Welcome, everybody, to LeadDesk's Earnings Call for the First Half of 2025. My name is Olli Nokso-Koivisto, I'm the Group CEO, and I'm happy to be able to here present to you our results for the first half of the year. A big focus here on, of course, Cision integration, which is now proceeding well, which we are happy to be able to report. Looking at today's agenda, firstly, we'll have a short brief introduction to LeadDesk for those of you who the company is more new. Then we'll look at the first half's key takeaways, moving on to the deeper financials, and then returning more to the top level to our strategy and outlook going forward to the rest of the year and beyond. At the end, as usual, there'll be a fireside chat and a chance also for you to ask questions then at the end. Today on the call, we also have our new CFO, Teemu Rautiainen, and he'll be hosting the financial part of the call. Without further ado, jumping in on LeadDesk. LeadDesk provides software for customer service and sales, mainly to contact centers, and that's contact centers focused on the European market. Software for customer service and sales across Europe, that's our thing. Going more deeply, we have two separate markets in Europe. We have our home market, which is the Nordics, Finland, Sweden, Norway. That's our home market where we are very strong. We have a wide product portfolio. We are profitable and able to grow profitably. That's our home market, the Nordics, our home market. We have the continental market. On the continental market, we have a more tight focus on less of an offering and more narrow segment of ICP, ideal customers, which we target. The idea is to gain disproportionate growth in this big, big market. It's a huge market. The continental market is huge, and that's where we want to grow disproportionately going forward. We are well on our way there already, and this is the path for us going forward. AI transformation, of course, a large thing in contact centers. AI brings a lot of benefits to efficiency, a lot of new services that can be offered by our customers, the end customers. AI offers a lot of opportunities to innovate on how everybody interacts with the service providers, their own service providers, and we're helping companies do exactly that. On the financial side, a brief introduction here. Looking at our financials from the past, since 2014, we've been able to achieve 20% CAGR, and we've been able to also, especially in the last four years, develop our profitability in line and then reach for that EUR 100 million of revenue and 20% EBITDA goal. More on the financials a bit later. I'll once steal the sound from Teemu, who's coming on a bit later. Some key takeaways, then, summing up. We had a strong financial performance in H1. Very happy about that. We have a big transformational integration ongoing, and we were able to really, really nail that, and we are able to proceed on that to plan. On the profitability, I must say, of course, that we don't report adjusted EBITDA. That's the EBITDA. That's the real EBITDA, and that's including all one-offs, for example, from the integration, but also our large ERP project, which is helping us support scale going forward up to that EUR 100 million in revenues. Breaking down to the Nordics, in the Nordics, we have a strategic transition more up market, meaning that we are targeting more larger and more complex customers. Of course, those are very good for us as we have a strong product, but also financially in the long term, these offer us great net retention and great opportunities to work strategically together with our customers, thereby also providing shareholder value. On the continental market, especially Spain has been good for us. There was a regulation change in Spain during the first half, but despite that, we've been able to grow, and the market looks good for us. Of course, as you know, the Spanish market, it's a huge market, so it's great that we're proceeding well there and really happy about that. I've mentioned the Cision integration. That continues, of course. We've been managing to work on the timeline we set for ourselves, and I'm very happy about the progress there. The synergies will be realized only going forward in the second half and by the end of the second half and more fully actually in 2026, just due to the fact of the timings. Even though we've executed a lot, of course, there's one-off costs there and also some changes just take time. That's the dynamic that's going on there. I'm very confident that these will be finally then fully visible in 2026. On AI, I'm happy to say that over a third of our customers, roughly a third of our customers, use our AI services. We have a lot of AI services already, and these are used by our customers quite widely. These, of course, are upsell potential for us, but it's also a way to differentiate from the very fragmented European market where most of the competition is much smaller and is not able to invest in these products. Us providing a