Welcome to Enento's Q1 2023 results webcast. My name is Arto Paukku, and I'm the investor relations officer here at Enento. With me here today, I have Jeanette Jäger, CEO of Enento Group, as well as Elina Stråhlman, our CFO. We will start a typical earnings update from Jeanette and Elina, and then we will go over to your questions, which you can then type in the chat or ask directly here at the studio from the audience. Now let's kick it off and hand it over to Jeanette. Enento had a good start for the year, right?
Arto, we did have a good start of the year. Thank you very much. Thank you very much for joining this results briefing, and we will share with you some of our both numbers and our accomplishments that we usually do in our briefings with you. Before we're going into numbers and accomplishments, I want to share with you that we have made some changes when it comes to roles and responsibilities within the management team of Enento. As earlier communicated in the beginning of the year, Mikko Karemo has, in addition to his role as Chief Commercial Officer, also taken on the role as Deputy CEO. On the other hand, also Victoria, who has already the role as heading marketing and communication, is also taking on customer operations from sales and Mikko.
Karl-Johan , who is today heading data and analytics, is in addition to that role, taking on the role of COO in the management team. Last but definitely not least, we have a new deputy HR director in Sari Ek-Petroff. Very welcome to you, Sari. Regarding our Q1 highlights, our revenue grew in line with our expectations in the first quarter of 2023. The group net sales was of 2.3% at comparable exchange rates. The net sales development was particularly supported by the strong development in the Business Insight risk management services, Enterprise Solutions area. We also had high volumes in Norway overall. Still positive net sales development in consumer credit business, but the consumer credit volumes are clearly lower than before.
In digital processes, the weak housing markets impacted the net sales significantly, the demand for compliance services remains high. Adjusted EBITDA increased by more than 12% at comparable exchange rates, and our margin was at 36.8%. This is because of we would say both a favorable sales mix, but also the implementation of efficiency measures. The efficiency program is proceeding as planned, and around half of planned efficiencies are already realized on a run-rate basis. Last but not least, I would also like to mention that we are also continuing to have very good NPS scores on our business to business customers. We are remaining on a high level if you compare to industry peers, and we have not lost any strategic or large customer during this quarter. Let's move over to the key figures and KPIs for the Q1.
They are all developing positively. We continue to deliver growth and resilient results, as mentioned. That is also, of course, according to our guidance. Free cash flow improved significantly, and net debt ratio as well was below our set maximum level. The share of new services started to improve. That is also according to plan and was at 8.3%. That is a good level. If we compare with last year, that is almost double in average, in comparison to the 2022 levels. The biggest reason behind the improvement is the adoption of the Swedish daily credit register by our customers in Sweden. More than half of the customers are now using the new register. We'd also launched several exciting new services during the quarter, but let's come back to this.
We have actually allowed ourselves to take some extra time when it comes to new services for this quarter update. Regarding our efficiency program that we initiated in January, we can now report that the program is proceeding well. Around half of the EUR 8 million benefits are already realized on a run-rate basis, and that is mainly because of the FTE efficiency measures that are fully implemented. In IT efficiency, the pre-study, which is ongoing in Sweden now, and completed during Q2, is also an important part of this going forward. Let's see how that pre-study now develops when it goes for decisions. Other implemented measures include optimizing our facility costs in Sweden done. And, what is enabled also by the Nordic Business Platform is that we have continued to digitalize manual processes, which has also contributed to our efficiencies.
When it comes to Nordic Business Platform update, as a follow-up to earlier update on the Nordic Business Platform, we have now established KPIs which are possible to follow up. This won't move that much on a quarterly basis, we are thinking about rather sharing this on a half year or a yearly basis. Instead, keep you up to date on the key highlights in the program on what's going on. When it comes to establishing Nordic shared capabilities, which is one of the KPIs, we have commercially started to use now Enento's modernized identity and access management solution during Q1, that is one of 23 shared capabilities within the program. In addition to that, we have continued to make good progress in further development of the Swedish data pipelines and to utilize the modernized API gateway and developer portal.
