Earnings call transcript: FormPipe Software Q2 2025 sees revenue growth

FormPipe Software reported its second-quarter earnings for 2025, showcasing a solid increase in net sales and a significant rise in recurring revenue. The company, which has maintained profitability over the last twelve months according to InvestingPro data, saw its stock price decline 4.03% in pre-market trading. The performance was marked by a rise in revenue to SEK 140 million, surpassing the forecasted SEK 139.5 million. With analysts predicting continued profitability this year, the company’s fundamental outlook remains positive. Despite the positive revenue growth, the stock’s downturn reflects market apprehension possibly linked to strategic shifts and divestments.

Key Takeaways

• Q2 net sales increased to SEK 140 million, up from SEK 132 million last year.
• Recurring revenue rose by 6% year-over-year.
• Pre-market stock price dropped by 4.03%.
• FormPipe is divesting its Public division for SEK 775 million.

Company Performance

FormPipe Software demonstrated robust financial performance in Q2 2025, with net sales climbing to SEK 140 million, a year-over-year increase from SEK 132 million. The company continues to benefit from its focus on recurring revenue, which now constitutes 80% of total net sales. This strategy has effectively covered 105% of its fixed operating costs, showcasing operational resilience.

Financial Highlights

• Revenue: SEK 140 million, up from SEK 132 million last year.
• EBIT: SEK 12 million (excluding SEK 10 million divestment costs).
• Recurring Revenue: SEK 458 million, a 6% increase year-over-year.
• SaaS Revenue: Increased by 17% compared to Q2 last year.

Earnings vs. Forecast

FormPipe’s revenue exceeded the forecast of SEK 139.5 million, coming in at SEK 140 million. This represents a modest beat, reflecting the company’s ongoing strength in its core business areas. The earnings per share (EPS) forecast was not specified, but the revenue beat indicates positive operational performance.

Market Reaction

Despite the revenue beat, FormPipe’s stock price fell by 4.03% in pre-market trading, settling at SEK 29.8. This decline suggests investor concerns over the company’s strategic changes, including the divestment of its Public division. InvestingPro analysis indicates the stock is trading at high earnings and EBIT multiples, which may explain some investor hesitation. The stock is trading near its 52-week high, suggesting strong recent performance despite today’s decline.

Outlook & Guidance

Looking forward, FormPipe is preparing for its Capital Markets Day in November, where it plans to redefine financial KPIs for its LaserNet business. The company is exploring mergers and acquisitions to expand geographically and enhance its product portfolio. InvestingPro data suggests positive momentum, with net income expected to grow this year. For deeper insights into FormPipe’s growth potential and over 10 additional ProTips, consider accessing the comprehensive Pro Research Report. Continued focus on SaaS offerings is expected to drive future growth.

Executive Commentary

CEO Magnus Svenningson emphasized the company’s focus on its core business, stating, "Now we can focus on one business area and put all our investments in that business area." He also highlighted FormPipe’s identity as a product company, saying, "We are a product company. We are an output management company."

Risks and Challenges

• Market reaction to strategic divestments could pose challenges.
• Potential geopolitical tensions affecting international operations.
• Competition within the Dynamics and Banking/Finance sectors.
• Economic uncertainties impacting customer spending.
• Execution risks associated with geographical and technological expansions.

Q&A

During the earnings call, analysts inquired about FormPipe’s continued listing as a public company and its plans to change the company name in upcoming quarters. The company confirmed an ordinary dividend payment in November and expressed its intent to expand within the Dynamics ecosystem and adjacent markets.

Full transcript - FormPipe Software AB (FPIP) Q2 2025:

Friedrich, Moderator: Welcome to the Q2 Formpipe Live Q. And in addition to the quarter, we will, of course, also talk about the intended divestment of the public division. There’s an opportunity to ask questions below the stream. I will be back later to moderate the Q and A session. Today, I’m joined by CEO, Magnus Svenningson and CFO, Sofia Rehanius.

But now it’s time for you, Magnus, to present. Welcome.

Magnus Svenningson, CEO, Formpipe: Thank you very much, Friedrich, and hi, everyone. Really good to be here to present our second quarter twenty twenty five, which we have named divestment and margin improvement. And we will, of course, talk about the divestment, but first, a little bit of a highlight from the second quarter. And net sales came in at SEK 140,000,000 compared to SEK 132,000,000 last quarter last year. And again, we continue with our high level of recurring revenues.

