Good day, ladies and gentlemen, and welcome to WAG Payment Solutions PLC 2024 half-year results. The presentation will commence shortly. After the presentation, we will conduct a Q&A session. If you wish to ask a question, you will be able to ask a question either through the Zoom webinar link provided separately or by submitting written questions using the Ask a Question button on the Spark Live Webcast page. During the Q&A element of this morning's call, if you wish to ask a question, we ask that you please use the Raise Hand function at the bottom of your Zoom screen. If you already have a question, please do this now, ready for when the Q&A begins. I will introduce you, ask you to unmute your line to ask your question. I would now like to hand over to Martin Vohánka, CEO, to open the presentation. Good morning, everyone, and thank you for joining us today for our first half year results for two thousand and twenty-four. I'm joined by our CFO, Oskar Zahn, who will take you through our financial results in a minute. But a few words from me before I hand over. One thing I'm proud of since I started the business almost thirty years ago, is that we have consistently delivered strong growth, no matter the macro and market headwinds. In the first half of two thousand and twenty-four, we've delivered strong double-digit net revenue growth of over 18% as a result of both organic business and the Inelo contribution. As well as delivering these results, the business has been focused on integration and transformation of our people, technology, and data systems, all of which are supporting the development of integrated digital platform, Eurowag Office. I'm pleased to say that we have made significant progress in the first half of the year, and the highlights for me include following: First, as part of our move towards an omni-channel user experience for customers, we tested a digital customer journey in Poland, offering bundles, which is uncommon in our industry, and which is helpful to test the market ahead of our platform launch. Secondly, we are evolving Eurowag mobile application for owners and dispatchers as one of the outlets of soon-to-be-launched Eurowag Office platform, and we saw an increase of 12% in active users to 36,000 compared to the end of 2023. Next, as you have seen this morning, our toll revenues have grown significantly in the first half of this year, partly due to gradual introduction of CO2 charges in some European countries, but also thanks to our ability to capture these opportunities through investment into our own OBU solution. This comprises a large backend systems for map matching and toll calculations and also our own onboard unit, EVA. We successfully progressed with further certification across Europe, with Slovakia being our eleventh licensed country. We also continue to invest in alternative fuel solutions for our customers in an effort to support their transition to a low-carbon future. With the continued expansion of our synthetic fuels network, we have created the first HVO corridor in Central and Eastern Europe, connecting Austria, Slovakia, and Czech Republic. And we have just proudly announced that we have been... We have become the first CRT-focused e-mobility service provider in Europe. And the final one for me is that I'm very pleased with the preparations of integrated platform Eurowag Office. The tech and product teams have been working hard to make sure we are ready for a phased rollout of the platform in Q4 this year. We have already delivered the migration of a portion of existing users onto a new platform, starting with RoadLords, where we have around 200,000 monthly active users migrated onto the Eurowag Office navigation application for drivers. And we are currently working on migrating the first batch of fleet management and fuel card customers, with already circa 7,000 fleet management customers migrated. I will come back to these milestones later. I will go through our strategic update in more detail, but now I would like to hand over to Oskar, who will walk you through our financial performance. Thank you, Martin, and good morning to everyone on the call. As Martin has already mentioned, we are pleased to share a strong set of results with you for the first six months of the year, despite the continued macro headwinds we still see across Europe today. Before I move into the details of the financials, let me take you through some of the key highlights. Our net revenues increased by 18.4% to EUR 141 million, driven by both organic growth and Inelo's additional two and a half months contribution compared to H1 last year. As a result of our net revenue growth, Adjusted EBITDA increased by 18.2%, with a margin in line with the last year's first half results at 42.1%. Adjusted basic EPS decreased to EUR 0.0251 per share as a result of high depreciation and amortization, together with increased finance expenses. Looking at our investment in the business, we spent EUR 20.5 million in CapEx. This includes around EUR 3 million carried over from our transformational CapEx program, which is now complete. Our net debt position has improved from year-end, with our net leverage now at 2.6 times net debt to adjusted EBITDA, which is just above our target range of 1.5 times to 2.5 times. Our net revenue growth was supported by strong growth in both payments and mobility segments. Our payment solutions grew 10.2% year on year to EUR 79.8 million, supported by strong growth in toll revenues, which benefited from new CO2 charges in Germany and Austria, as well as double-digit growth in payment solution trucks. Mobility solutions grew 31.3% year on year to EUR 61.3 million, driven by continued growth across all the mobility products. The additional 2.5 months from Inelo in 2024 is included here. Adjusted EBITDA grew 18.2% to EUR 59.4 million, despite higher than anticipated credit losses, with a margin of 42.1%, and I'll go into more details on this shortly. Our adjusted profit before tax has decreased compared to last year, and this was due to a higher debt, resulting in higher interest costs. At the full year, we presented this slide for the first time, which shows you the different products' change in revenue growth in the first half of the year. As you can see, we saw significant growth contributions from almost all of our products, with Inelo's contribution mainly reflected in fleet management solutions and work time