All right, let's get started. Welcome to the investor presentation in Freetrailer for Q1. My name is Thomas, I'm the CEO, with me today, I have Martin, who's the CFO. Martin has been here for four years, I've been here now for a bit more than three months. Super happy to host this webinar where we have around 40 people registered. Right now we are around 25, let's see if the remaining ones will check in. We will have an hour. We will go through the presentation, please feel free to share any questions or comments you might have. We will take the questions and comments in the end. The ones of you who have already posted a question, we will try to answer that during the presentation. If we don't succeed, please raise the question again, we will do another try. Let's dive into it and, of course, the first thing we just have to talk about. Is the notice that the presentation, of course, includes forward-looking statements, which means that there are a bit of alternative related to that, and you all know the drill about that. That was the formal part. Let's dive into the agenda, which is welcomed by me right now. We will take a tour around Freetrailer at a glance. Martin will take us through the financial performance and key figures, I will talk more about the outlook guidance and some of the activities that we have been going on right now. First up, as you have probably seen, we believe that Q1 has been quite strong, with a 26.4% growth in revenue at a profitable level, which means that we have also had or taken the opportunity to upgrade the guidance so that we are now guiding towards a revenue between DKK 168 million and DKK 178 million for the full year. We'll come more back to that. This strong quarter, and of course, the guidance is built on a number of important pillars, like the fact that we have been growing a lot with the 26.4% in Q1, and we can see that the rental growth continues throughout April and also into May, so we are comfortable with this upgrade. We have also seen more than 50% growth in our partners. Not only have we more partners but we also have more upsell opportunities on that. We also have a strong NPS of 80, so very strong feedback from customers and last but not least, we have leaned out and said that we expect to have 7,500 trailers in the market during the summer. That's quite a bold statement. As you have seen, we have around just a bit more than 6,700 as we speak, which means that we have to deliver 800 during the coming months. We have a very good relationship and discussion with Variant right now. They are performing like crazy with more than 70 trailers, closed trailers per week and still increasing, build a new production line and doing a lot of great stuff to support our growth. It is going to be a stretch because as we come back to later on, it's not just about the production side, there are more to it than that, but we believe that it's doable and those 800 will primarily go into Sweden and Germany but also Denmark and Norway and Netherlands, of course, will have some of these. We see growth across all of the markets and that's, as I said, the reason why we are comfortable upgrading the guidance for the full year. Let's just move on. This is, of course, not the benefit of Martin and myself only. We have a strong team in the leadership team with Sarah, Margret, and Morten. We have Brian and then Naya and Isha across all of the functions. Except for Martin and [Søe], it's a fairly new established team, but we are working super well together and as you know, we are right now working a lot on the strategy. Also we are not alone and we in total are 115 people across the organization, so more than 100 adding to this and the credit for these nice results, of course, goes to the full team. Most of you already know Freetrailer and what Freetrailer is about. It's a business or it's an organization that is back from 2004. We were the pioneers of sharing economy, as we called it back in the days. We disrupted the trailer market that was rented in a manual basis on gas stations and we managed to put it on the internet and later on built an app for it and now established in five markets, Denmark, Norway and Sweden, Germany and Netherlands and we have 298 partners across these countries from large partners with more than 500 trailers to partners with two or three trailers. It's really a broad variety of partners with whom we build our business. As you probably also know or most of you know, the business is based on this app where the user can book the trailer from home. You pick it up at the location using the app to unlock it and make sure that it is what it is. You use it, you return the trailer also using the app, and then most of our customers are very happy users of our application. It's really 100% self-service, and the few who need help during that process, we have a very solid customer service team that helps these customers to get issues, should there be any, fixed very rapidly. All in all, a strong solution that gives very little friction both for the users and for the partners. Briefly upon our portfolio, most of you probably know us with the closed trailer, but we also have the open trailers. We have the eBike, the cargo bike, and then the latest one is the mesh trailer that was developed originally for the Swedish market, but is now also available in Denmark and I guess soon to be in Germany as well, as I recall. It is a broad portfolio that we have here. Speaking about trailers, I find it tempting just to talk about the process. As you have seen from our communication, the trailer production and the trailer side has actually taken up quite some time for me in the beginning. The process from signing a partner deal is that we need to design the foil where the partner has a big role to play, so they can put their own fingerprint to the look and feel, which is good, but also takes a bit of time, of course. The trailers is manufactured, and then we have the activation, which