Hello. Good morning, everyone, and welcome to the Freetrailer strategy kickoff. I am very happy to present the strategy towards 2030. With me today, I have Christopher, Morten, and Jonas. Christopher is leading the strategy part, Morten is leading the tech team, and Jonas is the new CFO. They will help me today with any questions and whatever comes up. I will do most of the talking when we go through the presentation. I am very happy to have those three guys with me today. As you can see, they dressed up for the occasion with our new T-shirts. All right. On that happy note, as I said, very pleased to kick off the strategy. We will go through the strategy deck, and then in the end, we will answer any questions. Please put in any questions you might have along the presentation, and we will then see if we can cover all of them by the end of the presentation. First of all, we need to do the usual disclaimer. This, of course, is forward-looking, and the ambitions in 2030 is indeed very forward-looking. Things can happen, life can happen, a lot of external factors could come in play. These are, of course, parts of the storyline. If you see any numbers related to 2030, sorry, 2026, it would be based on end of August numbers. We have the most present numbers with us or the guidance or whatever is stated. I will take you through the agenda with seven different steps. First of all, I will set the scene. Then we are talking about the foundation, the strong foundation that we are building the strategy on, how we perceive the markets and how we see the growth in the rental market in itself. Then we are going to talk about the strategy and present how we see the next couple of years being built up by the strategy. The aspiration or the different aspirations we have as part of this, where the overarching one for you guys is probably the one where we aim to become a DKK 500 million revenue business. Then last but not least, we are going to talk about how we, as part of this, is also going to deliver shareholder value. As I said, in the end, we are going to answer any of your questions. I think there are a number of nice figures coming into play here. I do want to start with the headline and saying that the most important thing about the strategy is that it is actually building on different growth levers. The strategy for the coming four years is way more than just putting trailers into the streets with a partner. We have multiple layers to build the strategy and achieve these goals, which I am going to talk more about in the next hour. The overall ambition on revenue is heading towards DKK 500 million, compared to the DKK 178 or DKK 185 in guidance we have today. With an EBIT margin where we are guiding today between 16% and 17%, we are heading towards 20%. For those of you who are quick with the calculator, you have already realized that an EBIT margin of 20% on a DKK 500 million revenue would be around a profit of DKK 100 million. Quite an ambitious earnings potential as well on top of the growth potential. As you will see later on, our main KPI is actually the number of rentals that we as an organization are striving towards. The ambition is that in 2030, we will have 5 million rentals on a yearly basis. As you might recall from our traffic updates that we do on a monthly basis, we are around 1.9 on the last 12 months today, so it is two and a half times up. The number of trailers going up from 7,800 to more than 25,000 in 2030. The number of partners tripling from 340 to around 1,000. Of course, the number of partners will deviate based on how many trailers each partner will have. The quick maths, you can see that it is just about 20 trailers on average per partner. In 2030, it will be around 25 trailers per partner. It might be that we have more partners than that. That is to be figured out. The number of active users is actually a new term we are introducing with the strategy. An active user is someone who had rented the trailer at least once within the last 12 months. It is unique users having rented once or more within the last 12 months. The number for the last 12 months is around 778,000 as of today. That number we foresee increased to 2.5 million in 2030. The number of markets today are the five markets, the three Nordic markets, Germany and Netherlands. We expect to add at least two more markets during the strategy period. All of these things we will come back to more in detail, but this is our point of departure. Obviously, this is not a one-man band strategy. It is built with the whole team. You just met Christopher, Jonas, and Morten. As part of this, we also have Brian taking care of our customers, the 300,000+ tickets and calls coming in on a yearly basis. Christopher leading the strategy, both building the strategy together with the team, but obviously also making sure we execute it. Jonas, the new CFO. Line taking care of people and culture, making sure that culture doesn't eat the strategy for breakfast, but actually have a culture that builds and supports the strategy. Maj-Britt taking care of the sales team, Morten on the tech team, Sara on the marketing, and then we have a new function we established recently with the technical operations. That is the guys taking care of our fleet across the five markets. That is the leadership team as we have today. The strong foundation we are building on is, of course, in its core, our platform. Wherever a transportation need arises, there is always or should always be a trailer within reach. It is super simple and easy to book. If you are close to the trailer, you can do it for free. But if you want to reserve it and stuff like that, you all know that you pay a small fee. The pick-up and return is frictionless also using the app. Then what we see is that once you have the habit, then you keep coming back to Freetrailer. Why would you ever consider using anything