management. Payment solutions revenue growth is mainly driven by toll, primarily due to the near doubling of the German toll prices. Energy net revenue is essentially flat, driven by lower unit price, but with the benefit of higher volumes in line with our strategy. With the diversification of our revenues, mobility solutions now contributes 43% of total group net revenues, up from 39% last year and 29% before we acquired Inelo. On a like-for-like basis, assuming Inelo had been acquired on the first of January 2023, net revenue growth was 9.6%. As already mentioned, adjusted EBITDA grew 18.2% to EUR 59.4 million. As you can see from the chart, that despite revenues growing 18%, we have been disciplined with our OpEx costs. Of the nine point one million increase in operating costs, five point two million relates to the annualization of Inelo. If we look at EBITDA on a like-for-like basis and include the annualization of Inelo of four point four million and exclude the six million FX gain last year, as well as the commercial settlement of two point two million this year, EBITDA grew 17.6%. In order to attract and retain the best people, employee costs increased by 5.8%. Technology expenses grew 8.9%, mainly related to technology transformation and cloud transition, while other operating expenses grew 10.8%, mainly due to the Inelo acquisition. As I've already mentioned, we have seen an increase in credit losses, mainly due to high insolvencies across the CRT sector in markets such as Poland, Romania, Hungary and Portugal. These have essentially affected small and medium-sized businesses, who often generate very small margins. Our credit loss ratio has increased slightly from the end of December, from 0.3% to 0.4%. However, our receivables portfolio and cash collection remain robust. Just to remind you, we calculate credit losses against gross revenues and toll volumes, not on net revenues. With our CapEx transformation program now complete, our overall CapEx spend has reduced. We are now further along in our integration phase and have started to allocate CapEx in line with the new integrated platform priorities. As you can see, a large part of our CapEx is spent on existing products, which are being integrated into the Eurowag Office. We continue to implement new technologies in the business to improve Eurowag's systems and processes, as well as build our core data platform, which will be a key part of the Eurowag Office and our ability to create AI tools for our customers. With the acquisition of Inelo WebEye, our OBU CapEx investment has risen as a percentage of the total CapEx spend. As you can see from our performance in fleet management solutions and toll, these OBU devices are important growth drivers for our business. Our CapEx target remains unchanged, and we expect CapEx will fall to around 10% of net revenue as we invest in the development and improvement of our platform and as we continue to reduce duplications across IT, hardware, and technology processes. If you exclude the 3 million final tranche from our transformation program, CapEx was around 12.5% of net revenues in the first half. This slide shows that we continue to focus on reducing our net debt and that 0.3 times reduction in our net leverage in the first half is pleasing. This has been driven by 50 million of cash generated from our operations and the initiatives we've implemented within the business around managing our working capital. These initiatives include looking at both our customer and supplier payment terms across the fuel and toll portfolios, as well as improved ways to finance our working capital through factoring facilities and reverse factoring. We have provided in the appendix of this presentation an overview of our working capital movement, as well as the gross revenue and toll volumes, which give you a better view of our payables and receivables. As a reminder, we guided around EUR 35 million of deferred considerations from acquisitions to be paid in FY 2024, with EUR 8.2 million paid in H1 and the remainder in H2. I expect little movement in our net leverage ratio at the full year. We remain confident that we'll fall within our net leverage range of 1.5 to 2.5 times in FY 2025, as previously communicated. In the first half of the year, we made some amendments to the club finance facilities. We extended the maturity date of our loans from the second half of 2027 to the first half of 2029. This enables us to reduce our quarterly installments, which gives us more flexibility with our capital allocation should we need it. We also extended the permitted share of the revolving loan within our uncommitted facility from up to EUR 25 million to up to EUR 40 million. Finally, we added an incremental facility of EUR 40 million of revolving loans and EUR 10 million of bank guarantees, which should better support the enhanced size of our business operations following our recent acquisitions. With our performance today, we are reiterating our medium-term guidance. We continue to deliver strong results despite the headwinds we see impacting the European CRT industry. This gives us confidence in delivering mid-teens revenue growth in the near term, with adjusted EBITDA margins stable around 43%. As I mentioned before, we expect our ordinary CapEx spend to be around 10% of our net revenues, and we expect our net leverage to remain just above our net leverage target range of 1.5 to 2.5 times, falling within the range in FY 2025. With that, I'd like to hand over to Martin to a more in-depth view of our strategic highlights. Thank you, Oskar. I know you have seen this slide a few times. However, I like to use it as a reminder where Eurowag is positioned, particularly now, when we've acquired a range of products that possess mission-critical data, which our customers use on daily basis to operate their fleet. We are shifting to the center of the commercial road transport industry, which is the best position to help our industry to become clean, fair, and efficient. We have served this industry for almost three decades and are well aware of the challenges our customers face. I will name a few as a reminder. Around 90% of trucking companies are small SMEs, with on average, seven trucks in a fleet. Every journey requires thirty administrative tasks, and because they are not fully integrated digital platforms yet on the market, only 13% of companies are fully digitized, mainly the largest