Digital Workforce Services Oyj ($DWF)

Hello, everybody. A warm welcome to Digital Workforce Investor Day. Welcome to participants here at Sanoma House in Helsinki, Finland, and those of us who are joining through webcast. My name is Jussi Vasama, I'm the CEO of Digital Workforce. I have here with me Laura Viita, our CFO. How are you, Laura?

Very well, thanks. Excited.

Could you give us a short introduction on our menu and agenda for today?

Sure. Good afternoon. And I will take you through the agenda. Okay, disclaimers, so consider yourselves warned. But the agenda of today. So I hope that in the coming 2 hours we are able to open up what we do and, of course, why we would be an interesting investment. First of all, after a while, there will be an introduction to Digital Workforce made by Jussi: so what we do, how we do it, what makes us different from the others. After him, there will be Karli Kalpala, our Head of Strategy and AI Agent Business, who will do a bit of deep diving in the disrupting knowledge work through agentic AI, which is one of our very exciting strategic projects. After him, there will be a short break. And after the break, Juha Nieminen, the Chief Growth Officer of Global Healthcare, comes on stage to share the health care market, latest updates, especially the care pathway automation, which is another interesting strategic area. After Juha, Jussi comes back and goes through our outsourcing and transformation services shortly. And in the end, I will be back on stage and talk about our strong track record in accelerating profitable growth and the accounting change for licenses. We will have a Q&A at the end. So please keep your questions to the end. If you're watching us over the live webcast, you can put in questions at any time, and we will take them up at the end. How is that?

Sounds great. Thank you so much, Laura.

Good. I'll leave you. The stage is yours.

Thank you so much. Thank you so much. So on we go. It was about 18 months ago when we were here last time talking about our renewed strategy. And it feels to me that a lot has happened in the market and in the company, and I'm very pleased to share where we are and where we're heading as a company with our colleagues, as Laura just stated. Indeed, we are in a moment in our market, in our economy that there's a lot of things happening in the market. And if we look at what the major investors, venture capitalists have stated in the market, the statements are bold and very transformative, disruptive. Sequoia, venture capitalist who has invested in Apple, Google, many very successful global leaders, have stated that, just a couple of weeks ago, the next $1 trillion company will be a software company masquerading as a services firm. And we have discussed this thoroughly with our Board of Directors and actually see that that's something that we are on as a company as well. We've been actually on this path as a company from the start of the company. Since 10 years ago, our founders laid out a vision that in 10 years' time, 2025 -- by 2025, every single person working in a larger corporation will have a digital colleague to work with. Today, that is actually reality. Whether you think about it or not, in fact, digital agents, colleagues are a fact of life today, and our company has a strong foothold in doing that. We're happy to take you on that journey with us. We think about the 10 years forward, and not even 10 years, but actually what's happening in the market already. We'll spend some time with this topic during the presentation today. In the AI era, the most valued companies, in our view, will not just provide tools and services. The companies that own the execution of critical workflows will be the companies that will blossom, will be the leaders in our market. It will be the transformative companies who will show the way how companies will work and work will be carried out in large corporations. This is how we see the market and us playing a major role as a company as well. I want to start with the slide explaining a couple of words about Digital Workforce. Some of you know us very well, some of you may be new to our story. We have a decade of execution, discipline and a strong track record as a company. I want to underline that we are not just another IT services company. We are actually a very different company. So our track record is very focused around execution, around knowledge work. What we do as a company and have done already for the past 10 years is disrupt knowledge work. Going forward, we see that that will have -- that will take a new shape and the knowledge work will be disrupted as software. We will discuss that with Karli presenting on Agent Workforce, agentic AI solution that we built for our customers and in market and deployed already. And that is a very exciting topic that we want to share with you today. We feel that it's unique and very focused offering with our own IP to offer for our customers. Looking at the vertical strategy, one of the differentiators from the company, we have a very strong foothold in health care, further investing in health care as a company, where we see a lot of pain points in public health care, health care, patients getting treatment and access to services, clinical workers having a fatigue and not being able to focus into treating patients instead of doing something which is more mundane. Banking and insurance markets are in very different states. There are a lot of IT services already in use in banking and insurance verticals. But how we see the market at the moment is that these verticals and these industries will be taking complete new shapes, and the ways and means to compete in these markets will be totally different going forward. So the Agent Workforce and our care pathway solutions for the health care sector are transformative, disruptive ways of looking into the industry-related problems, and also opportunities. We have a full focus as a company and have been having that focus since the get-go into enterprise-grade use cases. We have long-term relationships with our customers, with highly regulated industries, with compliance control mechanisms that they need to and want to pursue. And those kind of customers are typically a very good fit to our way of working. We built a recurring revenue business, continuous services revenue business with our Outsmart offering, which is 60% of the total revenues of the company. And that is, in fact, an offering where we run work for you as customers as a part of your operations. And we'll spend some time with that as well. If we continue on the topic that what makes us different from large consultancy companies, large system integrators, business automation service providers, also in-house IT and then agentic AI start-ups, we are a company that redesign, run, govern and control knowledge work. We are there for the customers for the long run. We only focus on selected verticals and focused use cases that enables us to -- and has enabled us to build a modular and reasonable solutions revenue stream, as we already discussed. Outsmart as a Service, on the other hand, is an offering that is there with the customer 24/7, deployed, in use as a part of the core operations for the customers based on [ multi-tech ] scalable service platform and service offering that is designed for business continuity. So we have hundreds and hundreds of customers in large corporations, working with hundreds of processes and automating their core business items and also other processes as a part of our services. Our focused AI solutions are there to realize value in complex enterprise use cases. Our vertical focus is really sharp, as you'll be hearing from Karli's presentation later on. And we feel that that is the way to succeed in the market, rather than being a generalist in this space. We have already, as a company, applied a principle that what really matters is the delivered value for the customer. Therefore, we have taken steps over the course of the years to price the value that we generate for the customers in an outcome-based approach and manner. So typically, customers might be paying per transaction, per use of consumption per patient, per pathway that has been automated, whatever that might be. But really the outcome in mind is the differentiator here, not to price the technology, but what we achieve with the services that we provide for the customers. When we think about the way that we offer our services, we have a very robust 24/7 offering delivered centrally from Poland globally to all of our customers that is there for ensuring business continuity. That is fully ISO certified solution and used by leaders in their own