When it comes to transforming product and services, we have launched two new modernized services during Q1 that have the potential to cannibalize the older similar services as they visualized in the PowerPoint. It is the new Business Insight API, which is enabled by the new Nordic platform, and also then copy to inquired, as already mentioned. Another KPI is then customer migrations, and the customer migrations to new services that use the modern platform is mainly visible with the Swedish daily credit register at this point. The commission of legacy is, of course, also a very important part of the Nordic Business Platform, and it is progressing. At this point, it is mainly connected to Swedish infrastructure and that we are consolidating cloud suppliers within that area. Business area update Q1 and also a little bit extra regarding the services this time.
If we start with Business Insight in Q1, Business Insight has had a very good start of the year with where we have seen that it has developed positively for the risk management offering, but also for sales and marketing services for larger customers. Additionally, our ESG services and business overall in Norway are growing double digits. You know, good start. Some of the highlights when it comes to Q1 is that we have launched the Business Insight and Proff Premium Credit APIs. I'm coming back to why this is important and interesting. We have renewed the company rating model, Rating Alfa , and renewed the company certificate offering an improved ESG service with a CO2 Calculator in Finland.
The preparations for the launch of the Swedish compliance offering are also proceeding well, we have good hopes now for Q2 on that one. Let's deep dive into now Finnish Rating Alfa , which is renewed. What is renewed then, regarding Finnish Rating Alfa ? Well, one thing is that we have improved, some of the data which is actually handling smaller risks. What I would like to underline is that, we have also identified more data in order to be able to detect serious issues like bankruptcies, and to do that better than the old version.
The model uses more information as mentioned. One of the information which is also added on is ESG information. This new model allows users to combine the ratings and the ESG data with one score. We think that this will improve our position even further. We have the strongest position in Finland on this, but this gives us a further competitive edge, and we're really happy to see also now the ESG to be part of this Finnish Rating Alfa . Couple of APIs launched. I would like to say that we do invest in within Business Insight in modern delivery mechanisms as well as intelligence. The rationale for this is modernization, is keeping up with the competition, of course, but it's also that we still have to open up possibilities to venture into new customer verticals or even new markets.
The first steps on this new API journey we are having is that we launched these new two APIs one in Sweden, Business Insight, and now also the Credit API shortened abbreviation for Norway. The goal is to deliver a consistent voice and brand experience from new services, improve efficiency, and of course, also lower implementation costs. We see that modern solution like this will actually give us a continuous development, which is also easier both to take in new data and to deliver new data. Of course, the leverage of strong brands across the Nordics. Last but not least, I would also like to mention that we see that the Nordic target architecture in Nordic Business Platform has of course also helped these services to actually be developed on a Nordic basis. That is what makes it possible.
Just to give you a few examples here and there what Nordic Business Program or Nordic Business Platform actually gives us. When it comes to Consumer Insight, the quarter started with higher volumes in consumer credit information services, but started to slow down now in March. The housing transaction volumes are low in both countries, but especially in Sweden, and the consumer lending is on a low level. We have though still strong growth in direct-to-consumer business in Finland. When it comes to our development, some of the key highlights include that we have Daily Credit Register full coverage of the market in Sweden, and more than half of the customers using Daily Credit Register now. That is also reflected in the share of new services KPI which we discussed earlier or which was mentioned to you earlier.
In Sweden, despite the weakening macro situation, the consumer credit information business is growing in e-com and also in short-term loan verticals. Interesting we think is that Account Insight PSD2 service is now available through a web interface, and first customers are signed. Now we are taking our first steps into actually including PSD2 data into our offering as we develop again also further. We are digitalizing consumer credit inquiry notifications mentioned, that also gives us both of course a digital experience as a consumer, but it also makes it more effective for us as a company how we deliver it, meaning also less euro put on that one in how we deliver it. Last but not least, Digital Processes Q1.