companies. With regulation increasing, small SMEs are struggling to keep the pace with reporting and general admin. Finally, the lack of digitization and connectivity within trucking ecosystem means 30% of the trucks on the roads are empty, with heavy environmental impact. Taking all of this into account, we have created the industry-first integrated platform, which will gradually but fundamentally transform the way how our customers are operating and will enable them to be more efficient, streamline their operations, grow revenues, improve their cash flow, and accelerate their journey to a low-carbon, digital, greener future. I've been talking for the last year and a half about integration and transformation of our business. After many acquisitions, the business started its new journey at the start of last year, making sure we integrate our people, processes, technology, and most importantly, data. Having made good progress last year, we have continued to deliver the goals we set for the business. We have talked about bringing our sales channels together: direct, indirect, and digital. As part of this process, we have appointed a new Chief Commercial Officer, Francesco Nazari, who comes with many years of experience of guiding companies through commercial transformations, particularly building bundled products offerings for the customers and building commercial omni-channel sales engines. This is a key for our new platform, which includes new pricing and proposition models. Integration of Inelo and WebEye continues, aligning all the sales, technology, and product teams. Customer data migration has already started, which enables us to give you better KPIs this year. We have a clear product roadmap as to when customers from acquired companies will be benefiting from Eurowag Office platform. With the scale of change this business has gone through over the last few years, I thought it was important to appoint also a Chief Operating Officer, who can help us strengthen our operating model across 19 countries and streamline our back office processes and making them fit for a scalable, omni-channel experience. I was pleased when Felipe Alves accepted the role and has already initiated a company-wide projects to align all our operations. Part of our purpose is helping the industry to become clean. By that, I mean to reduce the amount of carbon emissions the CRT industry produces. We can support our customers to a greener future, and as a part of our decarbonization strategy, we want to be able to offer our customers a fuel alternative and reduce carbon intensity by efficiency improvement, such as better routing or driving style. We have made a great progress here, and I will come back to talk about it a bit later. This slide, you are all familiar with, which I like to use as a reminder of various layers of the platform. The first layer is about user experience. We usually talk about three personas: the owner, dispatcher, and the driver. They all have different needs from the start to the end of the load's journey. By using our application, they no longer need to use multiple systems, logins. They only have one user experience. All their systems, data, and processes are in one place. Dispatchers are usually on call twenty-four seven, seven days a week. They can now manage their workload through one application in their pocket. The second layer, and a key element of how we will bring this platform to our users, is represented by our sales channels. As you know, we are working on bringing all of them together in omni-channel experience, using fully end-to-end digital processes. I will come back to this on the next slide. The third layer is represented by our products and services. All of them will eventually be available on, in the Eurowag Office application. The last layer, and the most important, is in the technology and data. All of our products and services allow us to capture a unique set of data from our users in one place. No one else in the industry has this. We can see our customers' journeys from beginning to the end, and we are able to use real-time data to empower our customers to manage their operations more effectively and efficiently. Just briefly touching on our omni-channel. This is a well-known business strategy that unifies all sales channels and integrates customer journeys both online and offline. The industry we operate has traditionally relied on a direct sales approach. Our growth in trucks is testament that digitization of sales is the right direction, and it's happening at the right time. As you know, we have transformed into a tech-driven business. We have therefore focused on growing our digital sales channel, which will be soon enhanced and made fully end-to-end on a new platform as part of new generation of platform front ends. The other sales channel we have been working on this year is indirect sales channel with our three OEM partnerships, and which will be centered around Cockpit application of Eurowag Office pre-installed in every new truck. The omni-channel approach will accelerate the acquisition of new trucks, facilitates faster cross-sell, and as well as reduce our cost to acquire. Almost a year ago, we held our Capital Markets Day, where we gave you some visibility of the Eurowag Office and the milestone we needed to achieve before we were able to launch it. We have a very detailed roadmap. However, to keep things simple, we've summarized what next, eighteen months will look like. Our teams have been incredibly busy this year, and as you can see from the slide, we have already started to migrate customers onto the platform. to that is the launch of the platform. We decided to migrate a specific cohort of customers from various products onto a new platform, get their honest feedback about the user experience, update the features, and then we have continued to migrate the remaining customers in a phased approach. For selected fleet management customers, we have given the option within a new Eurowag Office application to switch back to their interface, which gives them ability to adjust to a new user experience over the time. What, however, we have seen is that not many are switching back. Our customer care teams are not facing material volumes of calls from customers who don't understand the new features, and therefore, this is a great proof that the new functionalities and user experience is simply better. As you heard on my initial