Good morning everyone, and welcome to our Capital Markets Day. On behalf of the full team at ISS, I would like to welcome you very much to the Capital Markets Day 2026. We are delighted to host this at our French site, PwC in Hellerup, Copenhagen. Thank you so much, PwC, for creating this opportunity for us here today. Today is an opportunity for us to showcase our strategy, to showcase the progress we've made so far, as well as our ambitions for the future. Most importantly, it's an opportunity for you guys to get in touch with the management team, ask the questions, and see firsthand how ISS creates value for our customers on a daily basis. Before we begin, let me just briefly walk you through today's agenda. Throughout the day, our leadership team will create insights into the strategy, how we accelerate quality growth, and how we create long-term shareholder value. We will start up with Kasper in a moment. He's our CEO and has been so for a bit more than three years, but he has a very long history with ISS. Kasper will share the strategic direction for the company, and he will share the opportunities ahead. Then up to Carl -Fredrik. Carl -Fredrik, prior to meeting the EGM team, Carl -Fredrik was heading up ISS Norway. During his leadership in Norway, ISS Norway turned into one of the most profitable and efficient markets. You will also see that discussed later on in the presentation. Then we will head on to Steven. Steven, he is heading up the Americas region for us, and he's a facilities management industry veteran. Steven has spent more than 25 years successfully growing FM businesses and has obviously today going to spend time on his perspectives for the North American market and as well as the opportunities for ISS. Following the morning sessions, you will enjoy a good ISS lunch. Then Troels will take the stage, and he will discuss how we will strengthen operational performance in the business. He will talk about how we further drive workplace efficiency. Troels' history with ISS also goes back. Troels is currently the Chief Operating Officer. Prior to that, Troels has been heading up and growing efficiency along some of our most important contracts, including Deutsche Telekom. Troels has also had several regional operational roles throughout his tenure in ISS. Then we will hear from Liz. Liz covers people, and she will cover tech, and she will showcase how specifically this enables the strategy that we do, how it accelerates it even further, and how being the industry's leading frontline employer really matters to ISS. Some of you might recall Liz from the last Capital Markets Day in 2022. At that time, Liz was heading up the U.K. and Ireland, where she successfully led the turnaround of that business. After that, Mads, our CFO, who's got a background in oil and gas as well as banking, will take the stage. He will tie it all up in terms of the financial implications from the various inputs during the day. He will do that in such a way that you will understand the financial targets that we've set out for the coming period in ISS. Finally, we will conclude the day with the closing remarks from Kasper, also with a little bit of a longer Q&A session, and the takeaways from today's discussions. Before we get started, let me just talk briefly about safety. At ISS, safety is a prerequisite in terms of what we do. In the unlikely event of an emergency today, please take note of the fire exits today, and also, do be aware that you walk around in the room. There are some extension cables under the tables. Please be careful not to trip in any of those. Should you need any assistance during the day, feel free to reach out to any ISS staff that you will see plenty of here today, and that of course, includes investor relations. With that, I would like to set the scene for today's discussions. While we are gathered here in Hellerup at, as I said, one of our customer sites, the ISS story unfolds every day around the world. Placemakers spend their times often behind the scenes. They make sure that things are working and that our customers can drive growth in an efficient and attractive way. The video that you will see in a short minute illustrates why we at ISS believe that we are doing the right things. We will talk about ISS as an investment opportunity, and we will all tie it all together in terms of the purpose, our strategy, and our execution. We will also give you a brief glimpse on what we do on a daily basis behind the scenes at more than 50,000 customer sites during the day. Let's begin. The global surging energy prices. The cost of coffee has gone through the roof. Extreme weather. Our demand for clinical staff continues to grow. AI could replace entry-level job. That is done by highly qualified, motivated people. The past few years has been about stabilization, it's been about improving margin, fixing structural issues, building a foundation. We are now reaching a point where we are ready to accelerate. Thank you, Anna. Very much appreciated. We don't want to win without quality. We do not want to win without margins. That we can only do by being focused, because we cannot be everything to everybody everywhere. From a market perspective, we've been acknowledged that we have been able to say no once in a while because we just don't think it's the right thing for ISS. It's no longer discussions about short-term trade-offs. They're about our roadmap, they're about our strategy, and it's about how we can become bigger as an enterprise. This is a very different conversation, and it sends a meaningful signal from the external world. It tell us that they have started to believe in the long game for ISS. 64% say that facilities and office experiences would motivate them to be in the workplace more often. This is how key the FM services has become for companies and leaders to make sure that their employees thrive. We operate in markets where there are opportunities for both us and the competition to grow, massive opportunities. It will be that human connection that remains our true differentiator. This is how we are going to create a competitive advantage for ISS that no one, no one in the world can beat or copy. Let's make sure that this is not the end. This is just the start to something that we are accelerating from here. Kasper Fangel. Let's go. Thank you. Good morning, everyone, and a very warm welcome to our 2026 Capital Markets Day. It is very nice to see so many familiar faces, but it is also very nice to see a lot of new people in the room. I know that we have a lot of people that are following this event online through the webcast, and also a very warm welcome to each one of you as well. Today is a very exciting day. It is a day that we have been looking very much forward to, because today we have an opportunity to explain to you all the significant progress that we have made in the business over the last three years. We are also excited about the fact that we have an opportunity to explain to you why we believe that we have a successful future ahead of us. But today also marks what I think has been a very fruitful internal process, because we have spent many long hours on preparing for this Capital Markets Day. That is not only benefiting you, it is also benefiting us internally. We have had an opportunity to get full transparency to our expectations for the financial performance in the next foreseeable future until the end of 2028, and align that with the broader leadership team in ISS. That means that today you are seeing a plan that is not only my personal commitment, not only the commitment from the Executive Group Management Team, but the commitment from the broader leadership team in ISS. That is important, because at ISS, we are executing our strategy in our countries, and we are delivering our financial results in the countries. It is very important that our country managers also understand where we are heading and are committed to deliver. In my session, I will focus on three things. The first thing that I will explain to you is the market that we are operating within. Secondly, I would like to explain to you the details around why I say that we have made significant progress over the last three years. What does that mean? Thirdly, I will tell you how we are using our stronger platform to unlock the potential that we have in ISS. Let us start with the market. We are very excited about the market that we are operating within. As I said in the video, there is plenty of opportunities both for ISS and the competition to grow. If we look at the whole outsourced market today, then we have less than 1% of that market share. The market is expected to grow in the foreseeable future, both outsourcing as a trend, but also the demand for single service cleaning and integrated contracts. It is very important to convey the message and that you understand that the market that we are operating in today is very different compared to how it was before COVID-19. The conversations we had with customers before the pandemic was almost always centered around price. Today, the discussions we are having with customers are much more value-based. That is the case because all businesses and all decision-makers appreciate that square meters is not just space. Square meters has to be an experience. It has to be something that is better than the alternative for staff, which is to work from home. Therefore, the investments that are going into office environments is bigger than what we saw before COVID-19. It's also clear that what is creating engagement among staff is that you're working physically together, and when people are engaged, then they work in a more productive way. Outsourcing as a trend is growing, and it has to do with the fact that there is a lot of uncertainty in the world at the moment. I'm not only talking the geopolitical tensions that we have, the uncertainty at local level and regional level. What we see is that is pushing outsourcing as a trend. Customers want to focus on what is core to them and are interested in liaising with strong partners that can take care of services that are still important to them, but not core. That's exactly where opportunities comes up for ISS. Lastly, on AI, artificial intelligence. That is pushing how work are getting done. Customers are expecting that their facility service partner can adapt accordingly. But AI is also producing commercial opportunities. The number of data centers that are being established today is significantly more than what we've seen historically. Lastly, AI is, of course, also giving us an opportunity to improve how we are working with our processes internally. The market is significant. How do we then get our arms around the opportunities in the market? We have completed a significant survey where we asked more than 4,000 current customers and potential new customers. We asked them about what are they basing their decision upon when they are choosing which partner to use for facility services. There are three things that comes up. The first thing is efficiency and standardization, in other words, price. If we are not competitive from a price point of view, then we're disqualified in a commercial process. Secondly, on the experience part, I alluded to it before. It's clear that all businesses appreciate that if they don't invest into the office environment, then it's not better than the alternative, and people will work from home. That is not creating engagement and you're lacking productivity. They are expecting that their facility management partner can help at a strategic level to design the setup for how that is done and created, and help to run the facilities accordingly afterwards. On sustainability, customers are expecting from their facility management service partner that we are helping to accelerate their ESG agenda. On the environmental part, remember that approximately 40% of all CO2 emission is coming from facilities. They're expecting that we can help them to create a baseline and then help drive energy savings accordingly. The theme that is getting more and more traction across local markets is social sustainability. I will explain later what I mean about that, and Liz will also double-click on that in the session that she has later today. Of course, the key question is: How are we then positioned to deliver on the needs of our customers? We believe that we are uniquely positioned. A big reason for that is that we self-deliver our services to our customers. Because that's essential to understand, I have two slides following this one where I would like to explain the details about that. We provide all the services that you can think of in a facility, and we do that with one point of contact. We are a global company that are represented in 57 local markets, which is important because we are providing our services in a consistent way, regardless of the geography. Lastly, we know how to scale. When best practice is being spotted somewhere on a site, then we know how to scale that across the enterprise, and the same goes for innovation when that is invented. Let me spend a bit of time on our operating model, the self-delivery model. The competition are providing their services through an account management team, and that account management team is liaising with subcontractors that are providing the services on the customer sites. In some instances, we see that the way that model is working is that you have one third independent party providing cleaning services, another one providing food services, and a third one looking after technical services. In our model, we have an account team, and that account team is managing our people, our workforce. Why is that a benefit to our customers? First and foremost, we own the user experience. It's our people that are providing the experience at our customer sites every single day. That is hard to do if you don't self-deliver the services, but you provide the services through a subcontractor, a third independent party. Because it's our people and we are managing the workforce and the cost base, we can also provide cost leadership to our customers by using productivity benchmarks. Then we do things across our enterprise in a consistent way with the same processes, the same methods, and the same tools. We train and we engage our people. In ISS, we handpick the people that we hire, and then we educate them in what good service and experience looks like. We meet them every single day, making sure that they are encouraged and motivated, so that when they see the customers at their office premise, then they are thriving, they are operating at their best. You will see, for those of you that are here in the room, when we have the site tour later today, you will see an example of exactly that. On social sustainability, we are more than 325,000 people in ISS, in our workforce. What we can do together with customers is that we can assess what is the so-called swing factor in a local community and give people opportunities that they not necessarily would have had if that partnership didn't exist. Let me give you a few examples of that. In India, we are helping people that lives in poverty to have something meaningful to wake up to in the morning. Something they could be proud about, a role with ISS where they're working at the sites of our customers. In the U.S. and the U.K., we are running programs around homeless people and disabled people. Lastly, on compliance. Because we recruit people ourself, we onboard them ourself, then we can give the assurance around that we live up to the national legislation from a compliance point of view, and also if there are specific requirements that are related to customers. All of this just to say that if you don't self-deliver your services, it's incredibly hard to drive those benefits to customers. I said in my introduction that we have made significant progress over the last three years in ISS, and I would like to give you some additional color on that. When we had our last Capital Markets Day at the end of 2022, we spoke about the so-called four hotspots: U.K., Deutsche Telekom, France, and Danish Defence. All of those hotspots have been resolved in the past three years. I am also incredibly pleased with how we are operating the business today, which is very different compared to where we were 3 years ago. Those of you that have followed the company in that period of time will remember that I reduced the executive group management team from 13 people to five people, and it is working. It is working to give the best qualified, the best people, a bigger avenue to provide their leadership upon. It takes bureaucracy off how we work, and it accelerates the momentum. I am also very pleased with the fact that we have simplified our strategy, and that is important because if people do not understand what we aspire to do, then of course, they are not running through the same avenue. In a company where we have more than 325,000 people, then that articulation needs to be crisp and clear. I think we have managed that in a very good way, taking a lot of complexity out of how we have designed the strategy and how we are executing the strategy, which makes it easier to communicate. I have to say that the engagement, the spirit, the enthusiasm that I experience in the company today is at the highest level that I have seen in the 17 years that I have been with the company. The good thing is it is coming nicely through in the numbers. This year, you should expect that the organic growth is greater than 6%. You should expect that the operating margin is around 5.25%, and you should expect that the free cash flow is greater than DKK 3.1 billion. That is quite a significant improvement compared to where we have been historically. We have learned from the past. What we have in place in how we are operating today is a very strong governance where the right things are being discussed when that is needed. As an example, we have in our governance that everything above a certain threshold is being discussed with the executive group management team and signed off as well. What that ensures is that we will not get hotspots in ISS again, because we will not commit to things that we are not able to deliver. Exactly what happened on the Deutsche Telekom contract. We will not repeat the mistake that we did with Danish Defence. We have in place that if we are not sure about the data set that we have been provided, that we are basing our pricing upon, and therefore have received from the customers, if there is a possibility that that is inaccurate, then we have a legal clause in our MSA making sure that we can adjust the pricing a couple of months after we have gone live. The way that we operate our business today is with closeness. I am very, very pleased with the fact that we have a system in place that is not rocket science, but needed in a low-margin business like ours, where there are business unit meetings taking place. Troels will explain a little bit more about it in his part with the countries on a regular basis. It goes down to business unit level and all the way down to site level. Then we have a thing in place which a lot of people are laughing about, but I do not care because it matters. It is important, and that is a daily cash flow tracker. So every single day we see the cash that has been delivered at the lowest units across our global enterprise. Why is that important? That is important because when you know your cash flow, then you can do a proper quality of earnings assessment. When you can do that, then you can see if there are smoke coming out of the system. When you address issues, when there is smoke coming out of the system, you prevent the fire to happen. Incredibly powerful. I am also very pleased with the fact that we have found a balance between how we work with what is mandatory and pushed and owned by the group versus what is executed locally. So when I speak about strategy later on in my presentation, you will see that we have a few strategic initiatives that are group initiatives, global initiatives that grows across the portfolio, and those are of course chosen because those are the ones that gives us scale benefits. That also means the things that are not global, that is anchored locally with the strong governance wrapped around that. The team, executive group management team, as I said, consists of five people, and today you will not only hear from Mads and myself, you will hear from Liz, Troels, and Carl -Frederik. Michael gave a good introduction on their background. But I would just say that it is really, really fruitful to have people in the executive group management team who understands how our business is working in the countries. With that wealth of experience that we have in the executive group management team, that is important because that means we are discussing the right things and we are making decisions that are meaningful and powerful for our business in the countries. Our platform today is in 57 countries, and you should not expect that we will divest any countries. You should not expect that we will enter into new markets. We are where we need to be to grow this business. We also have the service capabilities that we need in order to unlock the potential in the business. We will continue to focus on segmentation because our customers do not want to talk to a generalist. Our customers and potential new customers wants to talk to a partner that can advise them at a strategic level, and that you cannot do if you are trying to be everything with everybody everywhere. So we have a stronger platform. How are we then going to unlock the potential from the stronger platform? Well, as I have said several times already, then we have taken a lot of complexity out of how we have designed the strategy and how we are executing the strategy. That is important in a very decentralized organization like ISS to align people. What that means in practical terms is that our strategy can be displayed on one slide, and that is the slide that I have behind me here. I would like to take you through the components of this slide because that will make you understand the strategic decisions that we have made and how we are prioritizing. As I've said, we operate in a market that is full of growth opportunities. We have the right geographical footprint, and the reason why that is the right geographical footprint is because it mirrors the footprint of the customers that we want to serve. The customers that we want to serve are customers in the following segments: financial services, professional services, technology, life science, and local selective segments. The scale benefits across each of those segments is our self-delivery model, because when we are delivering our self-delivery model at the highest quality, then we meet the needs of our customers. Those are price, it's the experience part, and it's sustainability. When we meet the needs of our customers, then we also deliver our mission to our customers at their sites. Our mission is that we make space for people and businesses to thrive. In order for us to continue that and deliver that to more and more customers, we are prioritizing. We are prioritizing the following activities, categories: customer-centric growth, leading frontline employer, and efficiency. On the customer-centric growth, we have a great offering, but we need to be better at commercializing it. We will continue to invest into becoming the leading frontline employer. We are a people company, and when our people are thriving, then we are unbeatable at the customer sites. We will continue to work with our cost base and become more and more efficient. Troels will talk about that in his session around workforce management, and Mads will also touch upon that with the journey on our shared service center. The shared service center is a great example of how we are providing operating leverage in our business. Each of our priorities and initiatives is powered with technology. We have evolved our thinking around technology a lot since the last Capital Markets Day. Today, we are only investing in technology that is linking to our priorities, not the other way around. Specifically, what we are investing in is what will be covered in the sessions from Carl -Frederik and Troels, and Liz later today. But one thing that I will like to single out is the work that has been done around cybersecurity. Many of you will remember that in 2020, ISS was hit by a severe malware attack. We've used that opportunity to build a cybersecurity setup, which is not only keeping the company safe, but we're also using it as a competitive advantage, and it's well acknowledged by our customers. The good thing is, our strategy and the execution that we are making is paying off. It's working. Our CNPS is up with 10 points compared to the same period last year. Our employee turnover is down with 3 percentage points, and we work with our cost base in a much more efficient way today compared to what we have done in the past. That's important because, of course, that is increasing our operating margin, but it also gives us an opportunity to be much stronger when we are putting prices forward in commercial processes. Going forward, you should expect that the average annual organic