Strongpoint Aktie

Good morning, everyone. Welcome to StrongPoint's First Quarter Q&A Audio Call. Today, we have Jacob Tveraabak, CEO of StrongPoint; and Marius Drefvelin, CFO of StrongPoint, to answer your questions.

Before we start, let me give you a quick recap of the highlights from this morning's Q1 presentation. Revenue for the quarter was at NOK 342 million, which was flat compared to last year's first quarter. The 12 months rolling recurring revenue increased by 3% compared to Q1 last year, ending at NOK 384 million. That's plus 3%. And year-to-date, the EBITDA is -- was at NOK 10 million, on par with Q1 2025.

[Operator Instructions] We have already received a number of questions. So we'll kick off already on some of those. First question, regarding e-commerce in Vusion. In the last quarterly report, you stated that we have launched the Shelf-Verified Order Picking solution with Vusion, integrating Vusion's on-shelf cameras with StrongPoint's Order Picking. Can you please say which retailer or retail chain this was launched with? For you, Jacob?

Okay. So thank you. Apologies right away for that pollen allergy. Yes. I mean -- so first of all, this has been launched as a product, not with a customer. I think it's important for investors to understand that, whereas Order Picking or e-commerce is getting more and more mature, and ESL is also getting more mature in the markets. Shelf-edge cameras is at the very beginning or inception of its journey into grocery stores. So there's very few today grocery stores that have shelf-edge cameras. Walmart has it now with Vusion. Carrefour has it also with Vusion. And we hope to see many more of that coming, and that's when this product will really -- or feature will come really into [ play ]. As of now, it's a launched product, but not launched into a specific retailer.

Next question also on Order Picking. In the investor update, you stated that your goal is to dominate manual in-store Order Picking. What is the current global total addressable market for this?

And regarding definitions, for me, to dominate in a business context means having the highest revenue. That's from the question. Does StrongPoint use a similar definition for you as well? Jacob?

Yes. So to maybe start with the latter to dominate. I mean, yes, we want to be the preferred and as such then the biggest provider of in-store grocery picking solution. Now, if we're trying to sort of give some numbers to this and helping the audience, I think the way to think about this is, if you're a bit [ difficult to say ] conservative, if you consider the Western market, the Western e-grocery market, so North America, Europe, and we're talking in ballpark USD 500 billion, right? Now most of that, roughly 80% of that is being picked in stores. So, that means only 20% is being picked like Ocado is doing or [indiscernible] is doing, et cetera. 80% is picked in store. That means out of the $500 billion total market for e-groceries, $400 billion of revenue is picked in stores.

Now, that's the revenue in stores. If you, again, ballpark use across the board, a basket size -- and here, we have to remember that markets are quite different. The basket size, ballpark, we can talk about $100. In the Nordics, it's higher. U.S. is a little bit lower. But if you use USD 100 on the in-store volume being picked in -- which is $400 billion, then we get to 4 billion orders. So there is roughly 4 billion orders being picked in store in the Western markets.

Now, then the question is -- we price our product with a fee per order. And you can -- this ranges, of course, between big customers, where it's -- ballpark is closer to $0.10, to smaller customers, where it's $0.50 or $0.60, but that's per order, but let's assume $0.25 per order. Then what we're talking about then is 10 billion -- I'm sorry, USD 1 billion or NOK 10 billion. That is what you get. And that's the market we want to dominate. And it's also important to recognize that this is a market which we want to dominate that's not only static, it's growing actually across the board in Western Europe. This is a market that's growing at roughly 10% every year. So I hope that satisfies the investor question.

Okay. Another question. Can you provide any further information regarding the leading U.K.-based e-commerce retailer going to install an AutoStore? Is it their first Auto installation? And how many stores or fulfillment centers does it have in the U.K./worldwide? For you, Jacob.

Okay. So yes, we're not allowed to disclose the name of this U.K.-based e-commerce retailer, but it's a retailer. It's not a grocery retailer. Still very important for us to get traction on AutoStore in the U.K. And this is -- yes, this is their first AutoStore installation. What I can say is that they have -- 60% of their market is in the U.K., but there's also facilities outside the U.K. in Europe, in total, 3 sites that -- so I think the question alludes to, could there be more? Yes, there could be more even in the U.K., but it could also be more outside the U.K., at least today, into other distribution centers.

Okay. Next question, a bit broader. Do you see any signs of delayed investment decisions following increased macroeconomic uncertainty? Marius, this one for you.

Well, I think the answer to that is a vague yes in the sense that, yes, we are experiencing -- I would say, actually continuing to experience that we are seeing some delayed decisions. We're definitely seeing the global uncertainties, although it's not impacting our supply chain or anything as far as being able to deliver yet at least. So I think there's a yes to that question.

There's also another aspect that we have talked about for a little while, where we are seeing that our customers still have to balance between investing in pricing of their own goods or giving discounts, if you may, compared to purchasing new equipment from the likes of StrongPoint. And that, with the current conditions, is probably impacting the investment decisions as well. So, to summarize, yes, but not to a large extent yet.

Okay. One final question. If you have any more questions, please don't hesitate to put them online because we will -- there is a small delay between you writing the question and us seeing the question here.

Next question, how close are you to a CashGuard Connect deal in Spain? Or would you be disappointed if not reached within 2026? One for you, Jacob.

Yes. So, CashGuard Connect, first, let me just start by saying that this is a -- has been a test. I mean, it's a test of patience. I mean, certainly, we were not expecting it to take so long to develop a solution, right? And some of this is unfortunate, but it's possible to explain, first and foremost, the bankruptcy of our joint venture partner, [indiscernible], in Spain. Now, that bankruptcy is being contained and handled, and we're very positive about what we can achieve to secure those assets and what we can achieve in making sure that, that is not a question mark for both investors and customers.

Now, there's a lot of customer demand for the solution that we have sort of -- that we have secured. Now, we're still in that position that we want to get the product into a, call it, industrialized mode. And it's only then that we can really take in big orders. So to [ Jorgen's ] question here, that's -- even if we did get a big purchase order, we wouldn't be able to produce that in 2026. On [indiscernible] side, it's also unlikely that any retailer would place a big order unless the product is already industrialized. So we have to give us a little bit more patience. But the customer interest is absolutely there. The bankruptcy estate is being handled, and the product is getting there.

A few more coming in. You state CapEx of NOK 7 million in the presentation. CashGuard is NOK 3 million and POS is NOK 1. What is the balance spent on? A question for you, Marius.

Right. So assuming that the balance refers to the residual, so that -- the short answer is, traditional CapEx. It's fixed assets. We have service cars in many of our countries, et cetera. So this is more what we would refer to as traditional capital expenditure.

Okay. Next question, translating from Norwegian. Is there any danger ahead of the Sainsbury's contracts for delivery, noting that the progress was delayed?

So, as we stated in the report, I mean, the rollout has taken longer than anticipated or expected, I mean, from both our side and from Sainsbury's side. And I think in retrospect, I mean, we have to remember Sainsbury's is an absolute behemoth in the U.K. grocery retail market. It's $60 billion worth -- dollars is the correct -- dollars worth of revenue being picked in stores alone, right? So, as you can understand, having also 20 years of experience of doing picking in store with that sort of sheer volume, you want to have certain features and functionalities that we have agreed upon in the contract to deliver on, that we will deliver on. But as always, there's -- it's taking more to get it across than we were hoping for. That said, we are in very good dialogues with Sainsbury's. I was at one of their stores 2 weeks ago, overseeing the early morning picking operations and seeing that there is absolute progress. So we're -- it's taking longer than we anticipated, but we are very positive about how this will evolve forward.

Staying in the U.K., are there any updates on Vensafe in the U.K.? One for you as well, Jacob.

Yes. We're not commenting specifically on any updates. I think in general, I want to say that, yes, there's absolutely a continued interest for Vensafe. We are -- what's -- there's a pro and a con, right? The pro, unfortunately, I should say, is that theft is already high and still on the rise in the U.K. That makes the Vensafe solution very, very suitable to handle those sort of challenges.

The con for Vensafe, if you may use such a term, is like there's -- the tobacco legislation in U.K. is a bit more strict than in Norway regarding dispensing of tobacco. So, sure, it's possible to dispense, but there's a little bit more cumbersome process. So these are immediate and present challenges to get Vensafe out in the market, but there's absolutely interest to get it out in the market. And we're still working with many, many of the grocery retailers there to make sure that we get Vensafe out in the market, although at a slightly different use case than we anticipated regarding tobacco, but then on the other hand side, more on other types of theft-prone items.

Okay. Next question. In cash flow movements, it is stated minus NOK 11 million in other prepayment. What is this referring to? A question for you, Marius.

Yes. So that's referring to a combination of many, many items in the balance sheet, and we have this every quarter and every year. Essentially, these are prepayments to anything that could be public duties, suppliers, rent, et cetera. Now, we have specified some of this in working capital, et cetera, but it's not possible to be super-detailed on that, but it's generally prepayments. It could be a project that requires some prepayment before we get the payments back to us. So this is more of general prepayments on both suppliers and operational costs.

Okay. Next question. I think I'm going to elaborate a little bit on the question. I think the question is, are there any opportunities, or are we seeing any opportunities for self-checkouts outside the Baltic region? I think a question for you, Jacob.

Yes. So I think the question also comes from the fact that we are the #1 player when it comes to self-checkout in the Baltics, whether that's with our own hardware and software or our software and third-party hardware, right? Are we able to replicate that elsewhere? That's certainly the ambition and the goal. We should be aware that these are long sales cycles to get in and look forward to the day that we can shop in self-checkouts in Norway personally. That is a StrongPoint self-checkout. But it's taking some time. What I can say though is that we have already had success with our self-checkouts outside the Baltics in Iceland, for instance. And that is a case that we're being able to also showcase externally, and that's with Pris, which is one of the grocery retail chains in Iceland. And I hope you'll be able to see that we have super-happy and satisfied customers also outside the Baltics with our solution. And of course, the ambition is to -- as we get more known for offering this solution, to see that coming into the market, both in the Nordics, in the U.K. and Spain.

Next question. We take large contracts on CashGuard in Norway, but why isn't CashGuard good enough for larger customers outside the Nordic region? What's the difference? What's the reason, I think, that means?

Yes, I can take that. I think, first of all, we do have some great partners outside both Norway and Sweden. We've had a South African partner, Irish partner, French partner that have been selling our CashGuard solution for many, many years in a very successful manner. But -- and do I believe that our current CashGuard solution is good enough for other markets? Yes, absolutely, I believe that's, right? And whilst on the [indiscernible] side, it's important to recognize that there are some subtle differences in the different countries. And I'll give the most relevant one, which is sort of Spain. I mean, for those of you that have been following StrongPoint for a while, we do -- we did and we do deliver CashGuard solution or traditional CashGuard solution to Alimerka, which is a regional grocery player in the Spanish market. That has been very successful. However, it's also the only grocery retailer that has really embraced a cash management solution. Default in Spain still is to use manual cash drawers that you saw in Norway in the '90s or maybe even '80s. So that's kind of what we're competing with.

And why is it taking so long? I think we have to recognize that, at least in the Spanish market, there's a huge volume and huge velocity of cash that needs to be handled. And we can argue all we want with customers, why don't you also go the path of Alimerka? But this is also the reason why we started developing the CashGuard Connect solution, which is more tailored to a very cash-heavy market.

Now, as for CashGuard, just to go back on that, I think absolutely, there's still potential. It sells in Norway. But Sweden, of course, we're already selling CashGuard. I'm hopeful of what we can do in Finland. As I said on a number of occasions, thanks to Mr. Putin, cash is not going away anytime soon, and nobody knows this better than the Fins. So I'm hopeful for what we can achieve also with the traditional CashGuard.

Okay. I think that is it. We haven't received any more questions. So I think we will call it a day, just giving a few more seconds just in case there's one more coming in. No, then I think we'll call it for a day. Thank you very much.

Good morning, and welcome to StrongPoint's Ordinary General Meeting. My name is Morthen Johannessen, and I'm the Chair of StrongPoint, at least for another few minutes. After the meeting, our CFO, Marius Drefvelin, will co-sign the protocol. Today, I also have with me Hilde Gilen, which is the Chair of the Nomination Committee; and also my Board colleague, Ingeborg, which is heading up the Compensation Committee at StrongPoint. So they will also cover a couple of items.

On the formality side, you have had the opportunity to post questions prior to the meeting, and you still have an opening to do so if you would like during the meeting on an email address that you have got [email protected]. The voting we will refer to, that's based on the advanced votes that we have received. And on the formality side also, they are checked against the shareholder register.

The agenda is exactly the same as you all received almost a month ago. So I'm not going to go through every single item on the agenda right now, but I will rather start and go into Item 1 on the agenda, which is a record of attending shareholders and the votes we have received in advance. We got close to 16 million votes in advance, and that's close to 36% of the total issued shares of the company.

Item 2, approval of the notice and the agenda. The notice has been sent to all shareholders with a known address by the 30th of March this year. No comments or amendments to the notice that have been received that require any changes. So the notice and the agenda has been approved.

Item 3, approval of the annual accounts and the annual report for 2025. Also, you will see all details, of course, on the website and in our annual report. But on the highlights, the top line, the revenue came in at NOK 1.359 billion, which is a growth of 4%. On the important recurring revenue line, we had a growth of 7%, so it ended at NOK 385 million. And on EBITDA, we made a significant uplift from NOK 2 million in '24 to NOK 26 million in '25, which means an uplift of NOK 24 million, which is, I would say, good progress on the profitability side. No amendments been received. So 100% of the votes in favor of the Board's proposal to approve the accounts and the annual report for 2025.

Item 4, approval of the auditor's fee. The total fee for the services in '25 amounted to NOK 652,000, which was an increase of roughly 4.5%. No amendments been received. 99.97% of the votes were in favor of the Board's proposal. That means close to 100%.

Item 5, dividend for the financial year 2025. Even if we had a long history of paying dividend and increasing dividend year-on-year, the last 2, 3 years, we have not been in a position to recommend to pay a dividend, and that's the same case for the financial year 2025. So the proposal from the Board has been not to pay a dividend. Of course, the company hopes to get back in a position in some years where it could be possible to pay dividends again.

Item 6, that's on corporate governance. That's not something that the shareholders are going to or have been voting on. It's for information. And I, as always, urge you all to spend some time on our annual report and also our website where you will find all the details. We are living in a complex world. So we are trying to really to apply all rules and legislation and spending quite a lot of time and effort making sure that we do that at any time across the company.

We have a couple of items that I will get back to at the end of the meeting, which represents some minor exceptions to some of the guidelines, so I will get back to that in the final stage of this meeting and agenda. And again, you will find all the details on our website.

Then I hand over to Hilde.

Thank you, Morthen. Now before we move forward into Item 7, I would like to take a moment on behalf of the Nomination Committee, and I'm sure the whole company, to acknowledge and thank you, Morthen. This you didn't know. You joined the Board of StrongPoint back in April 2016. So for nearly a decade now, you have served as Board member and Chairman of the Board and been a steady, constructive leader through significant change, including the company's strategic repositioning within the retail technology market. You have been through leadership transitions and the challenges that comes with operating in a competitive international market. I know you have been a trusted aspiring partner for management, a clear voice in the Board room and a strong guardian of the shareholder interest. So on behalf of shareholders, management, employees, and the Board, we thank you for your dedication and many contributions to StrongPoint.

Moving forward then into the election of the new Board. The Nomination Committee has worked extensively to find your replacement, Morthen. And we are pleased to recommend Trond Johannessen as the new Chairman of the Board. Trond brings more than 25 years of experience leading and developing international businesses within technology and B2B sectors. You can read more about Trond in the attachment to the notice of this general meeting. Trond holds the position currently as CEO of Pexip Holding ASA, which is listed on Oslo Stock Exchange and brings extensive Board experience from publicly listed companies.

We are also very pleased that the other 4 members of the last Board have all agreed to contribute for another year, which preserves the continuity in a time when we had to change the Chair lead. So as all of the Board members are up for election every year, the Nomination propose the election of the Board members, Trond Johannessen as the Chair; Ingeborg Hegstad; Pal Wibe; Monica Aune, and Preben Rasch-Olsen as Board members from this meeting to the Annual General Meeting 2027. 97.32% of the votes were in favor of the Nomination Committee's proposal and the proposal has been approved.

Moving forward to Item 8, the determination of remuneration to the Board members. The Nomination Committee proposed an increase of the average salary, and based on the average salary development from last year, we suggest that the Chairman receives a full year compensation of NOK 700,000 and each director to have NOK 365,000 as remuneration for the next year. 20% of this remuneration is to be used for mandatory purchase of shares in StrongPoint.

The remuneration of the committee work during the next year is proposed as follows: the Chairman of the Audit Committee would receive NOK 95,000 per year, while the members of the Audit Committee, the same NOK 68,000 per year. For the Remuneration Committee, we propose that the Chairman receive NOK 65,000 per year, while the members receive NOK 45,000. Received 95.88% of the votes in favor of the proposal, and the proposal has been approved.

When we go to the election of the members of the Nomination Committee, each member is elected for 2 years. And to secure continuity, we have 1 person that was elected in 2024 and is now up for election in 2026. That is Inger Johanne Solhaug. She has agreed to contribute another 2 years, and the Nomination Committee proposed that she get this position also in the next period. The Nomination Committee will then consist of myself, Hilde Gilen, as Chair; Are Juklestad Berg; and Inger Johanne Solhaug as members. No amendments have been received and 100% of the votes were in favor of the Nomination Committee's proposal.

As Item 10 specifies the remuneration for the members of the Nomination Committee, there is proposed an increase of the fee to NOK 65,000 per year for the Chair and NOK 45,000 per year for the members. No amendments have been received and 99.97% -- again, almost 100% -- of the votes were in favor of the Nomination Committee's proposal.

Then we come to Item 11, and I hand it over to you, Ingeborg.

Thank you, Hilde. Yes, let me take you through Item 11. This is about the remuneration report, the presentation and adoption of that. And as you may have seen, it's available on the company's website. The report is in line with the [ Public Act ] and being developed together with management and the Board of Directors. And the report outlines the remuneration policy as well as the detailed information about the remuneration of StrongPoint's governing bodies, the CEO and other senior executives for the fiscal year of 2025. And the Board does not propose any changes to the policy. And hence, we propose that the Annual General Meeting endorses the report. And no amendments have been received to this item either and 91.66% of the votes were in favor, and hence, it has been endorsed.

I will also take you through Item #12, which is the long-term incentive program for the coming year or 2026. Back in 2020, the Board of Directors launched an equity-settled share-based option program in line with our overall remuneration policy. The objective of this program has been twofold to incentivize and align management compensation with shareholder value creation as well as to attract and retain high-caliber executive management and key personnel. And the Board suggests that we continue the program for another year with the same key principles as we had previous years, which means: first of all, a yearly allocation between 0% and 3% of outstanding shares; secondly, we will never exceed the number of options above 10% of the outstanding shares; the strike price for the option will always equal market price at grant and be vested over 3 years; nonexercised options will expire after 5 years and the 2020 options are now expired; and the options will be issued by new shares or us acquiring own shares in the market. We will come back to that. So the proposal from the Board of Directors is to endorse the [ LTI ] program and approve it and the 80.62% of the votes were in favor of the Board's proposal.

