Welcome to today's event, where we have the pleasure to present the MapsPeople. Today, the Q1 update, and of course, a little bit of details about the de-listing. As always, we are joined by CEO Morten Brøgger and CFO Christian Læsø to take us through the presentation and answer questions. As always, in the box down below, you're very welcome to ask questions. Do it in Danish, do it. I will try and translate to the best of my abilities. For now, I will hand the call over to you, Morten. Perfect. Thank you, Michael. Yeah, it's a little bit of a special quarterly earnings call because it will be the last one for MapsPeople, as we expect to be de-listed by the time that the Q2 results are done. Yeah, just managing expectations a little bit on that one. Welcome to everyone who's listening into this one. Let me try and walk you through the results for Q1 and some of the overall activities that we've been going through. As normal, we have this Q1 overall slide here. You'll see that we've continued growing the company. It's a little bit less growth than we used to, and also that we honestly had anticipated in this one. Yet, we managed to grow our EBITDA, the overall EBITDA, around 12% year- over- year and around 3% on a quarter-over-quarter basis. If we look at our main growth product, MapsInd oors, you can see that that is growing faster, just as we're used to. It's been growing 19% year- over- year. It's been growing also similar around 3% quarter-over-quarter. Revenue is up 4% over the year. It has continued to grow, as we've seen, throughout the last many quarters, I would say. Our EBITDA has grown 19% year- over- year. We're now at - 7 for the quarter. I think the similar quarter last year was - 8.5. We continue to make strides in the right direction towards the notorious break-even zero that we're going in here. I would say there's a couple of reasons that I want to highlight. We tried to capture them as much as we could also in our Q1 report. Why have we seen a little bit slower growth in Q1 than we would have liked to see? I think one of the things that we clearly suspect, and we have some internal evidence on this one, is that we've seen some companies actually delaying decisions. The rationale we get is a general uncertainty about the future. I think we've all been like glued to newspapers and newscasts about trade wars and share prices. Is there a recession? Is there not a recession? How are things actually going? A lot of that uncertainty has actually also impacted our customers and their willingness to make decisions. We haven't really lost any of the deals that we've participated in, been working on. The decision has been delayed, some of them one quarter, some of them two quarters. It's clearly subscribed to that. I would say it's hard to predict exactly when this is over. It's a little bit of a gut feeling from my side that it's getting a little bit more normal. I guess that's just until someone wakes up and shakes the world one more time. We cannot really avoid that scenario. I would say another point in this one is clearly, as some of you who've been following us, I think back in December, we announced that we would need to raise additional capital during the year. Clearly, when we announced that, we also bootstrap ourselves. We make sure that we spend as little money as we can. Some of that bootstrapping has likely, hard to prove, but likely impacted our building of pipeline and our capacity to close deals. That we are currently solving by a lot of initiatives. We've been working on that. I think we will see that being solved in a quarter or two. Clearly, I would say both Christian on the call and myself, we would not be representing reality if we said that we have not been a little bit distracted by making the deal progress with Apex and Round13, who acquired the majority of MapsPeople and is leading the de-listing, which we'll speak about later. It takes a little bit of an effort. Some of that will distract you from running the business. Clearly, that is done. Clearly, the management team is super energized about what's ahead of us. That is helping us solve some of the other things. I think that fundamentally outlines some of the selected highlights that we put on the slides. I think we will speak a little bit about the end. Christian will do this about the process from where we are today with the de-listing from Nasdaq First North. Everything is running on track. I think the transaction close was at Wednesday last week. The funding that went to the company, the money is in our accounts. The secondary trades, I was part of that one, has also changed hands. Christian will go through the process as of here, which the next key step is the extraordinary General Assembly meeting, which will be on the 27th of May, so next week, which will kick off the rest of the process. Just a few other highlights on this one. Net revenue retention, we are back up again. We had 105% going up from 103% last quarter. It is going in the right direction again. It is something that we are working very hard on to get it up even further. We have been accustomed to something around 110%. That is clearly the target to reach that again. You can see where it is coming from in this bridge. You can see that we have some customers who we are selling less to, some have left us. That is predominantly still some of these old framework agreement customers that we knew were churning last week. Some customers are buying less. Some customers are buying more. You can see that there is a net positive on that one. We added a lot of new customers and new logos to the ARR over