Today's event will cover your H1 half-year report you sent out last week. As always, there will be possibility to ask questions. Do it in the box down below. Do it in Danish, if you feel for it. I will try and translate to the best of my ability. But I think for now, I will hand the call over to you, Jesper. Yes. Thank you, Michael, and welcome everybody to this half year presentation by myself, Jesper Johansen, CEO, and Jesper Hyveled, our CFO. The overall numbers we've sent out before, so that was sent out in our current trading update in July, but this is the more detailed half year presentation, and we'll go a little bit more into details with how the actual numbers are composed. Let's get going. Michael, next slide, please, and as always, just 10 seconds here. 30 seconds, maybe, and let's move on, Michael. I'll start the presentation, so before I'll hand over the word to Jesper to go through the numbers, just very briefly so that everybody is totally clear on what we're doing. We do white label software for the takeaway industry, liberating your local independent takeaway restaurant. Up to 90% of orders in a takeaway restaurant is recurring customers that takeaway restaurants have to claim back from the food portals that right now are doing a lot of the digital servicing of these restaurants. The food portals will normally charge between 15% and 35% of commission, whereas OrderYOYO has a price between 5% and 9%. Both from a cost point of view and from a customer point of view, the restaurants need to engage with us as providers of white label software to make sure that they can handle their own customers. We are the market leader in Europe, including the two largest markets in U.K. and Germany. ARR of 302 million, growing 23%, and we have, for the last three years, been on a profitability path, where we have steadily increased profitability. Jesper will talk a little bit about it, into this later. And in the first half of 2024, our EBITDA grew 153% compared to the first half of 2023. That was the intro, so over to you, Jesper. Thank you, Jesper, and I will give you the highlights of our first half performance. Next slide, Michael, please, and then one more. These numbers were already presented in our current trading update, but I will just briefly go through them again. Our annual recurring revenue of June 2024 increased by 23%, reaching DKK 302 million, as Jesper just alluded to. Our first half net revenue reached DKK 148 million versus DKK 116 million in first half of 2023. That's an increase of 28%. Our June GMV increased by 26%, reaching DKK 2.9 billion, and then our first half EBITDA grew 153% from DKK 9 million to just below DKK 23 million. Finally, our new KPI here, our cash EBITDA, grew from a loss of DKK 5 million in 2023 to DKK 10 million in the first half of 2024, an improvement of DKK 15 million, and something that we will continue to focus on, and we will get back to that in a later slide. Next slide, please, Michael. Taking a closer look at our ARR composition. First, looking at our split between fixed and usage-based ARR, what we believe is a very healthy split here, with 39% fixed subscription and 61% usage-based subscription. That gives us a good balance with a market that is impacted by seasonality. Also if we look at the right side of it, we also have a healthy country split with now GB and Germany contributing with 75% of our total June ARR 2024. Next slide, please. Again, looking at our ARR composition, we have a very low ARR churn. We are focusing very hard on our ARR churn or MRR churn. In first half of 2024, we have kept our ARR churn low and adding new partners to our estate, contributing to the overall ARR growth. On existing customers, the drop is reflecting seasonality in the market and something that you have also been seeing in the past. Again, a healthy development. We are doing a lot on our estate health. We are working on it daily in our commercial department, and we are seeing the effort paying off here now in our continuous low and dropping ARR churn. Next slide, please. So as we grow our top line, we also grow our profitability. Here shown is our quarterly EBITDA development. The profitability improvement is a result of top-line growth, strong operational leverage, and our historic M&A that we have done. We'll continue to focus on this path towards profitability, and we expect to continue this journey throughout the year with improved margins in second half as well. This was the final comment from my end, and then over to you, Jesper. Thank you, Jesper. Next slide, Michael. Just brief comments on market leadership and why this is important. If you take the next slide, Michael. Since 2018, just pre-COVID, we have actually increased the ARR of our company by more than 10x. From DKK 30 million in 2018 to now DKK 302 million annualized in Q2 2024. We started out as a traditional venture case with a heavy focus on growth. In the last years, we've also introduced profitability as a measure, as Jesper just alluded to. This 10x in revenue is actually also what has driven us to being number one in Europe. If you take the next slide, Michael. And our approach to becoming number one, we have always had a very focused strategy, meaning that we wanted to be number one or number two in any given country, instead of spreading out to a lot of different countries. So very early on, we decided to focus on U.K. and Ireland. U.K. is the biggest takeaway market in Europe, and become number one there. And with the acquisition of app smart, we became number one in Germany, the second largest market in Europe. And we're number one