Now I will hand it over back to you, Morthen, for Item #13.

Thank you, Ingeborg. Item 13 and the following 14 also is almost 2 standard ones that we have on the agenda to make sure that the Board, if needed, can act quickly. So the #13 is an authorization for the Board to increase the share capital with up to 9 million shares. Can be used for M&A purposes, for example. Can also be used for incentive programs, if needed, going forward. 99% has voted in favor. So it has been approved.

And the final one is also a standard authorization for the Board to acquire StrongPoint own shares; to at any time have a holding of own shares. Again, can be used, for example, in M&A cases. Can be used also for making sure we have an optimal capital structure, and can be used also, of course, for incentive programs. So we need to have that. 99.28% of all the votes were in favor of the Board's proposal. So also this proposal has been approved.

We have not received any questions during this session. I had hoped to get 1, which would be, Morthen, are you still optimistic about the future of StrongPoint? And my answer to that, if I had got that question, would be, I'm very optimistic about the long-term opportunities for StrongPoint by far. So I really will continue to follow StrongPoint very closely and a big, big thank and applause to all my great colleagues at the Board and management and the entire organization. It's really been a pleasure serving on this Board for 10 years now. So thank you all, and that close our Annual General Meeting this year.

Good morning, and welcome to this Q1 presentation by StrongPoint. My name is Jacob Tveraabak, and I'm the CEO of StrongPoint. With me to present the Q1 results today I have Marius Drefvelin, our Group CFO.

In today's session I will share highlights from the first quarter. I will provide a short overview of StrongPoint, in particular for the convenience of those less familiar with us. And I will then move on to explain some of our exciting customer success stories from this quarter. Then handing over to Marius for his review of our financials for Q1. And then I'll come back in again rounding off this session with our view for StrongPoint going forward.

So highlights. We had a flat first quarter compared to same quarter last year. Revenue was NOK 342 million in this quarter. Recurring revenue in the quarter grew by 3% on a 12-month rolling basis. And EBITDA reported in Q1 was NOK 10 million, which is the same as Q1 last year. Cash flow from operations was minus NOK 9 million this quarter versus plus NOK 8 million last year, principally driven from changes in working capital.

With regards to customer success stories, I'm going to talk more about, the first one is Iceland Foods in the U.K. The second one is the leading Norwegian grocery retailer, NorgesGruppen. And then also some exciting automation projects in the U.K.

But first, a little bit about StrongPoint. So StrongPoint is a technology company focused on serving grocery retailers with efficiency saving software and products. We have an annual revenue of about NOK 1.4 billion with around 30% of that being recurring. Now more than 80% of our revenue comes from grocery retailers, and we have around 500 employees across Europe. And our software solutions are developed principally in-house with our own development team. In short, StrongPoint's purpose is to make grocery retailers more efficient and sustainable.

So what about our technology solutions more concretely then? Well, we help grocery retailers tackle 5 operational challenges, 5 key operational challenges while unlocking strategic opportunities from scaling e-commerce and digitizing the store to using AI to reduce theft in store. So firstly, we have e-commerce. We, at StrongPoint have an end-to-end e-commerce platform that is truly world-class. We provide everything a grocery retailer needs for e-commerce, from software to pick, pack and process online orders to last-mile solutions.

We are, in particular, proud of our proprietary Order Picking solution. We dare to say the world's most efficient in-store picking solution that is getting traction with some of the world's most esteemed grocery retailers, including in this quarter. Additionally, we provide other picking and last mile solutions aimed to ensuring the highest level of efficiency and profitability for grocers in a sustainable manner.

Secondly, theft and shrink. We have multiple anti-theft solutions, many of which are AI-powered. This includes Vensafe Select & Collect, AI-powered scales and weighing and AI-powered theft detection self-checkout.

Thirdly, store efficiency. We provide a proprietary self-checkout solution, ShopFlow Logistics, our proprietary SaaS-based inventory, order and task management solution, AI-powered age verification and AI-powered shelf monitoring with Vusion.

Fourthly, we provide pricing and promotions. We have digital solutions for pricing and promotions as a proud partner of Vusion, which is the leader in store digitization and the world's largest producer of electronic shelf labels.

And fifthly, handling cash. Still even with low single-digit percentage of cash usage in Norway and Sweden, the sheer volume of transactions in grocery stores means that cash needs to be handled efficiently. This is also evident with our recently announced agreement with NorgesGruppen this quarter, the largest grocery retailer in Norway.

We're enabling grocery retailers to handle their cash more efficiently in general through our CashGuard solutions. And furthermore, we are developing CashGuard Connect, a unique closed-loop cash management solution that makes cash handling as easy as handling cash payments. And we'll talk more about that a little bit later in this presentation. So that was about our technology solutions.

Now where and how do we operate? We have 9 core markets in which we focus on. These markets are the Nordic region, the Baltics, Spain, the U.K. and Ireland, as shown here on the map. These are countries where we have our own teams on the ground managing the entire value chain, from sales to installation to service and support.

And why is that? Well, we believe that we can build deeper customer relations, customer intimacy and seize a larger share of revenue from the technology spend of our customers. Customer intimacy is extremely important at StrongPoint. It's through those deepening relationships with grocery retailers that over time allows us to become a trusted partner. However, we're not only limited to 9 countries. We today already serve grocery retailers in over 20 countries with the support from our partner network. And specifically, with our award-winning Order Picking solution, we're showcasing our ability to serve customers well beyond our 9 core countries. Beyond customers in our home markets, we serve customers with the Order Picking solution in New Zealand, Cyprus, Iceland, to mention a few. This is a very important part of our strategy forward, building ever more recurring revenue base with our Order Picking solution across the world.

Now coming back to the first quarter and success stories. I want to point out 3 of the success stories with customers we had this quarter. Firstly is Iceland Foods. Iceland Foods is one of the U.K.'s best-known grocery retailers and have been part of the British grocery market for more than 50 years. Since starting in 1970, the business has grown into a nationwide retailer with close to 1,000 stores, around 30,000 employees and an annual turnover of more than NOK 55 billion.

One of its claims to fame is that it was the first grocery retailer in the U.K. to launch a nationwide online shopping service, which was introduced in 1999. This is not a firstcomer for e-commerce. And hence, we are also extremely proud to have announced that we -- well, that Iceland Foods have chosen StrongPoint for all their e-commerce picking operations. The project is beginning now with a planned proof-of-value phase with a broader rollout to follow, subject to satisfactory results of the proof-of-value phase which we really, of course, believe in. That another leading grocery retailer like Iceland Food has chosen StrongPoint is just another proof of the fact that we truly believe that our Order Picking solution is world-class. So I'm very, very pleased with that.

Secondly, NorgesGruppen, the largest grocery retailer in Norway and one of our most long-standing customers is set to replace a portion of their already installed base of CashGuard and Vensafe solutions. We are extremely proud of these 2 agreements. CashGuard and Vensafe are examples of some of our most tried and tested proprietary solutions. It also demonstrates that even these are well-known and well-used solutions, they are still highly relevant to our customers. That Norway's largest grocery retailer is continuing to trust and invest in our solutions means that our solutions today remain integral to their operations. It is also a reminder that even in a country that is a poster child of cashless society, grocery retailers continue to recognize the efficiency and other benefits from using cash management solutions.

And thirdly and lastly, to mention in this aspect is AutoStore. We have had multiple AutoStore automation projects in the U.K. this quarter. In the quarter, we've been asked to build 3 AutoStore automation solutions for retailers in the U.K. Two of these are for AutoStore's more compact solutions called Pio, and one is for the traditional larger AutoStore solution. The largest of these 3 is to design and build an AutoStore and associated automation solutions for a global e-commerce retailer based in the U.K. These new contracts demonstrate our U.K.'s business continued transformation from its Shop Fitting roots into providing a wide variety of high-tech automation services and the spillover effects of our focus.

Now from the highlights with customers onward to some strategic projects. Firstly, our Order Picking partnership with the U.K.'s second largest grocery retailer, Sainsbury's. As we have previously shared, the first Sainsbury's stores with our Order Picking solution went live in Q3 2024. At the end of Q1 this year, our solution remains live in a double-digit number of stores. Admittedly, the rollout is taking longer than we anticipated, and there is some additional work needed from both us as a technology supplier and from Sainsbury's as the customer. But our operational teams are working closely together in the stores to ensure that the solution is getting worked at, tested, new features and development to the solution gets into place so that we can continue to work healthy together.

A few weeks ago I joined our operations team in store starting at 5 a.m. in the morning to follow Sainsbury's e-commerce operations firsthand and to see how our solution is being used in the live store environment. It was valuable to see up close how our teams and Sainsbury's teams are working together day-to-day, identifying issues, testing improvements and making progress just as a true partner.

Then regarding CashGuard Connect. So first of all, CashGuard Connect is a fully closed-loop cash management solution, as illustrated on this picture. This means that end consumers are able to pay with cash at manned or unmanned tills and the grocery retailer will never have to touch the banknotes again. Banknotes are automatically transported directly from the till to the back office safe and to the cash-in-transit provider. This means a lot more efficient cash handling and operational efficiency for the grocery retailer and for the staff and customers, increased safety.

However, this is still a solution that is under development. It is not a finalized solution, and we are still working on preparing a solution that is right for large-scale manufacturing. Furthermore, we have previously announced that a local partner company, Hart Automation, went into bankruptcy proceedings. Hart provided expertise on the solution in its early stages and has a minority stake in our local joint venture. The bankruptcy proceedings have taken or created more delays to the project than we anticipated, but we have and are taking legal steps to ensure that we maintain the rights for the solution. These proceedings are still ongoing, but we expect them to be finalized in the second quarter just now.

And with that, I will hand over to Marius, our CFO, to share more details on our financial performance. Marius?

Thank you, Jacob. I will now go through the key financials for the first quarter this year. Starting with revenue. And as we have already touched upon, the Q1 revenue remained stable at NOK 342 million. We had 17% growth in our international operations, led by the U.K. with year-on-year growth of 93%. This includes solid growth in AutoStore projects and Vusion ESL installations, as well as 33% growth in Shop Fitting.

We are pleased with the positive development in the U.K. and especially with the signs of recovery within Shop Fitting. However, in Q1, we also had revenue declines in the Baltics, Norway and Sweden, offsetting the U.K. increase. In the Baltics, we had a decline of 35% due to fewer self-checkout rollouts. And in the Nordics, there was a decline of 21% due to fewer ESL rollouts. So overall, the revenue came out flat versus last year, which with all the global uncertainties we are observing, we believe it's a respectable outcome.

Continuing on to recurring revenue, 12 months rolling. This increased by 3% year-on-year to NOK 384 million. And comparing to Q4 2025, it remained flat. As we explained and talked about in the last quarter, the recurring revenue from our former ESL partner will diminish in 2026. In Q1, the effect on the 12 months rolling recurring revenue was a reduction of NOK 8 million, impacting license revenue and service revenue. However, we also had higher growth in other service agreements relating to CashGuard, Vensafe and self-checkout, resulting in the overall growth of 3%.

If we move on to EBITDA, this was NOK 10 million in Q1 this year, the same as for Q1 last year. And this is driven by the same development we talked about with revenue, improvement in profitability in the U.K. stemming from the 93% revenue increase. On the other hand, offset by reduced profitability in the Baltics and the Nordics. We continue to expect fluctuations between the quarters. But from an overall perspective, over the last 2 years, as we can see here, we are gradually improving. So these were the key drivers of the EBITDA for the quarter.

Now let's look at the cash flow movements. We started the year with NOK 99 million in cash and ended Q1 with NOK 68 million, a reduction of NOK 31 million. This includes a positive contribution from the operating result of NOK 10 million and several components reducing the cash for the quarter. I will revert to the working capital increase shortly.

We had CapEx of NOK 7 million, which mainly relates to our CashGuard Connect project in Spain and our own POS solution in the Baltics. Other cash outflows include premises payment under IFRS 16 of NOK 7 million, interest payments of NOK 4 million and other prepayments of NOK 11 million.

Now let's move further into the key components of the working capital development. Overall, for the year, working capital increased by NOK 7 million to NOK 100 million at the end of Q1. This includes an increase in accounts receivable of NOK 20 million, mainly due to the higher activity that we are observing in the U.K. Now this increase was to a large extent offset by a reduction in inventory, driven by a reduction in Grocery Lockers and the Shop Fitting inventory.

To conclude, we will look at the development in net interest-bearing debt. During the first quarter, the net interest-bearing debt increased from NOK 61 million to NOK 91 million, corresponding to the development in cash that I just covered. And as we have drawn up our available credit facilities, the disposable funds were the same as the cash position with NOK 68 million. Finally, the equity ratio remained stable at 46%, well above our equity covenant of 30%.

With this, I will hand it back to Jacob for some final remarks.

Thank you, Marius. I would like to start by reiterating that we do not provide short-term guidance. But what I can say is that our journey towards stable and sustainable profitability will not be linear. In the near term, we will see both opportunities to capture as well as challenges to address. Looking further ahead, we expect grocery retailers to continue investing and increasing their investment in technology. This is encouraging for StrongPoint.

Our focus remains on building and maintaining customer intimacy and earning the trust of grocery retailers as we bring our broad portfolio solutions to the market. We continue to target international growth, particularly through our global SaaS e-commerce opportunities. And at the same time, we recognize the importance of revitalizing our traditional Nordic and Baltic markets. Both areas will be important for us in the future development.

To conclude, the continued interest in our solution portfolio, together with the trust of our partners and customers that they place in us gives me confidence in StrongPoint's long-term potential. Our ambition remains the same as earlier stated, healthy revenue growth and an EBITDA margin above 10%. We have already now in Q1 delivered an 11% EBITDA margin in our traditional home turf markets, Nordics and Baltics. And this provides certainly to me an indication of what is achievable provided an international scale-up of our business.

As for the next presentation, we have our Q2 2026 presentation on July 10. For any questions related to Investor Relations, please do contact Marius directly. His contact details are shown on the screen and, of course, on our web page.

I would also like to invite you all to our Annual General Meeting, which will be held online at 10:00 today via an audiocast, following that our usual Q&A audio session at 11. For both the Annual General Meeting and the Q&A, you can e-mail questions to the [email protected] if you would like. With that, thank you so much.

Okay then 10:00. Welcome, everybody, to this investor presentation. Welcome. And just apologies right away if my voice is a bit rusty, it's because of these guys, all the regions would know why, the Nordic [ team ], proudness of [indiscernible]. So just, of course, very, very pleased about that. So apologies again if the voice is a bit broken today.

Okay. We have a very insightful -- we hope, at this exciting agenda today. And with me to go through this agenda, I have -- or we have Roy Horgan, Roy is the CMO, but also the MD of U.K. and Ireland for Vusion. And I know that many of you are very excited about and curious about the partnership we have with Vusion. So we will be talking more about that. And Vusion, of course, being represented by Roy will talk more about exactly, the Vusion. We'll talk today about sort of overall market, the partnership, e-commerce and our strategy, and then we'll leave time in the end for Q&A. We try to wrap everything around 1.5 hour. Also for the Q&A session, we have Marius Drefvelin, our CFO, here in the front, with a tie as a proper CFO.

Okay. I want to start with not a history lesson, but just a little bit now, what we've heard in the market and how we are trying to move ahead, right? So if you look back to 2020, StrongPoint was a company that had not only retail technology, but also a cash security business and a label production business, all very different kind of businesses than retail technology. And we took the decision back then to be a pure retail technology company. And I think we were both patient, but also we should say, lucky with some of the timing we went out of Russia. That was not because of our geopolitical foresight. There was a little bit of lucky on that. We managed to divest both the Cash Security business, which had a very, very big business in Russia and also the Labels business at an appropriate point in time, which then enabled us to also move into new markets.

We both were and are still in the business of selling hardware, but with attached service contracts, which are very important for us. As you would have seen more and more so, we're more and more trying to sell more software solutions as well. Obviously, software solutions, which also have a recurring component in it. We were super proud and are still very proud of serving all the Scandinavian top retailers. But with expansion into U.K., Ireland and more so also into Spain, we're starting to serve more and more of these major European grocery retailers as well.

And one of the points that we met -- I met when I was back in 2020 speaking with investors was, well, isn't it a bit risky to just be with principal 3 customers in Norway, and back then 4, now 3 customers in Sweden and 2 in Finland and 3, 4 in the Baltics. I mean it was felt as a risk. Well, certainly, now we have expanded the footprint to cover not only these companies, but also grocery retailers in [ Denmark ]. So it's more of a broad product portfolio we've got out with customers.

And lastly, which we'll also talk more about today is we were super fortunate and skillful, I should say, looking at Jørgen to do the acquisition of CUB back in 2018. That proved to be an absolutely fantastic company. And it was with great humbleness that we sort of realized that this is a jewel that we have to take care of, make it from an on-premise solution to a cloud-based solution, put in the necessary features and functionalities to also be successful internationally, and we've really started on that journey, but it's been an absolutely amazing journey.

So just for all of you, many old investors, a little bit of, should I say, history, in that respect. Now what's the market like today? And I think there are 3 megatrends, if you want, in the grocery space that affects grocery retail. The first is the continued growth of discounters. For many, many years, hard discounters was not even considered part of grocery business in the U.K., not until Aldi was all of a sudden #5 in the market, #4 in the market. And whereas these are absolutely amazing companies and in particular, in Norway with soft discounters dominating the market, this is, first of all, a very important customer base for a company like StrongPoint. But it's also a great push to the traditional supermarkets to do the differentiation versus hard discounters and other soft discounters. And the solution very often is how can you use technology to enhance the customer experience and reduce costs accordingly.

The second bit is the growth of e-commerce. And although most of you at least here in the room are Norwegians and the e-commerce space within grocery is pretty limited. That's not the case in most other parts of the world. E-commerce is the fastest-growing segment within grocery retail full stop. In the U.S. alone, and I have to double check the figures, but in the U.S. alone, the growth at the end of last year was more than 30%, more than 30% growth in e-commerce for groceries in a market which is already very, very low penetrated. So I'd like to say this is like the Internet. It's not going to go away. It's just going to grow, and we're very fortunate to have solutions that fits exactly this market.

And the last bit is the digitization of stores. And certainly, with the advent and growth of AI, the question is how can we utilize all the data points in a store to make the store more efficient. The truth of the matter is in today's world, the most -- or the biggest problem for most grocery retailers is out of stock. We have solutions to handle that. And so the store digitization is certainly -- also a megatrend that's affecting us. And again, super proud to have Vusion here to also share their experiences with both Walmart and Carrefour.

So without further ado, let me do a little bit of an introduction of Vusion and StrongPoint's entry into the partnership with Vusion. So with Vusion, we have a what we call a multifaceted partnership. And it's multifaceted in the sense that, first and foremost, we are a value-added reseller. So in 9 countries where we are present, we have a reseller agreement to sell the entire portfolio of Vusion through -- throughout the market.

