CombinedX AB (publ)

Hej och välkommen till dagens sändning med Combined X där Jörgen Kvist kommer presentera rapporten efter första kvartalet 2026. Efter presentationen kommer det hållas en Q&A så om ni har några frågor kan ni skicka dem i formulär till höger. Och med det sagt så lämnar jag över ordet till dig Björn. Varsågod.

Tack och god förmiddag och välkomna allihopa till vår presentation av årets första kvartal. Och då har vi glädje att kunna presentera ett rekordresultat om 30 miljoner kronor i EBITDA. Vilket också ger en marginalförstärkning till 11,6% i justerat EBITDA-marginal. Vi omsätter 258,8 miljoner. 8.2% and the organic growth is negative with 9.5%. And that we have negative growth is due, as we previously communicated, to the changes that we have made in a couple of our companies, Anchor and Ninetech. Exempelvis så avvecklade vi i Q1 den givsverksamhet som tidigare har funnits i TOO. TOO som är en del av det som blev Encore i årsskiftet. Allt i syfte att renodla Encore kring Microsofts affärsapplikationer. Det är något som vi tror väldigt mycket på, specialisering och renodling. In Jankårs we also had conversion costs in Q1 of one-time character of a total of 1.7 million kronor. As for the market, we thought around the change of year that we could see tendencies towards a brighter market and a little more optimism among our customers. Den optimismen har väl tyvärr bytts ut lite grann till samma osäkerhet som vi hade dessförinnan och nu med tanke på det som hänt i Mellanöstern. Det är förstås tråkigt men det är ingenting vi kan göra någonting åt och ingenting vi lägger någon fokus på utan det som jag ska säga att vi jobbar väldigt mycket på i gruppen och som jag skriver Vår bransch, våra bolag och våra konsulter. Det kanske framförallt gäller systemutveckling idag, men det finns ingen yrkesroll inom våra bolag som lämnas opåverkad av alla de fantastiska verktyg och möjligheter som AI ger. Vi tror att den som sitter på händerna nu kommer att tappa konkurrenskraft både på bolagsnivå och individnivå och vi verkar kraftfullt för att alla våra bolag och våra konsulter ska hamna på rätt sida i den här utvecklingen. i många år, skulle jag säga, i våra bolag, men har fått en extra skjuts, skulle jag säga, utifrån den teknikutveckling och de lanseringar som har gjorts nu under Q1, framförallt vad gäller systemutveckling. Den stora nyheten under kvartal 1, det var ju förstås att vi ingick i ett avtal med Nordlo om att avyttra NetHouse. And the purchase difference goes up to 345 million enterprise value. And to understand what this means for us as a group, it is then about a quarter of our turnover and our EBITDA generation that disappears with NetHouse. The transaction is authorized, approved by the competitive board as well as the inspection for strategic products. The first approval is from the competitive board. It has already come in the days, so now we are waiting for the approval of the ISP and we think that it should be able to happen sometime in the middle of May. This transaction is for us since 2020. And we have worked very intensively with this company to clean up around the operation of business-critical applications. And I think we have succeeded. We have followed our leading brand strategy and developed in a very good way. The question you can ask yourself is, how does this match our strategy? I think it does very well. We said in the previous report that we had previously controlled Combined Exit from what we call Vision 2028. Then we had a number of mid-stops and we reached mid-stop performance 2025, that we were going to reach 1 billion turnover and then the next step was that we were going to be 8 leading brands 2028. But we have adjusted that, and we talked a lot about it in the Q4 report, to something we call Vision Leading Brands. And it's really about turning the wheel. We don't have a goal for the group at all, but in Vision Leading Brands, Core, NetGrain and Align. And we will give them the best possible conditions to reach their full potential. That is what we see as our ambition. And we think that we with this extension to Nodlo really gives NetHouse very good conditions to develop. Because Nodlo is completely focused on what NetHouse does, the operation of business-critical applications. And then we have found this starting point where this will be very good for customers, it will be very good for network operators.

Given the price we got, we think it will be very good for CombinedX owners.