industry across the globe. I get sometimes questions that, what do you do with AI? Do you work with AI yourself? And actually, if we start from the middle, we actually work with AI. We have worked with AI -- AI and agent and digital colleagues, I would say, colleagues, workers, agents. Those are our friends delivering the value for our customers. Those are a part of the services that we provide for our customers, running hundreds and hundreds of business processes. All in all, more than 5,000 business processes over the course of 10 years in hundreds of organizations have been deployed, transformed, redesigned with the help of our services. Translating that into value for businesses, for society, that is substantial, way bigger than our size would, as a company, would maybe let you to think. We've delivered more than 20 million hours back to businesses and society as savings as an opportunity to do something else to focus on core work or then transform the work into completely something different what it used to be before applying [ outlet of ] services. Again, translating that into monetary term, that takes us into EUR 1 billion level of savings and cost avoidance in total. Substantial impact into the market and society. And this has resulted in a new way of working in organizations that actually a long time ago passed a point of no return. If we would strip out all the automations from our customers, actually, that wouldn't be possible because they would be in deep trouble. The core operations are running and run by us in large organizations. We also think about thought leadership and want to be a thought leader in the market. And we've done that in the early stages of the company through academies, automation academies. And we've done that in the past 2 years as well with our Agentic AI Academy, where we've trained more than 5,000 people internationally and globally into what is agentic AI about. And we want to keep that forefront, forerunner line of thinking as a part of our core as a company. A couple of highlights and a couple of points about the company. Start with the geography first. So we operate in Northern Europe, Central Europe, U.K. and Ireland and in New York. Customers, very international customers, global customers, obviously, using our solutions around the globe. Seven offices, 6 countries, 200 employees. And the 200 employees actually match nicely the customer number. So we have about 200 enterprise customers. Customer Net Promoter Score is at 62, which we are really proud of. That is the recommendation rate. Would you be willing to recommend as a customer -- us as a customer? And we are happy to state that data point allowed, because that gives an idea on the stickiness and the -- stickiness of the business and the happiness of the customers. If we think about the customers, on the other hand, which verticals and which lines of businesses they are from, 50% of the total revenues come from health care, so and so. We added a company -- bought a company called e18 Innovation in U.K. NHS, U.K. public health care system, which is the largest global public health care system. They operate in that space. And that took us as a company into 50% level of the total revenues among the kind of in-house or organic growth as well. Thinking about the banking and insurance customers and manufacturing customers, so both of them are around 20% of the total revenues. And then other segments could be municipalities, cities, defense forces and so on and so forth, important sectors for us and a growth opportunity for us as well. And slightly different strategies working with banking insurance and the manufacturing customers, and we'll spend more time with that, especially with the insurance space today. Our revenue last year was EUR 24.3 million. Of that, 58% was based on the continuous revenues. And then if you look at our gross margin, gross margin was at 42% last year and adjusted EBITDA for the full year was 5%. We have actually had a very nice track record of improving our profitability and executing our profitable growth over the course of the years, and we are really proud of what we achieved last year, especially in the second half of last year as well. A couple of words about the organization only. So starting from the right-hand side, 2 globally led business areas, health care and enterprise and public, to really provide focus and focused go-to-market, accelerate on our profitable growth globally. Obviously, then utilize resources and then, in the matrix, build scalable models, global practices, offerings, and resources are there to support. Our leadership team members is very experienced in the industry, and Karli and Louis are based in the U.K. Tapio splits his time between Finland and Sweden, and the rest of us are then frequent travelers around the globe, visiting our customers and partners in different countries. I want to spend a couple of words about the -- and moments about the vision and strategic cornerstones, very much on the high level only because then we'll be opening up the cornerstones in more detail in a short while. Our vision, which you may have seen already on the first slide, was renewed and reshaped last year as we had our 10th anniversary as a company. Transforming work beyond productivity for us means that it's not just about productivity, but it's much more than that what we are doing. It's about work and how work will be carried out in the future in large organizations. How do we go about and revolutionize the way of working in organizations? By redefining the role of people and digital agents in knowledge work. We want to orchestrate the activities and operations in large organizations in a complete new fashion. Technology will not be stopping us from doing that. And our focus as a company will support us in achieving the outcomes that we are after. We focus on achieving results in the long run with the customers and with our partners. We build and run scalable solutions for selected customer verticals and use cases. That also means that we need to say no to certain opportunities, as lucrative they may seem in the short while. Because focus brings results, repeatability and scalability. And that's why we kind of believe in and chose an approach as a company. It's very nice to be working in a company that has a purpose as well and serving the greater good as well. When you talk about the things that we have achieved in health care with our health care customers, to make sure that the patient will get timely and accurate care and accessibility for services for patients, also for end users, there's a different meaning and purpose when discussing with our customers, and anybody who wants to know what the company is really about. We are there to deliver transformative impact to society beyond our size. We always act with integrity and customer intimacy. We're really proud of our customers that have been with us from the very early stages and still growing and still moving forward and working with us to further automate their ways of working and redesign the way that they work as organizations. We always own our position as opportunity-driven thought leaders as well. And it means that we want to go for the opportunities rather than thinking about the problems, and then be at the forefront of the market. I hope that this is visible, and I'm sure that this is visible in the next presentations to come in a short while. So then the ways of executing our strategy, and we have picked 3 cornerstones that are very much driving our profitable growth as a company. We will start with Karli talking about the disruption of knowledge work through agentic AI, a very exciting topic, obviously, hot topic in the market in general. Our take on that is different and unique. And we absolutely feel that we are well on to something, which will be transformative for our customers, but also for us as a company. The care pathway automation is very much around health care sector, and really touching the pain points of clinical workers and patients and optimizing the patient journey, as well as allowing nurses, doctors, laboratory workers to really focus on what they want to do and are trained to do, focus to take care of the patients. Equally important is the outsourcing and [ transformation ] services for us. That's the core of our operations where we build the solutions and run our solutions for our customers. And we want to spend a moment with that as well so that you as the audience understand that -- what are we about as a company. With that, I will wrap up my part at this point in time, and I want to introduce you to Karli Kalpala. Karli is with us here, and welcome, Karli.

