Good afternoon and welcome to this Q3 presentation and Q&A with Movinn. With us today, we have the CEO, Patrick Blok, and the head of finance, Andreas Bækgaard Thaning. First, there will be a presentation and afterwards a Q&A where the management team will be participating. 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 Patrick and Andreas to start the presentation. Your lines are now open. Thank you for the introduction and apologies for the delay, technical difficulties, but we got there in the end. Yes, so we recently published our Q3 report and we've now prepared a condensed presentation version that we will run through like we did last time. I have Andreas with me, which is great. He'll be running over the more financial metrics and I'll be talking about the bigger strategic points. So let's go through it. So it's been a quarter of, yeah, we've been super busy. We've done some good improvements compared to the comparable period of last year. We've increased our revenue with 13%, which is good. We've achieved this with a lower unit number, which is also positive, meaning that we are increasing revenue even though we don't have the same unit mass. We've increased our profitability significantly. Our EBITDA level has gone up by 400% compared to the period of last year. So some of those, what you can call it, like trickier stuff we had to, or tougher decisions we had to make late last year is paying off. Not saying that we are completely satisfied. We need to continue to improve profitability, but we are on the right trajectory, which is positive. We've launched 22 new units in Sweden. That's driven by the opening of 26, which is the hotel we opened in central Malmö. So yeah, eventful and busy. Keep improving on bottom line metrics, but increase top line, increase profitability, and still doing more, of course. So that's it. I'm going to hand over the word to Andreas. He'll be running through some of the more kind of financial numbers. Yeah, thank you. Turning to the income statement, on group level, we reached a revenue of DKK 23.9 million. As Patrick mentioned, a growth of 13% compared to last year. In Denmark, the revenue was DKK 21.5 million, and in Sweden DKK 2.4 million. This is an increase in Denmark of 9.1% and in Sweden 66.4%, which is obviously very good and a good and high growth rate. Our EBITDA from operations on group level was DKK 1.45 million up from DKK 286,000, so a big increase there. In Sweden, the EBITDA margin was 5.3% and DKK 129,000. So we've reached and also passed the break-even point there, and these results show a focus on profitability in Denmark and our success in achieving the operational break-even in Sweden, which is a very positive improvement. We can go on there. Financial highlights. In Q3, our balance sheet total was DKK 50 million, a 19% decrease compared to last year, largely because of a reduction in equity. The cash flow statement showed a net cash flow change of - DKK 157,000. In Q3, standalone, this is a substantial improvement from last year, with last year, the same quarter last year was -DKK 2.3 million. So almost 100% improvement. And this is a big focus for us. So it's a very important improvement there. Continuing to the key ratios, we achieved an EBITDA margin of 6.1% in Denmark and at group level, up from 1.4% last year. In Sweden, as I mentioned before, 5.3%. These improvements show our cost management improvement and operational focus in both markets seem to work, even though one of our Danish markets has lagged a bit and lagging a bit behind this year. Our return on invested capital stands at 0.07%, - 0.07% at group level, which is a significant improvement from - 8.6% last year, and this reflects our improved utilization of our assets, so altogether, our key financial ratios and our key ratios indicate a well-balanced approach to growth and stability at the same time, with both Denmark and Sweden contributing positively to our group metrics now. Our operational data, as Patrick mentioned, we've opened in Q3 Hotel 26 in Sweden, bringing in 22 new units, so our total unit count is now 470 units across Denmark and Sweden. Our average vacancy rate improved from 16.7% last year to 14.2% this quarter. Breaking this down, vacancy was 15.1% in Denmark, handicapped a bit by the weak performance in Odense, while Sweden's vacancy was very strong at 4% in Q3. Additionally, our revenue per unit increased by 14%. It's now at DKK 213,000, which is a very positive improvement, as Patrick mentioned, with fewer units in Denmark. This reflects our focus on a better utilization of our existing capacity, especially in Denmark, which is very positive. Turning to our adjusted guidance for the full year 2024, we've made some adjustments to our guidance based on the performance year to date. In Denmark, we reduced or lowered our EBITDA guidance due to the weak performance in Odense, which Patrick will talk more about later. It's a mix because in Sweden, we've raised our revenue expectation, now anticipating between DKK 7.5 million and DKK 8.5 million. It is due to sustained demand and a strong start for the Hotel 26, so a great momentum over there. And because