Despite housing transaction volumes being down by 30%- 40% in Finland and Sweden, Digital Processes were able to partially compensate with good results from value-added real estate information services and also of course from compliance services in Finland, and those grew double digit. The demand for compliance services are still very high, and we are now further improving the compliance services also with the monitoring service which we are planning to have in place now in Q2. We have launched an energy certificate information report in Finland, which is a product using the energy efficiency information database about buildings and houses in associations. I think that we can then summarize a little bit of what is going on ahead of us and move further into the numbers.
When it comes to different happenings, which is of course of great importance for us, we would like to mention that we have now closed Tambur. The service has been transitioned successfully. In addition to that, we see now that the interest rate cap will be introduced in Finland on October 1st. Moving on to credit registers, we are preparing the new solution which will utilize the public credit register in Finland, and that one is ongoing to be tested now in Q3. When it comes to the Swedish credit register investigation, there is still no actually news to share on that one. We will see when any information on that investigation will be shared.
Nevertheless, and of course, we are preparing for many different scenarios, so that we can act upon those with speed when that is the time. I would like to more or less kind of conclude there and just underline that we're really happy to see this development now in Q1, both financially, but also when it comes to our ability to go to market with a number of different new services which are actually open up in new markets, like credit in Norway, new verticals like the BI API is doing, now starting off with Sweden, but we are going Nordic with that one. Exciting times ahead of us in the coming quarters and really good to see that we are moving into this direction. By that, I would like to, you know, hand over to our CFO, Elina Ståhlman. Please go ahead.
Thank you. Thank you, Jeanette. As you already mentioned, we had financially a good start for this year. If I start by going through the highlights of the figures. As said, we managed to grow profitably, and our profitability also improved significantly in this first quarter. Our revenue grew by 2.3% and reached EUR 40 million. There, the main driver behind was positive, continuing development in business information services that even strengthened now in the first quarter. The growth was somewhat more modest than what we've seen in the previous quarters, and that was mainly due to the fact that the real estate transaction volumes, those remained on very low level. At the same time, also the consumer lending volumes started softening, especially towards the end of the quarter.
This development we saw especially in the Swedish markets. On the profitability side, adjusted EBITDA, that developed very positively. It grew clearly faster than revenue by 12.3% rate and reached EUR 14.7 million. Adjusted EBITDA margin also obviously then expanded significantly to 36.8% and expanded by 3.5 percentage points. This development was obviously thanks to scalable growth, but also and especially thanks to various efficiency and cost optimization activities that we have been taking already starting from last year. Adjusted EBIT, that grew even faster than adjusted EBITDA with more than 30% rate. There, the explanatory factor is that comparison period was impacted by the impairment of Tambur assets. Now, let's move on and continue with some revenue highlights in more detail.
In this first quarter, the highest growing business area for us was Business Insight business area, where the growth was 4.7%. As said, that was thanks to strong development in Enterprise services and the increasing demand for risk management services in both markets, but especially in Finland. As we know, the bankruptcy rates have been going up now recently, it seemed to also increase the demand for our services. Also, the Norwegian business continued to bloom. We saw very good development both in the freemium and premium businesses in Norway. In premium side, the growth was further boosted by the recently launched risk management offering for SMEs. Premium segment in Business Insight, there the development was more weak.
We saw in Swedish markets that the macroeconomic situation clearly started impacting the demand of SMEs for the services. In Finland, we also had some timing issues and revenues, certificate revenues shifting to the second quarter partially. Moving on from Business Insight to Consumer Insight. There, the growth somewhat slowed down from the previous quarters and was at 2.2%. The consumer credit volumes have now clearly been softening especially towards the end of the quarter, and this development we especially saw now in the Swedish markets. This is obviously following the high interest rates, high inflation that is then impacting consumer behavior. How this then impacted is that lending volumes were low both on housing and unsecured lending side.
The development in smaller business lines under Consumer Insight, direct consumer, consumer marketing, that was actually modestly positive, but continued to be impacted by the macro situation still. The Digital Processes, that revenue continued to decline by 10.8% level. That was obviously due to the continuing low levels of the housing transaction volumes in both markets, Finland and Sweden. The strong continued growth in compliance services, that was not obviously enough to offset the declining development. On the profitability side, adjusted EBITDA, that continued, as said, to develop very positively, thanks to both scalable growth and cost efficiency measures that we have been taking.
