have a very exciting story to tell. We have our senior management here that will give you the different presentations. Let me talk to you very shortly to our program. If you can show me the slides. Yes. Obviously, we will start with our CEO, Harold, to take you to our strategy update. We will introduce our new map platform and then go over our business units, both automotive and our enterprise units. We do have a Q&A, so that will be both hosted online and in person here. I will come back with some details then, but as we're doing it both online and in the room, we ask you to stand up and wait for the microphone before you ask your questions. We have a short break. Go back to more in-depth on our technology, and we finish off with Taco before we do a Q&A. Corinne Vigreux, one of our co-founders, obviously, will end the program with some closing remarks. We do have a lunch, and there's the opportunity to visit our various booths here in the venue. Okay. With that, we'll go to short movie first. Welcome. Very excited to be here, and thank you for coming, both the people who traveled to Amsterdam and people who are obviously behind a screen, somewhere in the world. We're here today in Amsterdam, in the A'DAM Tower, overlooking the city of Amsterdam. You will by now have seen our press release earlier this morning, where we announced the availability of a new mapping platform, a new map, a record automotive order intake for 2022, and we also provided some midterm guidance for revenue growth and cash generation. The changes that we are announcing today in our tech and in our way of working will have a profound impact on our business, but also on the industry that we are operating in. The introduction movie gives you a bit of a flavor of what our customers expect from us, and we have completely rethought how to make maps and how to make them useful. Our improved products will make us more competitive in our existing markets but will also open new opportunities and new business, and will offer new possibilities to customers as well, give them a lot more freedom to innovate. We are aspiring to get back to growth. We want to achieve scale and operating leverage, and that will take us to a path of profit and cash generation. Now, the market for location technology is growing rapidly. It's a foundational technology to find things, but less visible and often running in the background, but equally important, maps are enabling people and things to move safely, easily, and efficiently. Let me give you a simple example. Every time you order an Uber, hundreds of calculations, if not thousands, are made to work out which driver is best placed to pick you up, where to pick you up, and what happens after you've left the taxi. The accuracy of those calculations has a direct effect on customer satisfaction and operational excellence, and eventually on your bottom line. Now, when you are a car maker and you want to get to a higher degree of automation and self-driving, you have a separate set of requirements. Developers of those systems need to know how many lanes there are, where are the zebra crossings, where are the traffic lights, much more. Those requirements drive an insatiable demand for new things to map, for improved accuracy and improved freshness. Traditionally, it's been very hard to keep up with that ever-expanding list of requirements. Mapping is expensive, it's hard, and often there's no economic justification to map and maintain certain attributes. Now, at the same time, map users are producing an ever-increasing amount of data and signals. Every time an Uber client orders a taxi, we learn something through the app about the world around us. When an intelligent front-facing camera passes by a traffic sign, minutes later, we can see that traffic sign popping up on our servers. Also, the open source community has gone from strength to strength. The OpenStreetMap community is producing and maintaining a visually extremely attractive map with a wealth of detail. Now, our maps platform, our new maps platform, is designed to bring all those sources together in a consistent way to power the most demanding applications. That new Maps platform is combining, of course, our own data. But we combine that with new, what we call super sources, not local sources, but sources that are relevant for the whole map across the whole world. Those new sources are sensor observation, open data. That Maps platform is designed to support an ecosystem of customers and partners to contribute data back to the map, improving the location technology we all use. In addition, and this is also new, customers and partners can map their own data against a consistent base map, creating layers that cater to their specific needs. That new Maps platform is designed to reintegrate those layers seamlessly so the applications can use that data as well. Now, the technology will be a driving force for accelerated innovation. The new maps platform will foster an ecosystem where the world can come together to create the smartest map of the planet. The immediate effect is that our new maps are richer. They contain more data types, they have wider geographical coverage, and are easier to maintain. That takes us, you know, that makes us more competitive in our existing markets. Importantly, we'll also open markets and use cases where we currently are not present or not competitive. Now, let me show you a first glimpse of what that means, and let me pop up a number of maps. Here you see Amsterdam. Of course, it's our home city. High quality map, well mapped. Navigation is very good. Traffic information is very good. Even here, if we combine that on our new map platform, you see a higher level of detail, especially in the non-built-up areas. Building footprints, parks, water features, tram lines, railways are all now part of our new mapping platform. This is another example of a completely different dimension. Kazakhstan. Now, Kazakhstan is not one of our core markets, let's face it, but a lot of our customers have worldwide exposure, and they want us not only to do Western Europe and North America, but also Asia and other countries in Asia. When you don't have that map, that's a distractor. By not having Kazakhstan, we can lose an important automotive deal. This is what the new technology does to our map in Kazakhstan. You see much higher detail, visually much more attractive, much more detail than we have ever had before, and we can do this at relatively low cost. Another example, again, a well-developed map. This is Kansas. Again, a high quality navigation map. Combine that with the new sources that we have, and you get much more detail richness, a visually more attractive map. That's important for customers who want that visuality represented in their application. Another example, Southeast Asia, a very important big market. Indonesia is an important market, potentially an important market. Again, there you see a massive improvement in detail, outside of the road network. The road network is relatively well covered. We improve there, but look at all the detail in the visual implementation, and you get a feel for how you can start using these maps outside the automotive world. This is a completely new level of improvement. This is Japan. In Japan, we don't have a map for historical reasons, competitive reasons. There are very few countries where we don't have a map. China, obviously, is an important market where we're not represented. Also, until now, Japan was out of reach. It was simply too expensive, too difficult market to enter. Here we're starting with a new map, with a very impressive base map already from where we can improve using our other sources, trace data, sensor-derived observations, and more. Finally, this is a well-developed market, Disneyland Paris. Now, with our current map, we get you perfectly okay to the entrance of Disneyland Park. Once you're inside of Disneyland, there's not a lot we can do for you. That was until recently. When you look at that new map, this is the power of the OpenStreetMap community detailing, visualizing everything, combining that with the high quality base map that we are producing. Also inside of Disneyland, we have something to tell you. You can see the railways there, much more detailed. The paths, the attractions. You get the gist, I think. Now, leveraging the opportunities of our new map offering also prompted us to overhaul our complete application landscape. We have a set of brand-new APIs and SDKs, and that will make it much easier to consume all that goodness that we bring with our new maps and to power all those demanding industry strengths applications. 2022 will be our biggest year for bookings in the automotive by far, and we're shredding our previous record. The backlog has grown to EUR 2.4 billion, up from EUR 1.9 billion at the end of 2021, and thanks to a record order intake. We aspire to further grow our market share in auto, and our new maps gives us a good entrance there. New developments like electrification, new safety legislation, ongoing progress in ADAS and automated driving will provide further opportunities for growth. Outside of auto, completely new markets will open to us. More countries, more use cases, and we aspire to double our revenue outside of auto in the midterm on the back of that better product and better improved applications. Now, in order to get where we are, we have attracted a lot of talent from leading tech companies to join us on our journey to build the best map of the planet. We're complementing that, of course, with very deep knowledge of mapmaking skills, but combining that new talent with the wealth of knowledge we have on mapmaking has enabled us to get us where we are and to launch this product today. We're changing the way we're working. We are transforming into a leading tech company, and we are excited. The world needs an independent mapmaker that caters to a wide range of products and solutions. We are lining up to provide that platform and the technology to bring all that together. My colleagues will later on in this presentation take you through what that means and how would that, you know, give you a bit more detail. We also tell you what we think that will do to our commercial competitive position, both in the automotive and the enterprise market. Thank you very much so far. I'm handing over the microphone to Michael Harrell. Thank you, Mike. Thanks, Harold. Hello, everyone, and welcome. I'm Michael Harrell, VP of Engineering for TomTom's new Maps platform, and I cannot tell you how excited I am to be here today to talk to you. Our new map platform is going to disrupt how mapmaking is done significantly, and I don't use that word lightly. I know we can always hear that word disruption, and it can feel very overused. I've been waiting a decade for this moment. Let me tell you first a little bit about my background, and how I've gotten to this point. I joined TomTom one year ago, coming from Amazon. Prior to that, I worked for Microsoft for seven years, from 2007 to 2015. We were getting our map from Nokia HERE Maps at the time, or HERE Maps now. The map just wasn't good enough. Just like Google, we decided to make our own map. Gates and Ballmer had seen the eventuality of operating systems becoming fully mobile and new. Having an understanding of where the device was was gonna be critical to the success of the, of their operating systems. Given the quality of maps at the time, we thought, "We can do it better." We have all this great sensor data. We have the smartest engineers around in the world. We knew we could build the best map cheaper and of higher quality, and we did. We created algorithms and solutions that are just now being rediscovered five, 10 years later. We were doing it efficiently and really well, but it was costing us hundreds of millions just for the United States. Fast-forward a little bit. Satya becomes CEO. We've collected and completed the United States. We went to go ask for budget for Western Europe and Brazil. Satya saw the price tag. He was like, "Whoa." His very next question. "How much am I paying now?" We gave him the answer. Six months later, we were sold to Uber. Why did he do that? Why was that something that Satya sold? It's because hundreds of millions to create a map that's a little better, it's not a clear differentiator for Microsoft. He could take that hundreds of millions of resources and apply it to core differentiation for the business. My team moved over to Uber to start building a map there. I left, I joined Amazon, but I've been watching the mapping industry for the past seven years, seeing the inevitability of all these different companies trying to build their own map and then realizing even though we have all this extra data, even though we have all these machine learning capabilities now, it has only become even more difficult. Really very expensive. Many different companies have gone in and out of attempting to make a map. Trying to build your own map has proven to be really difficult. As companies started realizing that they can't build a map themselves, they started looking for alternatives. This brought about a significant growth in open mapping, as you can see here, especially with leading tech companies. OpenStreetMap is the leading open mapping solution. OpenStreetMap is a community of map builders manually building and curating the map. It consists of volunteers, GIS students from around the world mapping their country and local neighborhoods. It also includes paid editors from leading tech companies, like you see here. I left Microsoft in 2015, and I'm watching the mapping industry to see how it responds to this challenge. As we can see, many tech companies have been looking to open mapping as their solution. However, while we see significant growth, many of them that are using open data are only using it for their secondary and tertiary markets. Some are still just evaluating. Why is that? Well, OpenStreetMap still has challenges yet to be overcome. Where are we today? What are the different options for the world in mapmaking? We basically have three options. I mentioned my background, building a map yourself. That's super expensive, as I mentioned. Most importantly, it's not a clear differentiation for many companies. You can go with a proprietary map. This is the most common option that's been used today. TomTom, HERE, Google, great examples. These solutions continue to have challenges for companies to use. They don't get to control the prioritization of features and fixes made to the map. TomTom, HERE, Google, they've opened up their map, allowing companies to fix issues, but it's still against a proprietary map, and it's still controlled in a way that adds constraints based on the direction of the proprietary map is going, limiting collaboration and integration. Even more importantly, the speed at which innovation can occur is limited by the speed of that company and the resources that company is able to and willing to spend in moving that product forward. As a result, we see this interest in open data. It's been around for a while and continues, and we continue to see companies playing with it. There's a lot of interest, but it's still challenging for many companies, such as slow quality checks. While community activity identifies and fixes issues, these issues can still be exposed to customers before being fixed. Vandalism is a particular concern as it's an attack vector that didn't exist with proprietary maps, and it's really problematic when it gets exposed. When you compare TomTom's map to OpenStreetMap, it's clear OpenStreetMap is built by a community of editors with their own priorities, not by a company that specializes in geolocation. For example, it's missing significant road coverage. Routing capabilities are nowhere close to the proprietary solutions. It is missing a number of things on top of it to make it a viable product for commercial use. It also lacks standardization, which is challenging. Each country runs its own community. There are different. There's a bunch of differences, even for simple things like month, day. It can be flipped depending on the country. Makes it really difficult to work with on a global map. Of course, big companies trying to do a lot of work can't do automation. Problematic when you're trying to leverage all this sensor data you're getting and the automation and machine learning capabilities you've built. What's TomTom gonna do about all this? As I mentioned today, we see these leading tech companies working with OpenStreetMap, but not fully due to the challenges I mentioned. Automotive has been evaluating OpenStreetMap, but they haven't been able to really leverage it, again, due to the challenges, but also because they're more cautious with the quality, particularly in coverage and routing. Some have looked at it, but they haven't gone very far with it. This is where TomTom Maps platform comes in, and this is where the disruption is happening. This is big. Now, those using OpenStreetMap can get the full coverage of TomTom's road network, and that provides a significant opportunity for everyone to co-collaborate. It's everything great about TomTom with the added richness of OpenStreetMap. The TomTom Maps platform makes OpenStreetMap enterprise-ready, commercial-grade. What I mean by this is we're gonna add in all the extra features and capabilities that have blocked people from using OpenStreetMap, like standardization with the content. TomTom's map platform will read in OpenStreetMap data and normalize it to a single standard globally. We're working with a few of the top tech companies in the world on this standardization. We've