Welcome to the webinar this nice Friday. Freetrailer webinar based on the Q2 numbers and the release we did this morning. With me today, I have Martin, our CFO, and myself, Thomas Zeihlund, been with Freetrailer for half a year. We look forward to going through the presentation. First of all, the usual disclaimer about the forward-looking statements that the reality might differ from our forward-looking statements, and so be it. You know the drill. The agenda of today is, let us just dive into Freetrailer at a glance, and this is just to make sure that should there be any new listeners, then they know what Freetrailer is about. Then we are going to talk about financial performance and key figures. Martin will take that part. We are going to talk about the outlook and the guidance. Then we are going to take a deep dive into some specific areas, and this time we have decided to take the countries and take each of the countries and give you a bit of insight to how we see things. At the end of the presentation, we will be having Q&A. If you have any questions, please feel free to post them already now, but we are not going to answer them during the presentation, but in the end. This is really just to make sure that we have a good flow in the presentation, and I hope that works for all of you. With those words, let us dive into some of the highlights. As you have seen, hopefully in the presentation, then we have had a very good performance in the first or second quarter with 26% growth in revenue and nice earnings. Based on that, we are lifting our guidance. You will see more about that. The strong foundation and the strong performance is based on a number of things. First of all, the number of rentals is growing significantly, namely with 22%. You know that we had a very strong beginning of the quarter with a very strong Easter and stuff like that. Then in June, there was a bit of warm weekends, which drives the traffic down. Anyway, 22% is still very, very good in our own mind. The numbers of partners are growing significantly, 35% year-over-year. That is super important because we want to spread the dependence on individual partners. That is one thing. The other thing is that it is very common that you enter a relationship with a partner and then you increase the number of trailers when they get more comfortable or we see more opportunities, they open new stores and stuff like that. So a partner is really something we work with and grow with throughout the period. Supply was a big issue in our first quarter release, and I am very pleased to see that we have changed that game significantly. We are now at a place where in the end of June that we were very close to the 7,500, and those of you who read our monthly numbers will see that we have exceeded that by now and are above the 7,500. Still with a very big pipeline of more than 1,000 trailers in pipeline. The pipeline, of course, is based on new sales together with the replacements. That's a natural part of our business, but we have a solid collaboration with our suppliers, and I think that the speed of rollout has gotten to next level, really. That's very, very important. A very important thing in this growth is that we don't grow at the expense of our partners and our customers. The NPS is very, very high, namely 80. I think that's only what you could wish for. When you remember that we have more than 1 million users that interact with us frequently, then such a high number is very, very important. This is really the highlight of this presentation. We will come more into both the volume numbers and the financial performance and of course, also the guidance. Just Freetrailer at a glance. I'll do this very, very fast, but we were established in 2004 as a player disrupting the good old system where you rented a trailer by going to the local gas station. We start to disrupt this market. Today we claim that we are the market leader with more than 1.8 million rentals per year and 1.3 million app users. We are active across five countries with almost 2,200 locations end of June. We are 100% based on tech, primarily the app, where people can both book and you use it to rent the trailer as well. As I said, we have a number of trusted partners that we work with on a daily basis. A very, very strong foundation and just a bit of a deep dive into we are a platform and on one side we have the partners where we provide the trailer and they have the parking lot and they get the marketing so that they both get the opportunity to provide an easy transportation for the customers, but they also get the local brand visibility and also traffic in the stores because we know that quite a high percentage of our users, they go to the store when they pick up a trailer and buy something they didn't plan for. We are really also driving traffic to the store. On the other side with the users, it's very, very easy. It's very affordable. You don't need your own trailers. You can actually get it for free, as our name indicates. 10, 11% of the users actually use it without paying anything. The rest decide to pay a reservation fee or an insurance, or they wanted to use it more hours. This is really how Freetrailer works. With those words, I want to hand it over to you, Martin. Thank you. To give us a bit of insight to the financials. I will do so. Yes. As Thomas just went through some of the highlights, it has been a very successful quarter actually. We reached around 560,000 rentals in just three months, an increase of more than 100,000 if you look in relative numbers, comparing to a growth in 22%. For one quarter, that is actually very impressive. If you also combine that with the growth that we have seen in our rental products, as you can see, we went from 5,800 last year to 7,200, a growth in 23.7%. Very close to each other, so actually it means that we can actually provide a trailer and that actually also being done as a rental. So for us, very important thing when we put a trailer on market, this is being rented out. These things in combination, provided a growth in our revenue of 26%, so that we actually hit almost DKK 50 million. Compared to what should we say, the financial year end in 2021, then we actually