growth over the period 2026 to 2028 is greater than 5%. What we have assumed in that target is that the contribution from prices, which is currently 4%, is decreasing in 2027 and 2028 to 2%-3%. We have assumed that our like-for-like growth, so growth with existing customers and new customers is at least 2%. Then we have assumed a decent growth coming from project and above-base work. On operating margin, you should expect that our operating margin is increasing from the current level at 525 to between 5.5% and 6.0% in 2028. You should expect that the margin next year in 2027 is higher than the margin that we are having this year in 2026. So margin is increasing in 2027 and then increasing further in 2028. You should expect that the cash conversion for each of those years are greater than 60%. Mads will cover the details around our capital allocation policy, but just a few words on it from my side. We are not changing our capital allocation policy. Our leverage range will stay at 2.0x-2.5x. We will continue to pay dividends of 20%-40% of net adjusted profit. We are still interested in doing bolt-on acquisitions to the same extent as you have seen in the last three years, where we have opportunities that is a good strategic fit for us, in markets where we have a strong platform, and where we have a management team that have a proven track record, and where, of course, the business case works from a financial point of view. When you take the targets that I have just explained, and you wrap the capital allocation around that, then, of course, that also means that there will be quite a significant amount of excess capital in the business for 2027 and 2028, and that will be returned to shareholders through additional share buyback programs. What I want you to take away from this session is the following things. First of all, that we operate in a market that is very attractive. That we have a platform today that has improved significantly, a platform that is ready to absorb growth, and that we are incredibly focused in our execution. You will hear from Carl -Frederik exactly what we do and what we do different today compared to what we have done in the past around customer-centric growth. We will zoom in on the U.S. or North America with Steven Quick. Clearly, that is a market where we have a lot of growth opportunities. Steven will cover where we are with the business today, and he will cover what we are focusing on in the future, and also explain why that is different compared to the many attempts that ISS have had previously in North America. Then Troels will cover efficiency, and Liz will talk to you about the initiatives that we have around continue to improve our position as a leading frontline employer. All of those things are, of course, converting into our new midterm targets that Mads will double-click on. I am sure that all of you have either put what I mentioned around the targets and the capital allocation policy into a spreadsheet or done the calculation on the back of an envelope. It is, of course, clear that with the plan that we are presenting today, then we are expecting that the earnings per share in 2028 and beyond is significantly improved compared to where we are today. With that, I will close my session. I will give the word to Carl -Fredrik. Thank you. Thank you very much, Kasper. Good morning, everyone. My name is Carl -Fredrik Langgaard Bjor, and I am the Group Chief Commercial and Revenue Officer in ISS. I have spent 25 years in the service industry, coming from an American global staffing company as a CEO and head of corporate accounts, Group CEO for the Nordic Staffing Company, and 15 years in ISS, eight of which the country CEO for ISS Norway, one of the largest and most profitable countries we have across the world, and five years together with my colleagues in EGM, the first three years as the Regional CEO for Northern Europe and UK and I, and the last two years as heading up growth, revenue, and commercial. The cornerstone of all those things that I have been doing has been about profitable growth. It is a privilege today to speak with you on the topic of customer-centric growth and to build on our recent H1 announcement, where we did 8.2% organic growth. I want to take a moment to also recognize all the commercial resources in the ISS enterprise for a very, very strong performance in that time period. This growth is well above historical levels ISS has delivered over the last 25 years. Importantly, this growth is being driven by new business wins, account expansion, strong retention, and with a stable impact from price increases. At this point, I could end my presentation here. Sustainable growth does not happen by chance. Today, I will explain how we built the culture, the capabilities, and the operating model that supports sustainable growth into our midterm outlook. Growth does not happen by chance. I will turn first to how we created a stronger enterprise-wide growth culture to drive this commercial performance. Through sharpening our focus, as Kasper mentioned, we made customer-centric growth one of three enterprise strategic priorities. It does take targeted actions to make this come to life and to ensure that a commercial mindset truly lives and breathes throughout the full organization. To this end, together with my group management colleagues, we have implemented a number of targeted initiatives to strengthen the growth culture. These include, among others, bringing our commercial community closer together through an annual growth summit. This was not a thing of the past. Embarking on the journey where we share best practices, we make sure that we come together as one team, and we also dare to recognize has been a pillar on the growth journey so far. We've also launched global sales competition to involve everyone in ISS in what we are trying to achieve. Last but not least, not being afraid to celebrate our success, while also making sure that we do learn from all our losses. Together, these initiatives has helped us make growth a shared responsibility by creating stronger commercial alignments, understanding of a common growth ambition, and an awareness of growth accountability throughout ISS. We apply the same principles of transparency externally, regularly communicating both our large successes and the losses to the external market and everyone in this room today. However, while sustainable growth starts with culture, we also know that culture alone is not enough. It must be complemented with a clear strategic approach to growth firmly embedded throughout the organization. Our customer-centric growth strategy spans every revenue lever across the customer life cycle, ensuring that customer needs and priorities are reflected in how we win, how we keep, and how we grow our customer base. This is why I'm presenting today as the Chief Commercial & Revenue Officer rather than the Chief Commercial Officer, because growth is much more than just winning the new business. Accordingly, accountability now extends across the full growth agenda with dedicated initiatives focused on winning new customers, strengthening customer relationships, and retaining existing customers under the leadership of one single function. Next, I would like to showcase what this looks like in practice. We have implemented a very systematic approach across the full customer life cycle. It's steered by a single global function and built around the three priorities of win, keep, and grow. Winning starts with focused segmentation, a consistent sales approach throughout the enterprise, and then compelling ISS solutions tailored to the customer needs, with efficient, standardized solution in our cleaning business. Customer retention and expansions are supported through a range of initiatives implemented across our key account portfolio, representing 900 strategic accounts and as much as 71% of our revenue. These include, among others, structured customer listening programs, customer development plans, and a strengthened approach to above base. Consistency is key. Our global initiatives provide a common framework on our systematic way of working while allowing the countries to adapt these with local initiatives. Steven Quick will explore this in more detail in the next session when we go into North America. I will now take you through the specific initiatives we've implemented, how these are supported at the growth we are currently seeing, and why this demonstrate that growth also is sustainable going into the future. Let me start by winning new customers. I referenced the expansion of growth accountability across all the revenue levers, but let's make no mistake. New sales remain strategically important as we continue to expand our already significant customer base. Over recent years, we have significantly strengthened our ability to win new customers, and in this section, I will explain the key initiatives that has driven exactly this progress. Our winning approach starts with identifying the most attractive segments for ISS, where demand for our services is the strongest and where ISS has a proven ability to create value. A clear segmented-based approach to bidding across the markets provides a consistent structure for prioritizing opportunities across the enterprise. Across all of these markets, financial, professional services, technology, and life sciences remains priority segments, reflecting their attractive global market dynamics and strong alignment towards the global ISS capabilities. At the same time, countries do retain the flexibility to pursue opportunities in attractive local segments. For example, industry and manufacturing and defense, they are all based on local, robust business cases. This approach creates alignment across the organization. Countries understand where we want to grow and understand where to prioritize their efforts, reducing the number of opportunistic bidding and promoting bidding based value on the win probability. I will now move to the criteria behind our segment choice and how this enable us to target a significant portion of the market opportunity. Our segment-focused commercial strategy across all markets is built upon opportunities where ISS has a clear right to win with profits. These are defined by our unique value proposition, established customer references, market attractiveness, profitability, and payment terms. Together, these factors help ensure that new wins continue to translate into sustainable margin and a very strong cash conversion. We are not constrained by opportunity. Given the size of the market, success is not about pursuing every opportunity. It is about identifying where ISS is the best position to win and to create value over the long term. By maintaining a clear focus on our four prioritized segments, we ensure that ISS is well-positioned to capture a meaningful share of the global outsourced market. In addition, prioritized local segments provide a strong foundation to continue to grow into the years ahead. That said, identifying the right segments is only the first step. Now we will take you through the initiatives we have developed to ensure we engage proactively with target customers and demonstrate how ISS can create value for them from our first intervention and onwards. To support this proactive customer engagement, targeted segment campaigns are specifically designed to show thought leadership on the most relevant topics for our prioritized segments. For target customers, we combine these segment campaigns with account-based marketing initiatives, which is focusing on the issues that matter most to them individually and promote where ISS can make the greatest difference. This is reinforced through our enterprise sales methodology, the ISS Way of Selling, which provides a structured approach to customer engagement across all the markets, always based on value. This also ensures we are not only engaged in the segments we want to compete, but also with the customers we want to win, in a way that positions ISS as a strategic partner in the language that speaks to their core needs. Differentiation is also equally important. Our leadership in workforce management under Troels Bjerg, our self-delivery model powered by more than 300,000 Placemakers, and our ability to create measurable social impact under Liz Benison's leadership, creates a competitive advantage based on leading price competitiveness, exceptional customer experiences, and an unrivaled measurable, sustainable outcomes on a global scale. The result is a disciplined and consistent approach that keep customer needs and value-based outcomes at the center of every single interaction. With a winning value proposition built on our global footprint, and definitely a competitive advantage. On the next slide, I will show the outcomes these initiatives have achieved. The impact of our approach is clear. What I have highlighted has not been achieved through one single initiative. By focusing all the commercial resources on the priority segments, engaging proactively with customers throughout their buying processes, and tailoring our scalable solution to the needs, we increased our new sales hit rates by almost 50% between 2023 and 2025. I will say that again. We increased our hit rates by almost 50% between 2023 and 2025. These improvements give us the confidence that the strategic choices we have made are strengthening our commercial performance. To further illustrate how these choices have translated into tangible performance outcomes, I would like to share a case study. The U.K. is a strong example of our segment-focused approach in action, transforming from a commercial hotspot in the past to a best practice example for the wider organization. Through a relentless focus on priority segments and proactive customer engagement, our U.K. business increased revenue won by 340% between 2021 and 2023, alongside a significant reduction in opportunistic bidding. Significant new business wins have continued to be announced across priority segments since 2024. As you see, the Department for Work and Pensions, the Foreign, Commonwealth & Development Office, West Sussex County Council, and the Bank of England are all announcements of more than DKK 100 million through a structured process in the U.K. to win more and bid less. This demonstrates the success of the model and its scalability through repeated commercial performance over time. I will now move to the second section, focused on how we keep, how we retain, and how we grow our customers. As mentioned in the outset, our approach to growth does not stop with winning new customers. Some of our most attractive growth opportunities exist within the current customer base. By focusing efforts on the customer relationships we have built over time and further strengthening these, we created a platform for both sustainable retention and future growth opportunities across our full portfolio. I will now turn my focus to the structured initiatives we have taken to keep and grow our existing partnerships. At the heart of our customer-centric growth strategy is the annual customer engagement survey covering more than 900 key accounts and over 4,000 customer stakeholders. Each and every year, we receive feedback from a range of stakeholders across participating accounts, giving us the structured view of customer satisfaction. While the scale of the program is important, the real value lies in what we do with the feedback. Customer insight only creates value when it drives actions, transforming customer listening from a measurement exercise into a genuine driver of growth. For us, the customer engagement is not simply a measurement exercise. Through our listen, think, plan, and act framework, customer feedback is translated into targeted account actions to drive retention and account expansion with senior leader sponsorship of action plans. The program continues to evolve through initiatives designed to improve both coverage and effectiveness. For example, targeted pulse surveys for at-risk accounts that allows us to monitor progress, enhance existing action plans, and ultimately turn retention risk into retention secured. This disciplined approach has been a significant contributor to the 95% retention rate achieved in H1 2026. Let me also be clear, the ambition going forward is also to maintain the 95% retention rate. This has also helped to drive a 10-point improvement in customer net promoter score, demonstrating that value of systematic customer listening, combined with effective follow-through in the initiatives on a global scale. The improvement in customer satisfaction are important, they are testament of the strength of the relationships that we have. More importantly, they create a platform for further growth within the significant opportunity we have in our key account portfolio, which I will now go further into on the next slide. With our key account portfolio alone, we have identified an estimated additional DKK 80 billion share of wallet opportunity through services that are not currently with ISS. Beyond this, further opportunities exist through cross-border account growth and above base. This is one of the most attractive opportunities available for us because it is built on relationships that already exists. We already understand these customers, their operating environments and priorities, allowing us to focus on expansion rather than acquisition. As such, these opportunities typically benefit from high win rates, shorter sales cycles, allowing us to further enhance our efficiency in deploying the commercial resources. This opportunity, everyone, is significant. But what truly gives confidence is our growing ability to convert that opportunity into revenue. I will now move to this by highlighting the outcomes that we have achieved. I have spoken about new wins and retentions, the results for accounts increases are equally compelling. Through our structured approach to customer engagement and account development, we have increased the hit rates of major scope increases by more than 130% between 2023 and 2025. This performance reflects the strength of the customer relationship we have and the effectiveness of our commercial initiatives built on data-led capabilities we have developed over the recent years. Importantly, our established global operating platform enables us to more than just expand locally. It allows us to support customers consistently across geographies, which I will elaborate on very shortly. The growth opportunities with existing customers extend beyond major scope increases. They also support above-base revenue, which remains a significant growth lever. I will take you through what we have done to ensure we maximize opportunities, especially within above base. To capture this opportunity more effectively, we have increased visibility of above-base opportunities, strengthened the sharing of best practices across markets, enhanced initiatives for both operational and commercial colleagues, and supported execution through targeted global campaigns involving everyone at ISS. Together, these initiatives help us to embed a more proactive approach to identifying and converting expansion opportunities within the current customer base. This is contributing to a continued positive momentum. We look forward to demonstrate how these initiatives translate into tangible customer value and commercial outcomes at the site level later this afternoon. I have referenced international expansion of our customers, which owing to our global footprint and consistent delivery model, present an attractive avenue to grow our customers into the future. Like in the first section, I will end this section with a case study to demonstrate how international customer expansion comes to life. The example you see is customer-centric growth in practice. Delivering for customers locally to turn this into strong local key accounts, then growing these customers across countries and regions throughout the globe. In this case, success in Spain, which grew the local relationship, leading to an extensive local customer expansion with a satisfied customer growing from DKK 5 million to DKK 100 million accounts. This satisfaction and proven ability to deliver locally developed the relationship to a point where we saw the opportunity to deliver across multiple ISS geographies. Through offering the same standard solutions across markets, we have continued to grow the account to DKK 260 million, with further recognized expansion opportunities globally with the potential to double existing revenue to more than DKK 600 million, with a value proposition based on unmatched operational efficiency. This is what Troels also will speak to later in his session. This demonstrates that once trust has been established in one market, we are positioned excellent to support customers as their requirement evolve and expand our business alongside them internationally. Our customer engagement survey helps us to identify satisfied customers with expansion potential, and we are further supporting international account expansion through dedicated farming resources to enable these opportunities to be converted at scale. I have taken you through the actions we have implemented across the pillars of win, keep and grow, and the commercial outcomes that they have delivered and will now look forward with regard to what this means to sustained future growth. In combination, the initiatives I have shown have created a more disciplined and scalable approach to growth across ISS. It is strengthening our ability to win new customers, retain the strategic accounts, and also expand the current customer base. As a result, we have built the capabilities, the processes, and the customer relationships needed to support sustainable growth at scale, which are now embedded across the organization. Let me turn to why we remain confident in the sustainability of our growth outlook and the opportunities that do lie ahead. The commercial outcomes we have delivered are encouraging and importantly, increasingly broad-based. We continue to announce contract wins and scope increases to the markets and year to date, we have announced 11 positive new contracts, tracking very strongly against the 20 announced in 2025. As you see, already exceeding the total for the full year of 2024. We are also seeing the benefits across the wider organization. The share of countries delivering positive volume growth before pricing has increased by 36%, demonstrating that growth is becoming more deeply embedded across ISS with contributions from multiple revenue levers and a broader range of markets across the full enterprise. At the same time, our commercial pipeline continues to strengthen with a 44% increase compared to 2024, with RFP stage and late-stage pipeline opportunities for new sales and scope increases also increasing with more than 40% compared with the same period two years ago. This provides a greater visibility into future revenue opportunities. Combined with improving hit rates, these trends reinforce our confidence that the customer-centric approach we have built is continuing to translate into sustainable growth momentum. I will now turn to what this means for our midterm outlook for growth. Looking ahead, we expect like-for-like growth to remain at 2% in each of the years 2027 and 2028, an improved contribution from projects and above base, while the contribution from price increases is expected to be below 2026 levels. More importantly, our growth profile is becoming increasingly balanced and resilient. Growth is supported not only by new business wins, but also by stronger customer retentions, account expansion, and deeper customer engagement across our full portfolio. Having built the capabilities, the processes, and commercial discipline outlined today, we remain confident in our ability to deliver growth above historical averages over the medium term, supported by a growth model that is increasingly scalable and customer-centric. Before we conclude this session, I would like to leave you with three key messages. First, we have implemented a growth strategy that spans the entire customer life cycle, from winning new customers to retaining and growing existing relationships. Secondly, this approach is delivering tangible results across every growth lever, highlighting that the growth we are delivering today is increasingly being driven by factors that are within our control. Thirdly, we now have the capabilities, the culture, and the operating model in place to support sustainable, profitable growth over the long term. Taken together, these factors gives us confidence in our growth outlook and our ability to continue creating value for customers, colleagues, and for shareholders. Thank you very much for your attention. I look forward to your questions during the Q&A session. I really do. To demonstrate the elements of our strategy in action during the site tour. As a final comment, there is one important part that I would like to say. All of the things that you have seen through the growth journey has been about absolute focus. To win where we wanted to win, and to make sure we draw everything as well into the direction where we are improving. On that note, I am confident that we will continue