is both the easy part, which is about putting it into the app. The more complicated part is actually delivery, and the most part complicated is actually the plates, because it's very different. In Denmark, you can get the plate in hours, if not minutes, very smooth and fully digitalized. In Sweden, it takes five weeks. It takes five weeks from the trailer is finished, which means that you cannot start the process until then. There are no dirty tricks to get that plate early on, which also means that we have a lot of trailers for the Swedish market that are ready to roll, but is waiting for the plate in the parking lot of Variant. Quite frustrating, but something that we are really working on. As I said, the collaboration with Variant is very, very good. They have upgraded production from around 30 a year ago to now 70, and we are discussing how to get to around 100 to support the growth, both in new trailers going to the market, but of course, also replacements with existing partners. Quite a lot is going on around the production. On the maintenance side, then if you don't know, then a Freetrailer is not a trailer that you buy in the everyday store. It's actually a trailer that is developed during 15 years and where we continuously improve the layout and the strength of each of the components, and we do that to lower maintenance and ensure that it runs smoothly again and again and again. Keep in mind that these trailers are used, some of the most used are used more than 300 times per year. It is used for all kinds of purposes, and it is used by people who do not own it. Their kindness to the trailer might not be as you might have yourself when you have your own trailer. It really needs to be robust. On a maintenance side, then we do some preventive maintenance around brakes and tires. We do some cyclic maintenance, and then we do the ad hoc maintenance from reporting from the users. That kind of ad hoc maintenance is primarily the safety wire, the nose wheel. Nose wheel. There's this Stig. Adapter. Adapter. Yeah. Those are, we are not from technical service. Those are kind of the three things that are the most typical one, and even on those ones, we are still trying to make them stronger. We have made some tricks to make it easier to replace and stuff like that. A lot is going on in that as well. Just wanted to give you a brief run into what a trailer is, if you shouldn't know, or at least what a Freetrailer is. Let's dive into the numbers, Martin. All right. Let's do so. Always a pleasure to dive into the numbers and also since Stig introduced a lot of the good stuff. To yes, Q1 have been a very strong quarter from a Freetrailer perspective. We have grown across pretty much all our most important KPIs. First of all, you can say that the revenue has increased with 26% in Q1 compared to last year. We have grown our rental products with around 22%-23%, and also the rental around 19%. All in all, that shows a lot about actually what we have been doing for the last 12 months, actually, because this is the benefit that we see in the period afterwards. Looking into this, what it is actually, Q1, it's a quarter with high demand for our products. It's a quarter where we also have been investing very heavily in adding to our demand, to the supply of rental products. Also we have put it out in the markets, primarily Sweden and Germany, to ensure for the future, to ensure that we actually are able to compete on all the city, all regions that we actually are ensured. If you're sitting outside, you will notice that actually the revenue has grown a bit more than the rentals. That is one question one might ask. Why is that? When we enter into agreements, we have a lot of partnerships, both new and existing, where partners also contribute both in actually how to do it, but also in the commercial side. They pay fees for the branding as such. That's part of the reason why we can be up with Q and Q1 with revenue compared to the rentals. Of course, rentals are our primary revenue stream. It contributes more than 85% of the total revenue. What is it when we actually say this? When we both increase the number of partnerships, we have increased the number of locations, we have increased pretty much on all sides. What is the downside of that? The downside in Q1 has been actually looking at the rental frequency. If I'll just take a glance to that. When we look at the top line, you see a rental frequency that has gone from 67.7 last year to 65.7 this year. A decrease on two percent points. Again, seeing from a perspective, if we are not growing, that would not be very good. Seeing from perspective where we are investing in the future, we have adding a lot of new products into the Swedish and German market. This is actually much expected when you grow that much, also in a period of time where it's not our peak season. If we take a dive into the country, we can see that the Danish market is actually performing very well. We have increased utilization rate in Q1. The same goes for the Norwegian market. Again, think about this is actually a time of year where a lot of snow, a lot of frost, a lot of not very pleasant weather to drive a trailer, but still we have been able to increase it. The Dutch market, we started in 11th of March last year, and actually we have managed a utilization rate in the first quarter where this year on 53%. It's a very strong number from a market that is not even this time of year, 12 months old. I think it shows a lot about actually entering a mature market with rentals and that our model works there. Actually, I think what we talk about always is this is actually a very interesting way of looking at how is our rentals during a 12-month period. For the last five years, we have actually adding more than 1 million rentals per year. Going from around 700,000 on the existing market to now going up past 1.7 million is in only five years. We spent the first 20 years almost 700,000, and now in last year, we