Welcome to today's presentation event, where we have the pleasure to present OrderYOYO. To help us through today's presentation, we are joined from the company by CEO Jesper Johansen and CFO Jesper Hybholt. Today's event will cover your Q3 results, but also gave another guidance upgrade for 2024. You gave preliminary guidance on 2024, and of course, you announced a acquisition there. So, quite a big amount of information to go through today. As always, it's possible to ask questions down in the box down below during the presentation, but we will take the question and answer session primarily in the end. Do feel free to ask in Danish also. 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. Thank you, Michael. And welcome, everybody. This is Jesper Johansen, CEO, and I'm here with Jesper Hybholt, our CFO, to go through this presentation. So as you said, Michael, so, a couple of big news. Obviously our Q3 results, our 2024 guidance and 2025 preliminary guidance, and then, we acquired a very interesting company in the UK, App4, that we'll go a little deeper into now, in this presentation. So, a lot of stuff to cover. So let's get going, Michael. Next slide. Yeah, just as always, thirty seconds on this information slide. Okay, let's get going, Michael. Next slide. So just very briefly, my intro slide on every presentation I do, very important, to keep ourselves and everybody aligned on what we actually do. We liberate the local independent takeaway restaurant. This is still the case after we've entered the market for chains, and I'll tell you a little bit about why that is. Number one in Europe, AAR of DKK 304 million, and a somewhat increased profitability, and we have seen the profitability increase more than originally anticipated, so we're very happy about that. It's all about claiming back the customers for the small local independent takeaway restaurant, and save them money so they can survive. All right, over to the numbers and to Jesper, you go. Thank you, Jesper. Michael, next slide, please. I'll briefly go through the Q3 and first nine-month results as you probably already saw them in our release given on Friday. Our September annualized recurring revenue grew 19% from 256 to 304 million DKK in Q3 2024. Next slide, please. Net revenue grew 25% from 181 to 226 million DKK for the first nine months of 2024. Next slide, please. September annualized GMV grew by 14% to DKK 2.8 billion in Q3 2024. Next slide, please. Our nine- month, EBITDA grew by 126%, so our track to profitable growth and profitability in general is still showed in the numbers, growing to DKK 37.3 million for the first nine months of 2024. Now, as important, the cash EBITDA. Next slide, please, Michael. Here, very happy to see that this also is visible in our cash EBITDA. So our EBITDA subtracted capitalized investment, growing by DKK 21 million to just below DKK 18 million for the first nine months of 2024. Now, over to you, Jesper, and some words on the exciting acquisitions of App4. Yes. Next slide, Michael, please. All right. So as we know, we acquired a U.K. company called App4. So if you take the next slide. So, just to, before we become detailed on App4, just a brief overview of, as you know, the two type of consolidating transactions that we have. Basically, it's a two-by-two matrix. So we look at new markets, where we enter new markets through acquisitions of local market leaders, or we are in existing markets where we acquire smaller local players, to drive economies of scale and profitability. So very much a either a cost game or a new biz game, so to speak. Now, the ones that we have done until now has been very clean in the sense that AppSmart was obviously buying the market leader in, sorry, in Germany, and the Kostuca and the Kingfood acquisitions have been acquisitions in two existing markets, where it's been a lot about generating cash by subtracting and taking out costs, working smarter, and increased prices. So now we bought App4, which is somewhere in the middle. It's in an existing market. It's in the U.K. and Ireland. They also have a QSR, you know, traditional small restaurants, one and two man enterprises in their portfolio. They are very much a chain business, especially in the segment of three to 25 outlets. A space that's very interesting for us. In that sense, this is somewhere in the middle. This is very much about us entering into a new market that's very, very interesting and that we've been looking at for some time, and that we're ready to do now. App4 is the perfect acquisition vehicle to do it through. On the other side, it's still in the U.K. and Ireland, where we have a big organization, so we are able to support App4 with all the infrastructure and infrastructure cost savings that we have on transactions, back office and stuff like that. We have the best of both worlds here. Next slide, Michael. Just very briefly, this is actually a full entry into what we call the small chain market. We've defined them as what we call QSR chains, so quick-service restaurant chains. Now, our market space, and I think it's important just to talk a little bit about this. In the original prospectus or company description we made when we went public, we had this two-by-two matrix, basically, showing whether we have takeaway or dine-in on the one axis, and then we have the need for a digital partner on the other axis, and our sweet spot has always been the takeaway restaurants that are in need of a digital partner. So basically, the small mom-and-pop business is what we call quick-service restaurants. That has always been the case and is still the case. Now, historically, we've been doing some business in some of the markets just close to that, both in the chain market but also in the dine-in market. Now, what we do now with the acquisition of App4 and the formal entry into the chain market, we actually redefine our market a little