Checkin.Com Group AB (publ)

Hej och välkomna till dagens webcast med Check-in, där vd Arif Rehman och CFO Martin Boimel kommer att presentera rapporten för det första kvartalet 2026. Efter presentationen kommer det hållas en Q&A. Och med det sagt så lämnar jag över ordet till er.

Tack så mycket, Ludvig. God eftermiddag och varmt välkomna till Check-in.com Groups presentation av det första kvartalet 2026. Jag heter Arif Rehman och tillställs som ny vd för några veckor sedan. Och det är med en blandning av ödmjukhet och fast övertygelse. Jag håller min första kvartalsprestation för er idag tillsammans med vår CFO Martin Bojme. Det som fick mig att tacka ja till det här uppdraget stavas egentligen potential. Vi har en genuint värdefull kärnkompetens. Ett team med djup domänkunskap och vi verkar i en snabbväxande marknad. Det är en väldigt bra utgångspunkt. Men jag vill också vara ärlig mot er idag. Det finns arbete att göra. Förra året 2025 var ett tufft år som bekräftade att förändring är helt nödvändig för oss. Den förändringen väntar vi inte på, utan den är redan i full rörelse. Låt oss påminna oss om varför Check-in.com spelar en sån viktig roll i den marknaden. Vi är ju ett business-to-business SaaS-bolag som löser ett av de mest komplexa problemen inom just digital on-boarding. Och det är att verifiera vem en person är i realtid, med full regel-efterlevnad för olika jurisdiktioner, och att göra det utan att förstöra upplevelsen för slutanvändaren. Det är svårt att göra bra, men vår styrka är att vi faktiskt gör det bra, riktigt bra. Och den förmågan, den är intakt. In combination with this, we see a structural imbalance, not only in Europe, but also globally, where the market for regulatory identity verification is growing due to both strict license requirements, but also actors who need to consolidate their compliance infrastructure. Our job is to ensure that we are in the right position to capitalize on this structural imbalance that prevails. Under mina första veckor har jag lyssnat på teamet, kunderna och analyserat siffrorna såklart. Och min slutsats är att vi inte behöver göra fler saker. Vi behöver göra färre saker, men vi ska göra dem bättre. Att välja är också att välja bort. Vi ska gå från att försöka göra allt till ett absolutt domänfokus där vi skapar mest värde. It can be domain focus, it can be parts of a value chain, but that's where we have the repeatable value that can be used. We must become more disciplined and build a product portfolio that exactly matches the market's demands. We should go deeper where we create greater value instead of spilling too much. And the honest picture is that our commercial machinery needs to be built up. It's not a quick fix, but we will build an offerable portfolio that matches the market's actual requirements. Right now, we are investing in the right people at the right place to strengthen our commercial team and to be able to drive sustainable sales and growth. It's about consistent execution and tactical adjustments, quarter after quarter. Incremental development is not only about software development, but also about processes and development of companies. And this leads to my conclusion to you. To our shareholders, you will get transparency, commercial discipline and a strategy based on reality. I will not give you a quarter optimism without substance, but a supply strategy that builds on reality. And to our customers and partners, our unique combination of technology and compliance understanding is intact. But in the future, you can expect a company that is even more loyal and even more focused on delivering what you actually need and where we deliver the most benefit. And to my team, you have navigated a very tough year with great commitment. From me, you can expect your leadership to be clear with the direction, to make quick decisions and to hold on to our priorities consistently. And to summarize, real changes in companies do not happen overnight or in a single isolated quarter. They are built through accumulated decisions, consequent execution and patience. I promise you, there will not be a dramatic change tomorrow. Men det jag däremot lovar er är en tydlig och konsekvent riktning över tid. Den här riktningen sakas ut i detta nu, och de första stegen på den vägen har vi redan tagit, och arbetet är i full gång. Med det sagt, tack för mig, och nu lämnar jag mig med varm hand över till Martin, som kommer att gå igenom lite mer finansierade detaljer.

Tack, Arif. As you have seen in the report, the report is filled with all the figures. So I thought in this presentation to go through the financial highlights and how we see the development of the quarter. The net turnover went down by 24% compared to the same quarter last year, landing at 14.4 million kronor. It was mainly driven by our large airline customers, as we talked about in the previous report, but we also lost a lot due to currency changes. and we unchanged exchange rates compared to last year, we could not have actually collected a bit over SEK 15 million during this quarter. The gross margin was 74% in the quarter, something above what we have been on lately. I will come back to that later. EBITDA rose to SEK 4.1 million with a margin of 29%, which is more than a doubled margin compared to the same period last year. And the cash flow from the ongoing business is probably the strongest in the report, landing at plus 7.5 million, which means that even after our investments in R&D, or CapEx as we call it, we generated quite a strong positive cash flow during the period. And that also meant that we ended the quarter with a cash flow of 15.4 million, which is up by almost 2 million compared to the end of last year. If we move on to If you look closer at the net turnover, you can see in this chart that we lost a bit compared to last year. The turnover dropped to 14.4 million. And if you look at the trend here between the QL stacks, then we have lost. And here you can see that there are two main factors behind this income drop that we have mentioned earlier. I would like to remind you as shareholders that between 2024 and 2025, this stage will mainly depend on our customer RingCentral, the contract we ended in the middle of 2024, which actually explains the entire stage. Similar to this drop between 2025 and 2026, it depends on our large airline customer, which during the fall cut off a large part of its traffic, which caused a large part of our revenue from that customer to disappear. So if you clean for these two customers, the picture is completely different and the revenue is much more stable. If we look at the gross profit, it decreased to 10.6 million kronor per quarter, due to the falling revenues. But the margin of 74% is a happy subject. Here we have, as I mentioned earlier, worked with cost optimizations, especially on the server side, but also a lot of re-prioritization among suppliers and smarter transactions. As we talked about earlier, These direct costs are of a relatively solid character and even after these cost savings, our main message is that the GDP will go up when we get back to the revenue. If we jump to the operational results of the EBITDA, we can see that the cost-sufficiency programmes we carried out in 2025 have now passed, and EBITDA ended up at 4.1 million SEK in the quarter. Especially positive with this is that the margin more than doubled to 29% compared to 12% in the quarter last year, but also 21% throughout the year 2025. And this strong EBITDA in combination with positive movement capital changes led to an even stronger cash flow, the best we've seen in about two years. And that's a pretty good segue to the next slide. Here you can see that the strong cash flow we had in the quarter made that the cash went up with almost 2 million to 15.4 million kronor at the end of the quarter. And if you adjust for our loans where we amortized 1 million during the quarter, then the net cash rose with almost 3 million during the quarter and is at 12.4 million at the end of the quarter. Och med det lämnar jag över till Arif för lite avslutande kommentarer och sen kör vi en frågestund.