Divio Technologies AB (publ)

Välkomna till dagens presentation. Det är med oss Divio med vd John Lövin och CFO Niklas Gorisar. Önskar ni ställa frågor så går det bra när vi får formuläret så tar vi upp det efter presentationen. Med det släpper jag ordet till er. Varsågoda!

Thank you very much, Martin. My name is Jon Levine and I have been the CEO of Divio since 2019. Time flies when you have fun. I have a background in both small and large companies, both as an entrepreneur and entrepreneur. I have a lot of different roles, but I have a lot of focus on tech and sales. My strengths. And with me today I also have Niklas, my CFO. Hello, CFO.

I have been in charge here at Divio for a number of years and jumped into the company as CFO. And we're helping with a lot more outside of that as well. Maybe some general energy waste at the top. Helping to solve things. So it's very exciting.

And as usual, I'm going to start by telling you a little bit about what we do. I'm trying to dig in. I've made some updates here for those who have been with me before. And then we dig in a little bit about what happens in the company during the time. And then we go through some figures and ask some questions at the end. But let's get started. Built for Agency Backed by Developers is our tagline and short history. We started in 2005 as a classic web agency, Digital Agency. In 2016 we released our first product, a product or the platform we sell today. and that we built for our own needs to be able to handle all of our projects, especially AWS in different solutions. We launched this in 2016 and started selling it to all of our customers. In 2019, we started with one of our biggest customers, Fidelity, which went up to 540,000 annual recurring revenue, which we have grown to almost double. And during the same year, we took this last step to be converted from consulting to a product company, and took in money and noted on the Stockholm Stock Exchange, and at the end of 2019 we had an ARP of 1.2 million US dollars. Then we have worked as ATTAN, and in 2025, We became a breakeven on EBITDA level. When we entered this year, we were around 9 million. By the end of this year, we are on a positive EBITDA level. It's fantastic. We have also worked hard with our agency strategy that we launched last summer. We worked hard to get it going during the autumn. It was a bold decision, which also changed how we sell. We lost some speed in the traditional sales, but it was completely conscious. I will tell you a little more about what happened. It was a good decision. In the end of 2025, we have an R that is at almost 2.6 USD. In 2026, we will continue to push the agency strategy and have really had a stir on it now, which is very exciting. We will get to that very soon as well. And then we have found a very interesting opportunity that we will tell you more about, and that is that we are an alternative that can offer both European and Swiss hosting solutions for those who are fully located in Europe and Switzerland. With all that it means, we'll get to that very soon. So what are we doing? You can explain it on three levels. The first one is a little more technical. We handle a... facilitate a cloud infrastructure that is behind the company's websites and takes care of everything that has to do with security and structure, functionality, everything so that it just works on its own and then the developers who build websites, web applications and so on can focus on building it. To make it easier, we take care of all complicated data systems behind websites so that companies can focus on building what they want in their websites. To make it even easier, we provide companies with a kitchen to be able to build and cook together websites and digital applications. And then we take care of everything from infrastructure, we make sure that there is electricity, tools, everything you need around, the property and so on, in order to be able to cook up these web applications. We also make sure that no one can come in and spy on your web applications, websites, or even steal them, or that it is also certain that it can harm you. And depending on how advanced you want to cook up these web websites, various all the tools you need. I hope that this is quite understandable. And what are the challenges with this goal infrastructure that we work with? We are in a as a layer on top of it. If you take AWS or Google Cloud or Microsoft Azure, we are like a middle layer on top of them. And one can say that understanding and having an understanding of target infrastructures is very complicated. There is a lot you have to be aware of and it creates a lot of worry. The challenges are that it costs a lot of money, of course, but above all that it is uncontrolled. It is difficult to get an idea of what the costs look like and what you pay for. You build up a lot of dependence on individuals, DevOps individuals, who are the ones who understand how the kitchen works. Be up and running 24-7. Always be up and running, especially when it's Black Friday or when, like Roche, one of our customers will release their quarterly report, as we do today. Then there is always a lot of stress, and this creates a lot of stress for the organization. Safety is an issue that is always, and even compliance is a jungle, and the requirements increase, and there are more and more threats and attacks. You have to be more aware and thus increase the regulation. It also creates a lot of stress. Then it is complex. I saw this schematic picture that was just shown on IWS, how it looks, everything you have to be aware of. And it also creates stress and you are always unsure if you have made the right decision, if it is future safe and so on. And then it is to get help when you need it. It is hopeless, especially in American companies. What do we do for our customers? We can divide them into digital agencies and direct customers. And Digital Agencies, what they really are, is that they should be able to launch and release their applications and websites very quickly. They should be able to handle a lot of projects at the same time in a smooth way. And they should be able to handle them and even scale them