The ACV is on a stable, I would say, million level. We had very good momentum in our bank and finance business last year and this quarter has been weaker in the bank and finance sector. And then EBIT increasing up to SEK 12,000,000, which is a good progress towards our margin improvement, which we have been talking about during spring. That is excluding about SEK 10,000,000 for our divestment costs that we have taken in the quarter. Then a little bit on the highlights.

As I mentioned, margins are improving despite the currency headwinds we have had during the quarter. So that has a large impact. And Sophie will mention that a little bit more in her presentation. Then the stable ACV. There we have the Laisinet business performing well with Dynamics.

Bank and Finance a bit weak. We hope to see improvements there going forward. Sweden came in good on the H2E numbers as well, while Denmark was a bit weaker. And then also, I want to mention Landblukes Sturesson, a contract where we have worked quite a lot in several years with that contract, but not being really, really content with the growth or the margin. And they have chosen to retender.

And we have submitted a bid that we deem attractive and competitive. However, they have chosen to proceed with another supplier and we will then continue to deliver up to contract end until the contract is transitioned. And then we will take those resources and invest in the exciting things we do around One Public and the Pursue Potential program that has now moved forward and been a crucial part in the divestment. So if we talk a little bit about the transaction, this has been a theme around Formpipe for quite some time. And now we see and of course, the Board sees that it is a good time.

We have a good momentum in the One Public business as well as the Lesenet business. So it’s a good timing. And when we have also worked with this transaction, we have seen a very, very good solid interest from very competent takers. So it’s been a really good interest and a good timing. And we see now for us as a group that historically we have had to work with two business areas and now we can focus on one business areas and we can put all of our investments in that business area.

So it’s a very exciting times going forward now with this divestment. So it was announced yesterday, and it is SEK $775,000,000 in at closing and then SEK 50,000,000 as a loan. And then there’s an additional SEK 25,000,000 being paid out when the SDG and the taker sees that this has been developed in line with their expectations. So now we move in a phase where we will start this process of a carve out, is a new word for me. That means that we split up the joint resources.

And there are a few around IT, finance, the brand, for example. So there are some areas that needs splitting up. And then there are personnel that needs to be moved and some contracts that needs to be moved, which is also conditional for closing the deal somewhere in Q4. So that was, in short, the some details around the transaction. And then if we then look at what is remaining, this is the business and you who listen in, you are, of course, very familiar with the LaserNet business.

But I just want to say that, in short, what we do is that I tend to say that we create documents that machines and humans can read. And those documents are crucial in basically all companies’ customer journey. So when you do when you have a supply chain and you need to do and you need to deliver something to a customer, then there is a number of documents like invoices, like statements, like picking orders, like delivery notes. All of that needs to be created. It needs to be managed.

It needs to be delivered. And then in the end, it needs to be archived so that it can be retrieved. So that is a need all companies have. And of course, we have a niche in sort of mid- to large sized companies where we are very, very right. And we have shown that with our partnership in the Dynamics ecosystem, where we’ve been active for quite some time.

And we have something like 1,000 customers, and we are active in 60 countries. And then we have the bank and finance business where we work closely with Terminus and which is very, very compliance driven. So in short, all companies need this technology and it’s driven by complicated, sophisticated supply chains or compliance. And then we have a large partner network, mainly in the Dynamics and Banking Finance in the Dynamics networks, but also in and Finance, we have a network of partners that deliver this solution. And then, of course, everyone is thinking what will happen in the next step.

And we will have a Capital Markets Day in November, where we will talk more about how we will grow the LaesNet business going forward. But I want you to have a look at this graph, the recurring revenue graph from the last, what is it, five, six years. And this is a very steady development of growing ARR, and there is also good margin growth. And this is a trend, of course, that we aim to continue and to accelerate going forward when we are allowed to focus, but also to invest a bit more in the areas, in the business area. And now, Sophie, now we are coming closer to your part, which is around what is it we are selling and what is remaining, but also going into the Q2 numbers.

Sofia Rehanius, CFO, Formpipe: Thank you, Magnus. Exactly. So hello, everyone. So my name is Sophie Renius. I’m the CFO for those of you who haven’t seen me before.

So we shared a similar slide to this one in the presentation yesterday, but now it is updated showing then June 30 last twelve months results. So it’s an illustrative financial showing on the left hand side what’s included in the transaction parameter as part of the public divestment. And then on the right hand side, we have what then will be remaining in our listed environment. So if we start then on the left hand side with the public business that constitute then our Danish legal entity in Denmark. It includes the operational business of public in Sweden, which is to be carved out and put into the newly established Formpipe Sverdrup AB entity.