had meetings weekly with them, including several face-to-face sessions. This excitement has gotten amazing. In the working sessions, it's been awesome. I can't tell you how engaged everybody's been. It is challenging how everyone is thinking and strategizing about mapmaking at the top companies in the world that we're working with already. We're also going to protect from vandalism and bad edits by adding quarantining, keeping those things from making it out into the customer's hands. We're gonna add all of our additional content that has made TomTom's maps so great. All the content that you get from our sensor data and our sophisticated algorithms, our POIs and addresses that we've spent significant time sourcing all over the world. All these capabilities within a single ecosystem will bring the resources of the world together to share and work on a better map. Now, instead of being constrained by the resources of a single company and how fast that single company can go, we're talking about bringing the resources of all the different companies that want to play in the same ecosystem together. The resources of all that, well, that's going to accelerate mapmaking significantly. The best analogy I tell people, we keep saying self-driving cars, they're gonna be right around the corner. It's gonna be a few years out, and then a few years comes. It'll be five years out. Okay, maybe it'll be 10 years out. We keep predicting it, but it never gets here. The reason for this is because of the options I mentioned previously. If you wanna get into self-driving, you have to build the end-to-end system yourself. You have to spend significant dollars in just redoing what's already been done just to add a little extra piece to the secret sauce. The ecosystem we created invites everyone in to collaborate, gain the capabilities from the base, license the content and capabilities you need, then focus your resources solely on the next innovation that you want and are trying to achieve. It's great for TomTom because we can focus our innovation towards staying multiple steps ahead with our sensor data and our capabilities. It also provides a huge opportunity for everyone in the industry to do the same for their area of expertise. TomTom's map platform is the first proprietary mapping solution to embrace open mapping, bringing the best of all these worlds together. This is how TomTom beats Google and the competition. With the sensor data and unique algorithms for specialized use cases, mapping can no longer be done alone. TomTom's map platform is providing the answer, bringing collective resources of the world together on a non-differentiating base map and allowing everybody to focus their efforts where it matters. I know, I know. Everybody's probably thinking after I said it, how can anyone beat Google? They have what seems to be a bottomless pit of money to spend due to a very successful advertising business. Even Google can't go against the collective resources of the world, and the partners we've talked with thus far are really excited about the platform. It has finally given them the answer they've been looking for. This is why I'm so excited, and I'm not the only one. TomTom got a ton of excitement happening, particularly for those we've told during the hiring process. We now have over half a dozen directors and VPs that have come from Amazon, over half a dozen directors and VPs that have come from Google, a few of them from Uber, and I'm sure I'm missing a few other tech companies, all in the last two years. Combine this with our TomTom veterans that has been making maps for decades, and you have an exceptional team of expertise. It's a really unique time here because it is so exciting. This new platform and ecosystem, we've seen a big influx from all over the tech community, which has shifted how we do development. We are now moving in to truly being a leading tech company, which is really exciting here at TomTom. Someone asked me, why did I join TomTom? For me personally, I joined because I couldn't imagine reading about this or watching this happen from the sidelines. I'm so happy and feel very lucky that I've been able to be here to tell you about such a big, groundbreaking thing that's happening in the mapping industry and to be a part of that, announcement. With that, I'm gonna hand it off to my partner here, Laurens, to tell you a bit more about how our map is getting better and the great ways we're using and leveraging our sensor data. Hi, and thanks, Mike. Let me tell you a bit more concretely what exactly this new map is and how it better solves the core challenges that our customers are having. I'm Laurens. I joined TomTom with Mike about a year ago, and I lead product for our new mapping platform, directions, and autonomous map making. Now, as a product manager, one of my big jobs is to understand, hey, what are those challenges and how can map help? How can maps help? Now, there are four major ways that the expectations on maps have been rising in the last couple of years. One is we need richer map features. Gone are the days where a road network and points of interest are sufficient. Now we need 3D buildings with clear entrances and pedestrian paths and routing towards those buildings. It's not just sufficient to understand, hey, what are the turn restrictions for vehicles? You need lane-specific restrictions by vehicle type, right? Richer map features is one. Two, global coverage. As Harold mentioned, our customers are increasingly go-global. Their revenue is increasingly global, so the map that we provide needs to be of the same quality globally. Three, higher accuracy and quality levels. My background is in autonomous driving. I was at Google Waymo for a few years, leading, amongst other things, the mapping platform. When you think about autonomous robots, right, they need not just to know where the road is. They need high-level lane geometry to understand, how do I safely navigate those roads? When we talk to some partners that are thinking about the Metaverse, you need to project the Metaverse onto three-dimensional buildings. You need to know where the human is that is wearing the Metaverse devices, and you need to know exactly where those buildings are, so higher accuracy and quality levels. Provided in minutely updates. Now, that's not true for all features. It tends to be that buildings don't move around on a day-to-day basis. However, there's other features like hazards, roadworks, speeds that do change, and when they change, we need to be able to update them on a minutely basis. Right? As well as if a customer tells us about an error in a map, we should be able to propagate that error to their production map within minutes. Now, let's go a little deeper. Like, a map can only be as good as your sources are. Now, we've talked about OpenStreetMap as a very important source. This is a human-curated source that is good at certain types of features. For instance, visual features, their roadmap, and their community is worldwide, meaning that this quality, they're able to provide on a worldwide basis. Now, we as TomTom intend to be a very good corporate member of this community also giving back, but it's just one of many sources that we use. For instance, we have probe data. There are 600 million devices, vehicles, phones that give us GPS traces and help us understand, hey, where are new roads opening up? What directions are they going? What speed are they going? More recently, with more and more cars coming online and having access to cameras, we get information from their observations of where the speed signs are, where the lanes are. We combine that with our sensor ground truth, survey vehicles, satellites, and aerial imagery to provide the ground truth to understand from multiple sites, hey, what is actually there in the world? Data acquisition. We've been around for 30 years. In those 30 years, we have acquired many local sources from local governments understanding where are the administrative boundaries, where are the postal codes. That takes a lot of time to establish those relationships and understand where those sources are. There is a great advantage of being a mapping company that has been around. Finally, automated feedback loops. Customer data contributions are increasingly important, and we will talk about that, a bit more in a little bit. Now, let's dive a little bit deeper into some of these sources. Our new map data improvements on visualization. As Harold mentioned, here on top we see Monza, Italy, near Milan in our current map, and below you see the new map with much more detail in greenery, parks, more detail in the building footprints. It's a much more pleasant map to look at, but it's also more functional. When you have a better road graph, when you have better road data across the world, it doesn't just help the visual appearance. Here you see the difference with more roads and more accurate roads, how it helps Teresina, which is a mid to large city in Brazil, how it helps our current product like traffic. With more accurate roads, we're able to better map match our traffic product to those roads, making our existing product, we're already world-leading, much better globally. The automated observations, right? As I mentioned, we are getting these observations of daily 650 million signs, 70 million kilometers of road in 60 countries. These observations contain where the vehicle thinks where the lanes at, where are the signs, what are the signs that I'm seeing. These observations can be noisy, so a single observation tells you something, but you can't trust it yet, which is why these vehicles need a map. If you aggregate the observations together, you get a much better picture of, hey, where are the lane boundaries? What is a lane divider type? Where exactly are these signs and what are these signs saying? This is an incredibly important source for us to update our maps, and we are getting these in partnerships with OEMs, and the data volume of this important source has doubled in the past eight months. Now, with this source, these are the types of things that we're building, right? On the top left, you see the lane network that we're creating with this source. On the bottom is how we would use that lane network for a human driver, right? Visualizing exactly where the lanes, what are the merges, merge in, merge out, helping you as a driver to not miss that critical exit. As importantly, these are important for the robots. Here on the top right, you see the intersection with exactly the lane boundaries and the lane trajectory, how an autonomous vehicle should traverse a complex intersection safely. This is what we're doing, combining the different sources. Now, it's not just our sources that are important. Our new mapping platform is built from the ground up to provide a base map that is shared, quality controlled, and standardized, which makes it a lot easier for other companies who may not be mapping companies to add their own data to it. Because when we had conversations about this new mapping platform, pretty much every company that we talk to tells us, "Hey, we have a lot of data that we wanna add to the map." Adding data to the map is not an easy task. That is why we start with this base map that is quality controlled and standardized, making it easier from the start to add custom data to this. Now, we as TomTom have our own value-added layers, based on these other sources that are needed to provide the use cases that our customers need. For these, the feedback loop from our customers are incredibly important to keep improving the layers that we as TomTom feel, hey, this is where we are experts at. Finally, all of these layers, the base map The TomTom value-added layers and the custom layers natively go through whether you wanna take the data directly or whether you take our navigation or search software. These are our new maps, and the core there is, hey, we accelerate current businesses and we enable collaboration. For instance, our new maps for ride-hailing companies accelerates their ability to launch in new markets with the richness that we can provide them on turn restrictions, on routing, while at the same time enabling a collaboration on those turn restrictions, on those roadworks with the company that critically depends on those features for their bottom line. Similarly, our new map enables food delivery companies to understand better where are the apartment complexes and improves the time it takes for one of their delivery people to get to the front door, while at the same time collaborating with them on finding the building entrances with a company that critically depends on their bottom line on knowing where the entrances are. Finally, or a final example, we accelerate the ability for automotive companies and tier ones to launch higher levels of autonomy in urban settings with this new map, while at the same time collaborating with them on using the vehicle observations on our maps to understand and improve the accuracy of the features that self-driving vehicles critically depend on for safe operations. That is our new map, and now I will hand it over to Antoine and Mike to tell you a bit more about the business implications of this. Not everyone noticed, but TomTom went from an on-car giant to an in-car technology specialist. Under the hood, it's turned into a trusted high-tech partner for almost every big vehicle brand out there. That's great for drivers who get to enjoy TomTom's unique benefits in a wide variety of vehicles. One benefit being, for instance, arriving on time for your meeting, no matter the traffic, weather, or range of your vehicle. As vehicles are getting smarter, so is the TomTom tech built in. TomTom keeps setting new standards and will continue to do so because of its two not so secret ingredients, experience and experience. An experienced workforce and experienced AI. These get you a future-proof map that supports automated driving, best-in-class navigation, and market-leading live services like hazard warnings and traffic information, smart SDKs to build your applications with or the smart applications to build your dashboards with. You're starting to get the picture. TomTom's technology is flexible, just like our people. They don't develop for you, they develop with you, with local offices and support all around the world. Any OEM with a global footprint knows why this is crucial. Wanna know more? Join the conversation and find out why TomTom's technology is already in more than 50 vehicle brands across six continents. Good morning, everyone online and in the room. My name is Antoine Saucier. I'm leading automotive at TomTom, and I am as excited as my product colleagues to give you an update on where we are with automotive. For TomTom, automotive doesn't mean only passenger cars, but we're also addressing the light commercial vehicles, trucks, and motorbikes and two wheelers. Everything we're doing is based on our core three technologies: maps, software, and services. Let's look at our market share in Europe. If you look at traffic information, we are the undisputed market leader in Europe with 75% market share, and we intend to continue doing that. On navigation software on a still fragmented but consolidating market, we have built a leadership position and there is significant growth potential for us to continue. On maps also, we've built a very solid position and there is growth potential. If we now move to North America, technology on the traffic side was a little bit different. It takes a little bit longer for the market to convert to our technology, but progressively we're getting there and we'll be leading. Same on the navigation software and on the map where we've built a strong position and we're growing from that point. With those three key technology pillars, maps, software, and services, we're creating two product lines. One is the in-car navigation as you know it, the very customer interface product. The other one, a little bit more in the background of the dashboard, more ADAS and automated driving features. If we look at the navigation take rate evolution, we continue to see a strong acceleration on the take rate. What we call take rate is percentage of cars that are getting a navigation out of the total production. The combination of the market recovery and take rate increase creates a significantly growing market opportunity, addressable market opportunity for us, both on the navigation side and on the ADAS and automated driving. The ADAS automated driving is driven by regulation, and I'll come back to that with the Intelligent Speed Assist example in Europe. It's also driven by a stronger appetite for automated driving features in the car. Navigation is driven by more screens getting into car and this feature being considered as a must-have, but also electrification and software-defined vehicle are triggering higher take rates and demands on navigation. Let's look at electrification. Electrification is happening. OEMs have announced the end of the internal combustion engine. We start to see electric vehicle driving around, and it's only going to grow in the future. This is an industry revolution, a massive transformation. It's also a significant transformation for the navigation experience. When you are in an electric vehicle, you not only want to go from A to B, but you also want to ensure that you're going to make it to C, D, and E, charge somewhere, ultimately make it home at the end of the day, which means we have an in-depth understanding of what your consumption model is with your particular EV. We also know about your calendar, where you're going to stop, what is the best location to