bit and make our focus area actually more clear. And you can see that on the right side of this slide here. So basically, we have divided the chain part of the market into two. We have the smaller chains, 3-25 restaurants, outlets, and then we have the bigger chains. And then we still have whether it's a takeaway joint or it's dine-in. And the small QSR chains, as we call them, where App4 is present and where we have been doing some business, have a lot of the same characteristics as the quick-service restaurants, so it's a natural next step for us to go into. Now, that doesn't mean that we'll go into the very big chains, so we will not do Burger King, McDonald's, those kind of chains, where you are much more in need of an agency type business. But the quick-service restaurants is very, very close to us, and it's a natural next step for us. This is our new way looking at the market, expanding our market quite significant, and obviously with a lot of opportunities going forward. Next slide, Michael. The question is obviously, why now? Simply speaking, it's because we are ready for the QSR chains, and the QSR chains are ready for us. First of all, we have been doing some investigation and have had some of these smaller chains in our portfolio, and can see that the small QSR chains face the same obstacles and pains as the normal QSRs, the one to two restaurants. They still have a problem with handing over their customer ownership to the portals. They still need a business partner that can do the digital part of the journey. And they still need to make sure that they survive by taking out as much cost as possible. So the market is very much a market that we understand. Number two, our product is ready for it now, and with the acquisition of App4, we have an interesting portfolio of features that we will include in our product. Loyalty schemes, as an example. We also have loyalties, but they have one that is better for chains. And that actually means that the product that we have now is ready for the QSR chains. Number three, our organization is matured and is ready for the QSR chains market and ready to understand the difference between other chains and the QSR chains. The important thing here is that the organization and we are very crisp and know exactly what chains we go after and which one we do not. We know that now. The fourth one is that we have now been talking to App4 for quite some time, and finally, we got to an agreement that made sense for both them and us. That means that we, with our current business and App4's chain business, will be a market leader in the QSR chain segment from day one, which obviously, as always, is very important for us. So this is why we go into this exciting opportunity for us right now. Next slide, Michael. Just a little bit on the transaction itself. So the equity price was DKK 54 million, GBP 6 million, and then there was a small working capital and other net debt of approximately GBP 200,000 to go over. It's a 100% cash transaction. As you know, when we announced our half-year result, we just got a fairly big banking facility credit line, and that, combined with our current facilities, made us do a cash transaction. We have done three acquisitions. This is our fourth, so we are much more comfortable in doing this by cash, which basically means that there will be no cash dilution or sorry, dilution on the equity, for the current shareholders in this transaction, as it's all by cash. Next slide, Michael. Just a little bit about App4. A 10-year-old company founded in Derby, in the U.K. Very strong from the very beginning in the QSR chain segment. They also have a kiosk technology, self-serving kiosk technology that is developed and sold, so we will actually include that in our portfolio as well. Annual GMV of more than DKK 250 million. 13 employees that will all join OrderYOYO. Strong employee base that has a lot of knowledge in the chain segment that we will keep and cherish. We will migrate to the OrderYOYO platform, including the relevant strong chain features from App4. And that will be executed sometime during the first half of 2025. And then, as I said, the infrastructure that we have is obviously much more cost efficient than the one that App4 has, and that means that there will be quite a lot of cost synergies, even though we do not terminate any employees. But on the other costs, there will be a lot of cost synergies. And then obviously, there's a strong upsell opportunity, both with our existing products into our existing base and into the App4 base. Exciting opportunity that will drive growth going forward, and we're very happy that we ended up buying App4, that we've been looking at for some time now. That was on the App4. If you go to the next slide. A natural consequence of both a strong Q3 performance, but also of the fact that we acquired App4 meant that we updated our 2024 guidance. If you take the next slide, Michael. AAR is now... Next slide, Michael. Yes. There we are. So AAR is now raised to 340-350 million. So up from 23-25 to 325-335. Net revenue is just above DKK 300 million. GMV of 3.55-3.65 billion. EBITDA once again upgraded, so now 47-52 million. Our original guidance back in October 2023 was 23-28, so this really underpins the strong profitability growth that we have seen. Cash EBITDA is now guided at 20-25 million. Next slide, Michael, if you just go a little bit into profitability. Now, obviously, as we've talked about before, this is a very important KPI for us, and has been from the very outset, when we initiated our path to profitability and our consolidation strategy back in late 2021 and beginning of 2022, and very happy to see that we keep on performing on this path. Again, a record Q EBITDA with almost DKK 15 million in EBITDA for one quarter. So strong results. That also leads to... Next slide, Michael. That the EBITDA margin guidance has increased