very easily. That is their most important thing. And what we offer is a completely managed solution, so that we take care of everything mostly automated. and a platform that is made to handle many projects and collaborate around. And then we have the support that is available 24-7 and there is the knowledge and so on. And then for agencies, we can also invite them to invite others to use our kitchen to collaborate and then they can get a kickback on that. And if you take direct customers, larger companies, they also need medium-sized companies and smaller companies. So what they are looking for is, of course, high availability and damage is important. And by high availability, I mean that it is always too small, that it is up and spinning all the time and never goes down. And the scalability is that the more people that need to come in, the more it will still work. Then security and compliance is very important for them. And then it is also that you minimize the operational complexity, that it is difficult to handle these goal solutions. What we offer is, again, a managed cloud infrastructure. We offer extremely high security and scalability when it comes to infrastructure. We can also offer a solution where everything is hosted and handled in Europe and also in Switzerland. And then there is this direct support that is very important. And Today we have more than 12,500 applications running on our platform and we have over 400 million calls a month, which is extremely much. And over 3,000 users with over 3,100 users. And since the launch, or since the launch, since we noted 2019, we have released over 800,000 applications on our platform. So there is a lot going on on the platform. And if you look at the customers, we have the big dragons, Fidelt, Roche and Swiss Armed Forces. What's interesting with them, even though we may not be focusing as much right now on chasing this type of customer, they are an incredibly good guarantee for us, because they have extremely high demands on a supplier. So they are very good for references. And that's all when it comes to reliability and security and all that, they have very high requirements. Then we have all the agencies, which is a growing scale. Our focus here is not to get... We are chasing more agencies, we are signing up more agencies. But the main focus right now is to get them started, that they really start using the platform and create more and more projects with us. So that's the main focus, to create an automation that is incredibly interesting for us. And agencies are also our skill strategy. And why is that? Well, because we came from, we have been an old agency, we created the platform for agencies, so we can do it and it is well-prepared for their needs. Agencies have very limited resources. Most of them are developers and creators. They need something that works, that is simple and that can remove all complexity-related infrastructure. And by focusing on agencies, we can also focus all of our sales resources on basically chasing agencies. And it's not just sales, it's also marketing, all the content we do out there, how we've built our website, when we're out at events and so on, we're chasing agencies, which gives us a much better focus and we get significantly better output. And then there is a bonus here with agencies, that they also act as partners. They use our platform, but it doesn't stop there, but they also act as resellers, they invite companies to use our platform for their projects that it is not the agencies that drive them. So they are also sales agents, and we say that about ten of the projects that they add are usually a slightly larger project, which is more of a reference, where they have sold a project to their customers that we get to take part in. So it's incredibly effective. And this is how far we have in the year. If we just look at the year, we have a... It's spinning now. We've just got in just under 3,000 USD in MRR, only from connected agencies since the beginning of the year. And this is increasing all the time. And not only do we get more and more projects, but the growth rate is also increasing. And we have about 31 new projects that are activated. And we have a lot of these VATIL projects that we discuss with end customers. So it's turning out very well. och är vi superglada för det. En annan då som jag har nämnt då, en möjlighet som är jätteintressant för oss, den öppnades upp egentligen kan man säga under Donald Trumps första mandatperiod, då lades grunden för det här, för det stökades runt väldigt mycket om att USA skulle då kunna ha tillgång till all data på amerikanska måltjänster, även om de var förlagda i Europa, om de misstänkte brott. Och det här skapade ett mycket oro Och den här oron har ju accelererat kraftigt sedan årsskiftet och allt stök som hände i världen. Och det gör att företag inom Europa inte är komfortabla med att lägga känslig data i amerikanska... the American hosting providers, regardless of where they are physically and regardless of how the company structure is, because they also try to get around this with different types of company structures, but it doesn't help. There is an incredible mistrust. And this has increased, we have gotten more and more questions about this, and we have earlier had the opportunity to offer a completely Swedish or EU-based hosting solution. But there have not been so many inquiries about it, but there will be more and more. And what has happened lately will probably make it even more interesting. And we have, as I said, been getting a lot of sharp inquiries about whether we can offer this, both among existing but also completely new customers. So this is a super opportunity. There are tragic reasons why it is so, but it is an enormous opportunity for us as a company. And we really see it as a golden opportunity. So this is incredibly exciting. When we develop our platform, we make sure that everything we add can be offered as an extra service with a European partner, so we keep it that way. We also have a US-based alternative as an option, but we continue to build on that, so it's really exciting for us. Niklas, do you want to jump in and talk about business models?