else? The good thing is that we have the partners who see the benefit of partnering up with Freetrailer, the benefit for providing transportation needs for their customers or helping with transportation needs, but also see the local branding and also the more customers in the stores. That is in the nutshell how our flywheel works. We do get quite impressive feedback from our users. We have 4.8 on Trustpilot from the user side. Many good comments about how easy it is to use and how cheap it appears to be, quite a surprise for most people. On the partner side, it is both about appreciating the distribution that is close by, but also the commercial value that we deliver through the local visibility and the fact that we can drive more traffic to the stores. In itself, we have a quite healthy flywheel. If we take a look at the market, then you can try to divide the market in a two-by-two square. On the horizontal, we see how there can be general companies renting out a wider range of things. Then we have on the right side, we have the trailer rental part where Freetrailer, of course, is part of it. Then on the vertical axis, in the bottom, we have the more manual and traditional-based ones, and then on the top we have the platform-based, the self-service one. Freetrailer, of course, is in the upper right, and we believe that the market will be pulling up, at least up against more self-service and platform-based rentals over time. That is also how you see in many of the Nordic countries today that the gas stations are closing down their rental businesses. Part of the strong foundation is also how we have delivered on the numbers. The revenue growth has been 26% during the last four years on an annual basis, striving towards DKK 178 million -DKK 185 million in the guidance for this year. That is, of course, driven by the number of rentals as you see to the right, which is also growing around 25%, heading towards the 2 million end of this year. The number of rentals, of course, is driven by the trailers, where we are heading towards 8,200-8,500 in this year. You will see that there is, from the graph, that there is a bit of a spike in the growth of trailers, and we hope that that can also help us accelerate the growth in the coming years because more trailers is leading to more rentals, which is leading to more revenue. Underneath this, where you can say that when you have 23% increase in trailers and 26% in revenue, that underlying assumption is that there is no significant growth or change in the average price per user and there is no decline on average on the utilization in rough numbers. We have actually managed to grow at the current price level, adjusted it slightly in some countries, but not significantly, but also kept the utilization at the same level despite the rapid growth in the fleet. On the EBIT level, we have improved from DKK 9 million in 2023 and guiding towards DKK 27 million -DKK 32 million in 2026, which is quite a significant growth as well. We are, as you are probably aware, located in five different markets, the three Nordic markets, Netherlands and Germany. As you can see, the Danish and the Swedish market are almost the same size when it comes to number of rentals. Sweden is bigger when it comes to number of trailers and partners. There is great momentum going on. Speaking about great momentum, as you might recall from our Q2 numbers, Norway has really improved significantly over the last six months, with both an increase in fleet of around 27% and at the same time, a step up in utilization with 4 percentage points. Right now, we have hit something interesting in Norway as well, just like we have in Denmark and Sweden. Netherlands is the newer market where we launched in March of last year, and Germany is, of course, an older market that is going to be a significant driver in the strategy. Today, we have just short of 800 trailers in Germany, so there is quite a big potential to go for. All in all, we believe that we are standing on quite a healthy foundation. It is important when you build a strategy that you understand your foundation and understand the strength of that. Both the revenue growth has been nice. We also see that we have significant opportunities in the existing markets to grow even further. We do have top 10% of our partners, which are accounting for 87% of the activities. We do have quite a number of strong partners with a long-lasting relationship where we are using a lot of effort to make sure that they are happy and we deliver value to them. We also understand from recent surveys that the location and proximity that we in Freetrailer are quite good at is very critical, especially in Denmark, where most of the people want the trailer available within 20 minutes of a drive. We believe that we understand the market quite well and live up to the expectations, especially in the Nordic markets. We can also see from some of the surveys that I will come back to, that the trailer owners are willing to shift towards rental. The total rental market is also increasing. We believe we have understood which partners are important in which parts of the when we grow the markets, which ones are important in the beginning and which ones we can put on later on. The local users, we also understand quite well what their motivation to do certain things. All of this is important because we need to make sure that we go to market in the right way. Last but not least, 22 years in the business, we have proven that the business is there, but we also know that we need to do some effort internally to make sure that the scalability will continue to be there. We will need to continue to work on the foundation. Let us have a look at the market, which we based on surveys. Part of the strategy, an important part of the strategy, has actually been to not just think inside out, but also have an outside in