Tourn International AB (publ)

Hi, my name is Robert Stevan and I'm the CEO of Torn International. Today, April 30th, we released quarter report 1 for 2026. If you look carefully at our figures for the quarter, we ended up with a turnover of 10.8 million kronor. The company's result was minus 597 and the total result was minus 1 million kronor. Megatron raised SEK 7.3 million, Netto's revenue was SEK 18.3 million, and Agencyland raised SEK 2.8 million and booked campaigns for SEK 8.6 million. Vertical AI, which we will talk more about, raised SEK 433,000 for Q1. But in simple terms, EBITDA improvement of 68% compared to Q1 2025. It is mainly due to cost savings. We have a cost reduction of 30% in everything from salaries to lower IT costs and general cost savings. But also due to that NAGATO, which is a significant margin improvement. In April, it was 18.3% of the gross margin of Q1 2026, compared to the previous year. Agency landed at 8.6 million U.S. dollars. We'll talk more about how that is and what we can expect, and what we can expect from AI in 2023. But if we start with Nagato, which I mentioned earlier, we landed at 18.3. On Q4, we were at 17.6 percent, so there is a continued margin of improvement in Nagato. Vi har valt att redovisa lite annorlunda i Q1 jämfört med tidigare kvartal. Just att vi hade så tydligt kunnat följa just resultatet. Vi har allokerat om en del kostnader under magasin, det vill säga befintliga kostnader i koncernen. Just att vi ger en mer rättvisande bild på nettomarginalen. So a part of the development cost there, a part of the IT cost there, and we have allocated it because it will be more clear and easier to follow. We still have more comparative present investments that we will be able to see. Just follow it, it's easier to compare. The turnover is, as I said, 7.3 million and the net result is 780,000. This is one of the biggest contributing factors to the fact that we actually did have a negative result for Q18. It was not far from positive. But just that Nagato's CPM was significantly lower than we had expected, due to the amount of revenue we had received. The amount of revenue we had received was what we had expected, but maybe 8-9 million, so we have also dropped the net result. The CPMs are always in the Q1 compared to the Q4. The Q4 is the strongest quarter and the Q1 is the weakest quarter. After January and February. But pretty quickly after January and February, the CPMs start to climb again. Climbing has been much slower than just four years ago. There are no macroeconomics or macroanalytics, but I assume that it has to do with the market situation. CPM is based on how many advertisers choose to book in, specifically for others in the building market. So the more the demand is, or the more advertisers choose to book in and advertise, the higher the CPM prices. The smaller the advertisers, the more careful they are, the lower the CPM prices. So, we believe that this has to do with the new way of the market, that people are more careful. And that's why CBN has been in this position. We continue to increase, as they always do, after so-called statistically low months. But it's slowly going up. If we look at agency, the turnover is 2.8 million. This is something we are enjoying, compared to Q3, where we had a big dip in Q3 last year. So it is a clear improvement. Q3 was a quarter that was our worst quarter for a very long time. And that's where we decided that we would change our business model. That we would change it and, above all, identify it, so that we can scale it and grow. We managed to prove that we could in Q4. And in Q1, it turned out to be a very, very difficult quarter. We were able to grow with the right type of process. What it's about is that we grow with much more intensities, much more diversified intensities in our platforms. It becomes much more scalable, much less searched, and the possibilities are much better than the original. What we do now is that we work with a lot more infrastructure. Smaller campaigns, more campaigns, but much, much, much more. This builds a good foundation, a much less vulnerable foundation. Vi nådde inte hela vägen, väldigt nära, men det handlade också om att mycket kampanjer flyttas över månaderna, så det var en hel del från mars som flyttades in i april. Detta kan man se tydligt i att vi var redan 8,6 miljoner bokade för hela året, och även majoriteten av det ligger redan i Q2. Det är strax över 4 miljoner av de här som ligger i Q2 bokade. So, Agency did a good job, I would say a good job, in Q1. Even though it's not really all the way, but very close, it builds on a very good basis, with a lot of input. And what we can expect in the future is that we will try to grow even more, in the form of not only trying to grow in Sweden, but also with our new setups, making it possible to grow internationally. So now we have a bunch of influencers that we advertise outside of Sweden's borders and are expected to be reflected in Q2, Q3, Q4 this year. Vertical AI is our new investment. To give you some background, this is based on the fact that we have had to optimize, decentralize, and also redesign our basic strategy to create a more scalable and more profitable company. We started with an agentification of our business a while ago, primarily via Nagato. i management och administration och sen även i slutet på Q3 i agency. Men under förra året så började flera av våra nära partners röra sig och fråga just hur vi jobbar med våra agenter och sen i sin tur så ledde det till att de skulle fyra våra agenter från oss. Så vi har jobbat nära några partners som har hjälpt med dessa agenter And that led to the fact that it was the first time that we started to provide our agents with external and not just close partners. We didn't want to invest in this until we knew that it was something to invest in and that it would actually positively contribute