I just want to go back to the EU and Switzerland. It's incredible, because all the competitors we see on the market are American. And all the sub-providers, all those who even put extra... The things you need at the top of security applications are always American. This is what Europe is waking up to now. It is completely in the hands of the US. It will not be the entire market, but it will be a large part. But because the competition is American, it can be a very big opportunity for us.

I can jump in there too. If you take for example the Swedish army, they can absolutely put data in American companies, but they don't want to put all the data, the one that is super sensitive they want to have. European alternative. And so it will be for quite a few companies. Some are put in the American inventory, but some data must or must not be put in front of the EU or the Swedish country's borders and in companies that are Swedish or European.

Exactly, and that's why they chose Divo. Okay, the business model. We work with recurring revenues. And if you have been involved and possibly invested in other platforms, it takes an extremely long time and it is very difficult to build a platform, both product-wise or technically, but also commercially. You have to go around and adjust and adjust your model for it. And this is where we see that the new agency model, earlier we worked with larger companies, Bigger customers also need a platform, but the real scaleability is when you put in a lot of small projects. That's where you build barriers to competition. It's hard for smaller companies to get in when you start running volumes. This is where we have been working for many years, so we are very scalable. You can see the numbers that Job has shown. Already now we have very large volumes, but it can increase that a lot. The gender in the company is also very low. The customers become very sticky. It's not really like choosing Apple versus PC or Microsoft, but it's not far from it. When you get into this, you're still there. Because the cost of switching to something else becomes very, very high. And that's why everyone is still there. User acquisition costs, the cost to get the customer in is high, but when they are there, it's very interesting. That's why it's like CFO, even if you have small numbers, John is talking about $2,800, but they are still there. So you can increase, increase, increase, even small numbers, then it quickly becomes very... very valuable revenues for the company. So when you look at DIVI and look at these, think about what it will be on a yearly basis and in the future. And then we have, especially for the larger customers, we have very good working capital that they pay upfront, which takes them in. And that becomes more of what we call enterprise customers. When there were a tenth of a customer upwards, the industry works with revenue payments. So we have relatively good working capital in the company. Next. If we look at the Q4 figures, we start by showing the MRR in the company. As Jon said, we have changed strategy. We do not focus on the old sales strategy anymore. We still take the customers if they come, but you can see that in the figures. that the growth rate has stopped because we are not selling on the old, and on the new we are still putting new grass in the grass mat and get the agencies in, get them started. But they have not yet pushed up so many projects in the long run that they will do when they are 5% growth in the company. This MRR is also dollar-based, and because of Trump and his tariffs, etc., the dollar has fallen sharply against all currencies, including the crown. It's down 13% against last year, the same figure as last year. So if we look here, we're down 5%, 7%, 8%, 5% on on our revenues, but that drop is actually MRR plus currency change. So we have, I would say, a normalized effect of a small growth in the company. If you look at net sales on a yearly basis, on the other hand, we are still growing by 35%. So it's not, for a small platform company, we may not be in huge numbers, but it's not a shame either. We move forward all the time in the company and develop further. Then, capitalized development means that we activate certain development costs. We have made the team much more efficient, but we can also work a little more on these big projects, so it's down. The cost side, just to go through the cost of goods sold, it's down. I would also like to mention Professional Service Revenues. On the revenue side, it's flat, but keep that in mind. Last year's Q4, there was quite a lot of start-up activity on this project. This quarter, we announced in November that we took in a 30th sprint. So it was an extra income of SEK 700,000. So actually both of those quarters are a bit over the long-term run rate, if you call it that, and the same thing on the cost side. But this extra 13th sprint did not have as much external costs and therefore it has fallen in Q4 this year. Other external costs are a little higher and half of that is... We did a fairly large security load test through ISO certified and there are a lot of consultants