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Dear audience, we would like to welcome you to the presentation of Trifork's Third Quarter Results. My name is Kristian Dollerup from Trifork's Investor Relations team. I'm hosting this from [indiscernible] together with [indiscernible].
Today, our CEO, Jorn Larsen; and our CFO, Kristian Wulf-Andersen, will start by providing a 20-minute presentation and, thereafter, offer your Q&A session. Before we start, I have a few housekeeping points that I would like to run through. First and foremost, I would like to inform you that this presentation is recorded in its full length and will be made available on our Investors web later today. Second, I would like to inform you that if you want to download the presentation, it has been released on our Investors web under the tab Events. After the presentation, we invite you to ask questions and engage with management after the presentation. [Operator Instructions] We'll try and do our best to ensure that everyone gets a chance to ask the questions within the allocated time. Before we really get started, I have a quick disclaimer I need to present. So let's have a quick look. I think that's enough of that. Let's get going. I will hand over to our CEO, John Larsen.
Thank you, Kristian, and thank you all for participating in this call. There's quite a number of people attending this time, which is very positive, even though I cannot see you. So welcome, and this time, I promise you that we will not have a lot of excuses for not reaching our targets as we saw a little bit last time. So as always, we like to see things in a perspective here since 2007, and we have inserted again our guidance and the realized numbers so far -- or Kristian, you can move on. So the main highlights for this quarter, in particular, are that, first of all, I'm very happy that our sick leave is down again to what we consider close to normal or maybe normal. It is after summer. And after summer, we normally see that people they run around without too much clothes and get cold or flu or whatever. But actually, our sick leave is at 1.6% for the quarter, which is good news. Zero would be better, of course. Our churn rate also has gone down, and we are now at around 15% which is a level we have been at for the last couple of years. And again, half this number would be even better, but we are not really worried about the level we are at now. At Inspire, something actually happened over summer. So a conference here in Australia and other places that we actually cofounded in 2008, have now been involved in the transaction where we are the full owner of this conference series again. And why do we invest in a conference series in Australia? So the answer to that is that every quarter, every day, every month, we are building on our community -- on the global community to make sure that we know where the tech world is heading. So this is a giant mission. It's a mission towards creating a place where anyone involved in creating a digital product can turn to and what's interesting and learning for videos and get access to the latest books about certain topics, et cetera. So you should see this as a building block in this mission. And also, we keep tracking on the cumulative views on our GOTO channel now close to 40 million views. Also, we see a lot of physical in-person activities in our DesignLabs, which is very positive.
I will jump the talk about growth right now, just mentioning that in Build it's 17.1%, in Run it's 36.2%. And then a little update in Labs is that we -- there has been some smaller transactions. We have now put a little toe in the water of all the Digital Health for animals, but more about that later. Kristian? Okay. So here's the overall numbers. And of course, we are happy that we -- in an environment that is highly uncertain. I would say that doing business in these times with all the challenges that the world is facing is not easy. So here, I'd like to thank all our colleagues for the great and massive effort in navigating in this very challenging environment. So of course, it is with great joy to report that we have an organic growth of 20% compared to same quarter last year, which was not a bad quarter and tracking the 9 months growth, we are at 18.6%. On the -- and we are still cash net positive, and we are now at 62 business units, plus 1,000 employees and still 25 active Lab start-ups. Kristian, let's move on. As you all know, we do report in 2 segments: the Trifork segment where we have the classical service business, but also our Run segment with scalable revenue, and we have our 62 business units. And then we report in Trifork Labs, which is our minorities and investments into start-up companies. Kristian? So what we see here is also that the distribution between Inspire-Build-Run will start to look normal again. And by normal is what I expect for -- to see because this is where we were some years ago. We see that Inspire is growing a little bit once it was up to 7%. I don't expect it to go to that level. The distribution 75% '21, '22 in Build or in Run is also look -- start to look more normal. And then Kristian, we can move on. So as always, we also like to tell a little bit about what we actually do because all this was just numbers and our vision for the future. So this time, I brought a really cool app that we built together with [ REMA 1000 ] and it's [indiscernible] exist in Norway and in Denmark, and this is for the Danish market. It took 1 year to build this app. It has a 100% adoption rate to all stores of the [ REMA 1000 ] in Denmark is using this app, and it started on a very good foot. It has good traction in the stores. And it basically means that it's a one-stop shop in your hand. So if you want to buy a liter of milk, you go and you scan it and you can pay it with Apple Pay and then you just leave the store. That's it. And we're very proud of also being able to do this kind of smart enterprise business for retail. Let's move on.