the past year. One thing that is also, again, very, very important to us is fundamentally how do we manage our spend into growth. This is this notorious customer acquisition cost payback period, where we are aiming at keeping that somewhere between 12 months and 18 months. I think we are, it says 16 in the headline, but it says 17 in the graph. I think that's a rounding. It's somewhere in between those two numbers. It is still within the target range that we have here. We will keep monitoring that as we go, as we move forward as well. I think that was a little bit about the business. A very eventful Q1 from us. Some of the events basically transpired towards the end of April for the public. I am aware of that. An eventful world that we are working in. I would say right now, if we should say something about geographies and growth, we've actually seen Europe pick up. Right now, we actually have a stronger pipeline in Europe than we have in North America. That is a change compared to how it has been in earlier quarters, where we have seen more growth in North America and a stronger pipeline. We're not sure completely whether this is something general that is out there, whether it's just something that is MapsPeople related. We're definitely working very much on strengthening our pipeline in the North American market as well. We do see that as a good opportunity. That being said, trying to cover as much as I could of these elements, I'll hand over to you, Christian. Thank you, Morten. Let's go into the financials and a few slides here. First of all, our profit and loss statement here. We ended up with DKK 15 million in revenue, as Morten stated earlier. This is up from DKK 14.5 million in the same quarter last year, or 4% higher. The Q1 2024 number was influenced by a few one-off deals. The underlying growth rate is a little bit higher when you compare apples to apples. Still, 4% is the net total. Costs, both cost of sales and other external costs, are combined on the same level as last year. The fixed cost base in the other external expenses is a little bit lower, while the cost of sales is a little higher with the investment we have talked about a number of times in investing in better and more visually attractive maps through 3D maps, etc. In line with expectations. With staff cost, it's on the same level as last year. In this quarter, we've had a few changes where we've taken the cost of employees being sent on garden leave as a full expense this quarter. Again, the underlying number or going forward number is lower than last year at the same time. We've started our capitalization again of our investment, of our development work, where last year Q1 was used on fixing and cleaning up. We've now accelerated the share of our costs that we use on investing in the future. That's what the DKK 1 million increase to DKK 2 million represents. Netting it out, it's a loss of DKK 7 million on EBITDA compared to DKK 8.5 million the year before, or a 19% improvement of our EBITDA. That can be translated into this. My favorite slide, as those of you who've been watching these quarterly updates, our rolling graph, as we call it, the green line represents our revenue growth on a recurring basis. This is kind of an ARR number, but backwards looking. The last four quarters or 12 months, we've booked DKK 63 million in revenue, just a little bit higher than last quarter. We've booked an EBITDA loss of DKK 28 million, also a little bit better than last quarter. What's more interesting is the improvement we've seen over a 12-month period. Revenue has increased from DKK 46 million to DKK 63 million. The losses have gone from DKK 51 million to DKK 28 million. Pretty much all of the revenue increase trickles down on the bottom line, showing that we have been able to do this without expanding our cost base. That was a few highlights about our Q1 reporting. Then zooming into the transaction, where, as Morten mentioned, we have closed an agreement with Apex Group Technologies on, was signed on, I think it was April 28th. The deal was closed Monday the 12th, and money was transferred on Wednesday the 14th of May. Everything is done and dusted now. Apex Group Technologies is now the majority shareholder of MapsPeople. The transaction was divided in two. Apex injected DKK 39 million into MapsPeople as new capital. These funds are to be used for the operation of our business going forward. To get to that, gave Apex 31% of the shares. To get to 51%, which was essential for them, they then bought secondaries or existing shares from some of the big shareholders, which, so EIFO and Bank Invest and the founder company, MapsPeople DK Holding, and Rolf Bladt, I think is the last one, to get them to 51%. The big shareholders insisted on including in the deal that all the smaller shareholders should get the same offer as they have accepted. Therefore, as soon as the extraordinary general meeting is done, as Morten mentioned on the 27th of May, an offer will be prepared by Apex to buy up to DKK 13.7 million worth of shares at this same price of EUR 73 per share as an offer that will be available in the market until a de-listing happens, or the DKK 13.7 million worth of shares are actually traded. It's a fairly large portion of the outstanding shares that is covered by the DKK 13.7 million. We hope that there's enough for everyone. That's the intention, at least. Apex Group Technologies is a new part of Round13. At round13.com, you can find this Canadian-based growth fund or private equity fund. It's a CAD 800 million fund that has a number of focus areas, one of them being vertical