some software, that's opportunity as well.

But all-in-all, I want to emphasize that we are not doing this kind of volume acquisition just to boost short-term revenue. That's not a right thing to do and it doesn't support company value. So we don't do that.

Then last point, when it comes to our strategy, organic growth. And I want to emphasize that we, as a company, we want to be a company of organic growth. So this is -- acquisitions are important, but this organic growth is that kind of like the real growth over time. And we are -- we have already built kind of like organizations for organic growth in all our operating countries. We have sales team, marketing teams. We have also active offices who are doing sales in different countries and focused a lot of this digital marketing, and we are heavily focusing on that during this year and upcoming years as well.

And then, of course, when it comes to new customer acquisition, also recommendations are playing a crucial role. So, we believe when clients are happy, they are willing to recommend us to others, and that creates growth itself. But new customer acquisition and active new customer acquisition is super important.

And when it comes to Spain, I will talk briefly about the countries shortly. But in Spain, as an example, it's not normal at all to do active new customer acquisition in that market. So that's something completely new. It was also in Finland, a new thing when we started that many years ago.

And then secondly, growing with our existing clients. So as I told this value-added services, advisory services are important part of our growth strategy, and we believe that it supports our growth, of course, revenue-wise, but also effects positively on the customer retention and that supports growth as well. But organic growth really crucial part of our strategy.

Then let's move into countries and walk through this country-by-country. So I have the same structure with all countries. So current position, our focus areas and then outlook of that country.

And starting from Finland. So as I said, Finland is our home market. We have strong history in Finland, more than 50 years. And also, we have a lot of accumulated expertise. And with this ONE Talenom concept, we are in quite good situation, so to say. Of course, we still have things to do with ONE Talenom, but we are in quite good place with that. And many industry-specific teams, which is an important source of growth in Finland, and really well functioning and working sales and marketing and growth organization in general.

And when we are focusing in Finland, where we want to be even better in the future. So first of all, we want to be more local. We want to strengthen our local presence. That's important for us. And we want to be a local partner for our clients.

And secondly, we want to grow with partners. And that means like software partners, especially. So now we're working with software strategy in Finland and trying to find what is the right setup for us in the future. And then as I said, this value-added services and excellent customer experience, that's something where we are focusing in the future as well.

When it comes to outlook, I would like to say that our profitability in Finland is in a really high level, and we are, of course, happy with that. And our like priority, so to say, is to accelerate growth instead of really focusing on that relative profitability.

And when it comes to our goal, we want to deliver a stable profitable growth in Finland in the future and Finland plays a crucial role. It's in a way, important cash machine for us currently at generating good cash flow, and we expect it to be like that in the future.

And when it comes to acquisitions, I would like to say that we're eyes open now in terms of this new strategy. So we are monitoring the market and potential opportunities.

Then let's jump into Sweden. And so in Sweden, we started our operation in 2019. And our growth, as we know, it's driven by many acquisitions. And it's also true that we have faced remarkable challenges in Sweden in terms of integration, customer and employee retention. And it's been that way that we have had employee retention, which has led to -- sorry, employee turnover and that has led to turnover with clients and then challenges with profitability as well. And of course, we have taken actions. So we have implemented now during 2025, some restructurings and early this year as well.

And now during last fall, we have started a new country manager, which we are really have been proud of and really remarkable point that our employee experience is now all-time highest in Sweden.

Our eNPS increased 40 points when we last time measured it. So it tells that it's a good starting point for this new strategy, because in the service business, it's all about employees and that experience.

So where we are focusing right now in Sweden to stabilize this business, we are focusing in basics. So ONE Talenom concept, day-to-day execution of that. Then, of course, when it comes to clients and software, we want always to serve our clients with best possible softwares and find the right solutions to our clients. That's important part of our focus areas right now.

And then overall, this employee experience and retention, it's the single most important point when it comes to our future performance. So we are focusing that heavily now as a new talent.

Then how we see the future of Sweden. So it's a big market. We haven't found any reason why we couldn't be successful in Sweden. So we really believe in that country and our operations there, and the whole team as well. And we believe that we can, with this service focus strategy, deliver good results in the future. It takes time, but we believe in Sweden, absolutely.

And when it comes to this year, we expect our profitability to improve, and we are expecting positive EBITDA in Sweden. And I want to emphasize that in Sweden, the positive thing that when it comes to this new talent, I mean, this new service-driven strategy, there's a strong buy-in and that's important. And our key indicators in terms of net growth and customer experience, churn, and also employee retention, they are going all the time the right direction. So it takes time, but we truly believe Sweden.

Then last country, Spain. So our current position. Operations started 2021, and it's been driven by acquisitions. But at the same time, what we are really proud and happy of that also, we have been capable of delivering that organic growth and net growth. So sales is growing quite nicely in Spain, I would like to say.

And we see a great opportunity, as I earlier explained the market and market dynamics where we are in Spain, that productivity gap there as well. So a lot of potential market is at least 10 years behind what it is in Finland and Nordics in general.

And then this is a important point as well that in that market, there's really limited activities around that new customer acquisition. So, that's attractive opportunity for us.

Where we are focusing? We're focusing in basics in Spain as well. So ONE Talenom concept, it's really the core of our strategy for this year and also upcoming years for sure. And then strengthening this organic growth and focusing on developing commercial organization. We have taken some actions there, and we believe that it will be really good in the future. And also high-quality selective acquisitions. So we are looking good companies to acquire.

And outlook, we see really good growth potential in Spain, as told, market is large, and there's good opportunities for us in the long run. And there's really good fit with this ONE Talenom concept and then the market. So we believe that we can, over time, also improve profitability really well through this ONE Talenom concept. So really attractive market for us now and in the long run as well.

But those were the main points of countries. And then I would like to comment risks briefly. So of course, we have been thinking risk related to this new Talenoma and our business. So starting from risk related to customer churn and how we are mitigating or lowering that risk.

So first of all, we are operating in different areas, different countries, locations, cities and also clients from different sectors, industries. And not a single client represents more than 0.5% of that country level revenue in any country. So that way, of course, we have big customers and large customers, but client sizes are rather small. So that's from the risk perspective, a positive thing.

Then, of course, this risk related to employee turnover, and there's no magic tricks. But we believe that when we are really focusing on developing our people, training our people, Talenom Academy is important part of our strategy. And as well as this ONE Talenom concept in general as it affects positively on employee experience and that employee experience effects positively on retention. So that's important part. But I want to emphasize the importance of our personnel view. We really believe that, that's the most valuable asset for us.

Then, of course, risk related to unsuccessful acquisitions. So -- and here, as I told, we have learned a lot. We have super selective strategy and here how to lower risk is to be really selective, only make that kind of acquisitions where we are 110% sure that this truly works and creates value for owners.

And then risk related to software and AI. So here, first of all, as I told, we want to be digital frontrunner. We want to use best-in-class softwares, and that's best way to answer that risk and lower that risk. And then on the other hand, we are not using only one single solution. So, that's important part as well.

Then also, like compared to previous Talenom, we don't have that remarkable investments in software, and that's also important balance sheet wise. But yes, these four risks we have recognized, of course, others as well, but as the main risks, and we have been thinking how to lower these risks.

Okay. That's about the long run. Then if we quickly go through our priorities of 2026, or this particular year. So first of all, implementation of our strategy is the first point. So we have been working as an independent company from the beginning of this month. So we have a lot of work to do with implementing strategy focusing truly on what we are good and focusing on this ONE Talenom concept. That's point number one.

Then second priority, improving profitability in Sweden and Spain. And as told, we want to deliver a positive EBITDA from Sweden during this year, and that's really important goal for us, and we are focusing that really, really much. And as I said, we have done some restructurings. We are not right now planning any heavy restructurings to be clear. And we are also -- we believe that through that ONE Talonem concept, we are having good results as well.

And then third point, growth strategies. Of course, the selective acquisitions aligned with our strategy and then focusing on now building those software strategies in different countries as well.

So these three priorities are our focus areas and in our quarter reviews, we are reporting of this. Okay. Now it's time for Matti to talk about finances and then time for questions. Here we go.

Thanks, Juho. And as you have presented earlier, my name is Matti Sakkinen, and I'm CFO at Talenom.

Now let's look at a couple of slides in terms of financial figures, dividend policy and also outlook and guidance in 2026. Here, we see our key financial figures in 2025. So our net sales was EUR 107.6 million and profitability and EBITDA was EUR 19 million and operating profit was EUR 5.3 million. And good to note these are comparable figures in our continuing operations.

On the other hand, our investments were EUR 8.8 million. And these are -- the biggest part of these investments has been made to sales and new customer contracts and also do acquisitions.

Then a couple of points related to cash flow. We have not published any cash flow statement to our continuing operations, but we can generate a strong operating cash flow. So -- and after this demerger, our CapEx needs are also lower. And this is meaning that we can generate a positive and recurring free cash flow. And of course, we can allocate these, for example, to dividends or growth.