best overall AI contact center software is a great value add to our customers. Just to top this off and sum it up, for the first half, 14% EBITDA at our target level also for the year, and we are expecting the second half to be stronger than the first half. We've been able to grow nicely, much supported also by the Cision acquisition. I just want to highlight some things about Cision. As you saw from the title, Cision has been a big item for us for the first part of the year. I'm super happy to say that while the integration is going well, we've managed to cap that decline in their revenues that they had before the acquisition. As you remember, they ran down a product in order to gain profitability. Now we can see that we've been able to track on the process that we set for ourselves at the time of the deal. We've been able to cut that decline, and we are on a stable ground with the Cision revenue and development going forward. We've been able to cross-sell, actually, which I'm super happy about. We've been able to sell the Cision product with the LeadDesk sales team, the original LeadDesk sales team in Finland. That's a great, great, great achievement on cross-selling. There are other cross-sells in Norway and so on. I think this really shows the power of being united that we could, in such a short while, also sell now with the original LeadDesk sales team in Finland. Also, as a more stable and a more trustworthy partner that we together with Cision are, now Cision has been able to reactivate a lot of their partner network. Especially with this in Sweden, where we have a strong pipeline through partners with the Cision product and the enhanced offering now, and then their partner network. This partner network is something new for us. LeadDesk traditionally hasn't sold through partners, but now we are really learning our ways here. This Cision partner network is bringing a lot of value to us, especially now in Sweden. We are, of course, working to harmonize not just the offering, but also the culture and the organizations. These are some things that are ongoing and have been quite a bit already done. This will help us excel our growth in the future. Lastly, as said, those growth figures are one thing, but then on the cost synergy side, those will be fully visible next year and partly already, of course, slowly up until the end of the year. That is for the more Cision part. I know everybody's very anxious on AI, of course, and our AI offering, what are we doing there, what's our target, what's our goal, what's our current offering. We prepared a short video for you to check out some of our AI offering. As you see, we have a strong momentum in our AI offering. We've done a lot of innovation, and this will be a game changer for us going forward. Some of the things that maybe have come up that I want to deep dive on. Firstly, like looking at the broad spectrum of what we are doing with our customers, we are basically the conversational platform that they are relying on for their customer communication. As the communication platform for their customer communication, we are the natural partner and the natural place where our customers then provide these AI services. That is what we are utilizing here. We are the conversation platform for our customers who then rely on our software to have those conversations, whether it's with humans or through AI. That is the position we are looking at. As that kind of a partner, we are looking forward to being the best overall CCaaS player in the AI field. With us, our customers get the best overall conversational platform for them to host those conversations and utilize AI. This year, we've set out some key projects, one of which is AI Insights, which then provides conversational analytics. It provides support for the agents. It provides support for the team leaders, the managers to have those human-to-human discussions. On the other side, we're also then investing in AI Voicebot, whereby then there's a fully automated AI having those discussions instead of a human on the other side. Naturally, then marrying these two ends, so the human-to-human to human-to-machine interfaces and discussions, we allow for a seamless experience for the end customer. We truly believe that AI is going to be enhancing the end customer experience, whether it's in customer support or sales. As I earlier said, there's many customers, a lot of our customers are already utilizing our AI products, and we're already monetizing on quite a bit of that. This is, of course, something that now evolves together with the products going forward. Super excited about the AI development. There is going to be great stuff happening. We have a lot of things already in production used by our customers, and there's great things coming going forward as well. That's it for my first part. I know everybody's anxiously waiting for the deep dive into financials and getting to know our great new CFO, Teemu. I'll give off to Teemu then for the deep dive to financials.