who are involved in it, so it was quite expensive. So half of it is, I can't call it a one-off, but it explains half of that upgrade. The staff costs are a bit lower, not as much as in the previous quarter, and that has to do with the fact that we continued to work on efficiency and we had quite large overlapping staff costs in Q4 this year. The run rate for what we see in the company took some extra costs. Otherwise, it will be nothing special. EBITDA is positive for the quarter and we are positive for the year. We are extremely proud of it. Here you should be aware that last year it was actually minus 9 million EBITDA. So Jono and the team, before my time in the board, but the management worked really hard to take control of the result calculation and such. And we have really achieved that. So Divio is a completely different company today compared to what it was a year ago, financially. And it makes life as a CFO much, much easier. Net financial items is mainly the currency changes that are happening redovisningstekniskt när vi har ett stort lån till vårt dotterbolag. Det är så vi finansierar det dotterbolaget. Jag återkommer på det för det kommer vi till stora del att ta bort. Sen är det också räntekostnader på de här lånen. Det här kommer typen som ligger fram till april här. Det är på 350 000. Och sen ett mått som jag använder väldigt mycket är cash ebitda. Och det är ebitda plus capitalized development costs. So it's what you can call a periodized operating cash flow. Operating cash flow in Divio is very difficult to read because you have a lot of advance payments on the income above all. So you know, one quarter can be really, really good and then it's bad in three quarters, for example. So I look at cash EBITDA and there we are at a little under 900 000 SEK per quarter, so a little under 300 000 SEK per month. Now it was a little messy quarter with a little extra costs here and there and such, so maybe the run rate is a little lower than that. And you can also see on a yearly basis that we are at 3.2, so a little, what is it, 260 000 SEK per month. So we have a little Vi har lite kvar tills vi är helt kassaflödesneutrala. Det är någonting vi jobbar stenhårt på för att täppa till. Om man tittar ett år tillbaka så var det minus 15 miljoner. Så det är ett helt annat bolag. 15 miljoner är jobbigt som CIFÖ och 3 miljoner klarar man av. Det är ett mycket mer stabilt bolag. Kassan ligger på 8 miljoner. 8 million in Q4. The cash flow in Q4 is always a bit tight in terms of working capital. Both customers and suppliers want to have as good a balance sheet as possible at the end of the year. Det positiva arbetskapitalet du har, det minskar just vid Q4 och sen går det upp igen. Så det där är en ganska tight working capital position på den. Och sen förhoppningsvis så kan vi då utöka arbetskapitalet efter det här framöver. Det är väl ungefär den. Om vi tar nästa slide. Och så vill jag bara nämna, vi sa några till grejer, alltså significant events. Så det är den första valuta effekten du pratade om. We received SEK 7 million from a large customer for an advance payment for 2026. This is something that we have advanced to earlier. So it was our largest customer as the project was two and a half, almost three years, plus one year, this is the fourth year. So SEK 7.3 is included in the money. And then the last share payment for SEK 3.3 came in Q1. Then we have done, this was something we also did in 2000, was it 21 or 22, that when we found our daughter company through loan, and our daughter company in Sweden is still a loss giver, then you get very unbalanced figures both at the mother company level, then we speak AB, not consolidated, but AB level and then in AG in our Swedish daughter company. As part of the annual revision, we write down the inter-company loans. This makes all valuations on fashion companies, dotter companies and equities much better. Men det gör också att vi får bort de här stora valutaeffekterna på konsolideringsnivå. För på konsolideringsnivå försvinner ju det här lånet, förutom den här FX-effekten. För att i AB-bolaget, där som lånet är sex, så blir det ingen valutaeffekt på ena sidan, men det blir det i det svetiska dotterbolaget. And so we take it all away again. I don't really know how big it is. But what it also does is that we get a negative free own capital at the level of fashion companies with 14 million kronor. And we will then move that to cover that loss from capital. It is a cleaning up for this top thing. But what it also does is that it lowers the nominal value of the company from 10 to 6 euros. And that means that if you can Divio, there is a convertible in the company that falls in April at 4 million kronor plus interest at 0.6. And that was 10% of the market value. So it's not that big in itself, but it's something that we would like to discuss with those who have it and see if we can somehow solve this to our own capital. And it's easier with a quota value of six ears than ten. So it's something that we... It's a bit of a cleaning up of our balance sheet, if that's not worse. That's basically it for me. Thank you.