of the lowered expectation of the Danish operations or EBITDA, our group level EBITDA has been adjusted to be between DKK 5.5 million and DKK 7.5 million. We believe these adjustments reflect a very realistic approach based on the performance year to date. We are very committed, and I believe we are well positioned to deliver on our long-term value driver guidance, even though Odense has been lagging behind, but in the medium-long term, we are very optimistic about that market too. All right, thank you, Andreas, for a run-through of the financial numbers. I'm going to pivot a bit towards some of the strategic stuff that we are constantly monitoring. One of the usual suspect slides is the product portfolio, and the sharp observer, who's been with us for a while, will see that we've removed reporting on the furniture rental, little subproducts. Earlier this year, we mentioned that we would put it on hold or not prioritize it or whatever because we need to just stay focused on the core products instead of trying to cultivate new product groups, and even though from a theoretical standpoint, launching new products can be an extremely good idea, we remain kind of focused on the core business for the time being. Not saying that we will never launch new products again or reinvigorate Collective Yoyo, but right now, we're just focusing on the core, and we have shown we've kind of broken down the revenue based on product groups, which is showed in the table to your right, so we transparently show and kind of report on what sorts of products are delivering what sort of revenue. The client concentration, also a key slide, I know, but for us, an important one, and there still continues to be movement. There continues to be some centralization towards the top clients, so we look at this from two angles all the time. First of all, we don't want too much client concentration. We don't want too much of our revenue being tied down to a few clients. This will make us vulnerable towards shifts or changes within these few amount of clients. So we're very interested and focused on having a well-diversified client portfolio at all times. The other layer of the analysis is to, of course, also be happy with the fact that this table reflects increased loyalty and that we can see that the larger clients are kind of staying put and increasing their share a bit. So it is, for us, an important thing to monitor. It's also a good proxy for what happens on a more systemic level, meaning that some industries might be a bit countercyclical, other industries might be a bit more cyclical, and so forth. So we constantly try to shift our focus and marketing efforts to carry this. Another important point to be made here is that it's no secret that we deliver to a lot of very kind of large corporations. And there is a shift happening, which might sound super obvious to some, but there's an increased focus on quality. And then there's an increased attention to this. And in all kind of humbleness or whatever we should call it, we deliver a pretty good price-quality ratio. And this is also part of the explanation why we can see these large corporations kind of staying put and trusting us with their business, which is obviously important to us. So we monitor this in real time. We report on this in real time. And we show the clients in real time how we are performing so they remain confident in the long-term kind of proposition that we do because expectations are increasing and people are expecting more. So we're doing these small steps right. We are delivering on what's basically most important in the end, which is a good product and a good quality service, etc. Hotel 26, of course, it's probably the main event that's been happening this quarter. Launching this, getting it off the ramp, getting it into the market, whatever we call it, it's been a great learning curve. We haven't been perfect, but you can plan like 90% of the flow, and then you have to wing the last 10%. That's, I guess, just how it is on doing new things. A very good reception, super beautiful kind of flagship product for our activities in Sweden, extremely high quality, a lot of good things to be mentioned there. Of course, there's been like birth defects or whatever we should brand it as, but in general, a pretty good launch. We are already achieving break-even on the hotel, which is great, so a good reception and all in all, a pretty good launch. The reason why you can say that this case is important to us on a strategic level is it serves as a blueprint for some of the things how we want to grow going forward. We have the other case in Denmark in the pipeline, the 95-unit apart hotel, so this has been a very good test for this. It's a smaller place. There's freak accidents happening that you couldn't foresee no matter how hard you tried, so it strengthened us in our kind of, what you can call it, from an operational standpoint in the future. Strategically, it's super important. It's a highly profitable way to grow compared to what we've been used to. It takes up less investments. Andreas didn't cover this. In this quarter, we've invested DKK 400,000 in intangible