yet again to 15%-17%. Now, in beginning of 2024, we initiated a long-term EBITDA margin goal of +25%, which at that point in time looked far away. It's not that far away anymore, as we now are getting much, much closer than we were when we made the original 2024 guidance of 9%-11%. So strong performance here. Next slide, Michael. And over to Jesper to take us through the 2025 preliminary outlook. Thank you, Jesper. Next slide, Michael. So yes, 2025 again, impacted by the acquisition of App4 and also the strong performance and underlying organic growth that we see in the old OrderYOYO standalone business. So AAR guidance of 2025, between DKK 380 and DKK 400 million. That's a year-over-year growth of 13%. Net revenue growing between 360 to 370 million. That's a 21% growth year over year. GMV, DKK 3.9 to 4 billion December annualized 2025. That's a 10% year-over-year growth. EBITDA, 42% growth year over year. That leads us to between 68 to 73 million DKK. And then finally, cash EBITDA between 40 and 45. That's an 89% growth year over year. And the EBITDA margin that we just looked at for 2024 will then be just shy of 20% margin in 2025, if we realize these numbers, and that's our ambition to do so. That was the presentation from our end. So, over to you, Michael, and the Let's jump into some questions. I will start mine first, and then we'll get to it. This smaller chains, including the kiosk, and so on. Mm-hmm. If, of course, there's possibility in the U.K., but how do you look at the German and secondly, maybe the Danish market, but the German market, how strong are you there? Are you already in the chains, or what are the market opportunities? Just to get a feel of the potential sales synergies of this purchase. Yeah. So we already have in our own current portfolio part of or some of these smaller QSR chains also in Germany. So the market is actually also there in Germany. There's no doubt that the U.K. market for these chains are somewhat bigger than the German market. So we expect that if you look at it from an outlet point of view, that more than 10,000 restaurants would be relevant for us in the U.K. and approximately 3,000 in Germany. So quite a big increase in a market that would be addressable for us. But the biggest market is by far U.K., then Germany, where we also already are present. I would probably do Ireland before we do Denmark in sense of size. But obviously, we will also look at this market in Denmark, which Right Just because of the size of the market is obviously much smaller than U.K. And then there's two questions. I don't know how much you can say about it, how much you have already informed market. The forecast for twenty-five, how much come from F, App4 and how much are like for like? And there's also a question about deeper financial information for revenue, EBITDA, customers, and numbers, and so on. And I don't know how much you're willing to. We haven't provided that to the market, actually. So it's we can't say a lot on either of those. Obviously, we have the GMV number, which is more than DKK 250 million. And if you look at the ARR increase in terms of guidance for 2024, you could get a feel for that part of... Part of this is probably coming from App4. App4, we're operating at a slightly lower take rate than we are. But a number as such, we haven't given to the market, and we would like to keep it that way. Once we get closer to releasing of our annual report for twenty-four, we would include a more thorough investigation of the chain market and our data on it, in particular, and that would, of course, also include App4. The take rate or the GMV versus ARR is a little bit lower in App4. That's the- as far as you're willing to roll right now. Yeah. Yeah. Yeah. And then, of course, if you do a lot of calculations, then you can also maybe calculate a little bit on the average, the net revenue. You will probably get a picture there, but, Yeah ... I will leave that up to people themselves. Yeah. Then there's a question: What market conditions are behind the 2025 guidance? Somewhat similar to 2024, or more optimistic, more pessimistic? Basically, it's an as-is scenario. Right now, we don't see a lot of changes in the market condition in either of the markets that we are operating in, and that's the same assumption that we use. Basically, we can state that, as before, this is a purely organic outlook. It includes obviously App4, but besides that, it's purely organic and then it's continuing the current market trend that we see, where we are able to gain market shares, and that we continue to grow our upselling to existing customers. That's the assumption used in the top line. That's also why you see the 10% year-over-year GMV growth. That's based on basically adding new customers with the current pace that we have. Then, on the profitability side of this, obviously, there is an opportunity, as Jesper alluded to, on the transactional cost, especially due to the acquisition of App4. But besides that, we continue the path to profitability track that we are on. We are gaining every operational leverage that we can, and we continue to do so. So, I would say as is purely organic, that's the headlines for the outlook of 2025. Then there's a question about the net results. I don't think you have guided on the depreciation, but there's a question here: When can we expect, you know, positive results also all the way down to the bottom line? I don't know whether you have some indication on which EBITDA level that will take. Yeah, I can give some insights to that. Basically, we use our cash EBITDA as that parameter. You can say that if you look at our annual report, and you will see that the difference between our EBITDA and our cash EBITDA is more or less the same as what we capitalize annually. Mm. So the Cash EBITDA is a good proxy for that as well. Then obviously we have tax and financials on top of that, and