As we can see here, we have the distribution of our 6 business areas, but we will jump into the -- into the verticals. So one business area I'd like to highlight here is Digital Health. So you might recall that Digital Health was slightly below 10% of our total business for the 6 months. In Q3, they have propelled and actually now, we just passed the 10% mark. But also when you look at the growth numbers here. So for the quarter, it's a 46.4% adjusted growth organic. And for the 9 months, 41%. So very happy about that. And we are having good progress in the assignment that we are working together with Blue Space Ventures in Switzerland on implementing Digital Health is still the beginning of a journey hopefully, a long successful journey, but we are doing everything we can to make this Digital Health experience work also in Switzerland. Let's move on to the Horizontals. Again, here, as we have seen in the past few quarters, Cyber Protection is on a good ride. It's now almost 10% of our total business coming from a very low level. And in Q3, we saw a growth of 45% and for the 9 months, 50%. So it's also a business area that we have a lot of focus on. And I'm happy to see that we can see that some of the fruit of all that effort. Kristian? So a very small update in Labs. As mentioned already, we have made a minor investment into a startup called Fauna. It's actually people from one of our business units that came to us and said that they have been working in their spare time on this very exciting system that help head on us to get more on top of the situation for the pet, so it's an electronic health care record system in the making for pets and to support our very loyal and hard-working people, we decided to invest. But also, it could actually be a very interesting area. It is, of course, a less regulated area than health care for human beings. Let's move on, Kristian?
Quick ESG update. So we already touched on the -- what we could call the normalized sick leave absence and also a churn rate that is now look like it's more acceptable. We still find it hard to find good, yes, talent in the world. And also, we have inflation in salaries. So it's not an easy job market for employers like Trifork be in, but we cope with the situation. We also invested in a forest. So as a lot of other companies, ESG is high on the agenda. It is also high on the agenda for us. We have a full circle vision for ESG. So we'd like to use our forest and ESG as a culture carrier at Trifork. So we invite our colleagues to go and experience nature, maybe plant a tree, which many have already done. And in 60 years, maybe we can build one of our new offices with that tree that was planted today. Kristian, I'd like to hand over the word to you for more details on the financials.
Thank you. So now we'll go a little more into details with the financial performance. As Jorn already mentioned, the organic growth. So only to add here was that in the total year until now, we have a distribution between private and public of 65% versus 35% and this is also how we see things moving on. We have a slightly higher increase in the public sector to the private sector. But overall, we still believe in the balance between 1/3 in public and 2/3 in the private sector. Going into Trifork segment performance, then we guide on the adjusted EBITDA. So this is also where we want to focus here. As you see here, we compared to last year same quarter had an increase of 24.6% and now have an EBITDA margin in the Trifork segment of 17.9% in Q3 isolated. When you're looking at the 9 months, then, of course, we have also to take into accounted performance from the previous quarters. And here, we're now at 16.4% adjusted EBITDA margin for the year until date.