assets, and of course, there has been some investments going into the place, but nothing compared to what we have been used to. The potential on both returns on invested cap, but also just like P&L metrics in general is extremely high here if and when we get it completely ramped. Not if, but when we get it completely ramped up. This is the way to go, doing these bulks and putting full attention to a launch instead of having to do incremental small growth jumps here and there. It's been great in many ways. The current markets that we service is unchanged from last reporting. Copenhagen remains the main one, Odense being the second one, Aarhus, sorry, Malmö if you go cross-country, and you can kind of see the unit breakdown. So there's two points to be made here. Of course, some of the markets looks a bit small, but as we've touched earlier on, it has strategic importance to be in these markets, even though you start out with a smaller portfolio. It gives you access to some strategically important clients. You can leverage that relationship across your markets. So you can call it a needle-stick operation or whatever, but there is a point to the madness to be made. And as Andreas mentioned six times maybe in his run-through, Odense is our run-of-the-mill still. We are starting to see signs of improved demand, but it's extremely tricky to kind of time it right and get the timing right. There's huge value driver projects on the horizon. There's a big factory planned out for a Danish C25 company. There is movements on some other very big infrastructure and technology platforms. The harbor is also the Odense Harbor. It has a lot of things going on as well on renewables and that sort of thing. So a very big kind of palette of huge value driver projects. The downside is that we just don't know when the lid pops up, so to say. So we are putting in a lot of grind, a lot of effort in getting the word out there on a market like Odense. And we're working on it systematically and strategically. Aarhus has been significantly improved. As you remember, some of you who have been listening for a while, we had to downsize Aarhus to better get a kind of match between current demand and supply. So we did that. And then we've been doing some very good stuff on the client side, which has increased demand significantly and brought vacancy levels down to what I would say normal levels. But Odense is still a subpar. Sweden is going well. As Andreas explained, vacancy across all markets is 4% this quarter, which is fantastic. We're now pivoting a bit towards pricing and that sort of stuff, trying to optimize our revenue potential with that. And then combined with the extreme revenue potential, I would say, if you break it down per unit, that Hotel 26 symbolizes, I think we will continue to have pretty good growth momentum, but also show increased profitability in Sweden. So the target markets, again, we have the slide again because we want to keep continuity in how we report and how we talk about it. We want it to be live in Hamburg. We want it to have a better coverage in the key cities in Sweden. There are some macro circumstances in the countries that are probably not working in our favor, and again, we are not that aggressive on just chasing down every opportunity out there. We want to be a bit more patient on how we go about it. Another thing that we are currently looking into is some partnerships, partnership models, which is nothing kind of, what do you call it, specific yet, but we're looking into that. So looking at it from our client side, we will be, we probably could still deliver good coverage and have a presence in key locations, but maybe by partnering up instead of a strict going-alone strategy, so the roadmap to 2025 is also here. As we've put in the top one of it, it was also in the annual report. 2025 is coming up, so it's time to reflect on the strategy, which we presented in late 2021, and see if we need to make adjustments, but basically, the core of it all is unchanged. We still want to grow, of course. We still want to do new markets. Right now, we have an intense focus on profitability, and so looking at the table to the right side of the screen, we have unit metrics, EBITDA margins, vacancy, and return on invested cap. Those are the ones that we are very focused on at the moment, and the growth, of course, is still pivotal and a big focus area, but again, kind of like I said before, we will probably be looking at different ways to achieve it instead of the classic going-alone, large overheads, huge investments, that sort of stuff. But this is just to flag that we are looking into a revision of this and trying to figure out how we can do both, so to say, still, with profitability being a short-term focus. And then, of course, hopefully, an interesting kind of growth trajectory on the ladder. And if we track progress, which we also do loyally every quarter, we can display a pretty good revenue count. We have the new market. I don't know why that's green, to be honest. But again, we have the growth rate, which is not like 20% compounded annually. It's mainly due to the sourcing change we did, where