to grow this company into the future. Thank you. I am now going to pass it over to our CEO for the Americas, Mr. Steven Quick. Right. Brad. Good day, everybody. How are you? So you can see from my background here, I have spent about the last two decades working in various companies in this industry, whether it be service companies or large commercial real estate companies. All those mandates involve some sort of strategic transformation that involve growth. What I want to do today is talk to you about really four areas of the North American business. I first just want to define the size of the market. I am going to spend a minute and just talk about where we are today. I am going to spend the bulk of my time talking about the investments that we have made and the changes that we have made to enable growth. Then I am going to round it out with just talking about some leading indicators. Sound good? All right. Let's talk about the size of the market. The North American market is the largest FM market in the world, at 29%. If you look at it through a slightly different lens, and you think about the global 2,000 largest corporations, 33% of them are in North America. The market remains fragmented, and we have relatively low market share. Really what that translates into is we've got a lot of headroom in North America. Let's talk about the business today. We're organized in an East and a West region, and I'll talk about the rationale for that in a minute. You can see in these 2 regions, we're pretty equally distributed through revenue and employees. Our services are weighted toward food, and that's a function of a 2017 acquisition we did of Guckenheimer. The rest of our services are really part of an IFS bundle, and you can see the distribution here. Our segments are heavily weighted toward those global segments that Carl-Fredrik talked about, and I'm going to spend some time getting into that in the following sections. That's our business today. I've been in this industry a long time. I know ISS well. I competed against ISS when I was based in Europe. I partnered with ISS when I was at Cushman & Wakefield. When Kasper called me about this role, I was really excited because I absolutely believe the North American market is ready for a disruptor brand like ISS. There's a couple of macro trends that I think are really important to keep in mind here. One is that, I'm going to apologize right now, no one wants to talk about COVID, but the reality is corporate real estate departments are still struggling in a post-COVID world. Yes, we've seen people come back to the office, but not quite at the rate and not the consistency. They're still struggling with amenities. What do you do? Carrot, stick, all those kind of things that we've seen happen. This is not really resolved. But a couple things are really clear, and that the conversation with corporate real estate departments, it's no longer about assets, it's about people. That really plays well into our hands at ISS. The other macro trend that we're seeing is the effect of AI. It's a slightly different perspective than everyone's talking about AI in their daily lives. That is that as AI becomes more prolific in the workplace, there's a premium put on the human experience. I was having a conversation last week with one of our large technology companies. They're in the AI space. They're a hyperscaler. We had this exact conversation. That as AI becomes more prolific, those limited human experiences are going to become that much more precious, that much more powerful. That serves us so well, because we do have this hospitality mindset. It's rooted in the Guckenheimer acquisition, but it's not just food, it's all of our services come together. Think about a really terrific hotel experience. We're translating that from the hotel to the workplace. That's what I mean by hospitality. This is in our DNA. We've done this for years. We're really good at this. The other thing that is really translating well into North American market is, again, something we have done for a lot more than a century. That is our care around our people and the communities that they live. We are leaning into our Placemakers and the communities in what they live and they work. You can see this in our social media. It is a true differentiator in North America. Self-delivery, you are going to hear about that a lot today. You are going to hear some more from me in a few minutes. Self-delivery in North America is something that is a little more. Look at it from a slightly different perspective. The North American industry has been predominantly a property management model. What do I mean by that? It means the companies that were getting paid to manage a budget and to manage the subcontractors. That is not us. You know that by now, and you are definitely going to know it by the end of the day. But in order for us to really realize growth, we had to deal with some things that we had done in the past. We had done that. I mentioned our regions. Up until 18 months ago, we were organized separately with the food business. We never integrated Guckenheimer. Then we had the IFS business organized by some vertical markets. What that really resulted in is we were not realizing our scale. We were not getting close to customers. We were not cross-selling. So 18 months ago, we brought all the businesses together. We organized into regions. We are customer-centric. We have all of our capabilities now to bring to those relationships, and we are already seeing the results of that in retention rates and growth rates of those existing customers. We did not know who we were. Our focus was everywhere. Today, I can tell you our focus is crystal clear, and that is those global segments, financial and professional services, technology, life science, and we also have an aviation segment. That is what we are focused on. Nothing else. It is really important. We have got an enormous market. We have got an enormous opportunity. We have got to stay focused. Why those segments? Because we have references there, and we have got the right to win. Our differentiators are really resonating with those markets. We know that, so we are focused on them. We are not focused on anything else. One of the other things that we have done in the past is we did not consistently bring strategic initiatives. Maybe that is a function of some of the leadership turnover, I don't know. We have created this framework. Carl-Fredrik talked about it. We brought this to the business. Keep, grow, win. Simple. Simplicity, in this case, serves us well. If we are not putting every initiative through a filter about delivering for clients and retaining those clients, growing that existing relationship, or winning new work, it does not matter. We have to stay focused. The market is too big. Our opportunity is too immense. That is what we are doing today. We have invested in the business. We have invested in leadership and organization. One of the things we had to do is we had to upgrade our sales force. We had to bring people in that knew the North American market. More importantly, the market had to know them. Because I had to show up with people that said, "Wow, ISS is here. They are here to play, they are serious, and they are here to win." I had to send that signal, and we have done that. We have also trained our key account managers. At ISS, we are very good operators. Not so great at growth. So what we've done is we've trained those key account managers not to be salespeople, but to identify opportunities for growth and then bring in those salespeople that we did invest in. We're forming win teams now with our key account managers and those sales peoples with very disciplined plans. I talked about reorganizing the business, and I'm going to spend a minute on the next slide talking about my organization. Operationally, we invested in the platform. Three areas. On the operational side of the platform, so things like workforce management, which Troels is going to go into in a minute, strategic sourcing. We've also invested in technology. I wanted to have a scalable technology platform, so we've invested in digital recruiting, which Liz is going to go into some detail this afternoon, and also, we've invested in a procure-to-pay program. So now I've got a scalable backbone of technology. That hospitality framework I talked about, we've invested in that. We had to go grab people from the hospitality industry that really knew how to do this well because it is an art, and to translate that, again, from that great hotel experience that you picture to the workplace. This is so crucial for today. Commercially, we've done a few things as well. We've invested in our growth channels. We had to understand where the opportunities were coming from. Let me give you an example of one of these growth channels. In the North American market, more than 50% of the private sector opportunities are coming through a handful of bid consultants. Historically, we didn't know that. We didn't recognize that. We didn't manage it that way. Today, we manage that as a growth channel. We've got relationships with them. We've got a formal program, and informally, there's not a day that goes by that myself or one of my senior leaders are not talking to one of these bid consultants. A huge difference from what we've done before. Capital projects is an adjacency to our business. It's a natural adjacency. But when you identify those opportunities, you have to have the subject matter expertise that can come have a conversation with a client to change that from an opportunity to a close. So I've brought in some leadership, some capital projects expertise that really knows how to do this. I'm going to spend some time in the following slides around the investments we've made in digital marketing and to talk a little bit about pricing as well. So my leadership team. We have very purposely created a leadership team that's a blend of ISS veterans and industry professionals. I needed to have the ISS veterans because they need to understand that DNA, that ISS DNA around workforce management, around those CSR programs. That was an important bedrock. But I needed to bring people in that had run businesses, bigger businesses than this is today, so they're scalable, and they were winners. Once again, the industry had to know them. I purposely hired people that we put out an announcement and the market said, "Wow, ISS is serious this time," and it is really resonating. I have brought in a management team that the market knows, and they know exactly what good looks like, and they know our competitors, and they know how to compete against them. Seven of the 10 are new. I talked about digital marketing. When I got here 2 years ago, what I realized was the North American market did not know who ISS was. They were not really sure. We had this Guckenheimer brand, we had had some false starts, and they really did not know. That could be a blessing or a curse. We took it as an opportunity. We have defined ourselves in the market in exactly the right way to accentuate those differentiation points that I talked about. We have leaned into those announcement. We have leaned into hospitality. We have leaned into our CSR, and you can see that in our social media presence. It is huge. One of the things about hospitality that I love is we announced hospitality and this whole idea around bringing that hotel experience to the workplace, and our competitors, I started seeing it on their websites. All of a sudden there is a hospitality tab. I love that, because getting momentum in hospitality plays right into our hands, and that is really powerful. Self-delivery is synonymous at ISS, right? They are really one of the same things. You heard a lot from Kasper. You are going to hear more from Troels. One of the things that we had to do in the Americas, to just show up and say, "We self-deliver," people said, "So what?" We had to translate the feature of self-delivery to the benefits to the clients, and that has not happened before. We have done that, and we are doing that. One of the serendipitous things that I also found that is kind of interesting is that when you do self-deliver all this work, you provide really great opportunities for your Placemakers. We have got all these opportunities that have joined the business for people that started in entry-level jobs, and now they are managing groups of people. They are directors, they are managers, there is executives. Another really great impact. You can see here, there is benefits for ISS and there is benefits for our clients. They are not mutually exclusive. As a matter of fact, they are complementary, and that is really, really powerful. If you take this away, the reality is, if you really want to boil it down, self-delivery is higher quality and it is more efficient. One of the things we struggled with was how to price and discuss that efficiency. This is an important element. Go back to my property management model. In that property management model, there was a myopic focus on the management fee. Again, that management fee was to manage a budget and to manage subcontractors. We had historically not been pricing on an apples-to-apples basis because we did not understand the game. We were not getting past the first or second round at opportunities that we should be. We have changed that now. We are now competing at the apples-to-apples level at the management level so that we can now get to the next rounds and have the conversation around the benefits, not the feature, but the benefits of self-perform. Let me give you an example. We are in the final stages of a large media company, and they had come to market through one of those bid consultants. They had out-tasked, which means they had hired cleaners, technical services, et cetera. They had not really bundled it all. They are looking for a couple of things. They are looking for someone to manage that bundle, that property management model. They were looking for consistency of quality and delivery, and they are looking to reduce the total cost of delivery. We did not do the old thing that we did. We priced at an apples-to-apples basis the management fee. We got past that first or second round, and then it allowed us to have the conversation with the client around exactly the benefits that ISS has to offer. A subtle but a really important point. We were able to grab all that data and develop an operating plan, sit down with their senior executives, and show them exactly where we are going to save money. In the past, we would not have ever had the opportunity to have that conversation because we were not pricing it the right way. Back to my keep, grow, win mantra. On the retention side, one of the early indicators that we are really happy with is its 9% improvement in the last 12 months basis. What we are putting in place, I think, is really working well. In 2025, we have grown our existing book of business by 30%. You may have seen a couple of announcements, one a few weeks ago, one actually Friday, two of those growth opportunities that we are seeing that are over DKK 100 million. That is starting to work as well. On the win side, our qualified pipeline is up 300%. Let me tell you why this really matters. The first thing you need to really focus on is qualified. Because it is exactly in those markets that we said we are going to focus in on. Financial and professional services, technology, life sciences, aviation. That is it. It is not just, "Great, we have a bigger pipeline." It is we have got a bigger qualified pipeline in exactly the sectors where we can win, and we have the right to win. One of the things that I love to see and is starting to take root is we are learning how to say no to opportunities. Now, they might sound counterintuitive to growth, but I am starting to see the team develop a discipline in the go, no-go process where they are actually talking themselves into, "We are not going to chase this one." Why is that important? Because it tells me they have now got the confidence that we can win the stuff we are focusing in on. That is a huge mental shift from where we were before. Look, we have got a large market here that is ready for a challenger brand like ISS. I think we have dealt with some of the issues of the past. We have got a management team that is diverse, scalable, very experienced. We have been able to take that self-delivery model and make it come to life in the North American market. Look, we have got a lot of work to do, but those early indicators are really making me really proud. Thank you very much. Appreciate it. Okay. Now we have been through three presentations, and I am pretty sure that some of you will have a lot of questions. Following the questions from the audience here today, Sophie will have a microphone. Then we will also go online. So any questions, raise your hand. Kasper, I think you were first. Thank you. Kasper Blom from Danske Bank. Thanks a lot for the presentations. I will take just one question. But Kasper, you mentioned in your presentation that you continue to have a very disciplined view on M&A and only will go for that in countries that are ready for it. As we now also hear that the whole of ISS is in a better and better shape, I suppose more countries would also be prepared to potentially do M&A. So if you think about it that way around, should we expect that M&A can be geographically more broad-based going forward? You should think about M&A exactly in the same way as we have explained it previously. What I mean with that is that we do not want to buy anything just for the sake of buying. We want to buy because it is the right strategic fit, and we want to buy when we are comfortable that we can drive synergies out of it. So it has to be a business case that is appealing, and it has to be done in a local market where we have a strong and proven track record with the management team. We do not see that there is a need for any transformational M&A, given the opportunities that you hopefully have grasped. We have covered, all three of us, in our presentations. Now it is about we are on the right avenue. It is about continuing to execute. It is about continuing to be better on articulating the value proposition to our customers. That is what Steven is talking to is better in the U.S., but we are not where it needs to be. It has improved but still room for improvement. So if we are to buy anything, then it has to be because it allows us to better serve the needs of the customers. At the moment, we do not see any need for that, and that is why the bolt-on M&A strategy remains. Annelies. Hi, thank you. Annelies from Milan from Morgan Stanley. Just on North America, you talked about what you have done about hiring people and showing the market that ISS is serious. As a response to that, have you seen a change in the competitive intensity or any competitors trying to replicate what you are doing in response to the initiatives that you have taken? Steve? Yeah, I think certainly as we have progressed in the pipeline, the market has seen that, and certainly they are intense. I think other than the hospitality example I gave, that is probably the best example of how I can see people kind of starting to figure out how to compete against us. Thank you. Kristian Godiksen from SEB. If I am to play the devil's advocate here a bit, then you can argue that you have downgraded your target on the organic growth or the like for like more specifically, as you previously expected a growth contribution of around 2% from existing clients and 1%-2% from net contract wins. Just if you could help me bridge that a bit. Yeah. What I can say is that the growth bridge that we put together with the assumptions around the above 5% for the period assumes if you just take all the components, that will help you understand how we look at it. Then we expect that the contribution from price is going to come down versus the current levels, which is 4% to between 2% and 3%. Let me be clear on that one. If that is not the case, it is an assumption. Then, of course, we expect that the growth will be that much higher. If the contribution from growth remains at the same level as we see today, then we also expect that the organic growth will be that much higher. Then we are saying above 5%, and above 5%, of course, is greater than 5%. We are saying like-for-like growth of at least the level that we are trending at today, which is 2%. I will not say that we are downgrading expectations versus where we have been from a growth perspective before. We see, as I hope it is clear from the presentation, lots of opportunities. The pipeline is reflecting that, and the pipeline to what both Carl -Frederik and Steven mentioned is not just artificial prospects in there that has no substance. It has substance. So no reason to believe that we shouldn't improve from the current levels that we are at today. Thank you. Christian, if I may also add, you also recall the glide path that we had in the past Capital Markets Day presentation. We don't have a glide path in this one here. Yeah. It's more of a net number. It is the net I am alluding to. Exactly, yeah. Can we ask more questions, or is it one at a time? You can ask one more. Thank you. Not 10 more, one more. I will limit myself to one then. On the hotspots, you have resolved all your hotspots, and I know it obviously has a negative abbreviation, but what are then the hotspots of today's agenda? Comment a bit on that maybe. The hotspot that I spoke to before was, if we are to be brutally honest, something that was caused by ourself. In the portfolio today, we do not have similar issues, things where we have promised something to a customer and we cannot deliver accordingly, or things where the pricing has been made on a dream scenario. We do not have such things. That does not mean that we do not have smoke coming out of the system, as I mentioned. We have that, of course, from time to time. But we spot it, and then we can address it before it becomes a fire. So there is that proactive approach to it. So the pipeline or the business today, the book of business today is healthier compared to what has been the past. Because in the past, when you make a mistake and you have committed to it is legal binding, then it is hard to get out of. We do not have such things today. Just to add on to your question number 1. When we say pipeline, and Steven alluded a bit to it in the Americas as well, it is not a pipeline because volume is important. It is a pipeline because quality is important. When we say pipeline today, it is both increases as opportunities for increases and the new sales combined into 1 with the increase that we have been seeing. Also from a growth bridge point of view, you also see that we do call out the above base and project work, that we have the ambition that it is part of the growth bridge to reach the above 5% as an average for the period. Hi. Thomas Lind Pedersen from Nordea. Carl -Frederik, you mentioned a significant growth opportunity with existing customers, I think DKK 80 billion. Just wondering if you could put some numbers on what sort of share can you grab of that opportunity over the next 3-5 years? Yeah. Thank you. I do not think I am going to say that we will capture the full DKK 80 billion over 3 years as a starting point. What we see, and when you see how we divide it as well, one-third is with competitors, one-third is insourced, and one-third is with ISS. If you look at what we have announced over the last 2-3 years as well, there is a lot of increases in there. That could be scope change, but it could also be geographically across in addition too. I think I am going to stand by the growth bridge that we have done. To capture the part of the 2% per year, it needs to come from that avenue. Because when it does, we secure as well that we are doing it with the right quality as well as with the right execution with regards to this one. But definitely, you are correct. This is one of the avenues that can contribute well to the future growth, where we are changing the profile to a more sustainable growth over price into the two next years. Thomas, maybe also just a few comments from my side, because it is really attractive, that opportunity. What I mean by that is that we know the DNA of the customer because we operate with them already. That also means that we know who are making the decisions, so you are some steps ahead already in that process. What is the most appealing and important thing for them when we are presenting our value proposition. What has happened in the past is not that the opportunity has not been there. But to me, the biggest difference now compared to the past is that now we do not put those opportunities on people's day job and say, "Go make sure how you are getting your Have that as an additional task to secure that." Now we have people that are dedicated, and it is their day job to make sure that they are working with this. So in a business like ours, people are busy with their day job, and if you add additional tasks on that, then the success rate is very low. That is different now. Dedicated teams that are working solely with those opportunities. Quite honestly, if you ask me, that is the reason why it has come