And finally, what we are focusing on now. First of all, we are very happy that we have achieved this EBITDA goal to become more positive. As Niklas mentioned, we have put in a lot of energy and strength to get there and continue on that path. But the big thing is the agency strategy shift that we started last year and have really gotten the hang of it this year. As I mentioned earlier, there is always a certain risk with taking the type of strategic change decision. There was no direct chance, it was a highly qualified answer. But we are extremely happy that we did it and we see now that it is really spinning. As I mentioned before, we have received almost 3,000 MRs since the change of year, only from agencies. More or less, the self-producing piano, when the agencies get started and they start to lay out projects, it starts to happen more and more automatically. They put on smaller, a little bigger and sometimes larger projects on our platform. So we have been fighting hard now to expand and scale up sales in that regard, so that we have more hands and feet that can be out there and find new agencies, but also, above all, get them started, get them started as we have in our network. So this is what we see. This is really platform play when it's best. And we will continue on that. And then the other big thing The focus for the future is to continue to communicate that we are the European-Swiss alternative, along with all the American actors. And that we have started to get concrete questions in our pipe, where we have discussions with companies that are very interested in this type of solution. And this will really be played into our hands, and we are very careful. So these are the three pieces that we are really focusing on now. And take the last piece with EBITDA as a goal, especially EBITDA as a goal. And continue to push and scale up the agency strategy. And then spin on this with the offer of a European and Swiss solution to all American alternatives. So that's it. And we have a completely different situation again. We have really balanced it earlier and we have enormous strength. We have also got in Niklas who makes a lot of use of it. And as I mentioned, we have also got in a new CTO who also contributes a lot. So we have enormous strength forward now and it is incredibly exciting this year. Det har börjat jättebra och det ska fortsätta bli ännu bättre. Så det var allt från oss, så nu tar vi gärna frågor.

Tack för den presentationen och precis, då öppnar vi upp för en frågestund här. Den första frågan som lyder så här. Vad är status gällande förlängning och avtal med Fidelity? Behöver vi vara bekymrade över att ett nytt avtal inte tecknas eller hur ska vi tänka kring det?

Ja, det är en högst relevant fråga. Vi har ju ett avtal som löper ut 2026, så det här är sista året på det avtalet som vi har signat tidigare, för tre år sedan. Man kan väl säga att jag inte är nervös överhuvudtaget för att det är så att Det är en stor drake och vi skulle egentligen redan förra sommaren fått signaler på att de hade nya planer, hade överhuvudtaget funderingar på att ersätta oss. Vi har inte hört någonting, vi har snarare hört precis tvärtom. Vi har idylligen kontakt med dem såklart och vi kommer på att börja upphandling, den är planerad. the renewal of the contract. The negotiations are planned on their initiative this summer. We will have a start-up meeting in April. I am not nervous about that. I am perhaps doubtful that we will get advance payments for three years or almost three years again. Probably we will get it in that case annually. But I doubt that we will get such a long advance payment, and it may not be something we are directly interested in either, because it is also a fairly high cost in the form of a discount on that type of investment. So no, I'm not the least bit nervous about it, and I don't think anyone else needs it either. As I said, we would have known long, long ago if it had been something that meant that they had other thoughts than to continue with us.