software players, where Apex Group Technologies is a new section of that, or they're funded by Round13 to invest in similar businesses as MapsPeople. We're looking forward to teaming up with Round13 and Apex Group Technologies on the path forward. A part of this being a private equity player and also, Round13 has requested, or as part of the transaction, that MapsPeople be de-listed from Nasdaq First North. Now that we are the only premium player on First North, there will be none left when we leave the stock exchange. Formally, this will be approved at the extraordinary general meeting Tuesday next week on the 27th. All of the votes are already secured as part of the transaction. The application then goes into Nasdaq. It is expected that the de-listing will happen on August 5th, so approximately 10 weeks after the general meeting is held. On that day, the shares will no longer be listed and valued on a daily basis, but will simply be transferred to being a privately held share or unlisted share, or in Danish, [Foreign language]. Therefore, the opportunity to buy and sell will be limited compared to now. It will be linked to when the majority shareholder has an event, a sale. Either when they sell the company to someone else or at some point of time, maybe list the shares again on another or the same stock exchange. Yeah, being an unlisted or privately held company is the most normal thing for a company to be. It is very, yeah, there is nothing special about it. Like all of the painters and all the companies around on the streets, they are all like that. Nothing special about that. That was the words I had written down I wanted to share with you now. Perfect. Yeah, but then let's jump to some questions. And it might be a little bit unfair to you two, as you haven't been with from the start. But there's a shareholder here who says, "I've been with from the start. I supported you." Anything to say about that you now want to de-list? Maybe just one comment. Actually, thank you for that question. Just to make it clear, everybody is invited to stay along. You don't have to sell your shares. Apex and Round13 have given this offer in the market that you can sell the shares if you want to at this price that the large shareholders have sold their shares to. Nobody's being kicked out or forced out. That's important for us that that's understood. Yeah. No, I just want to elaborate that from Christian's side, right? I think this was a very strong agreement between not just the new shareholders, Apex, Round13, also like the larger shareholders in MapsPeople, and clearly also from management, that all the smaller investors are giving the chance both to sell their shares, but actually also to keep them if they want to stay on the next chapter with MapsPeople under this new ownership. There is a choice. I do not know if that really answers the question. I can say. As we have talked about, you were needing money. I guess the stock market was very tough at this point of time. You might say that it is not a, I guess you got the best deal you were able to get, or how should I do not know. No, yeah. The reality is that raising money on Nasdaq First North to be a global growth company to make sure that we maximize the output of the technology and the company we had just did not seem feasible going forward. It was just getting like virtually impossible, which means that you needed to look into a different kind of ownership structure, which then became like growth equity, private equity to this extent. We are obviously very excited about that. We have the capital on our balance sheet to continue the growth. We have a very financially strong shareholder who has also expressed a clear interest and intent with this acquisition, which is to deploy even more capital to grow the company, not just organic, but also inorganically, which you know has also been something that Christian and myself have been speaking on earlier because we fundamentally think that makes sense. The reason why it was hard to find the capital, like the capital available was hard to get, and the price that you could kind of get for it was also strongly limited, right? I'm still like perplexed that over the last two, two and a half years, we have doubled our ARR, we have doubled our revenue, and we have halved our deficit, and the share price has dropped 90%. The logic is hard to see from a management point of view, and it's definitely making it very hard to finance a growth company international in a context like that, which is why this step is a really good solid step to basically make sure that MapsPeople are successful and become a global leader using our technology and our customers and our employees to do this. The only point I will add to Christian's comment, which is right, that you know smaller shareholders that have a choice to sell or roll over, there are two smaller shareholders, and both of them are on this call, who cannot sell, who will absolutely keep their investment in the company. It was actually part of the transaction that Christian and myself are not allowed to sell our shares. We have to be part of this journey. We are actually very pleased to be part of this journey. I hope that answers that question to the best capabilities that we have, Michael. Yeah, yeah, that's perfect. I'm glad you told who it was because I could also be the owner, but I'm not allowed as you are, of course. There's a little bit about your expectations from the start of the year. Do you keep those expectations? I know we won't see it as a stock market company, but as we are offered going on, is it still