Thank you, Jussi. My name is Karli Kalpala, Head of Strategy and AI Agent Business for Digital Workforce. And today, I'm going to onboard you into our AI agent proposition. This is actually the opening slide of our sales pitch. And my job today is to walk you through what it means to the investors of Digital Workforce. Agent Workforce, our product, becomes your scalable team owning the execution of critical workflows. We offer to our customer a completely new capability, knowledge work and software that allows them to decouple the human labor from their business outcomes. First though, let's quickly analyze the business environment where we are operating. We're seeing the largest disruption of knowledge work since the Internet. The characteristics of the large language models has changed over the past 15 to 18 months. What was used to know and came to the public knowledge as a system that can produce text, has moved and become a system that can reason through complex problems. The headline statement here is that the state-of-the-art models or the LLMs, large language models, are on a PhD level reasoning. And this reasoning is infinitely scalable and comes from the server rack, a very important point that I'm going to allude to you later in the presentation. There's another important topic as well. The inference cost is collapsing. So the cost of achieving these results is collapsing very fast. So we have 2 things going on. The capability is increasing and improving exponentially. So what we see over the past 15 months is an exponential growth in how complex tasks an LLM can trustworthily complete, while the cost of applying that technology is collapsing. You only have to look into software engineering, an industry that has completely gone over the tipping point already. Look at the media headlines, and that industry is beyond recognition. No junior positions open anymore. The key question is: who's going to be the seniors that will approve the work of the software coding agents that write most of the code today already in enterprises? But one aspect of this technology change that is, in my opinion, overlooked in the public discussion is the fact that the most vulnerable work or types of work for this technology is actually the white collar work: the work that happens in the insurance companies, in the finance industry, work that happens in wealth management, accounting, medicine, science, even arts. And all of those works, they have one or a couple of key things that are common to them. They have common characteristics to that type of work. They all are judgment-heavy. They are unstructured. And in most cases, they are document-intense. That's a fertile ground for this capability that we are seeing coming and emerging for the large language models. So the future of knowledge work is going to be a handful of people overseeing hundreds of AI agents. And if you play this demo, I'm going to show you how this looks in practice. In this demo, you're going to see our AI agent, Clara, processing through an insurance claim. It is very important to notice that this is not a chatbot. There's no human prompting this system. No one is driving in the background what happens next. It's an autonomous system acting fully independently. It reads the documents. It understands policy conditions. It validates coverage. In other words, it executes judgment-heavy, unstructured operational work that normally requires a human claims handler or adjuster to complete. And this is the opportunity with modern AI. This is the promised land, knowledge work coming as software, enabling the leaders in insurance, for example, to decouple human labor from business outcomes. And what it actually means for them is that it allows them to grow their operation margins with an arbitrage level through the normal people-driven way of delivering these services. This is the logic behind the statement that Jussi showed earlier from Sequoia Capital: the next $1 trillion company is a software company that is masqueraded to be a services company. There's still a challenge here for everyone who is building in this environment. Large language models is a general purpose technology. Everyone has access to the same model, everyone has access to the same API. Every software company, every consulting company is building AI solutions as we speak. And it's even worse than that. The capability that you have in the state-of-the-art models today, let's say, the Opus 4.6 that was leading the charts on a couple of slides back, it's going to fit inside your own local PC and run on an open source model, and historical data shows that it takes 8 to 9 months to reach that point. So any investments to create proprietary adaptations of these models will lose its value very, very quickly. LLMs is the fastest depreciating asset in human history. So the critical question becomes, how do you build a defensible business in this business environment? And our answer is very simple. You go deep instead of going wide. Depth is the moat. Instead of building horizontal tools or services, we build vertical AI agents. Clara that you saw on the previous slide or in the previous demo, Cora, we will focus on a little bit later. And these agents, they execute the work itself. And once you have this capability that executes the work, now the point is that you sell the outcome of the work to your customers, just like a BPO. But this workforce that delivers the work, it doesn't run with caffeine. It runs with compute. And compute is infinitely scalable. So our approach, if you have this depth in mind as your moat, where should you focus? You should focus and target domains where the work is highly manual and there's very large pools of that human workforce existing. The work is judgment-heavy, unstructured and document intense like we just discussed a bit earlier. And most importantly, the work is something that can be realistically replaced by an AI agent with the today state of the technology. So we have selected 2 domains. Both of these domains share these structural characteristics listed just a second ago. So it's highly manual, large pools of manual labor, judgment-heavy, unstructured, document-intense, and the technology can actually replicate that work today. Also importantly, we have subject matter expertise in these domains in-house already in the company, so we can start building and have started building already a year ago. And most importantly, we have existing customers that we can bring the capability to. And our focus is in insurance claims processing as well as risk governance and compliance operations in highly-regulated environments. So are we just blowing hot air here? No. The technology is very new. Fifteen months ago, this wasn't even possible. And it improves very quickly. We have already strong proof points that our strategy works. A couple of observations worth to highlight here. First, we have built very strong partnerships. First, I want to mention the partnership with Davies Group we announced a couple of weeks back. Davies is one of the largest insurance services and BPO providers in the world. And through them, we have access to real operational workflows, real data and subject matter expertise to productize agents through their distribution channels to the largest insurers in the world. Microsoft, or more specifically their [ OneCard 200 ] program, which is an invitation-only program for the 200 most promising software development companies in their ecosystem, together with which we have access to the latest tools, best models and Microsoft engineering teams. And from the customer side, our agents are processing real operational workloads as we speak. A couple of observations. We haven't observed any hallucinations in the early production setups. Very important in these regulated environments where we operate. And second of all, what we are actually enabling, we are enabling an AI-native operating model to emerge for our customers. What do I mean with an AI-native operating model? This is a use case from our agent Cora, which focuses on the governance -- risk governance and compliance. An AI-native operating model for risk governance and compliance means that you move from random sampling into 100% risk coverage, in this case, insurance policies. We transform the work of the subject matter experts from being 1% productive into becoming 100% productive. And while you do this, you reduce the number of manual cases with a factor of 10. How? Let me run you through the numbers. Before our agent is in production, the typical operation in second-line risk governance and compliance, which has a team of 10, 15, 30 senior experts who need to know the underlying business operations as well as the compliance and control frameworks applied on top of that business are performing the work as random sampling. So when they come to work, 99% of the time, they go through an underlying policy, they go through an underlying contract, they use their judgment and they move it into the pile, everything is okay. Actually, very good news for the society and everyone. We don't want to have issued cases too much. But from this lens, only less than 1% of the time, they actually need their expertise to go through the case because the case has some issues in regards of the compliance or the governance frameworks that they're analyzing. From this lens, only less than 1% of their work is actually productive. And while they do this, they're able to cover around 500 cases in this example, which is 10% of the overall volume. So your oversight coverage is actually limited. What happens when our agent comes to work? You immediately scale to 100% coverage. Why? The reasoning applied by Cora is infinitely scalable. It runs with compute. We can scrutinize every risk policy on a level that it would be the only risk that that company has, the only policy that company has. While we do that, Cora is the one who filters the 99% or more of the cases into the pile, everything is okay, and lifts only the cases that need a human decision. You need to actually understand what you do with the case that has alarming signs in it. So when the compliance officer come to work, they start with the pile of exception cases. Their work becomes 100% focused on the cases that really matters for the operational governance of the company. And if you run the numbers, the team that you needed to do 500 cases, which is 10% of the volume, and now when you focus only on the 1% of the 5,000 cases, which is 50, the amount of manual cases is 10x less than in the state before the agent is applied. And this is the value when you go deep into judgment-heavy, unstructured and document-intense work. This is what Agent Workforce is all about. And this is the new AI-native operating model that emerges. So let's summarize here. We are building vertical AI agents: Clara, Cora, that execute operational work. We call this Agent Workforce. We sell the work outcome of Clara and Cora to the operational budgets not as a horizontal software license to the IT budget. Depth in these operational workflows is the moat when the technology is a commodity. The key takeaway, our total addressable market grows with an order of magnitude when we execute our strategy. And on the field, what we actually do for the claim leaders and the risk governance and compliance leaders, we force them to ask themselves a question: who, or more specifically, what, will perform the work in their operations going forward? Finally, let me discuss quickly where we compete and why we win. There are 3 main groups of competition. First the service integrators and large consultancies. They focus on operating model designs. They focus on horizontal transformation programs, rather than delivering the operational work with AI. They build the framework, we execute the work. Second is the AI start-ups. They build vertical AI solutions, but they struggle with the operational deployment capability through regulated environments where reliability, governance and domain expertise are essential. It's not enough to build the agent once. You need to commit to deliver the work outcomes for years. And third, there's the horizontal AI platforms. They have a vast capability, but they themselves rely on customers and service integrators to deliver the operational outcomes. They lack the depth. And in the end, they end up competing with the latest state-of-the-art LLM models and how far those investments can push the envelope of automation. Our moat is different. We focus on highly critical, domain-specific workflows in regulated environments. We combine deep domain expertise both in-house and with our strategic partners with operational deployment capability, 10 years of experience of delivering knowledge work as software to hundreds of enterprises, and delivering that outcome every day throughout all of these years, owning the work outcome, the business continuity service that Jussi mentioned earlier, our heritage. And when we build these AI agents, together with Microsoft, we have a very important design principle in mind. We want to leverage all the tailwind from the hundreds of billions of investments that go into building these state-of-the-art large language models. So if there's a new large language model coming out with a superior capability or an exceptional price point, we open the champagne model because our agent just became better. So in the era, which is written there in the bottom, in the AI era, the most valuable companies will not just provide tools and services. They will own the execution of the critical workflows. And that's the journey where we are on with Agent Workforce. Now it's time for a short break. We are actually almost 3 minutes ahead of schedule, which is probably the first time I have accomplished that. So anyway, let's come back at 3:00 p.m., which is top of the hour. Thank you. [Break]