Looking to the Trifork Group, then we guide on EBIT. So here, the follow-up on EBIT. As you see here in the third quarter, we had an EBIT margin of 10.3%, up from 8.5% last year in the same quarter. And looking into the year-to-date have 9.0% compared to 8.2%, so an increase of 28.2%. Then deep diving a little more into the sub-segment in the Trifork segment. We have to Inspire-Build-Run. Jorn already touched upon the ratios in between the different sub-segments. So what you see on the left-hand side is the development in the third quarter and also year-to-date. And year-to-date was the numbers showing with 21.5% in Run, 75.9% in Build and the 2.4% in Inspire. So overall, you have here also the margins in the different subsegments with the Build sub-segment being the primary driver for the overall EBITDA margin. You also see here the overall for Run 15.6%, which has increased compared to Q2, but still not at the same level as it has been historically. We will deep dive a little more into that. So in Q3, we did not have any of the major conferences. So the Inspire sub-segment performance here, you see that effect that we were still at the same level as in the last year, same quarter. And adjusted EBITDA was still a little improvement year-to-date compared to last year. And then we have the primary new activities in Q4, which would be driven by the GOTO Copenhagen conference, which was completed already now in October with a sold-out conference and having new conferences coming in, in London and Australia, as Jorn talked about, in November and December. The Build sub-segment performance, as noted before, the primary driver of the growth in Trifork. Here, you see the effect of the deconsolidation of Dawn EUR 3.5 million year-to-date and EUR 1 million in Q3. So when adjusted for those numbers, the Build sub-segment organic growth was 17.1% in the quarter and overall 15.6% for year-to-date. Looking into the performance on adjusted EBITDA, then we saw a 22.9% margin in Q3, which was up from 20.9% in Q3 last year. So overall, an increase of 24.8%. Year-to-date, we are not yet at the same ratios, but it has been improved in Q3 as you see in the numbers. The Run sub-segment performance, you see we here have the highest organic growth which also has been seen historically and also is what we expect in the future to have the highest organic growth rates in this sub-segment as we do not make any -- most often do not make any acquisitions in this sub-segment. The margins you see here isolated for Q3 being 19%. So improved -- improved compared to Q2, but not yet at the same margins as in the third quarter '21. Reason for margins here is, to some extent, from the investments that we've been doing in operation centers that has not been capitalized and also the investment in building products in the Cyber Protection area where we now see they're already picking up in the area, but still see a low margin on -- until now based on the products that were built in the Cyber Protection area. Just looking into split, a little more detail. So what you see here is the division between Hosting and Security, Hardware and License Support. With Hosting and Security being what we primarily focused on growing and Hardware to be more optimistic in relation to when we have new implementations, and more or less the same about License Support. So what we see here is that it's still the Hosting and Security that is the highest growing and also where we, for the full year, expect to have the highest growth and also in the future, what we'll focus on growing. Lab segment performance, as you see here in the graph to the left, we have an EBT of EUR 2.5 million and plus after the first 9 months. In Q3, this is driven by an additional income from our past investment in Humio and exit, where we had just about EUR 1.5 million in addition. Then we also did -- not deconsolidate but depreciate some of the investments, as Jorn briefly mentioned, in one company we closed down and then we invested in a new one, but total EBT ended at EUR 2.5 million overall for the first 9 months. Now you also see that part of the realized gains that we got from the past investment now is accumulated for the 9 month 2022, and this is the primary background for this increase you see here. Overall, cash flow and financial position. Jorn mentioned, we're still cash flow positive. So despite the investments that we've been doing, and repayment of loans we are still net cash positive, overall looking into the group. So we still believe we have a solid position for doing more acquisitions in the future and to have that as part of our growth in the future. Overall, we still keep the same guidance. So revenue guidance of EUR 180 million to EUR 185 million. The Trifork segment adjusted EBITDA guidance also maintained to EUR 30.5 million to EUR 33 million and the Trifork Group EBIT to be in the range of EUR 16.5 million to EUR 19 million. So these were the words. And we now thank you and go to questions.
Yes, that concludes the presentation part. Now we will start answering to the Q&A. Yes, Poul Jessen? Poul, you should be unmuted. And Poul, can you hear us?
Can you hear me now?
Yes. Now we hear you. Please ask your question.
So I have some questions about the outlook and the current market trading. So could you comment a little more about how you see macroeconomic and inflation. You said that the business days are not easy. So what are you seeing out there, especially in the private sector? And also on the cost side, what do you see on the salary increases?
Yes. Thank you, Poul. Yes, let's start with the salary inflation. So it's, of course, a fact that we see high, sometimes double-digit inflation in some of our markets on when people they go and fill the shopping back. And this is, of course, influencing and also energy prices are up dramatically. So it does have an effect and the pressure on us to -- yes, to increase salaries and -- and also this year, we have been seen higher salary increases than normally, of course. But it's also important that we all at Trifork we stand together because it's not like the customers are willing to just increase the payment to Trifork with what we read in the newspaper, that is the inflation. So there is a squeeze going on between what we can build and what we can pay our colleagues. So that is, of course, a concern. But I would say so far, it seems to be fairly under control, but this can, of course, change any time. So that was a remark on that.
