Thank you for that, Andre. And like already mentioned, on the CFO in Netcompany, and I will now go more into details with the financial performance of Q1 twenty twenty five. So if we move past the break in Slide number and straight into Slide 12, please. Andre has already spoken about our performance in general terms. And I will now go more in detail with the performance for Q1 twenty twenty five. Revenue increased 9% in Q1 measured in constant currencies. And currencies impacted growth negatively by 0.1%, leaving reported revenue growth at 9.1%. For Q1. The growth was driven by increased activity in all business segments beside The U. K. Compared to same quarter last year. Revenue grew 3.5% in the Danish segment. And was driven by an increase of 6.5% in revenue from the public sector, while the private sector revenue was on level with Q1 last year. Netcompany Southeast Europe and EU institution continued its strong growth performance from 2024 and grew revenue by 18.6% in Q1. The growth was driven by a combination of license revenue and continued growth in the public and EU areas. As more and more of our large implementation contracts are based on one, or more, of our products or platforms, license revenue is a natural part of Netcompany's business and will continue to be driving revenue growth going forward.

The products and platforms are the enabling factors that allow us to grow significantly while the IT services industry is not. Also, Netcompany Norway delivered strong growth with 19.7% revenue growth in the quarter, which was driven by continued ramp up on the Avenor contract. In Netcompany UK, the public sector grew revenue by 9%. Driven by increased activity on the Dallas Framework contract and other larger engagements with HMRC and NHS. A decline in the private sector as a result of discontinuation of historical low margin contract left the overall revenue for The UK segment in line with the same quarter last year. Netcompany Netherlands grew revenue by 3.7% in the quarter. Compared to a tough comparable the same quarter last year. Can we move to the next slide, please? The gross profit margin in Q1 was 29%, an increase of 1.9 percentage point compared to the same quarter last year. The margin was positively impacted by higher license revenue in Q1 twenty twenty four compared to the same period last year. Lower margin in Denmark was caused by continued time spent on business development and tender writing. Product development and on existing products, and resources spent on the ongoing SDC transaction.

Netcompany Southeast Europe and EU increased gross profit margin by five five percentage point to 24.7%. The improvement was positively impacted by the license related to the Solon tax project in Greece. In Netcompany UK, gross profit margin improved by 2.8 percentage point to 21.8% in the quarter. Improvement was driven by increased utilization and the previously mentioned discontinuation of historical low margin contracts. Gross margin in Netcompany Norway increased by 6.8 in Q1 compared to the same quarter last year. A result of better utilization and ramp up on the Avonor project. In Netcompany Netherlands, gross margin increased 2.7% and reached 36% in Q1. Can we move to the next slide, please? Adjusted EBITDA margin before headquarter allocated costs increased by 2.2 percentage point to 18.6% in Q1 for the group. Adjusted EBITDA margin in Denmark was 22.3%, compared to 23.4% in Q1 last year. The lower margin was a result of development in gross profit, as already discussed. Netcompany Southeast Europe and EU institutions adjusted EBITDA margin increased 6.4 percentage point in Q1 twenty twenty five compared to Q1 last year. And the Netcompany UK and Netcompany Norway the adjusted EBITDA margin increased 1.6 percentage point and 8.7 percentage points, respectively, driven by better utilization in both segments.

Netcompany Netherlands, the adjusted EBITDA margin improved improved by 2.2 percentage point and reached 18.6% for the first quarter of twenty twenty five. Can we move to the next slide, please? We have continued our focus on working capital during Q1. And as a percentage of revenue, the combined work in progress prebuilt invoices and trade receivables 27.3% compared to 33.6% in Q1 twenty twenty four. This development was caused by an increase in prebuilt invoices and better and faster collection of accounts receivables. Can we go to the next slide, please? In the first quarter of twenty twenty five, we generated free cash flow of 67,900,000.0 compared to negative DKK 4,900,000.0 in the same quarter last year. And the improvement in free cash flow was driven by improved operating profit. As a result of the improved cash flow, our cash conversion rate also improved from negative 4.3% in Q1 twenty twenty four to 47% in Q1 twenty twenty five. Days sales outstanding decreased from sixty six days in Q1 last year to fifty seven days in Q1 this year. Main reason was the timing of the Easter last year had delayed some payments in the beginning of April 2024.