had a year end result on our revenue of around DKK 57 million. In that setting, you can say for just last five years, we have grown pretty much four times as much, right? So a huge difference. We have become a company with a substantial user base, a substantial partner base, and as Thomas said, 2,200 locations spread over five markets. All those in combination, that of course also when you are growing that much as we are, that also comes with a price in certain quarters. This is one of the things by being listed is that we need to provide numbers every quarter. If you look a little bit closer to the utilization rate in this Q2, we ended up at 87.8% as utilization. Compared to last year, that is a bit of a drop, only 0.8%, but still a little drop. On the other hand, if we look at that we actually managed to grow in five markets, 23% of the trailers, it is very small thing that actually happened to the utilization rate. So even though we have been growing so much across so many new locations, we actually pretty much maintained our utilization rate. If you look at the last five years, not with COVID in mind, but after COVID, this is actually around the area that we can expect around 88% to 90%. So we are at the level that can be expected when we are growing. EBIT came in around DKK 8.8 million. Again, a drop if we compare to last year. From a relative thinking, that should be not very good, of course. On the other hand, if you look at the guidance that we gave, of course, when we launched last year's financial and also the one we adjusted, we knew that we would have a quarter one and two that would be a little bit less than we had last year. In that saying, we have had one-off costs, as we also mentioned in the report. Those one-off costs, actually, if we look at it on a basis for Q1 and Q2, that would actually take us very close to last year, around 17% in our EBIT margin. So again, we are growing. We are investing into the new countries. We are investing into our partnerships. We are also adding new trailers in the Q1 and Q2. We have added mesh trailers onto the market that will also come with a cost. We have been working very hard with Variant and Variant to increase the number of trailers that they can produce. That also, of course, not something just come out. Finally, we also seen that growing this much also put a little bit of pressure on our locks, which means that, as you can see in our report, we also need to do a little bit of adjustment there. But all in all, an EBIT and a profitability that we actually—earnings that we actually expected going into the year and not that much surprise from our perspective. We also decreased the gap on the guidance on this because we are now closer to knowing exactly how all these transition costs actually been. We also, again, have had a change in management this year. That is also something that have been fully recovered now in these first quarters. We have just been through the monthly rentals. You have also seen those both in our traffic report and that, so I will just skip that very quickly. Again, if you look about the number of rentals and products, the curve from where we are coming to and from is actually very substantial. If you looked at our numbers in end of July, you also see that we are almost now 7,600. The increase and the ability to grow are there and will continue to be there. We invest. This combination of rental investment, new market. How does that actually reflect our ability to put a product in the market, and how many times are they rented? Last four years, we have been very close to the 88%, and that goes, as you just saw before, with a double growth or a double number of trailers in the market in the same time period. Revenue split, revenue per quarter. As I said to Thomas, I like this graph a lot. We can hardly push in the 2026 second quarter with the DKK 50 million. Again, the most important thing here for Freetrailer is that we have been transforming a lot from a company with both B2B and other revenues into a very much B2C-driven revenue. Our rentals very clearly goes to the top line. We see above 85% of our total revenue will come from B2C, which is a transformation that we have been through the last three to four years. Good. Then again, always important to take a dive in to see how are we actually earning our money, and how much from the revenue can we actually do so? Sometimes when you are a company with a less balance sheet and a less P&L size, any one-off cost will hit you a lot. We saw that in 2023, where we actually ended up an EBIT margin that was negative. Going from that point to where we are now, where we actually are able to absorb the changes, also when we invest into the future, when we invest into new folios, new products, new markets, we are actually able to maintain an EBIT margin around 12%. That is still within cost, as we mentioned, around DKK 4.5 million. That is one-off. An extreme important journey that we have been through, and also being able to absorb a normal way of actually handling business with this. The P&L and the change in EBIT. We have seen already upfront that some of the questions that you have is actually what is going on? Why are EBIT changing? I think now I have just been through that a couple of times here, but if we are looking into this, the change in EBIT from where we were to where we end up, from the DKK 11 million to DKK 9 million. A little bit odd with this actually. Well. Something with the zero there. Again, looking to where we are, we have an EBIT around DKK 9 million. We have done that based on a quarter with substantial growth. We have seen more people coming into Freetrailer. This, of course, increases our staff cost. But again, with the DKK 2 million increase, it is not that much if you look at where we actually ended up. We have changed the revenue on 26%. Only DKK 2 million have gone into staff cost. Last year, as some of you might remember, in Q2 last year, which was Q4 actually, we had a change in our financials, which means that a lot of the operation costs went from operational leasing to financial leasing. When you see a very big change in operation cost and of course depreciations from last year