Jag tänkte avslutningsvis väldigt kort visa de här vanliga diagrammen som jag brukar visa om vi ser stapeldiagram och trender för vår finansiella utveckling. Vi börjar intäktsutveckling kvartal för kvartal här nu då, så ser ni hur vi har de här 8,2% tillväxt, det var samma antal arbetsdagar i Q1 i år som föregår. Vi har då ett resultat på 30 miljoner. Det var ingen justering i den här perioden. Här ser ni rullande EBITDA-marginalen 12 månader. Vi har ju ett mål att den justerade EBITDA-marginalen rullande 12 månader ska uppgå till lägst 12%. In the form of inclusive waste and excluded units of waste, we are at about 9.5%. So the waste that you could read from all the figures we have informed you about, NetHaus will not affect profitability or the margin. It was not that NetHaus was an unprofitable help. was completely in line with the loneliness that we had in the group. And at the same time, Nettaus contributed with a fairly large part, about a quarter of our multi-company costs. i form av management fee och den försvinner ju och vi kommer inte kunna ställa om moderbolagstrukturen på kort varsel som sänker det med 25% så tillfälligt, kortsiktigt så innebär ju då snarare rätthavsavyttringen en marginalpress, en viss marginalpress på gruppen. Här är ju ett diagram som vi är ganska stolta över och tänker framförallt då den gråa stapeln We have, with our clear focus on specialization, our increasingly focus on the ERP market, and the acquisitions we have made in that, we have been able to successfully, during the last few years, increase our income per FTE, from about 1,400 SEK 2021 to 1,800 SEK now. Den trenden fortsätter så det är vi väldigt glada över. Det här följer ju också med att den typ av medarbetare som vi har har också högre löner så kostnaden på FTE har ökat i motsvarande grad ungefär. Och här ser ni då hur och likare så hur direkta kostnader och övriga externa kostnader förhåller sig till nettomsättningen. Och då lyckades vi i det här kvartalet öka då marginalen något gentemot föregående kvartal på det här sättet. Personalkostnaderna gick åt fel håll så att säga, men vi också lyckades få ner övriga kostnader åt rätt håll så nettot blev positivt. What concerns the cash flow, we went into Q1 with 104.4 million in cash. We went out with 70 million in cash and that is due to the fact that we have had quite large amortization positions during the quarter. Partly on leasing and loans and it is a whole lot of additional differences that have been taken out during Q1. So in total it was the financing cost of And... which is expected to happen in the middle of May, we will have a significant surplus of liquidity. And I know that many here at KOL are interested in what we are going to do with it. And then I have signaled in my report that we see it as natural that a part of that surplus liquidity should be shifted out. Det är flera saker att beakta i den frågeställningen. Den analysen pågår och vi återkommer till marknaden så fort den analysen är klar. Med det så lämnar jag upp för frågor.

Tack så mycket för presentationen. Nu går vi in på frågor. Vi har faktiskt fått en hel del. Men jag börjar med den första. Det är tydligt att ni synliggör värden med avyttringen, men finns det också strategiska skäl?

I think the strategic reason is very simple. We found a situation where we could do a good business for our customers, for our employees, for our shareholders. And that's the strategy we have in Vision Leader. And that is the strategy that we have followed in this decision.

Thank you very much. Is the plan to adapt the fashion company to the new structure or is it better to hire the other companies to fill out the suit again?

As you have seen, we will make some savings at the corporate level. Vi kommer dela CFO med Elvenight så Mattias Ahlstedt tillträder ju nu om en vecka som CFO både för Elvenight som är ju vårt största kvarvarande bolag nu när vi har sålt NetHouse och kommer både ha två hattar på sig. anpassa vår kostym kring den omsättningsnivå som vi ligger på idag.

Tack så mycket. Hur stor del av den organiska försvagningen kommer från en svag marknad och hur stor del kommer ifrån strukturåtgärder? Till exempel har ni ofrivilligt tappat personal efter senaste årets ändringar i bolagsstrukturen?

When we do a big change, as we have done in AnCore, then it is always the case that there are a number of employees who feel that they are not really in focus. That is, this specialization in AnCore, King Microsoft's business applications, made, for example, that the consultants who worked with the business system at Jeeves felt right that we And then we found a good solution for those consultants so that they could easily move on to a colleague in the industry who is fully focused on Jivs.

So that's a mix.

It's active that we, okay, what is now clearly in the focus of this company is perhaps not really the focus that I have. Thank you very much. 9.5% organic growth accounts for about 20 million in revenue.

I wrote that it is one example.

The opposite has happened within Ninetech. Aspire became a part of Ninetech. Vi har kommunicerat under flera år egentligen sett att systemutvecklingsbranschen är under stark press. Den analysen är bara starkare och starkare. Den exponeringen har vi velat minska. Det har inneburit att den delen av Spires Thank you very much. What do the organic recruitment plans look like for Estel of 2026 Netto? Vi har bolag som trycker på och ser att vi ska växa inom områden. Vi har bolag som är lite försiktigare. Så den totala bilden vågar jag faktiskt inte riktigt uttala mig om och vill inte ge en prognos på det. Det är en blandad bild utifrån var man är i marknaden.

Tack så mycket. Vad är din syn på era möjligheter och risker kopplade till AI? Giver det ett fokus på ERP kontra konsultbranschen som helhet?

Under a long time, our capital has allocated a lot to the ERP business, because we believe that it is a place that is very good to be at, based on the technology development that is happening within AI. As the customer's ERP partner, and especially when we get up in the customer's and we work with large, long projects that are not just about ourselves, but about the entire data structure in order to make it possible to realize the possibilities of AI. So we see that the door is very open for us when we have taken the role as the customer's ERP partner. som utvecklat ett väldigt starkt data intelligence erbjudande. Ett erbjudande som växer och där vi rekryterar mycket folk. Så vi ser att giftemålet mellan AI och ERP potentiellt är väldigt starkt beroende på vilken kompetens man kan erbjuda sina kunder. Men där ser vi att det är en bra plats att vara på. Det är också därför vi under flera år nu har satsat på det.