If I start to go through this line by line, the favorable sales mix that is first of all visible both obviously in the net sales but also in materials and services, i.e. data acquisition costs. Data acquisition costs development was flat compared to prior year, and that was due to the fact that the growth was coming from the scalable areas such as Enterprise Services. Personnel expenses, those increased somewhat at EUR 100,000 from prior year, despite the fact that the number of FTEs on average was slightly lower than previous year. There, the main reason behind is the salary inflation. The efficiency measures, reductions of FTEs that we have taken now under Q1, those impacted only some with quite low levels this figure still.
The main impact will be then visible in the coming quarters. Finally, the successful saving sections and measures that we have been taking, those are very much visible in other operating expenses that decreased by EUR 1 million compared to prior year. Of that EUR 1 million, we can say that approximately one-third can be considered as permanent type of savings, and those come from leaning of our operations, reducing usage of consultants, as well as then, for example, moving to smaller premises into Sweden, and that also partially impacts other operating expenses. On the temporary side, we had quite a lot lower marketing expenses compared to prior year. And that is due to the current market situation and our optimization of our activities, but also relates to timing of activities.
What is good to remember is that in comparison period, we had rather high operational expenses related to various pre-study and similar activities. Production for own use, that was close to flat. We continue to invest in our product development pretty much on the same level as seen in prior year. Obviously currencies heavily weakening. Swedish krona, Norwegian krona impacted the reported figures negatively. On adjusted EBITDA side, we managed to improve our adjusted EBITDA also on the reported figures and actual euro level. Free cash flow, that development was also very strong. Free cash flow was EUR 10.1 million, and cash conversion was at 83.5%.
That strong development was thanks to improved profitability and also positive impact coming from the change in working capital. Investments on product development, those were on the prior year level. We had one hardware investment in the first quarter that impacted the level of investments increasingly. Finally, our financial position, it continues to be strong. We had some EUR 27 million of cash at our hands, and our credit limits remain fully unutilized. Net debt to adjusted EBITDA was at 2.1x , so clearly below the set maximum of 3x. What then comes to our financial outlook, we have kept our guidance intact.
What is good to remember, of course, as Jeanette already mentioned, is that the Tambur business and operations have now been discontinued. Those revenues, no costs will no longer be included in our figures from second quarter onwards. On the guidance side, we continue to guide 0% to 5% growth for the full year, excluding the impact from the discontinuance of Tambur services. We continue to guide adjusted EBITDA margin between 36% to 37%. Finally, few words on the announcement, another announcement that we made today. The board decided to launch a 5-year, 5-month share buyback program up to EUR 5 million, the repurchased shares will be canceled.
The board wanted to take this decision since we believe in our ability to generate profits, cash flow going forward as well, and we have financial resources to return capital to shareholders and support shareholder value. Thank you. This was what I had to say about the Q1. Arto, will you start with some questions?
Yes. Do you wanna take this one?
Thank you.
Good. We have Jeanette back. Thank you for the update, and let's kick off the Q&A session. It's a new setup for us, so we will start with the questions from the audience first, and then we will go back to your questions via chat. Now I think, it's Felix, so, p lease go ahead.
Hi, Felix Henriksson, Nordea. Good congrats for a good Q1. I have a few questions. I can go one by one. Starting off with growth, you mentioned that in Business Insights there was some revenue shift from Q1 to Q2 in premium due to some product renewals. How significant was this? Are we talking about some hundreds of thousands ? Should this imply that the organic growth in the Q2 should be a bit better?
Well, well, in Business Insight, the comparable growth would have been a bit more than 5%. We are not talking about several hundreds of thousands, but couple, so to say.
Okay. That's clear. How should we expect the year to sort of play out in terms of organic growth? There's the revenue shift to Q2. In the back half of the year there will be the lowering of the interest rate cap in Finland. Is your sort of base case assuming that growth will sort of decelerate on the back half of the year? What's your sort of current thinking in terms of your guidance assumptions?