On the training environment, yes, for sure. We know worldwide, first of all, that start-ups are struggling and basically have -- they have been told, well, try not to need money in the next 2 years. And that, of course, has an effect of a lot of cutbacks and layoffs in the tech and start-up world. And of course, not a great deal of our customers are start-ups, but it's still affects the market, and some of our customers are actually large, you can say, fairly old, but still cash-burning start-ups. And there, we have seen some negative impacts, and we also reported that in the 6 months numbers that we had a bad experience there. So of course, we are also more cautious now not to open trading unless we have low risk with these start-ups. But also in the industry, there's still -- there is a lot of challenges. So also on well-established large companies, we can -- we see flux and also on short notice that budgets are cut and reorganized. But I would say that, as you can see on the numbers, we have so far been able to navigate in that because things are shifting around very quickly now, but it's not the same as that in recent market, you just have to be very awake to find that market because it's shifting place all the time. But this is also where I think that our organization model with the teal organization is a powerful tool because we do have very, you can say, responsible people leading all of these business units, and they are very close to the customers and to those changes, so that's one thing. The other thing is, of course, that we are in more markets, and we are in 6 business areas. So we are to a certain degree, able to outbalance these variations in -- among industries. So there's a lot more work to navigate in. It's also stressful. But so far, we have been able to cope with it. What happens next year, we don't know. I think nobody knows with what happened this year. So we don't really have any outlook or guidance, but we have not chosen to change our midterm guidance. So that is the only hint I can give on what we do expect, but nothing firm on '23 until we publish our '23 -- or our '22 report.
Just to be certain to sum up. So what you're saying is that you can't forward the inflation or cost to clients, but you have to work smarter?
Yes. Yes.
Just to add here, maybe, Poul, that we also have built-in index regulations in many contracts and also our customers, to a large extent, except also doing new regulations to the contracts. But of course, there can be a delay. From cost to gain.
Yes. Just to be precise, Poul, of course, we need to challenge our customers because everything gets more expensive, they know that. But what I'm saying is you cannot just read the inflation of whatever between 7% and 15% in some markets, newspapers and then just say to the customer, you need to pay 15% more now. That's not going to fly. So it is a challenge to just hand that inflation over to the customer for sure because they have the same challenge.
Is it possible to work with your pyramid on [indiscernible] competencies? Or would you like to stick to keep the longer [indiscernible] extensive competencies of the model, if you -- or how you're looking on the pyramid?
Well, you can say pyramid or maybe that's some words some uses, I would say that -- that's the most important reason I tell everyone, our customers, our colleagues is the most important reason to continue to grow. So what I really like about this quarter was the high organic growth because the high organic growth is what it takes to be in front of your cost tsunami that always comes from behind. So you need to be in front of that. And that is what you call the pyramid that you all the time hire young talent, and you retain your current talent, but you want to have more or less the same tenure in the company in [indiscernible].
I have 2 questions more. One on M&A. I guess the potential targets prices are coming down and potentially also some assets might come up for. You haven't done much this year on M&A, but it's part of your strategy. How are the opportunities looking there?
I mean, we are all the time offered opportunities to do M&A. We are -- and of course, we are carefully evaluating all options. And we promise as soon as we have something firm to tell you all about it.
Okay. And then the final one, Cybersecurity, where you all the time since the IPO has had an intention to grow fast. And now it's, what is it, 8 months since the war in Ukraine started. Are you seeing any indications of people or clients have more focus to increase the investments in security?
Yes, for sure. Security is on the agenda in many more places than it was 2, 3 years ago, where it was more the opposite. So of course, yes, the growth we see is the growth, I would expect a lot of other of our colleagues would see.
So I see a question from Serge. Serge, please ask your question.
Yes. Can you hear me?
Yes.
Okay. I apologize, but I had the access with the smartphone. So -- Well, I hear you that you say that it becomes more difficult with start-ups running out of cash and large companies reducing their budgets. But still, now for Q4, when I take the fiscal year guidance, this implies a revenue growth between 6% to 18% is still quite a wide range. If you ask me as we have already November and December, probably we'll close the door also before Christmas. So what is game changer here? Can you give us what has to happen that you reach 6% and what has happened that you reach 18%? I know in absolute terms, it's only EUR 5 million, but in relative terms, it's still like still a wide range.
Yes. So the limiting -- I mean, one thing that needs to happen is that no customers on very short-term cancel the contract even though the -- we have a contract with them. That can happen. And then you get into a legal discussion. But if it's -- if somebody are in distress for some reason, then there is nothing we can do. And normally, our response is to be -- see what we can do to retain more business in the future. So that is something that causes disruption in revenue and of course, profit. And we cannot say if this will happen or not. So if it's not happening, then of course, it looks a lot better. But the other thing is that it is still very hard to hire the people where we want them to be with the competences we want them to have. So that is something we will be struggling within Q4 to reach the higher end of the spectrum. So if we -- if that was easy and nobody breaks the contracts, then it looks good. But I would not like to trust that too firmly right now. So I hope that gives some color into what affect us.