that we could guide on, but it hasn't been and will not be in the near future an important KPI for us to guide upon, because the Cash EBITDA is basically staying the same. If we at some point see a change in that, meaning that suddenly we would invest a lot more, that would also be visible in the Cash EBITDA, if we invest a lot more in the product itself. I don't know if that answers the question, but Yeah, I think you kind of indicated that you have DKK 40-45 million to pay taxes and your financials, and people can do their own calculation on that, but was that correctly understood? Yeah. So the difference between the EBITDA and the cash EBITDA is not far from what we actually On a deeper- What we actually appreciate as well annually, because we invest more or less the same every year, and it has the same life length. So yes, that's the answer. ... Perfect. Then there's a little bit about the major competitors, you have. What do you admire them for, and how are they better than OrderYOYO? And, maybe I guess that was said four, five days ago, but do we have others? I think we have a lot of. of. I assume here that we talk about white label providers. We don't- Yeah. We don't look at the portal. The portals. Which is another piece. Yes. But if you look at the white label orders, I think that there are several very interesting companies out there. App4 is one of them. I think there are... What I like is when some of these smaller companies take a position in a niche market, and there are several that has done that, both in Germany and in the U.K.. Which of course would make sense for us to acquire. So that's so all the companies that we are buying is something or somebody that we admire and think are strong companies. I think that a lot of the smaller local players have a lot of energy, especially ones that are founder-led and is fighting every day to make their business profitable. Those kind of companies are extremely strong, especially in our setup, because the profitability increase, if we were to take these companies over, can be quite significant because they already are good at looking at costs. So when they come into our system and we put our cost structure and our cost efficiency on top of them, the EBITDA margin for these companies grow quite significant. So, yeah, there's a lot of good companies out there. Yeah, there's a plan. Do we have plans of uplisting on the stock market? I guess there's no new communication on what you earlier have told here, Jesper. Mm. But can you repeat that? No, nothing, nothing new. As, as soon as we have something on that, we will of course, we will of course announce it. As soon, as soon as the board of directors have, have, should they, should they decide to do that. Yeah. And then everybody talks about AI. How will you, how will you utilize AI? How are you utilizing AI, maybe? We're actually already doing it, and we've done it for quite some time, which is actually one of the reasons why we have such a strong organic growth compared to the rest of the market. In our lead qualification, when we qualify the leads that we go after, it is very much based on AI or machine learning. It's an algorithm that we've developed ourselves based on 40 different variables that basically qualify all restaurants, especially in the two large markets we have, U.K. and Germany, and qualify them and make a prediction on whether these restaurants will be a success with OrderYOYO's product or not. We can see that the outcome of this is that the qualified leads typically outperform other leads by almost 100%, and their propensity to churn is half. That basically means that everything that we do in terms of selling to restaurant partners is based on qualified leads. That's a very practical example of what we do. Then Jesper has something. Yeah, and I will add to that, that this is something that we constantly look into. We also have up and operating already looking at existing customers, how do we maximize those? We also have initiatives on AI tooling in terms of end user predictions. How do we ensure that the restaurant offers what they should to their customers, meaning the end users, so there is a lot of things in the product team being investigated on that. I would say we are fairly mature here. First movers, I think on some of the early stuff we did on the lead scoring, as Jesper alluded to, and then we have different tracks looking at all kinds of new initiatives to implement within the product. You already alluded a little bit to it, that you had shored up some credit facilities to make this purchase or future purchases. But there's a question here: Will you need capital increase in order to grow as planned? No, we don't. That was short and precise. There's a question here about the goodwill and the depreciation. You kind of indicated how much we should look at the depreciation. How much of that is goodwill of the depreciation amount? Do we have a ballpark number? Yeah, that's visible in the annual report. As far as I remember, the total depreciation was DKK 21 or 22 million in 2023. Then there is the note on how that is split into goodwill and intangible assets such as the product. Perfect. Then there's a question directly, I don't know whether you give that: What is your net debt after the acquisition, and a little bit about the interest on the loans, or is it fixed and floating? I don't know whether you want to go into those details before the year-end report. I think it's something that we have in the year-end report. But, it's... I think it's fair to say that taking the net debt position in the first half of twenty-four- ... then subtracting DKK 54 million used in debt and then adding the cash EBITDA from Q3, then you probably have pretty good net debt estimate. Then there's a little bit bookkeeping questions. What do you expect for our tax rate going forward, especially looking at you might