to this year, this is primarily due to the change in our way that we treat financial leasing. All in all, a perspective from here is that we are in line with what we have seen and what we expected. We have increased our rentals. We have increased our fleet quite substantial. We have done a lot of new partnerships, and we have actually also come, as you know, very soon we will launch our 2030 strategy. All that have been going on for these first two quarters, and with the effect of that with an EBIT on these DKK 9 million. Yes, I think that in general, that would be it from this. So over to you, Thomas. Yeah, sure. Thank you, Martin. The good news, of course, is, as Martin also alluded to and we told in the beginning, has given us the opportunity to increase the revenue guidance. So now we have raised it from DKK 168 million-DKK 178 million to now guiding towards DKK 178 million and DKK 185 million, which represents a growth of 24%-28%, which is fairly good in line with the growth of 26% in first quarter as first half. So that is now within reach. We have also, and we know that we gave a wide guidance on the EBIT from DKK 20 million-DKK 30 million, and as promised, we are now narrowing it in, and the good news is that we are narrowing it in in the upper end. So we are guiding towards DKK 27 million-DKK 32 million, a margin of 7%-18%, 16%-17%. On a side note, last year we did DKK 26.6 million, so we hope to get in, or we plan to get in higher than last year in a nominal value. But as Martin alluded to, we know how the percentages work for the reasons that we already talked to. So that is the P&L. From a cash point of view, there is not a lot to say here. During the period, we have changed the insurance set up, but nevertheless, we have quite a lot of cash at hand. We know that, so it is not a surprise, maybe for some of you, that we have decided to launch a share buyback program. The reason why we have not done it earlier is that we wanted to make sure that the strategy did not give us any opportunities that will require extra capital, and for that reason, hold back. But we can now see into the strategy that we will soon launch, that it doesn't require a lot of cash on top of what we are already generating. We are comfortable to launch this program where we will buy back shares for DKK 20 million, and the program will be launched on Monday, August 31st, and then run until the end of December. That's the plan. It works like it did the last time. The shares will be bought in market by an external party, ABG, and there are certain rules that one can dive into if they want, but they are very strict rules on how they have to do it, so they don't impact the markets, but they kind of follow the market. We will, as required, share weekly updates on how the purchase or the buyback progresses. Each Monday, I think it is, we will send an update on how many shares have we bought and for which amount. Those are the financial highlights, the run-through of the financials for Q2. I hope this was helpful. As usual, we are now diving into some areas that we find it interesting to talk about. Our inspiration for this is generated from the questions you post, but also the dialogue we can see in different forums. Last time we talked about Germany, and this time we have decided to talk about all five countries. So give you a bit of heads up for each of the country and a bit of a look under the hood. First up is Denmark, and the slides are quite equal. You will see the number of trailers by end of June. You will see the utilization rate for the first six months. You will see the number of partners end of June, and you will see the number of locations end of June. In Denmark, we have 2,400 trailers, which is 7% more than last year. We have 64 partners, which is a growth of 21%, 520 locations, which is a growth of 19%, and the utilization rate is actually increasing. A bit opposite and not because Martin was wrong, but a bit opposite than the normal logic, that when you put in more trailers, you will see a lower utilization in the beginning. But in Denmark, the Freetrailer is very popular, and we could definitely use more trailers in the market. I've said that before. We have said that before. And the indication is really the utilization rate, which is 94%. Super, super nice. And on top of this or part of this, we have launched or expanded partnerships with IKEA, jem & fix, or Elgiganten in Denmark. The Danish efforts are really about getting closer to the partners, doing all the marketing activities you have seen with the Freetrailer On Tour, and then drive the demand. But of course, also make sure that we put in trailers where the need is the biggest, and we have a very nice dashboard that shows us exactly where we want to put the trailers. So strong market insight and a really, really nice performing market in Denmark. Sweden is our biggest market when it comes to trailers. We have almost 8,900 and almost 1,000 locations and 147 partners. 20%-30% growth in each of these. And for that reason, as Martin also alluded to, you see a drop in the utilization. Put in that many trailers in a market like Sweden, which has a big geography, that does drive the utilization down short-term, but we are super comfortable that that, of course, will grow as time goes. Sweden is probably the market with the biggest or the strongest competitive situation. It is the domestic market for Use4Free. They are fighting for their home market just like any company is naturally fighting for their home market. As you can see, we are winning a lot of great deals. Even though we lost Byggmax in Q2, we have managed recently to announce a nationwide agreement with jem & fix, who is going to pick up a lot of the used trailers from Byggmax. Hopefully those two together, along with some other initiatives, can keep the traffic at an unchanged level so that the market can absorb the loss of Byggmax, just like we saw with the loss of Salling Group in Denmark in October last year. I think we are really comfortable that we can absorb that in the model that we have proven to work. Of course, time will show stronger progress in Sweden. When it comes to Norway, this is maybe the best of all stories