Today's presentation, we are joined by CEO Jesper Johansen and CFO Jesper Hyveled. Today's event will cover the Q4 results training update you sent out recently, again hitting above your recently updated guidance on the realized results and also letting that momentum going into 2025 by raising the guidance there. So let's take a look behind the numbers and what is driving this momentum. As always, it's possible to ask questions in the box down below. Do it during the presentation. We will try and take most of the questions in the end as in a normal Q&A. But for now, I'll hand the call over to you, Jesper. Thank you, Michael, and thank you for listening, and welcome to the presentation of our Q4 2024 results. I'm Jesper Johansen, CEO, and I'm here with Jesper Hyveled, CFO, who will go through the numbers for us. So let's get going and talk about this final part of the year. So next slide, Michael. As always, just 20 seconds here on this important information slide. Okay, let's get going, Michael. Next slide. Okay, so the 2024 headlines, this slide, for those of you that have joined these presentations before, is familiar to you, but nevertheless, very, very important to remember why we're here. So we liberate your local independent takeaway restaurant, empowering the local takeaway restaurants to claim back their own customers. And we do this at much, much lower costs than the portals where the restaurants are normally present. We're marketed in Europe, so the biggest player in Europe, including the largest markets, U.K. and Germany. ARR is now at 362 million, growing 22% year over year, and our profitability keeps on increasing. The path to profitability that we entered into three years ago is showing results, and our full EBITDA was growing 117%, so more than a doubling on profitability, so all in all, a strong year and above the guidance that we presented when we presented the Q3 results, so we're pleased about these numbers. Now, Jesper will take us through the numbers in more details. Thank you, Jesper. Next slide, please, Michael. Yes, so as Jesper mentioned, our ARR grew from DKK 296 million to DKK 362 million, a growth of 22%. And again, very, very strong. We can see that we are growing more than the market. We are growing more than we see with the portals. So we are taking market shares, and as Jesper said, super pleased with that. Next slide, please, Michael. On net revenue, same pattern. So we are growing here 25% from DKK 253 million to DKK 316 million. That is, again, the underlying growth that we see in the MRR numbers and then additional upselling of especially hardware that we have seen in Q4. Next slide, please. December GMV growing 28%. Again, very strong and above market. Obviously, this is including the acquisition of AppSmart, but the vast majority of this is coming from organic growth that we have in the underlying or the business pre-acquisition of AppSmart. We grew the GMV from just below DKK 3 billion annualized GMV in December 2023 to DKK 3.8 billion annualized GMV by December 2024, a growth of 28% as stated here. Next slide, please. As Jesper said, on profitability, we keep delivering on this very strategic imperative for us, a path to profitability. We will continue that. That is our license to make decisions on our own and to continue to consolidate the market and decide our own pattern. Here, growing 117%, very strong to DKK 55.5 million on EBITDA. Then finally, next slide, Michael, on our cash EBITDA. Again, very strong. Basically, just so everyone remembers, cash EBITDA is our EBITDA subtracted our capitalized investment, leading to a growth of DKK 28.3 million from just around zero in full year 2023 to DKK 28.5 million in 2024. Again, the profitability pays off and a journey that, as already mentioned, we will continue to have strong focus on in the years to come. That was an introduction to the numbers. I'll leave it over to you, Jesper, and give an update on the App4. Thank you. Thank you so much. Next slide, Michael. Yeah, just a very quick update on App4 that we announced that we acquired in October. So next slide, Michael. Just to remember everybody about what App4 is about. So App4, we have these two types of transactions. We have transformational transactions when we enter a new market. So AppSmart was one of those. And then we have the bolt-on acquisitions where we had smaller competitors in the existing markets. Costco and Kingfood was those. And then we have a company like App4 that is basically in the middle. So a smaller player in one of our existing markets in the U.K. and Ireland, but nevertheless, gave us strategic leverage into smaller chains, what we call quick service chains. So chains with 3- 25 outlets, which has expanded our market. Now, this actually makes a lot of sense for us to do because our company, OrderYOYO, was getting to a point where we were ready to do this, and App4 is the market leader in these small chains in the U.K.. So acquiring the market leader in that space was very, very important for us and was strategically that we were very happy about. So this was kind of the strategic lessons behind the company. So next slide, Michael. So just very briefly on how things are going. So the commercial organizations is well integrated. So just to take one step back, I mean, this is our