And then our dividend policy. The goal is to enable sustainable and growing dividend distribution. And any potential dividend distribution will be planned so as not to jeopardize the achievement of the company's strategic goals or its financial position. And here we see also the Board of Directors proposal for a dividend of a maximum of EUR 0.05 per share, of which EUR 0.03 per share would be paid after the Annual General Meeting at maximum of EUR 0.02 per share at the later date at the discretion of the Board of Directors. And here we see our outlook and guidance in 2026. So we expect that our net sales will be from EUR 110 million to EUR 120 million and comparable EBITDA from EUR 18 million to EUR 22 million.

A couple of main points behind this guidance. So we expect that we can improve our profitability in Spain and Sweden. And in Sweden, we expect that we can achieve positive EBITDA in 2026. And in Spain, we expect we can continue our strong growth, and we can do it profitably.

At the end, let's summarize a couple of main points in terms of Talenom's on investment. So first, we have defensive business model. It's meaning that revenues are largely recurring and we know that accounting and payroll services are essential for SMEs. On the other hand, we know that different economical situations are not heavily impacting to our business.

Second, we have solid profitability and cash flow. So it's enabling both dividends and growth investments, as I earlier said.

Third point, we have low capital intensity. So after this demerger, we have very limited need for fixed investments. And these investments, what we are doing, those are related mainly to acquisitions and also sales. And it's meaning that those are generating cash quickly.

And the fourth point, our midterm growth target is over 10% annually. And this is meaning both organic sales and also selective acquisitions.

Okay. And now it's time for questions.

Hi, to all. So we have some questions online. So first one. So what do you think about buybacks at the current share price?

Yes. That's a good question. Of course, as we have mentioned, we expect our -- this profitability for this year. The guidance is this EUR 18 million to EUR 22 million. And at the later phase, we can also describe this our cash flow generation. So -- but in this phase, we cannot say any exact estimation to this payback time.

Yes. And of course, when it comes to dividend, we want over time growing dividend.

Exactly. Yes.

So the AI is always interesting. So how has AI changed your way of providing value to the clients? And are we intending to include it in our value proposition and how?

That's a good question. And let's think like what's the value for our clients and where they found most value. And of course, we have studied a lot like what our clients are expecting from this AI development as well. And what they feel most valuable are those interactions with our specialists. So how AI is helping us is like how we prepare in those meetings, what kind of like analysis we can do, how we can like analyze the industry's data already. And in sales as well, when we are meeting clients, we can -- like before those meetings make good analysis on those companies and that way create value. So I would like to say that the way to create value is still the same. It comes from humans, but it helps to be even better in that value creation.

Yes. So then one global question, what kind of an efficiency improvement targets and plans you have in Spain?

I could comment on that. So I think when it comes to this year, we are staying in our guidance, and we are not giving any more detailed information. But then in general, I would like to remind on that, like productivity gap between Finland and Spain, and we see a lot of opportunities there. And it's in really early stage that market with digitalization. So lot of long-term potential and opportunities.

And then if the question is that way that have we found any reasons why it couldn't be really profitable? The answer is no, that it's -- there's a lot of opportunities. And this ONE Talenoma practices, processes and this concept really applies well in that market as well.

Yes. Then there are some questions from Juha Kinnunen from Inderes. Could you comment the revenue split between core and value-added services? Also, where do you see the biggest growth opportunities?

Well, the most of revenue, maybe roughly 90% comes from recurring products and those core services. Then when it comes to this value-added services, of course, we are thinking also that way that those value-added services can be recurring. So different kind of CFO services or like service packages that include multiple of those value-added services. So like it makes sense to build those services that way that they could be recurring. So, but I would like to say that there's a lot of potential in those CFO services and this kind of like a bit deeper advisory services in general.

Then I would like to say that in Spain, we have -- we are quite strong in legal services, and that's interesting growth opportunity as well. And in Finland, we have been quite successful recently with HR services. So quite many different sources of growth there. And then maybe this is one point that, of course, we are thinking how to make those services recurring as well.

And. Juho, continue. So Talenom has been focused on SMEs. So are you going after bigger clients now with more flexibility in software solutions?

Yes. I think the core has been in SMEs. And I would like to say that, yes, we are targeting a bit bigger clients right now as well. So we want to be stronger in that segment on that -- those larger, larger both accounting and then payroll outsourcing clients as well. So I would like to say that we are targeting a bigger as well. Yes.

So the software vendors are increasing their prices and they're all with the new capabilities. So what is your estimate for service market growth in coming years in Finland?

Yes, it's interesting, this software market right now and there's a whole AI development in that sector as well. I think it's good that there's like competition seems to be increasing also there all the time. And then when it comes to this service market, really hard to say in detail, but we believe that those offices who are not focusing really on this service-driven strategy will be in maybe challenges or facing some trouble. So we believe that there will be enough market in the service side as well in the future.

And then like regardless of those, like if the market is how much it's growing or decreasing, I think there's still the -- market sizes of these three countries are quite big and has a lot of market to win for us.

Yes. Now when we are not a software company, we are a service company. So what kind of investment do you see in the future? And then how do you see, [ select ] in-house software development?

Yes. So we already are doing some investments in that area, and we have own development unit, which is a really important part of this, our strategy. And as part of this ONE Talenom is actually the best processes and practices in digitalization, how we use AI, how we use robotics. So -- we are investing in building different kind of AI tools and robotics for like over those softwares that we are using, and that's an important part of our future plans in terms of those software investments.

And as we are in that kind of environment where we are using different softwares, it's important that we have those capabilities to really reduce that manual work from all the softwares that we are using.

Yes. So we have one last question. So, could you help us better understand the key elements of ONE Talenom, what makes it so special?

Yes. That's a good question. So I would like to have this quite comprehensive model. It covers our best learning practices more than 50 years in terms of leadership development, customer experience, these processes, practices using technology. And I would like to say that it's our accumulated knowledge in one tangible concept.

And I think one really important element is that we also -- it's not only that we have found those things, but we also measure the level of implementation of it. So, and that's the thing for us during upcoming years to lead this organization that way that we really apply those -- this concept in all countries. So it's not only the creation of that concept, but also the implementation.

Yes. Thank you for the answers. That was all the questions.

Thank you very much, and thanks for all the attendance joining this call. Thank you.

Thank you very much.

Good morning, everyone, and welcome to join this financial statement release 2025 of Talenom. My name is Juho Ahosola, and I'm the CEO of Talenom. And I have started in my position in the beginning of this month, after this demerge with Easor. And with me here is today our new CFO, Matti Sakkinen, who started in his position as well at the same time with me.

Hello, everyone, and welcome also from my behalf.

Thank you. Okay. Let's roll out. Here's the agenda for this review. So we start from demerge, short recap on the history with demerge and then also purpose. Then a couple of words on this post-demerge Talenom, what we are, what we do, then a couple of thoughts on market and strategy as well. And then I will comment briefly on this review period. And after me, Matti will open a bit more detailed our financial performance and will comment our outlook and guidance for this year 2026.

But let's start with this demerge or separation. So as we know, company started this review of the potential separation of the Easor software business into an independent public listed company. And after a couple of stages, we are here that there are 2 independent companies, Talenom and Easor. And as we know, there are, on both sides, independent strategies, own management, own boards and no any cross ownerships or that kind of structure. So 2 completely independent cases, independent companies operating in the future.

And this was basically the big thing of 2025, and we are, as a company, super happy that this is now finalized. Our personnel worked super hard around this, and we are really looking forward in the future as an independent Talenom. And I wish to our -- my former Easor colleagues all the best for the future, and I'm sure they will make it a really great, great story.

And then if we comment briefly on these reasons behind these demerge and what was like the ratio behind this separation. So basically, there are 2 main points. First of all, both companies can operate from a software perspective more flexibly and grow faster. Easor, on their side, they can acquire clients through other accounting firms and whatever channels they found working in the future. And then we -- Talenom, we are not anymore dependent on any single software provider, and we can use best solutions, best available solutions in all our customers' cases and to support those needs. So much more flexibility and much more opportunities in growth for both companies in the future.

Then secondly, focus is super important in business always. And we -- here at Talenom, we can focus only on this service business, one clear business area, and I'm sure that will generate good results in the future. But yes, better growth opportunities, more flexibility and then also focus in our side.

And to be clear with our software strategy, so we -- our strategy is to always use best available solutions, best available tools, sometimes it's Easor or sometimes it might be some other software, but always starting from client needs and also what supports our growth. We want to grow in the future. But that's demerge. And now we are super happy that this is done and we can start this new era of Talenom.

And let's then comment on this post-demerge Talenom briefly. So what we are? Talenom is a service company, first of all. And the main idea remains the same that it has been more than 50 years. So we want to help entrepreneurs succeed. And we do it by different kind of accounting payroll and consulting services as well. And we operate in 3 countries: Finland, Sweden and Spain. And we combine in our growth 2 pillars, organic growth and then the selective acquisitions.

And how we work, how we do it? We combine strong local ownership and expertise with this our scalable ONE Talenom concept. So first of all, we want to be super local in all countries and those locations, cities, areas that we are working. And then on the other hand, we have this ONE Talenom concept that is scalable, what truly works and creates results in these 3 different areas: customer experience, employee experience and profitability as well.

