Good afternoon, and welcome to this Annual Report 2024 presentation and Q&A with MapsPeople. With us today, we have the CEO, Morten Brøgger, and the CFO, Christian Læsø. First, there will be a presentation, and afterwards a Q&A where the CEO and CFO will answer questions submitted via Stokk.io. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Morten and Christian to start the presentation. Morten and Christian, your lines are now open. Thank you very much, Anas, and thanks for giving us the opportunity to present our 2024 annual report. Just to kind of like start it out with, I think 2024 and the financial report shows some very good progress in the company from a financial KPI point of view. I think both me and Christian and the entire management team at MapsPeople are kind of proud of what we have delivered on behalf of the whole company. Let's try and go through a little bit, Christian, if you would be okay to take us to the next page. I think to start this off, I think it's like super important for me to say that 2024 and 2023, to a large extent, have been two what I would call like abnormal transformation years. In 2023, we focused a lot on making sure that our business was right-sized in terms of the costs and in terms of the staff that was in the company. We transitioned the way we were operating our business and moved away from what was called contracted annual recurring revenue framework agreements into firm contracts and invoiced ARR, which was prepaid by the customers. A lot of the transformation went through that one in 2023. A lot of like, let's get things right, let's get down mainstream on how you run a SaaS company like that. That transformation then basically formed a foundation for 2024, where we worked a lot on our organization, making sure that the organization is efficient, well-structured, good progress, good processes between the different functions in our organization, and thereby also the opportunity to work on productivity for every function and every employee in our company. During 2024, there was also like a lot of shift in our ARR, which fundamentally means that we are exercising 2024 with what I call a higher quality annual recurring revenue. I saw one of the questions, and one of the questions was particular about this one. Let me try and explain it. In 2023, we had these framework agreements, which was a contract where a partner had committed to spend a certain amount of money with MapsPeople. At the end of the contract, if they had not done it previously, it had been extended. In 2023, we decided to ensure that both MapsPeople and the partner honored that contract. Some of these contracts were then invoiced, which gave a nice jump in the annual recurring revenue. If the partner was not really live, we understood that there was a high chance that they would leave MapsPeople during 2024. That happened for at least a handful of millions in the year. They have been replenished by new healthy partners in it. That is why the ARR has a higher quality, and that is why the underlying ARR growth is higher than what we can report for these maps. With that into account, this is why we, Christian and myself and the management team, when you look at the financial performance on these called KPIs for MapsPeople, we actually recommend that you look at an average improvement over the last two years because it is a more correct picture, in our opinion, on the performance of the company. That is where you can see on ARR. In the first graph we are showing here, since 2022 and into 2024, the average growth in ARR has been around 35%, which is pretty decent. We think that is an underlying correct picture based on the performance we have in the company. You can see that the revenue actually also took a good jump up. You can see that the average growth in the revenue is actually around 45% on the revenue in the last couple of years. That has also a lot to do with the shift on how we manage contracts with partners as well. Like fundamentally, like pretty decent growth rates here. If we go one more down, Christian, you will see that these elements also have the impact on the EBITDA. You will see that we've reduced the EBITDA from DKK -60 million to DKK -30 million, so a 50% improvement in that one. I wouldn't go back to 2022 on that one, but it is a pretty decent picture on this one. As we looked at that, and if we take one more slide forward, Christian, this is also why we have chosen to show this based on our guidance, like what was the last two years' average growth rate. If we add the guidance of 2025 going in the middle of the range that we've guided for, what is then the growth? You can see that we're expecting somewhat similar growth rates for the company going forward. You can see that on ARR, it's a 33%, so more than 30% growth that we have for the middle of the range. Revenue is down also just above 30% in these growth rates. That's because like a lot of the ARR growth that we're expecting this year, very traditional, comes towards the second half of the year, and it will as well. A lot of that revenue will not take full impact until next year. You'll see that the EBITDA, we expect again an improvement somewhere between 30% and 50% improvement in the EBITDA as well. You see the guidance that we have is actually fairly well aligned with the historic performance. We think that's the shape that the company's in. That's why we have tried to draw attention to that. The good thing for us is again looking at what is the market that we're operating in. These are relatively new reports from Gartner towards the end of 2024. There are two areas in this one. First of all, this whole spatial computing is a very interesting market with a lot of growth and one of the highest growth IT markets that is in there. AI is probably pretty high as well, but I think it's also embedded AI into this one. There are two areas where we are operating. One is what we call spatial mapping. How do we actually map the indoor? It's a fairly large market. It's grown to $19 billion in 2032, and it's grown with just shy of 31% year- over- year, a little bit less than what we are guiding on. The other thing is what they call advanced location-based services. This is definitely where AI is coming in