have added 1 million. I think that the scalability of our model is showing very well here. Again, we are also a seasonal product, if we look a little bit, dive into the month of this Q1, it is very easy to see that, of course, when it depends whether you have 31 days or 28 days in a month. The fact that we actually grow each year, that we grow the number of rentals, that we actually, with our supply of rental product, we also see the demand in all markets. We want to make sure that we continuously provide products that people can actually use, that they can rent. The more, somehow, the more rental product we put out, the more they are going to be rented. You can see that very much in Denmark, but also in the Dutch market that so quickly adapted to this. Looking at just the March of 2026, seeing how much actually one month on almost 160,000 rentals, that was pretty much what the highest number of rentals were a couple of years ago in our peak month. Yes. Again, just going a little bit back, take a look about the number of rental products, again, showing a lot about where we are and how much we actually have grown from 2,500 in 2022 to almost 6,700 right now. Yes. Again, coming from 2022, when I started in Freetrailer, we were in the middle of the COVID pandemic. There was a lot of strange things going on there. It was a little bit people were home. They actually spent a lot of time renting a trailer. That was a very unusual year. Otherwise, as you can see, we are very pretty much stable rental frequency around the late 60%. Again, bear in mind, we have put so much new product into the market. Quarterly revenue up, as we said, almost 26.5%, ending on DKK 35 million compared to DKK 28 million last year. Almost the same amount that we have in the top quarters, going from April 1st to the end of September. Very strong quarter. All that comes down to actually, are we able to make money on what we do? How is our margin performing, and actually, why are we seeing this? Again, when we are adding this many trailers into the market, when we are entering into so many new partnerships, adding so many locations, we also have a lot of cost combined with actually doing so. When almost hitting, what, 300 partnerships, more than 1,800 different kind of locations across five markets, it is a cost that comes along with that sales, both the sales and operation. Partnerships with that many affect both sides. I think that when we saw Thomas mentioned the new mesh trailers. A lot of open trailers. The change in product mix from the traditional closed trailer to the open trailers also comes with a lot of cost on the new kind of trailers. The closed trailer doesn't cost as much when you sell it. It's easier to brand. It's easier to put out. Adding to that program with both Open and mesh trailer has increased our operation cost, both with sales and operations. That's part of the reason why we have had increasing operation cost and increasing sales cost this quarter. That hits our EBIT. Is that very bad for Freetrailer? We still make money. We have an EBIT around 4%, and we have invested very much in the future. We make money and we invest in the future at the same time. I think that's also something we should be very pleased about. Our cash position are still very strong. We have a lot of cash on our hands, to be honest. Yeah. Why do we have that? We had the same question last year at that time, again, from our perspective, it's very much about how do we see the future? Are there any possibility, for example, for M&As? Do we go back into make share buyback? That's also a consideration that the board and management have on a regular basis. For now, we are very happy that we actually generated that much cash. It's probably also fair to say that we have the strategy- Yeah. ...that we're working on these months, the strategy might come out with a need for certain investments that we cannot foresee. That's also why we are not doing anything right now, but making sure that we keep them in a safe place. Yeah. Good point. Thanks. I think we have been through much of this, but just making sure a little bit that because a lot of the questions that some of you have asked us prior, and then in mails and in conversation up to the quarter, the questions you have made has been very much about actually what are changing in our earnings. As you can see here, again, looking into this, it's much about driven by activity. It's much about actually entering into new partnership, adding to the number of products, and adding a lot of new rentals into this. We increase our revenue. That's of course, very important, but also come with cost on the other hand. You cannot run a business in five countries with only 70 people. We are now almost 110, 120 people in five markets. When you grow an organization as much as we have done the last 12 months, you will also see increased cost. It doesn't come for free when you have this many locations and trailers. They need to be serviced performed, and the performance of also making sure that we are on all platforms marketing-wise, sales-wise, partner-wise. That also, of course, is part of all that. All in all, a strong quarter, and with some cost related to it, but nothing that's out of the ordinary from our point of view. No. Fairly close to budget. Very close to budget, so. In that sense, no big surprise. No. On that happy note, thank you, Martin. Let's talk about the guidance. As we alluded to in the beginning, we have raised the guidance on revenue so that we are now guiding between DKK 168-DKK 178, which represents between 17% and 24% increase year-over-year. When it comes to the EBIT, we have guided between DKK 20 and DKK 30, we have not changed that guidance for now. There are a number of reasons for that. First of all, as you know, I'm new to the business. It's early in the year. If you think about it in a numeric way, we have now realized DKK 1.4 million in EBIT. We are guiding between DKK 20 and DKK 