perspective. For that reason, we have talked to and made surveys with partners, and we have talked to and made surveys with users. Based on that, we estimate that the market across our five markets is around 20 million rentals per year, which means that across the markets, we would have a total market share of 6%. Obviously, as you can imagine, this differs significantly across each of the markets, from 42% in Denmark to below 1% in Netherlands and Germany. Keep in mind that these numbers are based on surveys. If we have asked people how many rentals do you do per year, obviously, we do not have the data to verify whether that is true or not. This is purely based on interviews. There might be some slack in that, but the size of the population we have asked should be significant enough to give us at least some idea. 20 million rentals today across these five markets, and we believe that in total, the number of trailer trips is around 100 million per year. Again, based on interviews with the people who are borrowing a trailer but also had their own trailer, how many times they are using. The total market potential, as you would call it, is 100 million. Heading towards 2030, we believe that that market is going to be fairly unchanged. We do not see why people would have more trailer rentals than they have today. We estimate that the total market size is probably the same. We also have clear indications from the survey that people become more and more willing to do the rental part. They do not want the investment in the trailer, and they want the flexibility and the convenience that we can provide. Based on that, we believe that the number of rentals will grow from 20 million - 30 million. The total market space that we are in will grow by 50% during the strategy period. Quite an attractive market to be in. That also gives us opportunity to expand. As you have seen, we have indicated that we are going to approach two more markets. It is very important to stick to the term markets, because a market could be a country, as we know today, like Netherlands or Denmark. It could be a region, so we focus on a part of a country, which is mostly the case in a bigger country like we do with Germany today. Or it could be expansions through partnerships or with partnerships where we follow a partner into certain markets. There are many ways to approach this, and that is what we are going to work with over the next 12months-15 months, I would assume, so that we have that in place when we can announce what our concrete plans are to go where. I would like to introduce now the strategy in itself. We call it Free to GROW. Free, of course, speaks to our name, Freetrailer, but it also speaks to the fact that we need to enable ourselves to grow, so allow ourselves to grow, which speaks to the scalable foundation we need. Then, of course, it should be very clear to everyone that the focus in this strategy is growth, hence the GROW. As you will see later on in the strategy, the GROW, the G-R-O-W are actually used as headers for the strategy, helping all of us to remember the strategy even better. Any strategy starts with an ambition. The ambition that we have created in Freetrailer is that we want to be the natural choice in enabling everyday transportation needs wherever you are. The natural choice is something we need to live up to by being affordable, convenient, and stuff like that. We create the habit of the user or the partner to partner up with Freetrailer or use Freetrailer. It shouldn't be something that you put a lot of thought in. It should just become a habit. Our focus is to help everyday transportation needs. Whatever you as a user want to do yourself, Freetrailer is a natural part of. This is not where we go into people transportation or small packages or anything else. This is a focus on the do-it-yourself projects, the moving projects, the garden projects, whatever you have, that's where we want to be. Of course, we want to be wherever you are. This is about the density we want to create. To make sure that when you have an aspiration like that, we want to make sure that we are progressing towards that. As the overall ambition, measuring how we become more and more natural to or in more and more instances become the natural choice, we are measuring on how many rentals we provide, and that's where we are heading towards the 5 million rentals. When you look at the strategy, the GROW, the G is about being the go-to choice. That's where, and I will double-click on each of these in a minute, but the go-to choice is about the user side, where we help them to choose Freetrailer before they consider anything else, like owning, borrowing, or renting from someone else. That's where we have the ambition for the 2.5 million active users. Right where needed is about where we put the trailers and how we work with that, heading for the 25,000 trailers. Open opportunities is about making sure we have the relevant products and services, both for our users and our partners. I'll also come back to that. Win new markets or maybe win markets is both about winning the markets we are in, but also winning new markets. When you are a platform, it's important to win. There should only be one platform for trailer rentals in any market, and Freetrailer needs to be that one in the markets that we're in. Our approach needs to be that we go into a market to win the market. As the catalyst or the enabler for all of this, we have four different pillars as well. We have the fact that we need to have a winning platform. We need to make sure we have the best scale-up culture, that we have scalable operations, and that we use AI in everything we do. AI is not a tech project, it's something we do across all of the business. This is the very short and condensed version of the strategy. If we look at the four pillars we just looked at, they are all going