And as I commented, our software strategy, the plan is to use best available tools and technologies to support our growth in the future. And we believe that this setup will provide a good foundation for sustainable and well-managed growth in the future. So we are a service company.

Then if we have a short look in our operating areas and also organizational structure. So we operate in 3 countries, as I said earlier. In Finland, we started our operation in 1972. So more than 50 years history, we have strong brands, strong organization in Finland and really great history behind, and I'm sure that in -- ahead of us as well.

In Sweden, we started our operations 2019 with first acquisition and in Spain 2021 with first acquisition as well. And we have roughly 1,200 full-time employees in 72 offices. And on the right-hand side, you can see how those are divided between different countries and how many offices we have as well. And to be clear, we are not now looking to expand to new countries. So we believe that we have enough market to win in these -- our current countries and operating areas. And I will a bit later open more that market and explain why we truly believe that we have enough room for growth in these countries.

Then when it comes to organizational structure, year 2025, it was -- we had a lot of focus in this demerge -- Easor demerge, and it took a lot of energy and focus from management, but also from basically all levels in the organization. And we built during previous year management teams for both Easor and Talenom and then also we were building these management teams in countries as well. So a lot of work with this demerge and organizing ourselves during 2025. And as said a couple of times, we are really happy and excited that this is now done, and we can focus into the future.

Then I would like to comment briefly on our revenue. So now as we are a service company, our revenue comes from different kind of services, starting from our core services. Those are accounting services, payroll services and accounts receivable services. And these services are highly recurring. So our revenue is mostly recurring. And that's, of course, good for investor perspective.

Then in addition to these core services, we have also different kind of value-added services, as an example, CFO services, HR services, legal services. And these services, we see that we can grow with these services, and it could be really like even more important revenue stream for us in the future. But then on the other hand, those are also supporting our customer experience and the clients that are buying the most services from us, they are the happiest ones.

And also, we have industry-focused solutions for selected industries. And the idea there is that we can provide even deeper service and more detailed services in these areas. So we are a service company, highly recurring revenue. Those are the main points.

Then if we have a look into market and our strategy next. And let's start from the market and a couple of interesting points from here. First of all, if we think all our countries and markets, so to say, those are, in a way, quite similar. Markets are really fragmented, a lot of small companies. We can also recognize this consolidation trend basically in all our operating countries. So bigger companies are buying those smaller ones and also this like rising regulation is driving towards this consolidation.

And then the interesting case when it comes to these markets, and I'm also here answering the question why we are not looking to expand to new countries. So let's start from Finland. We have roughly EUR 1.5 billion market in Finland, and our market share is roughly 5%. As I said, we are really established strong company, strong brand in Finland with a long and successful history. And -- but then when we look at that 5% market share, we can see that there's still a lot of room for growth in Finland as well. So my message is that we see a lot of potential in Finland in the future as well.

Then looking at Sweden, there's even more potential. So roughly EUR 2 billion market size and our market share is roughly about 1%. So a lot of room for growth, a lot of opportunities in the long run.

And then the biggest market, this size of this pie is illustrating the size of the market. So as we can see, EUR 12 billion market size and our market share is roughly 0.1%. And so super small slice from that market and a lot of opportunities. And when we are looking these 3 pies together, we can definitely see that market size is not going to be a problem for us in the future. And now we are going to focus purely in these 3 countries. That's our decision as a company. So a lot of focus in these countries. We are not looking to expand to new ones.

Then if we look at these markets from productivity perspective, and this is our internal data, and we are here comparing Swedish and Spanish accountant invoicing with Finnish colleague. And what we can see here is that there's roughly 40% productivity gap between Finland and Sweden and more than 50% between Finland and Spain. And of course, price levels vary a bit, but I would say that in the big picture, price level in Finland and Sweden is roughly the same. Spain, a bit cheaper, but that doesn't explain this gap in productivity. So my message here is clear that we have a lot of room for improvement in these 2 other countries as well. Of course, in Finland, we want to improve as well, but a lot of potential in these big, massive markets. And we believe that with this ONE Talenom approach, we can achieve good results in the future.

Then I would like to -- as a last point, when it comes to market, I would like to comment how this new era is changing the market from our perspective. So as I told earlier, we can use now those softwares that we want and we can build our software strategies from different perspective than prior this demerge. So we believe that when we can use other softwares than Easor, we can attract 2 different segments.

So first of all, we have recognized that, that kind of customer segment that simply for some reason, do not want to change the software that they are using and they are operating with in the financial management, and they want to stay in that current system. And it's been a bit hard in the past to sell for these kind of clients because they have been forced to change both like software that they are using and then also service provider. So I think we'll have more flexibility in that side in the future, and we can like inside these markets attract more clients.

Then on the other hand, we want to focus more on larger and more complex clients. And those clients, usually, they have more complex software needs. And with this flexibility, we can attract those clients more as well. So the message is that within the same market, we can have like larger reach, so to say. But that's about our markets and our opportunities in these markets.

Then I would like to comment some key elements of our strategy briefly. And let's start from this ONE Talenom concept. So this is definitely the core of our strategy in the future. So this ONE Talenom, it's our concept. It covers our best practices, processes, ways of doing things. And we have been building this together with all countries and found those processes, practices, ways of doing things that are scalable. And then we have tested this, of course, in all countries.

And what we have learned is that there's -- in all our operating countries, we can find the correlation between ONE Talenom Index, which measures how much we use these ONE Talenom processes and practices. And then these are most important KPIs like NPS, which is measuring customer experience, then employee experience and profitability as well. And we can make a conclusion that more we use ONE Talenom concept, the better the results are. So it definitely makes sense to focus on implementing this ONE Talenom concept in the future. And that's something where our strategy is focusing heavily in the future.

Then secondly, I would like to comment on our M&A strategy. So as we know, we have conducted multiple acquisitions during previous years in all our operating countries basically. And we are going to do acquisitions in the future, super selective acquisitions. And during past years, we have learned, first of all, a lot, and we have found our way of doing acquisitions. And we want to acquire that kind of companies that truly believe in this ONE Talenom approach and this our approach and are willing to integrate with Talenom. They see that this truly makes value and sense for them.

Then secondly, we are super selective. And what means selective in practice, it means that we say no more than yes. And it's really good that during the process, if we, at some point, find that we don't have future together. So then saying no, it's really right thing to do. But then one thing is this like that we see the future in the same way and this ONE Talenom concept and willing to integrate. But then in addition to that, it's important that we acquire only growth-minded companies because we want to grow in -- with organic growth in the future. It's super essential that regardless of history of the office, we have a super strong growth mindset in all our offices. And then to be clear, we are not doing this kind of like volume acquisitions, just in that purpose to get some more revenue. It doesn't make any sense, and it doesn't support company value neither. So no volume acquisitions, only these selective ones.

If we move on to this third point here in the strategy slides, so organic growth. And we have strong more than 50 years history in this organic growth, and we want to focus it heavily in the future as well. We have already dedicated sales marketing teams in all countries. We are doing a lot of digital marketing, active sales work. By the way, it's worth mentioning that in Spain, as an example, it's not normal at all to sell actively accounting services. So we see a lot of potential there as well as in all our operating countries with this active sales work. And this is super important to us. So to be clear, we want to sell more clients and acquire new clients and serve them super well that they are willing to recommend us in the future for other entrepreneurs as well. Then -- so that's one pillar of organic growth.

Then second one is to grow with our existing customers. So as I told earlier, we have different kind of consulting services like HR services, CFO services, legal services. And we see this important source of growth in the long run, and we are willing to be better in this area in the future. And then we can also see that more clients are buying from us, happier they are. So it's definitely crucial in terms of customer experience to succeed with this like upselling or how we want to call it.

But 2 pillars in this organic growth, and I want to be clear, we want to be an organization that is growing with organic growth. Then that was more about this like long term and future and what we are as a new Talenom. But here's our priorities for this year 2026, and I would like to comment this briefly. So 3 priorities that we are going to follow in these reviews in the future as well.

Starting from first one. So implementing the new strategy in all operating countries. And as we know, we have started as an independent company, so to say, in the beginning of this month, and we don't have that long history yet. So really implementing this our ONE Talenom strategy well and working with the basics and focus. So implementation of strategy, that's one pillar. And this ONE Talenom, I would like to emphasize the importance of it.

Then secondly, improving our profitability in Sweden and Spain. We are not happy with results in the past, especially we know that we have had challenges in Sweden with profitability in long term. And we have done some adjustments in Sweden, especially, and there's much less employees in Sweden than previous year this time. And to be clear, we are not now planning any heavy restructures in neither Sweden, Spain or Finland. We don't have that kind of plans, but we have adjusted resources. And of course, in the future, we are following that they are adjusted related to our business operations.

But that's not everything about profitability. It comes from this ONE Talenom practices, processes from this concept. And we are working heavily implementing it, and we will -- we truly believe that we will see that in the results during this year. And when it comes to Sweden, our goal and our purpose is to be profitability EBITDA-wise during this year '26.

And then third point, implementing growth strategies in all operating countries. And we believe in all our countries, we want to grow in all our operating countries. And now we are, of course, focusing on the software strategies during this like new era of Talenom. And then secondly, we are planning to grow with the selective acquisitions as well. But those 3 priorities, we are -- we will follow in the future in this -- use during this year.