Hello, everybody. My name is Teemu Rautiainen. I started as the LeadDesk CFO in the beginning of April. I'm happy to present here our first half results to you. Our results in the first half were strong, as Olli already indicated. Our revenue grew by 26%, and we reached the EUR 36 million threshold in our last 12 months revenues. A great jump from last year already now. The revenue growth was driven mainly by the acquisitions. We did the Cision acquisition in February, and that's the main contributor. Then also the eDialog24, a smaller eDialog24 acquisition in April. Organically, we continued growing in continental Europe and especially in Spain. The growth in continental Europe and Spain was mainly driven by new logos. We won new customers there. In the Nordic home market, we continued growing, especially in Finland, and where I'm happy that we have been able to win bigger customers and move up market, which is in line with our strategy. Why is this important? It's important because bigger customers give us a better base to grow our net revenue retention going forward. That then broadens our organic growth platform we are having. For example, upselling and cross-selling products to bigger customers that usually buy more from us. In the ARR contract base, our growth was 28%, slightly higher than in revenue, and that was driven by the eDialog24 acquisition that is in full in the ARR numbers. Also, like Olli said, we had some positive wins both in the LeadDesk product side and on the Cision product side in the first half. Like revenue, also the profitability was driven by our acquisitions, mainly the Cision acquisition. We delivered 15% EBITDA in the last 12-month period and 14%, jump by 1 percentage point from Q1 in the first half overall. Like I said, this was driven by the acquisitions. We are currently integrating Cision and expect the integrations to main extent to be taking place by the end of quarter three. We are also improving our operational efficiency already in 2024 and continuing that work in 2025. One example of that is the new ERP project that we have implemented and are currently onboarding Cision into the ERP. We have also improved our process efficiency, reviewed our headcount, and continued our strict cost control that we have had also earlier. There have been some one-off costs in the first half relating to these measures. Some related to people, some related to consultants, some related to, for example, combining our rental agreements. We have also reviewed our vendor agreements between LeadDesk and Cision. We are not yet seeing all the synergies and the benefits from these actions. As Olli said, we will see those mainly in Q3, after Q3, mainly in Q4 and the beginning of 2026. This is related to the timing of those actions, even though they are to high extent already completed. What I'm also happy about is that we were able to convert our EBITDA into cash flows and increase our operations cash flow, operative cash flow by EUR 400,000 in the first half. This is something we aim to continue also in the future. This came from EBITDA, but also by managing our working capital well and releasing some cash from there. This puts us in a good position in continuing to execute our growth strategy. Our balance sheet is in good shape to continue the execution and do some selected investments where we see fit. Our equity increased by EUR 2 million. That was driven by the directed share offer share issue to Cision owners. The Cision acquisition impacted on our external debts by EUR 7.5 million, and some of those repaid already. Our net debt EBITDA is still at roughly 2. Even though the Cision is not fully included in the EBITDA, I would say and recap that we are well positioned to continue our strategy execution also in the future. That's something Olli will continue more about in the following slides.
Thank you, Teemu. Now briefly looking at our strategy and the focus for 2025 and beyond. Firstly, our target remains the same. We want to be the leading European provider and an alternative for customer service and sales. In the CCaaS market, we are reaching for 1 billion customer interactions annually. That's a great number, 1 billion interactions on our platform annually. And $100 million in revenues together with 20% EBITDA. A big target, a big hairy goal, as they say. How do we get there? We get there by steadily and profitably growing in the Nordics. We are moving more up market now, as has been said. In the second phase of our strategy, we are looking to accelerate growth, and that's going to be especially focused on the continental Europe market where we are looking for disproportionate growth going forward. That is the second pillar to reach that $100 million. Lastly, it's a really fragmented market across Europe. These small players are not able to invest in AI. There needs to be consolidation, and we see that there's a big opportunity there, and it's happening. We are one of the drivers in that consolidation across the fragmented European CCaaS space. Finally, there are a lot of AI opportunities that can open up even more revenue growth in the strategy period beyond $100 million. As we've communicated, we have a two-staged approach here. Firstly, we're highly focusing on profitability. We're reaching for higher profitability and cash conversion so that we can then invest more in the growth as per the plan just presented. Now it's the time for us to look at profitability, and when we reach a certain threshold, at that point we are good to go on investing more in the growth. We'll be still doing it wisely, maintaining a suitable profitability