to contribute to the journey towards from the DKK 178,000 -DKK 185,000 this year of revenue towards the DKK 500 million in revenue. They are all contributing to that. For illustration purposes, we have made them the same size because this is not exact science, but it's important message that they're all going to deliver value during the strategy process. In this way, we have illustrated the value creation on the revenue side, but of course, you could have made an equal graph on the number of trailers or the number of active users, the EBIT or whatever. The point here is that they are all contributing towards the goals. If we double-click on the go-to choice, which is about the users, then we want to look more closely at the pricing. We call it dynamic pricing, and not to be confused with higher prices. We want to make sure that we have attractive pricing models across the countries. What we have done so far for the first 22 years is we have approached the world in a very very much in the same way, so we are using the same methodology across. But what we can see from the behavior and the utilization that we have today, as well as the surveys, that there are different preferences across the country. So maybe the free or four-hour rental period works very well in some countries, but in others it might be six. Let's make sure we have pricing and commercial conditions that make sense. The second one is about the brand. We have worked a lot with the brand, actually in parallel with the strategy, and I will have a slide just after this where I'll give you a sneak view on the new brand, so not more about that. Last but not least, we want to strengthen the user experience. We want to be where the users experience the need for the trailer. So it could be part of the checkout with some of our partners where Freetrailer is actually part of the checkout, just like you decide whether you want to go click and collect, or you want it sent or whatever, then you can also have the option with the Freetrailer built in. Those are three of the things that we'll be working on as part of the go-to choice. There are obviously more things, but these are the high-level ones that we like to share. Speaking about the brand, you'll see a completely different approach to our branding. First of all, our logo has changed or is changing from the two arrows that you are maybe used to in the circle, to the F and the T, then we have introduced a tagline, I guess it's the right word, that's called "Always Behind You" in English, but we use the local saying, "Altijd achter je" or whatever it's called in Dutch. So always using these local taglines because we are a local brand, we should be perceived as a local brand. The logo, the foil on the trailers will also change this. This is probably a trailer that you would see if it was only a Freetrailer branded, but of course it will continue to be branded along with the partners. Last but not least, you will see a lot of people doing their projects and stuff like that. This is our attempt to get closer to the experience that our users are having. This is not about a fancy trailer on the highway, this is about people actually having fun or whatever they have in the garden with their various projects, and Freetrailer is the natural choice. It is a part of that experience. That is how you will see the brand. We are going to roll it out. It has actually already started in a couple of cities with a big city launch, city attack, we call it, in a couple of cities. Next week we are going to launch it big time and you will see more about how we are going to interpret the new brand. Super exciting. You should look forward to that, and I have to say that I am a big fan myself. It was not at all my idea, so I can be a big fan, and I would say that I like the humor that you will see as part of this. All right. Right where needed as part of the strategy is about the trailers and the locations. This is about making sure that we have strong partnerships. It is about making sure that we consider other partner categories. As I said in the beginning, we know which partners works well for Freetrailer in the beginning, but that also means that when we get into a more mature market situation, we can actually get deeper into other parts, or we can put trailers in different locations that are still being rented out. We are less and less dependent on being where there are foot traffic. The last part of this, of course, is to make sure that we have reliable trailer supply, which is both about making sure that the trailers we have are running 24/7. We have a great team of technical service who are doing a hell of an effort to make sure that happens, but we are not using technology to a very big extent yet. That is something we want to do in the maintenance of the trailers. Also on the supply side, we need to make sure that we have strong suppliers who can help us and follow the growth towards 25,000 trailers. Speaking about the markets, as I said, we are looking differently on the market. We have decided that it is definitely not one size that fits all. As you know, if you look at the top of this, the maps, you will see that it is the Nordrhein-Westfalen that is our focus in Germany, and it is the focus to make sure that we prove that we can nail Germany in that area. Not trying to be a scattered picture all over Germany, but really just focus in on this, put salespeople on the ground, put extra marketing efforts and see that we can get utilization up, because once we crack that one, we can replicate to other parts of Germany. That needs to be the focus for now. The illustration is very much the focus now. Germany, of course, should be completely blue painted by the end of the strategy period. Netherlands is a smaller country. It is mature in sense of the user pickup, so we can go all in across all of the market. Norway and Sweden