have some tax losses carrying forward from earlier years that I'm actually not that sure of? And what do you expect for capitalized R&D for the 2025 and the years going forward? I don't know whether you're willing to give some guidance on that, but maybe some ballpark if someone want to model. Yes, we can do so. So as mentioned, to start with the capitalization, the twenty twenty-five outlook, as you can also see between the difference between EBITDA and cash EBITDA, is the same level as what we have been capitalized, historically, so that is kept as is. On the tax side, yes, we do have some losses carried forward that we will start utilize, shortly. We both have losses locally in the subsidiary markets and then obviously in Denmark. Part of that has been documented in the latest annual report. Got it. When our outlook plans suggest that we could utilize the full loss, then that will also be visible. That's a requirement according to Danish GAAP. So that's. But part of that is already reported in the annual report. Got it. And we will be wiser when you release the full numbers. Then there's a question about the GMV numbers. It has shown a little bit softer than beyond normal seasonality. Also some tendency we have seen by the food portals. So, the question is, how confident are you that you can achieve your GMV growth target for 2025? I think you kind of indicated the same market condition and then taking market share, but there's a direct question on the confidence level of this growth target. Yeah. So, one thing is the growth. Let's start out like how we see it right now. There is growth, but there is also a lot of seasonality within the Mm-hmm ... quarter- over- quarter GMV. So, June was very strong. The composition of weekdays versus weekend days is also something that's kicking in, especially this year in, June versus September. We do not see any larger risk in terms of reaching, first of all, our twenty twenty-four GMV numbers, and then the, as said, the market condition has not changed. We don't see any large risk. We on the GMV. We do see that the end users are willing to buy takeaway. And we are capable of gaining market shares. So, normal risk here. No, nothing less, nothing more than normal, when we provide the initial outlook for the coming year. Perfect. And then the final question: Do your M&A pipeline also include targets in new countries? You know, the first type of the acquisition type, the one where you target a new market. Yeah, I think we've talked about this before. Yes, we do look at other new geographies that we will probably enter through by acquisitions. Those are bigger companies and as such, you know, that takes a little more time to develop them, and it's more a matter of timing when that happens, but we do look at that, and we do have a wish list for that. Now, obviously, the bread and butter, so to speak, in the M&A part of our business is Germany and U.K. Still, remember that Germany is approximately 85 million people, and the U.K. around 65 million. Two biggest markets in Europe where we do not have anywhere close to a saturated position. So it's important that we, as a team, remember to focus on that still, because that is where a lot of our growth opportunities also are. But we do look at other countries to get a little bit closer. I mean, I think I've used this analogy before about the beer-drinking part of Europe and then the red wine-drinking part of Europe. So we'll probably do more in Western Europe and Eastern Europe before we enter Southern Europe. Southern Europe. Yeah. Perfect. And I guess can you talk a little bit about your capabilities of taking. Are Are you building up stronger and stronger so you can handle more M&A acquisitions because your organization gets used to it? The reason why I ask about that is that if you find, you know, if you find the targets that what I call the bolt-ons, where you very fast can get a lot of margin out of it, I guess that's, you know, from an investor point maybe more preferable than the risk of a new country. So if you understand, can you handle both? Mm-hmm. Or are you actually needing to allocate to where, you know, I get the best bang for my money, and that might actually be the bolt-on acquisitions where you can lift margins fast? Yeah, I think so, we can handle both. But if we were to acquire a big company in a new geography, like when we acquired AppSmart, we would devote all our resources to integrate that, to make sure that was a success. They are more transformational by nature. Yeah. The rewards can also be much, much higher if we succeed. If we were to do that, we would make sure that we got that integrated well and strong. I do understand your point about short-term, especially profitability increase through these bolt-on acquisitions. Yeah. We like that as well, and that's why we've done them, and I think that App4 is somewhere in the middle. Mm-hmm. So it's fairly well known what we are to do to make sure that we have this EBITDA increase from that. But at the same time, it's a new interesting subsegment of the market that we haven't been officially targeting before. But I understand your point well. Yeah, yeah, I understand. You know, it's always which risk and what rewards you are reaping by taking the DMA acquisition. But I agree with the AppSmart or App4, sorry, it looks like you are gaining a lot of TAM potential for- Yeah ... for a small price. So congrats on that acquisition. Thank you. That was the last question. There's a praise to you, that you haven't spoken any nonsense on this, and that can... That is a big praise, sometimes. Yeah, well, thank you. So take that with you, and Must be from government, I assume. Yeah, and then we will end the call. There are no more questions then. And thanks to everybody for listening, and thank you for taking the questions and going through the results. Thank you. Thank you, everybody.