level. That's the thing that we're now also looking at. First profitability, then growth and organic growth, and disproportionately in the continental Europe market. The North Star being here $100 million and 20% EBITDA. Looking at the market generally and what's happening on the market and where we are on the market. The CCaaS market here, you have, of course, the SME companies using CCaaS solutions and the enterprise companies. What we're doing now is that we're shifting, especially in the Nordics, towards more the enterprise side. That's where the Nordic growth is happening for us. In the continental Europe market, we're approaching the customers who make the faster decisions, which is more on the SME side. In the Nordics, we are offering a very wide solution for all the customer communication needs. Whereas then in the continental Europe market, we have a more narrowed approach and are offering a subsegment of our capabilities for that fast sale, that fast growth in the continental Europe market. There are some short-term and mid-term tailwinds and headwinds, just to name a few here. We see an increased activity level in the larger enterprise segment and the larger customers. There's been some investment depth due to the economic situation and the macroeconomics, but we see that now things are more putting, now the blocks are going to the right places and larger companies are starting to invest slowly. Of course, there's still the economic uncertainties, as everybody knows. Those do, of course, have some effect on these, especially these larger, more complex customers and their decision-making. That being said, there's a big need for operational efficiency. Companies are seeing that their labor costs are increasing, the complexity that they need to provide in services is increasing, and they need to try for their operational efficiency. They are curbing costs, and this is both a headwind and a tailwind for us in the sense that we can provide a very cost-efficient solution for them to optimize their own customer conversation operations. Lastly, on the tailwind side, AI, we are one of the few who have enough scale in Europe to invest in CCaaS AI. I see it as a tailwind for us. Regulation is what we are good at in Europe, and that is always a risk and does have effects as there's so much regulatory burden. Even with these AI-powered solutions, there's a lot of red tape that needs to be crossed. These are headwinds for us, but also it is an opportunity as we are the European alternative, being able to invest here, being able to really nail this regulation down. It's also a tailwind from that regard. Our guidance for the year remains unchanged, so 23% - 33% on growth and 14% - 19% in profitability. As you saw, we are happy in those numbers now going forward to the second half. To summarize this part of the call, good progress, happy with the first half of the year. There was some seasonality, of course, and one-offs that you've seen also in the previous years taking that profitability down a bit on the first half, but still well where we expected it to be. The second half, as with previous years, has been higher on us on profitability. We are transitioning, especially in the Nordics, up market to larger, more complex customers, which is good for us in the mid-term. Cision integration is proceeding well, and there are significant new opportunities, for example, around this partner network that we are exploring now. Most importantly, of course, we are well within our guidance and happy with our guidance for the rest of the year. That concludes the earnings call part. The first part here will be having a Q&A session now and a fireside chat with Lotta Buckland and myself and Teemu. See you in a minute.
Hi, and welcome to the LeadDesk H1 results call fireside chat. My name is Lotta Buckland. I'm thrilled to be your host today as we dive into the highlights, the challenges, and the strategic direction of the first half of the year. I have the pleasure of posing your questions and mine to CEO Olli Nokso-Koivisto and CFO Teemu Rautiainen today. How do you ask your questions? You post them in the chat in the very window that you are watching right now. I am going to try and pick up your questions as quickly as I see them in the chat box. Whether you're tuning in as an investor or a partner or a team member or someone just curious about the future, you are in the right place. All right, let's go ahead and dive into LeadDesk's H1 performance and what's ahead. Your revenue growth has been impressive overall. Congratulations. Organic growth has been a bit overshadowed maybe by the acquisitions. Can you talk a little bit about that and how do you see it evolving?
Yes, yes, of course. Like Cision, especially Cision, has been a big part of our first half. It's taken a lot of focus. It's a big transformational M&A for us. I'm very happy that it's going so well. We see that we've been able to curb that decline they had in revenues last year. We are proceeding with our plan. This now then enables us to concentrate more on, for example, organic growth going forward to the later part of the year and then to next year. At the moment, and especially now in Q3, I see that the integration is in a state where we can shift company focus more to organic growth from the integration. This is, of course, supported also by the fact that we've been able to cut that decline in Cision revenues that they saw in previous years. I think that's like the perfect thing that we got now in the first half. From this stable ground, we can then look at organic growth more in the second half and going to 2026.