and where I think the way we experience everything indoor is going to change a lot in the future. Clearly, the indoor mapping and the platform that MapsPeople have is also going to play in this area. You can see this is like a crazy large market, right? Growing to $1.3 trillion in 2033 and growing with more than 31%. Clearly, super interesting market that justifies that we can grow. You can see that we've guided our growth based on not only our historic performance, but also how the market is growing as well. If we take one more, Christian. This one is questions that we've traditionally gotten during these investor calls. We basically took them in and tried to visualize them here. It is just to basically prove the reality is shaping up exactly as we've said in the past, right? On the left side, we always get a question like how much of your growth is in North America and how much is in other parts of the world. Here we split up into North America. That is MapsPeople. You can see that that has grown. You can reverse calculate the numbers, but you can see that has grown from 2023, around probably 31% was in North America, and now it is 40%. You can see the majority of our growth is coming from North America, just as we said it would. On the right-hand graph, it's really the revenue type we have, where the dark green one is Maps Indoors. You can see that has grown to constitute 70% of our overall revenue in 2024 versus 63% in 2023, right? That actually means that all our growth has actually come on the Maps Indoors platform, just as we said it would. If we take the next slide, one of them that I think is most important and is definitely helping us guide on what we're going, that's really our growth KPI. The top right-hand corner is showing what is the payback period on our customer acquisition cost, meaning how much money do we spend in sales and marketing to win a new customer contract? Then how long of that customer contract does it then take to pay back those sales and marketing costs? We have always said that needs to be between 12 and 18 months. It is in that consistently since we have done that. It went up a little bit to 17 months in Q4. That is because, as some may recall, we decided to invest a little bit more in sales and marketing in the last part of the year. That has resulted in a good, strong pipeline and also growth in our bookings as well. Now, just to make sure everyone understands behind this one. The sales and marketing cost, it takes 17 months before we have recouped that money of a new contract, so just shy of 1.5 years. Our customers have an average lifetime, like the lifetime value of a contract. It fundamentally goes at least five years, right? This means when we pay back our sales and marketing costs, there is at least 3.5 years left that will fundamentally the contract and that customer will pay into everything else in MapsPeople. That, to me, is actually a very healthy construct that we have. These are something that we will continue to look on. We will continue to optimize this, making sure that we continue to grow this efficient as we're aiming to do and having a payback period of less than 18 months. Also, if we have capacity to grow faster, but keep it under 18 months, we should probably spend a little bit more money because that will then grow the company going forward, and that will drive equity value for all shareholders in the company. This is why this is super important to me that we manage this like almost on a daily basis. Do not spend too much money. Spend them wisely. If we can spend more money and get this profitable growth, then we should also do that. This was a little bit how I would like to basically tell a little bit of story about the numbers, what we went through in both in 2023, but definitely also in 2024, and what is behind the numbers and the pretty solid progress that we made during 2024. I want to ask Christian to go through the numbers in greater details because he is pretty damn good at that. Thank you, Morten. As you may have noticed, we actually updated the graphics, the layout of our financial report. We have now not just numbers that are looking better and better, but also a layout that is 2025-worthy. I have chosen to zoom in on the profit and loss for this first section of the review. We, as Morten has already alluded to, grew revenue from DKK 40 million to DKK 62 million, which is a nice increase of 54%. Of the DKK 62 million, approximately DKK 5 million are one-off revenue that we should not expect to see as our base for the next year related to these change in contract types and framework agreements, one-offs that Morten mentioned as well. Still a really nice growth, well within our guided range for the year. If you go a few lines further down to other external expenses and staff costs, above EBITDA, the 2023 aggregated number of those two was DKK 108 million. That was kind of our cost base in 2023. In 2024, we have reduced that to DKK 92 million based on all of the changes we made in 2023 and the beginning of 2024 to our organizational setup. Whereas, as Morten said, we might have cut a little too deep on marketing, etc., and therefore invested a little bit heavily. All that is baked in here. A very nice decline in our fixed cost base enables us to grow, enables us to grow, but at a more profitable rate. If you add on the fact that we have actually capitalized less development cost, which you can see in the own work capitalized line, the improvement of our cost base is actually even stronger with approximately DKK 5 million more. All of this ends up with EBITDA improvement from -DKK 59 million to DKK -29 million. We more or less halved our loss and are in good shape for the periods to come. Now we have a new item this year, a new line called special items. This is related to the management restructuring we did back in April 2024, where we had this one-off fee related to this change. IFRS wants us to show this in a separate line. Still, after these costs, it's a very nice material improvement on that line. You'll probably also notice that our depreciations have increased quite a bit from DKK 8.5 million to DKK 14 million this year. That actually brings us over to look at the balance sheet, where the balance sheet in total