Good afternoon, and welcome back to the Digital Workforce Investor Day. My name is Juha Nieminen. I'm Chief Growth Officer in the Global Healthcare. And I will be today covering 3 things or, let's say, trying to light up more backgrounds on, first of all, why health care is the major growth area for Digital Workforce. Secondly, what are care pathway solutions and what they actually do. And thirdly, why we believe that this can scale from a few proven use cases in a much broader business opportunity. If you look at our health care strategy, let's say, from the geographical point of view first, the Finland is the proof market. So we have been operating in the Finnish health care already 10 years and we have established customer base with major providers in the Finnish market. One fact point is that 20% of our Finnish employees currently are health care professionals. But we have really proven ourselves in the health care market in the Finnish market and driving also the annual revenue in the customer side quite high. On the other side, the market is just opening in the care pathway side. I will tell you more about care pathway later today. And also, there's lots of potential still in the Finnish market with current customers and also in the new customer side. The U.K. is our near-term scale market. We have through e18 acquisition, what Jussi mentioned earlier, a very good foothold already in the U.K. NHS market. So we have 55 around customers in the U.K., which are coming through the frame contract. So we have frame contracts in place. We have really good established customer base in the U.K. already. But like you can see from the numbers, there's a lot of potential in expanding. I would say that the U.K. is maybe 3 to 4 years behind Finnish market in the automation journey in health care, and we have a huge opportunity to grow both in our current customer base, but also there's a big potential in the new customer space as well. Then the U.S. is a long-term opportunity market for us. We have been successfully acquired a few new big customers in past months, which makes it really a positive outlook for the coming, let's say, year that we have. We can use this reference customer to really drive the growth in the U.S. as well, which, of course, is a market is once again, much larger than even the U.K. or Finnish market. Then you think about how to scale it. So basically, we have already established foothold in health care. We have the competencies. We have proven solutions from the Finnish market. There's two ways to expand this in our business and grow our business. First of all, if you take an example of the breast cancer care pathway, which we will also open a little bit later in more detail, we can expand the business and scale it through the same use case to different patient groups. So we can use the same care pathway solutions to different cancer patient groups, diabetes, et cetera, et cetera, where we have much bigger patient amounts into the same customers. Then the other angle is the geographical expansion. So we can take these proven use cases and start expanding those to new markets like U.K. and U.S. as well. So there's two ways and big multipliers in both ways. If you see that from the patient amount side, from the breast cancer to the diabetes, the multipliers are 10x bigger patient groups, when we can expand same use cases to that patient group. On the other hand, when we talk about geographical expansion, in U.K., 10x bigger market than Finnish market, U.S., 60x bigger market. So there's a huge potential in both ways, which are coming together in very nice potential numbers. But then if we did look -- go a little bit deeper on the U.K. and why is the U.K. so attractive for us in the health care. So basically, first, of course, the scale, like I mentioned that it's 10x bigger market than Finnish market at the moment. And there's -- like I said that we are -- the U.K. is maybe 3, 4 years behind in their automation journey. So there's a big potential on really scaling up our businesses. Secondly, from DWF point of view, like stated, we have the frame contracts in place. We have all the contract limitations away. We can sell our services through those frame contracts to any NHS customer, which is really, really good starting point for the growth. Secondly, we are in the pole position now, that through the e18 acquisition, we are the leader in the automation in NHS. We are the biggest player in the NHS space at the moment with huge potential to grow. So we are really good position now when going for the coming years. And how -- if you look the secondly -- if you think of the scale is the first thing, the second one is the workforce pressure that the U.K.'s health care has. Similar challenges, what we have in the different regions as well. But especially in the U.K., there's a big problem with finding good workforce. There are a lot of high retirement rates coming, and there is big challenges on providing high-quality health care at the moment already from the workforce point of view. Secondly, there's a really big productivity mandate from the government to drive down the health care cost in the U.K. side. And third, there is a big funding to automate, develop digitalization. So I would say that all these 3 things are really playing in our playbook that when we are in pole position in the market leader with a market that's just starting. They are just going for the automations. And there is both mandate from the government to really drive down the cost. And then there's also funding available from the governmental side. So basically, we can say that for the NHS, the automation is not nice to have anymore. It's must-have. There is no other way for them to solve this, the problem with the productivity, and also address the patient expectations, the high-quality care. So basically, if thinking about how to go there and then what are the care pathways, this is a very detailed picture in a way that what are the core care pathways to tell you a little bit that what does it really mean that when we are talking about care pathway solutions. This is a real-life case which has been in production already a few years. This is a breast cancer follow-up. So basically, when the active care of the patient is ending and the patient moves to the care follow-up processes, previously, there was lots of manual tasks that nurses, secretaries, doctors were performing. In this one health care provider, in this one patient group, there was almost 100,000 manual tasks in a year. That was about booking times, making referrals, communicating to the customers. So a huge amount of manual work that was performed by the health care professionals. Now with the automated workflow, what we have created, 95% of this manual work has been automated. Only things that humans are doing in this process are clinical decisions. But when there's clinical decision needed or there's exception in the process that needs human intervention or it's a physical appointment or diagnostics. So basically, our automation is running 7 to 10 years per patient in the follow-up process, with only human interactions are the real interactions when you have to have an appointment. Or diagnostics, there is a clinical decision that has to be made or there is an exception in the process, which has to be handled by human. So 95% of all the manual work has been automated with this process. And even though the manual process in a way might look quite simple, but we have to understand that inside this process, there are different age groups, there are different, for example, care plans. Around, let's say, 10 to 20 different kind of subprocesses that process decisions are done by our automation and recognize that in which of the process, which of the patient has to be put or done. So basically, we have been looking from the result point of view. Like I said, 95% of the tasks is automated. 95% of all the patients, this patient group are in this automation. So we can cover 95% of all the subcases or special cases which are inside that group. What it means for the patients and also the providers? Okay, operationally, of course, the staff can spend much more time to the patient with general need and attention. So we have been able to reduce a huge amount of nurse appointments and create new time to really treat those patients that needs the care. Then financially, of course, it lowers the workload. It reduces the inefficiency. For example, cancellations and rescheduling has been minimized, which has been a huge problem before. Then also from the clinical point of view, the patient experience has changed dramatically. First of all, waiting times in this customer have dropped from 9 months to 1 month. Information about neutral diagnostic results have dropped from weeks to less than 12 hours. And also, the self-service rate has been increased significantly. So basically, nowadays, the patient can influence a lot in their own care pathway by booking, scheduling appointments. Affecting that, does he need an appointment or not. That what is the preferred way of taking the care plan forward. And then not less, let's say, last but not least, the human errors. So when we have an automated process, we have the trackability of our whole process. We know if there's a patient, there's some error for some reason, they can track it from the start. Or if somebody dropped out from the process, they haven't gone to the diagnostics that are required or doesn't reply, we can alert, we can see that and make sure that the process has been conducted and the care is conducted as planned. But then maybe the key thing is that how to scale this. And like I said that this is not about building one workflow for one clinic or one customer. This is more about scaling the modular platform and modular solution to different regions, to different customers. And how the solution is built is that we have 3 layers in the solution architecture. The first layer is the care pathway logic. So that's the IP what we have on how to build and what is the process for, let's say, long-term illness follow-up or medication monitoring. And that's like -- that's the process logic, what we have built in our solution. Then there is a second layer, which are the variations that, for example, if we have the long-term condition follow-up care pathway, there is variations for breast cancer, lung cancer, diabetes, different kind of long-term illnesses that we can use the same kind of logic layer to really cost effectively scale in these customers. Also, we have there the patient subgroup side, which means that almost all the illnesses have different kind of subprocesses based on the gender or age group or the care plan, which can be then modularly applied to our platform. And this enables us to reach 90% to 100% coverage of the patient group. So basically, with this standard logic, it's easy to scale. We have the standard components in the Layer 3, which is, I would say, the building blocks. So basically, we have there different kind of building blocks which we can use in different care pathways that we don't have to rebuild, redesign. But we can really just use the same blocks that we have built for different care pathways, different variations and different customers. And somebody after the quarterly presentation might ask that where is the AI in my presentation, and maybe I could say that AI is in the details. But when we talk about health care, the AI is one technology there as a standard component. So the standard components in our care pathways can be, of course, RPAs, but they can be AI agent, that's what we are building. They can be AI bots or they can be third-party medical device-grade AI tools that we can really implement as part of the care pathway. And I would say that we can -- with this approach when we are automating the whole process from end-to-end, we can really implement the AI benefits for the customers, for the AI investments. If they have invested on AI development, we can really harness that to the business process level and care pathway level and really bring the business benefits on using that one maybe needs an AI tool, which is solving one task or one independent problem. So AI is inside. And if the solution and the care pathway needs AI or AI brings value, then that's something, of course, which we are also building ourselves as AI agents, independent AI agents or AI tools inside the care pathways. So that's one of the critical things also, what we are driving in health care that we want that AI will be used more and more as a part of the care pathways in those places, in those tasks where AI is needed. So basically, what this modular care pathway solutions means is that we have reusable IP which we can scale to different markets, to different use cases. We have lower delivery costs on implementing this to the customers, much, much faster rollouts. And then, of course, the whole automation coverage will be much, much wider. And this is looking from the potential point of view and getting back to the U.K. market. Like I said, Finland, we are still in the starting point also in this type of care pathway automation, but we have proven use cases. We have ongoing customers that are expanding the use of this platform as we speak. And then when we are going to U.K. market, we can really start driving the sales up within our current customer base with the care pathway solutions and also, of course, go to the new customers as well. And as a proof of that, we already have started 6 discovery projects and our the care pathway implementations in NHS regarding lung cancer with cancer alliances. So that's already happening, and we have proved that also in the U.K. market, the care pathway message and our solution is working already. So basically, if thinking about outcomes or takeaways from the health care side, there's 3 things that I want to, let's say, bring out still. First of all, we have very good established position in health care in our main markets. If talking about Finnish market, we have there almost half of the well-being counties are already our customers. All of them has lots of potential on additional automations. Also, there's a big potential on the new customer side in Finland as well. But then in the U.K., like I said, we have already 1/3 of the NHS Trusts as our customers at the moment. And we have the leading position in the market as an automation provider. Secondly, we are solving the productivity challenge that our -- all our markets have. So basically, all the markets have really big challenges on fighting against the productivity risks, what the health care has, meaning the cost pressure coming, the funding is decreasing. And also, the population is getting older, so which means that the demand for the services at the same time is going high. So automation and AI and our care pathways are really good solution or really solving this problem, which is really big in our markets, but of course, wider in the Western countries as well. And thirdly, we have the scalable solution to expand the task automation then to high-value care pathways and really start solving these major challenges, what the health care providers in public side and private side have. So that's about health care. I hope I answered most of those questions or I gave more insight on the topics that I was planning to. And now I will welcome Jussi back on the stage about our outsourcing and transformative automation services.

