Avensia AB (publ)

Hi and welcome to today's webcast with Avensia. The CEO, Robin Gustafsson, will present the report for the first quarter of 2026. After the presentation, there will be a Q&A session. If you have any questions for Robin, you can send them in the form to the right. With that said, I'll hand over the floor to you.

Thank you very much, Ludvig. Today we released our Q&A report for 2026 and I was going to go through The financial report, of course, gives a small market update, as usual, gives a small operational report and leaves room for questions that Ludvig was talking about. If we look at the first quarter on the same day, our turnover dropped by 10%, which we have communicated in our monthly reports. Commerce fell by 9% to 90.5 million, and information management, our other office area, fell by 17% to 50.5 million. If you look at the turnover, we are defending the turnover relatively well. It landed at 10 million SEK after that turnover. The turnover margin landed at 9.5%, which is just under our financial goal of 10%. Of course, the Q1 is a relatively good quarter, consulting-wise, so we will be a little higher. But I think if you compare it with the market and if you look around at other consulting companies, I think we are doing quite well with this. Commerce was up 14%, which is quite good with that turnover. But I think even more exciting is that information management actually grows to, or turns to positive 0.3%, which is in some cases very bleak, but turns to a very heavy and negative development we had during last year. So it's very nice and very proud to be able to predict that. Kassaflödet är starkt under kvartalet. Vi har haft några ganska stora slag där förändringarna i rörelsekapital blir väldigt positivt, medan vi har haft avsättningar till personal som är väldigt negativt. Vi har haft en del uppsägningar där personalen fortfarande uppbär lön under kvartalet och det påverkar negativt. Summa summarum, these migrations lead to a certain positive outfall compared to the previous year. So we might land at 13.9 million this quarter compared to 11.4 million the previous year. A little more look at the quarter. On the cost side, the staff costs have dropped by 8% and that is our most important cost. 11% less employees and a salary revision has slightly taken out the others and led to these 8% lower staff costs. So the others at 69.8 million instead of 75.6 if I'm not mistaken. Vi har också haft lite sänkta kostnader för underkonsulter, vi har haft något höjda externa kostnader vilket har varit lite IT-investeringar där vi har behövt investera lite i hårdvara och lite andra kostnader som har stukit ut en aning under det här kvartalet. Tittar man på den finansiera ställningen så har vi egentligen samma utveckling som vi har visat de senaste kvartalen. Det vill säga att de materiella tillgångarna minskar, där det huvudsakligen är nyttjanderättstillgångar som faller eftersom vi inte har förlängt våra avtal. Vi ser heller inga stora nya lokalbehov inom överstådde tid. Jag tror snarare att skulle vi idag teckna om våra lokalavtal så skulle vi snarare teckna om mindre lokalavtal än vad vi har idag. We also have decreasing long-term debts, where they in their entirety, 41.6 million, account for the use of rights. So that means that we have no interest-bearing loans to credit institutions or the like, but these are long-term debts linked to use of rights. So we have a strong financial position again, with a decreasing balance and a strong cash flow. Looking at the market we are reacting to, February was very good for e-commerce with a 15% rise, but there was a real downturn in March with a 19% decline. It happens a lot geopolitically, it happens a lot in the world. We see market rates that have increased and changed the sentiment of consumers. Retailers are not our only customers, but they are an important part, and of course they also affect B2B trade in a different way. So the traders are still cautious, they don't really know how they're going to get this market information up and down sometimes. And you also have to prepare for agent trading, and that's something that plays well in our hands. We see the demand in the IEM area, where we see that you need to have better control over your product data and product information in order to support agent trading. So we see that we can take advantage of that. We also see that agent-driven customer projects are close to the door. have a dialogue with a number of customers who are interested in this and I hope to be able to tell about the progress quite soon, where we not only have developers who are AI agents, but also help AI agents for project management and other things. So this is something that naturally is on the ball and it is something that will affect our industry and will make it possible for us to deliver even larger and more comprehensive solutions to our customers without necessarily having to increase costs all too much. Vi ser också en efterfrågan på OMS och supply chain i vår försäljning. Det är ju affärsområden eller delområden som vi har gått in på de senaste åren där vi ser ganska kraftig tillväxt och det är ofta dörröppnare för att komma igång både med e-handelslösningar och för att komma igång med produktinformationslösningar. Så den erbjudande utveckling vi har sett och gjort de senaste åren tycker vi har blivit frukt och gjort att vi kunnat försvara våra marknadsandelar i en ganska avvaktande marknad. If you take a look at the operational development, we have had some different developments in debatable hours. It has gone up compared to Q4 due to calendar effects and gone down compared to previous years due to reduced staff. As I said, we decreased by 11% compared to previous years. If you look at the factoring rate, it has fallen somewhat compared to Q4. Quite close to each other, to be honest, but somewhat down. And a little bit more down compared to Q1 last year. And that is also visible on the factoring. If you look at the timetaxes, they have increased both compared to Q4 sequentially and compared to Q1 2025. Which I think is a healthy sign. It proves that we have a positioning where we can pay for our services. Even if the market crumbles or is declining, we can stand up for our pricing and our premium position. If you look at the share of debiting personnel, it has fallen quite strongly both against Q4 and Q1. And that is a part of the big savings program, or an effect of the big savings program we made within IM in Q4, which in large part was non-debiting personnel. And of course changed a little bit the profitability equation in IM and then directly into the entire group. To sum up this quarter, I would like to point out the increased distribution, which we will leave to make our decision. I would like to point out that the result, given the development of turnover, has pointed to a good cost control in this uncertain market. I would also like to highlight Commerce, which, despite the uncertainty in trade, keeps the margin close to our long-term goals. And last but not least, I would like to talk about the stabilization of the IM. That is, we have a positive turnover result after a very, very red 2025. And we see new opportunities. We see that we get traction on our supply chain investment. And we have a new leadership on the ground that I am quite sure can fortsätta utveckla affärsområdet i en positiv riktning. Naturligtvis, den fallande omsättningen vi sett, fem kvartal i rad, vi vill naturligtvis vända om på i något läge, även om vi inte lämnar några prognoser såklart. Det var det hela. Ludvig, har vi några frågor?

Tack så mycket för presentationen. Några frågor har vi här. Jag tänker första är, ni lyfter geopolitisk oro och svagare e-handel i mars. Hur mycket av tappet ser ni som marknad kontra egna marknadsdelar?