is approximately the same level as last year, from DKK 82 million to DKK 84 million. What you might notice up in the top left-hand corner is the fact that we've really completed a lot of our development works. Where in 2023, we had DKK 18.9 million in development projects in progress, these projects have now, a lot of them have been completed and therefore we start to depreciate on them. We have, as new projects or still ongoing projects, only in brackets, DKK 4 million more. Still a lot of development going on, still a lot of development left on our platform, even though it is more and more finished, but more, yeah, a new, better level to start in. The third line on our balance sheet that I have highlighted is our acquired intangible assets. You might recall that we invested in the contracts from a small company called Point Consulting in November. We took over approximately 20 customers within airports and other really nice logos that are now that we've purchased. The purchase price for these has been put on the balance sheet as we expect them to stay with us the same five years as Morten mentioned before under marketing. A little bit more of our balance sheet is tied up in this. On the liability side, we have a balance sheet also of approximately the same size. Otherwise, it does not work. What has changed here is we've lent a little more money in the bank, in EIFO, as they're called, our long-term lender. Our debt has increased with approximately DKK 9 million in total over the year, including taking the short-term and the long-term part of our debt into consideration. That leads me to my favorite slide. This is our rolling graph, as I call it, in probably not good English, but at least a nice Danish. The graph shows for the green line, the top line, the revenue for the last four quarters or 12 months. We ended the year at DKK 62.4 million, up from the DKK 40.5 million-ish that we ended last year. This is a nice line. If you remember when Morten joined the company, which was in Q4 2022, you can see when our revenue started to have this nice, pretty straight line increase or growth. A few quarters after Morten started, we saw the same development on the bottom line. We did a lot of restructuring in 2023, early years and early quarters. That's the effect of that combined with the revenue growth, which is what's shown on the rolling line for the EBITDA, which has now improved from, I think it says DKK -66 million down where it bottomed out to now DKK -29.7 million. Also a pretty nice straight line to help predict what's probably going to happen going forward. It's at least nice to see six, seven, eight quarters of continuous improvement here. That's actually what we chose to bring. We thought we'd leave room for questions and show these slides that show our development over the last period and what we expect to happen. Anas, have we received some questions for? Yes. Thank you, both of you, for the presentation. Let's jump directly into the questions here. The first question. In your Q2 presentation, you explained that by the end of 2025, you expected to be EBITDA and cash flow positive. Can you explain what has changed in the meantime and why you are now expecting a 10-20 million loss in EBITDA? First of all, we are a SaaS business with a very large Q4. A lot of what we're going to do in 2025 won't impact the full year. We're not guiding on quarters, but if you kind of imagine, if I go one slide back here, that the improvement of EBITDA will happen quarter by quarter. Therefore, the full year of 2025 will not end up with a positive EBITDA. I don't know that much has changed since Q2. Maybe we're a little bit delayed in some of our new sales and some of the investments where we had cut a little bit too deep. We still believe we're on the same trajectory. Yeah, no, no, it's clear. If you draw the line, you can see that it's still going to end 2023 very close to zero on the EBITDA side, right? I think had anything changed, as Christian said, we didn't grow as much as we wanted in Q2 and Q3. We think one of the reasons was that we've cut back too much on our sales and marketing, which is why we added a little bit of sales and marketing in Q4, and that will also carry through the year. Fundamentally, going from DKK - 60 million to DKK - 30 million on the EBITDA, you draw the line, and you can see that that means with the projections that we had, that it must be fairly close to zero towards the end of 2025 on EBITDA. The next question. You state in your report the following on ARR growth. While ARR growth may appear lower in 2024 compared to 2023, the underlying improvements are more substantial than the final 2024 ARR suggests. Can you explain a bit more what you mean here? Yeah, I can try, but I know it's complicated, right? It takes a positive mind. We had in 2000, prior to 2023, the company operated with framework agreements, meaning a partner committed to spend a certain amount of money within a certain amount of time with MapsPeople. If they have not done that, it would be renegotiated. That is also when we reported our ARR as contracted ARR, meaning these commitments that were in there, but not necessarily invoiced. I changed that in the beginning of 2023 because I wanted hard numbers. I wanted focus on making sure that we get stuff delivered and that we are growing our company and we can send invoices and collect them to pay our bills, right? We changed that. There was a bunch of these framework agreements that ran out with partners who had not stepped up to their commitments. We decided to enforce the contracts we had, meaning we invoiced what we have agreed, whether they have used it or not. We knew that that might cause a little bit of with some of these partners, but if they have not really done anything they promised to do, why would they do it in the future? This also meant that we knew that when we forced invoice these contracts, there was a risk that they would churn away 12 months later, which was in 2024. That also happened. You can also read that in some of the annual reports. This means we knew that some of the growth we delivered on ARR in 2023 would drop out in 2024. Clearly, we have, how do you call it, replenished that with new contracts below it. That is why I