30, it's quite early. It's quite a limited part of the year. We are going into the high season where we normally make more money, and that will give us a clearer view on where we stand. We're also working on the strategy, which means that we want to have space to do the investments that is needed as part of that strategy to get there. We also, as you alluded to, we have the mesh trailer, we have some partner renews last year that has given us a number of one-off costs in terms of foil and stuff like that we are also needs to get through. All of that falls into the fact that we have decided not to change the guidance for now. As we said last quarter, we are looking to narrow. We are aware that DKK 20-DKK 30 is quite a wide gap, so a wide spread. We are going to change that in Q2 to narrow that down, let's see where that is. Last, but also not least, I want to say that this company, during the last three to four years when you have been here and Nicolai, have made a great effort in making sure that we don't overpromise, that gives a stable share and share price for that matter. We don't want to risk that by being over-enthusiastic following one good quarter. I think it's in everybody's interest to be a bit diligent about that. Those are kind of the thinking behind the guidance on EBIT. All right. That was the financial part. I would like to dive a bit into some of the things that we are working on to accelerate the growth that is related to some of the things we are working on in Q1, but also some of the things that we are working on as we speak. If when we just look at our market, these are some of the numbers that Martin alluded to, put up in a different way, where you can see the utilization rate and the number of rentals across markets. The dimension that I also want to talk about is the pricing. We have talked a lot about the pricing, our current price level. Let me go through the markets kind of in three different groups. First of all, Denmark and Norway, we believe that we are at par compared to competition. We don't have an ambition to be very cheap. We don't have an ambition to be more expensive. We believe we have the best solution, the best solution also needs to come at a fair price. We are at the market level in those two markets. Of course, depending on which rental period you look at. If you look at, as an example, three hours, we are at par. If you look at six hours, we are slightly cheaper, 24- hours gives a different picture. We are never more expensive than the market. That's kind of the situation in Denmark and Norway. In Sweden, we did the same analysis, we could see that we were more cheap than our competition, we had a different rental period. We are changing the rental period actually a week from now on the May 27th. We change the rental period to three hours, extra hours, we change the charge. A couple of other things. That, of course, is going to give us a lift, it also impacts the average rental time. We have seen that the other times when we are changing rentals, that at least on short term, it does give a dip in rental time, sometimes it comes a bit up again. We believe that the impact from the Swedish one is going to be around between DKK 500,000 and DKK 1 million in impact in this year. The last two markets are Germany and Netherlands, we believe that we are cheaper than competition in both markets. Not very much cheaper, somewhat cheaper. Since those are kind of our two primary growth drivers, we believe that it's right for us to be cheap in those markets. Also because we know from some of the analysis we have made as part of the strategy, that the users in Germany, they actually see price as the most important thing compared to Denmark as an example, where it's location that is the most important thing. Price is very important in Germany and Netherlands, and for that reason, we are cheaper than average. That is the philosophy in those markets. The next one I want to allude to is Germany. There's been a lot of discussion about Germany, probably since we launched back in 2015, when a great work was done to get IKEA on board. We still have IKEA and just extended that agreement some months ago across all of our markets, so the global agreement. We had talked a lot about Germany and maybe the lack of success in Germany. We believe that one of the reasons why we have been struggling in Germany is that we have been focusing on Germany. That's not how we win. You might be able to do that in a smaller country like Denmark, maybe even Netherlands, because from a geographical point of view, it's a smaller area. Germany is not. It's no surprise. We have decided to focus on the North Rhine-Westphalia, which is the most populated area, and that's also the area where we have most trailers and the highest utilization. We are going to focus on that area, and we're going to drive more activities into that, both from a sales perspective, we are right now looking to hire four new salespeople, and then also from a marketing perspective, supporting that both on ground but also online. Focusing more on that area, adding four new people, is going to see if we can make that part of Germany grow, and of course if/when we succeed with that's going to be the opportunity to go into other parts of Germany. The higher density is what drives a solid business for us, so that's what we are pursuing with this new strategy. We know that there are a lot of people out there who, just like ourselves, are big fans of Netherlands as well. Please keep in mind that Freetrailer is a company who wants to succeed in all the markets. We are in five markets right now, which means that we need to succeed in five markets. We want to succeed in five markets. The focus in Germany is not on behalf of other countries, it's in addition to other countries. We will still do whatever we do in Denmark, Norway, and Sweden. Right now, from a sales perspective, where we have a fairly nice density, however, still with opportunities, we