Tack för det svaret. Ser ni AI-leverantörer och även modeller som en hot mot er affärsmodell och även tjänst? Och hur använder ni själva AI idag i er PAS-lösning?

We use AI, absolutely. For me it is another tool. There are a lot of possibilities and we offer both help and customers. What we try to avoid is to replace personal support with AI, which I think is very important to do. We notice that we are going towards personal support. Instead of being a support, we use AI tools to simplify and facilitate their work and be able to handle more customers. That's how we use AI there. But we want to continue to be the one that offers personal support when everyone else goes a different way. In many ways, it is an important part of our tools. On the first part of the question, there are actually two parts that are very exciting. One is that there are a lot of people now who can build with different tools, without being able to code at all. exciting, nice websites and web applications. But what you can't replace is this underlying target infrastructure. There are simplifications there also with the help of AI, but what is happening now is that we see that a lot of applications are being built, kopplat till hur de ska fungera med molntjänster så är det mycket skit. För det är många som utvecklar men det är väldigt få som har koll och kunskap om just arkitekturen. Och den måste man ha för annars blir det inte bra i slutändan. Och där kommer vi in och ser en enorm möjlighet. Then we have, for example, so that the need grows rather than decreases. And then we see another very interesting development, and that is that many of the digital agencies, they see it as, in the long term, they will probably build websites and web applications. That part will... It is still a long way to be replaced, because there is a lot of creative work and competence and knowledge that you still have to have. But what many of them are doing now is that instead of competing with AI, they are offering more and more customers to build AI-related services, web applications and so on for their customer's expense. which makes it much better. So they see it as another opportunity. So what we do, what we just ensure is that there are no obstacles in our platform to be able to handle this type of new AI-based web applications and websites. So we're following the flow. And it's exciting that web agencies find an iteration where they build up a new competence and knowledge and stick with it. So for us, we just see it as an opportunity to embrace and promote. It plays us right in the hands of that whole development.

I think one thing is also that we have... Vi har kommit så långt att vi har en fungerande plattform och du kan inte bygga en fungerande plattform med AI. För att ha en plattform så måste du få in stora kunder och du får inte in stora kunder om du inte har andra stora kunder. Så det är väldigt svårt att komma upp till den nivån där vi är nu. Det är kycklingen och hönan, ägget och hönan, vad blir det man säger på allt det här. Men vad vi ser nu, vi behöver ju göra justeringar mot nya modeller, mot vår nya modell och göra det enklare för kunder. And there AI is extremely useful. Our CTO wanted to build on the pricing thing. It's nothing that's important in terms of IR. But then he sat for a weekend and just built it in. Through AI, a whole new, functioning side for that part. So when you get to our level, I think it's extremely useful to be able to do. Because it becomes much, much faster in our adaptation to customers. And I think that's great.

Thank you for that answer, both of you there. What are the potential opportunities for these enterprises?

You could say that enterprise customers start, according to the price model, at $3,500 a month. That's the minimum. But then there are different variants in between so that they can start at some level. But it's somewhere from $2,000 a month and up. And the possibility here is of course that they act as resellers. We want to have customer relations that can help us. We have many agencies that are running and using our platform that will fall into more and more projects that land on our platform. And part of these projects is projects that they pitch to customers, where we are with pitchers to customers. And we have been with a lot of pitchers now, where we are part of the agency's, the agency's pitchers to new customers. And of course, it is not we who decide They win or not. Sometimes they win and the dialogues continue. Sometimes they fall from. And this is also something that we see that also increases the possibility or the possibility of inflow of new customers. We are still working on getting these smaller projects started, but the bonus is that these larger projects will come in. They often take a little longer, the smaller projects come in all the time, while the larger projects, even if we are already pitching and it's a dialogue, they still take a little longer. Men de börjar någonstans runt 2000 just dollars i månaden. Det är ungefär där och uppåt.

Har ni idag någon nordisk hostingtjänst och även samarbete?