fourth acquisition, and we have a playbook on how we do transactions both before the acquisition and after. So post-merger management and integration is obviously super, super important to drive out the synergies that is so important for us. We've done this as well. It's now plus 100 days since we acquired the company. The organization, the commercial organization is integrated. Operational models are being aligned, so we work in the same way. The company and the business case that we laid out, we're performing according to that. So all good on this transaction that we're very happy about that we have done. All right, next slide. Just a bit on the updated guidance for 2025. Now, next slide, Michael. We released guidance for 2025 back in October when we acquired App4. The last push that we've seen and the last development we've seen, especially in December and the start of January here, makes us believe that we will do better than what we originally forecasted. So we have increased our ARR guidance from DKK 380-400 million to DKK 410-420 million. Net revenue we have increased from DKK 360-370 million to DKK 380-390 million. GMV is now guided above DKK 4 billion, so DKK 4-4.2 billion, a very important mark for us. And then EBITDA is increased from DKK 68-73 to DKK 70-75 million. And correspondingly, cash EBITDA is increased from DKK 40-45 to DKK 43-48 million. So strong performance that we are seeing. Next slide, Michael. I mean, this is something that is very important to us and that we track obviously every month and every quarter. We show it to you guys. We continue our strong profitability. EBITDA performance is very strong. We're doubling compared to Q4 2023. So in 2023, last quarter, we did just around DKK 9 million, and this quarter, we are doing DKK 18.2 million. So very strong growth in profitability. As I've said before, the path to profitability strategy that we implemented in 2022 is definitely showing results earlier than anticipated. We're happy about that. Next slide, Michael. Now, and then again, EBITDA guidance raised. The margin that two years ago, not even two years ago, but one and a half years ago, we set out a long-term guidance of our EBITDA margin of plus 25%. At that point in time, we were asked, so what is long-term? Long-term was long-term. Our latest performance, so we did this goal when we were doing an EBITDA margin of around 10%. We're also originally guided for 9%-10%, 9%-11% for 2024. Now we're just realizing just below 18% and have a 2025 guidance of 18%-20% EBITDA margin. Obviously, it means that we're getting closer to our long-term EBITDA margin goal. So the long-term is not that long-term anymore without setting a number when we will reach this. But we are definitely growing faster into this profitability target that we originally expected and anticipated. So we're very happy about that. The model works, and it shows especially in our profitability numbers and our growth numbers. That was it. Next slide, Michael. Over to Q&A, the exciting part of the presentation. Perfect, and maybe I will start by jumping to this one because, of course, the timeline is always important here when you can reach those targets and if you're able to reach them, but clearly, the path here shows us that that looks very likely also maybe in a shorter time, so maybe I want to ask in another way. You said the + 25, and I know there's a plus in front of it, but was that what you saw structurally being possible to create in such a business with all the investments or everything, or are you getting more optimistic that structurally you could maybe get nearer some very high-performing software as a service companies, meaning above 25? I think that so when we, first of all, when we set this long-term goal, we were not scared, but we were cautious in the sense that it's always dangerous to throw out these anchors to the market if you do not perform towards those anchors. So we did this when we were trading with EBITDA margin for around 10%. Now, and we dared to do it because we could actually see that the path that we were on, we could reach the 25+% EBITDA margin. Now, obviously, it's going faster than anticipated. So that's very positive. And there is a plus. So that is actually because we think we can be above 25%. Now, we haven't sat down and analyzed strategically with the board whether this EBITDA margin goal should be even higher because I do know that obviously other SaaS companies, there are some players out there with higher margins than 25%. And we're aware of that. We can definitely go above 25, but right now, this is our target. But the growth in the margin is obviously very high. Perfect. I knew I wouldn't get an answer before I talked to your board, but thank you for your answer. Then there's a question. Have you integrated App4 in the rest of the business? And do you already see an effect with success in the small chain restaurants? I guess a lot of market could be interesting there, but I guess the big German market must have a lot of smaller chains. So have you started integrating? Are you done with that? And have you maybe already seen an effect maybe in some other markets on integrating this? I mean, first of all, the small chain market is actually bigger in the U.K. than Germany. So number one, I think the U.K. market