possible to reach those? I think, Morten, you already answered it. When do you expect this holding back by customers to end, or are you still seeing some of that? A little bit about the expectations and a little bit about the customer hesitations you are seeing out there. We are cautiously optimistic that this is ending very soon, right? I think it's a little bit more like normal now and a little bit less like changing on a daily basis. That gives us a little bit of faith that this will solve. At this moment, we absolutely see that the guidance that we have given is what we will reach throughout the year. Clearly, some of the plans that we have might change as in any, like, has nothing to do with the new shareholding, anything else. Maybe we say, hey, there's a little bit of reluctance here, but there's a little bit of more willingness to buy here, and then we kind of like shift it. We'll continue to work on optimizing the efficiency and productivities on everything we do, including generating enough sales pipeline and new sales opportunities, and including being more efficient in closing deals faster with higher hit rates. These are just normal stuff that we'll continue to do. Yes, we will stick to our guidance. Perfect. As a question, I don't know whether you can talk on their behalf. Can you provide some information about Apex, Round13's plans regarding growth activities, M&A, investment horizon, and more? No. I think everything that we can share has been shared in these company announcements, right? It is a growth company. We need to grow this organically. I just confirmed our guidance, which had decent organic growth rates in it as well. They have clearly stated as part of this transaction that they see a good opportunity to add inorganic growth. There are currently no time horizons on that, and they have clearly no time horizons, at least I'm not aware of them, on when they intend to exit the company. I think that probably also has something to do with the performance of the company. Any thoughts about the market development? Maybe not this hesitation, but the market development in general and the competitive situation in general. I think the competitive situation is kind of like it's unchanged. I think we both enjoy the same tailwinds and the same headwinds. Some of them not necessarily in the same time because like things and opportunities and bigger deals do not really close on the same quarters across the competitive landscape. I am still very optimistic about these all smart building solutions. We see more and more of that. We see a clear interest in utilizing the square meters more efficiently or increasing the output of the square meters that the organization has. We see that within everything. We have been focused a lot on the corporate office vertical, and we are still there. It is like it has been something that has been generating the majority of our growth historically. We see other use cases and verticals fundamentally stepping up and getting closer to what I would call like a whole product market fit where you see this. From that point of view, from a macro perspective within our industry, I am still equally optimistic as I've been from a market point of view. I think we will now be in a better position to pursue some of these opportunities and potentially accelerate some of these opportunities we see in the market. Perfect. And then as a final question, whether you will help guide, help people what it means to be a private investor instead of a public investor. I guess you can't help people with, but I know, Christian, you are also there. Can you share some thoughts you have about that? I think my comment earlier, this is the most normal ownership form in Denmark in all the companies existing. It's only a few companies that are actually listed. There is nothing to be afraid of. The way it works is there is a shareholder register. It's just not public like you can list, like you can trade the company. It's up to the company to keep track of it and register strangers and keep you updated as a shareholder. It's fairly normal. Can't help you with taxes or anything, but we will look into if we can communicate something based on we're not the first company to leave First North. There is actually quite a lot of information out if you Google it on what happens and what to do. Let's see if we can help pull that together somewhere and then give a few information about that. There is a lot of rule change. You can read a little bit about that. One-pager protection falls a little bit and so on and information-wise. I think you also alluded to me that you actually do not need a depot, which could be the cost. You are in a share register. It is a book, and it is exactly the same as the public market has. You just do not see it in your bank depot. It might not actually be a necessarily large cost to go. I'm sure Noor Nayed and the others would like to charge you a fee for keeping track of your unlisted share. Unless you're in a pension scheme, you've invested through that, it's not needed. You simply do not need that service. It's enough that you're registered in the share register that we as MapsPeople have a legal obligation to keep updated, so. Perfect. That was the last question on this earnings call and accordingly the last earnings call. Thank you for taking us through the questions, being honest, answering the question, maybe the hardest one, as it always is, why this de-listing when it happens. Thank you to you, Morten and Christian, for taking us through your results and this final presentation. Perfect. Thank you. Thank you, Michael.