through to the extent that has been the case in the last 18 months. Mads. Yeah. Thank you very much. Mads from Berenberg. This is one for you, Steven. I think you alluded to it yourself. You have, I think, some very interesting clients in the U.S. They grow a lot. There is some good exposure there. You won something quite recently. If I slap on a couple of percent pricing next year, you have a decent retention rate. Is there any reason why we should not expect growth in North America next year to be higher than 5%? Or actually also meaningfully ahead of that? I will let. No, no. I was going to hand that to you anyway. Go ahead. Look, I think we're doing all the right things. We're pulling all the right levers. I've addressed those in my talk. I'm not going to give you a number because it's a function of things that are beyond our control. We're doing all the things that we can control, so we're cautiously optimistic is what I'd say. And I think, joke aside, because you are circling around the thing that, in my opinion, has been addressed in a wrong way in ISS historically. Because we pushed ourself into a corner and promised certain things. What is key to ISS now is that we are doing things right with a high level of quality. And then we know the opportunities are there, we know the team is there, we know the operating platform is there. The platform in the U.S. is ready to absorb growth without having to add overhead cost accordingly. So the operating leverage is real, and it is operating in an efficient way. But if we start to panic because all of a sudden we have promised that in a couple of quarters you will see double-digit growth. The things we are in control over, we can see that we are improving on a daily basis with that. We are not in control over when customers exactly are making their decisions. What we can say is that the pipeline is better than what it has been ever before, and that our value proposition resonates more with the customers compared to what has been the case previously. And those are two very important data points for us to determine that we are moving in the right direction. Tim. Thank you. Good morning. Tim Ramskill from Bank of America. I have two. The first is just around, I guess when you are delivering an acceleration in growth, and you have obviously talked a lot about discipline. What incentive structures do you have in place for your sales teams to achieve that right balance? And I will come back to the second one after that. Yeah. Do you want to start- Yeah I can add? I think you are into something that is just key if we want to make sure that we have the motivation, inspiration for the resources also going forward. Generally speaking, there is of course strong incentive plans in place for what we define as commercial resources. We have also, that we will showcase later in the site tour, incentivized our, let us call them operational resources to look for further growth. Combining that has been definitely a strength because it is also in a way where you move towards the same target, where growth is more in the center also strategically of what we would like to achieve. This is also following a path that we have done in the past, but delivering on those outcomes, of course, is supporting also the commercial resources to become successful. Tim, just an add-on to what Carl-Fredrik mentioned. Our salespeople do not obtain the right to their bonus unless what has been bid is also coming through in operations. So there is a true-up period post go-live to make sure that within, of course, certain thresholds, but to make sure that what has been sold is also coming out in line with expectations. I think that is learning from the past, hence what Kasper presented. The fact that you are not just responsible for a revenue, but also with the fact that the business case that we have approved is coming through in a follow-up later in the year. Thank you. My second question was around your priority segments. I guess you must still have legacy business that is not in those priority segments. So how large is that, and how do you manage that sort of proportion of the business? Yeah. First of all, the reason why we have prioritized the segments that I went through, Tim, is because those are the ones that are valuing the experience that we can deliver with our self-delivery model. That is actually also the case for the local segments. So yes, it is correct. We have minor, but it is minor legacy business, which is outside that framework, if you will. But it is nothing that is significant in any way whatsoever. Hey, morning. It is Nicole Mannion from UBS. Steven, you talked a bit about how you changed your approach to pricing, particularly around the management service fee, management fee. But as you also said, ISS obviously is not a property management company. So is it as simple as changing the approach to pricing, or what else are you considering, if you like, in terms of how ISS competes with property management companies? Well, on the pricing side, it really is. Again, these bid consultants have a very rigorous process, so it is making sure that you are actually pricing what they are asking for. Then if there is costs associated with the delivery, then we put those in the appropriate buckets. So it really is that simple to try to have that conversation around where our benefits really lie, which is in reducing the cost of delivery, total cost of delivery. So it really is that simple on the pricing side. And maybe a little bit more context, and Steven can also add further on the U.S., because that will help you understand, I think. The complexity, Steven made the reference point to COVID-19. The complexity of having to make sure in a big real estate portfolio that there isn't any no-show or other issues with providers showing up in the office environment is, of course, incredibly complex to manage across 1,000 subcontractors. That is something that has really helped our conversations with customers in the U.S. That has been an eye-opener. Okay, we want to focus on what is core in our business, and if we, at the same time, have to deal with making sure that we are managing 1,000 plus subcontractors, then we'll never get the time to really focus on our business. COVID-19 and what happened over that crisis period, I think that is really an eye-opener for many decision makers in the U.S. Thank you. Just two follow-ups. First of all, you mentioned that you do not expect to make any changes geographically, but you have no presence in South America or Africa, and you have some white spots in Eastern Europe as well. There's no temptation to go to some of these markets. Maybe some of your existing clients are asking you to follow them where they are there? Yeah. Would be the first question. Yeah. For us, it is so important to stay focused. As long as the opportunities are so significant as they are in the current environment with the footprint that we have, then it is about getting arms around those opportunities. So that is really our priority, to make sure that we continue to become even better in our offering to the potential customers in the geographies that we are today. We do not want to add complexity into the portfolio with all of a sudden moving into a different part of the world when that is not needed to grow the business. Just a second question for you, Steven. Just curious on how confident you are on whether the current platform is large enough when considering some of your competitors that are, obviously, it is a huge market and there are some large U.S.-based competitors. Just if you could speak a bit about that. Yeah. I think that it is very much consistent with my prioritization component. The market is large. Yes, there are some large competitors, but we just have to be really good about finding those opportunities that we can deliver well, and I think we are doing a good job of that. So I think we are big enough to be relevant. We have got a great global brand, it is just articulating those differentiations. So there really does not seem to be an issue, quite frankly. We are progressing these opportunities. We are leaning in a little harder, as you would do, but kind of being the smaller competitor, I show up at a lot of the presentations. Other CEOs are not showing up. So we are doing those kind of things that you do when you are trying to grow and get bigger, but it does not come up as an objection really at all, quite frankly. The platform is large enough. Yeah across the U.S.? Yeah. Okay. Yeah. We can deliver anywhere in the U.S. and Canada, and doesn't become an issue. Yeah, thank you very much. It's Carl Green from RBC. Again, question for you, Steven. Just on Guckenheimer, which, as you said, until 18 months ago was largely run as a standalone business. Just roughly what percentage of revenues in Guckenheimer are actually IFM rather than pure food? Just thinking about the opportunity there to sell in multi-service into the existing opportunity. Just thinking about, relatedly, Sodexo finally getting its act together and moving down the avenue of strategic pricing. Are you going to have to adjust the way that Guckenheimer targets pricing and thinks about those broader commercial dynamics? First of all, to answer your first question, I think the slide I put up is the food business, that 52% or 53%, that's food. The rest of it is in those other segments. So that's very much, it answers the question. That is what it is. There's no blend there. So those are pure numbers. If that was your question, I think that's what you're asking. Guckenheimer is doing corporate dining and really all of our larger food competitors are doing a lot of things. To stay, we're a quality provider in the corporate space, and that's really resonating. We're not competing. Of course, price is always important, but we're not chasing the lowest price. We're staying really focused on the segments that value our model because it's really different. If you look at some of those competitors, they are providing food to teenagers and felons. We are providing food in the corporate environment, and that is a big difference. With that, I think the conversation, we just need to be competitive on price, but the conversation is about quality. Again, that workplace experience is rooted in food. The parameter that weighed the most in terms of experience is food. Because everybody has an opinion about the lunch and therefore Guckenheimer is, or the food business in the U.S., is incredibly important for us to grow the business going forward. You have an interesting view there, which we have also been successful with, and we expect more from that. That is exactly to start with single service food and then build on that platform and add further services. Basically, make an integrated service offering out of food as the starting point. The way there to get in is get traction quickly, because food is such an important thing for decision-makers, given the fact that it is the emotional part that all staff is talking about. In addition to that, I talked about bringing the regions together to provide all services. As Kasper said, food could be a vanguard into new opportunity. So could one of those others, too. Now that we are organized, we have got all of those arrows in our quiver, if you will, to then get in with whatever they are buying at that point. He is right, food is one of the most emotional. And I think if you look at it globally, very often we are in contact with the right stakeholders when food is the centerpiece. So that means that you are able to drive not IFM, but IFS, hence back to the self-delivery model in what we're trying to achieve. But we've seen that across many markets, and definitely with the strength of the food business that we do have in the U.S., that drives opportunities going forward. Kasper? Yep. Just a question for Carl-Fredrik. One of the things I took away in your presentation was there was a lot of structure and a lot of process on how you handle customers, whether they're existing or potential customers. When you have all of these structures and systems, how do you combine that with these sort of ad hoc opportunities of project and above base, if you can sort of speak into how you combine those two things? Thank you. Now I have a 10 minutes answer to it was what I was looking for. But I think you're right, and it's a good catch as well. And maybe a bit in the past, we haven't built that much around structure, but more being opportunistic. And I think the U.K. example that is shown today is also saying, let's not try to do everything towards everyone. Let's be very focused on where we're good and what we want to do, put it into the right system, right resources, the right value proposition to make sure we win. But what we also have changed in that, even though the structure is still there, is doubling down on what are the opportunities with the existing portfolio we have. As an example, above base and projects, which has increased over the latter years. And it doesn't come for free. You still have to do a commercial process to be in place with the customer to make sure it comes to you. But in addition to, I think that's why I started with culture today, because you can have the best structure in the world, but if the culture is not about winning that opportunity, being small or large, you're not going to come through. Because that's also putting the best team in front of the customer to make sure we understand what they are needing, but also that we proactively come with solutions to them, sharing the best practices from customers maybe in the same area or even globally in order to do so. So it's the combination of strong structure with the things that we would like to do. Also data led. We use a lot of data to make sure that we understand which opportunities which is out there, driven, for example, with probability. Why should we go after something with a probability which is very low versus a probability that is very high? Their structure supports also on what we've done in the past, but I'm not going to shy away from the importance of commercial culture to make sure you are actually winning those opportunities. This is probably also why we're there to put in a ticket in the growth journey when it comes to above base and projects that you will experience later today as well. Kasper, it's a fair question. Do not think that structure is the same as bureaucracy. Because the structure in ISS context is about building the framework, making sure that people understand what are the boundaries, how does the framework look. Then there are bespoke solutions that are obviously designed to fit in the local context and all of those things. So it's not bureaucracy around everything needs to be approved, then it goes into steerco and all of that. It's just to make sure that people are running in the same direction on the same avenue. But then, how you are selling in Turkey, of course, it's different compared to how you're selling in ISS Norway, and third nuance that needs to be applied in the U.S. So rest assured, the entrepreneurship lives in ISS at a high level, but it's structured. Thank you, Kasper. Thank you, Carl-Fredrik. Thank you, Steven. Thank you for all your questions. Now it's time for something we do really well at ISS. Now it's time for lunch. Before you head out to lunch, there will be a 40-minute lunch break. Then again, look at your name tags, because when you hear the bell in 40 minutes' time, you need to find the sign with the person holding a sign, one, two, or three, with your site tour group. So 40 minutes lunch, then onto the site tour, and then back to here. Lunch is served right outside. Thank you so much. Thank you. Thank you, Steve. Thank you. Thanks. I hope you all enjoyed. Now we'll talk about efficiency, and I would like to welcome Troels Bjerg, our COO, to the stage. Let's go, Troels. Good afternoon. Good afternoon. Oh. Okay. Welcome back. I hope you had a great site tour. I am Troels Bjerg, the Group COO, as Michael just mentioned, and I have been with the company for 17 years, all the time in operational roles. It is the second time I am the Group COO. I have been the Regional COO four times, and over the years, literally been responsible for all countries in ISS. All of our country operations and our global key account set-up reports up to the Group COO, and I am also the sponsor of a number of our large client engagements and partnership, and involved in many others. In this section, I will take you through how we work with efficiency in operations and how this is becoming our single most important driver of profitable growth. We have always been strong operators in ISS. For 125 years, we have managed our hours and our costs closer than anyone else. In ISS, 1 minute per hour equals 1% profit, up or down. So we have to be close every minute, every hour, every day. There was a period of time in our recent history where we started to lack some of that rigor. We moved our focus, we lost some of the closeness, we lost the touch. This touch is now back, and we are invigorating performance management the ISS way in a big way. This has got four elements to it. In ISS, we have passion for performance. The first element is a strong performance culture throughout the business, something I believe is critically important. We take pride in doing what we say and deliver our numbers always. We literally hate being off target. As a second element, we have simplified the organization and removed regional layers, so all countries report directly to the Group COO via Area COOs. This gives clarity, closeness, and speed. As a third element, we have monthly business reviews with all reporting units, sites, accounts through the organizational layers, and up to the Group COO, and we all look at the same metrics. We use the same reports. We know our hours and our direct cash flow daily, and this gives transparency, accountability for results, and it drives performance. This also means that I get involved in many performance issues across our business, and that is by design. As Kasper said, we want to detect any smoke coming out of the system early before anything starts burning. We know how important this is, and we have our scars on the back to remind us. That is also why that ISS early warning system in operations is closeness. As a fourth element, we are putting in benchmarks for all key metrics, and we rank performance to spread what works best from somewhere in the business to everywhere in the business, and that is how we constantly drive improvement. Invigorating performance management the ISS way has been a big driver for our improved financial performance over the last 1.5 years, and it will continue to yield further improvements. Before we start discussing efficiency improvements in operations, I would like to explain the nature of ISS portfolio business. Around 80% of our revenues is recurring portfolio business. The dynamic of this part of our business is that margins automatically decline over time by increasing wages and costs, customer glide paths, contract losses with mature margin profiles, and contract wins with immature margin profiles. Our management task in operations is then to drive margins up again by price increases, most of which is contractual, and a number of other margin-improving actions, including productivity uplift. This also means that on an ongoing basis, a certain proportion of efficiency measures in operations are utilized to get our margins back, so to speak, while the uptick in margins year on year requires additional measures. This is what our workforce management program is all about. IFS customers in our strategic segments are looking for both experience and cost savings. The essence of our unique customer value proposition is that we can deliver the best service experience outcomes with the lowest input of hours and costs. Because we self-deliver, it is our people that we hire, train, and develop to deliver great service moments for our customers, and it is our wage costs that we manage to drive efficiency based on global benchmarks and best practices in operations. This is what makes our self-delivered IFS model a unique competitive advantage. Great service moments do not just happen. They are carefully curated. On this PwC site, we deliver IFS, and the experience you have all had today, from the welcome in the morning, over the feeling of hospitality throughout the day, and also from your site to us right now, is all part of how we deliver great service experience through our ISS service experience system. First, we design the customer's work journey. We define the touch points with our services, and then we decide what should the experience be for each touch point to best support our customers' employees in their work journey, workday, being enjoyable, being productive, and being collaborative. We put standard operating procedures around each of those touch points so that we know that what worked fantastically well today can be repeated tomorrow. We hire for service attitude, and we train for skills. You will hear Liz talk about our recruitment process just a little bit later. All our new employees go through extensive service training, focusing on core service behaviors to deliver great service moments. Now they have become ISS Placemakers. We also train our managers in leading service experience. With the Apple program, we recognize ISS Placemakers that have demonstrated that they have found their purpose in delivering great customer experience. We start every day at our customer site with a team board meeting for our Placemakers, getting ready for delivering great service moments on all touch points and making sure that the ownership of exactly that is with the full team. You also saw this on your site tour today. Finally, we ask the users of our customer's workplace how satisfied they are with the outcomes of our services. By understanding the relationship between satisfaction, importance, and cost to deliver, we can over time create the best and most important service experience outcomes with the lowest input of hours and cost. So this is a structured, continuous improvement process that never really stops. Because we self-deliver our services, our main cost component is wage cost, 65% of revenues, and last year, DKK 55 billion. This is where we can create very significant scale effects by getting the best practices in terms of productivity and management of hours to all our sites. This is what we call workforce management, and this is one of the eight strategic initiatives that Kasper showed you this morning. Our wage costs are managed by our 10,000 first-line managers, so the first management level in ISS that has got P&L and people responsibility. In 2025, cleaning was 42% of ISS revenues, and we have worked with our global cleaning productivity program in an industrialized way across all our countries for three and a half years now. We can see that productivity levels are very different between local markets because of large differences in the relative cost of labor. In concrete terms, the difference between market productivity in Norway in the one end of the scale and Indonesia in the other end of the scale is factor 2.5. All other national cleaning markets where ISS works are somewhere in between those two points. What this means is that what takes us 2.5 hours to clean in Indonesia, we can clean in one hour in Norway. By scaling our ability to create the highest outcome of cleanliness with the lowest input of hours as we do in Norway to all our country operations, we have a very significant potential for productivity improvements in cleaning far beyond the local market's current productivity levels, and our competitors cannot do that. We achieve this by scaling global productivity benchmarks instead of local productivity benchmarks to everywhere in the business. We use our tried and tested cleaning methods, which essentially is about taking waste out of cleaning processes. For example, in Indonesia, our employees would walk in and out of a room to be cleaned 17 times on average. On those Indonesian sites where we have rolled out now our global cleaning productivity program, our employees now walk in once, and they walk out once, exactly as we do in Norway. This requires standardized tools, systematic training, and engaged employees who understand what clean looks like and how to produce it. Finally, we document the outcomes of cleaning to our customers in terms of cleanliness delivered as opposed to just delivering the input hours. This makes ISS the global leader in cleaning quality and productivity. We can achieve this without any significant use of technology except our unique global cost calculation and productivity benchmarking system, ISS OneCost. We can see the results coming through for real, both in terms of productivity gains translating into increased margins and in our ability to win and grow customers based on our systematic approach. The case study of international growth with a technology customer that Carl -Frederik took you through this morning is exactly that. We have delegated to our 10,000 first-line managers to control our wage costs. Every day, around 1/3 of our scheduled workforce require proactive management because of sickness, time off, change of work plans, above base work, and many other unscheduled events, which is normal course of our business. This morning, today, our 10,000 first-line managers across the globe took around 150,000 decisions on the use of overtime, extra hours, replanning activities, and much more, all impacting our wage cost and thereby also our business results at the end of September. 