All right, let's talk about the one-off costs in just a moment. One really quick, very concrete question. You report EBITDA, Teemu. Why not EBIT?
We report EBITDA because we believe that that's operationally a better indicator to our performance. Why is that? EBIT includes the amortization of goodwill. It's our peak since you have done acquisitions. We believe that that's one reason. Also, our peer companies, our software companies, I think many of them are reporting EBITDA, so we are following them.
All right, thank you.
On top of that, also now that we are reporting EBITDA and we are not reporting adjusted EBITDA or anything, we're reporting EBITDA. For example, if you look at EBIT, when the analysts analyze our EBIT, they always do adjustments to it. That's something at least I'm quite allergic to. Always when we're reporting numbers, we're reporting the headline numbers and not explaining ourselves with adjustments.
All right. Teemu, you mentioned a strong profitability despite some one-off costs. You mentioned a few, but can you talk a little bit about these one-off costs?
Sure. There are two sources of the one-off cost. One is the Cision integration. As we do integration, we combine organizations, we combine rental agreements. There are one-off costs related to those. That's part of it. Not all of them have yet materialized, but some will materialize later, mainly in Q3. The other part is our operational improvement related to basically the same cost elements, so organization and using consultants for one-off projects or one-off work. Those one-off costs, we had more of that in H1 than we have had before.
Anything else you want to say about Cision? God, that's a terribly difficult word. Cision acquisition.
Yes. Cision has been very strong traditionally in, for example, the healthcare sector and public sector, which then supports our offering as well. We have been active on the Finnish public sector, of course, but not so much in the other Nordic countries. Now combined, we can really provide good services to healthcare providers and the public sector across the Nordics. On top of that, the partner network that Cision has been able to utilize before is something new for us. We've not been able to utilize or haven't concentrated on utilizing a partner network before, but this now opens up and has opened up an opportunity to offer the wider product portfolio through the partners, which is a great opportunity for us.
All right. You've talked about moving up market, focusing on larger, more profitable clients. What does that actually mean in practice? Also, how has your sales approach changed?
Yes. Looking at the more wider offering that we have, as I had in my previous slides, we offer a very comprehensive solution for contact centers. Of course, to be able to use and utilize that whole suite of products and services, the customer needs to be of a certain size and complexity in order to be able to utilize the full power and gain the efficiencies of our system. That's why we are now moving more and focusing more on larger, more complex customers who can really get benefit from the whole suite of having their sales and customer service in one platform, utilizing those AI services, automating work, all those channels, social media, all traditional telephony, email, WhatsApp, all these different services. I think it's a great opportunity for us now that we are able to move up market as we have a significant market share, especially in the Nordics already in the SME segment. From the financial point of view, I would add that the larger customers usually, since they buy more, are usually more sticky. The retention increases and that then puts us in a better place to grow organically also going forward.
All right. If you're only just tuning in, I'm reminding you about the chat where you can ask your questions. May they be hard or soft, I don't know, but please help yourself to ask them in the chat. You guys have talked about your strategy being like a two-faced rocket. First, profitability, then growth. Where are we now on that trajectory? Has the focus started to shift more aggressively toward growth?
We're steadily still on the profitability side. We're still working on our profitability to comfortably lift that to a higher level. On the other hand, we've done quite a lot of work there already, and we can see the projection and the results already happening and see where we'll be landing. What we are doing now is that we are doing these targeted small tests. We're doing small investments, testing certain things in certain markets in order to then validate the next phase and what we are going to be doing in the next phase of our strategy when we can put the pedal to the metal, but do it, of course, wisely. We're still firmly on the profitability phase, but at the same time, doing small one-off tests on the targeted investments and then seeing the results and then a bit later on being able to press the pedal to the metal. That's one reason why we are doing these operative investments like the ERP project. That increases our scalability, and when we enter the growth phase, we can further increase our profitability through the scale we are gaining.