Debt ratio was 1.2x, compared to 1.6 times in Q1 last year. Positively impacted by the current pause in our share buyback program as a consequence of the STC transaction. We expect leverage at the end of twenty twenty five to be around 1.5 times reflecting additional net debt to be incurred to fund the SDC transaction and the impact of the expected reinitiation of our share buyback program too. Can we have the next slide please? Revenue visibility at the end of Q1 twenty twenty five increased 3.8% to 5,600,000,000.0 compared to DKK 5,400,000,000.0 in Q1 twenty twenty four. In general, revenue visibility was higher than normal in the beginning of twenty twenty four, last year as a number of contracts primarily in the private sector, were were signed for a longer period than normal And when we reported our annual report, the revenue visibility the beginning of twenty twenty five was in fact one percentage point lower than at the same time in 2024. Illustrating well the extraordinarily high level of revenue visibility that we saw in the beginning of twenty twenty four. Compared to revenue visibility at the end of twenty twenty four, revenue visibility sequentially into the end of Q1 twenty twenty five increased by 15% compared to a 9.1% revenue growth in the same quarter.

And just to make sure that everybody understands the nature of the non contractually committed part of revenue visibility, let me here just reconfirm that the non committed part of revenue visibility historically has been 100% converted into realized revenue. Which we also expect for the non contractually committed revenue for this quarter. The notion non contractually committed revenue is used on engagements typically in the private segment where we have significant teams performing mission critical work for our clients that will continue for a substantial period of time but where the clients due to internal procurement procedures have not extended the contract legally for the full year yet. However, based on the nature of the work of the contracts, this revenue will be realized and the contracts will be prolonged. During the year. Pipeline in both the private and the public sector for 2025 remains at a satisfactory level indicating continued growth and we remain committed to our financial guidance for the year, as Andre has already mentioned. And with that, I've concluded the detailed financial walkthrough. And we now open up the call for questions. So if we move to the Q and A slide, please, and open the call for questions.

Thank you.

Thank you. If you do wish to ask a question, please press To withdraw your question again, you may do so by pressing 5 again. We will have a brief pause while questions are being registered. The first question is from the line of George Wyatt from Morgan Stanley. Please go ahead. Your line will now be unmuted. [indiscernible] few questions, please, to start with. Firstly, just as we think forward to 2Q, have you seen any I guess you haven't. Have you seen any changes around customers committing to starting new projects? And I guess when we think about the broader q two dynamics, fewer working days, any view at this stage on the potential pipe of of license revenues for February? Like, q one was obviously quite strong. Second question, maybe, Andre, on the topic around the kind of system sovereignty of of Europe. What what needs to change in terms of how the EU procures for this to be a a meaningful tailwind for the European providers over time? Are there already ways that that can be written into into tender contracts? Or there's going to be a shift in how those bids are evaluated? And then one for you, Thomas, with regards to reporting disclosure, as you move closer to completing on SDC, are you looking to revise your disclosure all, or would SDC just become a fixed reporting segment?

Thank you.

Thank you, George. Good questions. I think I'll try and answer the first two and then I'll leave the third to you, Thomas. So we don't see any change in the overall attitude or behavior from customers when they're [indiscernible] acquiring new projects. We have addressed the market continuously with our platforms and products. The sales cycles are the same length as they always been quite long, but when we get in, we start discovery phases, and then we start very strategic term partnerships with our customers. Of course, it's a market with a lot of volatility in the geopolitically, it's there's much more uncertainty out there. But it's been well, a strange market for the last two, three years anyways. And I think the the things we are coming with all the the types of services and platforms, we are extremely relevant and we see that happening that relevance occurring across our markets. So we don't see any new behavior and we don't see any changes in the way customers look at us. When it comes to the sovereignty and and the whole stand tall European campaign, I think it's important to say that what we're doing here is creating an awareness of how important it is for European companies, our customers governments and private enterprises to think digitally and and digital is the way forward to create the competitiveness they need.

That definitely three areas where public tenders and that goes for all European countries are changing towards a more strategic nature. And we are involved in all those three strategic areas. One is the digital, you can say, structural backbone of digital IDs, digital wallets, the whole idea of companies and citizens being able to be identified digitally for us to build our solutions upon have a great deal of that infrastructure and we also advise both countries and agencies about that. Then we have the digital assistant AI driven assistance to be working on digital documents and data This is also an area where strategically a lot of governments are thinking how to do. And finally, but not at last, but not most least importantly, all the digital ecosystems that are being built out there that goes for airports, logistics, transportation, but even physical assets. We are also very relevant there. And we're pushing that overall strategic agenda for our customers to understand that it's not just one solution, it's it's an entire digitization of their government and their companies and we can actually deliver valuable platforms, assistance and guidance in all those areas. Together with also other partners they might choose.