Thanks a lot, Juha, and hello, everybody. This is what an excited Finn looks like. So I'm super excited. I hope that you are as well, I mean, here in the room, but also listening to us through the webcast. What Karli and Juha just shared shows our passion, not only to our work, but also to the work that you are carrying out in your organizations. We are on to something which is very much very different from the rest of the market. And I hope that we have already provided you some proof points of that. And actually, I'm certain about that. What I'm going to share next around the outsourcing and transformative automation services, it's very much at the core of what was just being shared by Juha and Karli. Everything what we do for our customers builds on continuity, customer intimacy and understanding the true value of our services for our customers' customers. I'm going to scare you with a slide with a lot of logos, a lot of logos, which are essential and important for us to deliver the value. But this is very much to showcase that actually, everything what we have shared is running in a fully productized automation and business transformation service. We call it Outsmart. It's a multi-tech solution that is actually taken into use with different customers in different shape and form, depending on the nature of work that the customer wants to conduct and run with us, depending on the nature of tasks, processes, customer journeys that we heard about. We feel that it's truly transformative, and we have a lot of proof points of that because this is the core of our 60% of our recurring revenues as a company that we built over the course of the last 10 years. It's fully AI-driven. It's agentic, and it benefits from automation technology from the leaders in the market. We are top-tier partners with the technology vendors here around the world, and we have a strong go-to-market collaboration with them in the U.K., in the U.S., in the Nordics and so on and so forth. And we are really proud of what we can do with technology. But we never start with the technology. We start with the work and what needs to be achieved and what are the outcomes that we are after with and aiming to deliver for our customers. Impact matters, benefit matters. So what you have heard about already today, it's about productivity, but it's much more than that. It's redesigning the distribution of work in large enterprises, in health care, health care. I always get super excited when we talk about the biggest public health care system in the world, the NHS that Juha was just sharing about. We have a unique position in there, and we are running this in the health care customer space already, and Outsmart is at the core of the care pathways here. End customer experience, for sure, it will be a totally different experience for a breast cancer patient to be part of an automated flow that they don't need to worry about if I'm falling out of the kind of a service practice decide for my cure and to follow up that I'm okay and continue to be okay. Definitely, employee experience will be transformative as well. And that, we have a lot of proof points of that with the happy customer data that we already shared with you. And again, this is not about savings or productivity alone. What Karli shared with us today, the new transformative business opportunities are such that will change the way of working and in the whole industries, for instance, in insurance space. And everything built in-house on top of best-of-breed solutions that are available in the market. And maybe one more thing that Karli already shared as well that technology is not limiting us. It's the way that we use the technology and our in-house understanding, health care understanding, insurance space understanding and so on and so forth and picking up the right use cases. So I want to kind of spend a moment to discuss about the mechanism that -- how we run this. So obviously, we can work with the care pathway, care start with the big bang with the customers, but we can also start quickly and move fast forward. So professional services are needed for value discovery to understand really, the pain points and then implement the solutions for the customers. But the core is in the continuous services. We have made it easy for the customers to start. That's always been the ideology in the company. So you don't need to have a huge advanced license investment in order to get the benefit of the solutions, but you can start small and then expand. We are agile, rapid in our delivery, and it's productized and modular way of delivering the solutions as well. And when the number of units, patients, transactions continue to increase, our Outsmart recurring revenue continues to grow. And then the customers can then introduce the next pathway process or the next insurance claim handling process or whatever that is that the customer is after. This is the model that is at the core of our business. And hopefully, you're getting the hang of it, in short, here. So A lot of data here on one slide, one slide. We want to talk about Outsmart as an outsourcing and transformative automation services solution as a whole. We work with enterprise-grade customers, global leaders in their field with our modular Outsmart services. And we have a lot of proof points of that from the 2015 already. And here's a snippet of our customers in different kinds of industries, whether those are forest industry companies in the Nordics, German chemical industry companies, mechanical engineering companies in the Nordics or public finance kind of institutions in Finland. Different type of use cases can be taken over from the customers if the customers have been running in-house operations. Or they have been running different technologies, we can migrate, and we have a lot of experience of migrating customers from one technology to another, introducing new technologies and complementing the existing set of technologies as a part of our smart services for our customers. Again, customers don't need to worry about the tech cost as such, but focus on the outcome and pay for the value, what they're getting. Sometimes we also -- I mean, a couple of maybe customer logos to share. So USA financial services customers, NASDAQ is one of our customers. We do a lot with them, and multiple core processes at NASDAQ are run by our service and on our service platform. We will be meeting them in the U.S. next week as well. In the Nordics, we have also recently done a full takeover of [ natural ] business as well. So we've taken over the development teams, the supporting teams and the technology set, and everything is now running on Outsmart. Typically, these type of customers run hundreds of processes within their organization, varying from business-critical processes into support processes, admin processes within their companies. And the customers continue to be very happy. And of course, proof points are in the customer NPS scores, the automations and the growing recurring revenue, revenue and so forth, but also in the fact that among these customers, we don't see churn. So the customers aren't really leaving us, rather, they are increasing the automation and the volume of services that they buy from us. That obviously translates into numbers, financials and financial success. We have a strong track record in accelerating profitable growth. And Laura, our CFO, will take us through that. So welcome, Laura.