just talked about Germany. We are going to do something similar in the Netherlands, i.e., focusing more on sales, adding more sales resources for the Dutch market so that we can succeed in Netherlands as well. We need to create an organization where we succeed both in Germany and in Netherlands at the same time. That's what we are going on. I hope this gave some clarity to what we are thinking about in Netherlands and Germany. I want to talk a bit about the competitive situation. First of all, we strongly believe that competition is a good thing. Competition does a couple of things. First of all, we're not the only ones developing a market. There's someone else helping us develop the market, but it also keeps us on the toes. That is always healthy for an organization to stay on the toes. On your toes. The trailer rental market in the Nordic countries has been 100% owned by another competitor for quite some years, until Freetrailer entered the market in 2004. Since then, there has been a competition where we have just gained more and more market share from their business. It was based on gas stations back in the days, and you all know how the rentals these days is not about gas stations, it's about commercial sites and stuff like that. What is happening right now is that these gas stations are closing down a lot of their trailer rental business because it's not a good business, and they need the space for electrical power supply. For that reason, that part of the market is shrinking, which of course makes it even more important that we work with our partners. That is what we are doing. Everybody can hand out cheap trailers, but what I think that Freetrailer does well is that we are much more than just. We are the marketing channel, and given the fact that we have a very, very high utilization, it gives a very high OTS, as it's called, opportunities to see, which is a marketing expression that talks about how many people are actually seeing the branding on your trailer. It gives a very high branding return for the partner. It also gives proven traffic to the stores. We know that we have some stores where each rental gives on average DKK 150 in revenue for a store. We have data on that, so we know what we drive to the store. With our latest initiative I'm going to talk about later on, which we call Freetrailer On Tour, we get more and more commercial hooks into the experience of the partners. Those are things that we, having trailer rental as our core business, that we can do. If you have trailer rental as part of your business, it's much more difficult to put all these efforts into this because there are other parts of your business that takes away your attention. For that reason, we are quite happy on the setup, and we are quite proud on the value we bring, and this is confirmed by the discussions we have with partners, as myself and Martin are also meeting with partners from time to time, and they all confirm the same, that we are so much more than a great opportunity to get goods transported in a convenient way. Speaking about competition, I want to share a real-life example of the dynamics that we have seen lately. Not so long ago, Freetrailer lost a significant partner in one of our markets. It was a partner with 300 trailers. The areas or the cities where they were based, they had almost 30% of the bookings. Losing a partner, might think that you would lose 30% of your bookings in those areas. The good news is that that did not happen. On average, we lost 0.65% of the bookings. Compared to 30% that were at risk, we lost less than 1%. That is because we have the relationship of the user. Back in the days, the trailer rental journey started at the gas station. Today, it starts in the app. If the one location is no longer available, either because it is fully rented out or because the partner is no longer on the platform, the user will find another location in the app. Thanks to all our other partners and all the trailers that has been put in the market, the market was able to absorb that, and as you maybe noticed when Martin went through the numbers on a country level, there were a couple of the countries who went up, and I'm wondering if it wasn't one of those countries where this partner was based that actually led to a higher utilization because we had less supply. The good news is that + 90% of our business or our revenue is from the users, and having the users as our best friend is what drives the business and also what gives the stability in this business. Obviously, this doesn't mean that we don't care about our partners. We care a lot of our partners. We invest in that, which I will come back to in the next slide. We are always doing our best to retain the partners. I think that the good news here is that should it happen that we lose a partner, which does happen when you have so many partners like we have, then we have a solid business who will change the revenue from that. I think this is a really good real-life case on how strong Freetrailer is when it comes to the loyalty of the customers. Speaking about partner loyalty, let's move to the last one. Two weeks ago, one week ago, we launched the Freetrailer On Tour, which is about creating awareness with the partner. This both gives an opportunity to do some events, support some events with the partners. It can be store openings, reopenings like it was last week, all of those events. It could be Black Friday, it can be anything. We have more than 25 of these events planned throughout the countries in 2026. I'm pretty sure more will come. It's also a great opportunity to get close to the users and speak to them about how they appreciate Freetrailer. Keep in mind that even if we want to speak to the users, it is a self-service solution where the optimal situation is that we don't talk to them. We only talk to the ones who get in trouble in some way or the other, which we fix quickly. The 8%-9% of the users we talk about, being part of