recharge during the day, and how to make it home ultimately. Fundamental change in the navigation experience. We're well-positioned on that market, already delivering to our current customers. We closed a deal with CARIAD, the software entity of the Volkswagen Group, and we will deliver navigation and traffic to all their cars starting from 2023 onwards with a significant focus on electric vehicle. We also look at new EV companies such as Fisker. Fisker is also going to launch with our full digital cockpit starting in 2023. Moving on to ADAS. Also a growing opportunity for us, driven by the combination of regulation, and I'll come back to ISA, and also higher take rates on a different automation level. For these products, we deliver both the data, the software that enables access to the data in the car, and also a service that helps customer to make those features available in their car in a safe way. The important example in this ADAS conversation is ISA. ISA is Intelligent Speed Assist. It's a new European regulation that will start from 2024 onwards on 100% of produced cars and forces OEMs to show the speed limit somewhere on the dashboard. You can only do that if there is a map in the car. That, for us, means that we're not only addressing the navigation market, but that we're moving towards 100% of the cars produced in Europe with a map. That's the deal that we have won with Hyundai and Kia. Even more important in this deal is that they took that opportunity to actually move from a certain percentage of cars with navigation to a 100% navigation. ISA regulation requires them to equip 100% of Hyundai and Kia's vehicles in Europe with navigation. A double opportunity for us, not only ISA-driven, but moving towards full navigation in these cars. We're doing more with other OEMs. Electrification, ADAS, and automated driving. Third significant opportunity for us is the software-defined vehicle. Software-defined vehicle is a little bit of a buzzword, but what it really means is OEMs are trying to take back control of the software part of the vehicle as it is becoming one of the most important part. They do that for two reasons. First of all, that's a critical way to secure that the customer experience is where drivers are expecting it to be. Basically meaning you have a smartphone similar experience in your car in terms of software updates, in terms of access to your digital life and your applications. On the OEM side, software-defined vehicle also enable new business model. Moving from selling only at the point of sales to generating recurring revenue during the life of the car. Both customer experience expectation and revenue generation will be enabled by location technologies. Everything you see on the screen is map-centric type of interfaces. Map is at the core of this software-defined vehicle approach. This is where our map platform comes in as a key enabler for that to happen. Harold has mentioned the importance of coverage. Our OEM customers are global. They are not necessarily shipping a lot of cars in Kazakhstan. If you don't have Kazakhstan, you're not going to be able to address this or that particular OEM. It's a qualifier for business. It's a differentiator if you have better coverage than anyone else, and that is where we want to be. Second point is the content. There's always appetite for more content. You want to make sure you have the right POI on the right road. You want to move towards head-up display with augmented reality in the car, showing you the way to go directly on your windshield. It never stops. There again, our map platform can help. It's also about collaboration. Our customers today already contribute to our traffic information and our map improvements. They share with us all the GPS probes coming from the car. As we get more and more sensors in the car, the opportunity for us to get more data, for our customers to collaborate in this map, exercise also dramatically increases, and that's the conversations we're having at the moment. Talking about collaboration, the software-defined vehicle also completely reshapes the relationship we're having with our customers. The typical procurement type of three-year cycle, recharging everything on a regular basis doesn't fit with the software-defined vehicle, where you want to have a long cycle of software updates, delivering features and securing revenue generation along the life cycle, not a standalone or ship-and-forget type of product and business model. Complete change also in the way we interface with our customers. Now, how does that materialize, in terms of, business? Last year, we announced our partnership with CARIAD, long-term partnership on software and traffic information starting next year, rolling out across all the brands of the Volkswagen Group. This year, I told you about this Hyundai deal triggered by ISA, but then enabling us to deliver 100% maps and services in Europe, as they fit 100% of navigation. Fisker, new OEM digital cockpit approach launching also next year. More that is fueling this amazing backlog result that we announced today. We're winning deals, we're winning market share, we're winning customer trust. We're also getting more data from our customers that goes into our maps and our products improvements. We make it therefore even more difficult for our competitors to win the next coming deals. That's where this continuous strengthening position comes from. That makes me very confident about the future. With that, I'll hand over to Mike, who's going to tell you everything about Enterprise. Thank you. Thanks, Antoine. Good morning, everyone in the room and also at home. My name is Mike Schoofs. Been with the company since 2005 in several commercial roles globally, managing consumer as well. Today I'm leading the enterprise business unit. We've heard and we're all super excited about the improved new map, which improves our portfolio and also adds a lot of value to existing customers and new customers. I'm also here to talk to you a little bit about opportunities next to all of our excitement. There's three things I would like to go through. First of all, I would like to zoom in a little bit to the landscape. What is actually the location technology space looking like? What are the industry needs? In the second part, I would like to look a little bit more about how our product market fit works in enterprise. How we address and solve the needs of the industry. Finally, I would like to look into what it means for opportunity and growth. Let's look at the location technology market. Here you see a graph. Today, it's roughly EUR 2 billion, right? This is a number excluding automotive. It's growing quite fast at a CAGR of roughly 7% to EUR 2.5 billion by 2025. Now, why is that happening? There's a lot of things going on. If you look at location is actually everywhere. The map is playing a key role and more increasingly in our daily lives. We don't see the map. It's in the background. It's there playing a silent role, but a very significant role. We're gonna look into some examples a little bit later on. If you see, for instance, on our mobile phones, which is certainly part of our daily lives, seven out of the 10 most downloaded applications that we use are actually having location in different shapes and forms. Again, sometimes in the forefront, but also in the background. It's quite important. Location-based applications can play key roles and different roles from navigation to e-commerce, to social media, to travel. There's multiple examples there, what the role is of a location-based. Actually, the map is always playing a role in a unique set of use cases for each of those industries and markets within location tech. Now let's look at two examples where actually what's going on with location in the background. First of all, ride hailing. Let's say you're a passenger, and you arrive in an airport, and you have different ways of coming in different terminals, right? The terminal can be already a complex given. But to allocate a driver to you as a passenger, it's quite important to match already. There's, as we heard already, thousands and thousands of routes being already calculated in backend to get that right driver to you as a passenger at the right time. That's one. You step into the car, and there's multiple routing examples, right? You want to make sure you get there safe, fast, avoid traffic, road blockages, one-way streets. You arrive at your destination, you get dropped off. That needs to happen in a safe way, on a safe spot, and on a legal spot. Those are key things happening. In this one example of an experience back to back, there's a ton of map data working in the back end, right? Mind you, there's 10 billion of these rides happening on a global scale every year. You can also imagine the vast amount of map data, location data, and to work together for those businesses in those industries to offer us as a passenger, but also the drivers, a very smooth experience, right? Because that's key. There's also competitive landscape, so they need to perform and need to make sure that they also deal with the rising and increased demands of the drivers and the passengers. Let's look at food delivery. Let's say you live in an apartment building, and you order warm food from your favorite restaurant, which is located in a shopping mall. A courier gets dispatched and needs to pick up the food from the restaurant, and there's multiple entrances in a shopping mall, right? It needs to be on time because the food is ready. Then the courier goes on its way, and there's multiple routing examples as well, and especially bicycle lanes in this case. Then the courier arrives at the apartment building where I'm waiting, and we're waiting for a warm food. The question is, okay, on which floor? Which is the entrance? Because as an end user, we don't want to run out of the apartment and go to the entrance. We have a high expectation that the food needs to arrive on our exact location at the right time. Which doorbell to ring, which floor to go? There's a lot of things happening again. This is also an example where location in the background is playing a crucial role for these businesses. For these businesses, as we heard before, it is critical that that end user experience and that estimated time of arrival for the food, for the driver, for the passenger to be dropped off, that is key in that business model. Every bit of information to help a better experience is working together in the background is super critical between profit and loss. It's only increasing. There's more and more example of this as well. Like in fleet and logistics, right? The driver's safety. Safety of the other cars around the, let's say, large vehicles. Also, their estimated time of arrival and drop off is quite critical. There's tons of examples where there is more and more of a rising expectation from the industry for a smarter map. A map that is actually continuously improving in quality to cope with the demand and the needs of the industry. A map that offers global coverage, so it's key that a lot of these players in our industries are global, so they want the same experience for their customers on a global scale as well. A map that's always up to date, and especially with the changes in the road network. A map that offers high accuracy and precision and offers rich features as well. There's a need from the industry, and we are building that map. We are building that smarter map. Now, what does it all mean in terms of product market fit, right? I wanna go into more detail about our segments and a couple of examples and what exactly the new map will do because we've seen coverage pictures before and after. I think it's also key to say, 'Hey, this is what we'll exactly as examples offer that we don't offer today to address these existing and the new segments as well.' If you look at a few examples here, there's ride hailing. If you take back arriving from an airport, from a flight in the right terminal, signboard information is also key so the driver can find you can find a driver. That is new, and that's quite critical for those businesses. Also accurate pickup points for exactly where you need to go and also up-to-date maps. Up-to-date maps are always critical, but also more and more to the minute, especially for these cars, because that's the allocation and the calculation in the background. Food delivery, a segment that is new to us, unlocks already a new segment in the market. Also there, the example of the building footprints. In those seconds but also minutes that a courier can lose with new features and building footprints, the food can arrive warm at the doorstep, and that makes a big difference and an impact for those businesses as well. Another new segment, which is travel, we're not playing it today, and there's a lot of visualization that plays a key role. If you think back about the examples, if you wanna explore when you go on a trip, you want to understand what is around you. You know, you want to understand also, for instance, pedestrian information. How long is a walk in a city center to events and to venues? Those are critical things that we don't offer today that we will offer with a new map. A second example is coverage. We spoke about global coverage, which is key for our existing and new customers as well, but also deep coverage. Richer coverage. An example here, we've seen a few pictures, but this is again Southeast Asia, and this is Jakarta. This is a market for local players but also for global players, which is rapidly growing, and especially in our industry. What you need here, and what we will offer here, is much more dense. When you see side streets, you see address points, building footprints, and that is, again, key for us to be successful and to grow as well in terms of map coverage. The biggest step, however, is the fact that the map is collaborative in nature, and we heard it before. Where data from our customers and partners and future partners can act as super sources to constantly improve this. This is key. We open our technology to others to layer their data against a consistent base map, which can be easily integrated. It's exactly like Michael was saying as well. This is key for us in our business. This opens up, it's a door opener. This opens up the world for us to a lot of new companies, the larger technology companies of the globe, but also mid-size and smaller companies. This enables us to sit around the table and talk on a different level, a strategic partnership level, because they understand this and they know the value of building a partnership ecosystem together to build that smartest map on the planet. We already engaged with since quite a while actually with a few customers, a few global players, customers and new players. We're already talking, and we're engaging actually on deeper levels as well. There's a lot of enthusiasm. There's a lot of engagement. There's a lot of encouraging feedback because they like this, they need this, they see this, and they want this. It enables us to talk and to open up these doors. I think what is key for us as well is that we have the knowledge. We've built knowledge over the last years. For instance, I'm gonna take the example of TomTom Traffic. We opened up also that technology years ago for data and probe data to be added to the base product and to constantly improve the quality of traffic. That's why today we are leaders in traffic globally. That knowledge and also those experiences, that learning from what we've seen there and the value that offers to our customers and new customers well, is key for us. We will apply that knowledge now to the new map-making platform as well in the ecosystem we're building. That's also a big surplus for us that we have that experience already. Now what does it all mean? How does it actually offer us in our business unit also room for growth and opportunities? There's three key drivers. The first one is we want to gain market share. With a much stronger portfolio and much stronger offer, we wanna gain market share from our competition, and we will. In existing segments, which are fleet and logistics, ride hailing, location analytics, consumer tech, we'll gain market share. With existing customers, where we add more value and grow together, because that's also key, there's a lot of potential still there, but also with new customers. So that's one key driver, increasing market share in the next years to come. The second part is that we enter new markets, and we saw a couple of examples already of new markets, but I think it's quite important to list a few of them again. Food delivery, it's quite related in the on-demand sector also with ride hailing, but we're not playing today in food delivery. Not today. With the new map, we will because we unlock all these new use cases. Also travel and social. If you take those three segments already in location tech, it's roughly EUR 500 million of market value in those companies, and they're growing fast as well. That's where we will enter with a really compelling offer. A couple of examples here. In food delivery, I think we went through that already a couple of times, but also in social and travel, search and visualization are key elements that we don't offer to the same extent today that we will offer in the future. The last bit on this one is also by partnering in that ecosystem, there's a lot of use cases that we don't even think about today, we haven't discussed today, that actually you also unlock with those partnership. That's the beauty of it. The third one that we spoke about already is application layer. If you look at the improved base map quality, the