in Q2. It is a fairly nice size market with 1,000 trailers plus, almost 300 locations and 40 partners, all growing 30%-40%. The very interesting thing here is that this market goes against our normal logic that when we put in that many trailers, the utilization will go down. It is actually going up. This proves to us that we have found a momentum in Norway and the maturity that we have seen in Denmark over the years is now coming in Norway. The word of mouth and both from on the supply side, but also on the user side, that is really starting to work super nice. This is a very good stories along with the other good stories. There is also competition in Norway, but mostly from local players. Again, we are by far the biggest one. Next up is Germany that we have talked a lot about. We are now at 568 trailers, almost doubling compared to last year, and with 44 partners and 264 locations. You know that we have increased focus on Germany during the last year, I would say. During the last quarters, we have also intensified the focus on North Rhine-Westphalia, the biggest part, a single part of Germany with 18 million people. That is where we are zooming in. We are closing a lot of deals in Germany. If we had the list of deals closed here as well, I think we would be close to 1,000 trailers, maybe just south of it, but really a nice momentum that we have. Germany is very fragmented, so there is plenty of room to sign partners, but it is also immature in the sense that we need to explain to them how things works and how the benefit is for the partners, which is a different situation in Nordic market where they already know how this works. Germany is really about keep putting out trailers and also, of course, drive up user awareness. Something that we will intensify as a trial, actually, from the 14th of September, where we are going to do a, what we call it, a city attack and see what we can do in one city to drive up the awareness and build that. On top of this, we are ramping up the team. We used to be two, now we are four, and soon to be six dedicated salespeople, most of them based in Germany. So increasing investments in Germany, which is our biggest potential within the existing markets, you could say, from the known way of attack the market. Last but not least, we have the Netherlands, which is also showing nice growth rates. 44% growth in number of trailers to 326, 132 locations across 29 trailers. The nice story around Netherlands that I am sure you have all noticed is that utilization is very, very high. Taking into consideration we are just a bit more than a year old and having a utilization of 61.6% is just phenomenal. The reason behind of, except from how great we do things that I had to say, then it is of course also about the market in Netherlands. Trailer rental is a known thing in Netherlands, which means that users are used to picking it up, so they intuitively know that a trailer that is located somewhere, that that is not just for the store, it is normally for rental, so they will find a Freetrailer themselves. The flip side of a well-developed market or mature market like Netherlands, of course, is that a lot of the interesting partners already have an agreement. Regardless how much they love Freetrailer or would love to get into a partnership, they might have one or two or three years left from their existing contracts, which means that they cannot sign up. So there is a long list of hot dates on our list that partners that would love to join but can't do it for this reason. And that is just the flip side of Netherlands and why we could grow more if things were not like that, but then it would be at the expense of the utilization. We will nail it and as we speak, we are increasing the sales team from two to four dedicated salespeople all based in the Netherlands. So that was the quick tour around the markets. I hope it makes sense to give a bit of insight to how things works and what the dynamic is like. Last but not least, the last thing I want to cover before we get to the Q&A is just to remind you that our new strategy reaching out to 2030 is going to be presented on the 17th of September. We are still in the planning mode on how the day is going to flow, but what you can be certain about is that we are going to announce it to the stock market before 9:00 A.M. So we are going to send out the material, the press release and all of that around that. We are going to have a webinar around lunchtime, probably around 12:30 P.M. There are some investor meetings also external and a lot of PR that is being built up as we speak. Last but not least, we plan to host a small gathering for all our shareholders, where we are going to talk about highlights of the strategy. Not a long session because you had that at 1:00 P.M, but just the headlines part of it. The board is going to give some updates around the warrant program, about the composition of the board and their thinking around that. Not as an annual general meeting to be concluded, but more flush the thinking and get the feedback from that. That is what is in the making. I hope that most of you will listen in. I am myself fairly excited about the strategy coming up and what we look into. I really look forward to sharing that with you in three weeks time. All right. On that happy note, let us dive into the Q&A part. Yeah. We have already gotten a lot of questions. I think we will just try to take it from the top. We are going to read it out loud, or the essence of the question at least read it out loud. Yeah. Try to answer it together, right? Let us do that. First question we have is whether we buy or rent our new trailers. We do financial leasing on all our new trailers. This is part of having a very slim balance sheet in that saying we do not want to buy ourself. We have the financial via our leasing partners. So that is the basic behind this. Yeah. The next up is about where in the P&L the one-off costs is hitting, which kind of lines. Can you say something about that, Martin? Yeah. The question goes on the lines, yeah. Yes, it is operational cost. We have one-off there, which goes towards the way that we have our locks. We have one-offs on the staff cost, which of