All right. You said in your presentation, like everyone is waiting for this. We're talking about AI. It is obviously a strategic focus for you and every single other company probably in the universe right now. Can you talk a little bit about the AI Insights initiative and also how is it starting to turn into actual business, either in revenue or customer impact?
Yes. Basically, we've got a lot of already like other products that are already on the market, and those are succeeding very well. For example, our AI dialer beats all the dialers of the market, like FanSquare, which I'm happy to say, and that's helping us win some customers on certain segments that is critical. We are providing, for example, transcriptions as part of the normal package and so on and so forth. We have a strong offering already. Now these AI Insights, for example, are then building on top of these fundamentals that we've already got correct. AI Insights is all about analyzing your data in order for you to then increase the productivity in your contact centers to provide better opportunities for upsell, coaching the agents, and doing the quality analysis on the work in the contact center. This tool is going to be greatly helping out then the contact center team leaders and managers and agents to work better and more efficiently. On the other hand, we have, for example, the AI Voicebot, which we are now doing projects with. Piloting these, for example, for taxi ordering, for financial services, and this is another big thing. These are like the two complete other ends of the spectrum, fully automated AI Voicebot, and then on the other hand, supporting traditional contact center to be more efficient. Then everything in between. We have a wide best-of-all approach to CCaaS AI.
I got good news for you. Your presentations have been very clear because there are no questions in the chat so far. OK, you've tripled revenue since the IPO, and the contact center as a service market is forecast to grow significantly in both the Nordics and continental Europe. Firstly, that's cool. Not a lot of markets are growing. What are some things that you guys are excited about for the rest of the year and also looking into the future?
I'm very excited about this, like the combination of AI with CCaaS. We have all the data. The CCaaS providers, such as us, we have the data, we have the means, we have the interfaces already with the end customers, with the businesses, and we are the go-between there. Now adding AI to our stack really enables our customers to rocket their AI initiatives. This is something that will be driving the CCaaS market growth. Looking at the analyst reports, basically, AI is going to be fueling this segment's growth. That's going to be the key here. I'm happy about the position we are currently there. We can't be content, of course. The market is moving very fast, and we need to be on the edge all the time. At the moment, I'm very excited about the opportunities going to next summer and beyond of what kind of a transition we can be doing. To be honest, it's such a fragmented market that these small players have no chance in investing enough in AI. I think it's going to be providing us an even bigger opportunity going forward than to take over markets, even just with the basic AI packages we are providing.
I can very much echo that. The AI transformation in the industry is obvious, and it's important that our balance sheet is in a good shape so that we can act in this. There are opportunities for us then to invest internally, but also then acquisitions. We need to be ready then to act when there is such a situation.
Great. I thought CFOs aren't famous for being excited about stuff, so I'm happy that you had something you were.
AI is exciting for everybody, I guess.
Very good. Listen, there are no questions in the chat, but I am urging you, if you do have a question, I'll give you like 10 more seconds to type it in the chat box. Tell me, what is your normal Thursday after an earnings call? Do you like go pop champagne or just have coffee with your colleagues?
I typically have lunch at 11:00 A.M., so I need to go for lunch.
All right, very good. There are no more questions. There is a question. All right, OK. How satisfied are you with your current AI offering compared to your main larger competitors? Finland took a positive step in organic growth after a more difficult period. What changed? OK, those are actually two separate questions. How satisfied are you with your current AI offering compared to your main or larger competitors?
Compared to the main larger competitors in Europe, I'm very happy. I see that we are on the bleeding edge there. Of course, like in the English-speaking market, some of these large multinationals have a good offering. What I do see is that there's been this best of besting, so we are approaching the AI so that we want to be best overall. We have a good integrated solution, whereas I see that many competitors and global competitors, for example, have a best-in-class approach where they partner more with providing those services. They don't offer themselves as part of the package, but rather they partner and the partners offer the AI services to mix. That's something we, of course, need to be good at as well, having good partners offering some services. For best overall European alternative, I think we're nailing it, and I'm very confident there.