Then Talenom as an investment. So I would like to summarize how this new Talenom looks like an investment case. So first of all, we have quite a defensive business model. Revenue, as told, it's mostly recurring. And also, these services, accounting services, payroll services are quite essential for SMEs. They truly need someone to do that accounting and payroll as well.

Then we have solid profitability and strong cash flow, and it enables in the long run, both dividends and growth investments. And when it comes to these growth investments, this third bullet point, low capital intensity, I mean that when we invest, we are investing in that kind of elements like M&A and so acquisitions and then this organic growth. And usually, these kind of investments, they generate quite rapidly cash flow as well.

And so like the type of investments that we are doing, we don't invest that much in that kind of like developing something that will generate cash flow in the -- like far in the future. So that's important when it also comes to this cash flow. And we are targeting in the long run, more than 10% growth combining these 2 elements of organic growth and these selective acquisitions.

Then as a last part of this -- my presentation before Matti, I will comment briefly on year 2025. So starting from here, 3 points. First of all, this year 2025, it was a year of massive changes in terms of strategy. So this demerge -- Easor demerge was a massive thing for us. And as I said, we are now happy and excited that it's finalized, and we are really looking forward into the future as an independent company. And it took a lot of effort from us, from management, but basically all layers in the organization, and I want to thank all our personnel for that hard work around this.

Then secondly, when it comes to our financial targets, we didn't achieve them. And our comparable net sales and EBITDA both grew a bit slightly during 2025 when it comes to this continuing operations. But when we didn't reach our targets, we are not happy with this situation, and we want to improve in the future, of course. So we are disappointed with the results, but now we are really looking towards future.

So when it comes to future, I would like to say that we have a clear service business case here as Talenom. We believe that this is -- like from management behalf and from company behalf, this is -- there's much more clarity. And what it comes also into investor perspective, it's much more clear case than previously. And we believe that we can grow solidly and create long-term value with this case in the future. And the organization is super excited to get started.

Here's from my behalf, short comments on Q4 financial results. So when it comes to comparable net sales, it grew a bit driven by Finland and Spain, 1.9%, and it was EUR 24.4 million, and then our comparable EBITDA as well as our operating profit was developing slightly or almost at the same level than previous year.

But now Matti will take over and currently ask those questions in chat, we will answer those a bit later. Thank you.

Thank you, Juho. Yes. And as Juho said earlier, we have now completed our demerger process. And it's meaning that in this presentation, I will totally focus on our continuing operations and also comparable key figures.

And let's start with our group's comparable net sales. It was EUR 107.6 million, and our growth was 1.8%. In the last quarter, our growth was 1.9% and net sales was EUR 24.4 million. This growth came from Finland and Spain. And on the other hand, in Sweden, our growth was negative, and it was impacting negatively to our group level net sales.

Group's comparable EBITDA was EUR 19 million, and it was also improvement to our profitability about 4.4%. And if you look at this Q4 EBITDA, it was EUR 2.3 million. And it was at least almost the same level than in the comparison period. And Finland impacted positively to our profitability. And Spain, we had a negative impact and Sweden was at the same level.

Group's comparable operating profit, it was EUR 5.3 million, and this improvement is in line with our EBITDA development also. So a change from the previous year was 17.4%. In the last quarter, our net operating profit was minus EUR 1.2 million, and it was almost at the same level with comparison period.

And now we jump to the country-specific comparable key figures, and let's start with Finland. And here, we see that our growth was over 4% and our net sales was almost EUR 70 million in 2025. And in the last quarter, our growth was 2.6% and net sales was EUR 16 million. And this is totally organic growth, and it was driven by successful new customer acquisition.

We still want to note that the general economic situation is challenging, and it's also challenging our growth activities. We see a high level of bankruptcies and also companies are closing down the businesses.

Finland's comparable EBITDA, it was EUR 20 million, and we had about EUR 1 million improvement there compared to the previous year. In the last quarter, our EBITDA was EUR 4.2 million. And also in quarter 4, we had improvement in our profitability level. And this came via higher level of net sales and also we make our operations with increased efficiency.

Now jump to Sweden, and we see the comparable net sales development here. And in 2025, our net sales was EUR 21.4 million and decline was almost minus 12%. In the last quarter, our net sales was EUR 4.5 million, and the decline was almost minus 11%. And as we have reported earlier, we have had a little bit higher customer churn in Sweden, and this is impacting to our net sales development also. So we are continuing and also continued our actions to reduce churn and also acquire new customers.

Sweden's EBITDA, it was minus EUR 1 million in 2025, and there was a slight improvement for the previous year. And if you look at this Q4, it was minus EUR 900,000, and almost there was a slight improvement. But yes, we are not happy with this profitability level, and we are continuing our cost adjustments. And as we have said earlier, we expect that we will achieve positive EBITDA in 2026.

Spain, comparable net sales, it was EUR 16.5 million. And here, we see that this is the highest growth in the company. So growth was almost 14% in 2025. And in the last quarter, our growth was even higher. It was 18%. So we are in good trend with this growth in Spain. We made 2 acquisitions during the previous year in April and in November. So 2/3 of this growth came from these acquisitions and also 1/3 came organically.

And Spain comparable EBITDA in 2025, it was minus EUR 100,000. And this last quarter, it was disappointing for us. It was minus EUR 900,000. In this quarter 4, there was some nonrecurring expenses, and we had also higher level of sales costs there. And impact of this was approximately EUR 0.5 million.

And then our investments and depreciations. Here, we see that our investment level, it was EUR 8.8 million in 2025. And we made the highest investment to new customer contracts and also to acquisitions. And our depreciations were EUR 13.7 million. It was in the same level than in the previous year. And we have also separated this our depreciation structure that there is separated this IFRS 16-based depreciations. So it's meaning that this EUR 9.9 million depreciation is coming from these investments, what we see in the slide.

Then dividend proposal and our dividend policy. Our continuing operations earnings per share were EUR 0.06, and the Board of Directors proposal for a dividend of a maximum of EUR 0.05 per share, of which EUR 0.03 per share would be paid after the Annual General Meeting and maximum of EUR 0.02 per share at a later date at the discretion of the Board of Directors. And our Annual General Meeting is scheduled to be held on 23 April 2026.

And dividend policy, the company's goal is to enable sustainable and growing dividend distribution. Any potential dividend distribution will be planned so as not to jeopardize the achievement of the company's strategic goals or its financial position.

And at the end, let's look at our outlook and guidance. So we published our guidance for 2026 in December. And we expect that our net sales will be from EUR 110 million to EUR 120 million and comparable EBITDA from EUR 18 million to EUR 22 million.

In the next week, we will have a webcast event where we tell more about our strategy. So welcome to this event then. Thanks from my behalf.

Okay. Thanks. Thank you, Matti. It seems that we are not having any questions. Okay. So then I would like to thank you all for attending this event. Thank you very much.

Thank you. Bye-bye.

My name is Otto-Pekka Huhtala. I'm as the CEO. And today, here are some other people who are explaining our wins. Matti Eilonen, our Chief Financial Officer will open up our financial figures. And after that, Juho Ahosola, our new Deputy CEO will tell more about accounting business strategy. He has just nominated for this role. And this means that I can as the CEO, focus more about separating our Software business and leading that one. And then Lourdes Santisteban, who is our Director here in Spain will open more about accounting business opportunities. And then after that, Anxo Barreiro will speak about our Software business opportunities here in Spain market.

Some highlights from Q3. Our comparable net sales increased 2.4% and our cash flow improved significantly to improved EBITDA and lower investment level. Matti will open more about this later on. Customer base in Software business increased 4.7% annually. And as we have told, a strategic review of the potential separation of the Easor Software business into an independent public listed company was initiated. And here, you can see also figures and how this really cash flow after investments has improved. But Matti will open more about that later on.

Some strategic review. We released it 1 year ago in October that we are going to start selling our software also for another accounting firms. And the beginning of this year, we started to -- we separated the Software business as own business, and we started to invoice our own clients directly. And in February, we separated our management team that we have just Juho's led accounting business management team, and I have led this Software business after that. And then, of course, we have the group management team.

We had a good pilot sales project in Finland in spring. And the end of spring, we launched our brand, Easor. And we -- our Board made the decision in summer of finalized strategy for both businesses. And in September, Talenom initiated a strategic review of the potential separation of the Easor Software businesses in an independent publicly listed company.

This is a short strategic review, and now I will give Juho. It's your time to go. Thank you.

Thanks, Otto, and good morning, everyone, also from my behalf. My name is Juho Ahosola. As Otto said, I'm the one who is leading this Accounting business. And I'm going to now give a short presentation overview of this Accounting business. And when I'm talking about Talenom, I mean accounting business to be specific. Our agenda for this short overview, let's start look at Talenom in general. After that, couple of points of strategy, our strengths after this potential carve-out. After that, let's cover this market, what kind of market potential do we see and what kind of sources of growth we have identified. After that, as a last section, a couple of points of Accounting business, our Accounting business as an investment.