in Ireland, in Austria, and in Denmark. And all markets that we want to enter, we want to claim a market leader position. We do believe that the ability to be number one has a lot of competitive advantages both in terms of product, but also in terms of market. Next slide, please. And the way we wanna enter new markets will still be by M&A. Instead of starting from scratch, we want to acquire new markets by acquiring number one or number two in any given market, as we did with app smart. Also, we wanna acquire and have an active M&A strategy still in the existing markets, especially Germany and U.K., where buying small, local, smaller local strong performing companies will give us even further scale in these two markets and drive economies of scale and profitability. Next slide, Michael. As we just explained in the half year report, we have in August secured an additional debt facility of DKK 70 million, bringing the total cash to DKK 138 million. And this gives us flexibility in funding of the acquisition targets. So now we can actually. We've until now paid in shares, still very important, a metric for us, especially to secure that the founders are locked in. But now we also have the possibility to pay in cash or a combination, both if it makes sense for the seller, but also if it makes sense for us as acquirer. If we do feel that dilution of our shares is not interesting, we now have the ability to pay with cash. So that's very, very important for us. Next slide, Michael. This brings us to the 2024 outlook. So we raised that in the current trading update in July to ARR of DKK 325 million-DKK 335 million, net revenue of DKK 290 million-DKK 300 million, and profitability increased to DKK 45 million-DKK 50 million on EBITDA and cash EBITDA, DKK 17 million-DKK 22 million. So we do see strong performance in the first half of 2024 and has therefore increased the guidance. Next slide. Especially profitability has kicked in and we have in the last two, three, four quarters seen that the activities that we do in terms of profitability has really paid off and we now see quite an increase in EBITDA, and therefore have increased our EBITDA guidance quite significantly. Our original 2024 guidance was that we were to hit an EBITDA margin of somewhere between 9% and 11%, and now we are guiding to 16%- 17%. We introduced our long-term EBITDA goal of + 25% back in beginning of 2025. Sorry, 2023. At that point in time, 25% seemed like an ambitious target. We could see that we would reach it, but it was ambitious, and we can see that we are much closer to that now than we anticipated back in the beginning of 2023. So, strong profitability. Next slide, Michael. That was actually it. So now over to you, Michael, on Q&A. Yeah, perfect. Perfect. That was my cue. The first question, can you still find efficiency gains in the organization and from earlier acquisitions? You know, you're growing your revenue much faster than your cost base. So, are you hitting any bumps, capacity strains there to keep pulling out some more efficiency of this? Yeah, let me answer that. We are constantly looking at optimizing our way of working, and we do have work smarter initiatives, and we are globalizing more and more functions. It's not something that we wanna do just overnight because there's also risks associated with just globalizing from day one. So we are doing this in the right sequence here, and we are trying to do this every day. The short answer is yes, there are still opportunities, and we are looking at those constantly. Another. Another important measure here is that as we grow, we also have a stronger position when negotiating contracts on bigger cost sides. And that we are obviously also that will also help us. But here again, we are also under contracts here, and that comes as new contracts are to be negotiated. But yes, we will be harvesting some of those efficiency gains in the months and quarters to come. I could see you're also growing very healthy on the gross margin side, you know, all your running costs and such stuff. Is it 85% now, up from the start eighties a while ago? Will the bigger size and what you are talking about, the negotiating of contracts, will that also keep lifting this one, or because it's already a pretty healthy one looking at a SaaS company? Yeah. I think here it's important to understand also the composition of our net revenue, because we also have and see hardware sales within that. It's not, it's not a, It's not the largest portion. And obviously the margins on those are way less than our main business. But yes, the main cost of goods sold, which is transaction fees on our transactions, we do see lower cost per transaction, and that is simply due to the fact that we are globalizing and migrating into our platform, and that leaves us with larger transactions. In total, our GMV increases, and thereby we have a stronger negotiation power towards our PSP. So all in all, our gross margin looks healthy. As we hope to expand our product offering all the time, we might start reporting on various gross margin types because it can be messy if we are constantly looking at the gross margin just as one number. Yeah. But yes, right now we are just below 80%, 85%, as also mentioned in our financial review in the annual and the half year report. Perfect. And then there are some questions about the M&A and which would have to come with your stepping up on your credit facilities. What are your thoughts in relation to financing and size of M&A targets? Yeah Taking those debt facilities into? Should we see this as a sign, as you are stepping up from targeting more