Freetrailer On Tour gives us an opportunity to talk to the other 92% of our users. That is, I will personally say, a very great experience and get that firsthand on how they appreciate our solution and how self-explanatory it is. Really great opportunity and something that I'm really proud of that we can pull off, and I think this is just the beginning of what we can do. Last up, before we have the questions coming up, just a few words about the strategy. You know that we had the Mont B lanc aimed at 2027 to reach 7,500 trailers, which we believe we will do during the summer. As we have launched earlier on, we are working on a new strategy, and that work was initiated in April, and we just had the first workshop earlier this week in the senior leadership team discussing the foundation, looking at the interviews that has been conducted with the users, with the partners, with the management, with the Board, and other key stakeholders. We are starting to dive into some of the hypothesis that we are going to work on, the strategic initiatives, and later on, we are going to work on the financial ambition, and we expect, plan to launch this on September 17th. You will hear much more about that and the events we are going to plan around it, but September 17th, we are going to share the new strategy and what the financial ambitions are going to be and what the initiatives are going to be and how we dream of Freetrailer is going to look like in 2030. That concludes the presentation that we had prepared. Hopefully, we have answered the questions that has come in in advance. As I said in the beginning, should that not be the case, then please feel free to share the questions again or rephrase them so that we can get all your questions answered. Let's see- Yeah. ...what's coming in, Martin. Yes. Let's see. We will just, John, see. You have made a lot of questions during the last 40 minutes, so we just need to look through. We have just getting up on screen now. Yes. Should we just take it from the top? Yeah, let's do that. Yeah. First question goes in whether we are going to split our investment in our I've just completely lost words. I just totally forgot the English word right now. What's the Danish word? The investment in our product, in our. Assets? Assets. Thank you. That's. Yeah. In our assets, what kind of is research and development for our app, and which one is actually our trailers and that kind of thing. We expect right now to have the same kind of investment level in our research and development. That's the level that we are at. No big change there. That is our still expectation to invest into our app. We do that on continuous basis, and we have a lot of plans to both for partners and end users. That we expect to be the same or more. From investment, I think that from our trailers, it goes pretty much in the line with Thomas also just mentioned that how is, as you see how many rental product we have. Yeah, I think it's very clear in our financials how much it is and, yeah, I think that's pretty much that. There's a question around the change of CEO, whether that has impacted the Q1 and the answer is yes. Yes, it has. It's very natural when there's a change of CEO that there's a period where there are double salaries, and we also have that. There's a transition period and stuff like that. That's also the case in Freetrailer here. I would say that we have a good relationship and this morning I had a dialogue with Nicolai over mail, based on the Q2 numbers. Always good to have that kind of sparring. Yeah. A question around trailer allocation. I said that the trailers, the 800 trailers are primarily going to Sweden and Germany. The question is that, when we have a lower utilization in Germany, but a higher one in Netherlands, why then prioritize Germany over Netherlands? I think that's the wrong way to look at it, to be honest, or I hope that I can convince you we should look at it differently. It's not a matter of prioritization. Right now we have a big backlog of trailers. We all know that. It's something we inherited. We are trying to lower that one. The fact that we are putting more trailers into one market than another, in a quarter is also a bit of matter of coincidences because we have, not coincidences like real coincidence, but it's like, when you work with these big partners that really drives a big rollout of trailers, then some might fall in one quarter, some might fall in another quarter. That is what this is really about. Keep in mind that we don't have a limitation in number of trailers, right? We can increase production, not overnight, like we have just proved, but we are increasing it. It's not a matter of whether we should put a trailer into Germany or Netherlands. We should put it into both markets if it's a good business, and that's what we are working on to make sure that it is a good business in not only those two markets, but in all markets. We have a question about the dropping rental frequency in Q1 and Q3, and what is actually the sweet spot for those and what's the strategy around that? I think that's very important also to see that when we are growing as much, it's not only the fact that rental frequency falls, it's also the fact that we are expanding a lot in all markets, in many different locations. It takes some places, that's not Denmark, but maybe between 12 and 20 months actually to get a new location up and running in the same level as it has been. When we invest so much and actually be available for all our users in so many areas, it will reflect, it will change the rental frequency. If you look at very specific regions, you will see, as Thomas mentioned, in Germany, for the southern German market, we have a high rental frequency. When we measure on a total market, it looks a little bit differently. We are looking more and more into regions instead of just a big market. Will we have the same rental frequency with the product mix that we see right now, open and closed trailers