And within that way, become extremely relevant. As a as a joining partner on that journey. And Thomas, maybe you could Yes. And then just to to add on the question regarding the inclusion of SDC into our report post closing. We will report STC on a stand alone basis for 2025 so that the numbers are clear to everyone, George.

That's great. Thank you. If I could just throw one more in. I noticed on the casino finance side, you increased your shareholding quite materially. Kind of flagged for that as a 1,000,000,000 EV business now. You're in, what, 22% of it. Do you have a specific game plan there? Or or more broadly, when you take minority stakes, what's what's the idea, that you have in terms of exit or or just the the thesis?

I mean, the whole idea with Fistina Finance is that we truly believe is one of the best software products when it comes to life and pension and calculation engines for that. It is market leading also in a European perspective. Now what we do is that, hey, we acquire a stake in a company that is actually very successful. That's good obviously. But it's also a strategic, you can say partnership or marriage where we go out together because we build our Amplio platform on top of 15 and Finance Kernel and then we address customers, I think with a very great solution and and a solution that is absolutely market leading. So in that sense, it's also a sign of loyalty and you're going to market strategy where we are so to speak, very very well integrated both financially, but also in an offering type of way.

That's great. Thank you very much.

The next question is from the line of Claus Alma from Nordea. Go ahead. Your line will now be unmuted.

Thank you.

Thank you. So just a few questions from my side as well.

The first goes to Denmark and the development in the gross margin. It is mentioned that the cost associated to SDC is dragged down on the margins, I guess, excluding the ones being included in the special items. What would margin have been without these extra costs? That would be the first one.

And thanks for that, We don't disclose in the report what the impact is for either increased tender writing activity, increased our spend on product development or the STC activities. But the the margin is dropping on a gross margin level, is dropping what 0.8 percentage point. So probably fair to have some sort of a even split between the three elements in terms of what is driving the margin down.

Okay. And is more tendering activity going on in this quarter since it's been mentioned? Or is there more than normal level?

It's more than normal level that has been going on in this quarter. In the public area, also in the private area. So no secret that we are getting much more active into the entire financial industry vertical in which we are currently working with the SDC in the integration, which is great. But there are also a number of other activities in that vertical that we're spending time on. There's a continued investment going into public sector in Denmark, both in terms of the broader tax vertical, but also in the vertical in public sector that is receiving increased funding throughout Europe, which would be defense.

Okay. That makes sense. Then my second question goes to this DKK 1.5 times expected leverage end of the year, including the SDC what kind of capital structure of STC do you assume in that calculation?

So the capital structure of SDC is assumed to be that the 1,000,000,000 that we are paying in terms of equity or in terms of purchase price to the sellers will be injected as equity into Netcompany Banking Services, which will then be paid out for that But since it's a merger, we will also resume the equity of STC going into Netcompany Banking Services. So when you add those together and you then subtract the purchase price, then you get to a proxy for what the capital structure is going to look like. By the end of twenty twenty five. [indiscernible] to figure out is the net cash position within SDC, what is the assumption behind that?

The assumption behind that is going to be that it will look as it has looked over the last couple of years in STC, where the institutions customers are paying a number of prepaids through the year. And that cash will reside into Netcompany Banking Services. Now we're making all of these agreements right now with the owners, I. E, the cost to Netcompany Bank Services. So I cannot disclose more than what I'm disclosing here, but it will it will be similar to how STC has looked historically.

That makes sense. And then just a final one. You're changing the name of Soft. Why is that?

Included the integration of a of IntroSoft into our platform, and it is now Netcompany Southeast Europe and EU institutions, a very logic thing for us to do, also really to reflect that we are one group and that's important for us also going forward.

So it doesn't reflect that you are considering adding new activities to to to that segment?

But with our plan By application No. I think it's an as Thomas alluded to, it's a natural thing to be naming it what it should be part of the group now. Delivering solutions in that region.

Now we deliver platform and product based solutions. So we will be delivering as we always seen in Munich, we've seen it in Stockholm, we've seen it in several places. We can now deliver solutions in particular geographical areas just by pushing a particular product or platform and then grow from there. So of course, in that area of Europe, they will be doing we'll handling that part.

That makes a lot of sense. That was all for me. Thank you so much. Thanks, Lars.

The next question is from the line of Jani from Handelsbanken. Please go ahead. Your line will now be unmuted. Thank you, operator. It's Daniel here, and good day, Andre and Thomas.