Nej, det har vi faktiskt inte. Vi har en relation till Flera aktörer i Norden. Skulle vi ha en kund som kräver det, så är det väldigt enkelt för oss att sätta upp den möjligheten när den finns. Men vi gör ingenting om vi inte har ett skarpt case, en skarp förfrågan. Men i övre Europa så har vi flera stycken lokala aktörer. that we are cooperating with and are actively cooperating with, because we have customers who have asked for it, so we have built it up. Now we will focus more on connecting to various European solutions, with regard to the focus we have and the demand. But today we don't have any active customer or an active relationship where we actually have customer case to a Nordic target supplier.

But to add, it's a very interesting question, because as you said earlier, everything was American and then you have the EU that is doing GDPR. to secure privacy against customers and such. But earlier this was just a question, first it was just a price question, is it cheaper to have it in Europe? And yes, it might be easier to have it in Europe because then there is less legal documentation against GDPR. But what we are starting to see now, so this question is very relevant, because what we are starting to see now, it was in Dagens Industri a few days ago that it is a municipality that has said that they do not want American data suppliers. But then they don't switch to European solutions, but they think they want a Swedish solution. And that's where we... What we're doing to make it easy to switch to cloud storage is the whole basic concept. And we're one of the few in Europe, or in Europe and Sweden, but the data is synced, they're very good friends with it. This is what we're trying to see, whether we should even go national, and not just think about the EU. That's what we're trying to think about. There's nothing that says that there should be every country in Europe, plus Sweden, plus England, plus everyone else who's involved in this data collaboration. That's what we're trying to develop. If you can have a Swedish flag instead of an EU flag, then it can happen that it becomes even stronger.

Thank you for that. Let's move on to the next question. What is the status of the work with Swiss Innovation Forces?

It is ongoing work. We have a lot of dialogues with them. We have a lot of projects. We have two customers. We have Swiss Armed Forces, which are more traditional... Swedish Army and then we have our collaboration with Swiss Innovation Forces, which is a kind of development hub for the Swedish Army. They are a bit independent, but we have a collaboration with, or they use our platform, PG2. And in summary, they above all, I would say, within Swiss Armed Forces, som i svenska men, det är där vi håller på att utöka samarbetet och vi har jättemånga dialoger igång med dem och det kommer nya projekt. De har mycket små projekt som adderas hela tiden också på vår plattform och vi har ett ramavtag med dem så att det tickar på. Så det är en högintressant kund och vi växer säkert med dem hela tiden. It's a good reference point for data security. Yes, indeed. Swiss Innovation Force is a smaller side track, but we also have a whole project on the way. It grows a little slower compared to Swiss Armed Forces. But absolutely, it's a very relevant customer. And they are one of the actors, without saying too much, De har rätt mycket på AWS, men har inte varit så brydda om var de befinner sig, eller lite brydda har de varit om de haft en enterprise, en egen cloud-lösning. Men de är väl en av dem som vill verkligen säkerställa att det finns, känslig data finns inom landet.

Såklart att de vill det. Tack för det svaret. What are your priorities and focus for the next six months?

My focus is 100% to continue to scale and bring in more hands and feet to scale up the ADC strategy. The only thing that prevents us from growing more is just man hours and hands and feet. And there are no traditional sellers I want to have in there, but it's people, you could say account managers who have worked at different agencies, but who can also sell, like with Pitcher and others. It's that type of person that we are recruiting and hunting to be able to scale it up. And that is one of my absolute biggest focus. The other is also, of course, to ride on this the European and Swedish hosting waves to be able to offer that solution. So that's where all of our focus is right now, or my focus, I should say. Niklas' focus is of course to, in addition to solving convertible loans and other things, to make sure to keep an eye on me as well, so that we keep an eye on costs as well. Because I want to accelerate, but we have to keep an eye on it. So that we don't run away in terms of costs and can keep it there tomorrow. Without having to stop for that part.

Thank you for that answer. Can you explain a little bit about how the benefit of the share capital here, according to the call that you send out to the company's board, is it necessary and supports your financial position? Can you tell us a little more about that?