in the winter as in the summer? No way. We can't have that because of the open. It doesn't matter. It doesn't mean that it's not financially doable. It's actually we still make money of those, and it's part of actually being available for both partners and end users all year round. I think that's a very good point, and maybe I just repeat it, but anyway, I think it's very important that you don't put a trailer into a country, you put it into a market where there are a number of people within a radius of 10 km from that who are going to use that. You also have areas in Denmark with, like Læsø as an example, with a very low utilization. You cannot see that with the information you have because we look at Denmark as a general, whereas Valby or whatever has a crazy high- Agree. ...utilization. You cannot just put in more, 100 more trailers in Valby because we are struggling to find places for it, right? It's really about, we are working smart with this, putting the trailers, doing our utmost to put trailers into the locations with the biggest, or highest utilization. Which also means when we have discussions with larger partners that might have 100 locations, sometimes we tell them we don't want 100 locations because the utilization is going to be too low in some of the areas, so we would kindly ask for only 70 of those. That is also what we talk about, and then of course, we try to see how we can develop the other ones. We are quite diligent, in this way of working with locations, utilization and stuff like that. Yeah. We have a question about the cost, about the new trailer, the new product mix, and how we do that. Again, I think it's very important that we have around 300 partners, different kind of commercial agreement, and different kind of way that we both have revenue and cost sharing. Again, does it reflect that do we take all the cost always together with the partners? Everything is a commercial agreement. Some partners pay upfront something, others pay during a year, and some have a different kind of agreement. Some things we absorb 100% ourselves, some things is shared, and again, it's a matter of different kind of setup from each partner. It cannot be said by generic that we have all the cost ourself. It is different from case to case and partner to partner also regarding size. Yeah, again. The depreciation one? Yeah. Yeah. Yeah. We have a question about why our depreciation fall in Q1 and Q4. I think, again, bear in mind that we have around almost 7,000 trailers now. The age of the trailers is a little bit different. Three years ago, we changed and said we want to keep the trailers more. Some of the old trailers, a lot of the old trailers that has now been on our hand for more than five years, they are no longer being depreciated. Our mix of actually how much is on our own books and how much is leased is changing a little bit, so that's also why it's falling. On the other hand, which is the funny part is, when we have about financial leasing, it's not linear, the depreciation. It depending on how much is actually on our hand with the lease. It's not 100% same, some is actually being phased out a little bit quicker than others. Yeah, that's why there's change during the quarters. There's a question around share buyback program, how we look at that, also to kind of support the share price and the liquidity in the markets. As Martin alluded to previously, we are aware that we have a lot of money in the bank. We have this on our radar, we want to make sure that we invest the money in the best way. When we have the strategy, should there be opportunities to invest that we find more attractive than buying back shares, we will do that. If there's not, I'm pretty sure that the Board will, with us, discuss whether we should have a share buyback program, it's too early to conclude on and not the right forum to agree on. There's a question around why a large partner like Salling decided to change partner instead of Freetrailer, what the explanation is. I think it's only fair to say that, I don't want to share that, because I think it's confidential between the partner and us. I will say that I have personally talked to them, and I know exactly what the four reasons are for them changing, we know exactly what we need to step up and do better, not only for Salling, as mentioned here, but for all our partners, make sure that what really matters for them. I think that most of these we are already doing, but there's probably one or two where we still have some work to do, and we are working on that. There's a question here, I'll just read out loud. It's around the pricing for our partners compared to our competitors. I think that it's very difficult for us to say how our competitors' prices are with their partners. I can say that the important thing for us is that we provide a big value for our partners. For us, it's a matter of the whole thing, as Thomas also mentioned, we drive customer, we drive exposure, we have the possibility of them having the last mile delivery. For our point of view, it's much about the total value creation for us and our partners and how our competitor is, it's between them and there, but we don't see us as being expensive or anyway. I think we are very much on par with that. We also have many examples because it's of course fair to talk about what the price for the partner is. We, of course, like any other sales organization, like to talk about the value we create. We do have partners who have offers from other competitors where the price per trailer is lower, but the value for them with Freetrailer is bigger, and for that reason, they go with us. It's of course one parameter, and we cannot be completely off on that, and we are not, but it is really about the value-based selling, which I think we do fairly well and have always done. What's that? Okay. Yeah, sorry, it's just my text become small. We have a question here about how should the utilization rate be for EBIT to be on