are more focused in the southern part. That is where you have 70%-80% of all people living. That is where you can do a reasonable maintenance and a good service, and that is where the frequency of owned trailers is lower. When you get to the other parts of the countries, there are way more trailers per inhabitant. Denmark, as you know, we are all over the place. This one is to illustrate how we approach the markets differently. Germany is focused on one region, Netherlands is all market, Denmark is more like the sniper approach, putting trailers in where we know that there is a need along building the partnerships we already have. So different strategies for each of the five markets. I hope it makes sense. The third one is the O in GROW strategy. It is about open opportunities. We want to make sure that rental becomes a habit, and we know from the surveys, and that was maybe slightly a surprise, that even though you have your best friend, your neighbor, whatever you borrow from, you also rent from Freetrailer. Even if you have your own trailer, there are also occasions where you decide to rent a trailer. It could be that it filled with garden stuff and your spouse wants you to go to IKEA. Then you, of course, either need to empty the trailer or find another one where Freetrailer is the natural choice. We also want to expand into other products and services. Last but not least, we want to continue working with the outdoor media, both because it is an interesting revenue and growth opportunity in itself, but it also ensures that we have the evidence towards our existing partners how much value we actually create for them when they are partners with us. So an important part of opening opportunities. As I said, it is about being more focused on the use occasion, and that is maybe what you will also see with the brand. We are looking way more on the occasions where you need a trailer than the trailer in itself. So when is it relevant, and how can we make ourselves relevant in those? So that is how we are going to shift the communication. Of course, when it comes to the trailer types, we need to make sure that we have the right trailer mix. Today, we started our business on the existing closed trailer that you know, and then we have gradually opened for other. But I think it is time to swap it around and have a look at what do the users actually need and want, and based on that, how can we fulfill that, and which are the trailers that are important to keep growing. New markets is really a lot about being way more well-considered on how we do things. We have a lot of learnings about building the existing markets. Now it is time to make sure we understand how we approach a new market. We need that playbook so it does not become a coincidence. I am not saying history has been a coincidence, but it must not be a coincidence. We have a lot of learning about how we approach an area, how many partners is needed before we can go live, how you build demand quick, and which are the partner types that are most important, et cetera. Those things we need to capture in the go-to-market playbook so that we can start to replicate it. We are building it as we speak, especially based on Germany and Netherlands. But once we have that in place, it's way easier to enter other markets. It is also going to be, to a large extent, city-by-city approach, which is how you build platforms, build the density of supply, and make sure that we can invest in the demand along with that. And we are going to be even more data-driven. Data has become a big thing, of course, also in our business, and there's been a lot of work on that the last couple of years, I would say, but we still have areas where we need to be way better at data also towards the users. So those are the four pillars. If you think about a new market, we are going to approach it like this. In phase one, it's really about build and prove that this market will also work. Then phase two is about the density. Phase three is about the demand that you need to build on that. And then it's about really putting efforts into those and scale fast. And when you get into market number five, it's about optimizing. We try to illustrate in the bottom the earnings that you will see in these markets. When you enter a market, you will be loss-making because we can and because it's the fastest way to launch a market is that if we can invest in it rather than have to earn the money in the market itself. But this also tells us that we need a good blend about markets in stage four, especially four and five, or three, four, and five, to make sure that we can afford and drive the investments in the new markets. So that's the balance you are seeing across the market. Some will fund and some will spend money in the journey. That's how we see that. And I think it's very important that we think about the markets in this way so that we are consciously driving our efforts in this specific way. Underneath these four strategic pillars, I said that we have these other four carriers or enablers. So it's about the winning tech platform. We need to make sure that we have a scalable tech platform that supports us with all kinds of automations, of course, like any other. But it's also about making sure that we have the communication or the channels between us and the partner and between us and the user so we can provide the best services. The scale-up culture is important, that we can attract and retain the right people and of course, enable them to deliver a good effort. Scalable operations is something as a scale-up organization you need to continue to be aware of the processes and what you built today is not good enough when you are twice as big. Since we are on this heavy growth journey, we need to make sure that we balance investment in the scalable operations as well. Last but not least, we want to make sure