now we're launching 22 units in one go in Sweden, which is great. So Sweden will still have an extremely good growth momentum the next four quarters, even though we didn't add any units at all there. So again, it's a more profitable way to grow. It gives us more time to build the long-term pipeline. And when you combine that with the pipeline build we did in Copenhagen, where we have this 94-unit project in the pipeline, we will be able to display something similar. But we are not doing 20% compounded, just with small unit increments. So it's mainly on purpose. But visually, we display a red circle around it, of course, because we're not on that target. And then the bottom line metrics, the latter three is inherently connected. So the lower the vacancy count, the higher the profitability. And even though we have increased our EBITDA significantly from the comparable period of last year, we are still not on the magical kind of 15% or above. So that's what we are focusing on. Again, Odense has been kind of right now in the super short run, if you look at it like that. It is kind of a block around our ankle. But if there's a bit more patience there, and trust me, I have this discussion with my board regularly, then we have zero doubt that we will report the correct kind of bottom line metrics when we have every market running like we know they do. So a bit of disclaimer because there's some forward-looking stuff in there, but that was it from us. And we are ready to take any questions you might have. Perfect. Thank you both, Patrick and Andreas, for the presentation. And let's move directly into the questions here. So the first question is, how has the launch of the Swedish hotel been and how has rents/vacancy been since launch? The launch has been, yeah, it's not been without its hiccups. We waited a bit longer than we liked on getting the permit, the operating permit. Yeah, the authorities are kind of changing their processes a bit, but we had to wait a bit longer than what we liked. So we did have a full month of tear on OpEx, and more or less, which is, and we still kind of maintain a positive EBITDA and that sort of stuff. So all in all, we were not happy with the license dragging on, getting that issued, which is a formality, but still, somebody needs to kind of issue it. And then from a practical angle, I think I touched on it earlier with 90% perfectly planned and 10% totally winged it. And think on your feet and freak accidents happen. Accident is an ugly word to use, but weird scenarios that are impossible to foresee. The factory sticker on our access system number three didn't work for whatever reason. We don't use the factory sticker normally, but we had to do it here. That sort of freak stuff. But it's good. You gain a lot of experience. And so from an operational angle, a learning curve, but very stable now. And on a general level, guests are happy, which is great. So comparing the vacancy rates, because the daily charge you can do is so much higher compared to the core business in Sweden, there's no real you can't do a full kind of, what do you call it? You can't compare it one to one because the revenue you bring in ultimately will always be a function of what you can achieve per day and then how many days do you rent out or sell or whatever word you want to use. So in the first month, the hotel had an occupancy, which is the reverse logic of vacancy, but occupancy of 42%. So huge potential. But at 42%, the hotel almost broke even in month one. In month two, I think we just landed just below 50%. And in that scenario, the hotel was at above its break-even point. The learning from this is, of course, that if you can maintain some very attractive rates, then there's obviously a lot of kind of potential in the occupancy or in the vacancy, which is extremely interesting from whatever angle you want to look at it. Right now, the market average on a whole in Malmö is, I think it's 67%. So if you just follow the market and do 67%, then you will be making some serious money on it. And if you can then transcend that and go into the 70s and the 80s, which we hope to achieve, then the profitability is going to be fascinating. Yeah. Interesting. And the next question, when do you expect Odense to pick up in demand? Yes, great question. Someone tell me that. No, it's a joke. We have indications. We continue to get indications. We're doing more than we've ever done on that sort of stuff. Again, there's some renewable stuff cooking. A very large international energy company has something, and the indications from them say January. And then we have a very big Danish company building a factory. It's a very kind of confidential approach. So even though we have good relationships with all these stakeholders, it's not like we can bring them up and ask them. They are publicly listed companies and that sort of stuff. So there's sensitive information there. So the only indications we can get is what's available to the public. And some of the earlier ones was, okay, there was some official planning due in May. And then there were some indications that the launch would be in the summer. Now the indications is