for small chains in our space is probably three times the size that there are in Germany that are relevant for us. So the U.K. is by far the biggest market here. And that's why we bought something in the U.K. So the integration is underway, as I said, and the commercial organization is fully integrated. And we're now having a task force focusing on the small chain, the small quick chains, as we call them. So that's happening as it is right now. And the business plan we have is obviously that we should keep on focusing on this market. And we are. So, we are seeing the effects of that just as well as App4 on a standalone basis would have seen an effect on targeting this market. So, this is going according to plan. I mean, remember, compared to the rest of the business, it's not that big an acquisition. So, but obviously, it's very interesting for us. But, our normal business is also what is still the main drive of the growth. So if I should understand you, this is not taking something global. This is using your power in the U.K. to. No, no, we're also taking it to Germany. Okay. But I think you have to remember that or understand at least that first thing is to get it well integrated and start growing on top of the existing growth in App4 in that segment in the U.K. or their home markets. Then there's a lot of stuff going on in assessing the market needs because the market needs for smaller chains in Germany is different from what the needs are in the U.K.. And the product needs to match that. So that's like more wave two in the post-merger work or the strategic work for smaller chains. So that has been initiated but not rolled out yet. So the main thing here is getting the U.K. continues to grow, continue to grow. And that is what we see. And we are signing small chain restaurants in the U.K.. But that's the main focus right now. Perfect. Is the better than expected growth coming from existing customers or new customers? Both. Both. You are seeing both an uplift, but also new customers coming. Yes, we are. Perfect. And then we see increased cross-sell and upsell. So obviously, as we've talked about before, we have a suite of products now that we're selling into the restaurants as well. So that's something we see as well. The reason why I think this is a very interesting question, and you maybe also answered it, that some of it are upsell, not just your customers using the platform more because I guess the upsell and new customers is what maybe shows the momentum. And you can carry on into 2025 and 2026 where you know that your customers sell more maybe is a little bit more volatile. So balancing it, is it primarily you upselling on existing customers, or is it, of course, also important that they use maybe your platform more and sell more? So just a feel for that number. Without going into the specific details, if you take the part of the increase coming from existing customers, it's utilization in particular that is driving this. Okay, then there's incremental margins look smaller after raised revenue guidance. Is this due to more investment or more sales from POS Point of Sale systems with a lower margin? Maybe looking at also at your 2025 guidance, there's a smaller incremental margin, so are you starting to invest more, or do you expect maybe some of the raised guidance should come from lower margin business? So you will probably already have seen that in the Q4 numbers. So we are investing mainly in our commercial organization to invest in future growth. And some of that will obviously come with some additional hardware sales and sign-up fees for new restaurants and cross-sells with a lower margin. But in general, the investment that you see in the lower margin is towards future growth also in the commission and subscription MRR that will lead to, again, higher margin on the longer term. But now we are in a position where we can afford to invest more on future growth, organic growth. And that's what you're seeing in that. And we're not afraid to do so because we know them, as Jesper said, the model works. And we are able to get quite a lot of new activations, new signings in Q4, very, very strong on that parameter. And that we expect to continue. But it always takes some time to ramp the new restaurants up. And that doesn't show right off in the MRR numbers. Check. Then there's a question, and maybe also on whether you're investing in the product offering. Will AI change your product offering in the coming years? Are you somewhat protected with lower risk on the AI side, innovations that could change some product offerings in your business? I think in general, the AI part towards the restaurants as such will not be something that is driving this industry, I think. Where AI comes in, and we are actually implementing that already, is especially on the qualification of leads, of qualification of the markets. The lead qualification that we're doing, it's on the onboarding. When we onboard, we can get a lot of help from AI. In customer success, AI will enable us to see patterns that we can act on earlier than we can see now. That's the way we're going to utilize AI tools and already are utilizing. That is actually part of what's growing. Growing ARR because through these tools, we're better equipped to hit the right restaurants for us. Yeah. And