value-added layers, we also invested in improved application layers with APIs, and we launched this year also the Navigation SDK. Those are key, especially for the developer audience, to really build and grow their business with those applications. We're there to enable that to them, right? We have also the channels to go there, the channels to invest and get more exposure into the developer community. That's quite important because it gives us immediate and quick product feedback and insights in what we're doing. The second thing is we tap into potentially larger customers as well early on. Those three drivers together result in an overview where we significantly increase our addressable market. We gain market share, and we unlock new segments as well. That combination, if you look at the first block of the graph, again, that's location technology today. We roughly play in half of the market with our existing segments. In the new one, if you take all the new segments I spoke about, travel, social media, food delivery and other segments as well that we unlock, you get to play in more than 80% of the market, which is key for us to build that success, to enter these segments and to gain market share as well. That's how it gets translated into growth, in consistent growth. I wanna take away three things from today. If you look at, let's say, the location space where we are operational in enterprise as well, we see a rising expectation from the industry and from the end users and from all business partners to help them, to support them to be successful. That needs a smarter map. We are building that smarter map together with the partners, partner ecosystem. That's what's happening right now. We see that there's already a lot of engagement, and there's more excitement to come as well. We see there's interaction, and these are markets that we will enter and partners that we will unlock together as well. That all gets translated into growth. I'm also, like all the rest, quite excited about what we're doing here and about the opportunities that we are unlocking and also writing the next chapter for TomTom as a company with this new map. Thank you for that. Now I'll hand over. Thank you, Mike. We're preparing for Q&A. I would like to invite everybody on stage that were part of the presentation of the morning session. Please come on stage. Yeah. Thank you. Yeah. What's up? They push together, and they start making lots of noise. Oh, yeah. Clever. Okay. For the audience here in Amsterdam, please raise your hand and wait a second before you start asking your question because we will come to you with a microphone, and we ask you to stand up so that people can also see you with the video. Here, Marc Yes. Thank you. Marc Hesselink, ING. Actually, my first question is on a bit of explanation on the relationship with the open source mapping platform. If I understand correct, you're going to take the data out of the open source mapping, then you're also gonna give your own data back. So your initial base layer is going to be exchanged with open source. Is that correct? Yeah. There's a nuance to it. Let me probably hand it over to Laurens Feenstra. Yeah, sure. You wanna take that? Yeah. Indeed, we take data from the OpenStreetMap while adhering to the policies and guidelines of OpenStreetMap, which includes when you mix and match sources providing data back. The most important part is for the key use cases that we support for enterprise customers. It requires both the base map as well as the TomTom value-added proprietary features that we then add on top. Okay. Can you please stand up? Sorry. Yeah. The base layer part, because you take it, you also have to give it away, right? Is that? Do I understand that correct? Or is, I mean, there's some base layer you're now giving away because you decided that this is not value add anymore. That's right. That's right. Yeah. For instance, on the road graph, OpenStreetMap, a combined road graph, is 20% larger worldwide than any of them, separately. Marc, it's an important distinction as well. That doesn't mean that the base map itself is open source necessarily, 'cause we process the data, create a consistent network that is, of course, proprietary technology that is applied there. The underlying data that is used to create that graph that is an open source product itself. Can I just check if the microphone is picking up correctly? Yeah. Are we good? Good to go? Okay. Okay. Next question. Yeah, next question is actually on the backlog, which was a very impressive number, I think. You gave a little bit what was driving it, including winning a new OEM. Yeah. Was this such a significant large OEM that it was the big driver behind this backlog, or are there also all kinds of bits and pieces which brought you to this number? Yeah, it's a bit of a mixed bag. There was a good, consistent win rate with significant contracts. We've told you about Hyundai, Kia, as one, but it was also a leading OEM, which was also a significant win and a significant amount that helped to fill that backlog. It's not one contract. But It's a number of. Just to be sure, the OEM, when will the contract start? I think SOP is for 2020 end of 2024, 2025, around that timeframe. Typically, what you would typically see when you win a contract, there's a period of development and then it starts kicking in. Okay. The last question is actually what are you seeing for Google in automotive at the moment? I mean, a few years ago, that was the big thing, yeah, that they would really enter and. Yeah You had the Renault contract and Volvo. It's a bit more quiet today. Yeah. What do you see and That was a big thing, of course, and Google's coming and close the hatches and what are you gonna do against it? Now, we've seen some wins, and they are significant. Let's not make it smaller than it is. A couple of things have happened. After a strong start, they haven't added more contracts. I think that's one sign. The second sign is that there is a bit of feedback coming now from the carmakers that is not all that positive. There are two main issues. First of all is lack of visibility on the product roadmap. If you build a car, you want to plan three to five years ahead, but the information you get from an important software vendor has a much shorter timeframe. That is emotionally very difficult for carmakers to build a car not knowing what will go into the dashboard when SOP is there. That's a problem. The other problem is that there's very little visibility of what happens to the car after they left the factory. Another thing that we pick up is that the data sharing is not there. You have it, you ship the car, and ways to interact with your customer is not that great. Now, what does that mean? I think the model they have with GAS, everything in one thing, and take it or leave it, and you can't change anything, and we can't tell you about the roadmap. I think that model is not gonna work. I think that will sizzle out. That's not to say that Google will withdraw from the space. I think that will be too optimistic. That monolithic approach from this is what it is, and you have to wait to see what you will get by the time the car leaves the factory. My personal view is that that is not a winning approach. Okay, thanks. Okay. Before you, let me also reach out to the online investors and community that are listening. Please ask your questions in the tool as well. Sorry. Go ahead. Hi. Thanks. I am Mohit from Counterpoint Research, and I do have a couple of questions. One is, in the enterprise segment, you are addressing different verticals. What is your approach to the market? Like, are you going to direct sell or will you be partnering with some other partners to do the selling? And secondly, like, logistics is another big area for you, so do you also plan to get into indoor navigation? Okay. Mike? Is my microphone on? Yeah. Can you hear me? Okay. Good. No, two great questions. Yeah, to enter the new segments but also expand our footprint in existing segments, there's a few things happening, right? We're investing in sales capability because it's quite important to start going after new logos in capacity as well, so we're investing on the OpEx side and also in marketing and the brand, so how we build the brand and how we create awareness in those markets. To your specific question, it's both partnering up and going direct. Because if you go, and we wanna go after larger companies but also midsize and the long tail, you need to have an indirect model as well, where you have partners adding value and going after that for the pre but also the post-sales. There's a clear strategy there. Per vertical as well, where we wanna go geographically to expand our footprint. Fleet logistics is a very important one because there are actually two things coming together, the new map, but also especially the application layer with the Navigation SDK, which we just launched today. That's for us also key to say, "Okay, we have a long target list globally for the larger parties," but once you go into those larger parties as well, you see they're interconnected with a lot of value-added resellers and system integrators. That also opens up a lot of partnerships around those players, which is quite interesting. It's a combination of those two. There's a clear strategy rolled out to make sure we make those steps per vertical, per region, and how we do that step-by-step. Sure. How about the indoor navigation? Sorry? Indoor navigation. For example, in a warehouse, logistics, you need indoor navigation. Are you Last mile, you mean? Sorry. Indoor. Indoor. Indoor navigation. Sorry, I did. Well, that's exactly in the ecosystem we're building with the partnerships, right? The power of this whole business model is that you get data back as well from your partners, where you strengthen your map and you unlock, for instance, in your example, indoor navigation, which today we are not playing in, but in the future we will. There's a lot of use cases like we just saw in terms of delivery and last mile, which play a key role in that customer satisfaction. Absolutely. Finally, because you are going to play in a big way in ride hailing as well as for food delivery, so are you also involved in dynamic route optimization software? That's a good question, but it's maybe more a technical question that my colleagues can reply to. Dynamic? Dynamic route optimization. Dynamic route optimization software. Is that like you mean balancing the load of the road network? Yeah. Yeah. That's right. Yeah, no, that's not something that's currently on the roadmap. Sure. Thanks. If you mean with dynamic that when the road conditions change, let's say traffic conditions change, do we have software that is able to reroute? The answer is yes. Yeah, absolutely. Yeah. We have both the map. Yeah The traffic signals that allow, let's say, a ride hailing company to do it on their own. We have the routing software that uses the same signals to reroute when necessary when the road conditions change. Yeah. Got it. Thanks. I'll first take an online question before I get to you, Wim. A question from Andrew Hayman. You indicate that you are the first proprietary map to open up to open source information. Do you see a significant risk of the other proprietary map companies of opening up their map as well? If your competitors were to open up their map, how would this impact your competitive position? Harold? Yeah, I don't know. That possibility is there. I don't know what, I can't speak for competition, how they're going to react to this. I think, this is quite new and disruptive. We have seen the limitations of proprietary mapmaking, the cost associated to it, the ever-increasing requirements for accuracy and whatnot. This is an effort to take those, constraints and bottlenecks away, and allow the world collaboratively to go faster. It's important to understand that for most companies, mapping in itself is not a differentiator. They just want to have access to the technology to enable their own business case, but it's not helping them to win over competition. There is a desire and a requirement and a willingness to share the data and bring that back, to a platform. Now, is there room for more of those initiatives, or is there a winner takes it all? I don't know the answer to that. I don't know how the competition is going to react. It's not that easy. It takes time. There's a lot of technology at stake here. You need to be a map builder, otherwise you don't understand the complexity and intricacy of what you need to do to get at this point. There are not that many around. I can't predict how competition is going to react. What we do see is that the reactions of a particular large tech, we've opened up kind of in stealth mode and said, "This is the plan. This is what we're gonna do. What do you think?" That really was a phenomenal experience, and it says, "Yeah, we understand this. This makes sense. This is what we need. This will simplify our own operation. We can now start concentrating on the things that are differentiating." And we see this as the beginning of a path towards a very comprehensive, competitive map that can only grow in strength over time. Again, I don't know what competition is going to do. We'll see. But we have a head start in any case of a couple of years, if not, you know, two to three years, I think is what it takes anyway. In the meantime, of course, we continue to build bricks and relationships and partnerships and collect that information and data. I don't think you can do this from ground up. I think the capital for a startup is not a place where you want to. That's not the hill you want to die on. It's too capital intense. It takes too long. You start with a product without sources. You don't get the signals. And indeed, what we have seen in the past five years, there were a lot of clever people building up those mapping companies for autonomous driving and new ways of mapping. Very smart people, very creative, but the business model is just too hard. The revenues are too far out. The technical problem is too hard. There's this awful chicken-and-egg problem. Do I get the signals? Do I get the customers? It's not an easy space, I think, for startups to commit to. We have established players, and we have other companies. We never underestimate the market and what companies can do to us, but we feel good where we are today. It will be important for us to build on what we have now and keep accelerating the next two to three, four years in order to keep strengthening that proposition. May I? Yeah, Mike, yeah. Yeah, I'll add a point too, which is, it's not easy. It wasn't easy for us to switch our base map from what we had before to be based on Open. It took us a lot of work, a couple years of effort in getting all of our technologies and capabilities, everything we're doing. In fact, that base map has been a big problem for everyone. You can't actually take a bit of what's great about TomTom and a bit about what's great about another competitor and blend that data together. What most companies do is they decide to take a continent from one and then a continent from the other 'cause there's no borders, or where there's borders, they try to minimize it 'cause then they gotta seam it together. It's super hard to bring maps together. If a competitor decides to switch over to the base map, we'd welcome it because in the end, they would actually want to use TomTom's map platform. Why? Because they would spend a significant amount of money to just recreate what's already available. Done. It's there. Start using it. Why spend significant capital to use what's already available? Put your great products on top of it, compete with us on our platform, and we'll go from there. We feel really strong about the data that we have on top of it with our traces. We have so much FCD data, so much trace data. We're improving the map in a significant way, our routing capabilities, all the different things that we're putting on top of it. That's where our real differentiation's happening. Yeah, it's great. Yep. Wim. Yeah. I'm Wim from ABN AMRO, although I got a few questions, maybe a bit of a devil's advocate to start off with. You could- I think for Harold Goddijn. Last Capital Markets Day, we also had quite optimistic midterm targets in play. I guess we're falling about EUR 100 million in revenue short of those targets. Obviously the world changed. We had COVID, we had Yeah Chip shortages and whatever and OEM Yeah production volumes dropped by 20%, which was not baked into the original plan. How can you kind of give us a bit of comfort on kind of what's baked in, especially on the automotive side, for your current 2025 Yeah Targets? That's my first question. Yeah. Maybe I take that, Wim. Yeah, thank you for asking that question. We had a Capital Markets Day, I think it was in 2019. Our outlook at the time that we presented to you was better than we have actually delivered. We wrongly or did not predict, of course, the pandemic, chip shortages. I would classify those as extraordinary conditions that were very difficult to predict. The numbers you just say about EUR 100 million short, yeah, that's probably where we are. It has been painful to see it happening at that Capital Markets Day. We felt good about a couple of things coming together, new contracts, good order book, and when it didn't happen, it was a bitter disappointment. It is what it is, you know? We can't change that. I think for now, we're giving you our best assessment of where we think we will be in 2025. There's a couple of pointers here. Of course, a strong order book in automotive. It's not guaranteed revenue, but it's very