slide, our new Eurowag Office platform is in use by large number of existing customers already. These migrations give us great confidence that we are still on track to start introducing Eurowag Office to our new customers in Q4 this year. Here, on this slide, I would like to remind you why this platform is so important to our customers and the industry. I talk about the challenges at the start of my presentation and how the lack of digitization was the root cause. Eurowag Office solves all these challenges. The immediate outcome for customers are as follows: simplicity and convenience, data and systems all in one place, better management of their operations and therefore reduce their cost base up to 10%. We help solve their working capital problems, which means better cash flows, and we can enable transition to a low-carbon future, which means a better life for all. I will come back to this statement on the next slide. And the midterm outcome for entire industry is redefining the way how trucking companies operates by total digitization of their operations, better connectivity and relationships with the rest of the ecosystem, such as shippers, regulators, and road service operators. And finally, making trucking attractive again by fair distribution of financial economics across the whole ecosystem. We can't talk about clean, fair, and efficient industry without focusing on sustainability. We feel gifted in Eurowag to have an opportunity to do so much in this sense for the industry and the planet, and I'm always happy to see the progress we are making. We have expanded our alternative fuels network over one thousand five hundred alternative fuel stations in an effort to support our customers' journey to a low-carbon future. We have become the first e-mobility service provider for CRT sector in Europe, in partnership with Last Mile Solutions, the leading European roaming platform for e-mobility and where Eurowag previously acquired a stake. Drivers has now, have now access to over six hundred thousand charging points across Europe, where they can use our card as well as reserve their slots for charging. Now, let's take a step back and think in particular about complexities of e-charging. It's another burden for dispatchers. During route planning, they must manually calculate the following factors accessible only through isolated systems. First, energy and toll costs, overall time of driving, obligatory resting time, loading and unloading dock schedules, actual traffic conditions, and finally, available slots for charging. This is very hard to achieve, almost impossible in an analog world. The data and AI on our platform will solve that instantly, is the most effective outcome, and another great example of what platform will be able to deliver in near future. I hope that purpose of clean, fair, and efficient is making more sense to you now. At our Capital Markets Day, we've discussed the need to change our KPIs to better reflect our updated business model, and although we are not quite at the point where we can disclose all the new KPIs, I wanted to give you some color so you can clearly see the progress we have made. These numbers are estimated still, and by the end of the year, our data will be consolidated, and we will be able to give you actual numbers and report them going forward. Firstly, total number of active trucks, which shows our scale and key revenue driver for our business. We have said our ambition is to reach one million trucks, while today we are on at almost three hundred thousand. Secondly, number of products per truck, which shows the opportunity for cross-sell and up-sell, as well as significantly reduce the churn. Today, we are between two to three products per truck. With the acquisition of Inelo and WebEye, the number of products naturally drops with the large customer base coming in, but this will increase back again with continuous cross-sell. Customer NPS is an important KPI as it helps to learn how our customers are happy with the user experience and value we provide. Currently, customers NPS is around 40 points, which is well above the industry benchmark. As more customers move to the platform, they are taking more bundled offers and more of our subscription. We are currently sitting at 28% of our revenues being subscription type. Finally, in a summary, we continue to deliver strong growth despite a period of lasting, unhelpful macro environment. The phased rollout of our new platform is continuing according to plan, with more and more unique features and functionalities added over the time, as well as customers are migrated in waves. As we look towards the year end, we will continue to focus on customer migrations, as well as opening the platform to new customers. We will continue to integrate our people, technology, and processes, so we can fully accelerate extracting of synergies. And our priority remains to move back into our Net Leverage range in between 1.5 to 2.5. With this, I would like to open this session to Q&A. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Participants can submit questions in written format via the webcast page by clicking the Ask a Question button. If you're dialed into the call and wish to ask a question, please use the Raise Hand function at the bottom of your Zoom screen. If you're dialing in via phone, you can raise your hand using star nine and unmute pressing star six. We will pause for a moment to assemble the queue. We'll take our first question from Gautam Pillai of Peel Hunt. Please unmute your line and ask your question. Great. Good morning, Martin and Oskar. You provided some encouraging milestones on the development of the platform. Are there any early learnings or feedback you can share from the migrated users on the platform now? An associated question to that would be, will there be a different pricing plan for new customers at platform launch, which is more subscription linked? And second question, perhaps for Oskar: Really strong cash flow and balance sheet development in the first half. You did touch upon in your prepared remarks, but can you give more detailed color on the steps you have taken to optimize working capital, and do you see this as sustainable? Thank you. Thank you. Good morning, Gautam. Thank you for great questions. When it comes to experience and the feedback and the early learnings, indeed, we meticulously follow the feedback both in Eurowag Navigation