And we also have the business related to BG Link, which used to be in our other business area on the right hand side. But in this illustration, it’s now included in the public business as it is included in the actual divestment. So we have an ARR from a rolling twelve months as per June of million in public. We have a net sales of SEK313 million. We have an adjusted EBITDA of SEK103 million.

We have capitalized development of SEK39 million and we have adjusted cash EBITDA of SEK56 and then with a margin of 18%. So that is then the public as part of the divestment. And then shifting focus then on the right hand side and our remaining business which will still be called Formpipe for some more time, which is still the name of the listed company, but will be renamed in due course. So there we have a yearly ARR, a rolling twelve months of SEK217 million. We have net sales of SEK236 million, so a very high percentage of our net sales are coming from the recurring revenue.

We have an adjusted EBITDA of SEK42 million and capitalized development of SEK13 million, which gives us an adjusted cash EBITDA of 29% and a margin of 12%. And then of course on the right hand side, we have our supporting functions as part of group, which are then costing SEK27 million as per June the last twelve months. So with that, I am moving more towards our kind of normalized quarterly updates and this very busy slide, which I know hopefully everyone loves. But I will try to kind of digest you through all these numbers. So I just also want to highlight, we mentioned that in the previous call last quarter that we now have a separation between net sales and total income as we have separated out other income.

So there is a difference between net sales and then total income. But then starting then on the positive note with SaaS revenue increasing 17% compared to Q2 last year. That is derived by 18% coming from our LaserNet business and then 13% coming from the public business. We’ve also had higher deliveries compared to Q2 last year and this is a combination of deliveries coming from the public business area as well as the Laisenet business area. And if you recall in terms of Laisenet business area, we do have some additional costs in terms of delivery of those resources.

So we use subcontractors for deliveries and that is also why our sales expenses are a little bit higher. So that’s directly related to that. And then we have had then one off costs of SEK10 million as Magnus mentioned related to the divestment and there of course will be additional cost in Q3 for the completion of the transaction. And this leaves us with an EBIT adjusted for the SEK10 million of one off cost of SEK12 million compared to SEK8 million that we had in Q2 last year. So with that, moving over to our growth in recurring revenue.

So we then have million in recurring revenue on a rolling twelve months basis. So continuing with our positive note. And this is roughly then 80% of our net sales, so a very high percentage of our overall net sales, still combining public and LaserNet of course. We have an 8% year over year growth. We have a compounded annual growth rate of over 10% since 2014, so more than ten years.

And then a 13% CAGR in the last two years. And with this recurring revenue, we are then covering more than 105% of our fixed operating costs, which then gives us a lot of stability in our business overall. And then I’m shifting over to ACV. So we actually had a slight positive effect of ACV in this quarter of SEK 3,000,000 compared to last quarter when we had a very large negative effect of minus SEK 19,000,000. That leaves us with a net ACV of SEK 6,000,000 coming from purely SaaS.

And overall, it was a stable ACV as Magnus mentioned, mostly related to the Dynamics business in LaserNet and also in the public business in Sweden. So LaserNet with SEK4.5 million and public with SEK1.5 million. And then we also had a small increase in BG Link, which in this slide is still under other of SEK300000. So that gives us an outgoing ARR at the end of Q2 of SEK458 million, which is a 6% increase compared to last year. So with that, I hand it back over to you Magnus.

Thank you.

Magnus Svenningson, CEO, Formpipe: Thank you very much, Sophie. And this is a slide that we’ve been talking about quite a bit over the last eighteen months, which is our Pursue Potential program, where we have made an overhaul of the customer journey and introduced a freemium business model in the LaserNet Dynamics area. And we have also merged our two companies in the public space, Sweden and Denmark, and also looked in and improved the technical platforms in the public business area, improved the go to market, established a new leadership team. And I just want to highlight now because I’ve spoken about these improvements repeatedly in these presentations. And last quarter, we introduced an outlook add in.

And now this quarter, the team are introducing our first AI module. And this is pretty cool because in the platforms we are delivering to our installed base since a long since many, many years, we are now able to add on new modern functionality with modern technologies. And this particular little module is pretty cool because when you have a large group of people like 10,000 using a software, then you have a lot of, what I call, seldom users, people that use the software rarely. And when they want to do something, it’s hard for them to do it. But then we now introduce an AI assistant helping them to get to move on with their task instead of going to a super user or other users and thereby taking down the efficiency in the team.