But let's move on. So about Talenom, who we are, what we do. So Talenom is an accounting company and long-term partner for our clients, which are mostly SMEs. We have same customer segment in basically in all our countries, operating countries. And we help our customers with accounting services, payroll services and different kind of advisory services as well, including, for example, HR services. We have been operating in Finland, as you know, for quite some time since 1972, more than 50 years history from this industry. In Sweden, we started our operations in 2019 and here in Spain, 2021.

Our mission in the Accounting business side is to help entrepreneurs succeed, quite simple but powerful mission. That's why we exist. And as a vision, what we want to be, we want to be the most recommended financial partner by the people we serve and the people we work with. And that covers both our employees, which are super important to us and our clients as well. And there on the right-hand side, you can see the main figures in terms of revenue and in terms of number of personnel right now after Q3.

But that's Talenom in brief. Let's then have a look at our strength after this potential carve-out. So first of all, we have a long history as an accounting company. As an accounting firm, we're established '72. We have operated in this industry more than 50 years. And that means that we have quite some knowledge -- knowledge about how to run accounting office, how to run Accounting business. So this is basically not anything that's new to us.

Then something I would like to point out what's important and not already mentioned. We have established management teams in all countries. We have management structures on place. And in addition to that, we have now this global management team and Accounting business, which I'm leading.

Second point is super crucial when it comes to our strategy. So during a couple of last years, we have clarified our operating model, which we call ONE Talenom. And it covers our main processes, practices, ways of doing things. As an example, our leadership promise to our employees. And of course, we have also tested how this our concept works and does it make sense. And there on the right-hand side, you can see correlations between ONE Talenom index, as we call it, and customer experience, employee experience and profitability as well. And one dot there represents one team. And it means that when we apply these processes, these practices, we follow this ONE Talenom thing, so to say, our employee experience is higher, our customer experience is higher, and we are also more profitable.

So this concept truly works. We also can see from this visualization that we have a lot of work to do, and we are working super hard in all countries with these processes and practices.

Then third point I would like to talk about is the strong commercial capabilities. So we have been doing new customer acquisition quite a long time in Talenom. We have a lot of knowledge in terms of sales, in terms of marketing, how to acquire and attract new clients. And this is not that common in this industry, and we strongly believe in this and are willing also to further develop it.

So to summarize, long experience from this industry. We have a concept that truly works and then the strong commercial capabilities. These are strengths that we are seeing. Of course, in addition to this, we have many other things as well, but these are the ones that I would like to point out.

Let's move on to market potential. So accounting market, as we have previously explained, it's sort of fragmented. We can also recognize that trend of consolidation in this industry. And let's look at different markets that we are currently operating. So in Finland, market size is roughly EUR 1.4 billion, and we have a relatively strong market share of almost 5%. And that's quite natural since we've been operating in Finland for quite some time. In Sweden, market is a bit bigger, EUR 2 billion and our market share is roughly 1%. And here in Spain, as we can see, market is quite massive, EUR 12 billion, and our market share is super small. So a lot of potential here. But I would like to say that we have a lot of room for growth in basically in all our countries, and we definitely want to grow in Finland, in Sweden over time and in Spain as well.

Then how we are planning to leverage this market potential and how we are planning to grow. So we have identified 3 sources of growth. So first of all, organic growth. So as I explained, we have a long history in selling new clients in this industry, and that's what we are going to do in the future as well, focusing on new customer acquisition in all countries. It's the hardest way of growth, but it's super important to us.

Then second point, acquisitions. As we know, we have conducted multiple acquisitions during the last years in all of our operating countries. And in the future, we are going to do acquisitions, selective acquisitions as well. I also would like to say that we have learned a lot during past years, and we have good learnings how to identify good companies where our values are aligned and what truly works with us. But acquisitions, selective acquisitions, they play a crucial role in our strategy indeed.

And then last but not least, we have a strong customer base, our current customers, and we want to grow with them as well, different kind of services, upselling, cross-selling, helping our clients in different kind of situations that they are facing. That's important and source for growth for us as well. So to summarize, organic growth, selective acquisitions and then also our current clients.

Then last slide from my behalf. So Talenom Accounting business as an investment. So a couple of points how this Accounting business could look from an investor perspective. So first of all, our business model is quite defensive. So to say revenues are largely recurring and these services, payroll services, accounting services are mandatory in a way to our clients. So our business is quite defensive. Also, our profitability in this business is solid. We have a good cash flow, positive cash flow. And in the future, that enables both dividend and investments in growth as well.

And when thinking about the investment is my last point is something I would like to point out is that when we are investing, we're investing especially in growth. So sales, organic growth and these M&A activities as well. And important thing is that these investments generate quite rapidly new cash flow to us. And this might be an important thing from investor perspective. And our target midterm goal is plus 10% growth by those elements that we covered in previous slides.

That was all from my behalf. Thank you very much. And next, Lourdes.

Good morning. Thank you. I'm Lourdes Santisteban, the Country Director of Spain since 2022, so 3 years for now. I'm really happy to have this presentation from Spain today as we have seen already, there are huge opportunities in the market, and I'm going to talk a bit about market size, accounting market, digital maturity level that we are here now in as a country and also the M&A opportunities in Talenom in Spain as a summary.

So first of all, let's start with the market size. Here, we can see the number of companies that are in the country and also the distribution of the size of the companies around Spain and also aligned with our strategy, as Juho mentioned before, our target market is the midsized customers, and we can see that it's almost 70% of the market already. So when we see also the figures and the numbers of the total addressable market that we have in Spain, we can see there's huge opportunities we have been mentioning up to now.

Together with the number of customers or potential customers, we have and we are constantly analyzing the Accounting business itself. And we can see with these numbers in the screen that it is really automated nowadays. And there is still a lot of concentration in the companies with really low revenue. It means headcount of 1 to 3 people more or less, and it's starting to be a concentration in the market, but slowly. So there is a large number of companies addressing this market, but huge opportunities, especially because with the changes that the country is addressing with the digital changes also and the groups as Talenom coming to the country to change the industry, the opportunities are more on the bigger and higher accounting firm, especially for searching for good quality services, digitalization, the level of investment of smaller companies is really limited, and we will see a change on the tendency here soon.

Together with this, we would like just to have a few comments on the digital maturity of the customer. This is one of the reasons that Talenom decided 4 years ago to come to the country, knowing that the digitalization of the customers is still really low, as we can see from a barometer from the industry. The level of digitalization of these companies is still in the medium or even low site and only 6% of the customers considered to be on a high level of digitalization. There are opportunities here also from our point of view because we can gain efficiency once the customers start to apply and use many often the tools them that they will find in the market.

So regarding the Talenom Spain time lines, just a short recap of our short history here in Spain. It's just 4 years that Talenom decided to come, as mentioned. It was in 2021 that we had the first acquisition, August, in fact, and it was 1 year later that we started to grow inorganically, as we are mentioning here, but also our strategy here as a part of the learning of Talenom of going abroad was starting by establishing the pillars or the core pillars of the company. It was in 2022 that we created the areas regarding HR, for example, IT products, marketing sales. And with these pillars, we -- the following year in 2023 started to split around the country and put layers of services on top of that because we were prepared to handle this fast growth, in fact, in a year.

2024, it was our year of consolidation, as we mentioned here. We needed to consolidate the integration of this amount of companies and also starting to organize the whole Spanish organization in the Talenom way, also appointing the managers, training the managers, focusing on maintaining. It was very important for us to focus on maintaining the organic growth of these companies that we have selected to join Talenom while having before, and our goal was to keep that level and also to strengthen the organic growth through establishing a potent marketing and sales team in Spain.

2025, it's aligned with the strategy of Talenom of the ONE Talenom concept, meaning to implementing in our offices the way of working together with the culture of the company also for the engagement of our employees and pushing on the same direction, all of us. Organic growth is a main driver always for us and inorganic growth, that it's still continuing in Spain and it's planned to continue as the country as we have seen, and we will see also now is really big, and there are many opportunities.

These are the numbers for Spain out now. So we can see the split of the country in terms of revenue and in terms of number of employees in 2025, the figures up to Q3. So that's why the revenue line is still not there.

Where are we now in Talenom in Spain? So as a summary, we have presence in 7 out of 17 regions. So still a lot of place for us in the country, 16 acquisitions up to now, 330 people, 300 FITs, 6,500 customers and the local management as commented in the history time line, a structure and established. So there is a strong organization already in place in Spain.

This is a map of the Spain to see the potentiality also and a small summary of where we are with our offices. But as we can see, there are still many spaces for Talenom to be present in the main cities and main provinces of the country.

And the last point of my presentation is about the ONE Talenom in Spain, aligned with Juho's presentation or a short summary of what it doesn't mean for us in Spain, the ONE Talenom concept. So we summarize that in like 3, 4 points, sorry, the way of working. So as mentioned, how we are as a company, what is important for us for this integration concept that we have in Talenom, which is really important and different in the market, I have to say.