predictable revenue. We put that against a automotive market that is slowly but surely recovering in 2025 to the levels that we have seen in 2019. That's the time we think it will take to recover completely from where we were in the Capital Markets Day 2019. We think it will grow based on the order book, and there's a lot of evidence to suggest that is a reasonable assumption. Of course, in enterprise, new markets, new products, harder to predict. We feel good where we are. We bring some unique capabilities to the market. We have now learned from the feedback from leading customers that this is exactly what it is. They never did. This is one of the things they never dared to ask for, and now they're saying, "Oh, yeah. That's great. That gives us a good entry and a good talking point to develop those new markets. I feel comfortable that we will hit that number. We do this against a global picture that is murky at best. We don't know exactly what will happen. We've taken a balanced view, I think. What we have not taken into account is all sorts of extraordinary bad things that can happen to us, which we cannot discount completely, but it's not part of our outlook. Very good. I would like to move to the second question. It's a bit of a follow-up on what Marc asked, but you had an astonishing order intake this year. I think it's more than EUR 750 million, let's say if my back-of-the-envelope calculation is a bit right. You mentioned four big cases that is driving that order intake, being the Hyundai contract, CARIAD, Fisker, and a new OEM, and possibly quite a few other wins as well. Can you rank them in order of kind of magnitude for us on kind of what's the biggest driver out of these four building blocks all the way down? Also coming as a follow-up to that, you mentioned quite consistent win rate this year with the order intake. Is this win rate yeah more or less consistent with the 40% market share that you are let's say targeting in 2025? I think it's for Antoine. Mm-hmm. The ranking, right? As Harold said, right? It's a mixed bag, right? You know, we do not control the sequence of our customers' decision. You know, from one year to another, you have a couple of renewals. You also have couple of new opportunities that are up for grabs. This year is not particularly different than any other in terms of mix, right? But in terms of size, it is a remarkable year. I think that's what we can say. Maybe one addition. The CARIAD announcement was from last year, so that's not included in the increase from EUR 1.9-EUR 2.4. Yeah. Correct. Your second point, is that consistent with the projection in terms of market share? Yeah, yeah. On one of the slides, you had kind of an projection of your market share from current, I think it was 35%, in Europe. Yeah uh, to 40%. Uh Yeah I don't remember the market shares in the U.S. The order intake that you've had this year, is that consistent with the numbers that you have in terms of market share for 2025 targets? It all piles up. We're, you know, automotive is long cycles, right? In 2025, we'll still be shipping on some contracts that have been closed a couple of years ago. As you know, the ramp up can be slow, the ramp down can also be significantly progressive. This market share forecast indeed is a mix of everything we've won before and was already in the backlog, what has come this year. We take into account the evolution that we've seen on the forecast of our customers, and this is, you know, where the, you know, COVID and everything comes in. That's all factored in and gets us to the numbers that we showed. Very good. Last question on the, let's say order intake, and the growth that you see. There's obviously three main building blocks in automotive, which is the base maps that you sell and the services that you sell on top, like traffic and EV infrastructure, et cetera, POIs and those kind of things, and then the IVI software. Which bucket do we need to look for the biggest growth for automotive in the coming years? Yeah. There as well, it's a mix, right? Not all our customers have the same approach. I think there's high value in the full stack navigation. We're moving towards more and more online. When you go to online, there's no such thing as, you know, map on one hand and software and connected services separately. It's all together as one product and one service that we deliver to a connected car. I think that's kind of the direction that this is taking. On the ADAS and automated different level, there you have two factors, right? I've talked about the regulation impact. That is really important because it moves us from the navigation cars to 100% of cars. The interesting thing there is that, although there's no ISA per se regulation in the U.S., you still see OEMs moving towards adopting the same type of technology proactively into 100% of their cars, for the same reasons. Then there's also demand for the higher level of ADAS features and autopilot. These features are quite successful, and that also requires more of our content in these cars, and then more services as well. The more automated you drive, the more you want to know about real-time weather forecast, jam tail warning, roadworks, accidents, and so on and so forth. This is where we perform as well. Very good. I would like to move to the enterprise part. With the new, let's say, map-making process and kind of moving towards the OpenStreetMap part, basically making your base map a part of the OpenStreetMap product. To what extent do you risk the current enterprise revenues? I get it. It takes a lot of kind of opportunities. If you look at the current enterprise revenues, I think more than 80% is uncompiled maps, which is, as far as I understand, pretty close to kind of a base map that you deliver. To what extent do you run the risk that you're cannibalizing on those EUR 140 million-EUR 150 million in revenues on that? Yeah, there's a couple of things. First of all, it's not all uncompiled and it's not that the base map is the same as OpenStreetMap, right? There's two parts. First of all, we have our existing customers with also long-term commitments. We're opening up to our existing customers, but also to new potential segments about our new mapping platform. That doesn't mean we throw everything overboard from today, right? There's a process going into that, making sure we guide both, because there is a long-standing partnership with a lot of our customers. The second thing is that by using new mapping platform, you actually use your base map also as an entry into those new markets, right? You attract a lot of new potential business partners that you don't do today. You extend your addressable market massively, like I also demonstrate. Then you start adding your value-added layers and maybe also private layers and your application layers where there's a lot of margin and money in as well. That's the way you start building that revenue without diluting short term. It's a process between short, mid, and long term, where you take your current partners by the hand, and where necessary, you move over faster, depending on their pace and their needs. That's a whole dynamic. Short term, I don't see a risk of dilution or mid or long term. It's a very clear way that we. A path forward that we say we open up to a much bigger market with an entry point, which is the new mapping platform, and you start building on that as well and guiding our current customer base by the hand. Let me add one additional point, 'cause I keep hearing the term base map being used. I wanna make sure it's clear everybody understands what base map actually is. Base map isn't OpenStreetMap. Base map for us is just the road network stripped of everything. It's the geometry of the road. So then we add in all of the TomTom features onto that road geometry that makes TomTom so great for everything it does. People could still use the OpenStreetMap features that have been added on if they so choose to use that. Just wanted to make sure it's clear what we're all calling base map. Base map for us is the raw geometry, not the names. Yeah exonyms, phonemes, not one-ways, turn restrictions, block passages, all these things you think about. Yeah that are super important for the map. We keep that still as value, and we still license that content out. Yeah. Sorry. No. Maybe one more thing to add. No, sorry. We'll do one more last question from Wim, and then, I'll move to questions from online. Sorry, we have moved it to the second Q&A. A last question on enterprise, and that is, if you look at kind of your revenue split there, the vast majority is currently uncompiled maps that you deliver to kind of a few big tech companies that have the, you know, capabilities and the skills to actually work with those uncompiled maps. If you kind of want to open up all these new, let's say, applications, you need to become a lot more stronger in, let's say, the other side of the enterprise segment, on API calls and what have you. You know, up to, let's say, recent history, did not kind of really broke into kind of the hegemony of Google and Mapbox and what have you. How do you feel about the product portfolio? Are you now ready to actually target these two big customers in that particular part of your segment? Yeah. If there's a couple of things happening, right? Your, let's say I'm not gonna call it baseline, but your base quality with a new mapping platform that already increases, right? Automatically your application layer that is based on that quality also increases. We add a lot of APIs as well. It we invested in improving those. Again, launching SDK is quite important because you tap into that developer audience. You say large customers, but the developer audience goes through all customer layers, right? From a large customer to a small to mid-sized. That is one thing that is new, that has changed a lot because the quality goes up. We also in on the product side, we invest, but also in terms of how to address that audience. We have a developer portal. We have digital channels. We have a lot of eyeballs, and we're also optimizing the way we treat those because that's lead generation as well, right? There's a lot of attention and awareness you create, but to make sure you compete and you go into consideration and conversion, that's a long funnel we are investing a lot in as well. That has also a massive impact next to the product, how you do that, how you address that market. Finally, if you say, are we ready to compete? Yeah, definitely. I think if you look at, again, back to that partnership model, the quality and the use cases that you unlock, that enables us to compete in this space, which is a growing space indeed, driven by an incumbent. Definitely in terms of product quality, market approach, digital approach and how we do that's, there's a clear road. Okay. Thank you. We now have a 15 minute break. We will be back at 1:00 P.M. Great. Thank you. Thank you. Thank you. Good questions. I really don't think it's hyperbole to say that we're at a decision point. I've been in the transportation field for going on 20 years now, and things have changed more rapidly in the last three to five years than in the 15 years prior, and it's almost entirely driven by an influx of tech. There's real power that comes from maps, right? It's really a canvas for everything that happens in your life and in the world. When you book a taxi or something with a ride-hailing app, they're doing thousands and thousands of routes just to figure out which is the closest car to you, which makes the most sense to come to you and then drop you off where you're going, and then where should it go next. The car is one part of mobility, so I would love to see the whole ecosystem reflected in the maps of the future. It should be in the maps that tell you, for example, for a solar electric vehicle, it maybe take this road where the road is better, it's more equalized. Context is king. The better you can provide context to the client about in the tracking space where my asset is, but what's the underlying road infrastructure on which my asset sits, as well as the direction that that asset's going, the speed in which it's going. All of that provides context around that dot on a map. Data can be accurate as of three months ago, but accuracy in terms of real time is becoming more and more important. All of the organizations that we deal with are asking more and more for real-time accuracy of data. It is great to be here with you today. There's a lot that has been building up to this moment. We've been working on this for a long time, and it's just fantastic to be able to share this with you today. My name is Johan Land. I'm the head of product at TomTom, and in this role, my responsibilities are to ensure that we successfully build the right product and that we go to market with a scalable and profitable business model. I've now been at TomTom for one and a half years. Prior to this, I spent 10-15 years in various companies on the West Coast, including Google, YouTube, and Waymo. What brought me to TomTom was the sheer size of the opportunity for the company. The strategy we've laid out is creating a truly unique and hard to copy opportunity, and I want to share three specific things about this today. Firstly, the product portfolio we're building around the new maps platform and how this is solving problems for our customers. Secondly, the business model we're pursuing and how this improves profitability. Lastly, I want to share the ecosystem that we're building around this and how this leads to a long-term strong position. Now, to start off, the products that we're building are targeting application developers that need geospatial services. We serve a wide set of different application developers. In terms of size, it's everything from the very largest tech companies to small independent application developers. In terms of industries, it's everything from automotive applications to social and travel applications. The applications stem from mobile phones all the way to embedded into cars. Now, overall, we estimate that 20%-40% of all applications in the world are using geospatial services in some shape or form. While there are wide differences between all these applications, all of them are built on top of a base map. Now this base map is the foundational product of our whole product portfolio, and it lays out the core features of the world, the road network, the cities, the countries, the coastlines, the lakes, and the mountains. Now, there are only five global base maps that have ever been created through human history. There hasn't been a new global base map created in over a decade. Now, we at TomTom, we have one of these five base maps, and it's a very unique asset that makes us able to providing the products that we are. Now, the base map, however, it lacks the data that most customers need in order to create the great applications for their end customers. To solve this, we have what we call value-added data that sits on top of the map data. Now, for example, the road network and city names are in the base map, but the speed limits, the lanes, the traffic information, and the restaurants, and the EV charging stations, all that sits in the value-added data. An example use case for the value-added data is one of the major tech companies that have their own web search solution, and they need to answer queries like, where is a great Italian restaurant near me? A question like, get me a list of all the movie theaters in Singapore. Now, to answer these types of questions, they need to marry the geo-data with their other proprietary data that they have. Now, another example would be a social network needing to show the location of all my friends on a map. Similarly there, they need our data. Now, the use cases for the value-added data in the portfolio are typically larger companies that integrate this data themselves into their solutions. This typically not only creates a deep dependency on the data, but a dependency on highly critical data. Now, not all application developers are of a size where they can build directly on top of the raw data, therefore, we provide services. Oops. Now, routing is an example of a service where we provide an API for customers to request essentially the best route from a point A to a point B. For example, a company that has a fleet of vehicles and need to optimize their route planning would make use of such a service. This includes finding the fastest route to avoid traffic jams or ensuring that a large semi-truck is not sent down a road with overpasses or turns that they can't make. Logistics is an industry with very, very slim margins, and having the best route in an industry like this directly impacts the bottom line. Routing for them is an absolutely crucial service. Another example of a service is search. Now, this is where an application developer would look up an address, or city or a point of interest. An example of this would be an electric car maker. They need to locate a charging station. Not only a charging station, but a charging station that has the right plug, that is available right now, that has a price that is reasonable, and ideally, a charger where there's a good restaurant nearby. Now, this same customer of ours may also use our routing service to route the car to the same charging station. Now, in overall electrification of the automotive industry, these types of services are absolutely crucial. Overall, in our product portfolio, the services, they provide a low friction, low investment, and fast way for our customers to access all the great map data. For us, it creates a leverage for reuse as we invest once into building these