Exsitec Holding AB (publ)

Hi everyone and welcome to this web presentation of the Excitec Q1 report. My name is Carl Öberg and I will be moderating this presentation. Presenting today will be Group CEO Niklas Ek and Group CFO Carl Arneson. If you have any questions during the presentation, either use the raise your hand function or write directly through the chat here in Zoom. With that, I hand it over to you, Niklas and Carl.

Thank you, Carl.

Hello, everyone. This is Niklas Jek speaking. I am the CEO at Excitec and we'll start off by making a short recap about our business as a reminder what we do. After that, we will cover Q1 financials and a short market update and also our priorities going forward. We are Excitec, making IT work together and we exist to deliver digital solutions that improve our customers' businesses and we aim to be a one-stop shop to the customer. We do this by selecting different softwares and develop in-house integrations that can be reused. By implementing different software and provide long-term support, we aim to be a single point of contact for our customers. The digital tools that we use can address areas like reducing financial administration through automation or use data for better decision making. Excitec is a Nordic company started out from Linköping, Sweden. Today we are around 600 employees with Sweden being the biggest segment. We have been successful in the last 10 years with growth, both organic and from M&A. Our EBITDA has followed our growth nicely with an exception in 2024. Best of breed is how we approach our customer solutions. Many of our delivers are centered around the ERP and the finance system, which act as the core. By selecting the right components and ensuring they work seamlessly together through our in-house integration, we can take full responsibility for the entire solution. Our customer base today is around 5,500 organizations and our target market is medium to large size companies in the Nordics. No one customer typically is more than around 1% of our revenue, so very low risk in the individual accounts. We combine the software packages we work with to fit different industries, and we have customers in many different industry sectors, as you see in the slide. These are the primary software providers and partners that we work with at this time. We are resellers of software and the selection has grown to over 20 software components. We combine these softwares with integrations that we develop in-house. We have a revenue share partnership with these software providers where we market and sell their software to new accounts and make customers successful in using the software over time. The business model is built on three revenue streams. The sales and marketing is focused on selling software together with integrations. This is sold on a subscription model where you pay as you use. This revenue stream has grown to 25% of our net revenue. And just under two thirds of our revenue is from professional services where we implement the software and make the customer successful in using the software over time. We also do custom development and custom integrations when needed. And the third revenue stream in our business model is that we offer our customers a single point of contact support on a recurring fixed priced model. Excitec runs one of the largest training programs in the Nordics and has done so at scale since 2015. We are very proud of this and today almost 40% of our employees started their careers with us as trainees. The trainee program is our primary source for recruiting new talent and an important driver for our long-term growth. Looking ahead, we plan to welcome a new group of trainees this fall as usual and the size of the 2026 program will be in line with 2025. So let's dive into specifics for Q1. I will start off with the highlights and then leave the word to Carl Arneson, our CFO, for the financial details. Overall, I'm satisfied with the development in the quarter, especially the strong profitability. We deliver strong earnings with an adjusted EBITDA of 49 million SEC and a margin of 21%. Organic growth was 1% in the quarter. And while this is moving in the right direction, we clearly see potential to increase the pace going forward. Recurring revenue from software continues to grow strongly, reaching 232 million SEC on an LTM basis, up 17% year on year. And finally, order intake from new customers was strong, up 38% in the quarter, reflecting solid demand and good sales momentum. With that, I will hand over to you, Carl.