So we have clear objectives for the organization through the whole organization, a culture which is present in the teamwork in every day of our accountants and our specialists. Of course, we put a lot of focus in the excellent customer experience. It's basic for us always, not to forget that it is through our customers that we grow, and it's the best way of growing, demonstrating that we have strong capacities on the customer experience and quality of our services. Processes and practices, we have a lot of experience as a company, 50 years of experience in making efficiency processes and working constantly on how to do our work best. And finally, but not least important, the strong commercial capabilities, as mentioned before, we have focused our growth, inorganic growth also on these companies that were growth driven already, and we are here to maintain that this is our focus.

So now, we have Otto.

Yes. Thank you, Juho, Lourdes. And I will go through the Easor software business strategy. Easor in brief, what is it? So it's a platform management company, and we have now over 15,000 end clients and our annual revenue is over EUR 20 million recurring revenue, and we have over 60,000 end users. We handle over 10 million transactions annually. We have more than 140 full-time employees, and there is around 200,000 log-ins in a month. So it's very maturity software. And today, we have over 65 partner offices in Finland and Spain.

Here is the one pager. And by that way, I want to explain that how Easor business model really works. We are a financial management platform. In left down corner, you see the entrepreneur. They will face many challenges in their businesses like how to handle this paperwork, where do -- can I find adviser to help me. And the right corner, opposite of that, you see the service providers who will face some challenges, how to find the new clients, how to handle all compliance issues, how to make this work more efficiently, how to earn more money and so on. And both of them are happy around in the middle of the picture around the Easor, we connect them.

We offer for entrepreneurs easy-to-use management tools for their daily businesses. On the other hand, we help them to find new advisers for them. And for accountant, we offer, of course, the most efficient tools in the world to handle the daily businesses from the professional accounting side. And we help our accounting partner offices to grow even faster. Our values are the same as the Talenom has been because we have the same history.

Left up corner is our purpose. We want entrepreneurs to succeed by taking care of their paperwork so they can focus on what they love most. Our strategic focus areas in the right up corner. The first one is Easor offers the easiest space to be an entrepreneur. Our growth target is over 20% growth rate. And the third one is the most attractive ecosystem for providing business-to-business services. As we have our partners offer banking services, reconciliation collection services, funding services. We have more than 400 ERP systems connected to our systems and so on. This is roughly our one pager, what does Easor really mean.

Okay. What is the offering today? Left-hand side, you will see the entrepreneur, and we offer them Easor routines, easy-to-use Easor app for their daily businesses and broad selection of accountants. We have 2 marketplaces where they can find good account offices for them. Additional services, integration and support for them. And the right-hand side is that from the account office point of view, we offer efficient business for them. We have a very good track record of that in our own service business in Finland, and you can see this later on when you look at the figures. Compared to market, we have double-sized higher comparable EBIT than other accounting offices. And we want to offer this kind of efficiency tools for the other partner offices as well.

One big thing is also that we have the channels to boost our partner offices, businesses. So we acquire new customers for them today. And the speed is in Finland around 30 to 50 clients where we are helping them to find new clients. We have very good support and education and community systems. We really help them to onboard clients to onboard them to help using our systems and help them to like fill all requirements which come from the compliance and so on and other additional services we offer for them. This is today offering what we have. And of course, it has started from the Finland, now we have just launched our brand also in Spain. Anxo will tell more about Spain situation. In Sweden, we are going to start selling our services to partner offices next year. And in Italy, we are localizing phase just now.

Our growth will come from new customer acquisition. In left picture, you can see the dark pillar is the customer base what we are charging today directly from Easor side. And this light pillar means that those are the clients who are also Talenom service clients who are using our systems, but we don't invoice those clients separately. Those clients comes from the Spain and Sweden, mostly from Spain. And we are going to start charging most of them beginning of next year. But one notice is that price level is totally different in different markets. The highest price annual revenue per user is in Finland, then Sweden and Spain. So let's see later on what does this really mean. And in the right-hand side, you can see our amount of partner offices. We are ahead of our target, and this is increasing very fast just now. Of course, we launched our brand 1 week ago in Spain. So this will be so much faster in the future.

What are our growth drivers in our businesses. The first one is the legislation and market trends, which are driving digitalization, especially e-invoicing Directive, PSD2, PSD3 is coming. And the second one is customer behavior is changing to our digital platform. Entrepreneurs are more and more ready to buy via digital way. And the third one is digitalization is happening just now. And good example comes from next presentation when Anxo is explaining the Spain situation.

Why to invest Easor as a software business? And first one, we are a frontrunner in financial management digitalization. We have a very good track record in Nordics, how we have implemented new technology in our businesses. We have like over 20 years experience to develop our software. And there -- there are some maturity, and we also see that we have like very high automated systems. And we see that the same kind of history, the same kind of future, what we have seen in history -- in Finland is going to happen.

And the second one is readiness for scalable growth. We have businesses in 4 countries today and big investments are [ in ] architectural renewal are behind. So we are ready. Third one, high recurring revenue creates stable cash flow, reduces the risk level of the business. And targeting for fund, we aim to have over 20% annual revenue growth rate.

Thank you. And now it's now Anxo time.

Thank you, Otto. I'm Anxo Barreiro. I have been working in Talenom for 2.5 years, and I have been recently appointed as Country Director for Easor in Spain. And I would like to explain and to highlight how bright the future for Easor looks in Spain in the next few slides.

The market size in Spain following what my colleagues have said is huge, and it's highly fragmented. There are more than 95% of the companies, of the SMEs and the freelancers that we have in Spain have less than 10 employees. This is -- even though that we can target higher companies or more mature companies, this is our sweet spot. So it's where e-Source or work works perfectly for the routines of these companies. But there is an important detail to explain regarding Spain is that these kind of companies are not used yet to pay for software, especially for accounting software for bureaucracy on their own. They are used to rely upon the accounting offices for all of their financial routines and the tax affairs.

So the number of accounting offices is key in our strategy in Spain, Easor strategy in Spain because we are aiming to sell our software from the accountants and from the routines that their clients and their accountants will automate from that perspective. And that makes sense from the point of view of the size and structure that the accounting offices have in Spain. The sector is highly fragmented and only a handful of accounting offices have a medium size right now. And the average, as my colleague Lourdes was explaining, the average on the sector is that only 2 accountants per accounting office are working there. And more than 80% of the accounting offices have less than 10 accountants. That explains why it's very difficult to work on digitalization, on processes, on automation. It's very difficult for an accounting office with such a structure to invest and to think from the perspective of changing the routines and the softwares, especially without the perspective of a broader view of a bigger company, and that's where Easor can help because that transformation, it's not only based on digitalization, it takes much more.

According to the latest studies, only 30% of the accounting offices use some cloud-based applications, cloud-based software. So mostly, they rely on on-premise accounting software that makes it very difficult to work on automation and on new routines. And only 4% of those accounting offices have any kind of reporting tools or business intelligence reports. So the opportunity is huge to go to that market. But digitalization is not enough, changing from the perspective of old fashion business and old way of working to a modern tool to a new routines, it takes also education and trainings. And it takes education and trainings not only for the accountants, but also for the end client. They need to understand how to work on the new environment, how -- what value can their adviser or their accountant take from the service, from the fee that they are paying, and it's a change of mindset.

So the software -- the change of software is not enough, and we can help there. So once we have there the trainings and the education for both of the sides, we can move on to the integrations and to the partnerships. Our focus is not only on the software, that is mandatory for sure, and it's needed, but also for the distribution and how the partnerships may work in the future in Spain. As we rely mostly on on-premise accounting software, integration is not coming in Spain yet. It's not widely demanded. But the shift is coming, and we are seeing that the clients start demanding it more and more every day. So we are prepared for the upcoming shift. And when the clients demand more integrations, we will be there before the rest of the market, especially, obviously, depending on the accounting firms that are depending on on-premise accounting software.

And this connects with the delivery channels that we have created. We have sales processes and sales teams. We have marketing and we have support teams to help on all of this that we need to change for succeeding in the future of the accounting software on the upcoming shift of the accounting fields. And we need this to capitalize on the tailwind that we have because there is something very huge in Spain right now that it's the momentum that we have in front of us. The structural shifts are creating this momentum and the government is helping with the change of laws and the mandatory digitalization for the companies.

The first important moment that we had in Spain was Ticket Buy. Ticket Buy was implemented in 2022 in Basque Country that's in the North of Spain, and it requires freelancers and companies to include a QR code in their invoices and at the same time, submit them to the tax office. This simplifies tax filling and it had a very strong adoption. More than 80% of the SMEs and the freelancers from the Basque Country complied within the first year because they didn't want to wait any longer.

Right now, we have Verifactu in front of us. Verifactu is the nationwide evolution of Ticket Buy. It's starting in 2026 for SMEs and freelancers. But actually, the early adoption happened in '25 for software companies. And all of our clients, all of Easor users in Spain are already complying with Verifactu. The current studies show that over 70% of SMEs will need to adapt. And in order to explain, paper invoices will remain valid, but they must be generated -- the invoices must be generated through authorized platforms such as Easor. And after that, we will have the electronic invoice. We don't have an exact date yet, but it's expected in '27, it is the evolution of Verifactu and it will eliminate paper invoices entirely. It streamlines tax filling and inspections and helps with the payment control and the reconciliation between the payments and the payments with SMEs. So it will boost our automation and help us sell Easor in the near future.