that AI is in everything we do, of course, in the processes and the efficiency, but it is also in the decision-making. It is also me making sure that I use AI in whatever I do. So all in all, this is again, the full strategy with the four strategic pillars, the GROW, the four underlying targets supporting the 5 million in total number of rentals, and with the four carriers in the bottom with the winning platform, scalable operations and AI. Then we have illustrated the scale-up culture as the wheel because it is really the culture and the people who carries the weight of the strategy and enable the strategies to succeed. Those were the words and the thinking about the strategy. I talked through this in the beginning. This is the recap. We are aiming for becoming a DKK 500 million company in revenue with approaching a 20% margin and with these five underlying KPIs, as we have talked about. So hopefully this is recognizable. I do want to say when we talk about EBIT, it is something we have discussed a lot in the management team, but also, of course, with the board of directors. It is important to make money so that we can fund the journey ourself. We are a business that are making money, and we do not want to lose focus on that. But we also have a great opportunity to invest in growth, and we believe that that growth is going to deliver way more long-term value for the shareholders. So it is the right thing for us to invest in that growth. We will invest in it also by making sure that we have mature markets that are delivering nice profit so that they can fund the scaling of the new markets. In this journey, we also need to invest in technology and organization. We are slightly behind on some things. We are managing super well. We are delivering a good service and operations are running, but it is running because we have people who are doing a hell of a job on a daily basis, and we need more tools to support that. So when we balance these things right, it is our ambition to hit the 20% by 2030. Along the journey, there might be some dips, but we will talk more about that in the yearly guidance and the reasons why or whatever. But eventually, this is our target. Of course, presenting the strategy and delivering the strategy and living up to the numbers in itself should create shareholder value. But on top of that, it is of course, first and foremost about living up to what we promise. Freetrailer has a great track record during the last four to five years of delivering, keeping promises and doing that. So we will continue to have that as our core. We will continue the recent journey about being super transparent, tell you what is working, what is not working, how you should view things and stuff like that. Hopefully, you will see that we are very transparent and open to any kinds of discussions. Then, of course, we want to make sure that we deliver the returns. If we cannot find opportunity to invest all the free cash flow we generate in the business, we will find ways to get it back to the shareholders. Because if we cannot use it, then definitely you should have the opportunity to use it. But let us see along the strategy whether there will be more opportunities. Right now, we have the share buyback program that is running towards the end of the year with the DKK 20 million buyback. That is, of course, launched knowing that in the first part of the strategy, we do not foresee any huge need for extra cash. Keep in mind that we are generating DKK 20 million -DKK 25 million in free cash on a yearly basis. On that happy note, I think we are approaching the end of the presentation. We will turn to the Q&A that has come in during my presentation or before we started. Christopher will help me out with any questions that have come in. Looks like there has come 16 questions or something like that. Yeah. I think we talked to the share buyback program, so we covered that one. The next one is about planning on entering the Polish and Austrian markets. They both seem like no-brainers in term of being very similar to the Nordic markets before you entered them. As part of the strategy, we have listed, I think, eight or 10 criterias that ideally should be represented in any new market that we enter. Those will be the ones that are driving. Whether Poland or Austria qualifies for that, it is not a decision we have made, and not something I really want to comment about. I think just one comment on Poland, keep in mind that Poland is a big country, so I would not consider Poland as a market. I would probably go in around Warsaw or Poznań or whatever, and then based on that, roll out if Poland should be the one. But that is to be decided later on. Great. Then we have a question regarding new trailers versus self-owned. What is the balance between trailers owned by us and partners? Can you give some comments on your CapEx investment? Yeah, I think that it's important to say that we own all the trailers. In the sense that whenever we make an agreement with a partner, it's our trailers and they pay for having their folie and their brand on it. All of them is owned by us. It's funded through our leasing set up, where most of the trailers are funded, and they are paid back on a three, four, five year basis, depending on the agreement and the current cash flow. Of course, if owned means once we have paid them back, then it's our and there are no expense on it. That's probably around 20%-25% of the trailers where there's no leasing obligation on anymore. Great. Then we have a question regarding EBIT. The question is, if it falls in the first investment years and then rise again in the end of the strategy period. I think it's too early to give any guidance on specific years. What we are doing right now is that now we have built a strategy, and we are starting to split it into a roadmap and a plan for what we are going to do in each of