The second bit of the partnership is what's called ISV, independent software vendor. And essentially, what it means is that Vusion has had the belief that in-store picking is the future. And we've seen the benefits of Vusion solutions and how Vusion can be connected with StrongPoint's order picking solution to enhance the profitability of both the picking solution as well as other infrastructure in store. So we're working together both to promote each other, but also together on a road map, and we'll be sharing some of the bits in what that road map looks like, so you can get a bit of sense of what it is actually all about.

Now without mentioning our other partner, I mean, it's no secret that we had a fantastic partnership for many, many years with another company providing Electronic Shelf Labels. And so when we took the initiative to break that partnership and go with Vusion, there were certainly many questions. And if we try to sort of summarize why did we change to Vusion, there's really 3 reasons for that.

Number one, it's not only about ESLs or Electronic Shelf Labels. Electronic Shelf Labels is one part of the entire suite of solutions that Vusion offers, but we're going from Electronic Shelf Labels that we've been used in Norway to see around stores to a digitization of stores. We'll talk more about some of these solutions, but I'll just mention, for instance, shelf-edge cameras. So these are shelf-mounted cameras that are able to see and as they see using both the camera, but also with an AI layer to understand is a product out of shelf, not out of stock, but out of shelf, which is what matters for customers in a store. That is, as I said, tackling one of the biggest challenges of grocery retailers today, namely shelf stocks.

We are also with Vusion using their retail media platform. And retail media sounds a little bit difficult to get a grasp of, but let me give you 2 data points here. One is most of our advertising money today, unfortunately, I should say, goes across the ocean to the Alphabet's and the Meta's of the world. But if you're in the store, there's actually a fantastic opportunity to monetize on the attention we have from consumers. And bear in mind, even Norwegian consumers are, on average, 3.5x in a store per week. So when the giants like Walmart report that 20% of the net profit comes from retail media, and that's a very growing business. It's worthwhile keeping an eye on what's happening there. And there's a bunch of other things I'll leave that to Roy, but we're moving from an ESL partnership to a partnership which includes ESLs, but also so much more.

Second thing is just de facto, a much broader footprint. We have been guilty as charged over many years in introducing Electronic Shelf Labels to Norway and Sweden with a different provider than Vusion, but it was really just in those 2 countries. The partnership with Vusion illustrates that we are able to also sell in all the 9 markets, and not just on paper in all 9 markets, but de facto, in all 9 markets. The setup we have with Vusion is unique in that sense that we have great expectations about what we can achieve also outside Norway and Sweden, where the market is more characterized by replacements of Electronic Shelf Labels rather than growth of Electronic Shelf Labels.

We should all bear in mind that whereas Norwegians and Swedes, we think that the entire market is already fully penetrated, but that's just in the Nordics. U.K. is just getting started. Spain hasn't even started. There's so much more market to grow with, and we hope to do it with Vusion.

And then the last bit is the e-commerce partnership we have. So the term local e-commerce is actually a term that at least we picked up from Vusion, which talks about how do you leverage the biggest asset that a grocery retailer have or retailer have, namely the stores themselves. How do you leverage that into also an e-commerce fulfillment platform. And so Vusion was looking for that, to be honest, over many, many years, asking us to please change sides to put it like that. And eventually, we took that step, and we're just truly happy about the work together to get local e-commerce fly. So I'll talk more about that in a second.

But before that, I'll give it to you, Roy, to talk more about Vusion. Many here do not know that much about Vusion. And secondly, about your views on the StrongPoint partnership.

Okay. Thank you very much. Yes. My name is Roy Horgan, and I have 2 hats. One is from a group perspective, marketing and communications, but also from a market perspective, the U.K. and Ireland. So that has been -- that hopefully allows me to be qualified because I know what happens on the ground and not in theory, which helps. So -- yes. So the reality, Vusion actually -- so I started the company in 2014 on data analytics. And at the time, Vusion had a company called -- it was SES-imagotag that bought a company called imagotag. They were an investor of mine. At that time, 2014, it was in the region of EUR 80 million, and now we're at $1.5 billion, you can just see a 30% annual growth year-on-year. And there's been a couple of inflection points there. I think the onslaught of WiFi in store changed everything and embedded WiFi, so embedded IoT.

So I think we don't see ourselves essentially as an ESL company. We see ourselves as an IoT and data business. That's what we see ourselves as, and it's proving to be true. And we've had a couple of -- I suppose, our key disruption in innovation was this technology called EdgeSense. So this basically is a rail, and we've basically connected the rail to Bluetooth. So we're going to Bluetooth, right? So we've -- we're -- typically, the technology embedded in these labels was type of WiFi proprietary, sticky, but hard to interoperate with different devices. So we rolled this technology EdgeSense out to Walmart, and we're -- we have fitted right now about 2,500 stores, and we'll have the rest of them done by the end of this year into next year. And that's just the start. So any analysts in the room, they think that the story when Walmart finishes when you stop fitting the stores, it's not true. It only starts because then we enable services like computer vision.

And I'll talk about Walmart in a second, and also geolocation services like picking, fulfillment, task management and moving the stock in terms of geolocation of store. The biggest challenge actually retailers talk about in terms of their stores is they don't know what's in their stores. And when you can tell them what's in their stores, when you examine what is in their stores, when it is on their stores and if you can improve the metrics, then you enable stuff like better picking rates, quicker picking rates, quicker baskets. And it's interesting, and this is what we're starting to see.

So the total return on investment is massively improving because we're no longer just talking about replacing paper with digital paper. We've actually unlocking a whole range of different business cases, which has proven to be true. So typically, what we do when we start to talk to retailers, we have a project called value assessment, and we start to look at our -- where we think their business case potential is. So it's back to those basic things in terms of pricing and taking labor out of the store. So nobody is ever going to pay you for adding cost to their business by taking costs out. So we look at that, then we look at efficiencies.

So -- and one of the joys of this partnership with StrongPoint and not only the fact that we work with StrongPoint on -- we're rolling out, and I have it in the next slide, a number of retailers at the moment. In one particular retailer, we -- who was using their picking solution -- StrongPoint's picking solution. Overnight, they accidentally turned on the pick-by-light, and we saw a 20% uplift in the pick rates. And actually, one of the largest compliments we got was there was a challenge with the -- it went down overnight before when we can and the retailer rang us and said, we have a real problem because we've taken all the labor out of the store that we had. So we needed working because it was giving them the efficiencies. So they already saw the benefit of this.

And when a retailer is ringing you for those problems, although you don't want them, then you know that they see value in the solution. So really, it's a case of -- and it's back to what Jacob was saying in terms of real -- the real end game here is combining a number of technologies to give that confidence in terms of what's on the shelf, what's in the store, and also using other technologies like computer vision for closed-loop attribution. And what that means is you know it's on the shelf, you know where it is on the shelf, you know what's been picked in the store and then you can unlock stuff like retail media. And that's where stuff like the cameras comes in, because you give the retailer the confidence to present data back to their CPGs and their FMCG suppliers.

So U.K., this is where like have been invaluable to me in terms of the U.K. because we now have the Coop. We've -- we're at a pace of 80 stores per week. StrongPoint are rolling this out with us. And also, it's all ultimately -- and again, in terms of Asda and Morrisons are some of the brands that we're working with StrongPoint on and others. But ultimately, where we see this is getting really interesting is when these are rolled out, then the real fun starts because that's where we can really add value, and it's all about adding value.

Not just in grocery, we see it in terms of a whole range of different applications in terms of DIY and home improvement, so on forecourts. But the reality here is it's all about operational efficiency and improving the profitability of the retailers and their colleagues in store. So yes, this is an interesting one because Walmart surpassed Amazon in terms of their e-commerce last year. And you see their numbers growing in a market that is struggling somewhat, and their metrics are getting bigger and better and better. Even last month, Walmart specifically called out Vusion as a core technology in terms of their e-commerce strategy and their in-store strategy because the colleagues in store have adopted it. They started to see the benefit of this because the difference between a technology and to change prices and an infrastructure for picking is -- when it comes to picking, it has to work on time every time.

You can't -- and this was the real step change in terms of Bluetooth because we had a technology designed for absolute scale at speed and then that interconnectivity between the colleagues' devices. So it's basically the efficiencies that they're seeing now to the point where they have turned it on with third-party pickers. So now the store from a secure layer can deliver third-party pickers geolocation and routes in the store. Where we're ultimately going is even on the picking, if a picker can turn back in themselves because they know that their planogram is in real time, maybe we're starting to model now that we can save about 15% of the steps in store by just having real-time geolocation. So in the pick route, we can make them dynamic, and this is where it can get even better. And that's where -- and then moving to agents and using that Bluetooth to connect to headsets and devices and glasses.

So this is where, again, with StrongPoint and what I particularly love StrongPoint's innovation is they're connecting our cameras to their picking app. So then the picker can see with confidence that the products on the shelf are not on the shelf. So then they can -- we can reroute them to where it actually is in that store or it's in non-pick. So ultimately, retailers like Walmart and now Carrefour are trying to get to a place where their metrics is about the perfect basket. The more perfect basket they deliver to their customers, the more competitive they are and the better they are in terms of their NPS and service and profitability in terms of savings.

So again, this is recently launched, and it's now part of their capital markets plan for 2030 in terms of how we ingrain a range of technologies to unlock the potential of the connected store. So ultimately, I think it has on so many levels on -- from a core technology perspective, from a partner in terms of helping us in terms of roll out our technology to stores, to -- which I'm most excited about because with so much potential also is the reseller as well because it allows us to have more coverage and a partner that understands and knows and can explain the technology in the right way. I've been at this a while and very few partnerships work quickly. They're typically hard and they take a lot of time and investment. I think this has been probably the easiest partnership that I've experienced. And it's a combination of, I think, we have the same values, the same ethics, the same culture. We're technology driven. We're problem led. We don't point fingers. We work on solutions. And together, it's been really a valued partnership. And yes, so I'm pleased to be here today, and thank you for your time. Thank you.

Thank you, Roy. Don't leave just yet Roy. I mean there's lots of things, right? But if I were to sort of ask you to cut through everything, what are you most excited about when it comes to sort of retail technology in our space?

Honestly, what I'm most excited about is the potential, what we can see the potential of putting everything together. Well, like it's -- mobile phones were interesting to a point, but what the sea change was when you had geolocation in there. And then you unlock huge potential because you couldn't have Uber or you couldn't have Deliveroo or you couldn't have any technology ultimately until you had geolocation. So once you've unlocked that geolocation, suddenly, there's a whole industry that pops up that you can enable. And then coupling that with our capabilities in terms of agentic AI and agents, all I care about right now is our ability to reduce friction, and this reduces friction between the customer and the colleague, and the colleague and ourselves. That's what I'm excited about because I only see upside here. In the next -- I only see potential for us. And I think we're in a great space. We're in a great space.

So there's obviously, as you said, right, lots of potential as a value-added reseller. But you also alluded to the fact that together with the joint capabilities we have in e-commerce, we could do magic, hopefully. Now these are typical Norwegian and Swedish investors. And sitting in Norway looking at grocery e-commerce is kind of a non-event because it's not really happening. So with your sort of background, the areas you cover, what can you say to sort of investors? Because like the market here is not predominantly in Norway as such. It's internationally. What's still to say about the Vusion and StrongPoint partnership in that respect?

Yes. Well, look, in big population centers, like, for instance, the U.K. is an interesting one because they have big boxes, right? And they have -- it's a very small country with a massive population. And that's where you see huge potential in terms of e-commerce because you have the infrastructure, you have the population, you have the proximity. But what you don't have is great execution. And you have clogged up roads, right? So you have to be able to deliver in a very short period of time with confidence and use your existing infrastructure.

So if you look at other markets, like we're starting to see amazing things happen in England, in France and in Turkey, for instance, in a lot of emerging markets. The U.S. has been phenomenal. You have a lot of regional grocers, as you know, in the U.S. that are dominant in their regions. So again, it's just about reducing friction. So that's -- it may not be -- like I'm from Ireland, right? So we have the same type of demographic and population as you have, and it's quite dispersed. So it doesn't work that well in Ireland. But in the U.K., France or Germany, it does.

Okay. So everything is positive. What about challenges? 1 or 2 big challenges that sort of -- you see for...

I think that the largest challenge we have is that retailers in their own businesses think in silos. So they're not connected. They talk about digital transformation. They talk about -- look, these are big transformational projects. So this is where it's really challenging. It's because what you have to do is you have to bring the whole organization with you. So that is a challenge. The way we kind of worked on it is we work hopefully at a C level. So the CEO, him or her have to get it. If they do, then it can filter down and then you have to go back up again and it filters down.

But the reality is you have to sell -- this is a strategic sell. It's a long sales cycle. They'll have an infrastructure there that they've had for years like they've had in France or here in the Nordics and didn't realize that either they picked the wrong technology. So Carrefour obviously had no problem with their existing provider. But what they had is a challenge because they couldn't fulfill their objective in terms of digital transformation. So after 3 years of that contract, they decided to move to Vusion as a result. And we're seeing -- I think we'll see more of that. But it is a case of it has to start at the very top.

Thank you so much. Roy will be here also afterwards. So for -- at least for those of you showing up in person, there will be more opportunities. Thank you so much.

Thank you very much. Thank you, Jacob.

I will round it off. You basically touched upon some points when it comes to sort of the joint road map going forward. And I'll try to make these things more concrete, so you can get a sort of a sense of what's coming. You mentioned the first one, Roy, which is the sort of shelf-verified order picking. I'll double-click on that in a second. We can also say that what we are already showcasing and have showcased that amongst others, NRF. NRF, the retail forum in New York was also -- what's called the Put-to-Tote optimization. And basically, what it means is that you're picking the items on the shelf and putting it in the appropriate basket or tote. And when you're doing picking, you want to do several orders at the same time, 8, maybe 9 or 10 orders at the same time.

So what our customers do today is they pick an item, they scan the item and then they need to scan the bag or most of them do scan the bag to make sure that you put it in the appropriate bag. You don't want to get it in the wrong order. Now with Put-to-Tote, the ESL, first of all, will help indicate with a flash, what item to pick. And then the tote or the basket itself will also pick flash with the same kind of color. So it's becoming sort of very difficult to make any mistakes. You can basically pick the item, put it exactly in that tote. And that might sound like a small thing, but that's 1 second save for every single SKU you put in a basket, it's hugely valuable for any grocery retailer. That's common.

EdgeSense geolocation, you said it, right? The difficulty with Electronic Shelf Labels is that they haven't been able to geolocate exactly where our items. And still, whereas we have the -- and we can still say this, the best and most efficient picking solution there is in the world, the biggest thief to efficiencies is walking. So walking between the SKUs you're supposed to pick. Now with geolocation, we're able to take that geolocation and positioning of SKUs, principally because of EdgeSense, but take that geo positioning, put today's data of what are the items to be picked on top of that, run a linear programming and you have the most efficient way of going to the store to pick it. Hugely valuable to reduce the labors in store and increase efficiency, and much more. So that's to come.

But I will first and foremost now just double-click on what does shelf-verified order picking. And this is what a camera looks like, a shelf-edge camera from Captana, which is part of Vusion. So basically, you're attaching it on the shelf, looking over to the other side of the shelf, being able to spot what are on the shelf. And when you do that and you run with our order picking data, you're able to see what is not on shelf that is going to be picked.

So imagine a picker going to pick an order or several orders and you realize that this item here is supposed to be picked, but it's out of stock -- I'm sorry, out of shelf. It's out of shelf. Then the system would automatically trigger a message, well, is this item in stock? Because if this item is not on shelf, but in stock, it's either going to be the top shelf or it will be in the back room. You can actually refill the shelf and you can fulfill the order to get a perfect order as you said, Roy. If it's not, you can automatically send a substitution. But the last thing you want to do is send valuable employee time or employees to a store shelf, which you know is out of that specific SKU. So it's just a small example, but yet sort of so impactful when you look at how these technologies come together and create a much better business case than that one specific technology in itself.

Okay. We'll leave it like that with Vusion now. Now I do have to sort of cover a little bit more on grocery e-commerce. And I want to start with just the markets. If you've been following sort of the grocery e-commerce penetrations, they have been growing steadily, even in Norway, by the way, but they've been growing steadily, right? So U.K. in the last few years has been going from 10%, 11% to now being closer to 14%. U.S., as I said, growing massively up to 15%. France going from 7%, 8% a few years ago back to 10%. And that kind of penetration is one of the most massive moves you see in the grocery retail sector.

What is also very interesting to see is not only the growth, but also how the fulfillment shifts. So a few years back, the big discussion was, should I be leveraging the stores to do in-store picking or should have been investing billions of kroners or dollars into large, automated fulfillment centers. And the biggest advocate for the latter has been Ocado. And they've been -- they were hugely successful in selling their customer fulfillment centers or CFCs to the likes of Kroger, Sobeys, Casino, Auchan, even ICA. And now we're seeing the backlash, right? So just at the end of last year, many of you would have seen that Kroger announced the shutdown of many of its CFCs. So a massive, massive write-off of the investment. Same with Sobeys in Canada. And even in the U.K., where Marks & Spencer have a partnership with Ocado, there's been huge disputes about having delivered upon the contract.

So what we're seeing now is going from the sort of large customer fulfillment facilities, which are large, they're capital expensive, they're inflexible and also inflexible when it comes to delivering the biggest growth within e-commerce of all, namely Q-commerce or quick commerce. We're just simply not able to deliver an order in 15 or 30 minutes if the fulfillment center is far, far away. It has to be used in the stores.

So this really boils back into what we have believed in all the way along, namely the biggest asset of grocery retailers is the store. And if you think about the noise, I should say, and excitement around these CFCs and similar technologies, bear one thing in mind that that's all been coming from start-ups, right? It's never been an incumbent that have been doing that. And there's a reason for that. And the reason for that is that the stores are the most valuable asset and you can utilize that store much, much better. And this is where we believe we are very well positioned, one with the in-store picking that we talked a lot about, but also when it comes to deliveries. Grocery lockers, again, in Sweden, more than 50% of all e-commerce orders are being picked up in stores with grocery lockers. It's a massive reduction in costs for the last mile delivery that we hope to see also in other markets.

As I said, quick commerce, what we're experimenting with now is not only fulfilling quick commerce orders with our order picking solution, but also using quick commerce lockers. Quick commerce lockers that doesn't have to be temperature controlled because the orders by definition are quick. If you're within the sort of temperature zones or time zones that is needed to fulfill the orders and deliver them in a safe manner. So there's also an added benefit to the solutions we're offering.

And then lastly, also, we are a proud partner of AutoStore, we're seeing that -- well, first of all, we have installed the first 3 temperature zones with AutoStore with chilled, ambient and frozen. And with a sufficient high enough penetration, at least we believe that in certain markets and certain areas, you will see that you're using micro fulfillment centers attached to stores to alleviate the picking in the store itself. So we believe at least that we're very well set up to tackle and handle the e-commerce opportunities there are in the future.