Do you want to start off?
Yeah. I can start and then you can continue with interest rate cap. I mean, we have a couple of different areas that affects us. Actually, the longer we go into the year, the more difficult at the moment it is to be clear on expectations. One thing which we have already mentioned here now is that we do see that the consumer credit market in Sweden is weakening, and that is of course also strongly connected to the inflation level, interest rates level, et cetera. We have good hope that we will see that this inflation interest rates, et cetera, which stabilize, and therefore also we could probably see that the housing real estate market can get a better volumes back to, because r ight now the volumes are very low.
That would of course be positive for us, but it's still too early to say and therefore I must admit that it's kind of dim for us as well. Enterprise is developing well. We see also that under these circumstances, of course need for risk management is good, but little bit too early to say anything about any, you know, steep changes. It usually means that you need to have an even more clear risk scenario than we have at the moment to say anything about that. Last but not least also, we have the interest rate cap. If you want to add to the picture on that one, which we have in the end of the year.
Yes. Starting from the interest rate cap. Yes, we expect that it will impact in the last quarter somewhat. Somewhat for the consumer credit business Finland's volumes. However, it's not going to 10% this time, so it's remaining at 15%. We don't expect to see that drastic impacts than what we saw.
The last time.
The last time.
Yeah.
A bit, different views on, on different sides of the gulf, so to say. For Q2, we now clearly see weakening consumer credit volumes for the Swedish markets. Finnish markets are still rather, you know, balanced or good in that sense. Probably, or what we are hoping for is then that the Swedish markets could start recovering towards the end of the year, whereas then Finland will be most likely impacted by this interest rate cap.
Thanks. Then, moving on to the cost side. You're in pretty good pace already with your efficiency program, around level in Q1. Just how much of this, you know, what do you expect the sort of run rate to be during this year? How much of the sort of efficiencies will be achieved in 2023, and what will be left for 2024?
Yeah. I can start and t hen you can continue. Now, we have improved our margins, and we have improved our margins based on the activities that we have planned and acted upon since earlier. These efficiency margin improvements that we will see from the efficiency program is actually coming into place from Q2 and forward. Now the first quarter, as mentioned, is mainly then connected to the negotiations and that we are fewer, in total 40 according to plan, and that has worked out well. Now, in addition to that and what we're aiming for is a run rate on eight. That still needs, for example, I mentioned the pre-study that we're working on.
That is an important part of this cost efficiency, whether we can, you know, continue with that kind of IT efficiency improvements, which is on a larger scale. We have quite many actually IT efficiency improvements that we're working on, but this is an important one. I think that maybe if we also have some numbers that we would like to connect to this already now. We have mentioned also that we have done a number of different efficiency measures like, you know, the new office, et cetera, et cetera. Would you like to continue to put any more numbers into these activities on what impacts when?
Yeah. What we will see now in the coming two quarters is that we will have the small improvements in the progress. We are doing lot of small activities, but then t he bigger gains are related, especially to the IT related activities, which we assume that run rate-wise will partially start then, realizing in the, in the last quarter. We know that operationally those are very, there are a lot of, you know, challenges and risks related to those, so we want to proceed, you know, carefully in that sense. We are not stating any exact target for this year, as said.
I guess, you know, those savings will be the main tool for you to offset cost inflation for this year, and this is very clear. Perhaps just the final question related to pricing. You have been sort of, you know, hinting that, you would be able to sort of implement these inflation index clauses into your longer term contracts and obviously that will take time. O nce those longer contracts roll over, that you get the benefit. What's the sort of early feedback from customers and especially larger customers? Are they sort of willing to take these kind of clauses into the contracts, or is there some pushback?
That was a difficult one. To start with, you are mentioning the largers. I would like to go back to the softer part, which is easier. We do have index clauses in quite many of our customers' agreements, and we do raise prices. As mentioned, that has not been the case with the larger customers in the same extent. Now we are now introducing index clause to all large and strategic customers, and that will take time, as mentioned earlier. Of course, as mentioned earlier, we are talking about years. Usually we have an average contract time of about 3 years, we are thinking that somewhere in, you know, three, four years, we are on pace on that one.