And this is a first example on AI. And as you know, AI is a sensitive topic, but this is a very good first move because we don’t have to bother about the sensitive personal data that the public sector are working with and are also very concerned about. And this has been a project that our public team has worked extensively with this transition. The team has worked extensively with the last eighteen months. And it’s been very, very scrutinized during the DD process that we passed here during spring when we have had very, very competent bidders looking into our operations.

So with saying this, I just want to hand out a big thank you to you, all of you in the public team that has made this transition possible, but also made sure that you have been a very, very attractive target on this market, so in this transaction. So thank you very much for the work you have put in. Then when it comes to the lacelet business, we have now worked with the new sort of packaging for a while. And as I mentioned in the report, we made our largest deal up year to date or historically with Dynamics with the company, Mikael Levernitz. It is sort of if we start with Essentials, which is a free of charge product, this is the other end with an Enterprise Solutions.

And this was exactly the purpose of doing this repackaging that you should be able to really grow with the product. And it’s really nice to see these installations several dynamics and with several 100 seats, 400 or 500 users in our application being sold and delivered through our partner network. So that is sort of one example of how this new packaging have worked out well. And with this said, the Pursuit Potential program is now over. We divest One Public and with the Lesenet, we move into new targets and new ways of growing that we will talk about in our Capital Markets Day in November.

Then we have our financial targets. And as you see, and as you know, we tick three out of four boxes. We see we can also see that we are improving margins, but we are not improving or despite the currency headwind, we are improving the margins, not in the pace that we’re hoping for because we have had a weak first half year, particularly in the bank and finance business. And now as we divest the one public business area, we will also move in and find new financial targets that we will return to in our Capital Markets Day. So with these, the key takeaways, the divestment of public, focus on LaserNet, positive margin development that we see continuing the coming quarters.

And from now on, we focus on LaserNet with the strong market and ARR position we have and again, Capital Markets Day in November. Thank you very much for listening in. And now, Fredrik, maybe it’s time for some questions.

Friedrich, Moderator: Thank you, Magnus and Sophie. We have some questions about Laisinet from the audience, but let’s start with just one question about divestment of Public. I mean, you have been wanting to do some kind of deal like this for several years as far as I know. But I mean, why now and why in general? Just remind us.

Magnus Svenningson, CEO, Formpipe: No. But it is, as I said in the presentation, that we have followed these two business areas closely. We have developed them. And now we have seen that they are in a size where they can live sort of live standalone. It is also a matter of when you start this kind of process, you also want to see that there is an interest in the market.

And we very quickly saw that there was a large interest in the market for public. And that gave us more confidence, of course, to continue that journey. And then again, now focusing our resources to allocate our capital better, allowing us to also invest focused in one business area rather than splitting our focus on two business areas, but of course, also the investment momentum in two. Now we can focus on one. So those are the main criteria for making the divestment now, the maturity, the timing and then also the need for focus on LaserNet.

Friedrich, Moderator: I see. Makes sense. So let us focus about LaserNet then. And we have a few questions from the audience. So do you foresee any material changes to the LaserNet strategy going forward?

Magnus Svenningson, CEO, Formpipe: No. We will and I really like this graph that I showed, the long series of ARR growth. So doing more of the same is what we want to do. But there are obvious things that I, of course, want to focus more on. And one is the platform, making sure that the technical platform stays relevant.

And the second one is the go to market, being more proactive in our go to market, that is supporting our partners to do more business, making sure that this end user who is working with the customer journey somewhere is aware of our clever and very, very, very proven solution. And then how you do this is, of course, yes, you can do this organically, a little bit day by day, but there are, of course, also areas when it comes to adjacent technologies, new technologies that can be acquired as well. And that goes also, of course, for the go to market that we might be able to get closer into some ecosystem or some geographical areas by some acquisition. And this is exactly what we are working to elaborate now as we prepare for the Capital Markets Day. So more of the same and in a careful but also focused manner continue to develop continue the fine development of LaserNet.

Friedrich, Moderator: I see. I’m sure we will get additional information in conjunction with the Capital Markets Day. But still, could you give us some indications on any like geographical areas or industries where you have a quite limited reach today, but where you see potential?