course is about the transitions. The external is also that the Folio and the growth from with our new partners is part of that. So basically, we have the full number of accounts. Again, there is also a question in regards to this one of how we can specify them. I do not think that we will go into more than we actually have done. This is the DKK 4.5 million we have mentioned. Yes, it is all three parts is this part of this one, and this is actually the closest we get. But it is concerning, of course, organization changes. It is concerning the growth in the trailers and how we actually do things with new trailers, mesh trailers, and it is also about how we actually sell the Folio on the different kind of trailers. Yeah. That is actually how it is. Cool. The next one is about the used trailers. Do we sell them, and if we sell them, where do we sell them, or are they scrapped together with Variant? That is a very good question. Historically, and now we have and are selling it. We are primarily selling it out of our existing markets. So, normally into the eastern part of Europe, where we have some partners we collaborate with that takes most of our trailers. It is not big money at all. A used trailer in Freetrailer is used. Keep in mind that it runs 400 to 500 times per year, at least in Denmark, so it is fairly well used, and the lifetime is from seven years, depending on where it is and how it has been used. So, there is not much left of a value for it, but they are sold. Yeah, that is how it works. Mm-hmm. Yeah. I think that has been pre-submitted. Let us go to the one we have had during the Okay, so we have one of the same here. Same here, maybe. Okay. Now we have one. Yeah. All right. We have one here. All market is seeing an increase in number of rentals, but it is not happening in Germany, and what is the cause about that? That is the question that we have had. I think here you really need to consider the fact that two years ago, Freetrailer had one partner in Germany, specifically IKEA, and now we have been growing that much, so we actually we were in 40 different places in Germany with one partner. Now we have increased the number of partners to what? 44. The fact that we actually have been doing that so much is by expanding the brand of Freetrailer, it is actually something that if you go a little bit back, of course, it's increasing. We are very much looking into this. We are very much stimulating the way that we're doing. As Thomas mentioned, we are focused on the NRW in the future right now to be able to find where the density is highest in Germany and doing what we have been doing in the Netherlands and the Scandic countries. Then we have one in relation to the share buyback. How will investors benefit from that? You write that you do not want to. Cancel. Cancel the stocks, but you use them to back the old warrant program. I'm just figuring out what the question actually is. I think the question is maybe related to how it. No, that was it. Yeah. Yeah, how it impacts the shareholders or maybe just in general, how does it work? Because on one hand, you can say if you have a warrant program, that's a right for an employee to buy a share at a certain price. So when that employee wants to buy that share at a certain price, you have to deliver it, and you can deliver it either by having someone in your position, which you do with the share buyback, or you can go to the market and buy it. So buying, if you think that the share price is going to increase, then it makes total sense to cover the number of outstanding warrants in this way. That's what we did with the first share buyback program. That's what we are going to do with the next. It has nothing to do with the number of warrants that will be issued, because that's not approved. It's more about the already approved old warrant programs that exist. So that's kind of why we don't cancel the shares because we are going to need it for people who we have an agreement with that can buy it. We have one with that. Dave, you have one? We have a question regarding that we have some trailers that we are testing some stuff on. When you have seen trailers out in the market, some of them do not have a lock connected to it, so that actually we are using another technology that is not as you have seen for many years, the HT lock. Yes, that is correct. We are doing that. We are doing that in several places in all markets, seeing whether we can do another way of actually identifying and securing our trailers without a physical lock, but by using GPS and another way of actually securing it. That is correct. We have that. Yes, it is not increasing our theft because we are, of course, monitoring the trailers in another way. Yeah. It is just another way of locking, but you do not see how we do that. Honestly, we are not going to tell the one that actually takes the trailers, the thieves, how we do it. But I think it is, as you say, Martin, a test, and that is why we have not told a lot about it. It is something we are testing to see how it works and what is the impact. Hopefully, if you had this or did this, you had a greater customer experience, because the thing we know is that of the hiccups that one might have with the trailers, the locks is the one that generates most hiccups and most calls to our customer service. For that reason, we are really eager to see how we can remove that hassle in using different kinds of technology. Yeah. We will talk more about that when we are concluding on that pilot. Then we have a question regarding the growth for the last year in number of trailers in the Netherlands, how we have, whether the management is happy, satisfied with the development for the last 12 months, and what our expectations are for the coming period. I think it is always difficult to say whether you are satisfied or not, because as I said, the Dutch market is very different from the others because it is quite mature. So what can you actually expect? I think what generated high expectations internally, and maybe also with you as investors, was that we got a hell of a start with some very big partners to begin with, and that maybe gave us the idea that this will move super fast, and then