services, and then we sell them multiple times to customers that each of them avoid having to make that same investment. Now, we do not stop at only providing the services for customers. We also develop SDKs. Now, SDKs, they can be viewed as us kind of providing packages or building blocks. These packages, what they do is that they enable, essentially, developers to quickly bring in a great experience into their applications with a very, very limited investment on their side. Examples here would be a logistics company that has their own mobile application for their drivers, and they wanna extend this application to also have, say, turn-by-turn navigation, and turn-by-turn navigation that integrates into their overall planning system. Now, with our Navigation SDK, they can do this with less than a day's work and have world-class navigation inside their own proprietary app. Now, another example here would be an OEM that wants to integrate search, traffic, maps, and navigation in their built-in system in the cars, and for that, we have an out-of-the-box SDK for doing this. Now, the SDKs in our product portfolio are the highest value products, and they tie together all the other products, all the way from the base map to the value add to the services, in a very easy-to-use way for application developers. Now, in terms of business model, the base map essentially serves as the low-cost entry point into the product portfolio. There's limited restrictions, but it also has limited data and SLAs attached to it. The purpose of it is to encourage application developers to develop on top of our base map. Now, remember, there are only five base maps in the world, and the base map integration and dependence is typically very deep. As such, this serves as our vehicle for selling the value-added data. Now, currently, none of our competitors are providing this low-cost, low-friction entry point into their product portfolios, so this is new. Now, for the value-added data, it is proprietary, and we break it into packages for different use cases and for different geographies. As such, a customer can choose which package they want. We price it in a subscription-like model. They download the data, and as long as they're subscribed, they have the right to use it, and they receive updates for this data. There's significant license and usage restrictions on the product to avoid channel conflict and to enable high price realization. Also here, the model of having detailed packaging and distribution under a recurring revenue model is new to the industry, and early feedback on this has been very positive. For the services, they're sold based on usage, similar to how most API businesses are run, and for some segments and services, the billing is based on number of requests. For example, the customer would pay based on how many times their end users are searching for an address. For some segments, like, logistics that we were talking about before, the billing is based on how many vehicles they have in the fleet. Lastly, for the SDK part, we build on top of the usage of the services, and smaller application developers typically integrate the SDKs themselves, whereas for larger customers, we often do the integration, of course, against a fee. In fact, for some customers, in particular in automotive, we do even custom development. Now, we see the move here towards clear packaging, recurring revenue, easy entry points, and a high degree of reuse as key building stones of the strategy and the business model. Now, another key building stone in the strategy is how we now are forming an ecosystem around data collaboration. Before I go into this, let me set a bit of context. There's an enormous amount of data in this industry, and no doubt that data is crucial and valuable, but in practice, in reality, most of the data actually goes unused. The reason for that is it proves that it's difficult and costly to synthesize the data. As in, knowing the location of all people and all vehicles in the world in itself is not so useful. It's only when they synthesize it into traffic jams that it's truly helpful, as an example. Now, it also proves that the magic with geospatial data happens only when you put together a lot of different types of data on a global basis, so you need it all. Furthermore, handling this type of data requires a very unique skill set. That effectively leaves most of the data in this industry sitting inside of our customers and partners unused. However, if you think about these problems, this is exactly what we at TomTom are exceptionally good at. Therefore, in the relationship with our customers and partners, we work with them on their geospatial data to integrate it into the maps platform with their data contributions. Examples here would include, and it was mentioned earlier, and in fact, I have the old data, an OEM contributing 70 million kilometers. I had 35 million, but it's gone up so much since then. They contribute that data to us every day. From this data that they give to us, we then construct the value-added navigation data, which they in turn benefit from as they are using our Navigation SDK to get the value back. Another example is how the major tech companies are contributing hundreds of millions of consumer location data for us to identify hazards. The customers, they contribute this back, data back to us. Now, we take the investment to integrating the data, and they get the benefit from the data without having to take the investments themselves. For TomTom, the benefit is that we get to use this data as part of the overall product portfolio. As such, their data contributions are improving the overall products. We're already seeing major improvements to our products from these types of collaborations. I think it was mentioned before, but it's expanded our road network by 20%, which effectively propels us to be by far the unrivaled leader on that, on that particular feature. Another example is how these contributions have led to tremendous improvements in navigation data. Here, an example would be the speed limit coverage, which is now, again, best among competition. Just to make a point here, for something like Intelligent Speed Assist, having the wrong speed limit effectively leads to the product causing a speeding ticket for the end customer. Like, this data is crucial. Furthermore, as Mike and Antoine were telling us all about, we're now seeing how these improvements are opening up new segments and customers for us. These new customers, in turn, they start contributing data back. Now, this creates a virtuous cycle, a flywheel. Now, this cycle and this flywheel is a core component of the strategy. Now, we are the orchestrators, and we do the heavy lifting around the geospatial data and the services, and we quality control all the data. But we also create the rule book for the participants. And we integrate the data back into our overall product portfolio, and we package and distribute it as part of our value-added data and services in SDK, but we control and monetize this ecosystem that we're building. Now, this isn't new. In many companies and industries, these types of flywheels have been deployed and proven to be a key component. However, in our case, I would venture to argue that it is likely to prove to be even stronger. Now, the fact that there are only five base maps acts as a really strong barrier of entry to this industry. Furthermore, the complexity of the geospatial data creates the distinct need for an orchestrator of this ecosystem. Now, worth noting here is that this is an open ecosystem. It's open to anyone. Participants are free to innovate in these ecosystems. Participants get access to the raw data. There's no bundling of services and layers. You can bring your own data and maintain it as your proprietary data. You use what you want, and you do so freely under reasonable licenses. Now, this is very different from the, call it, the non-collaborative operating model of the current market incumbent. That is, that's Google. All right. When using Google, you have to take all of their services. For example, you can't build your own routing and use it with Google Search. It's not allowed. Now, this makes it impossible for most customers to truly integrate their own solutions with the Google services. Now, similarly, Google is not providing the raw data, and that makes it, again, impossible to enrich that geo data with your own proprietary data. In practice, for most of our customers, using Google is simply not an option. Furthermore, Google tends to not always be the most partnership-minded actor. It's proven over and over in history here, as we're exploring this tech industry that has thrived, that open ecosystems over time, takes time, but is the way to go for faster innovation. Partner reception to this ecosystem we're now building has been phenomenal. In particular, in light, I would say, of the operating model of the incumbent. I personally deployed this type of flywheel strategy in several of my previous roles. I want to share a couple of those experiences. When I was in YouTube, the flywheel essentially started with partnering with influencers to create better videos. The better videos attracted more users, and the more users led to higher monetization, which in turn led to more influencers. That was the flywheel in YouTube. That's the core of it. Similarly, when I was in Google Ads, it looks slightly different, but same principle. We built a platform for websites, and the websites attracted advertisers. The advertisers paid for ads, which made the platform even more attractive for websites. These mechanisms are powerful. It starts small. It starts with a first spin of this flywheel. In our case, that's a first data contribution by a partner, followed by that leading to an improvement to a customer, and attracting a new customer, who in turn starts contributing themselves, closing the spin. After that, you have a second spin of the same flywheel, and a third. Before you know it, the flywheel is spinning by itself. We're already at a stage where we have done the first couple of spins, and it's working. The flywheel is spinning. Now, I don't want to make any mistakes here. There's a lot left to do. We need to unlock more segments and customers. We need to perfect the platform. All the proof points are already there. At this stage, we're on a pretty firm path to creating the by far best map in the world and an ecosystem that will perpetually improve the products on top of that and create a highly defensible and profitable business. With that, thank you so much, and I will now hand over to my beloved friend, Eric. Quite a partnership, I must say. Hi, I'm Eric Bowman. I'm TomTom's CTO, and it's my pleasure to be with you here today for this historic moment. I wanna share with you the story of how we built the technology and the team that is gonna catapult TomTom back to growth. First, let me share a little bit about my background. I started my career in computer games. I joined Maxis outside San Francisco, the same day they IPO'd, June 1st, 1995. SimCity 2000 was riding high. The energy was electric. Unbeknownst to me, there was a huge problem, though. Customers would buy a game like SimCity 2000, and then they wouldn't spend another dime until the next game was released. The company would ride this roller coaster of these incredible surges of revenue, followed by these horrible troughs as we scrambled to get the next game out there, which took years, and not every game was a hit. Our mission was to fix this by creating games that continued to compound value after they were released. In 1996, five of us formed a team to create a game that we hoped would appeal to everyone and that would become better the more people who played it. That game was released in 2000, and it was called The Sims. Now maybe enough time has passed that some of you have played The Sims. Anyone played The Sims? A couple people. More than a couple. Good. As you probably know, it became one of the most profitable video game franchises in history. A little bit unexpected. More critical is that we created an aftermarket for add-ons and a vibrant community that got to work creating content for the game that was shared. The game took off. The rest is history. I went on to work for a few more companies. I was involved in bringing the World Wide Web to mobile phones. I worked previously at TomTom, bringing their first live traffic services live. I worked in e-commerce, helped revolutionize fashion e-commerce in the US, and in Europe for millions of households. I always had a love for TomTom and a passion for location technology, and I returned in 2019 to help build what we're announcing today. Let me tell you a little bit about how we got to this moment. Our digital maps created an industry, and our personal navigation devices created another industry, and billions were made. The modern world literally finds its way using the technology that TomTom pioneered. Over the past decade, we have struggled to grow. The markets that we created had hidden ceilings, which have made it difficult to go beyond where we've been and where our aspirations would take us. Since our first digital map, there were thousands and thousands of innovations to make the map so detailed, so accurate, that to those early TomTom pioneers, like Alain De Taeye in the audience, it probably looks a little bit like magic. As the entire world becomes digital, making maps becomes more and more expensive. To make our maps, we organized an incredible sourcing operation. It was really the envy of our competitors, some of whom no longer exist because they couldn't organize as efficiently. We measured and bought millions of data points, road geometry, address points of interest, museums, hospitals, the corner shop. We conflated and fused and shaped and chiseled all that data into an amazing product that really did change the world. The cost of doing that, not just for us, but for every mapmaker, has become a significant constraint, and it's really unsustainable. There's another problem. Most of our customers have wanted a static database, something that they can compute on. It's almost like we mail them a printed map. They're hard to update, and they can't phone home and tell us about a problem, and then we can't fix it. Without that connection back, it's 1,000 times harder to create a system of maps that gets better with use. Like our customers, we also face that pain. In automotive, the slower than expected adoption of connected navigation has meant that many navigation systems, not just our own, run on an installed map, even today. Updating the maps in those millions of cars does not happen. I'm sure some of you have experienced this. Why isn't this road in the map? Why can't I turn here? It's frustrating for our customers. It's frustrating for us. More often than not, we've actually fixed the problem. We just can't get it to our customers. This lack of connectivity really slows down innovation industry-wide. Everyone making onboard navigation has struggled with the same problem, and a number of our competitors have either pulled out of that business or it's not looking great. Creating navigation for automotive is challenging because data does not easily flow to and from the car. What would you do to transform the company, revolutionize mapmaking, and how would you kickstart growth? Well, let me share a little bit more on the journey that we've taken. It's required bravery, vision, and phenomenal execution. Oops. Okay, this is going well. To kickstart growth and unleash innovation, we needed to transform how we operate, how we make the map, and how we connect to our customers. We needed to be an even smarter company, and we needed an even smarter map. Part of the secret was already part of our success. In 2006, we put SIM cards in our personal navigation devices and began collecting GPS probe data. That is, our software shares information about how traffic is flowing and where it's not moving, and we're able to create this incredible traffic model, and that traffic model created a flywheel. We collect data, creates the model, makes the product better. We sold more PNDs at the time. The traffic got better, and around it turned. That has continued into our automotive business. Every automotive deal that we have done collects GPS probe data. Today, we collect 60 billion probes per day from 600 million vehicles all around the world, and our live traffic product is second to none. This kind of feedback loop is a growth engine. As Johan mentioned, it's the kind of engine that powers the most successful companies in the world. We realized we needed to extend the power of feedback beyond live traffic to make the world's smartest map. This point is so key. The dynamics that create the best live traffic model are the same dynamics that we're using to drive our future growth at a bigger scale. To make this happen, we began collecting more sophisticated data, as we shared with you, sensor-derived observations or SDO, mounted cameras in the car, collect imagery showing signs and lanes, and we process all of this in real time, combine it with GPS probes, and we get a rich, fresh description of the world that we consume. Our challenge was to invent the technology to complement our mapmaking expertise and automate the process of making and improving the map more efficiently than ever before. Doing so required a step up in our capabilities. We needed to extract the insights buried within these trillions of data points, which is only possible using the most advanced technology. We began to organize ourselves around this, doubling down on improving our practice of engineering