just fully echo that. And then other things that we're investigating is obviously like the end-user experience can also be differentiated with the assistance from AI, like menu management, that the menu is not like a fixed thing you always look at in the same way, but it will actually change depending on who looks at it. So there's a lot of angles on how AI can actually contribute to this. But obviously, we have people in the organization that both review this from an opportunity side, but definitely also from a risk perspective, as I think the question started out as. Yeah, yeah. I think also from the risk, I guess you have a pretty good overview of what your competitors are doing out there and you're not seeing anything that is kind of moving in some direction there, if I should understand you, that it is still primarily being used also as an internal efficiency tools. Yeah, yeah. Definitely. We more see AI as an opportunity as we stand now, but be ensured that we do review the risk side of this as well. So the disruption part of this, we review. But as Jesper said, we don't see that as a thing. We see it more as an opportunity here. Check. Then there's a question. Do you expect take rates in the chain segment structurally lower than for independent customers? I.e., can take rates in App4 of 7% be lifted to group level of 10%? The part of the chain market that we are focusing on is what we call, and this was actually the presentation or the slide that we showed, is what we call quick service chains. Smaller groups below 25 outlets. The reason why, and all in takeaway, and the reason for this is that this is why the products that we have will fit also the chain, number one. Number two, from a pricing point of view, we are actually from a commission point more or less at the same level. That will actually be the same level. But the upselling, especially of our marketing products and our POS system, will drive and can drive the take rate for the App4 restaurants up to the level they have for the group. Perfect. And then my question, as an investor from the beginning, it's nice to see that you keep growing through M&A strategy, but it will also be nice to get some dividend at some point. Is there any plans for that? No. That was a clear and short answer. Cost is under focus. I also have a question, and I don't know whether you have data on it, but I guess at 22%, you must be growing faster than the market, but looking at maybe some customers, and if you can get those data, I don't know, can you actually see if the customers have both a food portal and your solution? Of course, they want to drive it over where it's cheaper for them. Can you actually see in such customers that you are taking, you might say, business away from the food portals, thereby highlighting the first slide with your investment case to liberate those restaurants and bring more of the revenue back to them? It's more a question on whether you have some data, follow such data on some customers or have access to us and have the feel that those data support your main reasons for being. Yeah. So obviously, we do not have the data for how the portals are on specific restaurants, and we cannot have that. That's restaurant proprietary data that they are not giving away and that they are not allowed to give for the portals. So we don't know for the specific restaurants. We cannot say that. It will all be based on two major things. One is the average growth for the market where we compare ourselves to the portals, so we are increasing more there than the portals, indicating that we are taking market share, number one. Number two, obviously, we have a lot of war stories out there where our salespeople, BDMs, are talking to the restaurants and are happy that they are transferring orders from the portals to us, but we do not have access to specific portal data. I mean, it's not something that is accessible. Now, one thing that's important to understand, especially with the portals, is that, I mean, they have two, and we've talked about this before, two decisions they've taken. One is that they have all doubled down on delivery, which basically means that the restaurants that we're looking to help, so restaurants with their own delivery, that part of the equation that everybody is paying for at the portals, they actually don't need. So that squeezes our partners on the portals, number one and number two. The portals, all of them, even though it started out as being for the quick service restaurants, they actually liked some of the bigger chains because those are household names like McDonald's, Greggs, and the like that the end users know, and they use that to drive traffic to the sites at much, much lower take rates and margins than what the quick service restaurants are paying. So the price pressure upwards on the restaurants from the portals are definitely something that we hear about. And that's all. I think that was the last question. Thank you to you, Jesper and Jesper, for taking us through your results and looking forward, of course, to the full year results where we also will have a little bit more in depth on both the cash flow and the balance sheet and everything. So thank you for taking us through the results and answering questions. Perfect. Thank you. Thank you, everyone.