reality hit. So we have had some months where we have not sold and closed that many big deals as one would want, but we know that there is also a market dimension to it, and that is why we have decided to put more salespeople on the ground to hit more potential partners and close more deals. So I hope that we are going to see a pickup in Netherlands, in terms of deal closed already in here, but trailers in the street before Easter next year. Yes. All right. Then the question towards the ability, which kind of adjustment do we do to be able to keep our key partners in Freetrailer? I think that keeping the key partners is if you look back for, let us just say the last five years, the churn from Freetrailer has been very limited. We are very close to our partners. We are working very close with them on a daily basis. I think that a lot of our partners will also see and give the feedback that this is a very good collaboration. So we have our key account that actually have dialogue with on a monthly basis with all the big customers or the big partners. Again, sometimes a partner disappeared, as we saw with Byggmax, and that is sometimes part of life. We of course, do not want to have that to happen again. But in a market where competition is existing, we have also taken a lot of our partners from other competitors. This is part of life, and we also know that. We really are focused on making our partners happy by expanding our partnerships with them. Yep. Go ahead. If I should add something about what has been specifically done this year, then we have put a bit more structure into what is it that it's important to talk to the partner about when we meet them. We kind of divided them in different categories so that where the frequency depends on. We have also launched the Freetrailer On Tour, where we engage with the location and the partner when they open new stores or have certain events, which has gone super popular and is giving us a lot of awareness, driven by the partner and not by us. That's another thing, but if a partner decides to use Freetrailer in their branding, then we are getting closer and closer. I think those are two examples of things we have been doing. Yep. Then there's a question about if Freetrailer is going to continue the growth, and taking the next step into more new markets, which markets do we think is most interesting, and which factors, parameters do you use to evaluate how you enter into a new market? I think, Thomas, would you. Yeah. There are many layers in that. There obviously, I think there are two things to be aware of. There may be probably many, but one thing is what we want, the other thing is that what is actually doable in a country. There are certain countries where there's some limitations, where there are VAT things and other things that complicate things. Also the credit card adoption and app adoption and stuff like that is still not that high in certain parts of Europe. Those are definitely a couple of things. Number of hooks, number of own trailers gives itself. If the question is, what is the next market on the growth? I would maybe be a bit. Bloxham? No. I would actually say that that is Northern Germany. No. I say that with a bit of a smile because we are right now focusing on NRW to create the playbook. It doesn't mean that there will not be partners outside, because why would we say no to a partner? Because we can still make money out of it. When we have nailed NRW and created the playbook, I hope that could be the platform for Northern part of Germany or the Southern part of Germany or whatever. I think that's going to be the next market. One of the reasons for that is also our internal preparedness. Going into a new geography with a new time zone, with new payment tools, with new currency and what have you, and language for that matter, is just a different task. We need to not put that on top of our tech team as we speak, because I think there are other things that we would rather develop for all countries. That is the agenda for the next year, I would maybe say. Yep. The next two questions is also regarding Germany, and whether we are nervous about if we have misread the potential in Germany, whether this will be financially good. Also that the investment in Germany is substantial, and what our expectation is to break even in the German market. Maybe start by the last and talk about break even, because I think the notion with us is that we have a number of markets that are well-developed, and even though they are growing a lot, they are profitable. The notion is that those countries, they pay for the upcoming countries, like Netherlands and Germany. That is kind of the funding part. We will always balance that. The more markets we turn profitable, the more we can invest in the new markets or increase the margin. That is one side of it. If we have misread Germany, I think that what our thinking right now is that we have never tried in a structured way like we are doing now, so we still have to create that learning. When you look at Germany and might be happy or disappointed about the numbers, and maybe a utilization rate of 30%, then keep in mind that that is a blend. Which means that there are areas of Germany where we have a way bigger utilization rate and thereby a profitable location. Then there are others where we just placed the trailers yesterday, and that is still not a profitable business. So it is a balance. New markets, they just have more where we have to start from scratch. I think, of course, I cannot guarantee that we have not misread it, but there is no indication for now that we should have misread it. We have just not targeted in the right way. But it is something we discuss along the way all the time. We are not suddenly going to invest DKK 100 million and figure out that that was wrong, because our investments are also of a different nature. Investments are in marketing and in people, so not that big of size and not that sudden. Mm-hmm. Okay. Next question that we have. With the 2030 strategy plan in place, what are the management's plan for attracting new investors besides the private investors? Is this a focus area from the management? Yes, it is. Exactly. Keep