Of course, you can ask yourself, what has happened with the inflation during that time? We are not leaning towards the index clause as such. We are leaning towards what's in our control. And the reactions, I think as you can, you know, expect, various. I think that right now we are in an environment where on one hand, index clauses are very much put into on the table for agreements in general. On the other hand, there is of course a strong pushback for efficiency and cost because we are all into in the same boat in the macroeconomic circumstances. I'm a little bit vague when I'm answering this when it comes to expectations.
I think we kind of need to stay vague on this one for a little longer. What we are not vague about is that we are introducing index clauses and that is what's going on.
Thanks. That's all for me.
Great. Thanks, Felix. We have plenty of questions from the chat.
Okay
L et's get started. First of all, about the Swedish daily credit register. How does it work, and what has changed from the old credit register that we had?
Yeah
Or have?
I would like to say it's real-time updates, but it's not real-time updates as such. It's actually that what happens now with the Daily Credit Register is that you get a daily credit update. It means that you have more relevant and real-time data to base your conclusion and decisions on. What has changed now is that all our suppliers of data are delivering those on a daily matter, which means that all our data in Sweden is daily updated. Now, as I also mentioned earlier, about half of our customers are buying that, there is of course still an upsell possibility here also, in addition. I think this is needed, actually, and especially in a time like this, where you need to have as relevant data as possible, and time is also about relevance.
Good. Very good. Perhaps to Elina, was the gross margin improved due to less real estate information and less third party cost? If so, how much?
Well, the gross margin was slightly improved due to the fact that the data acquisition costs were basically flat. Our sales mix, of course, developed somewhat under that. Real estate information or real estate services in Finland, as well as consumer marketing information services in Finland, those continued to decline under this market situation, whereas then consumer credit services in Finland still continue to grow and basically netted the n etted the cost impact. I hope this helped to clarify that.
Let's hope so. What type of impact are you expecting on your current business from the Finnish and potential Swedish central credit registers? The business impact from the public registers.
If we start with the Swedish one, it is actually a question which is impossible to answer because you need to know much more: A, if there will be one, which we have, w e don't know that. A nd B, if there is one, then that is very much depending also on how you develop that one, and it's even more also based on, so what do we do in order to stay relevant and keep our position? When it comes to Sweden, much too early to answer on, to be concrete, but I would like to underline that we are very heavily involved in the investigation so that we can, you know, provide information when asked for, of course. B, we have a good understanding of different potential outcomes of it.
We have been studying all of Europe and different outcomes which different regions has taken. We have also started, and I would even say, if I'm a little bit bold, that to some extent we are already preparing for it, depending on how you see it, but it's a combination, as always, on having the best data, having the best tech, and having the best analytics, and that is how you stay relevant. When it comes to the Finnish credit register, I'm leaving over to you to get some numbers on that one, but we are actually already now on our way to look into the, not only look into, we are developing the solution for a Finnish credit register, and we start testing that one in Q3.
We feel fairly confident about both that we have a solution which is fit for the market. We feel also fairly confident about what we know so far, that we, with the pricing setup of that one, will continue also be relevant in the existing manner. All in all, I'm still confident, if I may say so. Please, Elina.
Yeah. I fully agree. We continue to be confident and whether what comes to business impact, we Let's say we see also a lot of opportunities when it comes to the Finnish consumer credit register. We are not seeing any high risk what comes to our current position in that area.
Very good. Thank you. Moving on to Business Insights and Enterprise Solutions. Has the performance been in line with your initial assumptions going to this year? Is the increasing uncertainty in the economy and bankruptcies, should that be boosting the demand even further this year? Is that the right sort of expectation on?
To start with, what we see now is that Business Insights is developing very nicely, as stated in the presentation today, and that is also according to what we are expecting. So it is developing according to expectations. Whether we will see that bankruptcies will further drive the demand, yes, probably, because the more risk we see in the environment, the more you are ready to pay for the data to take on de-risked decisions. The more risk, the more data is actually usually asked for, and therefore also our volumes go up, and we notice that these are nice volumes.