said the underlying performance of our sales-driven growth in 2024 is better than what it looks from the surface. It is also why me and Christian think if you want to look at ARR, have an average between 2023 and 2024, and this growth rate, this average growth rate of 35% is a better and more correct picture on the performance of the company and thereby a better indication on the future performance of the company. This is why we tried to visualize this and put words around it. I hope that answered the question, Anas. Yeah. Perfect. We have our third question, which is divided into two. Let's start with the first one. First, I recognize the progress you have made while revenue has grown by almost DKK 22 million in 2024, EBITDA was improved by DKK 28 million, meaning that all new revenue came directly to EBITDA and more. Do you expect this to be the case in the next three years, meaning that you can add another DKK 20-30 million in revenue without increasing costs? Yeah. Should I try? No. Go ahead, Chris. The guidance slide that we're on here shows our expectations for the next year. We are from DKK 62 million to probably DKK 66 million-DKK 75 million next year in revenue because of the revenue being skewed towards the end of the quarter. We do expect we can grow and grow significantly, as these slides also show, and that we can keep our cost under control. Now we cannot grow without cost. We are expecting to add more headcount to the team over the year. We have a pretty good cost indication on where we are in Q4 on staff, at least. We're not going to grow our cost level that much in 2025, but it will grow a little and onwards, right? I think these are good questions. These are important questions, right? As I said, on the customer acquisition payback period, I think it's important. If we can spend more money in sales and marketing and contain the payback period less than 18 months, it is something we should consider, right? Because it will drive growth and drive future equity value to all shareholders in the future. That's one point. The other point is there is a lot happening from a technology point of view in this whole spatial computing, spatial mapping that you saw from Gartner. It is AI-driven. It is new functionality. It's going to fundamentally redefine how we all enter and access and use and utilize our indoor spaces. We must make sure that we invest enough in our product and technology to do this because we do not want to end up being the number four or five or six in the world on this one. We need to be number one or number two up there. We need to make sure that we invest in the right thing because if we're not up amongst the global leader in this one, again, it will definitely damage the future equity value and the valuation of the company. We cannot just like, "Oh, we're not going to invent something new for the next four years." I think that would be a wrong strategy. I think this is also an area where we will have a good look into seeing, does it make sense and can we find headroom within this guidance to make sure that we invest sufficiently in our technology and our product. Yeah. The second part of the question, your EBITDA margin is still - 50%, which is a quite high negative number. Looking at the fact that you are a SaaS company, what is driving up the cost to such a negative margin? I think we started out at a much higher level with -150% EBITDA margin. I think we've listened to the market all the way back to when Morten started and have adjusted our growth focus to being sustainable growth. We are definitely closing in on a loss that's more on the market level or the expectation from the current market. I think we're on the right track. I think there's a lot of SaaS companies out there that are burning a lot of money who are just not publicly listed. I think it's more something you see with non-listed companies, venture-backed companies, etc., that once you get economics of scale, then you get a high profit, but you have to invest in getting there. That starts out with a period of losses. It looks like we are decreasing the losses year- over- year. I think where we are now, Jørn, I think EBITDA margin is the wrong thing to look at. It will follow. Let me try and explain. We still have gross margins of around 90%, more or less 90% up there, meaning that for every million Danish kroner we grow, 900,000 of those comes in in gross margin that fundamentally goes into financing this stuff, right? This means that the fundamentals, and as long as we can grow more in revenue than we need to grow our cost, that gross margin will go all the way down to the bottom line, right? That's what I mean. As Christian said, yeah, EBITDA margin was like - 150%, and then it was like - 125%, and now it's - 50%. One of the questions was earlier, when will it cross the line? Probably close towards the end of this year. Then it's going to be zero. That is driven by this high gross margin, and it's driven by the growth in ARR that then becomes growth in revenue, right? I think please focus. We have gross margins of 90%, which means it's very profitable growth that comes in that will help take this down because we will grow faster on the revenue side than our cost side, right? This will cure itself. It's about making sure that we have the most optimal investment in this growth. That's why this KPI of customer acquisition payback period is super important to us. There is a live question and elaboration question. You explained a customer lifetime of around five years. Does that correspond to a churn rate of 20%, or is five years an estimation you use internal to calculate lifetime value? It's an estimation. It's probably longer than five years. Perfect. That was all the questions that we have received for today. That finalizes the Q&A. Just before we end the webcast, I will just hand over the word for you if you have any final remarks to end with. No, thanks for giving us the opportunity to do this. Thanks for asking us a sharp, precise question and giving us a chance to explain this business. As I said, we've been proud of the work that we've done in the last couple of years on behalf of ourselves and everyone in MapsPeople. You can see that that journey is going to continue going forward.