application through the App Store and Google, where we see extremely positive evolution and our new updated application. I mean, the customers which were migrated from RoadLords, which was the pilot which we ran already two years, and where we gained two hundred thousand users, and we migrated them already all successfully to this front end of Eurowag Office. And we see great results, well over four points in rating, which I think is fantastic. Secondly, we measure in different ways how our fleet management customers. I was mentioning in my intro that we migrated seven thousand already of them, and the first, of course, very positive surprise was that really very little number of people are going back to their old environment, which was much better than we expected, so it's just a testament, really, that the new environment is much better, new functionalities, some of them are really revolutionary, so customers are simply happy. So I can assure you that there is a everyday intense work on the feedback to ensure that as we are stepping into the next phases, that we are reflecting it. Other than that, I would not mention that something would surprise us. When it comes to pricing model, conceptually, we are heading to three models: Premium, which we already partially applies, and we will be extending it with Eurowag Office. The second one is Pay As You Go, and you can think about Pay As You Go as actually current system, where customer is coming and selecting what he or she wants and then paying per the service, which was ordered. And then the last one, the newest one, is subscription. Subscription model is known in the industry, but more for the software services, not for the entire package, for the broader bundles which Eurowag is preparing. So this is just where we are heading to. How we will be rolling out is that with the Eurowag Office, we are launching extended premium. We will be providing by, during the Q4, as I was mentioning in the presentation, we will be opening platform to new customers for Pay As You Go, and the subscription will be only launching, at the Q1 next year, at the back of Q1 next year. The reason, Gautam, is we need to really, let customers to absorb all these novelties which we are introducing on the market. Really, platform is revolutionary from many angles.... They bundle so many things together. The user experience is new, and as well, the pricing and model is totally new, especially the subscription part. That's why we consciously selected the state approach in order to be able even to learn gradually and from each addition, and not to mix it up, because then it will be difficult to differentiate why customers are eventually struggling. That's our approach when it comes to pricing. And with the rest, I hand over to Oskar. Morning, everyone. Thanks, Gautam, for the good question, as usual. Cash flow, yes, we're pleased with it for the first half of the year. As you all know, this is a very complex area, managing working capital, in particular, which is where you see the largest improvement coming from. What are we doing? Yes, I had some opening remarks, but if you- I'll give you a few examples of how we monitor, for example, receivables. Our average receivables balance per customer is around EUR 15,000. So you can imagine, if you look at slide 29, at the back end in the appendix, you can see that the quantum of receivables is very large, and if the average is EUR 15,000, you can see it's a lot of work that goes behind it. It's using a very focused treasury team in collections, late collections. We monitor usage of customers, and so as soon as we see a drop in usage, for example, in volumes of fuel used by a customer, it's a warning sign for us. And that also indicates to us that there may be some financial challenges for the customer. And so you proactively start monitoring together with the commercial team to see if everything's financially sound with the customer. Do they need help? What other products can you offer them in terms of financing, et cetera, to alleviate some of those pressures, and sometimes save their financial well-being. We've put in late payment term fees, just to encourage people to pay more on time. But fundamentally, it's the basics: getting the terms and conditions with your suppliers and customers right, trying to match the payables and receivables to try and get an overall balanced working capital. But as you've seen, you know, just receivables themselves increased by 63 million EUR from the beginning of the year, mostly as a result of the increase in toll volumes. So it remains a challenge, and on the right-hand side of that chart 29, you can see the total gross revenues for the half year was 1.9 billion EUR. That's what we're dealing with. It's a very large quantum of revenues, and which equates to our working capital. So it's back to the basics, Gautam, but it's continuous. You can't take your eye off the ball. Great. Thank you both. Our next question is from Hannes Leitner at Jefferies. Please unmute your line and ask your question. Yes. Can you hear me? Good morning, everyone. Yes. I hope you can hear me. Maybe just because you mentioned here on the credit loss, could you tell us what the toll volumes were? And then, how long do you expect toll collection, given the CO2 regulation change, to be a revenue driver? That's the first question. And then the second one, maybe you can just help us, looking into second half and then into 2025 in terms of your growth algorithm, where from which parts? Is it the fuel payments which should be recovering, or is it toll roads to even accelerate? And then how should we think about mobility? We know it's very lumpy on the OEM side, but what have you seen on the current, on the ongoing flow business? And then I have a short follow-up. Thank you, Hannes. Hannes, please, yes, please go. Good morning, Hans. So, credit losses, yes, it is a... What we've seen is clearly linked to those pressures I sort of alluded to earlier in terms of the cash flow discussion we had. First of all, in terms of volume, on Slide 29, we show you in the blue color, EUR 0.7 billion is the toll volume. So it's a very large quantum, and you can see it's increasing from last year, half year, and it will continue to increase. If you look at legislation, if you look at Europe, the countries, Germany, Austria, were the leading countries in using the CO2 as a charge, and our expectation is that