150,000 decisions a day. That is 36 million decentralized decisions on DKK 55 billion in wage costs, where the easiest decision to take is also the most expensive. The most cost-effective decision is the hardest because it requires planning, training, transparency of data, effective processes, and supporting systems. Workforce management is all about supporting our first-line managers in taking the best and most cost-effective decisions every day. 36 million right decisions a year, also freeing up time for them leading their teams and creating great customer experience. Our programmatic approach to workforce management is also taking complexity out of the business in a very significant way. Based on sampling the workforce management processes across our four best practice countries, Finland, Switzerland, Spain, and Pacific, we have now implemented one end-to-end workforce management process across all ISS countries. The process starts by costing any new bit and any new site based on global productivity benchmarks. We know that the waste cost productivity in all target hours is market leading. Then we built the most effective rosters and work schedules to meet the target hours in the most cost-effective way. We manage our hours worked on a daily basis to meet the targets. If we overspend hours on one day, we make sure to get those hours back before the end of the month to stay on plan. We monitor and control the hours paid, and we make sure to get the value out of the other end of that process and hold on to it. This is a complete end-to-end workforce management process framework, enabling us to effectively scale our productivity and hours management capabilities and potentials globally. I mentioned before that we now know how to create significant productivity and hours management uplifts without much use of technology. This is important because we do not need to wait for future technology developments. We can get to results now. But of course, we are working on AI enterprise solutions in our workforce management end-to-end process where it really matters and where the big values sit to drive further wage cost efficiencies. Let me just give you three examples of that. We see an upside in moving from preventive maintenance of our customers' technical assets to predictive maintenance by applying AI solutions, leveraging the very large datasets that we already have in our asset registers. This can help us maximize asset uptime while minimizing maintenance cost and risk. We are currently working on an AI predictive maintenance solution for some of our very largest customers in ISS. Rostering and scheduling of large IFS contracts is an extremely complex process, involving a very high number of variables such as Placemaker skill sets, formal trainings and certificates, labor laws, union agreements, and pay rates across geographies, frequencies and timing, demand management of service outcomes, and much, much more. We now have our first AI-based rostering and scheduling solution in pilot. First results are very promising with meaningful wage cost savings. This is where our human experts work in tandem with an AI agent in an iterative process, building more and more efficient work schedules and all the time improving performance. It is really fascinating to see. I talked about our 10,000 first-line managers making, taking 36 million decisions a year on DKK 55 billion in wage costs. We have started the work on an AI agent to support our first-line managers in making the best and most cost-effective decisions every day by converting large, dispersed, and dynamic data sets into work planning intelligence, cutting through the complexity and time pressure to get to the most effective decisions real-time. These are three examples of AI enterprise solutions in operations with swing factor potential. In addition, our countries and accounts are developing and using thousands of AI-supported service solutions every day, from food waste reductions over contract scope management to water quality controls, and much more, all based on training in AI literacy and of course, with a proper governance. We have 850 cleaning cobots in action across our customer sites. No one has more experience in this field than ISS, and we now understand in detail what the business cases look like. The fact is that today we can only use cleaning cobots with a positive cost-benefit ratio in what is equal to 3% of our total cleaning scope, so large common areas in airports and hospitals, for example. For sites where there is a positive business case, we can typically reduce total wage cost on that site between 0.5% and 1%. We view the overall efficiency potential for ISS from increased use of cobots in cleaning as limited with the current technology standards and price points. We are potentially, but also cautiously, more excited about humanoids. It is very early days at us, as I am sure you all appreciate, for humanoids, as the technology has not yet matured. We have started a program to see if and how we can increase productivity in cleaning further with humanoids. We believe that with our insights into best practices, both in terms of quality assurance and productivity based on taking waste out of cleaning processes, we are better placed than anyone else to train and coach the most effective and efficient cleaning humanoids in future. We do not know yet if this will be a game changer or a fad in cleaning, but if it works, it will be a competitive advantage to ISS that will complement the work we do with real people delivering experience and productivity. We see workforce management powered by technology as the single biggest driver of profitable growth in ISS. We launched this strategic initiative at our Capital Markets Day in 2022, and since then, we have seen gross benefits ramping up. In three and a half years, we have removed 28 million work hours from our business with this program. So far, we have mostly focused on cleaning. To help you understand what 28 million work hours mean, it translates into approximately 9,500 FTEs, which is a reduction of our cleaning workforce against an end of year 2022 baseline of an estimated 6.5% in 3 and a half years. The future potential is much bigger. When freed up, this potential can then be used for supporting pricing and growth. It can be invested in new technology, including AI and robotics, of course, to drive further productivity uplifts, and it can be fueling margin expansion. In 2026, we take the first steps towards our updated margin target of 5.5% to 6% in 2028, with an increase in the D-Tech run rate following the agreement announced in May, and an underlying improvement across countries driven by operating leverage and workforce management effects to get to around 5.25%. The stepping stones from there to 5.5% to 6% margin in 2028 will be an operating leverage component as our overheads are becoming more scalable following the execution of the One ISS strategy and a majority of the total margin uplift coming from continued workforce management effects as I have just taken you through. I would like to leave you with three key takeaways. First, our self-delivery model drives the highest customer experience outcomes with the lowest input of hours and cost. Second, workforce management will continue to unlock large wage cost effects, and the potential is significant. Third, ISS will be scaling AI technology to drive further efficiency potentials in operations. Thank you very much. I will leave over to my colleague, Liz Benison. Well done. Cool. Good afternoon, everybody. I feel like we're on the home straight nearly now, so it's been a long day so far. I am Liz Benison. I joined ISS in 2021 after a career predominantly in technology companies and then a couple of leadership stints in Serco and Arriva. A number of us met, as Michael mentioned this morning, at Capital Markets Day in London in 2022, when I was responsible for the UK and Ireland business. For the last couple of years I've been in the group center and I'm responsible for our global P&C agenda and also the technology agenda as well. Now we've been talking a lot over the rest of the day around self-delivery, and that's where this ambition of ours to be recognized as the world's leading frontline employer really starts to kick in because our people are essentially the foundation of that self-delivery model and indeed of those great customer experiences that we've been talking about. Over the course of the next 20 minutes, what I want to talk to you about is how we're improving our employee experience through the use of technology and AI, and we're therefore creating measurable value for our employees, for our customers, for the business, but also for the wider society. Hopefully I'm going to convince you in that time that this isn't just the right thing to do, it's also a source of real competitive advantage. Self-delivery basically means that our people are our product and therefore everything starts and finishes really with our people. As Kasper mentioned at the very outset today, our purpose is to create space for people and businesses to thrive, but we can only do that for our customers if first we ensure that our people can thrive. Within that 325,000 people that we employ, we have many, many nationalities. We say over 100 there. We think it is probably closer to 200. They speak many, many languages. At any point in time today, we have five generations operating within that workforce as well. That diversity is a huge strength to us as an organization, but it also makes it a real challenge to operate consistently at scale. But we believe that is a challenge that is worth us tackling because when our people thrive, they deliver those exceptional service moments to customers that we have been talking about and ultimately that powers this profitable growth as explained there by that virtuous circle. Of course this is not new. People have always been at the heart of ISS right the way back when we first started in Frederiksberg in 1901. In the middle of this slide is this wonderful lady called Gerda Buhl. Gerda was with us in the 1940s and we think she was one of the first HR directors anywhere in the world. Gerda's job was basically to make sure that those lovely ladies in the top right-hand corner, that they got to their jobs looking lovely in their very, very smart uniforms, but also ready and prepped to do a great day's work for the customers that they served. Long before there were HR processes and policies and systems and whatever, ISS understood a really simple principle and that principle is that people who are supported perform better and that principle has not changed. What has really changed since then is our ability to deliver that consistently at scale. Over the past three years we have been very deliberately focusing in on the operational impact of our people and culture processes. People and culture has become much more of a core business function rather than a support function and that is true at the global level, but it is equally true at the country level and right down the way at the site as well. We have become much more data and metrics led and we have really focused in on the very core processes that make a difference to this business. That is attracting great people in through the door. It is enabling them to succeed throughout their time in their roles and it is also engaging them, motivating them throughout that time. The results after three years of going at this are already encouraging. Turnover in that three-year period at a global level has reduced by 3 percentage points. When we measure our engagement, which we do now globally on an annual basis, not only is that increasing but it is also sitting at 8 percentage points above the external benchmark that we use which is companies that look a lot like us. Also we are now using the same platform to measure both that user experience that Troels talked about, the customer satisfaction experience that Carl -Frederik talked about and also our employee engagement. Therefore we can form some very meaningful correlations through the data that we are generating there. We can really prove through data now that really engaged employees are a very deterministic factor in great customer satisfaction. When Kasper talked at the very outset of the day around the one pager and he talked about eight very focused initiatives that we were investing in to deliver on our strategy and four of those sit under the banner of becoming the leading frontline employer and that is what I am going to spend the rest of the time on now. Of those four, the first one is all around creating what we call a seamless people journey. This is really the people platform that is from the very first moment that somebody gets attracted to work for ISS right the way through how they join us and onboard. It is how we make that a more scalable experience for our people. The second one is all around this thing called social sustainability, which again, Kasper has spoken to, Troels mentioned as well. Steve mentioned its importance in the U.S. market. What are we doing to really strengthen our approach to that? The third one is we have invested in making sure that our people data at a global level and a local level is as rigorous as our finance data, because we need to really understand those people metrics and the levers and the drivers behind those metrics as well as we understand our financial measures. We have invested in making sure that we have great enterprise-wide people data and can really provide those comparisons and hopefully help our frontline managers make those operational decisions that Troels talked about. Finally, as you would expect of an organization like us, safety remains incredibly important and part of our strategy going forward. We are reinvigorating everything we do around safety with new processes, new systems, and probably most importantly, we are really reinvigorating the culture around health and safety in our business. Again, concentrating much more now on psychological safety, which again, in the world today is probably just as important as physical safety for our people and also for our customers who occupy the sites that we service. I am going to drill down on those first two, but what I just want to explain first is how we are doing this, because these are not big monolithic programs that are going to take us four years to deliver before we see any value. These are agile programs that are delivering value in small drops as we go along. Most of the heavy lifting on these will be done by the end of 2027. The seamless people journey. What we wanted to do was make sure that ISS was a very easy and engaging place to work for our 325,000 Placemakers. We have taken a global approach, but a holistic end-to-end approach as well in going through each of those key steps along that journey and designing them to the point that they create these moments that matter to our people. We talked in the room up there about onboarding. A person's first day, their first week, their first month, it is really important to them within ISS how that goes, how engaged they feel, how important they are made to feel during that time. We have taken each of those moments that matter and designed processes and systems and culture that sits behind supporting those moments that matter. We know that when we look after those moments that matter, the results are really, really tangible. We know that if we look into recruitment, we can make it much faster to hire people, which then in turn creates less staff shortages, less need for overtime. We can really reduce the admin burden on those first-line managers, and throughout the organization. Again, that then frees them up to do those more value-adding things. We can have higher engagement, which we know correlates to great customer service, and we can also importantly lower that turnover. This becomes a really key part of that customer value proposition for us, because what a customer most wants to know, they want to know that the same site team that they saw last week who were here and motivated, engaged, will be the same team next week, next month, next year, that they will not be constantly churning the faces in front of them, and that they will be engaged, they will be switched on, they will be eager to do the best that they can do. They want to take pride in those people when they develop into becoming from being a cleaner to being a cleaning supervisor. Our customers take pride in those people and their development just as much as we do. They want to know that we have got a system that sits behind all of that to make that happen, to make those great engaged Placemakers be on their site in exactly the way that they value. We are now going to go down into the first two steps on that journey. The first one is all around I explore and I apply. We know that we are operating in talent scarcity. Most of our countries, in one way or another, are struggling to get enough people through the door on a day-to-day basis. That is a result of demographics. It is a result of not particularly helpful immigration laws in some countries as well. It is a fight to get these people to come and work for ISS rather than to work for Walmart, for example, or Amazon. And so what we did was we looked at our old processes, which were fairly traditional, a little bit fragmented, potentially slow for our candidates and also for our managers. We gathered a set of our global expertise around this subject, and we've redesigned the whole process to really understand where do we need the humans to get involved in this? Where does that human interaction really, really matter in that whole journey between I explore and I apply? Where can we make it much slicker, more effective using AI? Imagine for a second that you're a placemaker looking for a new role. You might be on a job board, and our AI agent will interact with you on that job board and will start to manage that process for you, with you. So it will straight away pick up on what your native language is, and it will switch to using your native language. Then it will guide you through the very, very simple steps to apply to work for ISS. But also in the background, it's looking at your skills, it's looking at your location, and it's working out which opportunities that we have would be best placed for you as well. So we're more likely to target you towards an opportunity that you're going to be successful in getting and that you're going to thrive when you join it as well. It then helps the first-line manager as well, because their role in this is also very critical. So the AI then helps them schedule the interview. So without them having to do anything whatsoever, the interview appears in their calendar. All the notes for the interview appear in the meeting invite. Again, the set of questions that we particularly want to ask this candidate will also appear as if by magic into the calendar invite. That's really important when you go back to what Troels talked about, because he talked about this thing about hiring for attitude. So this is one of the ways that we make sure our first-line managers are equipped to have those conversations to see if this is somebody that could really develop with us and that has that service mindset that we're looking for. Another nice piece of this is that it makes sure that we follow up with the candidate, whether they are successful or not successful. Again, that's really important because we want any candidate to go away with a positive experience with ISS. That's really important to us because there could be another opportunity that they're a better fit for in a few weeks' time. But also, they'll be part of a community and they'll be talking about what a positive experience they had with us, and we get an awful lot of our placemakers through recommendations of family and friends. So that whole candidate experience, whether it's successful or not, is really important to us as well. This solution has been live now in the U.S. business. Steve mentioned it. We're seeing really positive results from that and a really great take-up as well from those first-line managers. They're incredibly positive about the way this is working for them. We're seeing shorter times to hire, which is really cool. That was the sort of primary driver that we did this for. We're also seeing more candidates accepting offers. We are getting more candidates per job, and then more candidates accept our offers when we make them. But then interestingly enough, we are also seeing a really interesting reduction in that early 3-month turnover as well. They are landing with us in better shape because they have had a much more positive experience. They understand the role they are going to be doing, the site they are going to be working on, and therefore they are landing better, too. So good testing in the U.S. market. We will go live in 2 more markets in Q4 this year, and then we roll out at pace during 2027. We are working with a really great partner. Again, we are a really interesting case for them because of our breadth and our scale. We are a flagship customer for them, which means that we get a lot of access into their roadmaps for their product development and so on. Overall, we are providing a much better candidate experience and a much better business outcome. Now the next one you got a quick view of in the site tour. A great recruitment process only gets us so far because we then need to onboard people and make sure that we give them continuous support throughout their time with us as well. This is where the MyISS app comes in. Those of you who were here in 2022 will remember we did talk about this back in 2022. It was very early days back then. Effectively, MyISS is our digital front door, ultimately for everyone in the company. It is an off-the-shelf experience tool that we have put into an ISS wrapper, and obviously we are developing custom content for that, both at the enterprise level, at the country level, and then ultimately down to site level as well. As of today, we have got just over 100,000 registered users. They are people who have downloaded the app and created their own credentials within it. We have got 70,000 who are using it regularly on at least a weekly basis. As you saw earlier, it provides this globally consistent experience for everybody, but it also allows us to deeply personalize that experience as well. It is, again, in their language. It is very useful in onboarding. Beyond that, we can use it as a comms channel so we can send them out news that is relevant to them about the organization. There is a lot of practical use cases like the payslips and the rosters. There is also some really engaging things that we can do with this as well. Our Australian business, for example, are providing access to discounts in local supermarkets and so on that are only available to the placemakers if they use this as their channel. It also plays a very important role in our survey capability as well. This is the way that we gather survey data and therefore create that great insight into how our placemakers are feeling and what we need to course correct on. It is driving engagement. It is driving retention definitely. You should view this as the conduit by which we will send all other AI services to our placemakers and to those first-line managers in the future. It is also secure. So again, it means that our 325,000 people will be authenticating onto our network in a secure way, which again, when Kasper Fangel talked about how proud we are of our cyber credentials, this is a very important part of that. Okay, then coming onto social sustainability, and again, Kasper Fangel talked about this at the beginning of the day. This is something that we are immensely proud of. By the nature of what we do, we create opportunity for those who are, for whatever reason, distant from the traditional labor force. That could be because they have been long-term unemployed. It could be that they are youth people who have not yet had any experience, any skills. It could be people with disabilities. And just in bringing those people into our organization and supporting them through a career with us, we create social value. It is inherent in the services that we provide. That is not new. To be honest, we have been doing that all the way back through the years. It creates these brilliant stories that we can all tell about people who have had these amazing careers with us, despite coming from a fairly disadvantaged background. But two things are new about social sustainability for us now. The first one is that increasingly this is becoming a very important part of procurement, particularly public procurement, but also in some cases private sector procurement as well. Certainly in the U.K. this has been important