My first question would be on a little bit on working progress. Being down some here, and you have had two quarters in a row with significant increase in prebill invoices. So work in progress is now roughly 53%, I guess, of total contract work. By the end of q one versus 39% a year ago. So should we be worried about this, or is your funnel good enough to to secure an increase again in work in progress. Just some insights here would be great. Thanks.

Thanks for that, Daniel. And the decrease in net value work in progress is actually a result of our continued focus on working capital management. If you look at the asset side of work in progress, then you'll notice that the contract work in progress is increasing from DKK 1,400,000,000.0 in March 24 to DKK 1,700,000,000.0 in March 25. But what we've been able to is to have the customers to fund part of that buildup in the work in progress. So the work in progress on the asset side is a result of the underlying activity. When we then take the net work in progress, then we are also taking into consideration our, I. E, net Netcompany's ability to have the customers fund work in progress, which we believe is much more sound than Netcompany having to play banks for the customers.

Perfect. May I also ask you on the pipeline? You mentioned that both in private and public sector, it remains at a satisfactory level. Indicating continued growth. Can can you comment, I guess, this continued growth? Is it in line with your final year or twenty five guidance would it be in the low end or mid end or upper part of that range?

Thanks. Yeah. Not surprisingly, we cannot really comment on whether it's in the low end or in in in the high end, Daniel. And you would be surprised if we said something else, right? But what we can say is that we continue to see good and strong activity in our pipeline also on the private sector. And it really comes back to our offerings in terms of the products and platforms. So the change we did a couple of years ago focusing very much on products and platforms, is really starting to pay off now. That is what is differentiating Netcompany, not only in the public sector but also in the private sector. And it will be a foundation for continued growth for Netcompany going forward. Both in the public but also importantly in the private sector.

Sounds good. May I ask you on two details on special items and what should we expect in Q2 similar to Q1? The 20,000,000 more or less And also, if you look at the revenue split, you have something called the label that's the recognized at the point of time, 46,000,000 up from 2,600,000,000.0 million. So, can you just help me to to know understand what this is?

Special items, so cost for our advisers, legal and financial advisers and the likes, which, of course, is not not a small amount, is expected to be continuing more or less on the same level in into Q2. So that's the cost for our advisers. And I think if you compare back to when we acquired Netcommientos of two point five years ago, the amount in special items at that point in time for advisers was to the tune of DKK 50,000,000 to 55,000,000. In terms of the definition of the point in time or over time, the 46,000,000 is the IFRS notion for license revenue. So that's the license revenue in Q1, dollars 46,000,000 compared to $2.5 in Q1 twenty twenty four. And that license revenue was what we also when we closed 2024, to some extent, had alluded to, there was an opportunity for that to be part of the 2024 accounts, which it turned out not to be because the contracts was signed in the January. So that's the swing there.

Yes, obviously. Yes, thank you so much for your clarification. Thanks.

Thanks, Daniel.

And next up, we have Yiwei Zhou from SED Bank. Please go ahead. Your line will now be unmuted.

Hi. Thank you for taking my question. I have three questions here. I do one at a time. Firstly, I just want to understand this [indiscernible] in the report that it increased your gross profit by 4,000,000.

And how should we understand the impact on the EBITDA There's no impact on EBITDA. There's no impact on EBITDA.

Okay. So you basically just separate reporting in one line? Yes. So there's no impact? Yes.

Okay. Great. Thanks for clarification. And then second question, on the the current market trends. We see sort of Dutch parliament, so they're calling government to reduce dependency on The US technology. And now we wanna see some other European countries has followed. And a lot of talks all all here in Denmark. But what are you seeing with your customers? If you can can elaborate a bit.

No. There's no doubt that the customer is also on a very high level discussing, you know, I mean, actually discussing several things. They're also discussing, you know, sovereignty and where the data is placed. But also in greater terms how secure and how sure they are upon their data systems and their IT systems to work on a daily basis. So there's more uncertainty about whether there's standing on a robust fundament. And in that sense, they also discover that many of their systems are really old, and they need to do something. So it's actually in that sense, it's not bad for a vendor like us to be delivering that type of infrastructure, delivering those types of applications. And being able to do it pretty fast. And having a very good idea about how to go about doing it concretely. And in that sense, our platform approach is ideal because we can reuse so much from other implementations. I mean, all companies and governments are very different. But if you can reuse 50%, 60%, 70% and then and very fast configure the rest then that's the way forward. And with the reference cases we have both for governments and private enterprises, we are very relevant that sense.