other countries will follow. And if you look at, you know, market reports, they're all indicating that there, to a certain extent, that most of Europe are considering increases in similar fashion. For example, Hungary is probably gonna follow suit soon. But so it is something that will continue to grow is the toll. In terms of credit losses, the most, if we look at where the credit losses are coming from in Eurowag, it's as stated in the report, Poland, Romania, Portugal, these are the countries that have struggled the most in terms of macro headwinds. And you know, it's... If you look back in history, the average for the last six years of credit losses is about half of where we are today. So it is a significant increase in the current environment. In terms of looking forward, you know, we believe we are now at a trough in terms of those headwinds. Inflation is starting to come down. Interest rates are starting to come down. What our customers are facing are higher labor costs, higher fuel costs, insurance costs for their vehicles, so they have, and then on top of that, you add demand that has been challenging us over the last 12 months, as you know. So that is what has driven the credit losses. In terms of the growth, would you like to take that, Martin, or, I think we'll move that go? In mobility, Hannes, the mobility underlying growth is healthy. We were very happy this year, and we do continue. However, if you look, what is our thesis of the platform is the cross-sell. Cross-sell and up-sell, yeah? So because if we would be just replacing mobility solution for mobility solution, this would be at first tough competitive battle on a market, because almost every transporter has a fleet management solution, with exception of truckers which are owning one truck or two, three trucks. So our thesis when we are coming is that we are bringing the product, which is integrating fleet management data with the other, so there is additional value, and for Eurowag, the benefit is that we are immediately cross-selling. We've seen in Czech Republic and Slovakia already in many years how beneficial it is on unit economics of customers whenever we are having acquiring fleet management customer and then cross-selling other products how beneficial it is for unit economics. I mean, net revenues, average revenues per truck and declining churn. This is the key thesis, which is also in value creation plan going forward. I would how I would think about mobility to continue in line with what you've seen so far, but the major benefits will be from synergies, from cross-sell, which will further accelerate our overall revenues. Great. And then just, like, the little follow-up question I had, you showed that you have now two hundred and eighty thousand total trucks, roughly, per estimate. It's clearly not a confirmed number yet. But then you, in capital markets, you said back then you had two hundred and fifty thousand, so a quite nice increase in trucks. But then when I'm looking at the per truck profitability, just implying the full year, guidance, the profitability or the revenues per truck haven't really increased yet. Is this because of the cross-selling? Just, we are just on the early days of that cross-selling and upselling, or is this also partly the macro environment, where just like trucks just make less, mileage and less revenues? So is it self-inflicted, or is it the market? Hannes, great, great, great that you spot that. And I think that this is absolutely critical to clarify, because if you think about, for instance, large acquisition like Inelo, it's a phenomenal opportunity because we immediately got almost hundred thousand trucks, but their average revenue per truck was much, much lower than Eurowag, because they were eventually having one or two products. So whenever you are bringing such a portfolio into Eurowag Group, of course, it will initially decline the average revenue per truck in entire portfolio, in consolidated portfolio, because it then take times to cross-sell and to bring these trucks, let's say, from Inelo, from what it was the same as Webeye, to bring them on the profitability of all the cohorts, you know? We would need always, when we will be demonstrating, when we will be showing the total number of trucks, average revenue per truck, et cetera, we would need always to provide further details and transparency, you know, how it's influenced, because it might, at times, to drop exactly because of consequence of acquisitions. Yeah. But of course, overall target is, you know, every cohort, you know, to over the time to cross-sell and to achieve higher net revenues per truck, which we've proven already with our platform. And key thesis of the platform is that the increase or multiplying the initial ARPU, average revenue per truck, will be accelerated. Thank you. Our next question is from Mark Hyatt at Morgan Stanley. Please unmute your line and ask your question. Hi, Martin and Oskar, and thanks for having me on, and congrats on a solid start to the year. So, I've just got a couple of questions. The first one on the outlook and the current environment. I'm just curious to hear a bit more around what you're seeing in the market. You noted in the release that you're seeing some early signs of recovery. Just could you tell us a little bit about what indicators you're tracking most closely there, and how much conservatism have you got baked into your guidance? So do you assume that the market remains subdued in the second half, or are you modeling a kind of gradual recovery in terms of what you're seeing most recently? And then just quickly, and a follow-up on the platform. I know you mentioned that subscription won't be rolled out until end of Q1 next year. So as we think about the benefits from the platform rollout, should we think about this as more of a second half 2025 story or even an FY 2026 story? Could you just maybe clarify some of the timings around the benefits that you expect to see there? Thanks. Thank you, Mark. So I will start with the market outlook, and I will ask Oskar eventually to complement. How I would recommend to look, and that's what we tried as well previously, how to look on the health or dynamics of the trucking market itself is there are two metrics. You know, one is overall volumes, which is very much function of GDP. Yeah, so, whenever GDP moves 1%, trucking is moving as well, 1.5%, down or up. So this is a year, it's very