Okay. Now we're going to talk a little bit about markets. We are at StrongPoint in 9 different markets. And we also have a product division that spans over many geographies, delivering internal projects. And if you have been reading our quarterly reports over the years, you would probably have heard that our legacy markets: Norway, Sweden and the 3 Baltic countries, they've been doing quite okay. We have a fantastic position, both in terms of the products we deliver and getting the scale to deliver profitability.

And then we have the other markets. Now I want to talk a little bit about that. The U.K. here, I mean, at the end of the last year, I mean, profit-wise or EBITDA-wise, I mean, certainly not at the level where we believe it has the potential to be. This is a big market. This is like 10x bigger than the Norwegian market, with a great product market fit that's kind of important. So it's not only a big market, but the product market fit is so good, not only on the e-commerce side and electronic shelf labels, but also when it comes to theft prevention or self-checkout. So we'll talk more about that. So that's why we're talking so much about the U.K. with this is a market we have big, big beliefs in after our acquisition of ALS back in a few years back.

Ireland and Finland, we just have to be honest. I mean, these are markets that are -- they are good markets, certainly not as big as the U.K. market and are not delivering the kind of profitability we want. These markets have to grow or go if I'm being just very honest. They don't have the benefit of that size of the U.K., but we certainly have at least opportunity to build customer relations like we have in the Nordics.

Then we have Spain. We've been in Spain for many, many years, principally with CashGuard. And CashGuard is still alive and kicking in Spain. But despite having a great agreement with Alimerka, which is one of the regional grocery retailers in Spain, the general grocery retail market in Spain has not picked up on automating cash handling. As many of you are very well aware, we are developing a very unique closed-loop cash solution that we believe will be that trigger to make cash automation, makes sense also in Spain. And again, it's also a big market with many other of our products with a potential.

And then we have what we call product. And we just have to be honest that for many products that we have, we are superb in 1 or maybe 2 regions, but not across all 9 countries or beyond, right? So when we talk about how great we are with Click & Collect Lockers, we're absolutely great in Sweden, but we haven't seen that kind of penetration at least yet in other markets. That needs to happen to get sufficient volume on the investments we're doing in those solutions.

If you look at self-checkout, we are the market leader in the Baltics. If you want to do anything in self-checkout, you come to StrongPoint in the Baltics. But still, when you come to Norway and Sweden, despite the great customer relationships we have, those are not our self-checkouts what you see out there. So when you're annoyed about the self-checkout experience, it's not because of StrongPoint. We're starting to get in there, sort of use of AI scales, but we're not nearly where we can be. And so the priority for the product is we need to get our products more into the other markets.

I'll mention one more, and that's Vensafe, a very well-known market product here in the Nordics, but it's not well known elsewhere. And that is despite, in particular, in the U.K., theft being a huge issue beyond what you can believe in Norway. It's a huge issue with theft. And it's a huge issue of how do you actually in a safe and efficient manner, deliver tobacco or vape, which is a big thing in the U.K. And we have many proof of concepts, as you would know, in the U.K. that we believe could be the right way to tackle these challenges. But we need to get volume on our own solutions.

And then lastly, I mean, even though we're successful, you could say, in Norway, Sweden and the Baltics, I mean, there's no time to sort of relax. We need to continuously rejuvenate. I mean, even though we did a fantastic agreement just the other day with NorgesGruppen on CashGuard, showing that cash automation is not disappearing anytime soon. I mean, nobody really believes that cash usage will grow massively. It just won't. So we need to also get out in the market that we are in the market with new solutions, both our own, but also third-party solutions that makes us stay relevant. So that is kind of key for us in these geographic markets.

And we updated also this one slide that we shared earlier. What does the market opportunity look like? In a market where we're very well penetrated in the Nordics, extremely well. I mean we serve everybody with one exception. And -- but even if we do that, there is not all the solutions that we have in yet, partner. And we need to do a better job in getting across to the markets the solutions that we offer. And you could argue that we're a bit slow sometimes.

But if you look at retail forums, they have been an integral part of the Baltic way of radiating the experience that you have in the Baltics. I mean that's something we also started with last year in both Norway, Sweden and Spain and U.K. to come as part of building that customer intimacy. But of course, the big, big markets are Spain and U.K. Those are just tremendous markets. And even people in the grocery industry in Norway and Sweden might not have heard about half of the retailers certainly in Spain, but maybe also in the U.K. These are big, big markets, and we have products, which are right for these markets, and that's what we're trying to chase.

Now if you look at the revenue base of StrongPoint, we can basically divide it in 3 buckets. One is the recurring business that we all love. Recurring business with service agreements, license agreements, we also do some rentals, but principally, recurring revenue that serves us very well.

We also have what we like to call, repeat business. A lot of the solutions we offer are have some kind of hardware components. There is a wear and tear to those products. And with customers being happy with, for instance, events-type solution is also very likely that you replace these every once in a while or CashGuard every once in a while.

But we should also be whether we have a big portion of new sales, and we need to have that growing our business, but you will also then having been -- many of you investors for many years, see that the spikes between each quarter can be quite significant. And they will continue to be. Let's not fool ourselves. We are still a project-based company to a large extent, working all the time to grow this business. We want to grow the recurring business.

Okay. We're getting to the hour. I want to round up by 2 things. One is sort of StrongPoint's overall strategy and direction. And in the end, some conclusion of remarks before we get on to Q&A.

When we look at StrongPoint, I try to sort of say what's -- why is StrongPoint out in the world? What is StrongPoint's purpose? It can be boiled down to making grocery retailers more efficient and sustainable. That's what we do.

Do we have customers outside grocery retail? Absolutely. But those are great spillover effects. If you're able to serve the grocery retailers, we believe with the level of professionalism and not least the velocity of transactions, you can serve any other retailer. But focus is grocery retail, which is by far the largest market in terms of retail technology. Approximately 75% of all grocery retail tech is spent in grocery retail.

And we differentiate between 3 kind of strategic pillars together. One is what we call to make customer intimacy our differentiator. The difference between StrongPoint and many of the companies that might serve us as a competitor is that we're not going there with 1 solution. It's kind of boring for a CEO to know that if you have 1 solution to sell, they kind of know what the agenda is. We're there to solve the issues of the grocery retail and having a broad portfolio with own and third-party solutions offers that kind of ability.

The second one is within order picking it. I'm using a little bit of Norwegian kind of word to dominate. I truly believe we have the opportunity to dominate in-store picking with the solution that we have and with the partnerships that we're creating.

And lastly, to drive efficiency, we can't only expect our customers to be efficient. We have to be efficient ourselves. And the way we do that is with a lean, transparent structure and a very strong culture. So I'll double-click on all these 3 in a second, so we can go a little bit in more detail on those.

So looking ahead, like what is StrongPoint's vision? Then we have a dual vision. A dual vision that says, we want to be the top recognized partner for any grocery retailer in the markets that we serve. So in those 9 markets, if you have any kind of opportunity or challenges, I should say, that involves any kind of technology, the membership pop up in your head is StrongPoint. We are there already in many markets, but we are not there at all in those 9 markets yet.

And the second bit is for order picking to be the leading in-store fulfillment solution worldwide. Now this is a little bit daunting to sort of use these words. So I'll try to explain how we got there. So firstly, on customer intimacy, how can we make customer intimacy our core differentiator. And I think if you start with the markets that we have been in the longest that are most mature, so Norway, Sweden and the 3 Baltic countries where we serve all major grocery retailers. And you start looking at what do we serve these customers with? You get an average of 4.7 solutions, 4.7 solutions, which means you're not only buying cash card but you're getting the Vensafe. You might get the Click & Collect locker. And by the way, the order picking makes sense to that as well, 4.7 on average.

And we believe that this happens for at least 2 reasons. One is when you first deliver a solution or a product, and it works in a high velocity environment and you do repeatedly deliver on that over time, you're getting the trust with grocery retailers. When you gain that trust, you also get the opportunity to bring in new solutions. That's number one.

Number two is that many of these solutions talk together, right? So the -- 2 very simple examples. One is sort of if you do the order picking in-store and your last mile delivery is with lockers, we have a very nice communication between those 2 solutions that allows for a much more seamless experience from an associate point of view. So the value of lockers with order picking is not 2, it's 2.5, whatever.

Second example is self-checkouts and Vensafe and no other places is better than in the Baltics. So if you're buying age-restricted items, in particular, tobacco products as a self-checkout. Well, today, you can't really do it unless you have it automated and automated in the sense that you're using the self-checkout connecting that with the Vensafe and on top of that, adding age verification. AI age verification tools. And this is for real, happening in the Baltics.

We've challenged the Norwegian Minister of the Digitalisation. I mean it's Norway is supposed to be the most digitized world company in the world and well, look, no further than the Baltics, they are already doing it. But it shows that the value of solutions is just not 1 plus 1, it's more than the solutions themselves.

This is what we want to get here. We want to go from that Nordic Baltic countries to Spain, U.K. markets with the kind of same mindset. And I think we have the ability to do so. We're starting to see fractions of that happening with many companies. Alimerka being one of them. We have CashGuard and then they're using our order-picking solution and Click & Collect. I mean, what does e-commerce have to do with cash automation? Absolutely nothing, but it's that gained trust that gives us the ability to work with these solutions that then again are working together in tandem.

The second part of the strategic business is order picking. And we talked already a lot about it, but the present and the immediate future now is in-store fulfillment. And we are fortunate and lucky enough that, that trend is moving as we already have the most efficient solution in the world. We've been moving now from having an old Swedish customers into moving that into the Baltics. We have, of course, Sainsbury's in the U.K., which was a big event for us. Carrefour in Belgium, we announced last year. Sonae that many not have heard of, but it's the largest grocery retailer in Portugal. So not only StrongPoint only in Portugal, Baltic as well, of course, but Sonae is there. We have all the way down to New Zealand, Iceland, so this is a true global solution that we are also able to execute and get implemented in completely different markets.

And then the thing is that every time we add a new customer, we learn something more. There might be a little bit of an extra future, we get a little bit more data into how order picking is the done most efficiently. So the product keeps getting better. But in addition to getting better product, we're also getting the best cost to serve because you don't need to expand the existing product team by the same amount to serve a new customer. We have a big, big leverage on that with gross margins that are typically in the very, very, very high double-digit numbers, as you would expect from a SaaS-based company that allows us to give us the best cost to serve. So best product, best cost to serve, which means we believe we have the opportunity to dominate this market going forward.

And all this is great, but it couldn't be done without people. We have approximately 500 or 499, if someone asks and as for reporting purposes. But not only do we have 499 people across 9 geographies, we also have very satisfied and happy people. We're measuring what's called eNPS, or engagement net promoter score. And we are outperforming the peers in the benchmark we have. We have a 36 -- last year, we had 36 eNPS which is 14 higher than the benchmark of companies we compare with. And we'll continue strengthening that organization. That will be absolutely critical also in the Nordics and Baltics where we have a very good foothold today, but it will be important to continue to develop that organization to also deliver on the new technologies coming into the market.

Now let me see here, some conclusionary remarks. How we're doing on time here, Dominic, we're close to 11:00. So we'll do the 5 minutes and then we'll leave time afterwards for Q&A.

So first of all, it's taken a really long financial perspective. The EBITDA of StrongPoint back a year when we had both cash security and labels and what have you. And we had a very nice period of steadily increasing dividends payout. We have some amazing year as many others during COVID, it was absolutely amazing. And then we've had as you as investors should know, we have had 2 years which were really tough. We had to reduce and rightsize the organization. We have to take down some investments. And last year, we were pleased to see that we're moving in the right direction, the right trajectory again.

And we have -- and I have many times reflected on, did we, during this period here, take on too many investments because we have to be clear that most of the investments that we are doing, we're doing over the P&L, right? It's really just CashGuard collect and 3 POS, our own POS solution that's being put in the balance sheet and everything else we do on the P&L because we have invested and are investing heavily into e-commerce. Do we believe it's right? We absolutely believe it's right. Did we believe it was right here? Maybe not, but we absolutely believe that long term, it will be right. And we're hoping and starting to see that happen.

We did a major acquisition also in the U.K. with ALS. So ALS were in U.K. and Ireland. We do not buy them because of the products or solutions they had, but we bought them because of the presence and the credibility with many of the grocery retailers in the U.K. We also know that when we acquired this company, we would have to invest in people, salespeople, implementation people, service people to be able to deliver these solutions in a credible manner. That's been an investment. It still is an investment to make that happen. We also have been investing and are investing in a cash automation solution that closed-loop cash solution that we talked about earlier for Spain and markets beyond.

And we're also continuing to invest and have started to get them out in the market now, our very own POS solutions, POS solution, point-of-sale solution. We're doing in the Baltics, where we had traditionally a very strong foothold with POS. Now we're doing that internally. The hopes are not only delivering that in the Baltics, but also eventually over time.

So I just want to be sort of -- we're very deliberate on where we have been investing. We're hoping and starting to see some of that coming into effect now, and we are just leaving behind a year, which was a massive improvement from the 2 years that we had.

So 2 slides here. Now so what are the stepping stones for our future growth? One is the customer intimacy. The customer intimacy we have built up over now 40 years, believe it or not, in Norway and in Sweden and Baltics over some shorter period of time is absolutely outstanding. So we need to continue strengthening that relationship where we have been for many, many years. and we are replicating that partnership or customer intimacy in the new markets, in particular U.K. aspect.

Secondly, it's in e-commerce. There is a trend now. There is a market opening up that will have to be on. We have proven that last year, we hope to prove more of that this year and the years to come to fulfill our vision of really dominating that in-store fulfillment market.

And lastly, we need to scale our own solutions. We can't be happy with being the premier self-checkout supplier in the Baltics. We have to do that in more countries. So it will not only help us on the customer intimacy, but also help us in getting the scale on their own solutions. So with long-term financial ambitions and these are our aspirations. These are a repeat of what we said earlier. We need to continue growing our revenue.

Bearing in mind though that there are differences in terms of quality of revenue, certainly, SaaS-based revenue is both more valuable, but typically also smaller than a 1 big CapEx program that investors -- or sorry, grocery retailers do. But revenue growth is important. That means we are relevant, more and more so for groceries.

Secondly, we are -- we have an ambition to get to over 10% EBITDA. And if you look historically, you will see that does not come by itself. We have to do things also different, which we believe we can do with more recurring, more repeat business. And lastly, we've left 2 years now with no ambitions. Or sorry, we had ambitions, but we hadn't had the ability in responsible manner to pay dividends. Obviously, that is also the ambition of StrongPoint and the Board to pay, again, dividends.

So with that, at least for the people in the room, I don't know how you said, Dominic, but at least for the people in the room, there is opening for Q&A. I have Marius with me here as our CFO, there's Roy, there's me, of course. So Dominic.

[Operator Instructions]. So in the room, anybody got any questions?

Jacob, can you tell us a little bit more about your partner strategy. I mean, you have small partners in Ireland, France, Germany, and we are a very significant partner in South Africa. Obviously, our strategy for broadening your partner network?

So what Jorgen is referring to is partners that predominantly now selling CashGuards, right -- predominantly. I mean, like we have some great CashGuard partners in Bullion in French solution, in CashGuard Ireland. We're still giving them the ability to use the name. And yes, we are seeking other CashGuard partners. The great thing about a product like CashGuard is you're also able to sell that not only to grocery retailers and a big rollout, but also to smaller independent stores, right? So we are looking at expanding that sort of partnership.

When it comes to other solutions, we have to be, we believe, a bit more careful because Vensafe, as an example, is typically not a product you just put in one store. You can have a partner that sort of serves for you in a specific market. I can do that pretty well. We have done that historically, both in Germany and in BeNeLux. But with the retreat of us in those markets, we didn't see the volume in these markets being big enough to handle that.

When it comes to other products. We have been doing some Click & Collect locker sales also in the U.S. All that has been through partners at least up until to date. So CashGuard is an example of a perfect product to get out through partners for other products that need more of a rollout, you should say, we want to be a bit closer to sort of reductions.

Makes sense. And also, you're developing a new POS system? It is not a very competitive space. And we also had some partners in from Iceland and maybe -- so how is that going to be connected?

Yes. So we are a LS or LS retail partner in the Baltics. So Baltics, we're super strong on self-checkout, very strong point-of-sales solutions to a much wider market than the retail space. There have been and will be some changes within LS Retail that made us want to both maintain but also strengthen that position. So we took the decision some close to 2 years ago to develop our own solution. We're calling it 3 POS. It's already been introduced to the Baltic market. And whereas this is predominantly for the Baltic market, obviously, we hope and believe that with the IP and the source codes within StrongPoint, we're also able to take that to other markets.

We should be careful, as I said, it's a competitive market, and it's a very long sales cycles on that. But you're right. I mean, we're doing this predominantly for Baltics with the potential to grow, of course.

I'll take an order for a bit, customer experience...

Any questions in the room?

I have a question for Vusion. You talked about the geolocation as important. Is it necessary to install the Captana cameras? Or is it EdgeSense is necessary -- is sufficient?

No, you don't need the cameras for geolocation. Whilst EdgeSense basically, if I look at a typical store, it's the rail gives you the location of where -- so the big problem you have in stores is even if you had lots and lots of labels around, it doesn't know where it is on the shelf, right? So what the camera does is it allows us some are starting to look at this in terms of mapping stores, 3 stores, but it's -- each device is Bluetooth connected to the rail. And then you have stand-alone labels that are also Bluetooth.

Thank you, Jacob, for a strong presentation. You spent significant time with a deep dive on e-commerce and with the ambition to dominate the global market for picking solutions. Can you remind us where you are today with regards to the total turnover in picking solutions? And perhaps also the number of different customers you have in the picking customers you have today? And then finally, you highlighted that the sales cycle is quite long here. So could you also provide an update on the maturity of discussions with different potential customers?

So maybe I can start and then when it comes to revenue, et cetera, I'll leave it to Marius because I'm so bad at remembering what we have shared externally. But when it comes to sort of customers, you would have seen, we have the legacy markets in Sweden, we have [indiscernible]. We used to have ICA, we lost ICA to Ocado, right? We just have to be honest, on 5 years, 6 years ago, we lost to ICA that went to Ocado, right?

But despite of that blip, the blip down, sorry, -- we have been expanding this into the market of Cyprus, Iceland, New Zealand, Spain, Belgium, U.K. market. So there is more and more customers coming on. I think, yes, there are long sales cycles. This is -- the contract we sign are typically between 3 and 5 years. But to be honest, if you do a good enough job, then hopefully that is 7, 8, 9, 10 years, right? So it's a very long sales cycles and hence, very important to kind of win the deals when the window opens, right?

And what's happened in the market now is that there's been a number of incidents that have led to this opening. One thing is Ocado and the questioning of really need to invest so much money in central fulfillment centers, shouldn't you rather use the stores. That's one.