to our business. But it has turned out that our agents have a very good position that is missing on the market. So, what it is, is that we are agents, that's why we call it vertical AIDs, and agents with a special approach to specific issues. It can be an A-agent who helps with the management of the legacy management system, or it can be an A-agent who helps with It can be a content creator, a video creator or a human creator. It can be an agency that helps with project management, a specific project management system. It's not a chatbot or someone who helps to read an agreement, but it's actually someone who works in a different system, who is active, who is involved in our work. Vi har som sagt sålt redan 423 000 i Q1. Vi har allokerat en del kostnader. I rapporten skriver vi att vi gör strax över 100 000 i negativt resultat. Det är inte det att vi har dragit på oss nya kostnader på plattor här eller anställt eller tagit an oss en massa nya kostnader utan det är mer att vi har allokerat om med en del av de interna resurserna vi redan har under den här satsningen. Just att man ska kunna följa det i rapporten. So, there are new revenues directly into the company and we expect them to continue to grow. So, during Q2, we will... We have several agreements already signed, but we will communicate about larger agreements, even during Q2. So, you can expect to be able to read about that. We will also, during Q2, also prepare How many agents do we actually have in the field? We chose not to do it in Q1, because we want to have more comparative figures, especially now in March, when we test Q2 on the field. But in Q2, the Q2 report, we will start to show how many agents we can actually see that are working outside. We want to have more comparative figures, NEP is one of the close partners that we work with. We have written a strategic cooperation agreement for the Swedish part and for the global part. We expect to announce several of the larger opportunities in the future. Well, the investment continues just as we saw earlier. It takes a lot longer than we hoped, and yet it is a bigger setup than we expected in China. But the work with both Danilo and Ruri continues, and we are preparing a launch, so we are at the end of the phase. where all IPs are in place, where our partners are in place, where everything is possible to be set up in place. Right now, a market management plan is being prepared and an execution of the market management plan, which we hope will be now in Q2 and can also be extended to Q3. Vi väljer att ingen kommunicerar så mycket för det här som faktiskt händer. Det tar ofta längre tid än man hoppas och tänker, så kommer vi att kommunicera när det faktiskt sker för att det gör oss skadade. If we look at Q2 in the future, the CPMs will continue to increase, which they show that they do. So, the turnover of legato will increase, provided that nothing happens in the world, such as in our CPMs. We will also have several book rewards via agency. We can already see that we have. We expect that it will continue. So Q2 is generally a much stronger quarter than Q1, we know that for the most part. So provided that nothing bad happens in the world, you can expect increased revenues both on NAGAP and agency Q2. And we expect that our A-earnings will increase. We have seen that several customers have already entered and are on the move. There are several large companies on the move that we expect to be able to democratize. This will lead to an increased turnover and income. Vi förväntas också att Nagapi ska fortsätta växa marginalmässigt, men vi siktar på att det kommer att landa mellan 18 och 20 procent under Q2. Därefter kanske i Q3 mot Q4 ska vi nog göra en ytterligare marginalförbättring, men det beror lite på hur dessa satsningar blir att det gör. Man kan förvänta sig att det kommer att landa mellan 18 och 20 procent. So it's a strong start to 2026. Even though we didn't land all the way to the bus stop at EBT, we are very happy with it. It was very close. There were small adjustments that went down. It could have been that a couple of campaigns landed on that month or not. And it could have been that the CPI price was a little higher. Then we would have had to switch over to the bus stop. I think that Q1 shows that we have found a platform that is actually possible to build on, that will be able to build solutions. We had hardly any changes in our cash flow. We have found a basis that we can scale on and a cost base that is manageable. And now it's up to us to just scale it, both on AGC, scale it with Ganto and scale it with our own Ganto. Vi ser fram emot att visa ett bra kvartal. Det här var vårt värsta kvartal 2021. Det här kvartalet brukar vara väldigt tufft för oss. Vi är trots mediestecknande väldigt positiva och nöjda med resultatet. But we are really looking forward to being able to show Q2, which is an okay quarter, but something that is significantly better than Q1. 8.6 million is like a broker agency and it's starting to speed up now. We haven't really scaled it completely yet, but the scaling is happening now. We have already shown that it works, but the Q1 is Bookings are starting to take shape, but the bookings are starting now. As you can see, it's been a month since it started. A lot is happening now. So we're looking forward to communicating that the agency is growing, that more bookings are coming in for the whole year. We've had a cost discipline. We've reduced our costs by 13% compared to the previous year. We will continue to be cost-efficient. We will continue to find ways to save costs. At the same time, we will scale the business, but we will do it in a careful and disciplined way, where we take care of our costs in a completely different way. This is what we will be prepared for in the future. Thank you for this. I look forward to going into Q2 here, and I wish you all the best. Thank you.