the, you know, the bigger acquisitions than the bolt-on in the existing markets? Or is it simply we shouldn't read too much into it, but it's you preparing for the future when it's possible to get some credit lines? Yeah, I think first of all, it's about flexibility. We've been able to, because of our profitability path and profitability measures, secure debt facilities that are attractive to us and also for the shareholders. So this is basically ensuring that we have the flexibility to do what we want to do. In terms of targets that we are looking at, it's actually still the same. So we still see bolt-on acquisitions, and we also look at new markets. There's no doubt that the bolt-on acquisitions are the ones in terms of if you can talk about risk profile, where the risk profile is the lowest. It's the easiest for us to take out the EBITDA margins and increase in the EBITDA margins, and there are definitely more of those than of the other ones. We do look at both the size- And, and, and- Sorry? Sorry. No, no, and then, I don't know whether it has changed. Of course, you have always been able to use cash- Mm But you have changed it from now cash and shares. Should we read anything into that, or should we read into that pricing of your share versus your current credit market actually makes it more profitable or a better deal to use more debt to finance those acquisitions? Is it more that way we should see it, or is it some change other way why you maybe are thinking about using more debt than your own share? Yeah, I think, I mean, obviously we can't comment on whether we think that what, where the share price of the company is. No But additional debt gives us flexibility, and we think that it can be interesting for the shareholders of OrderYOYO for us to be able to do acquisitions without being dilutive in terms of number of shares, number one. Number two, now we've done three acquisitions, and we have integrated them, and I can see that our M&A framework works, so we are not that afraid to do it with debt than we probably was before. So it's also a matter of we do not see that acquiring companies with cash increases risk significantly because we know what to do with the companies that we acquire. So I think it's a combination of those two. Yeah. And I guess last question, and there's a question here, is it existing or new European market? And I think you answered that it's both you're looking at. We're looking at both. Is that correct? We're looking at both. Yeah, yeah. Perfect. Then, in their latest publicly available statutory accounts, one of your biggest competitors, Flipdish, is posting net revenue of EUR 18 million and a loss of EUR 27 million. Are you aware of these numbers, and if so, are they comparable to the numbers you present for H1? I don't think comparable is. I think accounting-wise or something like that, because- Yeah. You present a profit and they present a loss, but maybe if it's comparable, the way you take your cost in and the way you, you know, you w hether you, how much of the R&D is capitalized and so on. Are you aware of whether there's any differences between what we compare? We do know the numbers, and especially on the revenue, it's basically very easy to cover one-to-one. So they have revenues of EUR 18 million, so just below 130 million, and we have 300 million, so that basically shows the difference in size. Profitability-wise, as I understand it, they do not capitalize R&D. So this would be, this would probably be looking at cash EBITDA, where we have, you know, between EUR 2 million- EUR 3 million, where they're losing something like EUR 26 million. Yeah. So we would and I think we've touched upon this last time, and great stuff that somebody has found the annual report. So I think it's want to understand the position of our biggest competitor. It would be fine to look at their annual accounts. They're freely available. And then, let's look a little bit out on the space where you're looking at in Europe. The map you are drawing there, you must use another color than green because when you have taken over all the European markets, we can't see that because you use the same green. No. Yeah. Joke. Yeah. But is it profitable companies out there you're looking for? If you need to use debt or is it a little bit like Flipdish that you are looking at, that you need to go in and do a lot of, you might say, get some synergies out, to get them? Yeah. How is the picture out there with, Yeah Looking at the markets where you're looking for consolidation partners? Yeah. It's a very good question. So there are two types of companies out there. You have some companies that have been funded, financed by venture capital over the last three, four, five years, like Flipdish, that are heavily loss-making because they have introduced a model where cash was free and therefore have not a structure in their cost that makes sense from a profit point of view. Those companies, we are not that interested in acquiring. There is a lot of work with them. Obviously, if we were to buy a very big company, you know, it could be interesting, but the cost synergies that you need to take out are quite high, number one. Number two, these companies, because they're VC-backed, normally have a tendency to have very high price expectations, because some of these investors still think that we're talking 7x, 8x, 10x ARR when acquiring companies. So that's the first set of companies out there. Then there's the other set, which is for us, the most interesting one, which basically is very much along the lines that we have acquired app smart, Kingfood, and Gusto, which