I can take this one. This is on the AB, Standalone and AG level. You don't see that on a consolidated basis. It has to do with, I mentioned a little, that since we borrow money, we take in the money in AB, in the fashion company, and then we borrow the money to AG. But since that company makes losses, Over the years, there will be imbalances. The value in the daughter company, in the balance sheet in the mother company, will be skewed, etc. This is more of a cleaning up to restore it to the right levels. And I don't think it will affect us much more than that. Apart from the fact that we wrote off the entire loan. And that also has to do with the fact that we get rid of the currency. I'm talking about the net financials item. What's down for Evitan is very big swings. Sometimes in a quarter it's up 2 million and then it's down 3 million. And that has to do with Trump. What he says there goes up and down back and forth. Det blir väldigt störande för oss. Nu tog vi bort hela värdet på det lånet. Men då får vi ett negativt fritt egenkapital. Då passar det oss ganska bra att ta bort det på en gång. Ett städa upp, men också sänka kodvärdet. Jag tror inte det har någon betydelse på konsoliderad nivå. Jag vet inte om du ska ha jättestor för en aktie. Men det får ni bedöma.

Thank you for that answer. And the trade in your shares is heavy and the prices can be felt quite depressed, which is not super good. How can you increase visibility, interest and understanding of the company and what it does for potential investors?

Can I take that question? Absolutely. One of the big problems in Bivio, one has been, if you look at it historically, we have had a very negative EBITDA and that has never been the case. And then the whole model has been that we are hunting for a few really, really big customers who are fantastic to sell and then it becomes completely dead in between that. Which made it very difficult to work with IR work and keep informed, because you don't have much to say. You say you have a very exciting pipeline, you have 20 deals, we hope to put in one, maybe. But what happens in this new strategy is that it ticks in every day or every week. If you look at Monday morning, it's exciting because there's someone who has signed up over the weekend. So we have a completely different way that we can work with the market. And then we are working very closely on this in a way that we may not have done before. So we will try to be much more active. Against the market, because we have a lot more stories to tell. Hopefully, if we snuff out Peppa Peppa, we will get a momentum that we can talk about in the market. We are more aware and will work hard on this. Jon, do you have anything to add?

No, not at all. But I think we've noticed an increase in communication. But that also means that we have more to tell now and more exciting things than before. And that positive things happen that we want to tell as well. And we have the focus. Previously, if you wanted to make money, you talked a little bit. Or if it's... The quarterly reports have been very quiet, but now we will have an active flow of information. It may not come out every day, but we will try to come up with an even flow of updates on what is happening.

Thank you very much for that answer. And then we take a final question here. The customer pitches you have been a part of with agencies, are they about smaller customers or even EP customers?

Yes, it's mixed, actually. It's both small and large customers. And it's all from, like, it can be campaigns. Before OS, there was a project that we were involved in, to be involved in Jumbo Troner in connection with ice hockey matches and that type of project together with someone. So it's more that it's a little bigger customers that... who are interested in our platform where we collaborate with companies. So that's it. It can be classic corporate customers with big plans for smaller, almost gypsy-like projects and so on. So it's a very mixed thing. And it's also very fun when you're in that kind of pitch. We have a... tråkiga delen av pitcharna. Vi ska bara gå in och berätta att allting funkar, det är skalbart och stabilt och det är hela den biten, det är säkerhet och så vidare. Medan då det är agencies som får prata om det mer kreativa delen. Men det är också vår roll och det är därför vi finns och det är därför det är en bra match med agencies också. Då slipper de fundera på det. Vi går in som någon slags garant.

You have to maintain and build up a sales team. Previously, they sat and chased big customers. Worked, worked, worked and maybe put one per year. And there are no synergies between that deal and the other deals. So you work one and then you take the keyboard to work again. This is incredibly much more interactive when you work. You build as a partnership with all agencies and then you work with them. You talk, you build, you come up with ideas and find models. Det är mycket lättare att motivera alla internt också. Och det är väldigt viktigt för att få igång försäljningen. Så det är en mycket roligare sätt att jobba på. Väldigt viktigt.

Toppen. Stort tack Jono och Niklas för er presentation här idag. Och även svar på alla våra frågor. Och så ett stort tack till alla som har följt dagens sändning med Divio. Och så önskar jag en fortsatt trevlig dag. Tack hörrni.

Tack så mycket. Hey.