Yes. Got it. Helpful. But also then to Kristian, do you think you have any issues with invoicing so that you can recognize revenue or it's another that topic?
Kristian, you can answer that.
Well, I think we don't look into having more risk on our customers if this is what you mean. I mean, we did have one incident that as Jorn also as mentioned. We have been even more focused on to pre invoice if we think there is a risk and to investigate thoroughly if we take in new customers.
Okay. Got it. So that's the same thing for the EBITDA then -- so because it implies an EBITDA margin for the segments between 18.5% to 21.7% in Q4, if my calculation is correct. But in Q1 to Q3, your EBITDA margin was always below 18%, with 14% in Q2. You mentioned also in the beginning of your presentation. And also last year, in Q4, it was at 17.5%. So can you explain me how you can improve your EBITDA margin by at least 100 basis points or even by 300 to 400 basis points? I'm struggled to understand that.
Well, I see in Q3, we've already improved, right? So overall, the EBITDA margins improved for the whole Group. And we also went through the different scenarios in both Run and the Build based business. Especially in the Run-based business, as you see, we have slowed down the investments and now picking up on revenue on especially Cyber Protection. So that's an area where we do see growth and also expect to see more growth in the EBITDA margins as the majority of the solution is now built and now the focus is on sale and delivery. So these are the same things that would also mean that all EBITDA margin would improve.
But still the run rate is a much lower EBITDA contribution compared to Build, isn't it? So I'm not sure how Run can compensate -- that can contribute over proportional to reach a margin, let's take the midpoint, which would be then a 20%. And you have a run rate below 18% or close to 18%.
Yes. Well, once again, if you look into the Build-based EBITDA margins, then you also see Q3 with a higher margin, so 20-plus percent in margin. So this is still -- we don't see any expectation for that margin to decrease compared to Q3.
Okay. Got it. Then fingers crossed then. Thank you. This was all from my side.
Then we have a question from [indiscernible].
You can hear me?
Now we can hear you.
Perfect. So one question on M&A from my side. So looking across the business areas, where do you see the largest opportunities today? Is it still within Smart enterprise?
Mean that is -- Thank you. That's a really exciting question. The Smart Enterprise business area for us is, I would say, is a hard one to grow. But it is -- it holds so much potential. So I recently talked to some experts in this field and the whole mobile first in enterprise. Now I'm just talking in the enterprise market and of course, in the public sector, but this is not consumer, this is for business. The adoption of mobile first strategy is probably less than 20%. And -- but maybe it's only 10%. And when there is an adoption of mobile first, as we have done with [indiscernible] Greenland and Arla, et cetera, and also in the health care sector. It's only 10% of the features in the smartphones that are actually used. And so there is a vast potential, and this potential always leads to a more effective operational model for our customers. So on one hand is, of course, a no-brainer for the customers to just say yes. But those, you can say, engagements are rather complex. So there is a high -- you can say, return rate, and there's also a short return of investment, but it do take that the organization that we work with is mature and ready for change, because this is also typically involved organizational change, but the potential is really huge. And of course, I talk to colleagues around the world. I talked to similar companies in the U.S. who do what we do, and they are growing well, and they are helping their customers with adopting mobile technology. So going forward, we could also see collaboration. It doesn't have to be M&A from our side. It could also be partnerships with other companies who do similar things than us and where we could potentially cross sell IP, develop in Europe, in the U.S. and vice versa. So it is a super exciting business area, and we are investing a lot of management time in developing this area and also talking to a lot of people in -- both in Europe and in the U.S. about how we can step up and reach the next level because the potential is huge. And this is despite -- in the prices or whatever. This is something that will optimize how businesses are run. So it will work in good times and in bad times. But it needs a focus from the management of the customers. And this is where there are some lagging.
Maybe coming back to Cyber Protection, you saw strong growth in the quarter. I guess both of you and all the competitors are looking for additional resources within Cyber Protection. You mainly need, I guess, the more experienced employees here. So how long can you be able to grow with the, let's say, the plus/minus same number of employees? And is it difficult to recruit new employees for Cyber Protection.