the quarters and what is going to be the investment and what's going to be the payoff. That work is being done now. We are, of course, going to balance things, both in terms of effort, but also in terms of investments. We have taken on more investments in this year, as you might recall from our guidance, that we have taken some investment both on the strategy and some people changes, but also investing heavily in the new brands that you're going to see soon, and also scaling up both the tech team and the sales team significantly. That is, of course, going to give us a payback later. We have already increased investments as we speak, but I don't want to give any guidance for specific years yet. Great. Something about the competitive market. How are we seeing that going forward? Brenderup entered this market 40 years ago. We came 20 years later and have nailed them. We are growing faster than they are in terms of both rentals and number of locations and trailers. I think we are at a good spot, but we need to stay on our toes. Our advances, I would say, is that renting out trailers is our core, so that's what we spend 100% of our efforts on, and can leave other problems to them and whoever on some of these things. It's great with competition. It's great that we are not the only one who are developing markets, but I think we are in a good spot when it comes to that, and I don't see competition preventing us from succeeding with this strategy. We have a question regarding the pipeline in Germany, and the pipeline of locations in Germany. While we do have quite a great insight to the pipeline, obviously, for any of our markets across the sales team, I don't think that's the time to talk about that. As you can see from other markets and from what we have talked about for now, it is very important that we focus on partners with foot traffic. So, partners where there's actually people coming by, that helps the rental frequency in the beginning. There are a lot of good discussions and deals going on. A lot of opportunities that. But of course, as we have said, we are focusing on Nordrhein-Westfalen as the core, but we don't say no to partners outside, and we don't say no to the partners who are good in Nordrhein-Westfalen, but also at other locations. We take them all. Great. Then something about the lifetime expectancy of the trailer. How long does a trailer last on average? Yeah. So right now it's around six years. But it's very different, and some of the things that we are going to work more with in the coming years is to understand the individual trailer better, so that we don't scrap a trailer based on the age, but actually on their actual lifetime. Also looking into opportunities to swap trailers. Because if you enter an agreement with a partner, with one location with a high utilization and another location with a lower utilization, after the contract period of four to five years, one is super exhausting and one is almost brand new. What if we swapped those trailers and worked with them in that way? So there are many ways that we can maybe work actively with the lifetime, but also extend the lifetime. Then there's a question about that we said that we want or we see only one platform in the market. Does that mean that we are targeting either taking competitors out of business, or does it mean that you are contemplating taking over or merging with competitors? I think it's almost the situation today, I would believe, that most people don't have two different apps for trailers. I think they have one, and if that one works, they will stick to that. Our job here really is to create the habit of the user, that whenever they have some interaction with their trailer, whether it being rented, borrowed, or owned, Freetrailer is the natural choice. That's what I'm striving for. I think that is an organic job to get there, and I think we are doing an amazing job with the 1.4 million registered users and the 780,000 active users. We are in a good spot, but there are more people out there, so we will continue that journey organically. Then there's a question about active users, and maybe I can take that. We define an active user as a user who has booked a trailer once in the past 12 months. 12 months, so within the last year. That's how we define an active user, and that's also the number that we will show going forward and have the ambition to reach 2.5 million in 2030. Then we have a question regarding dynamic pricing. Is it only rewarding frequent users, or is it also about raising prices in peak areas when demand is bigger than supply? Well, of course, you can speculate whether you want to raise your prices. You could also lower prices in periods where there's less utilization, so that you can see if you. We have never tested that, because we have the same price across all location, all weekdays in a market. Being curious about that is definitely what the dynamic pricing is about. How we then decide to do it is a different thing. But for now, you can say that it is nice to have the money from the people who are actually using it, but all the disappointed users who couldn't get a trailer on Saturday morning, I want them as well. Maybe if I can convince them to use it the next Tuesday using different commercial tools, then why shouldn't we go that direction? Don't interpret it as raising prices. Look at it like being curious about our pricing. Then there's an M&A question. Is there any M&A strategy or is the growth strategy purely organic? We are always considering M&A opportunities also because we have such a nice cash position. We owe to the shareholders, to you, to consider if there are any interesting M&A opportunities. So far, there has not been any. An M&A opportunity could be a competitor, it could be technology, it could be something else. But it is something that we are constantly looking into. But given our