So this uncertainty is also definitely a possibility and a way into a market where normally we have a longer sales cycle. For sure.

Okay. And there was also some talks about there would be a new funding to develop its own like, technology or and and and own software [indiscernible] still early talks?

No. I think what we're doing is every platform we have already is basically in place It's on our shelves. It can be reused for a lot of purposes. So we can of course as we always done go into a strategic engagement with the customer and build something on top of that or create some new type of solution. But most of what we need in order to go into the right now, especially within government is already on our shelves and we can we can use it immediately. So we don't see any greater funding needs to go into this market. If that was your question? [indiscernible] Yes. Thanks. And and then I would also like to ask about SDC. I realized that some of the Norwegian customers are SDC had switched to a competitor recently. Could you maybe talk about if that was due to the pricing or is due to the concern about the new ownership structure?

No. No. The the short answer to that is that SDC, we came in, it's all about timing. The new banking services that we provide are coming over the next one, two years when we get the whole deal established and we start building what we need to build and and and harvest the synergies that are there. Well, then we will be addressing those markets with very relevant services. So what you see there is a result of previous activities and previous tenders and whatever being going on. We are absolutely certain we have a very interesting and great set of services in Denmark.

First question, on the on the the term Oh, sorry.

Can you hear me? I'm sorry. You said this year, you are Man, can hear me? Multiple multiple lines on is is somebody from sales asking questions in our call?

Can we please have all lines No.

I said my colleague is [indiscernible] You ask him to either mute his call or go somewhere else way because we cannot hear your question?

Sorry. It was actually because my colleague is asking that question on the other conference call. Sorry. It's good for me now. Thanks. I'll jump back to the queue.

The next question is then from Alistair from Bank of America.

Hey. Good morning. I'm calling from Bank of America. A few questions from my side. I'll take them one by one. Firstly, on The UK could you just give us some color on the current deposit status contract? What is the contribution in Q1? How should we think about that? Increasing through the rest of the year?

On Dallas, we cannot give any specific numbers other than saying that we are seeing activity, which is great in the Dallas frame agreement, and we are also seeing activity, which is more than five people. So it is it activity that is notable. But we cannot comment on the size or the level as well not entitled to. But very happy to see that framework is absolutely alive as we've also said throughout 2024. And that there will be a continued expectation for the framework to be realized at the original value. As we also said in 2024. So very happy to see that, that is being reconfirmed.

Okay, got it. Thank you.

And on similar lines, with Norway, will you have a no contract maybe it's concurrent on the side. If you could just talk about the thing you will be sort of the full run rate value of that as we progress to the year, or is there more to be done next So the ramp up on the Avenir contract is is good and has been significant for the Norwegian business. We expect the ramp to continue throughout the year on the Avenel contract. From the current level.

Okay, got it. You talked about exiting some lower margin contracts in The UK. Any kind of profit on that? Maybe in terms of, you know, what does the impact of that q one and [indiscernible] No. No further comments than what is in the it's in the quarterly. It becomes a little bit too transparent to various customers if we are to discuss all individual customers on a profitability perspective. But we are on an increasing margin trajectory for The UK. Both as a result of continued improvement in utilization, in ramp up on Dallas and the discontinuation of lower margin contracts.

Okay. Understood. And on and Mark, you mentioned the contract with you was higher than normal. You think that would sort of start to benefit your growth if you get those contracts? This year itself? Or is that for 2026? I I mean, it's was that higher than normal activity somewhat factored into your trip for the year?

I'm not quite sure I got the first part of the question. Can you please restate that?

Yeah. Just the that's the higher than normal contract or tender activity you're seeing in Denmark. Is that is any potential benefit from that factored into your outlook for 2025?

So if you're asking us where we expect realize revenue in the grid between 510%, we cannot comment on that other than we reconfirm our guidance for the full year on top line 5% to 10%. And clearly tenderizing activities is is a key part of making sure that the pipeline is growing. Now as Andre said, sales cycles continue to have the same length. So the increased tender writing activities that we're seeing in Q1 is probably fair to assume it's not going to be the driving factor for revenue growth in all of 2025, but more into 2026. So the pipeline that we are working on and converting on is, to a large extent, also a result of the work being done in 2024.