Yes. I mean, to get good talent is always very hard in our space. And -- but it's not harder in Cyber Protection, but it does take a little longer, because in Cyber Protection, we actually train people because there is not such a thing as -- and the universities worldwide, they don't have special educations for Cyber Technology. So we need to train people in our organizations and take people in, young or not young, but then on a learning curve. The good thing, however, is that it's -- there is a lot of scalable revenue in this, because it's about tools and platforms and combining products from the leading companies in this world in a special way and then deploy a platform. So the good thing is it's a scalable business, but we still need good people, and we need to train good people. So that's how the dynamic works.
Okay. Then one question on -- now you have this flagship project in Switzerland, which is live. How close are you to do a similar breakthrough into your new market in a new country potentially?
I mean I would not say we are close to that. To export all the digitalization solutions that we have built not only us, but the sector has built in Scandinavia, in particular, but also in other countries to use these things in -- across borders can be hard -- but -- but of course, we are looking hard at market #3 for Digital Health. Having said that, there is still a lot to do in Digital Health in Denmark, Scandinavia but also in Switzerland, of course, we're just beginning a journey and hopefully, we will stay in the journey. So the focus is a lot on you can say, consolidating our position in Switzerland rather than believing that now we found the Holy Grail, which is jumped to one country to the next. We have our hands full with what we are doing. But of course, there is a focus to find a third market, but we will return with that as soon as we can publish something.
Okay. I have 2 questions left. Maybe one of the Danish public market because you were awarded a contract with 9 and also [indiscernible]. And what do you sort of see in the dynamics in the public market in Denmark today? Is there a -- just to say a more tough price competition? How is the competition today? And what is the pipelines and so on?
Yes. I mean, there's, of course, a lot of opportunities because the effect of having a high digitalization is also that those systems have been built maybe 20, 30 years ago, and they do need to be updated, technology-wise. And so there will -- and there's a big government budget on this for good reasons because it is -- it does payoff. So there is a huge market and Trifork has a very small part of that overall market. So this quarter, the Q3, we reported that, together with [ Globe team ], we won the Danish Environmental Portal and this is our subsidiary test users, who is going to do QA on that and help developing this solution. And yes, we also announced but that's, I think is a Q4 announcement. So it's not in this report, but it was publicly announced that we won a bit in the Digital Health area, which is, of course, all very positive. But we need to win these on a steady stream because to maintain business.
Okay. And then one last question on churn. Can you just remind you, when are you expected to open up the new office in Copenhagen?
Yes. That's going to be in Q1 next year, maybe with an official opening just before summer. We just want to get our furnitures right. But that's the expectation there. And we are looking very much forward to this and also to showcase some of the capabilities we have in smart building. So yes, we are very grateful for PFA to let us install our technology in their building.
Then we have a question from [ Andre ]. Andre, you should be unmuted now.
Yes. Can you hear me?
Yes, we hear you fine.
My question is related to potential funding opportunities when you would welcome additional capital on leverage stock, our firm would consider to participate with the beneficial value in the form of our own nonrecourse capital. As far as I understood you previously indicated that there might not be any need for additional capital for the next 2 years but not needing doesn't mean not welcoming if appropriate opportunity comes. At the top of that, you are probably aware of a strong bearish momentum on your stock chart. And I'm sure you on the entity side and the largest shareholders would probably like to protect the one that attached to the stock. My question is when could I possibly reach out to -- on the topic of your welcoming of the capital to whom and to which contact information could I use? I'm mainly pointing at my potential contact to you.
Of course, we are always interested in learning about such opportunities. But Kristian, maybe you can put a little more color on such a process?
Yes. But I think maybe this is not the time and the place to discuss such an item. And of course, you can reach out to the traffic management to me, kwa@trifork.com. and then we can have a discussion, but it's not something which are in planned, et cetera. So as we are also not communicated anything about this in the public.
Okay. Thank you for the answer just to confirm, it's kwa@trifork.com?
.com, Yes.
Any other questions from the audience? Not as far as we can see. I think with -- unless there's anyone? No, no other questions. Then I think we should conclude this session.
We would like to thank you all for your interest in Trifork. Yes, we hope to see you again soon in either our investor road shows or meetings in the coming weeks.
As mentioned, you'll find the presentation and the video recording under the Events tab on our Investor web. Our full year results to date for that will be released on our Investors web and we'll try and inform those of you that we have direct access to -- via our newsletter. So more information will follow on that. Yes. So last but not least, I would like to thank you for your participation and wish you a nice day.
Thank you all.