Tack. Vad gör ni för att se till att ni kan hjälpa era kunder med en agentisk AI på ett bra sätt?

Ja, då får man prata med varje bolag, vad varje bolag gör. Men som exempel då, så är det ju någonting som, jag menar, nu har vi inom So what we see, and we also see it in Mindtech, is that we are developing different types of software that we can reuse and sell as solutions. And I think that the whole market will go a little in that direction, that we can build code bases and agents that are quite agnostic, We can also work with several business systems. That's part of what we do.

How do you see the possibility of acquisition, given that your cash register will soon become very large?

I would say that our acquisition opportunities could potentially be large with the cash register we have. Then we must also have respect for the change that is taking place in this market. To reduce turnover in this market is not our strategy. It is niched, specialized competence that is the core of CombinedX. Do not build volume. So you have to take that with you. I think that for those who want to buy volume, there are very big opportunities to do that in the market right now. But that's not really what we think.

Thank you very much. Given the acquisition and adjustments I have made, is it then reasonable to see the current marginal level as sustainable with regard to seasonal patterns and number of jobs?

Sorry, can you take that question one more time?

Of course. Given the compensation and adjustments you have made, is it then reasonable to see the current margin level as sustainable, with consideration taken to seasonal patterns and number of working days?

I can just say that we have a 12% goal. I have just said that the elimination of Nettaus Utan vi kommer på gruppnivå att kämpa lite nu för att hantera den lite större kostnadsbas som motorbolaget har. När vi nu tappar ungefär en fjärdedel av managementfin som Nettas levererar. So that's one answer to that question. But in general, I think you can also read it from our performance review, so the acquisitions we have made within the ERP side, especially in the last year, under 2025, have come in with a lot of flexibility. I'm thinking primarily about Align, but also ERP Consult, which will come in in the future. So it's a mixed picture. And as I said before, we don't give forecasts, but we have an ambition to try to get up to 12% in Bita. And that's what we're working on.

Thank you very much. The next question is, can you help me understand how the business model works for you? You help a customer implement a business system. What revenues do you get and when?

Yes, if we take for example C11, we have an implementation project that has been going on for one year and can include 20 consultants.

So that's one part of the business model.

The other part is in the administration. When we have implemented this business system, it is that we continue to be customer partners. Long after the market. If you have chosen an enterprise system of this kind, you will live with it for a very long time. And you need a partner. It's a management service part that is all about making sure the patch is updated and keeping the system safe. To help the customer implement new features. The business system is like the navel of our customers. All data circles around it. So everything they do, every time they buy a new company or expand to a new country, which means that we always have a job with these customers. That's the simple answer to the question of what the business model looks like. And that means that we can always sell our competence. That's what we do as a company. Then we also have a lot of license income and kickback and so on. But it's a smaller part of the CombinedX business. We sell competence.

We sell specialist competence. Incredible. Thank you very much.

How much of the purchase difference can you think of to share?

I don't want to precede the decision of the board in that question, but as I have written in the report, we see it as Thank you very much.

Can you elaborate on the trends in system development?

What is affected and why? Well, the tools around... There have been many ways for system developers Claude's new tools, a module called Claude Cowork, and I think it was called Opus 4.6, I'm not sure about that, which took the next step, you could say, in how many parts of a system development project that the system developers could use AI for. And this opportunity to, like, Not just doing individual parts of the momentum, but actually taking the help of AI to keep a whole system development project together. That took a new step during Q1. and quite mind-blowing. And that increases the productivity of our system developers. And then the question is, what do the customers do with this increase in productivity? And it's a fantastic opportunity for them to come up with their digitalization, many are looking forward to it, many have stopped the initiative during the past years, jäkligt mycket output helt enkelt. Och det är väl det som vi hoppas på i branschen att kunderna ska ta det här tillfället att verkligen trycka igenom ämnefria grejer och få saker att hända på digitaliseringssidan som framförallt då gör sig redo för att dra nytta Thank you very much. Let's move on to the last question.

Would you say that the remaining companies you have left are more AI-safe?

I think NetHouse had a great position in this market shift that is happening. So it's not that we got rid of a problem. I would like to emphasize from many perspectives that NetHouse, we were really proud and happy owners of NetHouse. So it's not that this cancellation, if that was the purpose of the question, But we work in all of our companies very actively to get to the right side of this development, take care of the opportunities that exist both on the market side, that is, what we sell, what we offer for competence, and how we produce our services, all the way from code to project management, Som jag sa då, det finns ingen yrkesroll hos oss som inte påverkas av det här. Och vi tror att sitter man på händerna i det här, i den här utvecklingen, då kommer man tappa konkurrenskraft. Och jag tror att det kommer ske ganska mycket saker i vår marknad de kommande åren.

Stort tack för det och stort tack för prestationen att du har svarat på våra frågor. Tack till alla som har tittat och skickat in frågor. Ni får ha en trevlig valbara här när det kör igång.

Ja, det önskar jag också. Trevlig valbara och tack för att ni har lyssnat.