much predictable, and you have all access to macro data. What was happening specifically in Poland, which Oskar was referring to, was that the situation was worsened by the Ukraine war indeed, because there was a huge transport in between Russia and Western Europe, which was very much secured by Polish drivers. So therefore, Poland got hit twice, not only macro, which was hitting entire Europe, but specifically Poland got double hit of that, you know? But overall, the volumes of kilometers is pretty stable, with a few% up in there as per GDP. What is, however, more volatile is the financial health of trucking companies, and that's again what Oskar was mentioning, that in long-term average, we are 0.2% of gross revenues, so total cost of risk, and nowadays, we are in a double. We've seen that many times in the past. Yeah, I've seen it in 2008 crisis. We've seen, you know, that industries going through the cycle. And main driver behind the cyclicity of the bad debts and simply difficulties of trucking companies is related very much to spot market. Because spot market, as the trucking industry, is very much inelastic. So spot market is getting very much hit, because whenever there is slight excess of supply, immediately the spot market is dropping, while spot market is making bulk of profitability of trucking companies, yeah. Overall volume is typically one-third is spot market. Companies are realizing deals on a spot market. Two-thirds is long-term contract, but long-term contracts are securing only the basic income, and where they really make profitability is on a spot market. And what you can see from public data, that spot market really collapsed eighteen months, twenty-two, twenty-four months to eighteen months ago. And now we see indeed recovery in spot market, which give us hope that the market is... that this is sustainable and that we are coming back again to normal. So this is early sign. We remain cautious, but these signs are, of course, very positive. There are many other factors we look at, Mark. Again, data points, they're not necessarily specific to the territories. When our customers, we are quite specific to the countries they originate from, and then they transfer to throughout Europe. So it's maybe not the health of where the customer's based, for example, Romania, but they're traveling through to Germany, Poland. So but what we look at, for example, is also load capacity at the highest level, and that's another small market data point that could indicate a change in circumstances, and just to give you load capacity, in June 2022 was 82%. In June last year, this time, it was 59%, and today it was 78%. There are certain green shoots, but again, you know, are these going to continue throughout? I wouldn't say that, you know, we've been overcautious. We just feel we've been realistic in our outlook. And last question, Mark, and I believe that this would be of interest as well of others. The benefits of the platform. The subscription is just one of the products which Eurowag is seeking, because of course, subscriptions are one for the customer, eventually attractive because they are bundling multiple products for Eurowag, because this is this generates more sustainability. But the platform itself is seeking more other two key benefits. At first, it's designed already for omni-channel experience. And as you learn, multiple times we were repeating, that regardless what trucking company was buying, be it truck or financial service, always it was direct sales. So the platform is built to cater for omni-channel experience, which is scale up... Which, and here we speak about scalability, about boosting our ability to acquire higher number of trucks than we were able so far through direct sales. So this is one key metric. That's why we speak about our North Star being number of trucks. And this does not wait for subscription. This is really about opening the platform to new customers, which we were commenting already, that it will be opened during already the Q4 this year. And the second metric, second key value driver platform is designed for is exactly cross-sell. Because it's different story if you have different environment, different pricing, different salespeople, different brands, et cetera, and then you are bringing one single experience, which is saving time, streamlining, and providing additional value to the customer. So. And this is, again, this is not subject to subscription. We can still sell our products on the platform in pay-as-you-go, in integrated fashion. Subscription is, let's say, another layer, which is further stimulus, not only, but further stimulus, how to drive cross-sell. So definitely, we shall see the benefits of platform during 2025, although we were always setting expectations, because this is totally new experience for customers. We are pioneering that. Nobody in front of us was there. That's why we held our outlooks midterm and near term. But of course, we have bigger hopes than presented, but this needs to be first validated. Super helpful. Thanks very much. Thank you, Mark. There are no further questions on the Zoom webinar. We will now address the questions submitted via the webcast page. I will now hand over to Carla Bloom to read out the written questions. Morning and thanks. We have three questions online. The first one is about the ERP system. So, what are we rolling out in terms of ERP, SAP? So what type, and actually the benefits that it's expected in terms of us, Eurowag? The second one is actually about the platforms. Martin, you've obviously spoken about the benefits it'll give to our customers, but, this specific question is actually more about Eurowag. So I think you have answered some of those, but just to kind of summarize what it does for, for Eurowag specifically. And then the final one, and I hope I've interpreted it right, but it's more about the change in our sales profile from today, which is very direct, so door to door, speaking to our customers, and actually once then it's integrated into the truck, how does that change our sales model? So again, we've obviously did our slide today on our omni-channel, but maybe just a little bit more clarity on how we, you know, we're moving our commercial sales to more of an omni-channel. So yeah, ERP, maybe, Oskar. Okay. Thanks, Carla. Yeah, it's SAP that we're rolling out across the group, and it. As every ERP system, it's complex. It. The business that