Magnus Svenningson, CEO, Formpipe: Yes, I can. We are doing I mean, we are pressing in The U. S, but U. S. Is a massive market.

So of course, U. S. Is interesting. But also the DACH area, DACH is a large dynamic users. So it is a large dynamic market.

So the DACH area is also an option when it comes to sort of geographical expansion. Then you can look at technically, you can look at sort of, yes, now we do produce a lot of documents, but there are adjacent areas when it comes to sort of how do you design this, for example, in the insurance industry. It’s I think it’s called call discuss quote or something, how you build the quotes, how you distribute that. So there are a number of adjacent areas that are interested to look into as well as then new ecosystems, for example, IFS, I’ve talked about that before. That could potentially be something.

So that is sort of how our brains are working right now to see what is the easiest to do so we can do that first. And then, of course, always be able to be opportunistic if there is some sort of M and A opportunity coming by.

Friedrich, Moderator: Great. We’ll get back to M and A, but let’s continue with another question from the audience. Is there a forecast on the remaining one off costs for the divestment?

Sofia Rehanius, CFO, Formpipe: No. So we don’t have a forecast, but there will of course be some cost in Q3 related to the divestment. As you know, we’re announcing it now in mid August and we’ve had cost up until this time and we’ll continue to have some additional cost up until closing, But we don’t have a number on that. Of course, it will be less than the 10,000,000 we’ve had up until Q2. But that’s I don’t want to elaborate more on that yet.

Friedrich, Moderator: Okay, I see. So here’s another question from the audience. LaserNet grew 7%. Are you happy with that?

Magnus Svenningson, CEO, Formpipe: No. We should absolutely do more. And as we said here in the call, dynamics has this the last two quarters developed well. Bank and finance has been slow. And a year ago, we had very good ACV numbers from bank and finance.

So yes, there is a need for some patience when it comes to the bank and finance. But of course, we also need to improve and put our resources where we see the market growing. So no, we

Friedrich, Moderator: are not happy with that growth number. And just a follow-up, where do you see the market is growing? Where do you want to put that resources? Any examples? I mean you touched upon The that

Magnus Svenningson, CEO, Formpipe: no brainer answer is, of course, within the Dynamics area because it we are well we have well established. We have a large customer partner network. We have a product that is well proven, and it is an area that is growing. So that is a very concrete example, which is sort of what we in Swedish tend to say is we dig where we stand. So doing more of the same, again, back to this low risk expansion.

So that is absolutely an area where we have must make sure that we have emptied out all the options to be successful.

Friedrich, Moderator: Okay. So additional questions from the audience. A question on the divestment. The purchasing price will be adjusted for working capital adjustment. Could you please share some light on the impact?

I

Sofia Rehanius, CFO, Formpipe: think that’s a bit too early to say. So let’s come back to that when we are at closing. Okay.

Friedrich, Moderator: So which profit margin number is your key metric, EBIT, EBITDA or cash EBITDA?

Sofia Rehanius, CFO, Formpipe: I guess it will depend also on going forward for the Lesenet business. So I think we’ve had lots of different KPIs that have been relevant for both public and the La Zener business combined. But of course, going forward and as part of Capital Markets Day, I think we need to redefine which KPIs would be most relevant for the remaining business. So I think we will come back to what we deem is the right KPIs and also the right financial targets going forward and how to measure those.

Friedrich, Moderator: Yes. Okay. I see. So in terms of M and A, is it the intention to continue to focus as a software provider? Or do you expect to broaden your exposure and strategic profile in the coming years?

Magnus Svenningson, CEO, Formpipe: I would say we are a product company. We are an output management company. It’s part of the customer communication segment. I foresee that we should be a player in that space. And we should have we should expand to have a strong and SaaS based product offering in that space, which is sort of where we are, but more maybe a little bit bigger in terms of functionality, maybe a bit bigger in terms of ecosystems.

Of course, there is a need for implementing our products. And I see that we need that capabilities. But I also see that our partner network is crucial because there are so many verticals in terms of different industries, but also different use cases that really is that where you need a partner network to master that. And then you also come to the geographical differences that France is France, Germany is Germany. And this is sort of a very language intense implementation.

So I foresee that very much doing more of the same around a SaaS based output management product, but also, of course, adding on functionality and where needed key services to be able to make that product easy to consume and adapt to the use cases. So continue as a SaaS and product company.