Good. I've got more good news, which is that my iPad wasn't updating, but now I have a ton of questions. Antti is asking, your investment level has clearly jumped up to EUR 2.8 million versus first half last year, which was EUR 1.6 million, mostly driven by R&D investments. How are you thinking about your investment needs going forward?
That's mainly relating to Cision. Now that we have Cision in the company, we have increased our R&D investments with that. We have some smaller investments in our process improvement, which are pretty much done, and they will not continue. It's a very strategic question. The AI is changing the market, we need to be ready to invest in our products to maintain their competitiveness. We need to be ready to invest. We haven't defined or given any guidelines on the investment levels, but we definitely manage and want to manage our cash flows and the competitiveness. We are acting below those lines.
All right. Antti has another question, which is, how are you thinking of the timeline of your planned strategic shift from profitability to growth? Is this something you expect to start happening next year? We already covered that kind of. Arna is asking, could you comment on which company is your most admired in the Nordic and European market?
Which company is that?
Admired is like, what is this?
Admired as a customer, you mean?
Could you comment on which company is your most admired?
Looking at the competition, if we talk about the competition, we've got good competition locally, but it's mainly in certain markets. In each country, we have some local champions that we are competing against, and we can see that they are the main competition in that market. Looking at the broad spectrum, we've got offices and entities in eight countries, and we don't see any other companies with that kind of width. That's what takes us apart. Locally, there's always good competition, local champions in that one market. When it comes to customers, we have fantastic customers in the financial sector. In Norway, one of the largest banks. In Finland, we have many of the energy companies, retail companies. I was actually coming off the bus in Tampere a year ago or so, and I was at the bus station. I was looking around, and I was surprised how many locals I saw that were actually our customers. I think we have great brands also in Finland and Sweden and Norway as our customers, which I'm very proud of.
Arna has another question, which is, given your strong offering and operational performance, have you received any inbound interest from any institutional investors or strategic investors? Are you going to answer this question?
No, that's, of course, like it is a question that one can't really answer. Of course, there's like at the moment, like the market is fluent in many ways, and it's an interesting market. What we see then as an M&A active being active on the M&A side and looking at the market, we see that there's a lot of companies that are now looking at consolidation, meaning our target companies. We see our pipeline is pretty nice on the M&A side. This clearly, like the market is now opening up and has been active for quite some time. We are very, very happy with the M&A pipeline we have. Of course, we have to be very diligent there. We have to see our profitability, operational cash flows, and all that. We need to have the math work in order to then act on it.
He has a more even detailed question, which is, you have a strong investor, Viking Growth, as one of the major shareholders and also a board member. What is Viking Growth's shareholding, and could you comment on the overall shareholder value plan, including likely exit for existing shareholders?
I, of course, couldn't comment on a single shareholder. They have, so we have, or they have tracked, of course, their ownership as we have the tracking and have had it for quite some time. It's a bit over 15%. So that's 15%. Of course, they are like just a week from Viking, great guy, always nice to talk to him. As a public company, we need to be diligent. We need to be diligent in that, like he's a board member and Viking Growth, as they call it now, is one owner with 15% ownership.
I want to come back to the first question that I posed, which was two parts. I overwhelmed you with both questions at once. The second part was Finland took a positive step in organic growth after a more difficult period. What changed?
From my point of view, it's up market going, but maybe you have the more detailed question.
I was going to say the same in different words. Finland is in the forefront of our strategy. We are moving to bigger customers, and we have been successful in that now in Finland. That's the main reason.
All right, very good. I actually think we have now covered all of our chat questions. Thank you for the technical help from behind the camera. All right, thank you so much. I'm still refreshing, but can't see any more questions. Sorry, I ignored them. It was not on purpose. I wish you a lot of success in the coming months. Tune in again after New Year's to find out how it went.
Thank you.
Thank you.