Thanks, Jussi. So before going to our strong track record, I actually have a Part 1 of my presentation, and that deals with the licenses and the change to net revenue recognition. What we did, why we did and when it's going to take place. After that, we will go to the DWF financials. We'll talk a little bit about revenue growth, the improving profitability and the increasing continuous services revenue, the GM quality and then finally, about the outlook for 2026. But first, those who -- or most of you probably noticed, but if you didn't, 2 days ago, we restated our numbers. And what happened is that we changed the license sales revenue recognition to net recognition. And a license means that we buy a license, we sell it to the customer. The customer doesn't buy the services. They don't buy the full Outsmart or even part of it. So it's a simple resell case. So in my example, my price to the customer is EUR 1,200, price to the vendor is EUR 1,000, margin, EUR 200. In the old way or what we have done until now is that we recognize the EUR 100 as revenue every month over 12 months, and we recognize the cost of goods sold, and the margin of EUR 200 comes up in the 12-month period. What happens now is that we will actually net the margin. The margin becomes the revenue. So instead of recognizing the EUR 1,200, I will recognize the EUR 200 as revenue. In addition, the timing will change. So instead of spreading it over 12 months or whatever the license period is, I just recognize it when the customer contract starts. So in the first month, we recognize the EUR 200, and that's the end of the revenue recognition. And why go through all this trouble? First of all, there's an important reason that this is aligning our revenue recognition with the internationally recognized accounting standards. Auditors might be listening, so I'm not allowed to say it's aligned with IFRS, but this is what we would do if we did IFRS reporting. It doesn't have any impact on cash, on the result. It's just a presentation change and a timing change. The licenses recognized net will continue to be part of the continuous services revenue group the way they have been before. But the whole point is that now we will really provide full transparency on the continuous services revenue growth without having the licenses there. We have published new comparative figures for '24 and '25 2 days ago. And there, the revenue decreases. As you can see in my example, we go from the EUR 1,200 to EUR 200. The gross margin and EBITDA in absolute terms remain, no change. But of course, the relative margin goes up because it's calculated on a lower revenue. And last but not least, the transfer. So we did not change the timing of the past contracts. So we only changed the timing for the new contracts starting in 2026. So if my contract started in November last year, we will present it net, but it will continue until the end of the original license period. So only the contracts that started in January '26 or after will be presented in one go. So I hope my little accounting professorship ends here, and I can go to the DWF figures. So first of all. And one more point, by the way, all the numbers that we are showing today are after the license restatement unless somebody seriously forgot to do the change. So last year's revenue was EUR 24.3 million, and that was a growth of 7% from the previous year. The times were tough, as everybody knows, but we are still very proud that we've managed to keep the top line growth. Outlook for this year, I'll talk about in a while. On the right-hand side, I have split last year into quarters. And with the revenue, there is growth, but you can see that there were some hiccups with it. The last quarter is pulled up by the e18 Consulting joining us in the beginning of the quarter. What we are extremely proud about is the EBITDA margin curve. So as you can see, we come from minus 6% in the first quarter and then go up to 7%, 8% and 10% in the last quarter. This is a result of a lot of measures taken, some of them hard in the company, but also, of course, a continuous control over the costs and the growing top line. And this is a track that we want to continue. The revenue bars, the dark blue bar shows the continuous revenue. And as you can see, the continuous revenue share also goes down with the change because the licenses, again, are presented net. So we were close to 70%, now it's rather close to 60%. However, our ambition is to continue that percentage going up. And actually, for the continuous revenue, I pulled up a little bit longer time period. So starting from financial year 2020, over these 5 years, the continuous services revenue has almost doubled. And I've corrected also the '20 number. So there's no hiccup there. The average rate of growth has been 13.4% annually. And still to collect everything that the colleagues have been talking about why we're so excited about the continuous revenue. That's the case where the customer, maybe they come through a professional services case and then they stay with us. We run their solution, we maybe develop it further, we provide the support and so on. And usually, these are very, very good customer relationships. And as you could see, the churn is, at least to some parts is 0, which is a number I absolutely love. Also, the ability of the CS to generate gross margin is very, very high. And here, we are giving illustrative figures of the Digital Workforce gross margin, which is now in the 42%-44% range. And the professional services margin is around 32% to 36%, and that's mostly done -- made of work done by people. So obviously, the margin generating capacity is a bit lower. However, we see some potential there of growing the margins. So as Juha just told, we have scalable modular projects -- products. And it means that every PS assignment is not a completely new adventure. We have things that we can redeploy and develop for the new projects. We are also creating standard delivery processes. On the other hand, it's all about the bread and butter of running some consulting activities. You have to make sure that you plan your work, you have a well-controlled utilization rate, utilization of resources, external, internal and so on. And part of the margin improvement is that there was a lot of good work done in the DWF last year. Then the CS, so that now moves to over 50% gross margin level. And there, we have the increases in outcome-based services, which Jussi was just showing. So be it patients, minutes, vaccines, something -- some other outcomes. When those increase, the margin increases because we don't incur extra cost by the extra output. And of course, the Agent Workforce and other agentic AI expansions to our Outsmart services are a very big potential swinger to the -- also to the gross margin quality. So with these building blocks, we have now issued our outlook for 2026, and we are expecting the revenue to grow by 15%. And at the same time, we are expecting the adjusted EBITDA to be in the range of 7% to 13%. We are also at the end of our strategy period, and we have an aspiration for the year-end revenue. And that is that we want to come up with annualized revenue level of EUR 40 million exiting 2026, and that would include the potential acquisition. And the share of the CS, the continuous services, is aimed to increase further from what it is today. And the profitability also, we don't want to stop at 7% to 13%. So our aspiration is to get that to 15% Ambitious? Yes. Doable? With all building blocks falling to right place, yes. So that's the CFO presentation. And now I would like to invite my colleagues back to the stage, and we will move to the Q&A.