Okay. Understood. And then just one last one on licenses. We usually talk about that being about 1% of your revenues. Clearly, you had a good q one. So we think about maybe this year could be a bit higher than that 1%? Given if you have some more know, license revenues coming in for the rest of the Yeah. We we have no comments on the proportion of license revenue to total revenue for the year. However, we continue to have multiple cases in pipeline that also includes products and platforms. Which will also yield license revenue for the remaining part of 2025. Without giving you any indication for the number.

Okay. Understood. Thank you so much. Thank you, Andre.

You.

And next up, we have Balaji to from Citi. Please go ahead. Your line will now be unmuted.

Hi. Thank you. Balaji Tirupati from Citi. Congratulations firstly on another steady performance in a rather environment. Two questions from my side, if I may. Firstly, could you share color on dynamics between public and private sector? Your private sector has softened further in the quarter. So if the current elevated uncertainty going to further impact your private sector business? And second question is if you could comment on EU and European government response towards prioritizing European vendors? Have you seen any tangible signs And with some of the large global services companies, strong local presence be seen as European in that context.

Thank you.

Good questions. Thank you, Vadid. Well, as I usually say, we have a very strong foothold into public sector across Europe and it's deliberately. I mean, have tax and cost customs verticals. Do have a lot within digital government. But if you look into some of our other offerings, they actually span across both public and private sectors. Some airports are private, some airports are public. I mean, that goes for a lot of infrastructure as well. So as long as it's very regulated industries and they are within us in our span and when it comes to platforms, we don't really care that much But you're right, public sector is a is a very important part of our business. But it's not that we think that private sector is not responding to the need for digitization. On the contrary, we see very, very strong indications in our pipeline. There are lot of private enterprises are looking to legacy modernizing many of their older systems exactly the same way it's been happening in public sector. And when it comes to the EU and whether there's a tendency to go more European vendors or if the global players are trying to become more European, so to speak, While we see that happening as well, we just recently we saw Microsoft come out to with a press release about their services being able to be handled on European soil by European data.

So we definitely see a European response to this to this need for independence and I think it's a positive one We see European companies being considered more interesting than ever before. And that also goes for both governments and private sector. So in that sense, I think we are we are very well positioned I hope that answered your question.

It does. Thank you. The next question is from the line of Anders Wallisen from Muske Bank. Please go ahead. Your line will now be unmuted.

Hi, Andrea. Hi, Thomas. Just coming back to to the license revenue. So I'm sorry, maybe a little bit unsure what how to understand this. They made up around, I think it was 2.6% of revenue this quarter. And I think you've said earlier that they should be around 1% total revenue for a whole year. So maybe could you is that correct? Could you remind me how much you expect it will make up for the total year of 2025? And if it is around 1%, then should we then expect like a margin drag in especially Q2 and Q4 because these quarters last year had a very high level or at least a higher level of license revenue and maybe given that a large portion of of these license revenue revenues has been taken out here and Q1. So I was just hoping you could help me clarify how to maybe model that for the remainder of the year. Thanks.

I can certainly clarify what we've said The modeling, you have to do for yourself, Anders. But in 2024, we said that we would expect license revenue to be around or a little more than 1% of revenue where we also ended And then we decided not to give any indication for what license revenue would be of total revenue for '25, and we will not do that either today and not going forward. What we see and what is important to, of course, note again is that all the big projects and all the big engagements for digitalization that we embark on and that we win We win because we have products and platforms. Therefore, products and platforms will yield a consistently growing part of license revenue. And with that then, ends up in, we'll see when the year has passed. But we will see more and more license revenue simply because we sell more and more large scale projects that are tied up to one of our products or one of our platforms. So I cannot give you more steer than that. The license revenue related to Solentax for Q1 was was the one that the market had expected expected that we did in Q4.

That was then pushed from Q4 into Q1 as the contract was signed in January. But important to stress that license is not to be seen as a one off. It is a natural part of our business. It will be a natural part of our business going forward. And it is an important part of our business because it ties into the products and platforms, which is truly what is setting Netcompany apart from the rest of the IT services industry.

Okay. Thomas, I hope you will forgive me for trying one last time, but would it be fair to assume then at least that the license revenue level is structurally higher than the 1% that you gave for 2024?

I will, of course, always forgive you for asking those questions Anders, but I cannot answer that.

All right. I'll try. I think you can deduct it from my previous statement where should think it's going.

Yes. Thanks so much.

And let me remind you, if you do wish to ask a question, please press 5 on your telephone keypad now. It does not seem like we have any more so I will hand it back to you, the speakers. Please go ahead.

Well, thank you all for joining in on this call, and have a beautiful day.