Number two is that traditionally, one of the biggest competitors we have had has been with big grocery retailers wanting to develop solutions themselves, right, very comfortable for them to invest themselves. And we've seen many examples of people doing that and then realizing that they don't get the efficiency. The cost is actually quite much higher than just developing and then finished because you never really finished. You want to integrate with Vusion, et cetera. So we're seeing a bit of a backlash there.

And then lastly, is the fact that some of the competitors that we had have either pivoted or gone out of business. I'll make 2 examples, one is Walmart, of course, not Walmart, but Walmart, which is, by the way, hugely successful. They had white labeled or put aside their picking solution into what was called Walmart Commerce and Walmart Labs. And that solution was sold to many grocery retailers, Sonae is one of those. And obviously, when Walmart then falls that business, the opportunity emerges to sell that solution.

Second example, that being Wynshop, a U.K. -- sorry, a U.S.-based company was recently acquired by Instacart. And we are experienced in many of Wynshop's customers are not too happy about that because typically, the reason we went with Wynshop was to not be in the hands and faith of Deliveroo, deliver or DoorDash, the bolts of the door to the world, because they typically then own the customer data. They wanted to own it themselves and had Wynshop.

So when the acquisition happened of Wynshop, we're seeing many customers exploring opportunities outside that closed Instacart society. So yes, there are some triggers. There is also a big trend as we talked about for the growth of e-commerce.

Now Marius, what do you want to share on numbers?

I'd like to share more, if I could. But to answer your question on recurring revenue on order picking, we are not sharing that specifically as much as we would like to and why are we not doing that? Well, the simple answer is it's kind of sensitive to the few new customers that we've had so far. So we definitely have a plan to come out with the ARR, SaaS-based order picking only figure.

But also to your benefit, there's -- this business model is not necessarily subscription-based. It's based on usage. It's based on a fee per order. So yes, it's recurring. However, it will go slightly up and down during a month. For instance, they could be low seasons or low months where there are smaller amounts of orders. So usually, you have 2 kinds of SaaS-based business model, you have a subscription base, then you have the usage based, and we have the latter.

But to give some more perspective, Jacob shared that slide on recurring revenue. We have south of NOK 400 million in total recurring revenue. 60% of that is service agreements, 35%, 40%, the residual relates to license revenue, about NOK 130 million. A good chunk of that relates to this order picking. And that has been pretty flat up until 2024. And then we have for the last 18, 24 months, seen a significant uplift on the back of the Sainsbury's contract. So our ambition is definitely to share this, but it's a customer sensitivity issue as well.

Just a question online before we continue on the room. Actually, also directly to you, Marius. In recent presentation, you've highlighted the dividends multiple times. What do you see going forward?

Yes. It's a question that comes into my e-mail several times. Jacob did touch upon that. Up until 2022, we have been paying dividends. What that figure did not show was that up until 2022, we also had net cash, okay? We had a very good cash position. And for the last few years, having to fund these operational deficits and the investments on the CashGuard Connect project in Spain, which has been significant. We have changed the situation from having net cash to net debt.

So paying dividends with external debt, obviously, right now, it's not something we can do or would like to do. So first and foremost, it's a matter of getting back to positive net profits, positive cash flows. And then it's our ambition. We will stick to the ambition. But there's always a balance between whether to reinvest and capitalize on everything Jacob has talked about today compared to the dividend policy. But first, you have to really get our head above water, not just on EBITDA but on really on the bottom line, the net profit after tax. And then this is a continuous discussion. So we will talk more about that as soon as we feel that we have some more visibility.

Any more questions from anyone here in the room?

Yes. Yes. Thank you. If I'm allowed to ask you a question, Roy. You chose to partner with StrongPoint. And I believe much of the reason behind that was an e-com solution that was presented today. If I may ask you, why did you choose to partner with StrongPoint instead of trying to develop a similar product yourself in-house?

I think the best companies in the world should focus on what they can be the best in the world there. And while we've taken some very big bets on IoT and digitalization of shelves computer vision. And our next one was data and the ability to monetize the shelf through retail media. Sometimes, it's better to partner than to build. And I think it's -- and we found, I think, a partner that could be more than just e-commerce. As I said, they've been invaluable we're installing 80 stores a week at the moment in the co-op and StrongPoint stood up there. They were able to scale and they have expertise. So there's multi-facets and now, as I said, the reselling solution.

But ultimately, what's the hardest thing about a partner is to educate and to -- they understand your business. And we're going in terms of providing the signals for e-commerce and a StrongPoint to understand what to do with those signals. So that's really the rationale behind that.

Any more questions in the room? I think there's someone else is asking? No more questions in the room. I'll take 1 more question then online. If you have asked a question in advance or online, and we don't get to you, we'll try to answer you by e-mail as well. What do you believe will be the next major investment area for grocery retailers in the Nordics over the coming years?

I guess that goes to me then. I mean like in general, right, sure, Norwegian population and everything is -- were digitized, but there's a reason why we digitized. I mean, we have compared to the likes of U.K., I mean, a very, call it, expensive low-cost labor. I mean we don't really have low cost labor, which means that any kind of automation you can do in-store to reduce the labor cost is very valuable.

I think what you're seeing now with digitization of store that sort of Vusion represents fits very well to that. We were -- to take a longer perspective, in Norway, we were the first in the world to have pull down machines, also principally because of legislation, but also because of labor. We're the first to sort of have the auto stores because we need to automate warehouses. We're the first in the world to have the ESLs at scale because it costs a lot of money in the 10 years ago to go around and change tickets. Now it doesn't make sense to have people going around and seeing it's a shelf filled or not, and we can digitize that. And we cannot only digitize that, we can use that. I think you'll see a lot in the digitization space and with that, the benefits of AI to follow this. I think that would be the answer.

Okay. Any further in the room, I was going to take 1 more online. Otherwise, we'll call it a wrap of the day, okay? Looking ahead, are there any countries or markets where you see meaningful sales traction and expansion potential where StrongPoint does not yet have a presence?

Yes. I mean there is, of course, some dreams. I mean if you look at where we've had some traction already but where we don't have a presence, and we'll be very careful about sort of how to think about it is, of course, the U.S. I mean we have been selling lockers, grocery lockers to the U.S., traditionally it is also a market which is have a relatively high e-commerce penetration has been growing rapidly, but still is very, very inefficient compared to Europe. So that's, of course, a big dream, but we want to be sort of very, very careful before moving into such a market.

Beyond that, there are other markets, obviously, in Europe that are both big and super interesting. France is one of them. We have -- I'm looking at you, Irish, but still it's a French company, right? We have a super strong presence in France that have also a very good product market fit to what we're doing. But right now, we're, first and foremost, focusing on the 9 countries we are, and then we'll have to see how it was, but there are many markets that could be interesting.

Then I think we'll call that a day. The people here we can stay here a little bit longer. But for those joining us online, this will be the end. Well, thank you very much for joining us.

Good morning, everyone, and welcome to StrongPoint's Fourth Quarter Q&A audio call. Today, we have Jacob Tveraabak, CEO of StrongPoint; and Marius Drefvelin, the CFO, to answer your questions. But before we start, let me give you a quick recap of highlights from this morning's Q4 announcement. On the financials, revenue for the quarter was NOK 342 million, NOK 2 million higher than Q4 the previous year. The 12-month rolling recurring revenue increased by 7% compared to Q4 last year ending at NOK 385 million. The reported EBITDA decreased by NOK 10 million to minus NOK 5 million. EBITDA adjusted was NOK 2 million.

Highlights from the company operations was that Swedish retailer EKO rolling out StrongPoint's ShopFlow Logistics in all their stores. Vensafe proof of concepts in the U.K. continued with a total of 5 leading grocery retailers. StrongPoint launched Shelf-Verified Order Picking solution, leveraging Vusion's on-shelf cameras. That was the Q4 highlights.

Now a reminder for everyone. Please click the button in the lower right corner of your screen to ask a question. We have already received some questions that came in advance via the investor@strongpoint e-mail address.

So kicking off with the first question, Marius. Very poor EBITDA this quarter. Will this be improved significantly in the quarters to come?

Well, yes, it was a bad quarter in the sense that we had the negative EBITDA reported. But it is important to note that without the one-off costs of NOK 7 million incurred this quarter, the EBITDA would have been positive NOK 2 million compared to NOK 5 million last year. So fairly flat development from that perspective. But still, we are clearly not satisfied with the negative reported EBITDA. On to the question on whether the quarters will improve or not, we are not guiding, and we cannot comment specifically on the next quarters to come. But what we are commenting is the effect of the Pricer recurring revenue, which will have a negative impact going forward in the sense that we are losing these recurring revenues. However, which we are making a big point out of in the presentation this morning, we are also, at the same time, seeing new revenues coming in from Vusion.

Having said that, we are expecting fluctuations between the quarters, which is why we believe it is more relevant to look at the longer perspective. And with that, for the year of 2025, EBITDA increased from NOK 2 million in 2024 to NOK 33 million in 2025 if we exclude this NOK 7 million one-off costs. So that is a significant improvement for the whole year of 2025.

A second question, and that's related to investments. Is there a risk you invest too much in the U.K. and Spain? Do you use temporary workers for the ESL installations?

I can comment on that initially. So with the first question on U.K. and Spain, yes, of course, there is always a risk anytime you invest in something which is new and/or unproven. But these are the key growth markets for the long term, so very important. And as we are stating in the Q4 financials, we are seeing positive development in both U.K. and Spain with 36% revenue growth in the U.K. and 58% growth in Spain. As for the question on whether we are using temporary workers for ESL installations, absolutely, the answer is yes, we are. We are using a combination of temporary workers and the permanent employees that we already have.

If I may just also comment on that. I mean, the U.K. market and the Spanish markets are very big markets, but they're not only big, they also have, we believe, a good product market fit with what StrongPoint has to offer. So long term and over the cycles, both these markets will be very important for StrongPoint. And again, in this quarter alone, we also saw a very good growth. And both of these markets are now contributing positively to the overall business.

Very good. I think the next question is also for you, Jacob, and it's regarding Vensafe in the U.K. It says you talked about one proof-of-concept schedule to launch and 2 are evaluating the results so far. And there's a first one that's question that says, are we getting revenue on the pilots? And the second question is, is it possible to say anything about time line and potential orders?

So let me just take a step back first when it comes to Vensafe. Vensafe has been and is a sort of very common site in both Norway and Sweden for theft prevention of tobacco products typically, other projects as well, but typically tobacco products. Now in the U.K., theft and shrinkage is at a completely different level, much, much higher level than what we see in the Nordics. And the industry is looking for solutions to curb and to solve these theft issues. Now the fact that we have 5 proof of concepts with major grocery retailers in the U.K. is a proof of the need for a solution to tackle these challenges.

Now we have to respect at the same time, these are new solutions in the market, new solutions in a high-velocity industry such as grocery retail will take time. But it's correct that we are progressing well with many of these pilots. But I think it's too early to sort of start sharing any kind of specific rollout plans, et cetera. I mean, for that, the market is getting used to seeing this solution in the market. But overall, very positive about Vensafe being a critical solving mechanism for the theft issue in the U.K.

Next question is regarding another solution of ours, and that's CashGuard Connect. The question is, you said the same thing regarding CashGuard Connect the last quarter. Do you have any pilots in store now? If not, why? Elaborate on time line and profitability, if possible.

Yes. I mean, as for CashGuard Connect, although maybe the statements are pretty similar, there is a lot happening. I mean we're continuously improving the product with a very professional manufacturing partner. We have lined up a set of customers, in particular within Spain, but also outside Spain that has shown interest. And of course, we're in discussions about getting pilots in stores. We don't have pilots in stores as of now. When that happens, we will, of course, communicate that.

But I think it's important to sort of recognize this is also a new product for the market. It's not only the product that needs to work. We also need customers that are receptive to it. The interest in the market is high. There is a need to automate cash handling in many, many markets. And so that's why we're continuing to be very positive about the overall business case for CashGuard Connect. And whenever there is any new progress with regards to customers, we will, of course, inform the market about it.

Very good. Marius, a question for you. Regarding the steadily increasing capitalization of development costs for CashGuard Connect, isn't this in conflict with the company policy to expense development costs as incurred? And are we risking impairments of this balance sheet item?

Absolutely. So that's a fair and a good question. So to clarify on the first part, no, it is not in conflict with the company policy. We have been saying since 2023 that the costs related to CashGuard Connect development have been capitalized. However, what we are expensing are development costs relating to the other products, for example, Order Picking, Vensafe, et cetera. And this is in accordance with the IFRS. On the second question on impairment, yes, absolutely, there is a risk anytime it's in the balance sheet, and we haven't received any purchase order or commercial orders. We are monitoring this closely, obviously. But I think most importantly, we are working hard to make this a commercial success.

Also in relation to CashGuard Connect, there's a question here. Approximately how much CapEx will be spent on CashGuard Connect in 2026?

Yes, also a fair question. It's slightly, I would say, difficult to answer in the sense that we are not guiding on future P&L or capital expenditure for that matter. What we can say is that historically, over the last 3 years, we have been spending and capitalizing somewhere between NOK 20 million to NOK 30 million per year in development CapEx relating to CashGuard Connect. So obviously, at the point in time, there will be less development costs as the product is maturing and we are getting to commercializing this product. If there will be new CapEx from that perspective, there will be manufacturing CapEx on the back of commercial orders. But we will continue to report on this each quarter as we are doing in the presentation and how much we are capitalizing.

Next question is regarding Sainsbury's Order Picking. What can you say about the rollout and assumed time line?

So again, to take for any new potential asset, I mean, like Sainsbury's is a customer we won 2 years back, right? And understandably, with the second largest grocery retailer in the U.K. with approximately NOK 500 billion turnover, of which closely NOK 60 billion is e-commerce and everything being picked in store, that's a huge project also for us. Now so we are continuing to work with the customer to get the solution out in store, adding on the functions and features that the customer is requiring over and beyond what we already have in our fantastic, and I would say, the world's best Order Picking solution for in-store picking. And I think that's what we can say now. We have a double-digit number of stores live with our solution, and we'll continue working closely with the customer to both increase the number of stores, but also, of course, increase the performance of the solution out in the stores.

Continuing with another question about Sainsbury. If Sainsbury's chose ESL from Vusion, Will you get revenue for sales of ESL? Will you get revenue from installations?

First of all, it's a hypothetical question, and it's just too specific for me to really continue or to really answer super specifically. But I think what I can say in general is that the partnership we have with Vusion is a very strong one. I will talk more about that in the investor update we'll have on March 12, but the partnership we have with Vusion is very strong. It's both a value-added reseller agreement, and it's an independent software vendor partnership. Now in a number of cases, even before we entered into the partnership with Vusion, Vusion have been working with customers to ensure there are wins. And they've had quite a few wins now in the U.K. that are, frankly speaking, not the result of StrongPoint, but the result of themselves doing a great sales job.

Obviously, then we don't get any revenue from those sales that Vusion have been doing and not us. What we have been getting though, which was also evident in this quarter is installation revenue from a number of these sales. So -- but I think in general, I can say that every sale that StrongPoint needs and do, we, of course, get the revenue from those Vusion sales. In the case of Vusion doing the sale, we have the opportunity to do installation and get revenue from that, which we have now also done in the last 6 months.

Marius. Are you through or finished getting ESL revenues from NorgesGruppen and Coop in Norway? Meaning will Pricer AB get all of this?

I think the short answer to that question is yes. We are completed with -- as far as the partnership with Pricer. And just to repeat, we terminated this agreement a while back. And hence, the revenues from Pricer will diminish as we have also talked about in the quarterly report and the presentation this morning. On the commercial side going forward, maybe, Jacob, you would like to elaborate on opportunities or continued on the Vusion partnership.

Yes. I mean, I think it's important to recognize that StrongPoint took the initiative to terminate the agreement with Pricer and to enter an agreement with Vusion. And obviously, we did that for a reason. And there are 3 reasons why that was the case. Number one is the portfolio of solutions that Vusion constitute go way beyond "only ESLs'', right? So not only is Vusion the by far biggest global supplier of electronic shelf labels, but it also has a full set of solutions really needed to digitize the stores. And this includes Capatana shelf-edge cameras. It includes the next-generation shelf-edge labels where the tags themselves actually don't have battery, but they're in the shelf rail called EdgeSense. They have a retail media platform and so on.

So we're really moving from "only ESLs" with Pricer to a full digitization of store solution with Vusion, we're obviously also ESLs there. So that's number one. Number two is with Pricer -- or I'm sorry, with the shift to Vusion, we now de facto have 9 markets in which we can properly sell the entire portfolio of Vusion. And I'm saying de facto because although we had agreements with Pricer, I think those of you that have been following us realize that we're really only getting sales in Norway and Sweden and nowhere else. Now with Vusion, we're having not just the opportunity to, but also being encouraged to sell our solutions in markets that goes also beyond Norway and Sweden. And hopefully, we'll see that come to life in the future.

And then it's number three, which is the related to the ISV partnership where we are working with Vusion on a joint technology road map that enhances both, of course, Vusion solutions, but also our Order Picking solution. And Kun you mentioned one of the product highlights that we announced end of last year, which was the Shelf Verified Picking. I'll explain super briefly what that is. But essentially, what it does is allowing or using shelf-edge cameras, the Capatana camera from Vusion, allowing the retailer to see what's on the shelf. And why is on-shelf availability important contrary to sort of in-store or in-stock availability. And the reason is, first of all, on-shelf availability is what really matters, first of all, when you have a customer in front of the shelf, but not least also when you do in-store picking.

If the product is not there, you simply cannot pick the product. And so this integration allows for the grocer to really see what's on the shelf and allowing for sort of reshelving if the items are at stock. If they're not even in stock, at least what the solution will then offer is for the pickers not to go to the shelf and just realize that there are no items to be picked, but rather go to, for instance, an alternative location or a substitute. There's one of the many new innovations that will come in the aftermath of the partnership with Vusion. So we can talk a lot more about that in the investor update on March 12, but there's -- I just want to say that there is a clear reason why StrongPoint took the initiative to move from Pricer to Vusion.

One question for you, Marius. Can you comment on the main downside risk to the goodwill and intangible assets carrying values? What specific events or performance thresholds would trigger an impairment? And what would be the potential P&L and equity impact under the downside scenario?

Yes, it's, again, a good, although a little bit detailed question. I think the clear answer is the capitalized costs related to CashGuard Connect, as we have talked about, which we are saying in the report, NOK 95 million since inception in the balance sheet. In addition, we are also capitalizing the cost for this new POS solution in the Baltics with NOK 8 million. So that's a smaller, more irrelevant figure. So as far as impairment and the risks related to intangible assets, it would be the cost related to CashGuard Connect. And to the question, what would trigger that? Well, that would obviously be if we are seeing that the commercial interest is declining and that there will be a decision to either put the project on hold or terminate the project. So that would be the event that would trigger such a write-down and impairment.

Then there will always be a discussion whether it's the full amount or if there are other usages of part of the development that has been done. As far as the equity impact, we have a 47% equity ratio. We are saying that we have a 30% equity ratio covenant. So with a balance sheet of around NOK 1 billion, the amount that we are talking about would be sustainable as far as the equity covenants.