All right. So we will start with the questions in the room. And there is a microphone over there. So please take that and shoot.

It's Joni Gronqvist from Inderes. Thank you for your presentation and the details. We've been waiting to have on-hand comments on your business areas. But I have to disappoint a little bit. I start with the boring analyst questions to start with and the updated target that you gave 2 days ago. It seems that you are -- feel quite confident to the target as you updated it now. So I would like to, a little bit, understand how you see the building blocks. Laura, you mentioned here like if all the blocks get together. But looking at the figures, if we take your last year sales, we take e18 into account, we are roughly at EUR 28 million. And you seem to be quite confident that you could maybe get to the EUR 40 million. So a couple of questions. Which are the building blocks and also the acquisition team that maybe is in there? But how much room do you, Laura, the second part of the question is maybe to you, how much room do you see that you have for acquisitions currently? From a balance sheet point of view?

Maybe I'll start.

You'll start? Yes.

Thanks for the very good question, Joni. Happy to take that. So we are indeed confident with our target levels and executing our year very successfully. Obviously, some proof points presented today. So the modularity of what we sell to our customers will be increasing the margins, the margin levels, the illustrative ones that Laura just shared will be driving up the profitability. If we think about our success in Q4 and already the announcement and press releases we've made in the beginning of the year, we announced more than EUR 1 million Outsmart deal with 20 -- sorry, 85 people of professional health care system in the U.S. to start with. And it's -- those type of opportunities and wins will feed into the growth this year very nicely. Those will be very much then also supporting our recurring revenue growth, which is, of course, our ambition as the company. Maybe Laura to comment a little bit on the room that we have for acquisitions as such?

Well, acquisition, obviously, acquisitions are on the table. And of course, we've said that before, but -- and anything interesting would be looked at. But maybe nothing right now to share on that.

Then maybe a little bit on the big picture. I think your story has been resonating and has got more clear during the past years and a more focused strategy. Looking at your numbers and your confidence now, which bottlenecks have you solved now that there was before, looking at Q4 and your confidence now? So which bottlenecks have you solved now that was there before? And which bottlenecks -- I assume there's always bottlenecks. So which bottlenecks is there still to be solved?

Excellent question once again. So thank you for that. So maybe I'll start, and then colleagues will feel free to fill in. So I'll start with the structural change. So running health care as a global entity as a business area and enterprise and public with a different go-to-market model is a key step forward in our company. We're already seeing a lot of proof points in combining the forces from the Nordics, from the U.S. in kind of feeding into the U.K. opportunity. There, we now have a contracting -- or actually not only contracting channel, but existing customers in the range of 60 customers, the biggest market, public market and health care market in the world. So our already existing foothold, the size of the existing customers in comparison with the North American and Nordic customers, how can we convert those early-stage customers which maybe are not as advanced in automation yet in the U.K. and turn those into growth [ path as 60 ] customers. That's really kind of a model and kind of execution mechanism that we'll be going for. And then, of course, the white space still very much in the Nordics, especially in the U.K. and in North American health care. Then maybe sort of feeding to Karli a little bit here as well. But definitely, I think what we have built, and we all think that what we have built with Karli and the team for agentic AI and the Agent Workforce offering, that is unique in the market. We have a really strong partnership with Davies, with the tech vendors like Microsoft that have sort of positioned us as a leader in this space for the specific use cases. Very good collaboration with the London market customers and C levels and so forth. So that brings a lot of trust that we are on to something different, I mean, than before the company. Maybe if you want to continue or fill in?

I think that's very good. I agree, very much agree, yes. Yes.

Of course. Yes.

Continuing a little bit deeper on the sales. On one hand, I get a feeling that your sales focus in acquiring new customers. On the other hand, with e18, you got a wider customer base now. So can you maybe elaborate a bit on like how you feel? Is it more new customer acquisition now upselling? And how do you see the potential in maybe upselling? And in health care, you mentioned different care pathways. And like what is their role in your upselling?

Do you want to start?

Yes, I can start. If thinking about the U.K. side that we already have proved that from the before the e18 acquisition that we can grow the U.K. customers in, let's say, EUR 500,000, EUR 600,000 annual revenue in DWF side. And then we have now, like I said, 54 new customers with much lower average revenue. So we have innovative track record. We have the products, we have the solutions that we know that we can drive the revenue up in that new current customer base. So definitely, that's one of the -- our key focus is now in, let's say, next 12 months to focus on the current customer. Build, let's say, bigger automation coverage and also giving much more added value for the customers and also making sure that the customers will stay with us. So that's definitely one of the key focuses. And I would say, let's say, major focus in the U.K. market. But at the same time, we want to keep the leading automation provider status in there. And we have to focus also to the white space, which there is quite a big potential. So we are focusing on both, but I would say the bigger short-term opportunity we have in the current customers where we have already the contacts, the relationships ongoing. And now we just have to widen the cooperation with the proven solution for the Nordic markets.

I have more questions, but I'll let the other -- oh, Jussi, yes.

Just a little bit kind of expanding on the enterprise and public side as well. So we brought in a new Chief Growth Officer, Tapio Niinikoski, to lead that business area. The go-to-market is -- and actually, the team is just right now sort of working on accelerating the go-to-market with our partners and with the new offerings, what Karli was sharing as well and very much hand-in-hand with your team and your organization as well. We don't see agentic AI as a separate entity or separate topic for us, but it's at the core of what we are doing as a company. And there, we have more opportunities or even more opportunities for new customer acquisition and new market acquisition and discuss even about the London market opportunity, what you're closely working with. So there's a lot of potential for new customer acquisition completely with the offering that Karli was sharing.

Yes, we have -- in the Nordics, if you start from there, we already have a very wide customer base. So it's discussions that are ongoing with almost all of them at the moment. We expand the share of wallet with them with the new capabilities. There is huge demand for this type of capability in those obvious leadership level attention. And then in U.K., obviously, not yet visible fully in the numbers, but we have been opening a net new market for ourselves, a new growth market, which is the London insurance market. It happens to be the largest insurance market in the world. And it also seems to be very ripe for disruption with this type of technology, building on old, document-heavy and unstructured data flows. So we see a lot of potential there for us.

Yes. I have a lot of questions, but I think I'll leave them for later. And just a short comment on Karli's presentation. I had -- I think everybody was thinking about agentic AI and disruption and what are Digital Workforce like positioning there. And I think I found the answers in the presentation. So no need to ask it again.

Excellent. Thank you so much.

Excellent.

Did we have some questions or other questions in the room? How about online?

We have some questions online. Unless Joni, you want to continue?

I'll continue later.

Okay. Let's take some questions online next. All right. So first of all, there's a question from the audience. And maybe, Jussi, this comes to you. During the first quarter, you have announced several significant contracts across different markets. How do you see growth and profitability developing in the short term?

Very good question, and happy to discuss about that. Actually, we've been spending time with Joni on the sales pipeline and sales execution already, and your questions were also related to that. That's very much at the core of what we're doing. The Chief Growth Officers, Juha and Tapio, are chasing new opportunities with their teams all the time, existing and new customers. But we have now proof points of us turning those opportunities into real work. And our -- the things that we have already delivered will resonate very nicely with the customers and prospects. So we are very confident that -- I'm repeating myself a little bit here, but very confident with the growth ambition, what we are kind of set to go for. And our aim is high, but the start of the year looks very good.

All right. Then a question to me from Investor Relations perspective. Why don't you arrange online results presentations for financial year and also for the first half? It would be a good way to be in contact with the investor community. Thank you for the comment. We've actually discussed the possibility of doing that. And actually, we have a wonderful audience today on the live webcast. So if there's hope of getting the similar audience online, that would definitely be worth a webcast every half. So we'll think about it. Thank you. Then comes a question to maybe all of you. Please remind us, who are your main competitors in the different markets, Europe and U.K., USA? And what are your competitive advantages compared to the competitors?