Good. Anything you wanna add?
No, no. I think Jeanette covered well.
Good. A couple of questions, or at least one question regarding acquisitions. Is that something that we are looking at right now, especially when the valuations have come down recently?
Yes. Yes. We do continue to look at M&As, d efinitely. So i t's a straight answer, yes.
Good. Short and sweet. All right. Your other operating costs declined quite much. Looking ahead, do you see that the cost savings coming from personnel costs, or are you able to take further down other costs as well?
Well, those will mainly now this year be coming from the personnel costs, clearly. As stated, we are taking actions on the IT side, but those impacts will be seen on full scale only in next year's results. What comes to other operating expenses, we see more of a somewhat more cost pressures on that side. For example, some of the maintenance-related costs and inflation clauses will only impact us from Q2 onwards. There are also some cost increases on the other operating expenses side. We will be realizing the savings on the personnel cost side more and more from Q2 onwards.
Good. Let's move on to new services, as the share was now increasing quite much compared to previous quarters. Given now the new services that you presented, they are still young, but are we now expecting that the share of new services will be sort of on a positive trend going forward as well?
I think, and, I would like to actually say, wise from last year that as is, the KPI is kind of short, I think, in the way that it's based on two years, which we are looking into whether that is the way forward. Coming back to this KPI, I think that, of course, Swedish credit register, we just heard that I'm saying that we have additional potential in that one. I would say that that comes closer to making a difference within a time span of two years rather than if you go with a new service into a new market, like for example we have done now in Norway.
That will take longer time because the customer base will need to get to know us from a new angle where they haven't seen us before. Still, we have a very good customer base. We have a strong brand. We are known for our data, so it will take longer time, but it's definitely very interesting. In that sense, I think that it would be valuable to look at the KPI and the time span of it. I think we have new services which are still triggering on the larger scale when it comes to revenue short-term, if I may say short-term. I think we have now a number of new services coming into play which might take a little bit longer time than the KPI is based on.
Yeah. Adding on to that. Now in the daily credit r egister, 50% of the customer revenues are implemented into the daily credit register, and we continue to add options. We do not expect to get 100% of customers in this year, but nevertheless we will continue to see positive development, for example from that service also in the coming quarters.
Good. Then two more to go. How much did the 10% consumer interest cap affect you earlier in euro terms per year?
Well, I will not go into euros, but it was the decline that we saw in transaction levels was clearly double digit. That had definitely a quite high impact on the demand, and that was due to the fact that the 10% cap is so low some of the players even. L et's say, left the markets and stopped totally lending. We don't currently expect that kind development to happen on the 15%, but it will have impact definitely.
Yeah. Good. Then the last one, will you have full access to Finish public c redit register, and at what cost?
At what cost we have access to it?
Well, it will be with customer consent.
Yeah
But by law. That is how it works. Of course, we will need to pay the same price as anyone fetching the data from it, and the data will be then defined by the government. We will not have any special terms with the government, unfortunately.
Mm.
So-
Yes
that's what we can say of that.
Yeah.
Very good.
I hope that is what they meant. We will see.
Yeah.
Otherwise, we will get more questions now.
Yes, exactly. Now we're done with the questions, so, thank you very much.
Thank you.
Thank you everyone online, and Felix here. Any closing words, or should we just thank everyone and, close the session?
I think, I think I will just kind of repeat that we're really happy to see now that we have been able to, with very conscious activities, get us into the level of efficiency we are into now. I think we have a good momentum in our operational excellence, in our thinking of how we drive operational excellence, which actually is also extremely good for growth down the road. When we see that we have somewhat more favorable macroeconomic dynamics, which actually a growing GDP, et cetera, would be, then we see that we also have, you know, we have also increased our efficiency in a way so that we can grow and not necessarily with the same amount of costs. We are, we are becoming smarter. I think that was the humble last word.
Yes. Good conclusion for the session, I think.
Yeah.
Thank you everyone online, and, have a great week. See you again.
Thank you.
Thank you.