we operate in is fairly complex, as you know, and hence, we want to not only have an ERP system but simultaneously, and Martin mentioned it right at the beginning with the Chief Operating Officer joining us, is looking at our operating systems and processes, procedures supported by an ERP system. That is vital for us. And our ERP system is not just reporting, it is, it's a fundamental foundation, for example, in the platform that we are building. For particularly in the billing, the e-wallet section of it, is it is the foundation of it. How you link with your customers, the accounts receivable balances, all of that is linked with SAP. So it's a fairly complex, exactly what it says on the box, an enterprise-wide system. It's not just about financial reporting. We're rolling out in phases, so it was core Eurowag first. Of course, we need to..., and as per the notes in the RNS, you know, we have quite a way to go for the whole business, so including the acquisitions, we have to bring that all into the same platform, the ERP, the same SAP system over time. But where we are, we've got a number of phases, and that we planned it in a, in terms of project names, Alpha, Beta, Gamma, is how we internally monitor it. But it's a very fairly complex process, but it's very complementary to the platform. So they go hand in hand. So that's why it's quite a slower process than perhaps just rolling out standard ERP. So it's looking at operating systems, procedures, as well as the platform. We're linked to reporting at the same time. When it comes to benefits, I was already mentioning, so just for a complete list, designed for omni-channel experience, so really to provide scalable sales engine, and we see simply that customers are absolutely ready now for digital experience, although they were not experiencing it in our industry, in other industries. Yes, so we know that this is right time. All the early indicators, and I was mentioning a few metrics, are showing that. Secondly, it's indeed cross-sell platform is offering multiple levers to cross-sell customers, unlike from traditional direct, isolated product sales. The next one on top of what I was mentioning is differentiator. Extremely important thing, and I would mention it in two aspects. First, whenever we are offering these products together, we are able to design unique features. Somebody would call it killer features, which simply stand-alone products cannot simply offer because they are not having access to other products. So these features are, in fact, something what humans were now doing manually, and we are able to automate these processes and streamline to make it much more enjoyable user experience and save the cost, and this is key differentiator to single product providers. That's why we strongly believe that in longer term, single product providers of services will have great difficulties to sustain their market positions, which, of course, will, on the other hand, open opportunities for Eurowag should we come back to acquisitions and therefore being able to acquire single product portfolios like we did in the past. But this is a longer-term future and not for now. The second element of differentiation, or the element, is that all OEM deals, truck manufacturers deals, were achieved not because of one product, but exactly because we have a suite of products which is coming together, including the future-proof, I mean, in terms of sustainability. So OEMs work really communicated to us that our proposition is unique on the market, and therefore, they were signing deals with us and not the single product providers, because this is business as usual, nothing new. However, we are providing completely new experience and completely new value. So this is already testament that the platform integrated approach is absolutely the right thing, and I do hope that we will see more and more such deals in the future. And last thing, which was not mentioned, and these are the synergies. Nowadays, we have multiple fleet management solutions, multiple backends, multiple hardwares, et cetera. And of course, bringing it under one umbrella is allowing us to really benefit from synergies, and that's why we are speaking this confidence about midterm guidance of increasing profitability to high forties. These would be again four key benefits for Eurowag of coming from Eurowag Office. Last thing when it comes to omni-channel experience direct sales approach is of course very costly, and we are hitting the ability to really scale across Europe, because our playground is Europe. We are very strong in Central and Eastern Europe and Iberia for very good reasons, because the international trucking is mainly happening from these two hubs. Indeed the rest of Europe is as well attractive and still provides lots of opportunities. For us, it's much more effective to deploy omni-channel experience, betting on a digital as well as deals with truck manufacturers, where we will be leveraging their brand and their dealership networks, which they, of course, have established and long-term functioning in all the countries across Europe. We believe that this is the right formula. Just to make sure that execution is seamless, that's why we hired Francesco Nazzari. I was commenting earlier, Chief Commercial Officer, coming previously from experience and from other companies, and therefore, we are very confident that we will be able to execute and bring as well omni-channel experience into excellence. Great. Thank you, Martin. Those are all the questions we have today. Martin, maybe just to hand back to you for your final words before we close the, call. Yeah. So first, I need to remind that our midterm guidance stay unchanged. You see our growing confidence, even with the which is stemming from the numbers which we've presented, stemming from our confidence in the launch of platform, from the early signs, which we've got early feedbacks. So this is the first thing. Secondly, you see that Eurowag is really on an inflection point. We were investing many years into products. It was complicated journey to expand beyond one product line into multiple product lines. It was difficult to change everything in the organization, but now we see that all the things are coming into fruition. I would like to thank you for your attention, for your trust into Eurowag, and I believe that you can expect again good news going forward. Thank you very much. Thank you.