And just to finalize what Easor situation in Spain and to explain our history until today date in 2021, Talenom's business in Spain. In 2022, Talenom buys e-invoicing software from Bank Sabadell. In 2023, Talenom evolves this invoicing software to do pre-accounting for SMEs to go to bigger companies. In 2024, we already have more than 2,500 Talenom clients using the software to create their invoices and control their businesses. And right now, in 2025, we have more than 4,000 Talenom active clients. In addition to those clients, we have more than 400 end clients that are using the software on their own without Talenom service. One of the things that we will do in the next few weeks is to go over the accounting offices of these 400 end clients to -- for those accounting offices to use the software for all of their clients.

These brand launch happened a couple of weeks ago. And in this couple of weeks, we already have 5 partner offices in piloting phase where they are testing the environment with real clients. And we have more than 2,000 expected paying customers in the first quarter of '26 only for these -- from these 5 accounting offices that have already piloting our software.

Hello, everybody. Welcome to follow this Q3 review from my behalf also. My name is Matti Eilonen, and I'm CFO of Talenom.

Let's start with the group figures. Our growth was 2.4%, ending up to EUR 30 million on the last quarter. And it came mainly from the successful sales in new customers in Finland and in Spain. Also, we made a small acquisition in Spain in April, and that boosted a little bit this growth. On the other hand, the development in Sweden in net sales has slowed down our growth pace. EBITDA ended up to EUR 8.6 million and the EBITDA growth was EUR 700 million. The EBITDA growth came this time mainly from Finland and Sweden, while the Spain was remaining on the comparison level. Operating profit EBIT went up a little bit, but it was slower -- the increase was slowed down because increased depreciation. And that comes from the past when we had higher investment level. And now we have lowered down our investment level by EUR 2.7 million from January to September, and that will have an impact on our depreciation level in the future, but not for this year.

Then moving to country-specific figures. Finland grew by 3.5%, and it came from the new sales, getting new customers and so on. Finland has suffered quite a bit about the recession and the customers' transactions volumes have been declining. But now this declining has stopped and stabilized on the certain level. We think that in Finland, this growth, even that it was quite low, but anyway, it was a strong performance in very challenging accounting market. According to the latest research, the accounting market hasn't grown in Finland lately.

Finland EBITDA level was really high, EUR 8.7 million and relative profitability really high. And its growth by EUR 400,000.

Then moving to Sweden. Sweden net sales declined by 13% on the last quarter, and that came mainly from the customer churn. We continue our hard work to avoid the churn in the future and also to get new clients. That's our main focus area right now. We are focusing on really basic things in Sweden so that we can keep our revenue there. On the profitability side, we went up in EBITDA by EUR 200,000. That's a good direction. Also on the relative profitability went up. And we were scaling down our costs in Sweden, but we didn't want to do it too fast because our aim is a long-term growth and long-term opportunities on growth. So we don't want to scale the cost too heavily down in order to achieve a short-term profitability.

Then to Spain, Spain grew by 17% and the organic growth strengthened in Spain. It was about 5% the organic growth. And the rest came from the acquisition. We believe that we have good capabilities to grow in Spain as we have very good function in getting new customers and also what Anxo and others told about the e-invoicing possibilities. And we have the tools and we have the products for that, and it's a good growing possibility. The EBITDA in Spain was pretty much on the same level and relative profitability declined a little bit. There was some items, nonrecurring expenses and a little bit different seasonality, which affected on EBITDA level in Spain. But overall, in big picture, it is steadily growing the profitability in Spain. And we are focusing on our processes and of course, that we are investing or we are trying to get only profitable customers and so on.

Then a little bit about our cash flow. Even that we don't report cash flow on Q3, I would like to point out a few things because this is something that really matters. First thing is our EBITDA growth on comparable EBITDA. It was almost EUR 1 million better and also that we don't have to invest so must anymore. We lowered our investment level by EUR 2.7 million. If we add these together, our cash flow after investments grew by EUR 3.6 million, which is 45% more than last year. This is really a significant part. Of course, there are some other items in the cash flow as well, but they are pretty much on the same level as last year, and these are the things that really, really matters. And this really is super good when we are developing ahead this company.

Then the business areas. Net sales in Software business was EUR 5.2 million. And in accounting business, it was EUR 24.5 million. And the EBITDA level was EUR 3.8 million in Software and EUR 5 million in Accounting business. There is not so much seasonable variation in Software business, but some during the summer time.

Then the last slide about our guidance. The guidance remains the same. We are expecting to have revenue between EUR 130 million and EUR 140 million and EBITDA between EUR 36 million and EUR 42 million.

Thank you. That was all. And now we can move to questions.

Hello. Now it's your time to ask.

We will start with audio questions. [Operator Instructions] The next question comes from Juha Kinnunen from Inderes.

This is Juha from Inderes. I will start a question from Spain. So could you just -- begin with the current studies -- kind of where is software currently used? How many -- what percentage of your clients are currently using it? And how do you see this developing before we go to the future and talk about sales?

Yes, Anxo can answer it.

Sure. Thank you for the question. Right now, we have closed at 70% of our customer base using this Easor software.

Excellent. Maybe you can continue also how many are actually already invoiced, they are paying for it.

In Spain doesn't exist yet as an independent company. So it's not invoiced separately. It will happen next year.

And is this -- does it mean that the revenue will grow directly because you will have the Software invoice? Or does it mean that you will also lose some revenue from services where it's currently included?

Yes. Today, it's included in service prices, yes.

All right. So basically, the clients are paying for it, but just not separately.

Yes, that's true.

Excellent. Then if I understood your go-to-market strategy correctly, you are aiming for the 52,000 accounting offices in spain, and these are very small on average. So could you just tell like how can you reach these offices? And what is your advantage to get them on board?

The advantage is that a software like Easor is mandatory for the clients, so they need to find for a solution. So the way of selling right now is let's say, easy because it's mandatory. And then we have to test the distribution. We'll start with 2-tier distribution where the accounting offices sell our software to their clients. And then we can move on after a few months, let's say, let's see how it evolves to a 3-tier distribution with a strategy where the distributors of software that are already established in Spain and sell our software to accounting offices and then those accounting offices sell to their clients.

Yes. Understood. Of course, it's a huge market opportunity. And normally, you need to have a really sharp focus when you try to enter this kind of market. Could you just elaborate a little bit like what are you looking for. Are the biggest offices the main clients? Or how are you aiming to reach your goals.

The idea of how to start is to look for accounting offices, not such as small as 1 or 2 accountants, more close to 8 or 10 because obviously, the number of clients is higher in those accounting offices and to reach them directly and sell our software to them. The thing that we are looking for in those accounting offices is to have alignment with their goals. To start, it shouldn't be something that it's mandatory, but they don't see the benefit in using Easor. The alignment should be that basically they see clearly the benefits in the automation and where we help them. That's -- let's say that it's not as easy as it seems, but we have a way of reaching those through accounting groups in groups such as LinkedIn and so on, where we are aiming for automation features. We will reach those and analyze if the alignment between Easor and the local accounting offices is good enough to implement our software there.

Fair enough. And maybe you could also open up a competitive situation currently. Who are the main competitors who are aiming for this market currently?

We have several competitors, but also the aiming and the features are different. Each one has their own way of reaching the clients. For instance, we have competitors that go after the complete routines, meaning that you don't need anything else in your accounting offices. From our point of view, we have been talking about this largely. And we think that the way of selling those is much difficult. Right now, we are aiming for specific accounting offices where our pre-accounting software, where Easor connects to their regular software that they have been using for, let's say, 20 years or so.

So the challenge for them, it's not as big as to change everything and that your day-to-day operations rely on a new company that you don't know about or you didn't know until a few weeks ago. And after that, we can start upselling inside the accounting office. And then we have another kind of competitors that go after only 1 or 2 features. Our aiming is invoicing, expense management and financial analytic reporting. So it's not to change completely from scratch the routines from the accounting offices, but it's not also to aim for only invoicing because that's where most of our competitors go after, only change the invoicing and not additional features that actually -- the invoicing is on Verifactu, but doesn't help in the automation of the accounting office.

All right. I think I understood most of it. Just one last question about sales and it's about resources. I'm just wondering like how many people do you have going after this? How many millions are you going to invest in marketing and you're not creating a brand and everything else like this?

Yes. For now -- as I was explaining, we have launched the brand 2 weeks ago. So we are just starting, but we have open positions for the sales team, and we will invest heavily in the next year or a few years as the opportunity is there. The window of opportunities next year with Verifactu and in a couple of years with the electronic invoice. So we have to capitalize on the momentum that we have right now and not waiting 2, 3 or 4 years to invest.

All right. Thank you very much. I will let someone else have the floor for a while.

Thank you for questions, Juha.

Maybe there's some...

There are no questions at this time. So I hand the conference back to the speakers for chat questions.

So Yani is asking about is Easor now sold in Spain as fully integrated package, not just normal plus interfaced third-party software?