and product management, data engineering, and data science. These efforts have culminated in what we're sharing today. We've assembled an incredible team. You met Mike and Laurens, and they brought a number of people with them, and we're hiring more all the time. We continue to pull the best of the best from companies like Amazon, Google, and Uber to integrate fresh thinking with our existing deep domain expertise. We've organized in the most modern way, preserving and leveraging a legendary culture to create leadership at every level, to enable new scale and ensure that TomTom, coming to TomTom is incredible for your career. We've invented a technical marvel, an automated system for making maps that is infinitely scalable, and it comes with this magic fairy dust. The more customers that use our products, the better they become. Our new map product is real-time and incremental, which means our customers will consume and incorporate the latest map in minutes instead of months. Our system has built-in channels for our customers to provide real-time feedback whenever our map doesn't match what's really happening, so it can be fixed and back in their hands right away. We didn't stop there. Our platform will allow customers to build software that runs inside the platform, enabling them to add and improve the map however they need in ways we can't even imagine. It will be detailed and diverse, fresher than fresh, and will cover everywhere on Earth people want to be, whether they're creating the metaverse or building an app that shows where it's safe to ride a unicycle. Whatever our customers can imagine can go in the map, and they will do so partnering with one of the most customer and partner-obsessed companies there is, TomTom. We are building an extensible, open platform, so we all benefit when we all make our map better. This is the system that will create the smartest map and power the future of mapmaking for decades to come. We won't just make the smartest maps. We are creating the smartest software and services. Gone are the days when we were just one of many suppliers contributing to a fragmented automotive experience. We are now a key enabler and trusted partner for OEMs as their cars become software platforms. As cars finally become reliably online, we are bringing the perfect navigation experience for drivers to life. We will pull drivers off their phones and immerse them in a connected digital cockpit. The OEMs who've seen what we're doing see that this is their future. Our complete product portfolio integrates perfectly to improve the safety, comfort, and efficiency of drivers across every sector. From automotive, where we've been successful for years, to the new fast-growing markets we are entering, like ride hailing, local delivery, and fleet management. Our new map product platform and ecosystem will transform and sustain our maps' leading position across every market. It's beautifully simple. We collect data, we create an exceptional map, we sell more maps, we collect more data, and around it goes. It forms a beautiful, almost organic system designed to get stronger and better with every customer, every observation, and every innovation. It's a true engine for growth. Now I'd like to hand over to Taco, who will talk about the financials. Hello. Last presentation of today. I'm Taco Titulaer. I'm the CFO. I've been with the company since the IPO in 2005. I'm gonna talk about the market that we play in, business by business, talk about the outlook, and walk through the P&L, revenue, gross margin, OpEx, and free cash flow. I end up with ESG. The market size we play in is EUR 3 billion, and it is growing. That three billion is divided into EUR 2 billion coming from enterprise and EUR 1 billion from automotive. As you've heard from Antoine and Mike, we also foresee growth for both automotive and enterprise. Now, let me go to the market developments and outlook business by business. First, automotive. As Antoine mentioned, we anticipate growth in the automotive market over the coming years, which part is explained by recovery of car productions as explained on this slide. In recent years, car production has been hampered by lockdowns and supply chain issues. Following some delays, production is now forecast to gradually pick up, and we expect to beat the 2019 levels in the year 2025. In addition, navigation take rates are expected to increase from around 40% where they are today to 50% in 2025 due to several trends. Increased vehicle connectedness, electrification means vehicles will increasingly rely on software, and this is pushing software-defined vehicles, and this is pushing the take rates. We have the right products and services to capitalize on this, and that is explained by our backlog that we have announced today. We've grown our backlog from EUR 1.9 billion at the end of last year to EUR 2.4 billion today. Our backlog underpins our outlook for the automotive business and gives us good visibility regarding growth in this segment. We increased our backlog by winning multiple significant deals this year, a sign that OEMs like what they see. On top of that, most OEMs are taking a new approach to sourcing software maps and our services, as explained by Antoine. This close collaboration will mean that our business model is more sustainable and will also lead to greater innovation, and this should result in more reliable and recurring revenue streams. Over to enterprise. As enterprise is also a growing market, but more importantly, we think that we can significantly grow our market share here. The enterprise market is fragmented, spanning various, segments and use cases. The reliance on location technology will only grow, and location technology can now be leveraged easily and is a sufficient quality to be able to streamline operation and enhance product. The breadth of the enterprise market, makes it the largest we operate in, but it's also the one that is less developed. As I explained earlier at the start of this year when we announced our full-year results, but also with Q3 results, we have a large dominant customer that will use our product less starting this quarter and that will have an effect up until Q3 next year after which we envisage enterprise to grow again. These players are typically strong on map visualization, non-automotive features, and the easy integration of the map into various applications. Historically, our investments have been concentrated in automotive features, but we're changing that, what we have announced today. Over to our revenue. What we're showing on this slide is a mix of what we already announced early this year and that is for this year, our revenue, and also for next year. Additionally, we have announced today our ambition to grow our revenue to EUR 600 million based on our strong order backlog in automotive and the large opportunities that we see in enterprise. Over to gross margin. Gross margin. We have transitioned ourselves from a hardware company. Ten years ago, we used to have just over 50% for our gross margin, and that has now moved to 80%. We expect that to grow further, although that growth will be limited. That is because two things. One, the effects of changing from a hardware company to a software company, most of those effects are behind us. The other thing is that as our products and services will be increasingly online, that means that cost of sales will come in from cloud usage. We still think that there is some runway here, and we think that in the mid-term, we can go up to 85%. Also important to mention here is that gross margin can fluctuate quarter by quarter, and that's related to what we do. If we do specific work for automotive, we capitalize that and release that at once as cost of sales. That can have big effects in a quarter, but for the longer term, our gross margin will be above 80%, and like I said, will go towards 85%. Now, on our OpEx. What you see here on this slide is all our OpEx spend, of course, mainly also for R&D. Sales and marketing, as explained by Mike, we think that we will need to expand our sales capacity in enterprise, and we'll do so. In R&D, we have broken that up in two segments. One is the application layer and the other is geographical data. We expect the spend that we have on our application layer to go up. Geographical data as a whole will still stay flat. Although if you zoom in, the level that we spent on operation will continuously go down, a continuous trend towards automation. That costs are in engineering. The cost of engineering will go up. Also, to go in a lot more detail, we have stopped to capitalize a few years ago, so that means that our CapEx is at a lower level. The only things that we capitalize are lease assets and some IT stuff that we have in-house. Over time, the CapEx and D&A will reach parity. We expect that in a couple of years from now. The parity will be around 20 million. As explained before on the gross margin side, we also have amortization through our cost of sales, and that's related to contract asset. That will not hit the OpEx. Over to free cash flow. Not new. This is already communicated with our Q3 results, but we expect this year to have a negative free cash flow of -EUR 2. We expect that to improve next year on the back of growing revenue that we have from automotive. A lot of the previous presenters introduced flywheels. My flywheel for finance is more revenue will lead to operating leverage, will lead to more profit. With more profit, we can do greater things. That is also the title of the slide, profitable growth. What we're announcing today is about growth, but it's very important to realize that we as a management team want to do this in a profitable way. The target is to have 10% free cash flow yield by the year 2025. On capital allocation, our balance sheet is strong. We don't have any debt. We have a little bit over EUR 300 million of cash. Some of that cash is of course used to run our business, to fund our bank accounts. The rest, with the benefit of hindsight is needed to be ready for unplanned events like pandemics and supply chain issues, but also to make sure that we can be independent. What we've done in the last years is that we have bought back shares, but that is purely to prevent the dilutive effects for our share option plan, our share RSU plan internally. We have enough of treasury shares in-house to compensate for that for the coming years, so I don't expect to buy back any shares in 2023. If we reach that level of profitability and it is sustainable and there is kind of a short to midterm outlook that we can continue on that path, we will think and rediscuss capital allocation. For now, we do not have any short-term plans. On ESG, we have identified five themes. The team has worked hard and interviewed a lot of people, not only employees, but also customers and suppliers, and have identified five themes, which we think are important to track and to report on and to do so. They're on this slide. First and foremost, we think that with our technologies we can reduce congestion, and we can bring people quicker to their destination and with the side effect of this, that will reduce emissions. Two of these themes are people-related, as explained by Eric, Johan, and everyone before me. The most expensive asset, but also the greatest asset that we have is people. That is also why we want to focus on that. Here is the employee of choice. We measure that with biannual or twice per year, we do an engagement score and also on diversity and inclusion. Cyber is important. We have a target that we want to have all our engineers certified, trained to when they build their products that they have security and privacy in mind. Lastly, CO2 emissions. We want to become carbon neutral by the year 2030. To summarize. Today, on the back of this huge increase of our backlog, we have increased or we have given our guidance for 2025 to reach EUR 600 million of revenues. We have a great new product offering that will benefit automotive a lot, but increasingly also enterprise because it will open great opportunities. We have set ourselves a free cash flow yield of 10% to be reached in the year 2025. With our ESG themes and targets, we want to do all that responsibly. That concludes my prepared remarks, and I want to hand over to Claudia for the Q&A. Yes. Thank you. Microphone for Harold. I first want to go to some online questions because I promised that before the break. Let's go into that. I think some of them are probably already addressed by the previous speakers just after the break. Let me start with Emmanuel Carlier from Kempen. Yeah. Let's first sit a bit closer to each other. Yep. Okay. Could you give an overview of the competitive landscape in the enterprise segments, and who are the largest players and market share? How does these partnerships that we have announced earlier today impact our pricing? I think Harold Goddijn, Taco Titulaer. Yep. Shall I take that? Yep. Yeah. Enterprise world, it's a bit of a mixed bag, obviously. We have a very large dominant player there who is specialized in APIs and services. We call that company Google. We think they have a dominant market share in that segment. The enterprise world is bigger than that. There are a large number of companies for which the Google offering doesn't work, because it's not flexible enough or you can't change it, you can't optimize it according to your own needs. That market is dominated by, let's say, the large tech players that we all know. There Google is not playing. We have a very significant market share there. Most of the large tech players are partnering with us. There is a third market segment that is for, let's say, the more high value specific technologies that are driving fleet and logistics and delivery, not from a raw data or data product perspective, but from a service perspective, typically the smaller operations. That is a market where we're currently not playing, but where we're investing. We have some great assets, our new Navigation SDK, and other products where we think we can make significant inroads in the next couple of years. I hope that answers your question. Yes. I've got now one that's a bit more automotive oriented. I think we can touch on it by Harold Goddijn and Taco Titulaer in the first place. The share of level three to five automation will become significant as of the late 20s. Today we're seeing mainly lane departure warning, automated emergency braking, et cetera, which may not be the most interesting ADAS application for you. Thinking ahead, the emergence of level three and higher, how should we think about the expansion of TomTom's addressable market in the automotive space on the automation side? Yeah. Perhaps dampen the enthusiasm and optimism a little bit for level five. I think that has been postponed several times. It keeps being postponed, and that is basically the industry telling us we don't know when it will come, and it can. That's fine. I think the other way, the increased level of automation coming through the ADAS pipeline is more interesting. There is demand, there is revenue generated there. Car makers are making money. They're learning how to implement those features, and a number of those features need map data as well, and that's where we're growing. We have speed assist, lane guidance, level three, level four on a motorway. That's where our products can shine. That market is growing and will continue to grow. I've got a question from Miki Sugimoto. I think this is probably for Eric and Johan to address. Please explain the key work you had to do to make TomTom's mapmaking to be fungible, using the open data, and how long it took you to get there. Yeah. I think some of it was covered a little bit briefly during the presentations and the previous Q&A around the base map and the work required to essentially start to align around a common base map. We started to move forward on this about three years ago and we ramped up gradually. We had a lot of R&D to do to understand what was gonna be required to really move all of our data successfully onto a different base map and what was missing from that base map, and could we just use what was there or did we need to find ways to improve it. Now at this point, I think we have around 300 or 400 software engineers working on this, and as indicated, we're bringing it to market, but it's been. You know, we've tried to reduce risk as we go, and ramp up as we reach success points, and now we're extremely confident that this is gonna work. Yep. Please go ahead. Please keep the microphone close to you. Hiya. Harry Blaiklock, UBS. Two questions, one on free cash flow, and the increase you're seeing there to 2025. How are you expecting that kind of to transition from where we are now? Yeah, the only year that was missing on the chart was 2024. I could say linear, but yeah, for us, we had that discussion, of course, in preparing for today. The key element is the timing of the ramp-up of enterprise revenue and how fast we can sign up these new contracts and when that revenue will come in. I think to answer it, in 2024, we will make profit, and I think it will be a single digit, but probably a low single-digit percentage, and the real increase will come the year after. Okay. Great. Thank you. The next question is just around any cost advantages to the new platform and whether there's any kind of quantification you can give to that? I think that I don't want you to leave with the impression that the whole mapmaking will become cheaper. I think the ratio between the huge step up in quality that we've reached for the amount of money that we're spending is changing. Like I said, like I explained on one