Friedrich, Moderator: Okay. So once again, I want to highlight the opportunity to ask questions. So let’s continue with M and A. I mean you intend to save at least some of the funds you will get from the divestment for investments in Laisinet and I assume M and A is one big part there. Could you elaborate a bit what kind

Magnus Svenningson, CEO, Formpipe: of targets are you looking for and what’s out there to acquire? That is a really good question. And there are if you really indulge the customer communication segment, which is very large and then the output management segment. There are a lot of sort of adjacent spaces like accounts payable, accounts receivable, which is sort of around invoice handling. There, as I said, there is this sort of sell and interact and quote area where you do where, for example, insurance companies those quotes and send out.

These are things that need to be standardized, used to. So there are sort of the some technical adjacent spaces. And then, of course, the market presence. I mentioned The U. S.

And I mentioned the DACH region. And I have previous experience from entering The U. S. By acquiring a services company, which was then very useful when building up a sales organization because you have competent people that can explain why your product fits into a certain use case, for example. So that could be sort of ways that we are looking at.

How do we become more easy to consume in a certain market area, certain geographical area or in a certain industry segment. I mean we are in bank and finance. Maybe the insurance industry is sort of related because we understand the demands of compliance for some. So this is sort of how we are sort of forming a shortlist of interesting companies. And yes, there are this is a market that has been I mean, it’s existed for a long time.

So it’s a lot of technology out there. There’s quite a lot of sort of old technology with fairly large installed bases that are also interested to look at. So there are a lot of options to look into. And but we must not forget the actually very well good position we have within Dynamics and in the bank and finance industry.

Friedrich, Moderator: Okay. So there’s basically two, three kinds of acquisitions then if

Magnus Svenningson, CEO, Formpipe: the So prices

Friedrich, Moderator: I mean, it’s some kind of market and geography expanding kind of partner support acquisitions. It could be a product expanding acquisition or perhaps end of life like product that you can buy and then migrate customers perhaps? Yes.

Magnus Svenningson, CEO, Formpipe: That’s actually very well summarized, Friedrich. Okay, great.

Friedrich, Moderator: So we’ve got another question from the audience. In terms of strategic direction, you have previously highlighted new ERP’s platform as a key growth driver. What ERP platforms are must wins for you? And what is the current status in breaking into them?

Magnus Svenningson, CEO, Formpipe: That is a question we will come back to later. It’s a very good question, and it’s good because of several reasons. One is that if you look at the new ecosystem, it always looks very attractive from outside. But when you start to dig into it, there is usually a solution in there that does something similar to what we do. So you really have to understand the value you add before putting a lot of resources into breaking in into that new ecosystem.

So to that question, there are absolutely ecosystems we could work with, but it’s too early to answer them that question right now. So that one, we have to push forward a few quarters. I see, I see. We’ve got another

Friedrich, Moderator: question. What will happen with already decided and communicated dividend from the AGM?

Sofia Rehanius, CFO, Formpipe: That will be paid out. So the ordinary dividend will be paid out in November as planned.

Friedrich, Moderator: Okay. That’s clear. So I mean we’ve touched upon this question a bit, but I mean in addition to M and A, I mean what kind of investments in Laisenet is it that we’re talking about? I mean any concrete examples?

Magnus Svenningson, CEO, Formpipe: As always in a tech company, you have your product platform and that always have to live with new technologies. So that is absolutely an area where we will invest going forward, making sure that our platform that is today very well working, but that it stays relevant in terms of use case support, but of course, also to all the underlying technologies so that it is easy to consume. So that is absolutely one investment area to make sure that we have a relevant product from a use case and from a technical consumption perspective. And then I also see that we need to be more proactive in our go to market motion, which is then making the life of making sure that all customers out there see how fantastic we are, but thereby then facilitating the life for our partner network so that we create and accelerate the win win situation we have with our partner network today. I see.

And

Friedrich, Moderator: we’ve got one more question from the audience. Will Formpipe continue to be a listed company?

Magnus Svenningson, CEO, Formpipe: Yes. Absolutely.

Friedrich, Moderator: But you will change name, right?

Magnus Svenningson, CEO, Formpipe: Yes. We will change name. And this is part of this sort of the so called carve out process, how share do and then, of course, leave certain assets to each other as we split up here. So in the coming quarters, we will find ourselves a new name.

Friedrich, Moderator: I see. Thank you very much, Magnus and Sophie.

Magnus Svenningson, CEO, Formpipe: Thank you. Thank you very much, and thanks for listening in, everyone.

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