Yes. The solution is today that it's based for the normal software. As Anxo said, we have continued to develop it as a pre-accounting software also. And there is also commercial software after that. So our solution is the customer interface, I mean, the entrepreneurs tools. And also there is the panel where our accountant can make reconciliation work. And most of their time will be joined in our platform, and they move -- change, move the data to the A3 or Sage or some other commercial solutions and finalize the bookkeeping there. That's the situation just now. And our strategy in long term is to integrate our Easor accounting solutions step-by-step to SaaS platform.

Okay. Then Emil is asking about what are the main root causes in the high customer churn in Sweden? How much revenue has been lost in practice so far. And when will the churn turn into net growth?

Yes, we are not happy with the current churn rate, and we are seeing that the situation is stabilizing, and we are working hard to get new clients all the time. And we see what is happening, but we trust that we are going to better solution all the time. As Matti explained before, so we have decreased our personnel costs. And we see, as we have told that our EBITDA margin is increasing compared to last year, and this development will continue as well. But of course, the main focus in the future is also in customer churn and the getting new ones.

All right. Then Emil continues about Sweden. How far along is the implementation of ONE Talenom processes and Software in Sweden in terms of customer base and teams? What measurable benefits have you achieved so far?

It takes time to adapt whole ONE Talenom concept because everything starts from the leadership, leadership promises, after that are the processes, then digitalization, automation and premium services. This is the story what we are, where we are working there. And it takes some years to achieve all of those goals what we are targeted.

Then Emil continues about Spain. What exactly did the onetime cost in Spain consists of? I can answer that. It was related to cost cuttings, which we did on Q3. And yes, that was the reason.

And then Emil Immonen asks how do shareholders in Talenom benefit from the separate listing of Easor?

I can take that one. It's totally different lead to different businesses like Software businesses and Service businesses. And now when we are separating the businesses, then there is more potential for Easor Software for new clients when it has been only in -- for Talenom service clients, so it has limited our growth opportunities in Software side. Today, we can say that if we calculate like net cumulative growth in Finland, so we see that 70% to 80% of net cumulative customer volumes comes from the partner offices and 20% from Talenom offices. So we see that there is a huge potential, and we are just started. So it looks like very good.

On the other hand, in Service business, they can really focus only for the services. If you look at from the management group point of view, there isn't so many issues on the table at the same time. So they didn't need to handle those Software businesses issues. They can focus only for the customer experiences and personal experience.

And Emil Immonen asks, why do you want to separate the software now? Why not wait 1 year or 2 to see how well the rollout going in Spain?

Why not? I'm -- so that when we have made the decision, then it's time to go forward.

Then Emil Immonen asks, are Talenom current costs associated to functioning as a listed company? What will be they in for Easor? Also, does Easor need new HR, finance, marketing, other support functions, which are not included in the Easor current cost base?

Yes, I can answer that. We haven't announced these costs related to the listing or maintaining the listing, but it's rather relative small to the size of the companies. And also, Easor will need to do some recruits related to HR, finance and marketing and those, but that's relatively small as well and we are going to outsource many things. I personally know one good accounting company where we can outsource, for example, some accounting services.

Yes. Then, Daniel Lepisto from Danske is asking about what do you think about the currently very high software CapEx level compared to the Software revenues? How much do you think you can decrease the Software investments now that the product is separated.

I can answer for that. So yes, that's true that our investment level for current revenue is too high. It should be lower. And as we have told, we have decreased our investment level and why we have done this and why this decrease will continue in next year is the -- the reason behind that is there -- in architectural renewal. We have made big, big investments for our software platform to export it to other countries, and this is the behind. And we are just now slowing down the latest old part of software what we are using in Finland.

And after that, we have not like duplicated maintenance issues, et cetera. And so in future, it looks like that it will -- investment level will continue to decrease a little bit, but we are going to focus for getting more revenue, invest all or most of the cash flow to the getting new clients in Software businesses. So when the revenue increase and the investment little bit decrease, so this will be in normal in some years.

Okay. Then Massimo is asking this. There's quite a lot of questions. I tried to put them in pieces. Question number one is congratulations on the progress with Easor separation. As the Board conducts its strategic reviews, could you elaborate on the key criteria you are using to evaluate the different options such as IPO versus a potential sale to ensure the final solution delivers the absolute maximum value of Talenom shareholders.

I can take this. Of course, the Board has evaluated many, many things. And the -- this progress is ongoing just now. And the main focus is there in IPO.

The M&A market for software companies currently appears exceptionally strong with the strategical and private equity investors paying premium prices and high quality profitable companies like Easor. In contrast, the IPO market remains quite selective. How is the Board weighting the certainty and the potential valuation premium or offered by a strategic sale against the market timing risks and costs associated with the high IPO process.

Of course, this is on the Board table, and they have evaluated the prices and the value of the company. And the best view today is that via IPO, we can get the best benefits for all shareholders in midterm.

Massimo continues. The Verifactu legislation in Spain creates a phenomenal and time-sensitive growth opportunities for Easor. A large strategic partner could likely accelerate the market capture there significantly. As you prepare Easor for independent, how do you access the unique strategical value to a potential acquired aiming to win the Spanish market. And how is this strategical premium being factored into your reviews?

Maybe I would like to reply with many things what we have told, but we see that the market is huge and the potential that the officer is saying that you have to start using some software. We really believe that this will like increase demand of these kind of platforms as Easor is. And all software companies are full of hands the job the onboarding the clients that everybody can fill the requirements, which come from the officers. So maybe shortly that.

Then Massimo's final question is the European accounting software market is strongly on consolidating phase with large players like Visma actively acquiring local market leaders. Given this clear industry trend, have you received any preliminary inquiries regarding Easor, and how does the Board view Easor potential role as a part of larger strategic ecosystem as a way to accelerate the growth and mitigate future risks.

I can comment that this is the good potential questions, but this is on the Board table, and I can't comment at it.

All right. Then, Daniel Lepisto is asking, how are you planning to stop the revenue decline in Sweden? Do you need to walk back from that introduction of Easor in the country and opt the use Fortnox.

The current situation that we are using both Fortnox and Easor and because of this high churn, as we have told, we stopped to onboard new clients in Easor systems, and we want to stabilize the current business. And after that, we will continue to implementing our solutions there.

Then Daniel Lepisto from Danske continues. How many other authorized Verifactu platforms or competing softwares there are in Spain currently?

We can say that many, yes.

Daniel Lepisto, final question. How much is the Software annual recurring revenue in Spain currently?

We are going to tell this later on.

Massimo is asking growth in Spain has been strong. How do we plan to maintain this momentum? And what are the next steps for expansion in Spanish market?

Yes, we have good and strong growth rate just now. And we have ongoing in our M&A funnel, we have ongoing many, many discussions, and we are going to continue those acquisitions, selective acquisitions. We have been many, many discussions this year, but Lourdes will take care of the acquisition and going to hire those offices which are -- which have a good fit with Talenom culture, and we can then well implement those acquired offices to our businesses. So there in M&A funnel, we are going to increase the volume what we have been in this year, for next year and also what comes to digital phase, so many accounting offices, they faced the challenges because of the new legislation, and that's why they are ready to jump to our businesses.

And also one good to know is that in Spain, I don't know why, but many people think about so that when something comes from the Nordic or Finland, so it's a happy thing. And so they see that we can really help them in this digital phase.

And Oli Salo is commenting, great answers. Oli Salo, thank you. Amer is asking, you have previously mentioned that the potential for organic growth in Sweden is very significant, and you have initiated results that they were positive. What is your view on this matter now?

Yes, as we thought. So we are working hard with keeping the current ones, clients and getting new ones. And one thing that I will notice is that we got a new Country Director in the beginning of August there, who comes from the -- from inside of the company, and she has also good expertise from the practice level, how to do the bookkeeping, how to lead the team, how to lead the units. And she has been also an area director before being as a Country Director. So we are very happy of the current situation, and we see now that many, many things which comes to the ONE Talenom is going to implement it well. But of course, it takes time, but it looks like good just now.

Okay. Then Iris is continuing. You repeatedly used the word distribution when telling about selling Easor software. This sounds rather passive as you are mainly waiting for customers to contact you. What is the level of Talenom's own sale aggressiveness and ambition for Easor in the coming quarters?

Yes, we are not only waiting for getting new clients. We will be happy to have this kind of situation. But if I start from the Finland, so we have 2 guys who are focused only acquiring new partner offices, and there is 2 other guys who has focused for getting new end clients to the partner offices. And these kind of systems we will have also in Spain. We are just now hiring new people who can focus to acquire new partner offices and -- sorry, in Spain. And here, we will like sell more or less via -- accounting offices more. And later on, we will also help them -- those accounting offices to find new clients. But today, the situation is that the problem is to find the invoicing solutions in accounting offices for existing clients. So we are resolving that to focusing to hire people to sell for potential partner offices, our solutions. So that's the -- we are not waiting. We are actively doing.

Yes. Then the final question from Matti. What about the second dividend. When we can anticipate a decision regarding it?

I can't comment it just now, but it's on the Board table. Okay. There is only some positive feedback less. So we will have a nice weekend here. It's [Foreign Language] Thank you for everyone to following our report release and see you soon. Thank you. Bye.

Thank you. Bye-bye.