of the slides, is that for example the processing and source collection et cetera those levels we can see significant reductions. On the other hand, all those great people from other companies that come in et cetera also come at a cost. That's a bit of a balance. All right. Thank you. Okay. I've got a few more online questions. It's from Ruben Devos from Kepler. With software becoming increasingly dominant in automotive, what is your thinking on the future threat of potential cybersecurity breaches, and how high is that on TomTom's agenda? Yeah. Maybe for Eric. Yeah. Well, it's really quite high. We started building out a much bigger security team a couple years ago, and the first, I think, significant challenge that we tackled was becoming ISO 27001 and 27018 certified. I've seen that happen a couple times. We did it much faster than I've ever seen it done. It is obviously a really critical area for us, and so we are investing, and we've brought in much expertise, and it's a constant agenda item for us. I think we're doing quite well there. Okay. Thank you. More questions from the audience? Firstly, looking at your capital allocation, do I understand you correctly? Did you say that you first want to do something about returning cash to shareholders when you have a stable free cash flow? Does that imply that it won't be before 2025, so as of 2026? Well, I think a couple of things. Two things are important. Independence, so no debt and a strong cash position. Now, we've reached that. The second is knowing that you're in the operation where you create free cash flow and also have the forecast that it will continue. That could be in 2024, but not in 2023. If we reach our target, as we explained, it will be in 2025, yeah. Okay. Getting back to this, customer at the west side of the U.S. who also makes watches, who scaled down significantly its contract. I'm a bit surprised because when I look at your new strategy of the open map that they will do it themselves, and I also heard TomTom saying it's a waste of money for those companies. They could spend it better on other items. Why are they insourcing that activity? Yeah, it's a good point. You know, I think at the highest level, strategically, the decision was made. We need to own this stuff for ourselves, and we don't want to be dependent on anyone. I think that kind of fits in the culture. We can only respect them for that. We have been great partners. We continue to be partners, but you know, at a lower level, at a smaller scale. It's possible that they will become a future competitor of yours in this area. That never say never, but that's not typically what you would expect. You know, they have their own ecosystem and whatnot. Bringing that outside of their ecosystem is not their primary goal. I think the primary goal of that customer is to provide excellent integration and end user experience for everybody within their ecosystem. That's what it is. You can expect. At some level, we are competing, of course. If you look at smartphones and CarPlay and Android Auto, those are, in a way, indirectly competing products and services. I'd like to get back to the Intelligent Speed Assist. You speak very highly about it, what you can do yourself. To my surprise, I did notice that HERE has captured most of that market, so why have OEMs opted for HERE instead of you? Yeah, I think there is a short-term plan and a longer term plan. I think on the short term, OEMs will scramble to get from their existing suppliers the data. I think with our increase in market share, we will seek significant growth also in the ISA and significant market share wins in ISA product going forward. Furthermore, you also have provided earlier guidance on your revenue for location technology for 2023. That suggests, when using the midpoint, that you expect to grow your location technology some 8% in 2023. To get to the 25 number, there needs to be a significant acceleration in 2024 and 2025. What's driving that? Yeah, I think that's what this day is about. New maps, new platform, better competitive position, and some unique capabilities we bring to the location technology market that were not available until today. All that in combination will help us to grow in automotive, and that's backed up by a strong order book, as you've seen. We see growth opportunities in the enterprise world, so everything else apart from automotive. Maybe if I can add to that. One effect is, of course, that enterprise first goes down before it goes up, right? That explains that. You disclosed a order book of EUR 2.4. Can you also break that down in time? In time? You mean when that revenue would come in? Well, you typically think that that will, from a reporting point of view, first year 20%, second year 20%, and then the percentage gets smaller. It takes a long time, but I would say that after five years, you're reaching something like 80%. Okay, thank you very much. Okay, I've got two questions from Mohit Sharma online, and I'm combining them because they are on which market segments we are targeting, both Europe versus America, and what is our preferable segment for TomTom? Would it be auto or new segments like ride hailing, food delivery, opening up us through new maps? So prioritization in maps in market segmentation, both Europe and America, automotive and enterprise. Johan. Johan, do you wanna There's a set of segments, and some of those segments we have a stronger position in, and it makes sense for us to start there. Those are typically the ones, the segments that rely on some form of navigation attributes. That's why we're saying that, on the enterprise side, we are starting with the logistics, ride hailing, food delivery segments, where navigation, turn-by-turn, routing are key services that are needed. Those are the top priorities. In addition to that, this new map platform enables us to enter new segments, in particular people that have been on this journey of adopting these types of technologies earlier on. That opens up just now, so that's another segment that we go for early. On the automotive side, of course, very important segments there is EV, extremely important. We have a strong position there. ADAS is another strong position from this new maps platform in terms of the data that we bring in and the features that creates. So those are probably the targets that come to mind. I might be forgetting something. Okay. Are there some questions still, Marc? Mark, Angie. My question is actually on the pricing and upside risk, downside risk to pricing per car, the revenue per car. Because I think the other ones, they maybe a bit more predictable, but there we have this element of when the take rates go up, you also provide a bit of a discount. If it's large numbers for the clients, you increase the functionality. In your slide, you said it's gonna be stable, but just maybe talk about all those points and upside and downside risk. Johan, shall I take that? Unit price per car is relatively stable actually. We don't see, certainly not as a result of our announcements today, we expect our competitive position to strengthen. Our expectation is that we can hold the line there as a minimum. What is true is that we need to work harder. We need to provide more content and data for that unit price. It's not just a static map, it's update services, it's ADAS, it's traffic information, EV charging, and so on and so forth. On the other hand, you know, when we talk about a software-defined car, that's not something we kind of make up. It is a real desire for car makers to take control over the dashboard and build intimacy and brand through software interaction. In that construct, the map is probably the most important application that has the capability to build that interest in intimacy with the customer. We see the importance of collaboration and building those applications with car makers is really important and that those collaborations are getting stronger. We see a desire also from our customers to structure those partnerships in a different way. We've long been complaining about procurement processes with RFQs, endless lists of features, setting that out competitively, and the lowest bidder could win that. That is not a good way of sourcing software. That's not a good way of collaborating, and that's not a good way, most importantly, to deliver the solutions that customers are actually going to use. You in a way, you're throwing away good money after bad money if that's your way of operating. That has been recognized now, and we see that time and again with our partners. The old way of doing things, that's no longer sufficient. We need to figure out a new way of working. We need different KPIs. We want to steer on the actual usage. We want to steer on the accuracy of your route guidance, no longer on these long spreadsheets with features that nobody understands. Subsequently, what car makers are saying, we need to continue to build, we need continuous improvement, and we need to do A/B testing. We need to adopt more the way of working what we've seen for a long time in the mobile phone industry, where you use customer feedback and customer interaction to learn about your application, customer behavior, learn those lessons, and apply them into the dashboard and your software-defined vehicle. That is not a moment too soon, that that's happening, but it's also a necessary condition for us to succeed in automotive. Because if we don't improve the way of working, then we do everything for nothing because customers will not use it. That realization has come through, and that means that our partnerships and the way we structure those partnerships are changing in nature. They go more towards longer term partnerships, slightly different way of billing and so on and so forth. We haven't seen the full impact of that, but I think that over the next three to five years, the way we interact with our customers in the automotive industry will look more like what we're doing in the enterprise world than it is today. Maybe two things just to add on pricing. There is, we're creating much better product. That should translate at some stage into some kind of pricing leverage. The second one would be that the problems that we're solving are more foundational in automotive, as in if knowing how and where to charge your EV car is crucial to the overall user experience, that should command a higher price point. As well as, ADAS features, they're more integral to the overall experience. Again, the data and what we provide is crucial, should translate into pricing. Could it eventually mean moving away from the license model and to a more like a recurring software kind of model? Yeah. I was almost mentioning that. That there could also be a change in the revenue model towards more recurring and subscription from end customer. Yeah. Yeah. Okay. Oh, sorry, Maarten. Yeah, Maarten Verbeek. The IDEA!, two additional ones. Firstly, at your 2019 CMD, you mentioned that you expected connected services to be around six by 2030. Since you're now adding much more collaborations, do you expect those kind of services, connected services to become earlier in time? Sorry, what It's the number of services like AV parking, traffic, et cetera. It's 6 refers to the number of features. Oh, yeah. We supply to the OEM. Oh. To be honest, I'm not sure that's a very useful number, that six. Whether it's six, it is how you slice and dice it, I don't know. What we do see, of course, is that online is now getting pervasive. EV routing is dependent on connectivity as well. Traffic information is there. Search. There's a lot more that now offers functionality that is provided as a service, and that trend is not going away. You can think about parking, weather information, slippery road hazards, speed cameras. It's a whole bunch of things that we're continuously improving. Lastly, a financial one. Since you expect to grow, and you expect a slight increase in your gross margin, what kind of conversion ratio do you expect on an IFRS basis? I don't know what IFRS is. I only still know that as one, that's three. Maarten, what do you mean with conversion ratio? How much of your increase in gross profit you can convert into EBITDA? On the revenue you mean or not? margin, I think he's asking. Your increase in gross margin, how much you can retain adding to your EBITDA? Oh, okay. No, I think that the effect that we've seen, this split between operational growth and IFRS growth will get smaller over time, first of all. Second of all, most of the revenue has low cost of sales that we. I think that up to 80% will drop to the bottom line of the growth. Yeah. Okay. I think we'll leave it with that. Thank you for the Q&A. We were going to remove these chairs. Oh. And then- Very good. We have a, we make space for Corinne. All right. I always get the question. Yes, I still work here. Actually, I get the question all the time. I've had the question for the last 15 years. "You still work?" Yes, we work. After the IPO, kept working. Anyway, it's a very important day for us. I hope you realize that from everything you've heard today. It's a bit like our third chapter. I'm Corinne. I'm one of the TomTom founder. I used to be chief commercial officer, and then I run the consumer P&L for about 10 years and before assuming the role of CMO to basically reposition the company from a B2C brand to a B2B2C. Today, we're coming out of stealth. I like the sort of startup jargon, yeah. We're coming out of stealth and telling you about a project we've actually been working on for a few years with a stellar team of product managers, engineers, and designers. We set out to make the smartest, most useful, and most accurate map on the planet. As you've heard today, both from the customers in the video and from Mike Schoofs and Antoine Saucier and pretty much everybody, the need for a fresh, accurate global map is increasing, and it is crucial in many use cases linked to the building of the future of mobility. Our 30 years of mapmaking experience and the insights we have gathered on that journey put us in a great position to capitalize on the opportunities that the announcement we are making today will unleash growth. Geolocation is so important and ubiquitous. About 20% of all search on the internet's got a geolocation component. Millions of use cases rely on good, accurate data now and tomorrow. In a world where mobility is changing at breakneck pace, think electrification, connected cars, think pinpointing exact addresses and pickup points, and think about the millions of developers requiring maps, services, SDKs, APIs on which they build their products. TomTom Maps platform will enable the dreamers and the creators of today and tomorrow to innovate. Think about the example of Lightyear. I like, it's a Dutch first solar car. Our audiences are changing. We used to speak to millions of consumers. We've sold more than 100 million sat nav devices. We're now gonna talk to other audiences. We're gonna talk specifically to three audiences. To car makers, existing ones, as well as EV first-comers, and our Digital Cockpit is a good example of enabling and accelerating speed and time to market for EV first-comers on new vehicles. We will also target new verticals, and more specifically logistics, ride-hailing and on-demand, for which the economics of getting better, fresher product has a massive impact on the bottom line. I know that, and some of you who know me know why. It's very important to get that right. We will also be talking to developers, to developer community that span all sectors, ensuring they have the right tools, well-documented, easy-to-use API and SDK on which to build their product. Because we know the developers actually bring those product within the organization. It's a bit of a bittersweet moment for me, having been at the birth of TomTom, but also the hands, the logo. Have you noticed something? We phased out the hands. That's it. It's gone. Harold and I were there when we created the logo, the name. It was brave at the time, but it served us well. When we came with TomTom, people think, "What are you doing? Teddy bears?" No, we were embarking on making one of the most successful tech company on the planet. It's been good to, yeah, today to unveil this. I I hope you like it. Yes. Yes? Good. Good. Thank you. TomTom made it as a name into the VanDale dictionaries, and we become a household name. We thought long and hard, and we said we'll keep the name. There's a lot of equity in the TomTom name, a lot of. We needed to visually also tell the world that we were embarking on a new chapter. That's why we came with this logo, still very friendly, fresh, and modern. I'm pleased you like it. Today, I feel, in a way, the same anticipation as when we launched our first satnav. I know today is an incredibly important milestone for us. In the same way TomTom changed the way people navigate forever many years ago, I'm sure you'll remember today as the day we've changed mapmaking forever, making the smartest, most accurate map on the planet, truly helping people find their way in the world, and enabling the industry, our partners, and customers to innovate and build the mobility of the future. Thank you for being here today. You can look at the demonstration. Don't take our word for it. Have a look at our map engine. There's also some grub, I think, some food. That's after having been sitting. You've been very patient. I think time for a drink and a bit of banter. Yeah, thank you, and again, I hope I see you again in a few years' time and you say, "Yeah, they were right. They did start something phenomenal, and it was the beginning of something new." Thank you, and see you soon.