DKK 0, I think on a yearly basis. I think again, looking at back to what we talked about, how is rental figures should measured, should that be from the northern Norway to the southern Germany, or should that be individual region or how should we actually look at it? The EBIT is, of course, as you have seen our guidance. Again, looking into how many rentals we actually expect, I think it's pretty fair to say that based on all the facts that we've seen, we can have an EBIT on rental frequency that would create an EBIT on DKK 0. On the other hand, we also want to invest in our future business. That's not actually something that we will be that open about. Yeah. That's to be honest. Yeah. Okay. We also have a question here. Yeah. I think you are better at- No. ...answering. Yeah. It's about the investment in trailers, how do we fund it, and if the interest is fixed or variable. More than 70% of our fleet are leased, and the leasing are done with a fixed interest. We know exactly how our exposure is, and we do match that with our partner agreements so that the rental and the partnership and the lease, it's pretty much even out. That's a fixed kind of exposure. There's one for me, which is about maintenance of the trailers. It's about replacing tires. Do we change winter and summer tires twice per year? Yes, we do that in Sweden because it's by law. The other countries, as far as I remember, it's not by law, we don't do that. Yes, it's a big cost, and yes, we are talking about how we can do that most efficiently and if we need to do it on all trailers, because in wintertime, the utilization is different than in summertime and stuff like that. It is a big cost, and it's one of the costs where there's some legislation that we have to live up to, just like the fact that we need to get it approved in Germany on a yearly basis, which is a huge hassle. There are some of these things from a compliance perspective we need to live up to, and of course, we do that. We have a question, I think also there for you, Thomas, that you can have. Now, we have a question regarding our in-app solution. How is it that, and how far have you come since launching that last year? Do you want to do it? regarding our in-app solution. How is it that, and how far have you come since launching that last year? Do you want to do it? regarding our in-app solution. How is it that, and how far have you come since launching that last year? Do you want to do it? We have tested it. It's there and it has a value. We are discussing that we should probably take this to the next level and integrate it more with the partners so it's not just an app, but maybe a QR code that gives you certain benefits when you rent a trailer and stuff like that, which we actually discussed this week in the leadership team, that we should have on our roadmap to work with. It's working fine. It's a nice add-on that we can talk about. The partners appreciate it. It's not going to be a big value driver for now. The B2B app. A lot of the work has been done, which means that the work we are aware of has been done. What is that? Well, that's something about VAT. It's something about having multiple users. It's something about invoices and other things you need as a business to have on your invoice to make sure that you can invoice it further to other people on your projects and stuff like that. All of the technical work has been done, and we are right now testing it in Sweden with a partner. This is also an area where I think that there are more aspects we need to cover to make sure that we get the most out of B2B as well. That's what we are testing, but we believe there is a market, and we are pursuing that as we speak. There's one final question before leaving. That goes to, I think that there's a question about why should there be a warrant program, but not a stock share buyback. I think that there's a lot of possibility of answering that. Again, the fact that we have a warrant program, I think also a matter of actually being able to provide an attractive offering for new employees. A lot of people actually join us because we are a very interesting company, and they would like to be part of the journey. That is part of actually being on a growth, being on a spotlight as we are. I think that actually a possibility that we have because we are listed. Again, why not share buyback? What we haven't said is share buyback is something that the Board actually provides a solution for and not a decision for whenever. If we want to make use of that's what we're going to do. Yeah. Anything to elaborate on that? No. Time will come. I also think I understand why it's boiled into one question, because you use share buybacks to offset warrants, but there are many different aspects in that, as you talked about, Martin. That's about how you allocate your cash. That's also about attracting employees. Keep in mind that if you don't have warrants, of course, it's fine to have a company not having warrants. You just have higher salary or bonuses or whatever. I think what we think about is, as Martin talked about, the people we attract and want to attract are growth-driven people who appreciate the value of a warrant. It's easier to attract the right talent with a warrant program. Again, it's not up to us, Martin. No. We would have tons of it. No, just kidding. It's up to the Board to present this and up to the shareholders to approve it or discuss it. It's basically out of our hands. I think that was all the questions, actually. I think that concludes. If no further questions, time is also up. Thank you for attending. Should you have any questions that are not addressed or anything, please share them. Send us an email, share them wherever you can. We are happy to elaborate to whatever we can. Thank you for all of you. We were almost 50 at high in this call. I really appreciate the interest for Freetrailer and the support you give us. Thank you so much, and have a great weekend. Bye-bye. Bye.