Can I just comment also on that? I mean, these are all in principle, of course, entirely correct. We haven't done any write-offs, and we haven't triggered any impairment for a reason. So I just want to underline that we, as a company, really believe in CashGuard Connect having not just a commercial viability, but a very strong business case again.

We have a question here regarding rollouts to stores. Is it a plan to have Order Picking solution in all Sainsbury's 1,400 stores and continuing is it a plan to have the Order Picking solution in all Carrefour 700 stores? And when can we expect that all shops have the solution?

Okay. So first of all, the plan for -- with Sainsbury's is to roll out in all the stores where e-commerce is picked, and that's 300 out of the 1,400 stores. I have to recognize there are many stores that are smaller and not doing e-commerce, but that is a plan. When it comes to Carrefour, let me just clarify for the audience that Carrefour, although being in many, many countries, is principally a franchise organization. I mean Carrefour in France owns France and they also own Spain. So that's kind of driven from French headquarters.

But beyond that, there's very kind of independent Carrefour's across the globe. So I assume that what's been referring to as Carrefour is Carrefour Belgium. And the plan is to use not just the plant, but the fact is that Carrefour is using our solution for the scheduled or the typically planned or next-day deliveries. That's already been in use. There will always be additional potential cases such as quick commerce. Quick commerce is an area that grows in general a lot. We have very soon a solution to also cater for that. So we're at least hopeful that we can increase our scope. But in general, I can say that wherever we go in with a customer, we typically do all the volumes.

Okay. I think that's it for the questions. Wishing everyone a good day, and I hope you will participate in our investor update meeting, 12th of March at ABG in Oslo and connect again for the Q1 2026 presentation and Annual General Meeting, 29th of April 2026. Thank you.

Good morning, and welcome to this Q4 presentation by StrongPoint. My name is Jacob Tveraabak, and I am the CEO of StrongPoint. With me to present the Q4 results, I have Marius Drefvelin, our Group CFO.

In today's session, I will highlight or share some highlights from the fourth quarter. I'll provide a short update and overview of StrongPoint, in particular, for the convenience of any new potential investors. And I will round off with some customer success stories before -- for this quarter before handing over to Marius. After Marius' review of our financials for Q4, I will round off this session with our view on the outlook for StrongPoint.

We had a flat fourth quarter in terms of revenue for -- with 1% growth to NOK 342 million. For 2025 as a whole, we grew by 4% to approximately NOK 1.35 billion. Recurring revenue in the quarter grew by 7% on a 12-month rolling basis. And for EBITDA, we reported in the fourth quarter minus NOK 5 million, whilst adjusted for EBITDA for one-off effects, this was NOK 2 million in EBITDA. The difference of the NOK 7 million one-off effects in the quarter are related to structural processes of our product portfolio, which were not completed. And Q4 as of last year had an EBITDA of NOK 5 million as such.

For the year as a whole, we improved our reported EBITDA by NOK 24 million to NOK 26 million. And then, of course, improved the EBITDA for the full year by NOK 31 million, excluding the NOK 7 million one-off costs in Q4 to NOK 33 million for the full year of 2025. Cash flow from operations was plus NOK 2 million in the quarter.

With regards to customer success stories, I'm going to talk more about our success with EKO and ShopFlow Logistics solution, our progress in the U.K. with Vensafe solution, and lastly, explain what our Shelf-Verified Order Picking cooperation with Vusion means.

First, about StrongPoint. So StrongPoint is a retail technology company, focusing on serving grocery retailers with efficiency saving software and products. We have an annual revenue of around NOK 1.35 billion, and around 30% of that is recurring revenue. More than 80% of our revenue stems from grocery retailers, and we have around 500 employees across Europe, where our software solutions are developed in-house by our very own development team. In short, StrongPoint's purpose is to make grocery retailers more efficient and sustainable.

So what about our technology solutions more concretely then? Well, we tackle 5 challenges and opportunities that grocery retailers face. Firstly, e-commerce. We have an end-to-end e-commerce platform that is truly world-class. We provide everything a grocery retailer needs for e-commerce, from software to pick, pack and process online orders to last mile solutions. I must say we are, in particular, proud of our proprietary order picking solution, the world's most efficient in-store picking solution, that is getting traction with some of the world's most esteemed grocery retailers. Additionally, we provide other picking and last mile solutions aimed to ensuring the highest level of efficiency and profitability for grocers in a sustainable manner.

Secondly, theft and shrink. We have multiple anti-theft solutions, many of which are AI-powered. This includes Vensafe Select & Collect, AI-powered weighing scales and AI-powered theft detection in store and at checkout.

Thirdly, store efficiency. We provide our proprietary self-checkout solution. ShopFlow Logistics, our proprietary SaaS-based inventory, order management and task management solution, AI-powered age verification and AI-powered shelf monitoring solution with Vusion.

Fourthly, pricing and promotions. We provide digital solutions for pricing and promotions as a proud partner of Vusion, the world's leader in in-store digitization and the largest producer of electronic shelf labels.

And fifthly, handling cash. Even with the low single-digit percentage of cash usage in Norway and Sweden, the sheer volume of transactions in grocery stores mean that cash needs to be efficiently handled. And we're doing this through our CashGuard solution. Furthermore, we are developing CashGuard Connect, a unique closed-loop cash automation solution, making cash handling as easy as handling card payments, which I will talk more about in a minute.

So that was about our technology solutions. So where do we operate? We have 9 core markets which we focus on. These markets are the Nordics region, the Baltics, Spain, the U.K. and Ireland. These countries are countries where we have our own teams on the ground to manage the entire value chain from sales to installation to service and to support. And why is that? Well, because we believe that the way we can build deeper customer relations, customer intimacy and sees a larger revenue share of our customers' technology spend is through exactly that.

Customer intimacy is extremely important at StrongPoint. It is through deepening these relationships with grocery retailers that over time allows us to become and be a trusted partner. However, we are not only limited to these 9 countries. We serve grocery retailers in over 20 countries with support from our partner network. And specifically with our award-winning order picking solution, we're able to showcase that we can serve customers well beyond our 9 focus countries. And this is a very important part of our strategy forward, building ever more recurring revenue base from our order picking solution across the world.

Now coming back to the fourth quarter, success stories with customers. I want to point out 3 of the customer success stories that we had in the fourth quarter. Firstly, EKO. EKO is a retailer in Sweden, and we're proud that they have chosen to roll out our proprietary SaaS-based digital in-store logistics solution called ShopFlow Logistics for all their stores. We are proud of this for 3 reasons. Firstly, it demonstrates the growing relevance of software solution that we had StrongPoint build ourselves. Secondly, it is an example of spillover effects that -- for our solutions that are predominantly designed for grocery retailers are also relevant for general merchandise or general retail. And thirdly, this is also a customer relationship, which has expanded. EKO is already a CashGuard customer.

Secondly, our Vensafe pilots in the U.K. So they continue. We have to date 5 leading U.K. grocery retailers with proof of concepts with our Vensafe solution. And we believe that the Vensafe solution has a real potential with theft and shrinkage being a severe and growing concern to grocery retailers in the U.K. to alleviate our customers and customer prospects theft concerns. Two of the grocery retailers running proof of concepts now are currently reviewing the results of the proof of concepts as part of the evaluation. And we are, of course, excited about the opportunity that this constitutes for us in the U.K.

Now before I take my last point on customer success stories, I want to just take a couple of minutes to explain our multifaceted partnership with Vusion that we announced at the end of 2024. So regarding the partnership, there are 3 points I would like to make. Firstly, moving from Pricer, which was our long-standing and earlier supplier of electronic shelf labels or ESLs. So moving from them to Vusion, we're essentially going from providing only ESLs, Electronic Shelf Labels, to providing a portfolio of solutions to really digitize the store, including ESLs, but a much broader portfolio. Vusion is the world-leading supplier of Electronic Shelf Labels and also boasts an extremely broad range of store digitization solutions, including the next-generation ESLs with battery-free tags labeled EdgeSense to Capatana shelf-edge cameras, to Retail Media solutions and more.

Secondly, with Vusion, we are de facto increasing our geographic presence and coverage from only the Nordics to all StrongPoint countries. The value-added reseller or VAR partnership with Vusion not only allows StrongPoint to sell the entire Vusion portfolio in all StrongPoint countries, but Vusion is also positively contributing to StrongPoint doing exactly that. I would say contrary to what was the case in the past.

And then to my third point, we are also an independent software vendor, or ISV of Vusion. And that means 2 things: a, we are mutually promoting each other's solutions with new and existing customers; and b, we're working together on a joint technology road map that allows for a deeper integration with StrongPoint's order picking solution specifically. This means that we are stronger together. We're finding ways to integrate our technologies so customers can reap the efficiency rewards of our solutions working together, which then leads me to our third customer success story this quarter.

In December, we announced and launched what's called Shelf-Verified Order Picking. The solution integrates Vusion's shelf-edge camera, Capatana into our order picking solution. So grocery retailers know exactly what are on the shelves in the store real time. What does this mean for retailers? Well, in an e-grocery, e-commerce setting until now, when you have done order picking for an e-grocery order, the moment -- the only moment you have known whether an item is on the shelf or not has been when the picker actually stands in front of the shelf. But now with Shelf-Verified Order Picking, the grocery retailer will in advance know what items are on the shelf and ensure that member of staff can restock that specific item before the picking starts, or in the case of not only shelf out, but stockout also automatically redirect the picker to a substitute product. This means more efficient picking, and it is also an opportunity for grocery retailers to capitalize on the growing quick commerce trends, allowing for monetization of data.

We believe this is a small step towards continuing to cement our position as having the world's best in-store picking solution, both now and for the future.

I would like to stress that this is just the first example of our technology collaboration with Vusion. We have several other exciting ongoing projects that I'm very much looking forward to and revealing soon.

Now on to an update of some of our strategic projects. Firstly, our order picking partnership with U.K.'s second largest grocery retailer, Sainsbury's. As we've previously shared, the first Sainsbury's stores with our order picking solution went live third quarter 2024. And at the end of this year's or last year's Q4, the order picking solution was live in a double-digit number of stores. And we're working closely with the customer to ensure a successful rollout of our solution over the months and quarters to come.

Then as for our CashGuard Connect solution, in Q3 2025, we ended the in-store pilot, which had been running for many, many months after not obtaining the necessary commitment from our original or initial pilot partner, a major Spanish grocery retailer. However, since then, I'm pleased to say that we have received several inquiries from multiple grocery retailers, both inside and outside of Spain, who are interested in the solution and in-store pilots. And on the manufacturing side, we are progressing well in addition.

The project is run by StrongPoint Cash Tech S.L., a company controlled by StrongPoint. And in this process, we also have a local partner, Hart Automation, which have a minority stake in StrongPoint Cash Tech S.L. They have helped with the expertise to get the project started. Now in 2025, Hart Automation went into insolvency proceedings. And of course, following this, we've taken legal steps to ensure that we, as StrongPoint, maintain the exclusive perpetual and global rights within retail to utilize the IP developed for the solution.

We believe that CashGuard Connect has the potential to become a defining solution for the Spanish market. We also see a much wider potential. This is relevant -- or this is a relevant solution for many other countries where cash is still used by a large volume of customers and the cost of evolving processing cash is substantial.

Now I'll hand over to Marius, our CFO, to provide more details on the financial performance. Marius?

Thank you, Jacob. I will now go through the key financials for the fourth quarter and the full year 2025. Starting with revenue, the Q4 revenue was NOK 342 million, an increase of 1% compared to last year. Although this was a flat development overall, there was significant growth in our international operations with year-on-year growth of 58% in Spain, 36% in the U.K. and Ireland, and 14% in the Baltics. This includes new Vusion ESL revenues in the U.K. and Spain, as well as continued growth in AutoStore in the U.K. In the Baltics, the growth was driven by self-checkout deliveries. We are pleased with the positive development, particularly in the U.K. and Spain as these are key growth markets going forward.

However, in Q4, we also had revenue decline in Norway and Sweden, offsetting these increases. This is mainly due to fewer ESL rollouts compared to last year. So whereas we are seeing positive development in the U.K., the Baltics and Spain, we are working equally hard to mitigate the revenue declines in Norway and Sweden. Overall, for the full year, revenues increased by 4% with solid growth in the international operations and a decline in Norway.

Continuing on to recurring revenue 12 months rolling. This increased by 7% year-on-year to NOK 385 million. This growth is mainly due to license revenue from the order picking as well as growth in service agreements on CashGuard, Vensafe and self-checkout.

Now to Jacob's point on the transition from Pricer to Vusion. At the end of 2025, we had NOK 52 million in recurring revenue relating to licenses and service agreements through Pricer. This will diminish from January 2026. From a rolling 12 months perspective, this will gradually be reduced to 0 towards the end of this year. Considering that it took us many years to establish this recurring revenue base with Pricer, replacing this through Vusion will take time.

Having said that, we have already seen substantial revenue on Vusion installation work. And in comparison, although this is not quite the same quality of revenue, the gross profit generated through Vusion's installation work for the second half of 2025 is almost the same as the gross profit generated from the NOK 52 million in recurring revenue from Pricer.

If we move on to EBITDA, this declined to a negative NOK 5 million in Q4, a reduction of NOK 10 million compared to last year. And this includes the NOK 7 million in one-off costs that we have talked about relating to M&A advisory work for potentially strategic projects in our product portfolio, which were not successfully completed. Without these costs, EBITDA would have been positive NOK 2 million.

Still, we are not, by any means, happy with the results for this quarter. This is the result of the overall flat development in revenue and that we didn't announce any major wins in the quarter.

While having said that, looking at the full year for 2025, EBITDA ended at NOK 26 million compared to NOK 2 million in 2024. And by excluding the same one-off costs, EBITDA was NOK 33 million. Now this is after all a significant improvement. And with the transitions that we are going through, fluctuations between the quarters must be expected.

For the full year, we capitalized NOK 32 million in development costs, mainly related to the CashGuard Connect project in Spain. So these were the main P&L items.

Now let's look at the cash flow movements. We started the year with NOK 82 million in cash and ended the year with NOK 99 million. We had positive contributions from the operating result of NOK 26 million and changes in working capital of NOK 29 million. And during the year, we increased the interest-bearing debt by NOK 20 million.

On cash outflows, we spent NOK 41 million on CapEx relating to the development of the CashGuard Connect project in Spain and our own POS solution in the Baltics.

Now let's move further into the key components of the working capital development. Overall, for the year, working capital decreased by NOK 16 million. This is due to a reduction in accounts receivable and inventory. We have been focusing particularly on reducing the inventory for the last few years. These reductions were partly offset by increases in accruals and other short-term liabilities, mainly deferred income.

To conclude on the financial section, let's look at the development in net interest-bearing debt. During the fourth quarter, the net interest-bearing debt increased from NOK 45 million to NOK 61 million because of the negative profit after tax and the capital expenditure. Disposable funds ended at NOK 99 million, down from NOK 112 million the previous quarter. Finally, the equity ratio at year-end was 47%, which is well above our equity covenant of 30%.

Now with this, I will hand it back to Jacob for some final remarks.

Thank you, Marius. Now outlook. I should start by restating that we do not provide short-term guidance. What I can say is that our path to sustained and robust profitability will have its ups and downs. In the short term, there are opportunities to reap and there are challenges to tackle.

For the medium and long term, the general expectation is for grocery retailers to invest more in technology. This is positive for us. And we're working to build and sustain customer intimacy, getting grocery retailers trust in bringing our diverse solution portfolio to the market. We plan for international growth, especially with our global SaaS e-commerce opportunities. At the same time, we must be clear on the need or the needed rejuvenation in our traditional Nordic and Baltic markets. We need to both of these markets -- both of these markets flourish with a new set of solutions coming into these markets.

So let me conclude with the following: the sustained interest in our broad and growing solution portfolio and the continued trust in us make customers and us believe in the positive long-term success of StrongPoint. So we aim for healthy revenue growth and an EBITDA margin of more than 10%, which is what we have also concluded and communicated earlier.

As for our next presentation, we have our Q1 2026 presentation and Annual General Meeting on April 29. In addition, prior to this, we will also invite to a short investor update on March 12 to provide more information regarding our shift from Pricer to Vusion, the e-grocery market, how we work with improving our customer intimacy and StrongPoint in general.

For any questions related to Investor Relations, please contact Marius directly. His contact details are shown on the screen and of course, on our web page. I would also like to invite you all to our Q&A audio session today at 11:00 AM.

And with that, I'd like to thank you all for listening, and have a great day.

Good morning, everyone, and welcome to StrongPoint's third quarter Q&A audio call. Today, we have Marius Drefvelin, CFO of StrongPoint, here to answer your questions. But before we start, let me give a quick recap of highlights from this morning's Q3 announcement.

On the financials, revenue for the quarter was NOK 320 million, up 2% compared with last year's third quarter. The 12-month rolling recurring revenue increased by 12% compared to Q3 last year, ending at NOK 380 million. And year-to-date, EBITDA is NOK 31 million with SEK 14 million in Q3, equal to a 3.4% margin.

Highlights from the company operation was that Sonae MC, Portugal's largest grocery retailer, replaced their order-picking system with StrongPoint solution. Two new Vensafe antitheft pilots were launched with leading U.K. grocery retailers. Our in-store pilot with CashGuard Connect ended at StrongPoint's initiative. The project continues with other grocery retailers that have shown interest for pilots. And in Q3, we were pleased to announce another out-of-store sale in the U.K., this time for a U.K.-based retailer and distributor of household products.

So that was the Q3 highlights, and now a reminder for everyone. [Operator Instructions] And we have already received a number of questions that came in, in advance via the investor@strongpoint e-mail address.

So kicking off with first question, Marius, and that's on Vensafe. Status on the Vensafe pilot in the U.K. Is there a timeframe where we can expect decisions and purchase orders?

Thank you. So this morning, we talked about two additional pilots and we now have five of these in the U.K. We have to acknowledge that this will take time. It will take time for the customers to learn about this new solution. In addition, there are certain regulations that could apply to some of the use cases for instance, on tobacco. But overall, it is looking promising so far in the sense that we do have five pilots after all. But at the same time, it's currently not possible for us to say anything specific on timing based on the reasons I have mentioned. As soon as we receive purchase orders of a certain size, of course, we will inform the market accordingly.

Very good. And the next question is on order picking. Is everything ready to sell through Vusion's sales channels?

Just to be clear on this one, we are co-selling together with Vusion, meaning that they can give us leads, but they are not selling for us, but the solution is absolutely ready to be sold. And Q3 was the first quarter for us where this partnership started, and we have a very close dialogue relating to their solutions and our own solutions, mainly speaking, the order picking.

The third question here is on ESL. Pricer is now starting to sell directly in the Nordics. How do you see the possibility of selling ESLs from use in the Nordics going forward?

So first of all, just to repeat that we were the ones canceling the agreement with Pricer last year as we have pointed out several times, including in the presentation this morning. As for selling Vusion in the Nordics, there are good opportunities in the future, absolutely, but there will be competition. However, we believe that it's possible for us to capitalize on the close relationships that we do have with our existing customers.