size and our organic capabilities, a player with 500 trailers is no longer interesting. It is really big scale that we would need before it would be interesting to go down that route. But we are curious and open should it occur. Then we have a question regarding the marketing cost. How big of a cost is marketing, and is there any plan to launch a referral program for users to lower the cost of acquisition? We are looking at Morten because there's definitely a tech part of this. The marketing cost, as I recall it, is around 5% of revenue on an annual basis, taking all kinds of marketing into consideration. We have been testing a lot during the last six months on marketing. What happens if we increase marketing, double marketing? What happens if we lower marketing? What happens to the cost of acquisition for the users? We are very curious about that. But that's the paid marketing. The beauty about our business is that all our users have the app, so all in-app communication comes with a completely different cost of acquisition. And for that reason, that is a very interesting route to go. The last thing about the referral program could be interesting. Again, we would need to understand what would it take to motivate people to refer other people. Is that a T-shirt? Is that a mug? Is that a free rental? Is that DKK 100? We do not know, but we are curious to look into that because, of course, customer acquisition, you always want to lower that. I would, though, say that compared to e-commerce businesses and stuff like that, our payback time on cost of acquisition is quite low. Then we have a question regarding one-off costs related to the brand and logo change, how much that will be. The investment for the change of brand and logo and stuff like that, the costs that we have spent to develop what you have sneak peeked now and you will see later on is already included in this year's budget and the guidance that we have provided. Of course, when you change logo, colors, and stuff like that, it comes potentially with a big investment, but we are not going to re-foil 8,000 trailers tomorrow. We are going to do it whenever it makes sense anyway. So you will see this gradually disappear from the market over some years. It is not going to be a one-off. That would be a hell of an investment that is probably not going to be worth. We will do it more gradually. Great. There is a question regarding our growth. On a consistent basis from 2030 targets imply roughly 200 rentals per trailer against roughly 250 today. About a 19% decline in units productivity while higher fleet utilization is named as the growth driver. Is that gap entirely geographic mix into Germany and the Netherlands, and what rentals per trailer do you assume there versus the Nordics? That was a long question. When you build targets like this, you have to be careful you don't get too enthusiastic in the Excel sheet. I think that it's important that we have some ambitious yet achievable goals also when it comes to utilization. Of course, the country mix is important here, and Germany is going to be our key growth driver during the strategy period. Also, even if we go into new markets end of 2030, Germany is going to be the biggest market and hence also the place where we have put most trailers during the next coming of years. That requires that we succeed in Germany, and that is, of course, also the biggest risk in this strategy should we not succeed for whatever reason. We don't have any indications that we wouldn't succeed, and if we see any indication, we will, of course, start working with it. It's not like we are going to sit on our hands and wait till 2030. We have been careful not to be too over-optimistic. You can say our system works. We know that we can get around 100% in utilization in a country like Denmark. Maybe the ideal number is around 80%, because then everybody can always get a trailer. You have to be careful it doesn't become too high because you lose some users. But we have built the plans, especially around Germany, in a not too optimistic way. I hope that answered the question. Great. I think we are out of time. Are we out of time? So maybe just a few last remarks from you. Yeah. So, super proud of the strategy. It's great for the organization that we have a clear direction as a team. It's important for us towards the shareholders. You don't have to guess anymore where we're heading, what we are planning, what we are working on. There are a ton of details behind this that we have not shared, and the reason, of course, is that we, as a listed company, we also know that competitors are listening in, and we don't want to help them too much. There's a number of things we're going to keep tight, but you will see a lot of great things coming already next week with the brand, but also towards high season next year. We have a lot of great initiatives going on, both on partnerships and services/user experiences. So a lot of great stuff. I think it's an ambitious plan. We, the leadership team and myself are committed, as well as the board, are committed to deliver this. We have plans where we are confident that we can deliver it, but it's not going to be a walk in the park. But that's probably also not what you asked for. We are confident, we are hopeful, we are excited. Look forward to the next three to four years and deliver on these ones. Thank you all for listening in, and wish you all a great day, and keep in mind that we have the reception discussion later today for the shareholders, where you can come by the office and we'll do the short version of this, the very short version, I promise. But then the board will also be there and talk about their thoughts around the warrant program and the thoughts about the composition of the board having this strategy in mind. On those words, hopefully see you later on or stay in touch. Thank you for today.