That's a very broad question. I mean, maybe you saw my -- one of my first slides where we were at the top right-hand corner, as you tend to do this graph. But seriously, I think we are quite unique in the market, and we've given you a lot of proof points of that already. I'll let the gentlemen to comment a little bit from the kind of industry vertical perspective. But maybe in general, so it's really hard to find a kind of a global match or international match or even a local match to what we are doing. We have spot competition here and there from bigger and smaller companies, but we feel that we're quite unique in what we're doing.

Yes. If I take a look on the AI agent side and partially alluded into it in the presentation as well. There is some specialist vendors that we have come across, for example, in the London market, having kind of announced toolings, capabilities there. I think our differentiation -- and I know our differentiation really builds on the fact that -- and I mentioned it in there that -- it's a very different thing to build something once than to actually assume the responsibility to deliver that work outcome for years and years in the future. So you need to have the credibility in that regulated environment that actually kind of allows you to contract these customers in long-term contracts. And on that level, I think we are actually very unique. I don't know, in the global space, even operators who would take the same level of responsibility of that. What goes after go-live, what goes after then the system, the knowledge work, a software system, robot or agent or AI, whatnot in live and how do you actually ensure the business continuity and business outcomes delivered every day, 24/7 for months and years into the future. And that really separates us from the competition.

And I think same applies quite a lot to health care as well, that we are automating clinical care pathways. It's really critical processes from, of course, from the provider side, but also patient side. And it's a totally different business than going to automate purchase invoices from the risk point of view. And that has been a long journey for us also to build that capability and competencies in-house to be able to go to these very critical care pathway automations and processes and take the responsibility that they are really working as a service. So I think that's one key differentiator that we have really, let's say, high competencies in the health care and the clinical side. And like I said, that 20% of our employees in Finland are health care professionals, which kind of implicates also that we need that substance -- competence in-house as well. It's not only about technology, it's not only about orchestration. That's like one key thing where we differentiate. And then we have the modular solution that we can really scale, like I said, with cost efficient with fast rollout. That's the second one. So basically, maybe the competitor side, we see that there's not really a similar provider at the moment in these markets. There are software providers, there are AI start-ups. Of course, the platform side as well that we can see that there is coming. Different kind of AI agents to the health care, from the EHR, the patient data system providers, also from platform partners. But we see those as more like a standard component in the care pathways that we can utilize and build new use cases and really bring the value for the customers as well.

All right. I hope we answered the question. Then comes a tech question. Karli, I think this is yours. I assume you do most of your automation with tools like UiPath. Tools like UiPath are evolving rapidly. Do you believe your Agent Workforce has the potential to scale in the market? And what would be the factor that would make the automation done with then better than tools like UiPath?

Kind of brilliant. It was on the slide, but I don't really think that UiPath is actually competition on what we do, in the real sense that UiPath is a framework. It's like a thin layer of a framework that sits on top of the general purpose technology. Their agents are also powered with the same technology underneath. And they focus on offering this kind of horizontal capability that anyone can start their journey with. And hopefully, I was able to, in our presentation, go through the fact that we are offering the outcome of those predefined tasks and elements that we sell to the customer. And in that context, there's actually a very nice economic scale [ loss ] that supports the fact that you build those agent evaluation data sets, you build that kind of knowledge understanding of that very specific operational context. And that allows your agents to be better, more kind of higher confidence level. It allows a better kind of outcome. And simply choosing a framework doesn't get you there. So it's obviously an option. We have used it a lot via [ IPAS ] in our toolbox, but we didn't think that it's good enough for this type of task that we have been embarking on. So I think that's the analysis at the moment.

All right. Do you want to add anything to what that was...

No. And obviously, we work with multiple different tech partners such as UiPath as well. So yes, I think Karli summarized it very nicely.

Good. Very good. Based on the current results from Q1, do you expect to grow by double digits in the quarter? Or how has the year started? So as I said, the whole outlook is ambitious. All the building blocks must fall into place, but I prefer not to comment on the ongoing quarter separately. So it looks like this was the online question. So there's still some time to send in questions. In the meantime, if there are more questions from Joni, we can take them.

Okay. I can at least one technical question to you, Laura. The license says that you [ phase ] -- or stopped [ phasing ] now. How long were they previously on average?

On average, I think a 1-year contract is very typical in the license world. Is that what you asked?

Yes. I was asking that how long they were.

So typically, but there are also multiyear licenses, but they are rather rare. So I think maybe the veterans of the company know, but I think there's been a strong annual license tradition when licenses were sold more. But also, the start dates vary. So it's not that everything starts at the beginning of January. That means that there's not going to be a big hike coming in the Q1 for the timing change.

Then maybe another question. How do you see your position in bigger deals? Are you -- is your sort of -- if we're a small and agile player in the market, is it a restriction in the bigger cases? I'm a little bit referring to the Finnish [ Kela ] case that was a couple of months or a couple of months ago. Did you -- or were you in the competition like talks? Or can you comment on this or why you wouldn't be in or what was the reasons maybe why you were not chosen? Was it a technology question with sales force? Or can you elaborate on this?

We don't comment any kind of individual customer cases or sort of participation or not. However, I mean, if we think about the average deal sizes over the course of last 2, 3 years, the average deal size have been growing quite substantially. So we have several deals. We had several deals on top of -- so north of EUR 500,000 on annual revenue last year. Last year, already this year, we announced some more than EUR 1 million wins. So the average deal size is growing. That -- I mean, I think it's a very good proof point that we can win very big customers, very big deals and go bigger. In the U.K. NHS space with the acquired company, e18, the model has been different. It's been very much land and expand. And now we are kind of on expanding, and then the average deal size and customer size is bound to grow.

Yes. And it was maybe a little bit of your focus also, not health care and -- sorry.

I think one of the key element is that -- not commenting exactly, but if there is a core system replacement involved, our solutions, you can think of it happens on the level of work. People applying those systems to perform their work, and we automate that work. So we rarely find ourselves or even target into opportunities where the point is to replace the core system itself. We kind of assume that the core system exists so that we can automate on top of that.

All right. It looks like the chat went quiet, and our time is up. So Jussi, over to you.

Happy to summarize. I think we are at the top of the hour, so keeping this very short. So thank you, dear colleagues, and thank you for the questions in the room and online. I just want to summarize this very briefly, not reading through all the points. We have presented a lucrative investment opportunity in a rapidly growing market. We've given you proof points of our unique business model that is predictable, scalable and highly based on continuous revenues. We are disrupting enterprise-grade work with the Agent Workforce offering, transforming the knowledge work, combining people, Digital Workforce and agents in collaboration, rethinking the business model, opening up new revenue-generating opportunities for our customers. Health care leadership is at the core of the company. 50% of the revenues come from health care already, and we have huge growth opportunity internationally in that space. Our kind of wedge into the market very much is care pathway transformation and in selected disciplines and use cases, which, of course, underlines our go-to-market as well. So pick our battles, choose our solutions very wisely and use cases where we're heading. Solid financial performance, as Laura was discussing that already, and we're confident of achieving a good year financially as well this year. Very nice that you spent the 2 hours with us. So happy to wrap this up, and thank you all for joining. And stay tuned for more, and see you again next time. Thank you.

Thank you.

Thank you.