Another one on ESL and future expectations. The question goes, recurring revenue will be impacted as license revenue from previous ESL provider wind down. What more can you say about this now?

So this is a question that we have seen been repeated a few times now. This refers to the recurring revenue base relating to two revenue components, one being the third-party license revenue; and secondly, the support agreements that we have with Pricer and that we have built up over many years. Now even if the partnership has been canceled, there is still a transition period, which has not been fully concluded yet. So therefore, it's not possible and too early for us to quantify the effect right now, but we will do this as soon as possible and when we have more clarities.

Having said this, it's important to remember why we made the switch. One of the key reasons for the good growth that we do talk about in the U.K. this quarter is because of the ESL installation work that we have done in the U.K. that otherwise would not have been possible with the previous partnership.

We have gotten a few questions around CashGuard Connect and Spain. I'll try to summarize them into every one. First one goes like this. What can you say about the new potential in-store pilots? Who will pay for these?

Okay. So we are in dialogue with a handful of potential customers regarding pilots. And these discussions are in different stages. And there is no clear one answer on how to fund this. There could be different ways depending on the type of customer or partner that we are discussing with, but I would say that it would typically be a combination of us and the customer itself. And this is work in progress.

This morning, Jacob said that in parallel, the solution in the process of being validated, to ensure both manufacturability and durability. What does that mean?

This means that we have progressed from only focusing on the development of the solution to now having concrete discussions with manufacturers who will be or may be partnering up with us to industrialize the product. So in a sense, you could say that we have moved over from obviously having had a pilot, which is working, to now having discussions on how to industrialize going forward, obviously, assuming that there will be commercial agreements being reached. There is still testing that needs to be done. So there is still a part of a technology risk involved in the solution as there will always be with bugs fixes, et cetera. But the key focus right now is to get the pilots out there.

Next question is also related to pilots, but it's on -- regarding lockers. You have pilots in the U.K. How is the progress?

So we have two kinds of pilots. One, we have the proof of concept on temperature-controlled lockers. And secondly, we have pilots on nontemperature-controlled Q-commerce lockers. And of these two we should say that there is more progress on the latter, meaning the nontemperature controlled lockers and Q-commerce. We are observing attractive growth, generally speaking, in this market. And this is an efficient way of delivering online orders for the grocers.

Then there's a question on CashGuard through international partners. What is the status on CashGuard sales through our partners? And what is the strategy going forward?

So our strategy remains, meaning that we are working with a handful of partners abroad, which we believe is the most cost-efficient way to sell our CashGuard outside of our core markets. During the last two, three years, this revenue has declined, which is a combination or due to a combination of increased competition and lower demand. Although we naturally would like to sell more, and of course, we are working on this, it's also fair to remember and keep in the back of your mind that this revenue varies or comprises about 1% to 3% of the total revenue. So from a significance point of view, it's not a big number, but still it's something that continues to be part of our strategy.

Pretty good. Next question is around costs. You say you are a project-based company. You still have too many fixed costs in the form of employees and other facilities. Should the fixed cost come down further, so that you can deliver profits under all possible market conditions?

Yes, it's a fair question. Yes, we are absolutely a project-based company, and we are repeating that every time, especially given that our recurring revenue is about 30% of total revenue. So that means that the remaining 70% is new sales or rollouts from previous orders. So as far as the cost base, we have completed two cost reduction measures, one in 2023 and one in 2024 last year. In addition, we are utilizing temporary workforce, for instance, on the ESL installations in the U.K. to avoid having permanent hires until we see further traction.

We are repeating in the quarterly report that we are continuing our prudent approach on costs wherever it's possible. All this said, it's also important to understand that we will continue to invest in the U.K., which, by the way, is now improving. Similarly, on order picking, we will continue to invest in order to achieve the growth that we are looking for. But overall, I will say that we are continuously assessing this, the cost base, but we believe that as a right now and for the short term, of course, medium term, the current level, the current cost level, is where it needs to be in order to be able to generate future revenue growth.

Is 2025 target announced in Q1 with midpoint revenues of NOK 1.65 billion and an EBITDA margin of 4% to 6% still valid?

So this probably refers to some of the ambitions that we talked about in Q1 last year in the strategy update where we said that for 2025, based on a number of assumptions, of course, we were looking at NOK 1.5 billion to NOK 1.8 billion lock in revenue with a 4% to 6% EBITDA margin. Looking at the year-to-date figures now with 1 quarter remaining, obviously, that seems challenging. And we're not making a big number out of that in the sense that these were certain assumptions made now 18 months ago.

I think it's important to not necessarily look at that in detail, but the current traction that we have and the current improvement and the LTMs, et cetera. So obviously, we are not at the levels we want to be yet. But after all, we are observing improvements in -- both from the group perspective and in some of the markets that we do highlight in this report.

Next question is on order picking. Can you give some insight in the revenue model and the upfront revenue, installment, training, et cetera, [indiscernible] or only fee per user?

That's a very, very relevant and good question. I would say on a general basis for our model, it's a transaction-based model where the customer will pay per transaction regardless of the size itself of the online order. We do realize that we are currently not disclosing some of these ARRs and some of these values. It's still slightly early stage for us. And with some of the customers, it's just not possible to comment specifically on the details, but I would say on a general basis, to try to answer as much as possible, there is typically an implementation fee as there will be for any software-as-a-service solution being rolled out, and then it moves into a transaction-based revenue model.

The next question is around Spain. Considering the historical weak return of investment in Spain and the conclusion of the CashGuard Connect pilot, what key lessons has StrongPoint drawn from that experience? And how will these shape the future presence or possible exit from the Spanish market?

So I guess it's a twofold question. So for the business unit in Spain, obviously, it has underperformed for many years in the sense that it hasn't been profitable. Again, I think it's important to look at the development, and there has been absolutely a very positive development during the last two years or so. So the Spanish business unit is improving. It's still an important office for our CashGuard revenues. And definitely now going forward, not only with the order picking, but also with other revenue streams, such as the ESL revenue stream now being part of the new Vusion Group partnership. So that's the Spanish business unit.

The second question relates to the CashGuard Connect project. Learning experience, obviously, this has been going on for quite some time now. It's been a challenging project. I think it's very fair to say that. This is also the reason we are, based on that experience being slightly more prudent now to disclose anything in the sense that we will like to get these pilots confirmed and get the traction, commercial traction that we are looking for. But still, we have to understand that this was a new solution that is being developed from the ground.

And yes, it's been taking more time than maybe anticipated, but that's also part of the risks when you are moving into developing a new solution. Having said all of this, we now have several pilots, potential pilots being discussed, which we not necessarily have had before. So we are working extremely intensively to get traction on this project.

I think that was short and concrete questions that we've got in. I'll give it a second or two to see if they are coming in any others, because we have a slight delay on our screens. We got one late. With the MC win in Portugal and Carrefour Belgium earlier, how would you characterize your pipeline of order picking projects beyond your core markets?

Yes. Again, a very fair and good, highly relevant question. Of course, difficult to talk about the pipeline in detail, but I think it's fair to say that we have an attractive pipeline. We are now slowly but surely building more potential prospects. We are also seeing, which is slightly new in the sense, inbound inquiries on the back of the previous wins. So although, as usual, Software-as-a-Service solutions will take time to sell and convince the customers of what would be a good solution, but we really do have a good pipeline right now that's pretty much what we can say. It looks promising.

Popping up a few more. Are you seeing any signs of contract bundling for instance, grocer choosing to implement order picking together with shelf labels or lockers?

Absolutely, again, it's a very relevant question. The brief answer is yes. There is a, you should say, synergies between these products that -- and solutions that the question is referring to. So -- and that's part of the reason why we are looking at the integrations with order picking, c-commerce lockers, et cetera. So, yes, not much more to add other than that's absolutely a very relevant part of the way we are working with sales.

Then we have 8 on the progress in U.K. and Ireland. And it says, the U.K. and Ireland posted 127% revenue growth in Q3. Beyond project timing, what's structurally driving the growth? And can it be sustained?

Obviously, 127% growth is unprecedented and not something you should consider as being sustainable. Having said that, we are making a point of three different reasons for this increase: one being shop fitting. The initial revenue stream of the company in the U.K. that we acquired three years ago. That has improved significantly year-on-year. And secondly, we have the two new revenue streams with the Vusion ESL installations and AutoStore projects. And the two latter ones, ESL and AutoStore are absolutely part of the strategy going forward. Of course, also shop lifting.

And we are talking about the Vensafe pilots that we absolutely are working on to and that we believe and hope will materialize into purchase orders. So there are many, many potential revenue streams in the U.K. going forward to absolutely. And we are saying that this is a key growth market for us. So now it's starting to show, although still early days, but very pleased with the performance in the Q3.

One final one here. Recurring revenues are up 12% year-over-year, but you flagged a wind down of price-related licenses. When do you expect net growth in recurring revenue to reaccelerate?

A good question, simply not possible to answer. I think it's a question that we will have to come back to when we have more clarity. The components of growth will, of course, be order picking and other service agreements. So as I said initially on the previous question relating to the price recurring revenue wind down, we will simply have to come back to this, and it's absolutely something that we are well aware of.

Very good, then I think we can wrap up and wishing everyone a good day and hope you connect again on February 12 for the Q4 presentation.

Good morning, and welcome to this Q3 presentation by StrongPoint. My name is Jacob Tveraabak, and I am the CEO of StrongPoint. With me to present the Q3 results, I have Marius Drefvelin, our Group CFO.

As the first agenda point, I'll start by sharing some of the highlights for the quarter. Financially, we had a flat revenue growth with plus 2% to NOK 320 million. Behind these figures, it's a very exciting growth in the U.K. that Marius will talk more about. Our recurring revenue is -- my apologies, our recurring revenue is up 12%, primarily driven by our order picking solution. And our EBITDA is up NOK 2 million from last -- same quarter last year to NOK 14 million, providing an EBITDA margin of 4.3%. And lastly, in terms of cash flow from operations, we had a plus NOK 23 million in this quarter.

With regards to customer highlights, which I will go in more detail about. We wanted to single out 3 parts; one is Sonae MC, the largest grocery retailer in Portugal, who decided to go with our order picking solution; secondly, we have 2 new Vensafe anti-theft solutions in proof-of-concepts with leading U.K. grocery retailers. And lastly, we had yet another AutoStore sale to a do-it-yourself and retailer in the U.K.

I wanted to share a little bit more about sort of StrongPoint for our new listeners before dwelling more into the Q3 results as such. And in that respect, StrongPoint is a technology company, focused on serving grocery retailers with efficiency saving software and products. We have an annual revenue of about NOK 1.4 billion and around 1/3 of that is recurring.

More than 80% of our revenue comes from grocery retailers. We have 500 employees across Europe. And our software solutions are developed in-house by our own development team. In short, StrongPoint's purpose is to make grocers more efficient and sustainable. So then what about our technology solutions more concretely then? Well, we tackle 5 opportunities and challenges grocery retailers face.

Firstly, e-commerce. We have an end-to-end e-commerce platform that is truly world-class. We provide everything a grocery retailer needs for e-commerce, from software to pick, pack and process online orders to last mile solutions. We are in particularly proud, I should say, about our proprietary order picking solution. The world's most efficient in-store picking solution that is getting traction with some of the world's most esteemed grocers. Additionally, we provide other solutions for picking and last mile aimed at ensuring the highest possible levels of efficiency and profitability for grocers in a sustainable manner.

Secondly, theft and shrink. We at StrongPoint have multiple anti-theft solutions, many of which are AI-powered. This includes our Vensafe Select and Collect, our AI-powered weighing scales and AI-powered theft detection in store and at checkout.

Thirdly, store efficiency. We provide our proprietary self-checkout solution. shop floor logistics, our proprietary SaaS-based inventory order and task management solution, AI-powered age verification and AI-powered shelf monitoring solutions with our new partner, Vusion Group.

Fourthly, pricing and promotion. We provide digital solutions for pricing and promotions as a proud partner of Vusion Group, which is the world's leader in store digitization and the largest producer of electronic shelf labels.

And fifth, handling cash. Still even with low single-digit percentage of cash usage in Norway and Sweden, the share volume of transactions in grocery stores mean that cash needs to be efficiently handled. We are doing this through our CashGuard Solution. Furthermore, we are developing CashGuard Connect, a unique closed-loop cash automation solution, making cash handling as easy as handling card payments. So that was our technology solutions, solving the grocers opportunities and challenges.

So where do we operate? Well, we have 9 core markets which we focus on. This is the Nordic region, the Baltics, Spain, the U.K. and Ireland. These are countries where we have our own teams on the ground, managing the entire value chain, from sales to installation, to service and through support. And why do we do that? Well, we do that so that we can build a deeper customer relationship and seize a larger revenue share of our customers' technology spend.

Customer intimacy is very important at StrongPoint. It is through deepening these relationships with grocery retailers that over time, allow us to become trusted partners. In addition, we are not only limited to these 9 countries. We serve grocery retailers in over 20 countries with support from our partner network. And specifically, with our award-winning order picking solution, we are now showcasing our ability to serve customers well beyond our 9 focus countries. This is a very important part of our strategy forward, namely building an ever more recurring revenue base with our order picking solution across the world.

Okay. So coming back to this quarter, starting off with customer success. And I wanted to start off with this first one, Sonae MC, Portugal's largest grocery retailer. Interestingly, Sonae MC is a customer of ours now on order picking and that was highly, highly appreciated. As this is a customer that have been considering developing their own solution, and in the end, decided to switch to StrongPoint Solution from a different vendor.

Of course, it helps having extremely satisfied and vocal customers like Carrefour Belgium that we announced in Q2, for which we are both proud and appreciative. And I think this is yet another example of how our e-commerce solution is internationally scalable and how we can win major contracts with world-leading brands. I truly believe we have the opportunity to create a genuine platform for our order picking solution. A platform with the best efficiency performance with all the necessary features, functionality and support needed for grocery operations. And with a scale that creates an unrivaled cost to serve. So very proud, of course, about getting the honorable work to work with the Sonae MC.

Secondly, in this quarter, we announced 2 new event safe anti-theft proof-of-concepts in the U.K. These are with leading grocery retailers. Both proof-of-concept will be using the updated Vensafe with in-aisle product advertising and dispenser screens with the potential to generate retail media revenue. With these 2 additional proof-of-concepts, or POCs, we have a total number of 5 POCs for our anti-theft Vensafe solution in the U.K. And we, of course, look very much forward to updating you on these proof-of-concepts and how they evolve going forward into more scalable rollouts.

And thirdly, we were pleased to announce yet another AutoStore sale in the U.K. This time for a U.K.-based retailer and a distributor of household products in the U.K. The solution is expected to be delivered and completed this year. And with the second AutoStore sale in the U.K. this year, we are excited about what this breakthrough will mean for the future as we continue to build the name and reputation in this market for automation.

Now I wanted to provide an update on some of our strategic projects. Firstly, the partnership with Vusion Group. In December last year, we took the initiative to end our long-standing partnership with Pricer and at the same time, announce our strategic partnership with Vusion Group. The partnership with Vusion is a combination of 2 things.

Firstly, acting as a value-added reseller, a VAR of Vusion Group's solutions in our 9 core countries. And secondly, acting as an independent software vendor, an ISV, where Vusion Group and StrongPoint will co-sell our joint solutions. For StrongPoint, this means getting an additional high-quality channel to promote our order-picking solution specifically as it integrates perfectly with Vusion Group's electronic shelf labels and other solutions.

The partnership came into full effect in July 2026. So Q3 is really our first quarter as a strategic partner with Vusion Group. I am pleased that -- to see that we have a number of projects that we are discussing in our core markets, bearing in mind that the lead time for large-scale electronic shelf label rollouts, and other store digitization initiatives takes time. But further to that, I'm pleased that our Vusion group and the -- Vusion group and StrongPoint UK businesses are already close -- working closely together allowing for StrongPoint to leverage its service personnel to install and quality assure recently won Vusion projects. And this has actually been an important source of growth for the U.K. this quarter.

We should, however, bear in mind that recurring revenue will be impacted as license revenue from our previous ESL provider, Pricer winds down, mostly after this year. And this is a recurring base that it will take time to replace with Vusion Group. However, with a continued strong partnership as a value-added reseller, an installation partner of Vusion Group. We are hopeful to cushion this shortfall of license revenue from previous ESL provider.

Then secondly, on to our CashGuard Connect solution development, our unique closed-loop cash automation solution. The in-store pilot, earlier communicated, has ended on StrongPoint's initiative. We did not agree with our potential customer on the commitment needed from their end to continue our engagement. However, we have several grocery retailers inside and outside of Spain, which have inquired about launching in-store pilots for CashGuard Connect.

In parallel, we are in the process of validating our solution to ensure both manufacturability and durability. In short, we are working to commercialize our unique closed-loop cash management solution.

Now I'll hand over to Marius, our CFO, to share more details on our financial performance. Marius?

Thank you, Jacob. I will now go through the key financials for the third quarter this year. Starting with revenue, the Q3 revenue this year was NOK 320 million, an increase of 2% compared to last year. Year-to-date, revenue has increased by 5%. In this quarter, we had solid growth in our U.K. and Ireland operations with a revenue increase of 127%. And this was driven by increases in shop fitting, the ESL installations that Jacob just talked about and the first AutoStore project in the U.K. Year-to-date, the growth was 60%.

Now we are very pleased with the positive development in the U.K. as this is a growth -- a key growth market going forward. In the other markets, we had revenue declines offsetting this increase, mainly due to large rollouts of self-checkout in the Baltics. And ESL projects in Norway and Sweden last year.

Moving on to recurring revenue 12 months rolling. This increased by 12% compared to Q3 last year. This growth is fueled by a 27% increase in license revenue, mainly from our order picking on the back of the Sainsbury's contract that started last year and self-checkout solutions.

If you move on to the EBITDA, this improved from NOK 12 million in Q3 last year to NOK 14 million this year. Year-to-date, the EBITDA is NOK 31 million. And for the last 12 months, the EBITDA is NOK 36 million. Overall, we are pleased to see that the profitability is moving in the right direction. As for the third quarter, the biggest improvement in profitability was the U.K. and Ireland operations as well as continued profits delivered by Norway, Sweden and the Baltics.

In the third quarter, we capitalized NOK 7 million in development costs, mainly for the CashGuard Connect project in Spain and also on our e-commerce post solution in the Baltics. So these were the main P&L items.

Now let's look at the cash flow movements so far this year. We started the year with NOK 82 million in cash and ended Q3 with NOK 112 million. So far this year, we have had positive contributions from the operating result of NOK 31 million and changes in working capital of NOK 28 million. During the year, we have also increased the interest-bearing debt by NOK 20 million. On cash outflows, we have spent NOK 33 million so far this year on CapEx relating to the development of the CashGuard Connect project in Spain and the POS solution developed in the Baltics.