in public sector tendering for a long time now, and in the recent big wins that we have had in the U.K., social value has played a core part in the evaluation criteria. And our ability to be better than our competition in this space is something that has helped us win those bids when we have not always been the cheapest. Sometimes we can overachieve on the quality score, and that allows us a bit more freedom in pricing. But that is the U.K. But this is also, Steven mentioned it is also an important criteria in bidding in the U.S. It is increasingly so in Australia. And then just last week, very helpfully, the EU proposed a new procurement framework for public sector awards. And within that they are going to mandate a 50% quality weighting on labor-intensive public contract awards. And the examples that they used of labor-intensive contracts were facility services contracts. That means that social value will be an important part of that 50%, and again, that gives us freedom then to actually put in some more quality into the overall bid and compensate for a slightly higher price. This is, we think, is really exciting because this is becoming very, very important to customers and is a very important way that governments are making sure that public contracts return value to the society. That is the first thing that is new. The second thing that is new, though, is we have been working on a way to quantify this because we know it is great to tell stories, but of course, what everybody wants to hear is, well, what is the value in that? And they want to know that that is an externally certifiable value and it is something that is directly comparable country to country, and also potentially us versus our competition. The way that we are doing that is we are partnering with an organization that is in the U.K. called the Social Value Portal. The Social Value Portal was founded when the Social Value Act came into being in the U.K. about 10 years ago, and they have become the de facto methodology for giving a monetary value to social value in the U.K. And what they have done is they have created proxy values for social actions that you take and turned them into hard currency. What we are doing is we are working with Social Value Portal and some other organizations such as Accenture, Amazon, and Roche. And together we have created a task force, which is to take that methodology and get that rolled out across the globe. For ISS we can now do this in 10 of our countries, and ultimately we see the need to get to 17. Working through that task force and working with Social Value Portal, we will roll that methodology out to at least 17 markets. But I think it is a little bit easier if I just bring it to life in an example. This is a global banking customer of ours, and this is the sort of statement of the social value that we created operating that contract with them in 2025. We created GBP 37 million worth of social value through that contract. Now the first bit is all around how we have created meaningful employment for around about 1,000 people that work on that contract globally. And this is things like we pay living wage on that contract. We do not have to pay a living wage in many of the markets, but we have chosen together to pay living wage because we know that is the right thing to do. It also has some interesting business benefits as well. People tend to stay. They take less sickness, less absence. We are also looking at how we bring in. We have agreed with the customer particular groups that are distant from the labor force that we are going to work together on bringing into that contract. In this case it is the long-term unemployed, how do we get them back into meaningful work, and also new apprentices. And this is also one of the contracts where we are working on a small number of homeless people as well to break that cycle between I do not have a job because I do not have a home, I do not have a home because I do not have a job. Great stories, but again we can now put a monetary value on that as well. We are supporting local communities, and particularly we work with local SMEs to create local jobs together, and we are supporting the wellbeing of our people. And we can sort of set our stall out with that customer at the beginning of the contract about the good we are going to do together, and now together we can talk about the social value that that is creating. If I leave you with three key messages, it is firstly that exceptional service starts with engaged and enabled employees. It was true in 1901 and it is still true today. Technology and AI are helping us create a better employee experience for our employees whilst also driving those measurable business outcomes. And social sustainability is a key differentiator for ISS, and increasingly will become a strategic lever for customer loyalty and greater growth. Thank you, and I think we are on to questions now. Thank you very much, Liz. Thank you very much, Troels. We will also bring Kasper to the stage, so feel free to raise your hand. A couple of questions from my side. I am interested in the conviction in the roadmap for the margin expansion. It seems to stem primarily from the workforce management. The degree of conviction in that, and then what are the key levers in order for you to reach the 5.5% or the 6.0% operating margin target? Yes. Thanks, Kristian. It is not a surprise you are asking that question. Thanks for putting it out there. Let me start and then Troels will add accordingly. We are going to improve margins from the current levels through two levers. The first one is operating leverage. Operating leverage obviously means that we will absorb our growth without adding additional overhead costs. That has traditionally been an issue in ISS. We have not been able to do that. But things have changed over the last three years. To give you some specific examples of what have changed, we have established a shared service center in Gdansk, where our key generic processes are automated. No need for additional staff as we are absorbing additional revenue. The evidence of that is actually in our first half report, where we are showing growth of more than 8%, 8.2% to be precise. The corporate cost is flat nominal-wise versus the comparable period, the same period last year. Additionally, I can give you another example, which is in the U.K. We are growing with double-digit growth at the moment and have not added overhead costs in the mobilization of this additional volume. That is different, but it is real, it is coming through, and that will continue to be the case over the next foreseeable future. Then we have on the other part on efficiency, where Troels will also add some color. First and foremost, it is important for you to understand that it is working. Because that part is the key component around us talking about a margin of 5.25% today, and not where we initially were at the Capital Markets Day, around 4%. The key component for getting us there, significantly, over and beyond what we have gained from improving the run rate on Deutsche Telekom, is coming from that particular lever. That comes back to what I mentioned in the beginning of my presentation. Because of course you can have an aspiration about this is what you hope, and you think, and you believe. But in our case, these are opportunities that are signed off with our local business leaders, which is the country managers. That's the plan, and confirmed and signed off by the business leaders. Then it's also important for us to convey the fact that in this margin target of 5.5%-6.0%, the reason why there is half a percentage point of span is that we don't want to lock ourself into the position that ISS was in a while ago, where we are guiding on 1/10 for 2/10. It has worked very well the last 3-plus years that we have the maneuver room to do what is right for the business. So in this margin target for 2028, where we're improving margins in 2027 versus 2026 and improving further in 2028, there is also factored in a level of investments that we'll continue to do to make sure that this is sustainable. Because you will not see margins going backwards beyond 2028. This will be the new level that ISS will operate at. It is not that we're squeezing a lemon, and then all of a sudden the margins are starting to go backwards. Therefore, we have factored in the additional investments. Then you can say, "So what is going to take us to the high end and what is going to take us to the low end?" Well, investments is one part of it. If it's the right thing for the business to make some investments to make sure that we continue to grow the business with underlying growth, then we'll do that. Then of course there's also execution. Even though we have a plan and it's detailed and we can see it all the way down to site level, then it needs to come through. But there we have a very good stomach feeling. Troels, do you have anything to add? Yeah. Well, there's not much to add but on the productivity side and the workforce management side, it is as Kasper says, we have financial targets with our countries. But we also below those have very concrete targets on how much do we need to get out of workforce management and productivity. There are basically three pools of value in this end-to-end process that I showed you. The first is, as I also said, to make sure that we always set our target hours based on global productivity benchmarks. So when you have a factor 2.5 between highest and lowest, then of course there's a lot of value there. 100% confident in that. That's simply just how quickly can we scale. Then there's a midsection, where I also talked about that using AI technology to build even more effective and efficient rosters, which particularly for large contracts is a very complex thing. There's a lot of value there. There will be some time to invest in AI and get it really to work before you can scale that in a big way. At the end of the day, it is when you have target hours, how do you make sure to stick to those target hours and not use temporary workers, not use overtime? We don't need much technology for that either. So this first and last source of value, we are already tapping into that. Therefore, I'm very confident to say that we have enough value coming out of workforce management to take us to that margin journey that we showed you, both the lower part and the upper part. Then it is, as Kasper says, we will take some choices then. What do we invest out of that value into growth, and what do we invest into technology? Of course, always with a positive business case. One final tweak on that, which is different compared to when we have been talking about targets previously, because there we have been dependent on things that were partly or entirely out of our own control. So for instance, Deutsche Telekom, yes, we were confident and the process were going according to plan, but you never know until you have a signed agreement. Here we have a plan where the things that we need to execute are within our own control, which is something that we are very pleased with. Perfect. Thank you. Just a quick follow-up on the workforce management opportunity. Is that fully exhausted in 2028 or is that fully implemented there? It will not be fully implemented in 2028. We have, as you know, 325,000 people. We have more than 50,000 sites. And there are some potentials where we can touch relatively small part of our business and increase the value a lot, and then there will be others where there's a longer time and effort to get that value out. But the point is just that this year we are ahead of plan, and I can see how we can scale faster than we believed we could one or two years ago. Therefore, I am not nervous at all for having the firing power we need in order to deliver on the targets we have set out today. Thank you. Allen? Oh, sorry. Sorry. It's Tim Ramskill from Bank of America again. So just probably a question for Liz, just in terms of the employee turnover piece. What's the further direction of travel in terms of improvement? What do you think is feasible? And then related to that, as employee turnover has improved, how does that impact you in terms of the cost of your hiring function and all that goes with bringing people on board? So again, a well expected question. We've gone 3 percentage points at a global level over the last 3 years. We are already running half on 2026. We are running 2 or 3% below that 30%. So this looks like it will land 2 or 3 percentage points below. Where do I think it can go? I honestly do not know, because what is really interesting to us is the much more nuanced version of within a particular country, and indeed even within a particular contract in a particular site, what is actionable for us. Because not all turnover is necessarily bad for us as well. And there is a different cost associated, obviously country by country, but also skill set by skill set. So cleaners, relatively easy to train a new cleaner for a general cleaning purpose. So there is a relatively lower cost for that. But if we are losing technical services people, then of course there is a very different cost to that. So what we are driving to be able to do is to measure it at a much, much more granular level, and then really pull the levers to get to that optimum per country of what the turnover needs to be. We are in an earlier stage of treating this like a core operational KPI than we are, for example, on productivity. But that is the sort of same logic that we are starting to apply around it. In terms of cost, there are direct costs, of course. You need less recruiters if you are recruiting less people. The digital recruitment business case includes some of that, but it also includes a switch out of the old technology as well, which is a good cost saving. There is obviously less administrative time. It takes our managers time to hire people. If we can squeeze that down, that is obviously time back again as well. And then, of course, there are operational benefits as well, but we need to be careful not to double count those with the workforce management ones. For example, if we are not gapping posts, then we are not having to pay overtime, we are not having to bring in temporary workers. But we need to be very cautious not to double count those ones. Okay. Hi, Allen Wells from Jefferies. You have talked a little bit about, obviously, the opportunity from AI, but can I ask just your opinion on some of the potential structural threats from AI? Obviously, we read, we hear around kind of the white-collar workforce reduction potential as this technology is implemented. Your key focus areas, financial services, professional services could be in the firing line if you believe some of the literature as well. How do you guys think about that as you plan for the next 3 to 5 years? What are your customers saying around office space planning? Yeah, just quite interested if you can spoil a bit of color around that, please. Thank you. Do you want to go? Ulrik, I can take it. Within the segments we have chosen that we also went through today, and this site is perhaps a good representation of that. A lot of the customers we speak to, they want to have people coming to the site. Then, of course, they work with AI in order to enhance and improve their processes. But most of the people we talk to, they do not see that they, at least not on the medium term, that there is a big change coming from working with AI. I am sure you read the same reports as we do in terms of what could it potentially mean. But I think it is very much back to the point that Steven made this morning as people work more and more with AI than the human factor. So what people can do, the interaction between people becomes more important, and that means also that we see some of those customers where that is a factor starting to invest more in that because they see how important it is to attract the right human talent in that process. Hi, Annelies from Morgan Stanley. Sticking with a similar theme, can I ask about the robots, please? So, I am surprised that the wage cost savings are so low for where you are automating the cleaning. So could you talk a little bit about what drives the decision to make those investments? Is it coming from the customers? Is it coming from you? I think you said 3% of your total cleaning scope could be automated. Do you expect that to change and therefore will you continue to roll out this technology and what could that mean for wage cost savings over time? Thank you. Yeah. I spoke about the robots and I also noted that with the current technology standards and with current cost and price points, that can of course change in future. But the way to think about it, you think about this building, for example, and then you think about these cleaning robots, how relatively small proportion of the surfaces that such a robot would be able to do, cannot do the restrooms, for example. And when we clean, we do not only clean floors, we clean tabletops, we clean door handles, we clean all kinds of other things. And when you add the time we use on a site like this together, that is where, not this particular site, but in average that we see that it is only about 3% of our scope where there is a meaningful business case with this. And of course, these cleaning robots, they also compete, so to speak, with our increased human productivity all the time. So that also means that probably our hurdle rate is different than many other people. And when we get everybody up to the same level as ISS Norway, then that business case will look different again. But who knows about what the next generation of robots is. Could we do restrooms? And if we could, we would of course look at it. So I am not saying that we will never use robots, I am just saying that do not expect that there is a huge uplift for us in that for those reasons I went through. And then, as I also said, we are cautiously excited about humanoids, but we think that it is some time away before that it is a productivity game. It can be an interesting thing to do, but it is some time to see the productivity uplifts coming from there, if ever. Hi. Thomas Lind Pedersen from Nordea. Liz's question on social sustainability, social value. So no doubt that it has been a meaningful part of the turnaround and the wins in the U.K. Now you allude to the EU proposal of minimum 50% equality weight in public tenders. What does that mean for the European facility management market and what does it mean for ISS? Also, how are you positioned versus competitors in terms of winning this? And you also alluded to, sorry, to private companies doing this. Can you elaborate a little bit on that as well? Thank you. Yes. Okay, where to start? The European legislation, it's proposed legislation at this point, so of course it will take time. But what we've been doing is getting ready for this because we think this is the way the market's going to go. The language that the governments are using is the same. Everybody's worried about employability, everybody's worried about the gap between the rich and the poor and whatever. Everyone's under fire for outsourcing public sector contracts as well. We know that that's going to go, the wind is blowing in the right direction. We think is that this will mean that European public sector tenders go the same way as the U.K., where anything up to 50% is a quality score, and a key component of that quality score is your social value story and how you put that. Where are we versus the competition? I think, again, this goes back to this self-delivery piece as well, because if I'm one of our competitors who doesn't self-deliver, I can make a commitment to say, "I'm going to put 5% disabled people into the workforce on this contract," but they can't make that happen. Whereas we can absolutely make that happen because we control the recruitment, so we can make sure the recruiters work to that profile. We control how those people get onboarded so we can make sure they've got the support that they need, the extra support that they need, from whatever community they come from. We can manage that all the way through. That's why I think the self-delivery thing plays back in. I also just think this is in our culture. If you talk to any ISS person anywhere in the world, the thing that will make them the most proud is they will tell you a brilliant story about someone who came in from some sort of disparate group and had a great success story in ISS. This is so deep in the culture, that's kind of hard to put into a marking schema, but it's really important. Just super quickly, it is definitely spreading fast outside the U.K. I'll give you some examples. The number of meetings that I've had with CEOs or executives in the segments that we are targeting. Let's take financial institutions as an example. It is very hard to put substance behind a social sustainability agenda as a bank. What many banks are doing is that they're donating to a good purpose. However, by donating, you also have to control the governance and the compliance around that, so it builds up complexity. You can even argue, is that substance that you give an amount of money to a good purpose, but somebody else is doing it? Here, it is in a partnership where the customer is opening up their site and together we are scanning, as I said in my presentation, in that particular location, what is the swing factor in that local community? It can be various things. It can be to engage and include homeless people, it can be disabled people that do not have necessarily the same opportunity as many others. There it starts to become something that is much more powerful. We are managing the program, but the customer is opening up the site, and that resonates when we and I are having conversations with executives, resonates a lot, I have to say. Just on the private sector question, we are part of this global task force, and one of the companies that is in there is a global logistics company, and they have told us that they will start to roll out 5% of social value in all of their procurement contracts going forward. Again, just the names that are in that task force tell you that there is a big private sector interest in this as well. Okay. Thank you so much. I believe it is now time for a cup of coffee. If you go outside, we will have 20 minutes. So 10 to 4:00 P.M., we will be back in here and we will go up with the final sessions, which will include Mads, and then we will do also a larger Q&A session at the end. Super. Thank you so much. Well done. Very good. Also, good Q&A. Okay, everybody. I hope you are all fueled up again now. Now I would like to present Mads Holm, our CFO, to the stage. Welcome. Hello, and welcome back after a quick coffee break. Today, I will focus on what progress means from a financial perspective. The starting point is simple. We are entering the next phase for ISS from a much stronger financial. We delivered on our commitments made at the lab's Capital Market Day. We strengthened earnings, returns, cash generation, and the resilience of our platform. Now we accelerate sustainable growth, margin improvements, while maintaining disciplined capital allocation. For our shareholders, that matters. A stronger earnings base, higher returns, consistent cash generation provide us with greater flexibility, both to reinvest when returns are attractive and to return excess capital when they are not. So the financial story today is not only about high earnings. It's about the quality, resilience, capital allocation, and how would that translate into compounding shareholder value over time. Let me begin with the commitments that we made at our last Capital Market Day. At our Capital Market Day back in 2022, we set three clear ambitions: organic growth, operating margin, and cash conversion. On the guidance basis, we have collectively delivered on our promises. Importantly, these metrics should not be seen in isolation. We had delivered growth while improving profitability and converting into cash. That combination truly matters because it speaks to the quality of the growth that we had delivered in the period. We addressed and solved our four hotspots, improved execution, and created a more resilient business. We have reduced operational volatility, strengthened the underlying quality of our portfolio. At the same time, commercial momentum has accelerated, and our ability to win and grow with customer has improved. The important point for you all in this room today, we set targets and we deliver on the targets. From an investor perspective, consistency has value. The more consistent the operating performance becomes, the greater visibility on earnings and cash generation. It also means that a higher degree of management focus and capital can be directed towards creating growth rather than fixing underperforming parts of our business. We enter the next phase from a position of strength. We have a healthier portfolio, stronger execution, and greater financial capacity, and we can put our full focus on growing the business. As we move into the next period, the ambition is not to change the formula that has worked. It's to build on it. Profitable growth, higher margins, and continue to converting into cash. That