are companies that are founder-led, haven't had a lot of funding, so they have, you know, been forced to drive a cost agenda in the sense that they needed to earn as much money so that they could cover their cost, and they are more or less balancing in terms of profit. Now these companies are the ones that are very interesting for us, because there we can do a lot by integrating, and the baseline for these companies are right. So the mindset of you just can't use cost and money as they were free is there to begin with, which is very, very strong. Jesper, you have something here? Yeah, just, just to add. So everyone needs to know and understand that we have had the opportunity to acquire a lot more companies than we've actually done. But our due diligence and our measures and our requirements are very high. So we do not wanna engage with all. Our due diligence is very, very detailed, and therefore we are only taking the ones that we have a certain trust in, that we can actually turn into a profitable business and that adds strategic value to OrderYOYO. And therefore, it... The pace might seem slow, but we are actually looking at a lot of companies, and we wanna do the right ones only, and that's why it takes some time. Yeah. Perfect. Is it possible to give some ballpark numbers on what you can grow your existing customer base with? It's not something that we guide on, so I'm a little hesitant here to give specific numbers. I think, if you go back to this, the slide with the buildup, that one. Yeah. So from January, sorry, from June 2023 to June 2024, it basically shows the net growth in. So the net revenue retention of our current business is probably between 100% and 105%, if you do the math. Yeah. And that's also the numbers that we are seeing. So the current customers that we have are chugging along at a pace of 105% or something like that, and then we, on top of that, add new restaurants all the time. Obviously, there is an opportunity here to increase the product offering to these existing customers. So we have POS, we have RDS, so restaurant delivery services. And the whole idea of creating more front of house products to sell into the current base is something that is growing on us, that will increase net revenue retention. We do see, you know, fine growth in net revenue retention of between 100% and 105%, Five. Yeah. Yeah. Maybe 1% somewhat, on the existing customer base. Anything to add, Jesper? That is the level that you have seen for some while, and. Yeah, it is. If for modeling purposes, you might say that that's Yeah That that's a reasonable ballpark to. Yeah To expect. It, it's not where you achieve your main growth from, that is adding new customers. Yeah, but, now, Jesper, I think it's important to understand that this is like for like. It's the same product offering more or less that you're looking at here. Yeah. But as Jesper said, we are constantly looking into offering a bigger, a broader end of product to our restaurant partners. And that is obviously also to be able to grow existing restaurants, but also to be the preferred partner. And that will add both to existing customers, and there are opportunities there for sure. And that's also why we continuously invest heavily in our product and will continue to do so. So that could be a growth contributor, definitely. Yeah On existing customers. Then the next question: With normal seasonality, your current guidance does not indicate the same rise in activity as normal in the second half. Is this cautiousness, or have you seen something change in the market? We haven't seen any changes in the market. Quite right that second half, especially from September, October, and the year out, are very strong takeaway months, and we expect that to happen as well. So the guidance is, it's a matter of being cautious. Anything to add, Jesper? No. But looking at the GMV growth that we expect to reach our guidance, it suggests a healthy growth, but there are definitely opportunities there. But again, it's looking at the slide where you have the usage-based subscription. We are dependent on the market and therefore our growth rate in our GMV and thereby our ARR is reflecting that. But we do not see any changes, as Jesper said. Perfect. Then the final question. You know, when you use this M&A, so when you use your shares and M&A and have done that in acquisition, it also means that, you know, some shares end up by some big shareholders. Are you thinking anything about a strategy if you wanna do that more in the future, where, you know, larger shareholders can take that over if those investors don't wanna stay maybe for ten years after you acquired their business, or something like that? Are you making any plans, contingencies to think about when you use your shares as an M&A? I mean, what we do is we normally lock these investors up. Yeah I think the only one where you've seen quite a big dilution was when we acquired app smart, where we issued new shares of around 30%. I think both in Gusto and in Kingfood, we're talking about less than one percentage points- Okay Which of course is, can do something with the shares. But we lock the sellers up. Obviously, if we have situations where it's very clear that we will see a big overhang of shares, we might wanna do a bit more in cash. That's also the flexibility. Yeah. Yeah, yeah. Perfect. I don't think there's any more question. Thank you to you, Jesper and Jesper, for taking us through your results and the full sets of results, and thank you for answering some questions, and thank you. Mm-hmm For the audience listening in. Thank you very much, Jesper.