there's some improvement processes internally that has to be done and that sort of thing. So we don't know for certain when the lid is going to pop off. But what we do know is that when it pops up, it's going to explode. We deliver in other locations across the country. And it's high numbers. It's high volumes. We've also seen it before with Meta. I don't think Meta will mind that I name-drop them now, but Meta has a very big data center in the city as well. And when they had their construction phase, it was Bonanza. And now we will have something similar to that, plus all the other stuff that's cooking. So short answer, I don't know yet, but time is in our favor. In the Q3 report, you write, "So when we have Odense back at normal pace, we are confident that we can display bottom line performance in line with our long-term value driver metrics." What does it mean in economic terms? Does it mean EBITDA above 15% and operational vacancy above 10% or under 10%? Yes, it does. Perfect. Easy, short answer. And return on equity, don't forget that return on equity is the biggest value driver of them all because so when we do operational vacancy, we have these listing costs and those sorts of kind of weird miscellaneous items. But your return is like you can't really tuck that in anywhere. So that's also why if we can display a return on invested equity on 18 or above, we are in the, I would say, the top third of if you look at the data and look across industries, you have large shipping companies who have a long-term value driver guidance of like 7% or 8% on their return. So I think the return is not to be forgotten here. And the pivotal part of that is it hasn't kicked in yet. I totally get that. But a pivotal part of that is the way we grow. So when we grow Sweden like we are doing now, we are setting ourselves up for a huge kind of potential on the return on the invested equity or capital, sorry. And a similar thing with the Copenhagen one. So if you remember Copenhagen, which is in the pipeline, and there is an expected timeline to that, our investments into that project is not significant either. So that's for me what's really fascinating. But yes, if you just look at the core business as it is today, when we have Odense back on track, we will be hitting EBITDA margins above 15%. And if I'm wrong, then fire me. And what about the Copenhagen project? Is there an update on that project? We are working very closely with the developer. The sensitive timeline is early 2026, but there's still uncertainty. And I don't think I can really elaborate further on it without stepping on anybody's toes. But it's moving along. And we're into the details of the planning phases now. And so it is progressing. Perfect. And then the next question here, where do you see the next interesting city to open in? Do you see a new city coming in the next six months? I would say, again, right now, we need to be extremely confident on every market we are operating in. And that includes Odense. We don't want to have a city where we don't want to do new cities if we have an existing one that's kind of not working well, if you know what I mean. I think that it would be the wrong place to put the focus when we are in this kind of intense kind of profitability exercise that we are now and increased profitability. But under that assumption, yes, of course. I think the most risk-free approach would be to look at Sweden because we're operating there already. We know the clients, that sort of stuff. But the key cities in Germany are still super interesting. And the reason for that is that it's our existing client portfolio. That's how we always work with it. So we speak to the clients. We ask them, "Where do you have a need? Where do you see a struggle on supply?" That sort of stuff. And then they tell us. But we're not doing new cities before we have all our existing markets just running super smoothly. And then we are at the final question here. You said other ways to achieve the growth goals. Can you give a few examples of what that could be and what that would mean for the business in regards to investments and profit margins? Yes. It would be we would be looking into partnerships. We would be looking into. We've been talking about technology for a while and without kind of how can we use our technology in a clever way to open up new supply without having to do the going alone, the so a more scalable way to achieve it. It will be some different metrics that will probably drive it, but the cost side is also going to be completely different across the cost profile and the investment profile. So it is so yes, we have opened the bag so far on that. So by that, we mean partnerships, technology-driven partnerships. And that was the final question. So that finalizes the Q&A. But before we end the webcast, I will just hand over the word for you if you have some final remarks to end with. No, thank you for listening in. Sorry to keep you waiting in the early phases, but another great kind of event. Thank you for the good questions. We're here a lot of hours every day to create value for you guys. So thank you for that. And see you next time.