operational delivery has translated directly into stronger earnings and returns. These slides capture one of the things that I think most about as the CFO of ISS. How earnings and disciplined investments compound shareholder value over time. Since 2014, earnings per share has been fully restored at just above DKK 7 per share for the last 12 months. This is the highest level shown on the graph, and it's above pre-COVID levels. It's a result of both higher net profit combined with a lower share count. Return on invested capital has doubled and has increased to 16% after tax, including goodwill. That recovery is driven by stronger earnings, but also how we selectively deploy our capital, and that distinction matters. Earning growth creates value when the incremental capital required to support the growth earns an attractive return. In simple terms, as long as we can reinvest our capital at returns above our cost of capitals, we are creating real value for our shareholders. We are not pursuing growth at any price. Every capital decision must compete on returns, whether it's an acquisition, investment in organic growth, or it's distribution to our shareholders. The hurdle is therefore not simply whether an investment grows earnings, but whether the expected returns can justify the capital we put at risk. Why this matters, EPS and ROIC reinforces each other. Better execution grows our earnings. Better capital discipline protects our returns. Importantly, that combination determines the quality of the growth we are delivering. The ambition is to grow earning while maintaining strong returns on capital employed. That gives us two powerful levers for value creation, increase the earnings base, and reinvest selectively where we can earn attractive incremental returns. Together, they compound value over time. This return-based mindset is the foundation of our capital allocation framework. Since we started our buyback journey in 2024, we have announced DKK 7.6 billion in share buybacks. We have paid DKK 1.5 billion in dividends. We total distributed DKK 9.1 billion to our shareholders. At the same time, we have reduced the share count with 14%, 18% if we take current holding of own shares into considerations. At the same time, we have also invested DKK 1.7 billion in bolt-on acquisitions. Our priorities are clear: protect the balance sheet and maintain a leverage of 2x-2.5x, preserve our investment-grade credit rating, and invest organically into the business. Pay an annual dividend of 20%-40% of adjusted net profit, and return surplus capital to our shareholders when we do not identify better risk adjustment alternatives. To sum up, we have slightly balanced our capital allocation priorities. Buybacks and M&A are now assessed on an equal return base. Remember, financial flexibility is not an invitation to spend. It is an ability to choose what is the best way to utilize our excess cash. What must an acquisition meet before it earns the right to our capital? As highly anticipated by some, but definitely not revolutionary, here is our M&A playbook, and the key word here is selective. The individual target must have a clear strategic fit, it must be financially attractive, and there must be low-risk synergies, and more importantly, it has to be based on a realistic business case. Before considering a target, the country must meet three non-negotiable: a stable country outlook, a well-functioning operating platform with the ability to integrate, and an experienced management team, as Kasper alluded to, who has done this before. We focus on bolt-on acquisition, whereas ISS already understand the market and has the capability and capacity to integrate successfully. We therefore not look only whether a target is attractive, but whether we are the right owner and whether our local organization has the capacity to realize the value. Listen, we do not have a volume acquisition target. A strong balance sheet never creates an obligation to do a deal. M&A earns its right and place only if it offer better returns than the alternative. Spain show how this discipline creates value in practice. Spain has a stable market, a strong operational platform, and experienced local management team. The acquisitions of Grupo Fissa, Grupo BN, and Gabialdi added complementary capabilities, scale, and geographical strength to our current platform. They increased key account coverage, strengthened our Madrid position, added healthcare expertise, and reinforced our leadership position in the Basque Country. Importantly, these were not only acquisitions of revenue. They strengthened density, they strengthened capabilities, customer relevance in areas where we already had a strong operating platform. The financial outcome is clear. 12% revenue CAGR from 2022 to 2025, 19% operating profit CAGR over the same period. Profit grew materially faster than revenue, and that is the clearest evidence of integration synergies and operating leverage coming through. We are seeing the benefits at scale through the existing platform, including better utilization of our overheads, procurement opportunities, and stronger operational leverage. This is exactly what we look for in bolt-on acquisition. Not simply the acquired earnings, but the ability to improve the economics of the combined business. Importantly, this was achieved while Spain delivered solid growth and cash conversion above group levels in the period. The value creation is not depending on one matrix. We have combined inorganic growth with continued organic momentum, margin improvement, and a strong cash conversion. This is what I would call high-quality growth. More earnings, improving returns, and strong cash conversion of those earnings. Spain demonstrates that disciplined M&A can strengthen the customer proposition and improve group profitability. Importantly, it demonstrates that when you inquire into a strong existing platform, the value of the combined business can be greater than the simple sum of the two alone. Spain is not an isolated example. The playbook is working across our portfolio. Across these transactions, the strategic logic is consistent. Add capability, strengthen local scale, and create measurable returns. Switzerland, Spain, and Norway are clear synergy cases, utilizing our existing platform and delivering strong results. Austria, New Zealand, and Belgium added additional capability to our existing platform, broadening our value proposition in local markets. We also remain transparent when performance is mixed. Blue Bridge delivered its planned margin, but growth has been disappointing following a customer loss and a temporary headwind in project works in Belgium. That transparency matters. Discipline M&A means tracking every investment against its original business case, not simply celebrate the completion of a case. Importantly, we look at the full equation, the earnings contribution, the realization of cost and commercial synergies, the return on the capital invested, and whether the strategic rationale is actually materializing. We are satisfied with a ratio 8 out of 9, delivering above initial business case. For me, the important point is not simply the 8 out of 9. It's that the performance gives us evidence that our M&A playbook works. We are buying for clear strategic reasons, we are delivering the synergies, and we are holding ourself accountable for the returns afterwards. That gives me confidence that M&A can remain a disciplined value creation lever for ISS when, and only when, the right opportunities are there. That same discipline we are also taking directly into the CFO organization. We are transforming finance from a predominantly local model, as Kasper alluded to, into a real scalable global platform, and the foundation has been established. The Gdansk service center is operational, core back-office processes have been migrated, and governance and controls have been stabilized. We have scaled the European scope, moving from 30 people to now 250 transitioned FTEs, while structurally reducing the corresponding footprint in countries. The important point is not simply about centralization, it's a crucial part of our digitalization journey. We're standardizing processes, reducing duplication, and creating a finance structure that can support a larger business without the same increase in complexity or cost. In the next phase, we go global. Scale from approximately 250 roles in Europe to more than 500 people supporting also APAC and Americas. Following the consolidation of activities, we are implementing automatization and AI to further enhance effectivity and effectiveness. This is expected to deliver approximately DKK 100 million in annual gross benefit from efficiency and labor arbitrage. The economics go beyond the direct cost savings. A more standardized platform gives us better quality, faster reporting, stronger controls, and greater process resilience. In addition, it frees up times in countries enabling more customer-facing time. It is not simply a cost reduction program. It gives ISS stronger control, greater resilience, better data, and a finance function capable of supporting growth. In other words, we are reducing cost to serve while improving the quality of the platform at the same time. Over time, we do see a larger potential to bring further functions into the FSC journey. Together, stronger operations and a scale of the platform allows us to raise our ambitions on behalf of ISS. Our new financial ambitions are clear. Average organic growth above 5% and operating margin of 5.5%-6% in 2028, and a cash conversion above 60%. These are not three isolated targets. They form one value-creating algorithm. Better execution drives quality growth, scale and productivity convert growth into margin, strong cash generation creates flexibility to investment and to shareholder returns. Let me unpack the algorithm, beginning with the growth part. We expect organic growth of more than 5% on average annually for 2026-2028. The composition of growth will change versus what you have seen ISS deliver in the past. We assume the contribution from net price increases to be less in 2027 and 2028 compared to 2026. In its place, like-for-like growth volume and net new will contribute with an ambition of at least 2%. That mix shift matters. It means a greater share of growth will come from underlying activity. In addition, there is another lever where we see opportunities, projects, and above base. Historically, projects and above base have been the growth lever with the least visibility. That is why when entering a year, we have typically assumed a broadly flat contribution from above base. The approach to visibility has not changed. What does change is our commercial ambition. We are increasing the focus on systematically identifying additional services and opportunities with our existing customers, where we already have a strong relationship, operational presence, and customer insight. You have seen some of the things at this site right here today. The growth algorithm becomes increasingly balanced, at least 2% from like for like, a more deliberate contribution from above base, and a stable contribution from pricing. The objective is not therefore only just more growth, but higher quality and more sustainable growth. With a stronger contribution from volume and net new wins, scale becomes a more powerful margin driver. We started from a 5% operating margin in 2025. We expect approximately 5.25% in 2026, and we are targeting 5.5%-6% by 2028. The contribution is broad-based, a better D-Tech run rate, continued improving in the underlying business, operating leverage from growth and scale, and stronger workforce management and continued efficiency improvements. Importantly, these are not abstract finance assumptions. They connect directly to the business area presentations you have heard earlier today. Carl -Frederik spoke about scale, operating leverage, how a larger and more efficient platform allows growth to drop through at a higher rate. Steven spoke about the opportunity in North America, where stronger growth and scale can improve the economics in the regions over time. Troels showed how workforce management and operational efficiency can improve productivity deployment of our people while simplifying the way we operate and taking cost and complexity out of our business. Liz showed why our people agenda is also a financial lever, how stronger engagement, smarter recruitment, and better retention can reduce employee turnover, recruitment cost, why improve productivity and ultimately support a more efficient cost base. I talked about how the finance function will support margin from scale benefits from our shared service center journey. This is why margin improvement is not depending on just one market, one program or one exceptional item. It comes from better execution across the full group, and the quality of the margin improvement matters. We are not simply taking cost out of the business. We are improving the structural efficiency of the operating model while we continue to invest in growth. Our world-class cost base allows each additional unit of quality growth to create more value. In other words, the combination of scale, workforce productivity, and efficiency is what drives the next steps in our margin journey. Profitable growth must ultimately translate into cash, and that remains a core discipline, as Kasper mentioned in ISS. We expect the cash conversion above 60% in 2026, 2027, and 2028. For me, the important point is not only the percentage, it is what sits behind it. ISS has a capital light business model, and our ambition is to ensure that a high proportion of that earnings we generate ultimately converts into cash. That requires disciplined work across working capital and CapEx. As earnings grow, maintaining a strong cash conversion becomes increasingly powerful for us. It means that profitable growth translates into incremental free cash flow, rather than requiring a disproportionate amount of additional capital to support that growth. This is an important part of our compounding equation that we have talked about earlier today, and it gives us the financial flexibility. We can fund the investment required to grow the business, maintain a resilient balance sheet, and still generate substantial cash to our shareholders. When you put the pieces together, higher returns, strong returns on capital, and disciplined cash conversion, the result is increasing capacity for shareholder distribution over time. That is ultimately what we want our financial framework to deliver. Now, let me bring the full story together. The story is actually the same as the one I opened with. We delivered, we strengthened, and now we accelerate. We delivered the financial commitments for our capital market day in 2022, and we restored the earnings per share. We strengthened the platform through better execution, disciplined capital allocation, and selective bolt-on M&A Spain demonstrates how the M&A playbook can create tangible value, strengthen capabilities, improving margins, and generating attractive returns on invested capital. Our growth algorithm is becoming more sustainable, with a larger contribution from volume and net new, alongside a more deliberate focus on above base. Our stronger underlying business operating leverage, greater scale, and better workforce management will support further margin expansion in the next years. Importantly, the profitable growth is expected to translate into strong cash generation. That gives us a financial lever for capacity to continue investing in the business while maintaining a resilient balance sheet and deliver attractive shareholder returns. The capital allocation principle remains very simple. We will invest where returns are compelling. Otherwise, surplus capital belong to our shareholders. That discipline matters, because ultimately, our objective is not simply to grow ISS, it is to grow earnings and returns per share and to compound shareholder value over time. I look forward to updating you each quarter on our progress against these ambitions. ISS enters this next chapter from a position of strength with a stronger business, a very clear financial framework, and a disciplined plan to compound shareholder value over time. Thank you very much. I think for this time, we will actually favor the online questions for the first one, because they haven't had an opportunity yet. Now you will be able to ask questions to the entire team. As said, I will start by reading out the first question, which we have received online, and then we will open up the floor for remaining questions. The first one here is a very relevant question on M&A. What kind of cash do you expect to spend on M&A in the coming years? Is DKK 500 million per year a good starting point to think about? I can start, and then you can add, Mads. We don't want to be specific because it is not the specific amount that is the determining factor. What is the determining factor is that we are doing the right things. If we are comfortable that M&A lives up to the criteria that you have heard about three times today, then that is the right thing for our shareholders, for our business, and therefore our shareholders to do that. At this point in time, it will be absolutely fair to factor in that the level of M&A is the same as we have seen in the previous three years. There is nothing in the pipeline indicating that should be significantly smaller or higher. I fully support what you say, Kasper. I also think, and I have been mentioning in a lot of investor meetings as well, it is also about focus. It is a focus on delivering on our daily basis rather than chasing opportunities of M&A. I think the level of M&A that we have done in previous years is a good indication of what you could expect for the next period to come. At the end of it, the most important part is that we focus on continuing improving the underlying business, because that is really what is creating the real value for our shareholders. Christian. First question is just on the household clarification question, just on the above 5% organic growth target. Is that a yearly target for 2027 and 2028, or is that benefiting the higher growth in 2026? I guess based on your presentation, it is the former, but just want to be clear on that. Yeah, it is above 5% annually for the period. A CAGR, not on a- A CAGR. Yes, you can say that. It could be below 5% basically in 2027, and then you still reach the target? Depending on what we are delivering in 2026, where we have above 6%. But clearly, it is above 5%, and that will be an annual average that is basically adding up to that total for the period. Okay. But interesting to note here, Kristian, is of course that when we say above 5%, we mean above 5%. We do not mean 5.1%. So you have seen the building blocks, you have heard the arguments from the team here. But you are right. Mathematically, that could be the case. Okay. That was just a household question. Yeah. Then the real question then, just wondering how you compare returns on share buyback versus M&A. You say you measure it on a return basis. Just what are the factors here in order for deciding? Yeah. I can start, and you carry on. So there's several factors into it. The EPS growth is one of the ones we look at, but we also look into what type of risk are we doing. We've talked a lot about we're very selective in which country we are. That's why we try to de-risk the acquisition as much as possible. It's not only one matrix we are looking at. That's also what I mentioned. But the EPS is one of the ones that we look at, I can in particular mention to you. But it's a broader game of a lot of things. But that is definitely one of the more important financial matrix that we take into consideration before doing M&A. I will support that. Basically, the way that we put it forward and discuss with the committee from the board is we look at the alternative. So we look at, well, this M&A, what is that going to do to EPS for over the case of the business case? Then we have very clear criteria that it cannot be all sorts of Mickey Mouse actions that is delivering the synergies. We got to see basically per individual and how are we adjusting the cost base, and it has to be things that are within our own control and not depending on other factors coming through. Then we look at if we use that cash on buying back our own shares, how would that impact the EPS? And then that's the two criterias that we are setting up and comparing against. Thank you. Mads. Thank you very much. To start with, please, can we just touch on the free cash flow, please, the conversion. It was at least my impression that you've been doing a lot of work, obviously first on the seasonality of the cash flow, getting it less tilted towards the second half. But also, it was essentially also my understanding that maybe there would be a little bit more room, or maybe it was my own assumptions and my own wishful thinking, but I thought there was room for maybe further improvements in the cash conversion. I thought you're starting to make some money in Germany. I know you- I thought there was going to be some essentially offsets. You have some big tax laws carry forwards that you can utilize in Germany. I thought there was just these different pockets around that would mean that, yeah, sustainably you could drive the cash conversion to be higher. I'm just trying to understand, am I completely wrong here? Or are you essentially a tad conservative in the sense that, yeah, the underlying cash conversion has improved, and yeah, maybe are a tad conservative? Yeah. I can start. First of all, we are seeing above 60%. You also have to remember with the period we are moving into where we see growth, hopefully to be a strong contributor to ISS going forward. Even if we are very strict around managing our working capital, growth can impact your cash conversion as well. I actually think that the 60%, we've been quite close to the 60% over a period of time. You're right, we have been working a lot on it. We have also seen that in the last couple of years, there's been a little bit of over-performing on the cash part, and we will definitely focusing on continue to improve the cash conversion. Because as Kasper alluded to, we are tracking it daily, and it's a super important proof point that cash is actually coming through, and you see the smoke in the system before. But with the growth where we are moving, also depending where we are growing, because you will have different payment terms depending on where you see the growth. The 60% is actually a pretty strong number. But again, it's above 60%. The last part is, I would say, is that as we're growing the top line, and the margin is moving in the right direction, of course, that will also give a nominal high amount of cash coming out ultimately. There's nothing indicating that our payment terms with customers would worsen. It's also important to understand the broader business context here. Because when we win a significant customer, then one of the win criteria is it's a partnership. Clearly it's not a partnership if we have to wait 90, 100 days to get the payments from the customers, and we are paying our staff on a biweekly basis. Customers understands that. So don't be worried about that there is a worsening in the payment terms. Then I will say, above 60% is quite a conversion of our profit. So maintaining that requires obviously a lot of hard work, especially in an environment where we are growing. The last thing I will say is that we're committing to the above 60%, but remember, we have between 5 billion and 6 billion DKK with the current volume, 5 billion and 6 billion DKK of payments that are coming in between Christmas and New Year. So what you have seen in the past around some prepayments coming in earlier, all of that is included in our above 60% that we commit to. So it's just to make sure that you understand the complexity in all of this. Hi, Mikkel from ABG. Just two quick ones from my side. The price increases from Turkey, the contribution from there, is that at the same level for the whole target period? Thank you. That's the first one. Yeah. So we have assumed that the price increases, therefore the contribution from prices is decreasing in Turkey, and that's an assumption. That's also why I said that, of course, it's not that we just assume without having tested with sources. We're doing everything we can to get intelligence around that. But minimum wages in Turkey is not announced until at some point of time in December for the following year. If that amount is at the same level as it has been in the last three years, then the contribution from prices will also be higher, and then our organic growth will be higher, for 2027 and 2028 compared to what we assumed and showed you today. But it is an assumption, and we will know more about that at the end of the year. And remember, over that period, Kasper alluded to, from a price increases perspective, Turkey has been around half of the price increase. Just to give you a little bit of number of what we have seen historically. That has been quite stable over the last two or three years. But now you are assuming that it will be less than 50%. Yeah Okay. The second