Now let's move further into the key components of the working capital development. Overall, working capital has decreased by NOK 18 million since the start of the year. This is mainly due to a reduction in inventory with ESL deliveries and self-checkout rollouts during the year. It also includes a reduction of grocery lockers in Sweden. This reduction was offset by increases in accruals and other short-term liabilities mainly deferred income.

To conclude, let's look at the interest -- let's look at the development in the net interest-bearing debt. During the quarter, the net interest-bearing debt decreased from NOK 74 million to NOK 45 million. And in the third quarter, we closed the sale of our shares in 1X, the Norwegian robotics company, contributing with NOK 27 million in cash. Disposable funds ended at NOK 112 million, as compared to NOK 85 million as per Q2. Finally, the equity ratio increased from 46% to 48% for the third quarter. And this is well above our equity covenant of 30%.

With this, I will hand it back to Jacob for some final remarks.

Thank you, Marius. As for outlook, I should start out by restating that we do not provide short-term guidance, and further, that we are still, to a large extent, a project-driven business, although we are still seeking to get more and more recurring revenue. That means that there will be variations in our scale of operations and sometimes large variations between quarters and months. And as earlier stated today, we also know that there will be a wind down of recurring license revenue from our former electronic shelf label partner, in particular, at the end of the year.

But that said, for the longer term, we believe core fundamentals in our markets are getting stronger. We're seeing this across our markets. And that includes the momentum we are experiencing with our global SaaS e-commerce opportunities. Finally, we are again repeating our ambition for a healthy revenue growth and more than 10% EBITDA margin.

With that, I'd like to thank you for your attention.

Good morning, everyone. Welcome to StrongPoint's Q2 Q&A audio call. A quick intro before we start. On the financials, there's a few things to highlight from the results that we published this morning. Revenue is up by 16% to NOK 378 million. Total revenue for the quarter came in at NOK 350 million. That's up 18%.

And regarding EBITDA, it's at NOK 7 million with a margin of 2.1%. On the company operations, again, 3 things to highlight. Fantastic news regarding Carrefour Belgium, which chose StrongPoint's Order Picking for all its scheduled e-commerce orders.

Secondly, a Nordic grocery retailer has ordered over NOK 20 million of AI-powered weighing scales, they will be used by its end customers. And lastly, but not leastly, the grocery retailer, COOP Estonia, a long-standing customer of StrongPoint, has ordered over 100 self-checkouts from us.

[Operator Instructions] Otherwise, we already have a number of questions that came in, in advance via the investor at StrongPoint e-mail address. So kicking off on the first question, it's actually regarding Order Picking. Jacob, a question for you. Following the Carrefour Belgium Order Picking contract, where else do you see opportunities for more Order Picking?

So first of all, just winning Carrefour Belgium is obviously a big step yet again for StrongPoint. I do want to remind all listeners that it's about a year ago, 1.5 years ago since we announced the win with Sainsbury's. Obviously, these 2 names are monumental in the world of grocery retail.

And I do want to be optimistic because I think we have reasons to be optimistic that when 2 such giants and 2 such brands chooses StrongPoint's Order Picking solution, that's obviously a sign to others that the StrongPoint Order Picking solution is one to consider.

So I can't go into specifics, obviously, but I don't see any geographical limits to where we can deliver our Order Picking solution. Right now, we are delivering from New Zealand down west south to Iceland on the other side of the globe. And obviously, with also Carrefour Belgium being a country in which we're not physically present, that shows that we're able to both sell and deliver our solution also beyond the 9 countries in which we're present.

Next question, which is slightly out of season. Is it worth believing Santa Claus that Walmart should start with Order Picking from StrongPoint? And what about, for example, Tesco's? I believe that Walmart and Tesco is some of the -- well, Walmart is definitely one of the largest in the world, and Tesco is definitely the largest in the U.K.

Yes. I mean those names certainly ring bells with everybody. Specifically as for Walmart and Tesco, it's worthwhile saying that both these have their own proprietary solutions. Walmart has historically been trying to sell their Order Picking solution internationally. Our intelligence tells us that they have retracted in trying to do that, which creates opportunities for a company like StrongPoint.

Whereas Tesco's have their own solution that they have also tried now to get out to customers elsewhere. The solution is being called Transcend. Regardless, our intelligence tells us that our solution is outperforming these solutions. And as such, we're very positive about getting our solution out there in the world.

But to get someone like Walmart or Tesco to fold their own solution to go with StrongPoint solution, that is certainly a stretch. But that's not, in any case, taking away the optimism that there should be around getting our Order Picking solution to others in the world.

Okay. Moving on to CashGuard Connect. How is the CashGuard Connect project doing? It's been several years since this was presented as a hot potato. Aren't the market opportunities the same as you presented a little over a year ago?

So this was presented in April '24 with the largest grocery retailer in Iberia. Market opportunities are exactly what they were back then. But admittedly, it is and has taken long to get to a solution that is ready to be industrialized and scaled.

We're still running pilot in one store. The big sort of next step for us would be to sort of take that solution from a prototype and pilot phase into an industrialized setting, and we're working now very closely to get clarity on how we can achieve that.

Next question regarding self-checkout. In the stock notice, that's regarding the stock notice for the COOP self-checkouts. You, Jacob, are quoted as saying regarding self-checkouts, there are "tremendous international opportunities." Can you elaborate on your expectations?

Yes. I think first of all, when it comes to the Baltics and self-checkout, we are the go-to partner when it comes to self-checkouts. And that's whether it's with our own proprietary hardware, our own proprietary software or with third-party hardware or software.

But we are the go-to partner for self-checkouts in the Baltics. And there are certainly characteristics about the way that we are able to operate these self-checkout solutions that, that tells us that there should be opportunities and are opportunities elsewhere. I mean, even in Norway and Sweden, self-checkouts are getting more and more frequently used.

And not least you're seeing this in the U.K. where that market is highly mature, that there is a market for self-checkouts. And I was about to say, I see no reason why StrongPoint shouldn't be that provider, but there is a reason why it's not. And that is that most POS or point-of-sales providers also provide their own self-checkouts.

And as you can imagine, even with a solution that is better and more cost effective, there will be some barriers from the POS providers to get our self-checkout in. But the solution itself is very, very strong, and I have very high hopes and beliefs about what we can do outside also the Baltics with our self-checkout solution.

Next question regarding VusionGroup and electronic shelf labels. First question, how is the cooperation going so far? And when can we expect any sizable orders?

So first of all, just to elaborate on the partnership. The partnership is twofold. It's a value-added reseller partnership, which goes way beyond electronic shelf labels. I mean that is offering the entire suite of solutions that Vusion offers. ESL is there, absolutely, but it's also about the new and revolutionary Edge sense technology, Captana cameras, retail media, et cetera.

So that's one part of the partnership. The other part is that StrongPoint is an ISV or independent software vendor, where we are partnering with Vusion on providing our Order Picking solution to Vusion's customers and vice versa. So Vusion is very much seeing the need for grocers to leverage these store assets to conduct and complete e-commerce orders as efficiently as possible, and we've been chosen for that reason.

So that's just to set the stage for what is the partnership. So the partnership was announced around New Year's. We all know that as for the VAR bit, the value-added reseller bit, that was not really getting into effect until just recently. Whereas on the ISV side, we have been able to work together and have been showcasing our joint solution on different trade shows. And in short, I mean, the partnership is going very good. It would, of course, be wrong of me to start trying to indicate what dates the first orders or significant orders will kick in.

But I can say this much. Number one, we are already doing a number of installation work in the U.K. and Spain for Vusion. And number two, there are several joint discussions that we are having with customers when it comes to the ISV. So obviously, leveraging StrongPoint's Order Picking solution with Vusion's customers to get our foot in the door.

So, so far, so good. I understand if the market is curious and maybe even impatient about seeing the first contract, but we should also remember that changing electronic shelf labels or getting into a digitization of the store network is not something that our customers take light long. It's typically a fairly long process to get to those kind of conclusions. But so far, so good.

Next question related again to VusionGroup. If Sainsbury's decides to source its electronic shelf labels from VusionGroup, will StrongPoint be the partner to supply them? And if so, what revenue streams can we expect from such a contract?

Okay. This will just be too much hypothetical question for me to sort of answer specifically. But yes, I'm just going to leave it like that. In general, I think you could say that the U.K. market is very hot for electronic shelf labels. Our joint -- or one of the joint value propositions of being able to provide Pick-by-Light solution is, of course, making our joint offering stronger.

And I guess, in general terms, I can say that, that is also the case with Sainsbury's. And when and if we get to any contract specifically with customers, we'll comment on those when they get there.

Okay. Regarding 1X, a question for you, Marius. The sale of the 1X shares is not in the Q2 report. Why not?

So a few weeks ago in June, we announced that we had signed an agreement to sell all our shares in 1X. Now there are standard formalities between signing an agreement and doing the actual completion. So we expect this transaction to be completed now in June -- no, sorry, in July. And hence, it will be included in the Q3 report.

Okay. That's it for the questions. I'll just wait a few seconds just to see if there's any questions coming. So there is a slight delay between people writing them in and us seeing them, but I'm not saying anything more. So I think we'll wrap it up there and wishing everyone a good day and a good summer. Thank you. Goodbye.

Good morning, everybody, and welcome to this Q2 presentation by StrongPoint and its results. My name is Jacob Tveraabak, I'm the CEO of StrongPoint. And as always, I have Marius Drefvelin, our CFO, with me here today to take you through today's agenda.

I'll start off with this quarter's highlights. First of all, we have an 18% growth in our revenue to NOK 350 million, driven by strong growth in the U.K., in Sweden and the Baltics. Our recurring revenue is also growing very significantly with 16%. This is predominantly driven by our order picking growth and also a number of other solutions that we have, both proprietary, but also third party. Our EBITDA in the quarter is NOK 7 million, a NOK 16 million improvement from last year, which gets us to slightly more than 2% EBITDA margin. And we have cash flow from operations of plus NOK 20 million.

I'll dive more into the customer success stories for this quarter. But I must say we're very proud to have landed Carrefour Belgium with our order picking solution. We're also very proud to have landed a deal with a Nordic grocery retailer on artificial intelligence scales to be used out in stores. And also, in this quarter, we are reaffirming our position in the Baltics as the go-to-market player when it comes to self-checkouts with COOP Estonia order on exactly the self-checkouts.

Now for our new listeners, I'd like to just give a short introduction of what StrongPoint does. And StrongPoint, well, we are a technology company focused on serving grocery retailers with efficiency saving software and products. Last year, we had a revenue of about NOK 1.3 billion, of which about 1/3 is recurring. More than 80% of our revenue stems from grocery retailers, which is our focus. And we have around 500 staff across Europe. Our software solutions are developed in-house by our own development team. And in short, our purpose is to bring retail technology into every shopping experience for a smarter and better life. Why? Because we do that or doing that, we believe we can help grocery retailers increase their margins and save costs. In short, we make grocers more efficient.

So what about the technology solutions we provide? Well, we essentially solve 5 problems for grocery retailers. I'll go into each of these steps. Firstly, e-commerce. We have an end-to-end e-commerce platform that is truly world-class. We provide everything a grocery retailers or retailer needs for e-commerce from software to pick and process online orders to last mile solutions. We're in particular, proud of our proprietary order picking solution, which is the world's most efficient in-store picking solution. And this solution is getting traction from one of the world's most esteemed grocers. Additionally, we provide other picking and last mile solutions aimed to ensuring the highest possible levels of efficiency and profitability for grocers.

Secondly, we have theft and shrink. We have a number of anti-theft solutions, many of which are AI-powered. This includes our Vensafe Select and Collect, our AI-powered weighing scales that we recently landed this Nordic deal on, and AI-powered theft detection in store, both at checkout, but also in aisle.

Thirdly, we ensure store efficiency. We provide our proprietary self-checkout solution, ShopFlow Logistics, which is our proprietary SaaS-based inventory order and task management solution. AI-powered age verification and also AI-powered shelf monitoring solution in cooperation with VusionGroup.

Fourthly, we're helping customers with pricing and promotions. We provide digital solutions for pricing and promotions as a proud partner of VusionGroup, which is the world's leader in store digitization and the largest producer of electronic shelf labels.

And fifth, we're helping grocery retailers handle cash. Still, even with low single-digit percentage of cash usage as we have in Norway and Sweden, the sheer volume of transactions in grocery stores mean that cash needs to be handled efficiently. And we are doing this through our CashGuard solution. Furthermore, we are developing a revolutionary cash automation solution with the largest grocery retailer in Iberia that makes cash handling as easy as using a payment card.

So that is shortly or short about what we do as a technology solution provider. So where do we operate? Well, we have 9 core markets, which we focus on. These are the Nordics, the Baltics, U.K. and Ireland and Spain. And these countries are places where we have our own teams on the ground, ensuring that we cover the entire value chain, from sales to installation to service and support. Why do we do that? Well, we do that because that way we can capture more revenue and build deeper customer relations and intimacy. And customer intimacy is an extremely important value of StrongPoint. This is the way that we deepen our relationships with grocers and over time, become trusted partners.

However, we are not only limited to these 9 countries. We serve grocery retailers in over 20 countries with the support from our partner network. In particular, we're our award-winning order picking solution, we're showcasing our ability to serve customers well beyond our 9 focus countries. This is a very important part of our strategy forward, building ever more recurring revenue with our order picking solution across the world.

So now back to this quarter. Customer success. And again, I want to point out these 3 specific wins, lots more, but 3 specific wins that we are in particular, proud of. Firstly, the fact that Carrefour Belgium has chosen StrongPoint's order picking solution. And there are very few grocery brands that are as known internationally as Carrefour. And of course, this is an amazing win for us and yet another example of how our e-commerce solution is internationally scalable, and we are able to win major contracts with world-leading brands also outside the 9 countries in which we are very present.

Secondly, we have sold more than NOK 20 million of AI scales to a Nordic-based grocery retailer. These are AI-based scales that provide instant product recognition. That means that when you place the item on the scale, it automatically recognizes this item. And let's face it, who hasn't been frustrated trying to look up a specific item on the scale menu. And not least for the grocer, this also means no more mistakes by its customers, whether intentional or accidental. So our solution solves these customer pain points, and we're extremely proud of this accomplishment.

Now thirdly, COOP Estonia. We at StrongPoint have been working with COOP Estonia since 2016, and we have a long-standing relationship with this esteemed grocery retailer. And so this is what I mean when we say we build customer intimacy in our core markets. And again, this reaffirms StrongPoint's position as the go-to-market player certainly in the Baltics when it comes to self-checkouts. And we're adding now another 130 self-checkouts to COOP Estonia.

Now lastly, before handing over to Marius, I'd like to provide a short update on 2 of our strategic and long-term projects. Firstly, on Sainsbury's. I've said in the past, and I'm happy to say again that the win of Sainsbury's, an Order Picking is probably the most important customer win in the history of StrongPoint. Not only is this a major project in itself, but it also opens opportunities both within Sainsbury's as well as building credibility and opportunity outside and inside the U.K., both for order picking, but also our other technology solutions.

Regarding the rollout, nothing new compared to what has been communicated earlier, namely that we are still planning to be completed by summer of 2026. We expect some more stores to be implemented now through summer and fall before Christmas freeze period starts in September, October. In early Q1 -- next year, we'll roll out and continue on the rollout of the order picking solution at Sainsbury's.

Secondly, we have our CashGuard Connect project. So this is a project that we have been working with the largest grocery retailer in Iberia for quite some time. And it is building a revolutionary solution that automates the use of cash in store and significantly reduces the costs for retailer and making it both easier and faster for customers in store.

So where are we on this very exciting project? Well, the pilot or the piloting continues and the latest version of the solution is being tested in store. In addition, we are preparing additional units to be testing the solution with multiple checkouts simultaneously. And we have an ongoing dialogue with the customer to prepare the industrialization of production of the solution.

But now I'd like to hand over to Marius, our CFO, to share some more details on our financial performance. Marius, please.

Thank you, Jacob. I will now go through the key financials for the second quarter this year. Starting with revenue. The Q2 revenue this year was NOK 350 million, an increase of 18% compared to last year. We had solid growth in the majority of our business units. In the U.K., revenue increased by 45%, driven by the ongoing AutoStore project as well as ESL installations. In the Baltics, we had 24% growth as we are continuing the rollout of several self-checkout orders. Finally, the Nordics increased by 10%, driven by higher volumes in Sweden across several products. This was partly offset by a 16% decrease in Norway as we had large ESL rollouts last year.

Moving on to recurring revenue, 12 months rolling. Now this increased by 16% compared to Q2 last year. This growth is fueled by a 45% increase in license revenue, mainly from our order picking on the back of the Sainsbury's contract that started Q2 last year. In addition, the growth was fueled by self-checkout solutions.

If we move to the EBITDA, this improved from minus NOK 9 million in Q2 last year to a positive NOK 7 million in Q2 this year. Last year included restructuring costs of NOK 10 million, but there were underlying improvements, particularly in the Baltics, the U.K. and Sweden. Furthermore, in Q2, we capitalized NOK 8 million in development costs, mainly for the CashGuard Connect project in Spain. Overall, we are pleased to deliver another quarter with positive EBITDA even if we are not at the levels yet where we want to be.

The improvement measures that we started on in late 2023 and further into 2024 have had positive effects. So these were the main P&L items. Let's look at the cash flow movements so far this year.

We started the year with NOK 82 million in cash and ended Q2 with NOK 84 million, so a fairly flat development. This includes a positive contribution from the operating result of NOK 18 million and changes in working capital. Earlier this year, we increased the interest-bearing debt of NOK 20 million. We have spent NOK 23 million on CapEx relating to the development of the CashGuard Connect project in Spain and our own POS solution in the Baltics.

Now let's move further into the key components of the working capital development. Overall, working capital has decreased by NOK 5 million since the start of the year. This includes a reduction in inventory of NOK 33 million, mainly from deliveries of ESLs in Sweden and Self-Checkouts in the Baltics. It also includes a reduction of grocery lockers in Sweden. This reduction was offset by increases in accruals and other short-term liabilities, mainly deferred income.

To conclude, let's look at the development in net interest-bearing debt. During the quarter, the net interest-bearing debt remained flat and ended at NOK 74 million. Similarly, there were a few changes in disposable funds, ending at NOK 84 million as per Q2. Finally, the equity ratio remained stable at 46% at the end of the quarter as compared to our covenant of 30%.

With this, I will hand it back to Jacob for some final remarks.

Thank you, Marius. And allow me to spend these last few minutes on sharing the outlook for StrongPoint. First and foremost, short term. We are pleased with an improvement in our EBITDA and in our recurring revenue base, although it could be said that we were anticipating a faster improvement. But we are longer term, if we look at the longer-term fundamentals, very pleased with the traction we are having on order picking solution, our SaaS-based order picking solution. And the expectations forward are high.

If you then look at where do we aspire to be, I'd like to reiterate our long-term financial ambition, which is to have a healthy revenue growth, healthy, meaning also seeing an increase in the recurring revenue base that we have as well as an EBITDA margin that will get in excess of 10%.

So with that, I'd like to thank you all for listening, and have a great day.