in mind that these bigger investors, they need time. They do not jump on a share like I might do when I get excited about a certain share. They engage with the management team, and then they follow it for some period, and then when there is a bigger block available, they buy it. That means that we have some runway, and we need to make sure that there is a block available. I do meet with a number of bigger potential investors to learn from how they view Freetrailer, what it would take for them to buy shares, but also just nurture them like we try to do with the existing shareholders. Yes, it is a focus. Yes, we do it, but it does take time. It does. Yes. Then we have a question in regards to, let us just see. Change in the leasing obligations. We have a change in the Q1, the first six months. Can you elaborate on what that is part. Again, to be perfectly honest, it is a very one easy thing. We, of course, have a leasing commitment that goes back for some of the market five years back. We have also made new leasing agreements. Of course, also old agreements end up by being paid out. So when we have a change in our leasing commitment, that is also part of old agreement running out and being replaced by actually a less expensive one. So I think that basically this is because we have bought out a lot of leasing agreements in the old contracts, and that basically what it is for the first six months. The next question is about scale in the cost side. As we grow bigger, to which extent will we then become more efficient and how do we see that? I think it is fair to say that for the last four or five years, the focus in Freetrailer has been to grow and scale. It is not that we have not focused on it, but it has not been the highest priority. We do have teams like finance that is almost the same or is the same size, going three years back, four years back maybe even. But other teams has followed the growth, like customer service. What we are doing now is to have that agenda as well and make sure that we try to see how we can become more efficient, especially in the areas with bigger transactions using AI and like everybody else does. That is going to be a theme in the first part of the strategy period, of course. Yep. The question to one of our competitors and how they do revenue sharing, whether we have considered the same thing as our competitors. I think I would probably not talk about what our competitors does and how they actually do that, but we have a lot of agreements with our partners. Again, as Thomas mentioned before, one of the things that we drive is a platform with almost 1.4 million users. We have 2 million rentals. So we have a lot of sharing with our partners. We drive a lot of traffic towards our partners, drive customers that would not have entered into our partners' stores unless they had come with a Freetrailer. I think that the one-to-one comparison to our competitors, we are not going into that one, but I think we do create a lot of value to our partners, and this is also the feedback we get from those. Sure. But I can understand why it is a necessary tool for some to use if they are not able to show the partner. Exactly. How much value they bring to the table. It makes a lot of sense. I have been met with that discussion from a partner, and I just want to share my answer to a partner that goes down this route. And that is, if I do revenue sharing, then I have two trailers next to each other, one where I make DKK 10 and the other one I make DKK 8. Which one do you think I am going to rent out first? Which means that if you want a revenue share, your trailer is going to be the last one I am going to rent out. And that is not a good answer when they really bought into the idea of more users or more customers in the store and local marketing. And to be honest, the discussion ends there. So I think that is the best answer. Yeah. I agree. Okay. A question in regards to the share buyback. Maybe we have already had that question another way. You want to have a share buyback to cover new current warrant programs or as payment for the future? If you want as payment for. I think it's more about the transparency. Yes. I think they're looking for more transparency around the warrant situation. I think that we don't want to dive into compensation and warrants as part of these quarterly updates, but it could be a theme for the annual report and the year-end. Let's take a note on this one and see if we can create more transparency. There's nothing to hide in that sense. Yeah. But happy to test that with you and the rest of the board. Exactly, and everything has also been reported to via Spotlight. Yeah. Which warrant program it is. Okay, how big a part of the repurchase will be used for warrants? Again, same question here. Depending on how many people that actually use the warrants, it's a possibility that a warrant holders have, and that is part of that. Otherwise, if they are not being executed, then we have it for a later time. All right, do Freetrailer need more than one trailer supplier should you have alternative to make sure that you are able to deliver all the, and have a competition? How we actually do the trailer supplier with Variant and Variant, do you need anything more from that? Of course, it's a theme. The focus to begin with has been to get a strong relationship with them and get them to deliver what we actually need in the quality and speed as we want, which is progressing very nicely. It is, of course, something we think about. It's also something we discuss with Variant, whether we need a different one. Just keep in mind, when you want to have more suppliers, normally someone like Variant would say, "Okay, but then we also want to supply to more competitors to you." It's really a balance that you need to work with, but it is a dialogue and it is a discussion. We are aware, but it takes time. Keep in mind that we do not want different trailers. Should we have someone else to manufacture the trailers, they should do it exactly the same way so that our maintenance part is efficient. I think that's it. Yeah. Mm-hmm. Are you considering that the share buyback will dilute the existing shareholders? When you shoot for