one, that is on the global financial platform. You said that you will benefit from around DKK 100 million on an annual basis. Is that from 2028, 2027, or when will that happen? It is a good question, but that is only, and Kasper alluded to it a little bit earlier today. That is the scope that we have migrated now. We have migrated 250 people. We are taking out corresponding in countries. You can say it is something that will ramp up to that amount. Now, the counterpart of that equation is that includes the scope of Europe. We talk also about having additional centers in APAC and in Americas, and that of course, will offset investments. That of course, depending on what kind of speed we are doing it with, that will of course take some of the benefits out. But it is real. It is coming through. We also touched upon other advantages by the shared service center platform for the scalability as we grow the company. But that is only limited to the first side. It depends upon how fast we go with APAC and Americas, which we are looking at right now. Can you just give some kind of time horizon on this? Is it three years? Is it two years, or? No, I would say the 250 and the scope and the gross amount that is adding up, that is of course coming through within the next years. But what I would say is that the counterpart is, of course, the investment if we go fast on APAC and Americas in the same period. Tim? Thanks. Two questions, one at a time. I guess on the dividend, you've got a fairly wide kind of guidance range on the payout ratio, 20%-40%, and you've been pretty close to the lower end of that. Just interested in the thoughts around, did you debate tightening that range? What could or might lead you to a payout ratio at the upper end of that range? Yeah. On the dividend side, we said 20%-40% of adjusted net profit. I am not going to comment about where that will change. It is discussions, of course, Kasper and I, we have ongoing about how do we distribute excess capital to shareholders in the best and most powerful way. So far, we have utilized the opportunities of share buyback to a large extent and still believe that 20% dividend is actually a good number. Whether that will be the case forward over the next period as we allude to here, that remains to be seen, but that is a discussion that we have ongoing. There is no trigger points when I say now we move up in dividend and we do something else. It is how we feel and what we think is the best use of the excess cash we generate. Great. Thank you. The second was just around the margin guidance. I guess, just very simplistically, is there anything in terms of the bridge from 2026 to 2028 that we ought to think about in terms of 2027? So anything at this early stage. I appreciate you will give guidance on 2027 eventually, but is there anything that is in your minds as to how it shapes 2026 to 2028? It is the same components as we have already provided color on today. But what we have clearly mentioned is that the margin will, so the ratio will be higher in 2027 versus 2026. What is behind that is operating leverage, and then it is the efficiency program that is going to improve the margins. At the same time, as I said before, sufficient room for the necessary investments to make sure that we do what is right for the company in the long term. Hi, it is Carl Green from RBC again. First question, just around return on invested capital. Clearly what happens to that over the next 2 to 3 years will largely depend on M&A activity. If we think about the potential for organic return on invested capital improvements, you have already said that working capital demands are unlikely to increase. Is there anything else in terms of the ingredients of ROIC, which would stop it from improving organically? Margins up, capital intensity probably no worse. That is the first question. No, I don't see anything why it should worsen over time. As alluded to, we also given where we see the margin, and Kasper alluded to that we see a margin improvement towards 2028, and we alluded to 5.5%-6%, and we continue to be extremely selective in the way we deploy capital. I don't see anything that should worsen that number. Definitely not. Okay, great. There's nothing to be aware of either on the earnings per share. Hence our comment around that with everything you have heard today, obviously it's a back of an envelope calculation. The earnings per share, our clear expectation, because we deliver on the target that we put out here, is that that will improve significantly from currently, an improvement in 2027 and 2028 and also beyond. Great, thank you. A second question, just on the step-up in above-base revenues, or at least you including that in projections. Does that partially reflect the fact that you're seeing more recurring revenues from that? So for example, the juice bar that we saw earlier, which presumably isn't just a one-off, whereas the elevator modifications, that is a one-off. Just in terms of the balance of the projects there, has there been a shift? Will there be a shift? Yeah. Or is it just more of the same? Carl-Fredrik, do you want to comment on that? I think it is a good question because we do call it a one-off to your point. But what we are seeing as well is when a customer has given us some good projects and above base, it is very often in a position where we get trusted because the quality of deliveries are good. Then it can come back again the year after. It might be in a slightly different versions than the ones you had the year before, but at least you are in that direction together with the customer to continuing doing so. But it is item by item, you will have more one-offs when it comes to above base than almost like a portfolio going on for three to four to five years ahead. I think one of the reasons why we do put it in now is the efforts that has been put in with regards to creating that credibility with these customers and making sure that we continue on that path as well with the customer portfolio going forward. But out of our total top line, base is recurring, and that is base services that we invoice a 12th of every month. The above-base spend is discretionary. It is more volatile than the base, obviously. There is nothing indicating that we will see a structural change to that at the moment. But it is the lever where customers, if for whatever reason they need to save money, then they can do that by cutting back on above base. That being said, though, because it is 20% of our revenue, the vast majority of what we have in above base are things that there will always be a need for, a repair of a door, change of filters in a building. Then you have the part that is discretionary, which is an employee event, certain things that you can cut back on in case that is needed. Then the other thing that makes us indicate and commit to the fact that we will see growth in above base going forward is that, as you have hopefully understood from the site tour, we work with above base in a different way compared to what we have done in the past. There are three things that are important to note there. The first thing is that our site managers have clear visibility to what is in base, and that is important because then they can spot the commercial opportunities for tasks that are not in base and cover that as above base. Then the quotation, the way to get to quickly a work order for that work has been improved a lot and digitalized across our business. So it does not take ages to work through the process of issuing a quote and an invoice ultimately. The last thing is our people are incentivized to target above base based on certain criteria that ensures that it is good business for us. It has been relatively stable from a revenue perspective, to Kasper's point. We delivered 16% in 2024, and we also had a 16% of total revenue in 2025. So the level of projects and above base has been relatively stable of the percentage of total revenue. Kasper Blom from Danske Bank. I got the mic. Okay. Yeah. Two questions, please. The first is a little bit of a follow-up to the question on above base. You have talked about how the office experience is important for many of your customers. They want to drive people to actually go to the office. What do you see as the biggest risk of that changing? Would it be something as simple as a recession, and all of a sudden you do not have to fight to get people to go to the office, just tell them to do it? Or do you see any other threats out there that could sort of ruin that trend? Yeah. Do you want to give a U.S. perspective, Steve, on that? There you are. No, I do not really see anything other than another COVID event or something like that that is really catastrophic that would change that. So I do not see that. And you could even argue that recession might actually bring people back to the office because they are worried about their job, so they might try to be more visible. So you could probably argue that either way, but I do not see anything that is going to change that. From a global perspective, we do see customers that are cutting down on square meters, and we also see customers that are intending to cut down on square meters in the future. But the interesting thing is that the cost per square meter is increasing accordingly. Really this thing, Gallup has been out with a survey around that disengagement post-COVID-19, the negative impact that is having on productivity and GDP is massive. It is really truly understood and acknowledged in the industries where we are, in the segments that we are targeting, that it creates engagement to work together. Not necessarily five days a week, but definitely some days during the week. That is what we see more and more. If you push people through a policy and you have to be there, nobody wants to be told what to do. You do not get that engagement unless people, when they wake up in the morning, they say, "Okay, I want to get into the office environment because that is really an inspiring place to be, and it is a nice place to work together with my colleagues." When people are engaged, then they are more productive. Therefore, the current outlook at the moment, there is nothing indicating that the spend on facility services will decrease. I would like to say the opposite. Yeah. One of the things, let me just add to that, is if you look at, there has been a flight to quality. If you look at Class A office versus the other classes, there is dramatically more people coming back into the office. There is definitely this flight to quality, which I think supports what Kasper said, too. I think it is going just the opposite. And I think just one last thing on it. We are a portfolio business, and we want to be a portfolio business. What we've seen, though, through the work that has been ongoing is that non-portfolio is also a good opportunity for us, but it is more volatile. You could get into some very strong projects in above base during one year, which might not be there for the next year. But with the lens on those drivers that we see now, that is why we also dare to put in a ticket within the growth bridge that we are seeing currently. Yeah. And to Kasper's point, when we are in debates and dialogues with customers, they are saying, "Sure, we might reduce on square meters, but we want to do more services for the people being in the building." That can equal out the revenue, and also drive some other kind of services that they will need into that space to make sure they drive engagement with their employees. Yeah. Then you can see it triggers a lot of enthusiasm, your question. So well done, Kasper. Then you can link that into Kristian's question around, well, I need to understand, because of course what he is fishing for is, well, could we end up in a situation where we deliver 4% organic growth in 2028? And yes, we could. It is math. But what would be the driving factor behind that is price increases. It is not the like for like. That we are committed to, and we will deliver an underlying growth with existing customers, growth with new customers, that is at least at the level that we are looking at the moment of 2%. But what we do not want is to sit and speculate at this point in time around what is the price contribution going to be for Turkey, as an example. I can guarantee you we have done our homework on talking to people that are supposed to be experts in what minimum wages are turning out to be in Turkey in the next two years. And you ask 10 people and you get 10 different answers on that. I understand you don't want to guide on that. The second question is probably a little bit easier. It's from S. Can you give any kind of guidance on what to expect on CapEx and networking capital for the next couple of years? Is it business as usual or? I would say business as usual. That's a fair assumption. What that means is that our depreciation will be at the same level of CapEx. CapEx Slightly below the 2%, including IFRS 16. Joanna Jordan from ODDO BHF. A question on North America and data centers demand. Could you please share with us your approach to this segment, your offering there, and maybe also some indications on your pipeline? We are seeing some of your peers, I am referring to Sodexo, Compass, Aramark, that are gaining a lot of contracts there. Any information on this? Thank you. Yeah. We are providing services for data centers predominantly for our technology companies. I think right now we are more than 20 data centers that we are providing ongoing services for. Those services are food and then some technical services. Our expectation is it continues to grow with obviously the hyperscalers and the AI. That is really where we are at. I do not know if I can really speak to our competitors, but that is where we are at. Good. Allen? Hi, Allen Wells from Jefferies again. Just two very quick ones. Just back on the above base. Obviously there is confidence in a more sustainable contribution there, but could you maybe just put a little bit of color about the margin on the above base? We have always been a bit of debate in the past about is it margin accretive, is it not? Just depending on what the projects are coming in. But as a general comment there. Yeah. Troels, do you want to I can do that. take that one? Yes. In general, and there will be exceptions to that. But in general it is margin accretive, and therefore in many ways help us. The key is exactly what you have seen today. So the key is to be the partner for a large customer across all services. Because that gives you access to of course the services, but it also gives you access to have that particular dialogue with the customer. Then there can be particular projects where we would get help from other people and we are managing it, and then it may not be as margin accretive. But in general, yes. But it is not so that if we do not deliver the modest or the decent organic growth in 2027 and 2028, that will impact it. It is not a swing factor. Troels is right in what he is saying, but in the big scheme of things, we are not depending on that growth coming through at higher margins to deliver on our margin target. Clear. Then just thinking back on the building blocks on the margin. Obviously, we are seeing strong growth in 2026. Part of that includes the ramp that we have seen in contracts like DWP, which I think goes live in October. If we were to see a normalization back towards, let us just say 5% or above 5% from pushing 7% this year, is there a benefit in easing mobilization costs that we can expect in the margin in 2027 and 2028 if growth is a little bit lower just year on year? Yeah. So a couple of things on mobilization. The key accounts that we are winning typically, it is built around the partnership, and that also means that mobilization cost is built into the commercial model. So it is not that as we grow then our margin will be threatened in the short term. We do have some incremental mobilization costs that we decide to do because it is the right thing to do. Like for instance, on the DWP we had incremental mobilization costs because we knew that there is a significant project opportunity on DWP and therefore we decided to put a project team in proactively and had that overhead cost without having offsetting revenue. So I think the way to look at it is that mobilization cost is not a swing factor that will put margin at risk. To your comment around operating leverage, well, clearly we have operating leverage on the contribution on revenue from like for like, so from growth with existing customers and net new. That one we are fully committing to. Price increases, the operating leverage is not there, and that is why we feel good about the benefit from operating leverage in 2027 and 2028. Thank you. Just on the modeling of the share buyback, the leverage target 2.0-2.5, is that an end of year target where you are benefiting from seasonality, or is that at every quarter, or how does that work? It is still an end year target. Okay. On the retention rate, the assumption in the above 2% like-for-like growth, in your previous target from the last CMD, you assumed 93.5%, and you have an ambition of 95% in retention rate, sorry. Just wondering what is baked into the above 2% like-for-like. It is as Carl -Frederik said, it is the 95%. On the 95%, we have room for improvement. What I mean with that is that if we look at some of the customers that we are losing today, we shouldn't be losing them. That is why the key account development program that Carl -Frederik mentioned in his session is absolutely critical. We will not get to 100% retention, but we can become better than what we are currently at. What we have assumed in our target setting is the 95%. It is, however, also quite important to understand that there is retention and retention in the sense that for large customers, IFS customers, we should have as high a retention rate as possible. If you then double-click on some of our single service cleaning business, the change costs are not very high. The demobilization and mobilization costs are not high, and therefore it is not a big margin impact to have that change. Since we, in some countries, have single service cleaning where, for example, we work for municipalities, it can be quite digital, but it is not a problem. Okay, we now have a question from the webcast saying, "Why have you been avoiding acquisitions in the U.K. given the changing structure of this market, especially given it is the most mature market in a global FM context? It is a perfect question for ISS, isn't it? Thank you. Thank you. I think everybody knows the history of the U.K. It was a hotspot four years ago. We have recovered the margin. We have done a lot of good work with Troels and his team around the operational footprint of the U.K., made it much, much more robust. We have built a finance platform back there. We have put a great infrastructure into the U.K. business now. At the same time, we have developed a very, very strong pipeline, particularly in public sector. Four years ago, we knew that there was going to be a whole host of tenders coming out of public sector in a period of time, and we set ourselves a target for bagging as much of that as we possibly could so that we would get the business to be 50/50 private and public. That is really where we have been up to now. We are driving great organic growth in the U.K. business through that strategy. Right now we do not really need to do M&A in the U.K. But now that the business is a good solid platform again, it comes into play. I am certain the U.K. team would love to be on that chart with all the others in the not too distant future. Yeah. First of all, it is a good question, and it is an even better answer. It also well illustrates what we mean about focus, because we would not see the growth we see, I am convinced we will not see the growth we are seeing in the U.K. currently if we had embarked on an acquisition journey there. It is exactly the same way we are thinking about M&A across the enterprise. Then there is probably also an allusion to the consolidation that is happening in the U.K. at the moment. Of course, we are keeping a close eye on that. But as with everything, when there is turbulence, and a significant acquisition will create turbulence, then that is also opportunities. We are ready to grab those opportunities. Any more questions from the audience here? Kristian, you never disappoint. Thank you. Just wondering on the operating leverage that you touched upon had not been a successful path previously. What has changed in the platform in order for you to reap those benefits? Yeah. I would say that if you look at our business, what is happening in the back office, then it is a lot of transactions. You need to register hours, you need to pay those hours, and produce payslips to our people, our Placemakers. You need to raise purchase orders, work orders, you need to invoice that to customers, and we have come a long way on automizing that. Mads is alluding to the fact that there are still opportunities. Yes, there is, and there probably always will be, but we have come a long way on streamlining our generic processes. Otherwise, we couldn't do what we have done with our European business and put the shared service center in place in Gdansk. The data points that I look at that shows that it is working is exactly as I mentioned before. It is that our overhead costs are nominally the same in the first half of this year compared to what it was in the first half of last year, and that is with an organic growth rate of 8.2%. Automation of processes, that gives the scalability basically. That is the biggest part of it. I do not know if Mads has anything. Yeah, I think that there is one more driver, which is really, in my mind, very important, and that is that you have You have synergies in your overheads, and the way to get synergies in overheads, it is to have a very focused business that does not go to all kinds of different segments, but works with a few segments, because in that way, you can cross-use your overheads, and that is exactly what is a result of the One ISS strategy. Kasper talked about how we now have the strategy roadmaps in place in each country, and it is becoming more and more one platform, and that helps to drive operating leverage. Thank you. Okay. Thank you so much for your questions. Now, Kasper will just do the closing remarks. Thank you. That will be relatively short. Before I do that, I would just like to thank the team for what I think have been some really solid and great presentations throughout the day. A lot of hard work has gone into that, but thank you for presenting that in a crisp and clear way, also with a high level of energy. So much appreciated. I would also like to thank each one of you for your interest in ISS and participating in this Capital Markets Day, either in person or virtually. Hopefully, you will leave today's Capital Markets Day with a clear understanding of the fact that ISS is one of the leading providers in a large and fast-growing market. Hopefully, you will also understand that our self-delivery platform provides benefits to our customers, and that is exactly what is positively differentiating ourselves from the competition. We have aligned our global business on a much more clear and simple strategy, where we are taking a lot of complexity out of both how we design the strategy and how we execute our strategy. The good thing is that it is working. We can see that there are tangible outcomes coming out of that already. We will continue to execute, and we will put even more horsepower behind that, and therefore accelerate the higher quality growth and expand our margins. Our margins will continue to convert into a strong cash flow, and we will use that cash flow with a high level of capital discipline through our unchanged capital allocation policy. While we are laser-focused on delivering the strong financial results, we will also continue to put substance, especially around the social sustainability agenda. Both because it is the right thing to do as one of the largest private employers globally, actually in the top 20 with more than 325,000 people, but also because it makes sense from a commercial point of view. The key thing really that we want to get across to you today is that when you combine all of those things into earnings per share, then our earnings per share power, our earnings per share will increase significantly from where we are today until 2028, but also beyond. What we do is with the right quality, and it is sustainable. Thank you very much for participating. Thanks for the good dialogue. Again, thank you very much for your interest in ISS. For those of you that are traveling, safe travels to you. Thanks for what I think has been a really good day. Also very big credit and thank you to the team who has organized this day. There has been long hours being put into the preparation of this day, both from our facility management team, but definitely also for our project team and our investor relationship team. We remain available through investor relationship, and of course, also Mads and myself, if you have, and I hope you do, some follow-up questions on the strong content that has been presented today. Thank you