the future warrant program with the management, I think that it's difficult to say that it dilutes. Yeah, because the dilution happens when you issue warrants. You could say that the programs that has been approved has already diluted or potentially diluted. Yeah. To the extent that they are used. It is not the share buyback that does anything, it is actually the warrant programs and the warrant programs that exist are old programs. They are fully utilized or whatever, they are fully used. So that is it. It does not make any difference. Good. Then we have a question, are there any competitors in Germany? That is a very broad question. Yes, of course. There are competitors in Germany. Are there competitors that look like Freetrailer? No, not that much. Again, it is a market with very, very big geography and this is also why we have been focusing in North Rhine-Westphalia right now. We do know that we need to explain and elaborate on this kind of a business that we have in the German market. So yes, there is a lot of traditional competitors, but that is not the one that have self-service via an app. No, definitely not. I would say that the biggest competitors are actually some of the do-it-yourself markets. Yeah. That have their own solution, just like, the Nordic ones had 10 years ago. Exactly. It is about converting them basically. Yeah. There is something about an increase in the interest rate, if an increase in the interest rate would make us consider whether leasing is the right way, to increase the trailer fleet. I think we, again, here you need to consider that we have a very big amount of leasing agreement. We have some very strong leasing partnerships. Of course, if the interest rate would go sky high, we would probably increase the number of trailers on our own hand. But right now we have a very solid agreement, and we have fixed interest rate for the ones that we have. It is not a risk for the time being. And if the world changes that much, then of course we will also change. That goes without saying. Yeah. I think the last one is for you, Martin. Yeah. Ending on a high. Talking about CapEx and free cash flow. Can you elaborate a little bit more on your CapEx and how that would change your free cash flow? If we look at our CapEx, it is not increasing that much. We have two substantial things on our balance sheet. We have our financial leasing, which goes without saying, has just been through, and then we are investing still a lot in creating an app for the future, both with the current five market, but also being able to do a lot more than we do already. The fact that we have been doing the last two years with advertising new market, new kind of partnerships, all that is part of doing a concept. We are a platform company, so we do invest into that. How will that affect the free cash flow? I think that currently and in the future, we will see the free cash flow being pretty much as it is. You have seen that for the last three years, and I think we will continue that very much and align with that one. Oh, some more there. Yep. Good. We have a question in regards to our locations in Germany. In the map, you can see that you have partners in southern Germany. That must be very expensive to maintain. Yep. I just wanted to give you some time to breathe. Oh. Is that okay? No, that is all right. No. I can start on it. We do have our own service technicians in some of the markets, but when we have fewer trailers, more longer away from our core, then we use external partners. That could be in the northern part of Norway or in the southern part of Germany, where it is more natural to use external people, so we do not have to drive for two days to get to a trailer. Yes. I think that could be an answer. Yeah. I agree. How many trailers can there be in Netherlands or NRW? Yep. What is the potential? 18 million people. So extrapolate from Denmark, because it is pretty dense. Yeah. It is, five times. Oh, sorry. Four times. Three, four times. Three, four times. Yep. Denmark. So 10,000? I think that is a very good question. Yeah. Good answer. We will not wait with the expansion to other parts of Germany until we have 10,000. We will get the momentum. We will do the roadmap, how to do it, and then when we have that proof point, we will move into other areas while we continue with Nordrhein-Westfalen. Yeah. Then, a question about our monthly sales. How many trailers are you selling a month? I think that you can also see by our monthly traffic updates, how much we actually change per month. Again, a little bit from when we sell a trailer until it actually hits the market, but again, 200 is, you can see that the last three months we have actually been changing the number of trailers per month. I think that's one. Okay, next one. Do you have an asset management on your trailer fleet? Do you have any engineers that studies and maintains the trailers and how we can do it more efficient? I think that we are 22 years old. We have a very, very strong team of engineers that actually do know how trailers work. We have a very strong collaboration with our partners in Variant and the other ones. So we know very much on actually how to optimize our fleet. Again, we have a trailer that runs, maintains almost 400 times per year. They last six years. I think that you really do need to consider that this, a trailer has been used a lot. Yes, we do have that. All right. The last question is about Variant, whether they have expanded their production facilities. They are continuously expanding the production facilities. There are many ways to expand production. You can make it more efficient in the existing warehouse. You can do weekend work. You can do two shifts. You can do three shifts. I have done a lot of things to inspire them on how to increase production, but they are also considering how to expand production facilities. They recently bought a factory in Eastern Europe, which is maybe also going to be part of the play, and they are looking into how to meet the growth demand from us going forward. Mm-hmm. Good. That was actually all the questions we have. Awesome. Thank you so much, and wish you a great weekend when you get to it. Thank you. Bye-bye. Bye